- Revenues of 129.6 million Euro (-10.9 million Euro since 2019, -7.7%)
- EBITDA positive by 17.5 million Euro, equal to 13.5% of revenues (-2.2 million Euro less than 2019)
- Net profit of 4.4 million Euro (-2.7 million Euro since 2019)
- Net financial position was a negative EUR 3.7 million, while it was a negative EUR 13.3 million at 31 December 2019.
- Dividend of 0.26 Euro per share proposed
Provaglio d’Iseo (BS), 11 March 2021 – In today’s meeting chaired by Maria Chiara Franceschetti, the GEFRAN S.p.A. Board of Directors unanimously approved the financial statements for the year ending on 31 December 2020, the consolidated financial statements and the consolidated non-financial statement.
Looking at the consolidated results, revenues as of 31 December 2020 amounted to 129.6 million Euro, as compared to revenues of 140.6 million Euro in the year 2019, a drop of 10.9 million Euro, 1.9 million Euro of which was the result of exchange rate fluctuations.
The shrinkage of revenues affected all the business lines and all the principal geographical areas where the Group operates: Italy (-10.5%), the European Union (-13%), and North and South America (-19.6% and -17.7%, respectively). On the other hand, revenues increased in non-EU Europe and in Asia, thanks to the good performance of the drives business line and the sensors business line, respectively.
Revenues by business line registered an overall drop over 31 December 2019: motion control (-8.6%), automation components (-10%) and, to a more limited extent, sensors (-4.7%).
Added value as of 31 December 2020 amounted to 83.8 million Euro (92.9 as of 31 December 2019) and represents 64.7% of revenues, a lower share than in the previous year (-1.5%). The decrease in added value, which totalled 9.1 million Euro, was primarily a result of shrinkage of sales volumes.
EBITDA at 31 December 2020 amounted to 17.5 million Euro (19.7 million Euro at 31 December 2019), corresponding to 13.5% of revenues (14% at 31 December 2019), down by 2.2 million Euro.
EBIT as of 31 December 2020 was 9.4 million Euro, representing 7.2% of revenues, compared to an EBIT of 10.4 million Euro (7.4% of revenues) at 31 December 2019, a decrease of 1 million Euro.
Group net profit totalled 4.4 million Euro, as compared to a profit of 7 million Euro in the year 2019, down 2.6 million Euro due to the negative impact of exchange rates and greater taxes entered during the year.
Net working capital as of 31 December 2020 was 29.8 million Euro, as compared to 28.5 million Euro on 31 December 2019, an increase of 1.3 million Euro. Efficient stock management had a positive impact on the evolution of working capital, as stocks were reduced by 4.2 million Euro during the year.
Shareholders’ equity at 31 December 2020 was 78.2 million Euro, compared with 75 million Euro at 31 December 2019.
Investment in 2020 amounted to 6 million Euro (16 million Euro in the previous year).
Net financial position as of 31 December 2020 is negative by 3.7 million Euro, down 9.6 million Euro over the end of 2019, when it was, on the whole, negative by 13.3 million Euro.
Despite continued uncertainty, the upturn in demand in the first two months of a year leads us to expect revenues and profits in line with those of 2020 in the current year, in the absence of unforeseeable events.
Marcello Perini, Chief Executive Officer of the Gefran Group, comments: “The results of the year 2020, which are satisfactory and exceed our expectations, demonstrate Gefran’s ability to continue generating value for its people and stakeholders even in an emergency situation such as the current one. The results reflect the quality of our management and the fidelity of all the company’s employees, factors we are particularly proud of.
Protecting our employees’ health and ensuring sustainable management were our priorities in the first part of the year. In the second half, we responded with efficiency and flexibility to uncertain demand which, however, recovered in the final quarter of the year in a number of geographical areas, allowing us to close the year with positive results.
We continued to plan for the future in the year 2020, pursuing our plan for investment in areas of key importance for growth: product development, process automation and sustainability, for which we presented a strategic plan in November.
The upswing in demand in the majority of countries where we work in the first two months of the year makes us optimistic about revenue and profit dynamics for the year 2021.”
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