Gefran S.p.A. board approves consolidated results at 31 march 2021

13 May, 2021

  • Revenues of EUR 37.4 million (+19% versus the first quarter of 2020)
  • EBITDA positive by 6.6 million Euro (+105% over the first quarter of 2020)
  • Net profit of 3.7 million Euro (79 thousand Euro at 31 March 2020)
  • Positive net financial position of 1.1 million Euro (4.8 million Euro better than on 31 December 2020)

Provaglio d’Iseo (BS), 13 May 2021 – The GEFRAN S.p.A. Board of Directors met today chaired by Maria Chiara Franceschetti to approve its financial statement at 31 March 2021.

Revenues in the first three months of 2021 amounted to 37.4 million Euro, compared to 31.4 million Euro in revenues in the first quarter of 2020, an increase of 6 million Euro (+19%). Revenues increased in all sectors: revenues from the sensor business area grew by 30.3%, thanks in particular to strong recovery on Asian markets, while revenues from automation components increased by 21.1%, mostly concentrated in Italy and Europe. Both business areas made up for the gap caused by the effects of the spread of the Covid-19 pandemic that characterised the year 2020: the automation components area returned to the levels of the first quarter of 2019, while the sensors area performed 17.8% better than in that period.

Revenues from the motion control business area also increased compared to the first quarter of 2020 (+7.7%), fuelled by sales in the lifting range and in customised products.

The breakdown of revenues by geographical area sees double-digit growth percentages in Asia (+53.3%) and Italy (14.6%). Revenues also grew in Europe (+5.8% overall) and in the Americas (+2.7%), results which in the latter area were partially affected by the effect of exchange rate trends, particularly in the dollar and the Brazilian real.

EBITDA at 31 March 2021 was positive by 6.6 million Euro (equal to 17.7% of revenues), 3.4 million Euro higher (+104.7%) than the 31 March 2020 figure of 3.2 million Euro, returning to 2019 levels.

EBIT at 31 March 2021 was positive by 4.6 million Euro (12.2% of revenues), compared to an EBIT of 1.2 million Euro for the same period in 2020 (3.9% of revenues), an increase of 3.3 million Euro (+272%).

Income from financial assets/liabilities in the first quarter of 2021 amounted to 137 thousand Euro (whereas the first quarter of 2020 saw 667 thousand Euro in charges) and included the positive result of differences on currency transactions, amounting to  245  thousand Euro (in the first three months of 2020 the result was negative by 578 thousand Euro). The change is primarily a result of the changes in the exchange rates in effect between the Euro, the Swiss Franc and the Indian Rupee;

The Group net result for the first quarter of 2021 was positive by 3.7 million Euro, an increase of 3.6 million Euro compared to the figure for the first quarter of 2020. As in the case of EBIT, the change is linked to the increase in sales in the period.

Working capital was 23.2 million Euro at 31 March 2021, compared with 24 million Euro at 31 December 2020, an overall decrease of 0.8 million Euro. The change in working capital is attributable to the increase in trade payables (+3.7 million Euro compared to the end of 2020), related to the higher volume of purchases recorded in the period, necessary to meet the growth in the volume of sales, not entirely offset by the increase in inventories and trade receivables (2.1 million Euro and 1.5 million Euro, respectively).

Shareholders’ equity as of 31 March 2021 amounted to 82.7 million Euro, compared to 78.2 million Euro on 31 December 2020, up 4.5 million. The change mainly reflects the positive result for the period, reinforced by the positive impact of changes in the translation reserve.

Investments in the first quarter of 2021 amounted to 1.1 million Euro, in line with the same period of 2020, and mainly related to investments made in production departments and in research and development.

Net financial position as of 31 March 2021 is positive by 1.1 million Euro, up 4.8 million Euro over the end of 2020, when it was, on the whole, negative by 3.7 million Euro.

"The first quarter results are extremely positive,” comments Gefran CEO Marcello Perini. "We are very pleased to have taken full advantage of the recovery in demand after the slowdown of 2020 and to have seized new opportunities emerging on the market.

Order intake remained solid throughout the quarter, which makes us optimistic about the year. However, we constantly monitor the uncertainty due to the criticality of materials procurement and, more generally, the rising price of raw materials.

We believe it is possible that Gefran will outperform its 2020 results in terms of revenue and margins in 2021, although uncertainties in the supply chain and the continuation of the pandemic mean that there is no certainty as to the timing of a return to pre-pandemic financial performance”.

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