- Revenues of 79.6 million Euro (+26.8% versus the first half of 2020)
- EBITDA positive by 14.3 million Euro (+95.5% over the first half of 2020)
- Net profit of 8.1 million Euro (1.1 million Euro at 30 June 2020)
- Positive net financial position of 1.7 million Euro (5.4 million Euro better than on 31 December 2020)
- The Board of Directors proposes the distribution of an extraordinary dividend of 0.33 Euro per share
Provaglio d’Iseo (BS), 05 August 2021 – The GEFRAN S.p.A. Board of Directors met today chaired by Maria Chiara Franceschetti to approve its financial statement at 30 June 2021.
Revenues in the first six months of 2021 amounted to 79.6 million Euro, compared to 62.7 million Euro in revenues in the first half of 2020, an increase of 16.8 million Euro (+26.8%). The increase in revenues applied to all business sectors: sensors (+36.2%), thanks in particular to the strong recovery of Asian markets; automation components (+26%), mainly concentrated in Italy; and motion control (+18.6%), driven by the sales of lifting products and customised products.
It should be noted that all businesses units recovered the gap in revenues recorded in the first half of 2020 due to the effects of the spread of Covid-19: sensors performed 23.5% better than the figure for the first half of 2019, as did components and motion control, which rose by 4.2% and 2.8% compared to the same period in 2019.
The breakdown of revenues by geographical region reveals double-digit growth in all the main areas served by the Group, particularly in Asia (+42.2%) and Italy (28.8%). Revenues also rose in Europe (+12.9% overall) and in the Americas (+24.4%), the latter partly negatively impacted by the exchange rate of the dollar and the Brazilian real.
Added value at 30 June 2021 amounted to 51.8 million Euro, an increase of 10.8 million Euro, attributable to growth in revenues compared to the value for the same period in 2020.
EBITDA at 30 June 2021 was positive by 14.3 million Euro (equal to 18% of revenues), 7 million Euro higher (+95.4%) than the 30 June 2020 figure of 7.3 million Euro, beyond 2019 levels, when it amounted to 10.7 million Euro.
EBIT at 30 June 2021 was positive by 10.3 million Euro (12.9% of revenues), compared to an EBIT of 3.3 million Euro for the same period in 2020 (5.3% of revenues), an increase of 7 million Euro (+209.8%).
The Group net result for the first half of 2021 was positive by 8.1 million Euro, an increase of 6.9 million Euro compared to the figure for the first half of 2020. As in the case of EBIT, the change is linked to the increase in sales in the period.
Working capital was 23.3 million Euro at 30 June 2021, compared with 24 million Euro at 31 December 2020, an overall decrease of 0.7 million Euro. The change in working capital is attributable to the increase in trade payables (+9.5 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, and to the balance of other net assets and liabilities (negative on the whole, and 2.5 million Euro higher), not entirely offset by the increase in inventories and trade receivables (4.6 million Euro and 6.7 million Euro, respectively).
Shareholders’ equity as of 30 June 2021 amounted to 83.4 million Euro, compared to 78.2 million Euro on 31 December 2020, up 5.2 million. The change is mainly due to the recognition of the positive result for the period, partially absorbed by the distribution of dividends on 2020 results in May 2021.
Investments in the first half of 2021 amounted to 2.8 million Euro, in line with the same period of 2020, and mainly related to investments made in production departments, in research and development, and in the buildings housing the Group’s plants.
Net financial position as of 30 June 2021 is positive by 1.7 million Euro, up 5.4 million Euro over the end of 2020, when it was, on the whole, negative by 3.7 million Euro. The change in net financial position is mainly due to the positive cash flow from typical operations (13.6 million Euro), partially mitigated by expenditure on technical investments in the first quarter of the year (2.8 million Euro) and by payment of dividends (3.7 million Euro) as well as interest, taxes and rental fees (totalling 1.5 million Euro).
"I am very pleased with the results we have achieved in the first half of this year”, comments Marcello Perini, Chief Executive Officer of Gefran. “The market has rewarded Gefran's ability to guarantee a high level of service in a very complex global market, in which the lack of certainties in the supply chain is becoming increasingly critical and problematic.
On today’s market, the Group's basic qualities make all the difference: vertical process integration; breadth of professional skills; the ability to offer technologically advanced solutions; and an orientation towards the search for efficiency with the right amount of flexibility.
The proposal to pay out an extraordinary dividend expresses the willingness to share the excellent results we have achieved with our shareholders.
Continuing criticality in the supply chain remains the main source of uncertainty, in a context that offers the conditions for returning to the economic and financial performance we were seeing prior to the pandemic and even exceeding them in 2021."
Proposed distribution of an extraordinary dividend
The Board of Directors has mandated the Chairman to convene the shareholders’ meeting of Gefran S.p.a. on 30 September 2021 to submit the proposal for distribution of an extraordinary dividend of 0.33 Euro per share (meaning total dividends of approximately 4.7 million Euro).
The results of the statement of financial position as at 30 June 2021 are extremely positive and exceed expectations, with reference to the Group and also to Gefran S.p.A. and the Board of Directors will therefore propose distribution of an extraordinary dividend to the shareholders' meeting.
This distribution will be achieved through use of the previous year's profit reserve, with coupon detachment date 11 October 2021, record date 12 October 2021 and payment date 13 October 2021.
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