- Revenues of 117.5 million Euro (+25.1% over 30 September 2020 and +11.7% over 30 September 2019)
- EBITDA positive by 20 million Euro (+68% over 30 September 2020 and +33.1% over 30 September 2019)
- Net profit of 10.6 million Euro (as compared to 2.7 million Euro at 30 September 2020 and is +87% compared to 30 September 2019)
- Positive net financial position of 4 million Euro (7.7 million Euro better than on 31 December 2020)
Provaglio d’Iseo (BS), 11 November 2021 – The GEFRAN S.p.A. Board of Directors met today chaired by Maria Chiara Franceschetti to approve its financial statement at 30 September 2021.
Revenues in the first nine months of 2021 amounted to 117.5 million Euro, compared to 93.9 million Euro in revenues in the same period in 2020, an increase of 23.5 million Euro (+25.1%). The increase in revenues applied to all business sectors: sensors (+34%), thanks in particular to the strong recovery of Asian markets, followed by recovery in Italy and Europe; automation components (+22.9%), mainly concentrated in Italy; and motion control (+17.9%), driven by sales of lifting products and customised products.
It should be noted that all businesses units recovered the gap in revenues recorded in 2020 due to the effects of the spread of Covid-19: sensors performed 24.1% better than the figure for the first nine months of 2019, as did automation components and motion control, which grew by 5.6% and 4.6% compared to the same period in 2019.
The breakdown of revenues by geographical region reveals double-digit growth in all areas served by the Group, particularly Asia (+29.8%) and Italy (30.6%). Revenues were also up in Europe (+14.3% overall) and on the American continent (+26.1%), where performance was in part affected by the depreciation of the dollar and the Brazilian real.
Added value at 30 September 2021 amounted to 75.7 million Euro, an increase of 14.5 million Euro, attributable to growth in revenues compared to the value for the same period in 2020.
EBITDA at 30 September 2021 was positive by 20 million Euro (equal to 17.1% of revenues), 8.1 million Euro higher (+68%) than the 30 September 2020 figure of 11.9 million Euro, returning to 2019 levels, when it amounted to 15.1 million Euro. The improvement in EBITDA is due to increased revenues in the period.
EBIT at 30 September 2021 was positive by 14 million Euro (11.9% of revenues), compared to an EBIT of 5.9 million Euro for the same period in 2020 (6.2% of revenues), an increase of 8.1 million Euro. The change is a result of growth in revenues, only partially compensated by the increase in operating costs and primarily connected with greater sales volumes.
The Group net result as of the close of the third quarter of 2021 was positive by 10.6 million Euro, an increase of 7.9 million Euro compared to the figure for the same period in 2020 and 4.9 million Euro over 30 September 2019. As in the case of EBIT, the change is linked to the increase in sales in the period.
Working capital was 23.1 million Euro at 30 September 2021, compared with 24 million Euro at 31 December 2020, an overall decrease of 0.9 million Euro. The change in working capital is attributable to the increase in trade payables (+8.1 million Euro compared to the end of 2020), related to the higher volume of purchases recorded in the period in response to growth in the volume of sales, and to the balance of other net assets and liabilities (negative on the whole, and 4.1 million Euro higher), not entirely offset by the increase in inventories and trade receivables (6.9 million Euro and 4.5 million Euro, respectively).
Shareholders’ equity as of 30 September 2021 amounted to 83.4 million Euro, compared to 78.2 million Euro on 31 December 2020, up 8.3 million. The change is mainly due to 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 nine months of 2021 amounted to 5.2 million Euro, 1.1. million Euro higher than in the same period in 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 September 2021 is positive by 4 million Euro, up 7.7 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 (18.8 million Euro), partially mitigated by expenditure on technical investments in the first quarter of the year (5.2 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 particularly proud of the results achieved by the Group in the third quarter, among the best ever, confirming the solidity of our position on the market," commented Gefran CEO Marcello Perini.
“The great intensity of production in the period was accompanied by an upswing in investment following the inevitable slowdown in the year of the pandemic. During the quarter, indeed, 4.0 process innovations were added to the Italian plants most impacted by the increase in volumes, including new robotic islands.
We expect strong demand to continue in the fourth quarter of the year. We believe that the combination of actions taken to date to guarantee continuity of production will be adequate to face continuing difficulties in procurement of raw materials.
All the conditions are in place to achieve significantly higher revenues and margins in the current year than in 2019."
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