BORSA ITALIANA - STAR segment
PRESS RELEASE
INTERIM FINANCIAL REPORT AS OF 31/03/2021
(results as of 31/03/2020 in brackets)
THE SIGNIFICANT RECOVERY OF THE ORDER ACQUISITION IN THE RECENT MONTHS
(+62,3% for the period January-April 2021 vs. 2020)
STRENGHTENS THE GROUP'S GROWTH EXPECTATIONS
******
- CONSOLIDATED SALES at 82.3 M€ (+9.7% vs. 75.1 M€);
- EBITDA at 4.3 M€, equal to 5.3% on sales (vs. 3.1 M€, equal to 4,1%); adjusted EBITDA at 5.7 M€, equal to 6.9% on sales;
- EBIT at -0.5 M€ (vs. -2.5 M€); positive adjusted EBIT at 0.8 M€;
- NET FINANCIAL INDEBTEDNESS at 99.4 M€ (including 35.8 M€ of debts relating to leases), in reduction vs. 133.5 M€ at 31/03/2020 and substantially stable vs. 96.3 M€ at 31/12/2020;
- ORDER BACKLOG at 147.9 M€ (vs. 141.3 M€ at 31/03/2020 and 124.7 M€ at 31/12/2020), further increased to 163,4 M€ at 30/04/2021.
Collegno (TO), May 11, 2021 - The Board of Directors of Prima Industrie S.p.A, a leading company operating in the high-tech sector of laser systems and sheet metal processing and electronic components for industrial applications, met today to approve the Interim Report as at 31/03/2021.
At the end of the meeting the Executive Chairman, Gianfranco Carbonato, commented: "After a year 2020 marked by the crisis connected with the Covid-19pandemic, following a period in which a slowdown in the sector had already occurred, the Group reference markets are offering important signs of recovery. As intrinsic for capital goods, the recovery in turnover is not as rapid as the recovery in orders but the important backlog at the end of the first quarter (further increased at the end of April) allows us to confirm the expectations for a significant recovery of both turnover and profitability along the year".
******
The Group turnover as of 31/03/2021 is equal to 82,300 thousand euro, an increase of 9.7% compared to 2020. It could have been slightly higher if not penalized by difficulties in shipments by sea (blank sailing) and in particular from the block of the Suez Canal which delayed the delivery of some machines to the APAC area.
The consolidated revenues are shown here below, split down on a geographic basis, as of 31/03/2021 compared with the corresponding period of the previous year:
Revenues | 31/03/21 | 31/03/20 | ||||||
Euro thousand | % | Euro thousand | % | |||||
SEMEA (*) | 26.154 | 31,8 | 21.034 | 28,0 | ||||
NORTH EUROPE | 17.461 | 21,2 | 23.601 | 31,4 | ||||
AMERICAS | 24.657 | 30,0 | 24.269 | 32,3 | ||||
APAC | 14.028 | 17,0 | 6.147 | 8,3 | ||||
TOTAL | 82.300 | 100,0 | 75.051 | 100,0 | ||||
(*) South Europe, Middle East & Africa |
The above table shows that the Group turnover as of 31/03/2021 (compared with the corresponding period of the previous year) had a significant recovery in the SEMEA area (+24.3%) and the APAC area(+128.2%). The trend is stable in the AMERICAS (+1.6%), which is the area which was less affected by the crisis linked to Covid-19 in 2020, while at constant exchange rates the increase would have been by 10.7%.
The turnover was instead down in the NORTH EUROPE area (-26.0%) which, on the contrary, in the first quarter of last year had not been hit by the pandemic yet.
The main destination countries in the SEMEA area were Italy (17.7% of consolidated revenues), Spain and Portugal (4.7% of consolidated revenues), Poland and Eastern Europe (5.1% of consolidated revenues).
The main countries of destination in the NORTH EUROPE area were Finland and the Baltic countries (7.2% of consolidated revenues), the DACH countries (5.5% of consolidated revenues), and Benelux (4.7% of consolidated revenues).
The share of revenues realized in the AMERICAS went from 24,269 thousand euro to 24,657 thousand euro, of which 20,260 thousand euro were generated by the United States.
In the APAC area, revenues grew by 128.2% compared to 2020, passing from 6,147 thousand euro to 14,028 thousand euro. The increase is attributable to revenues in China, which grew from 3,867 thousand euro (at 31/03/2020) to 9,179 thousand euro (at 31/03/2021) and in South Korea, where revenues grew from 753 thousands of euro to 2,500 thousand euro.
Below are the Group main economic indicators split by Division, compared with the corresponding period of the previous year.
Values in Euro thousand
31/03/21 | Revenues | Gross Margin | Gross Margin | EBITDA | EBITDA % | EBIT | EBIT % |
% | |||||||
PRIMA POWER | 75.927 | 16.477 | 21,7% | 4.290 | 5,7% | 244 | 0,3% |
PRIMA ELECTRO | 11.827 | 1.269 | 10,7% | 62 | 0,5% | (786) | -6,6% |
ELIMINATIONS | (5.454) | (36) | -0,7% | (6) | -0,1% | (5) | -0,1% |
GROUP | 82.300 | 17.710 | 21,5% | 4.346 | 5,3% | (547) | -0,7% |
( % calculated over the revenues) |
NET RESULT
(902)
(643)
(3)
(1.548)
Values in Euro thousand | |||||||||
31/03/20 | Revenues | Gross Margin | Gross Margin | EBITDA | EBITDA % | EBIT | EBIT % | NET RESULT | |
% | |||||||||
PRIMA POWER | 69.356 | 14.646 | 21,1% | 3.187 | 4,6% | (1.238) | -1,8% | (2.539) | |
PRIMA ELECTRO | 11.668 | 1.340 | 11,5% | 57 | 0,5% | (1.162) | -10,0% | (879) | |
ELIMINATIONS | (5.973) | (150) | -2,5% | (144) | -2,4% | (144) | -2,4% | (106) | |
GROUP | 75.051 | 15.836 | 21,1% | 3.100 | 4,1% | (2.544) | -3,4% | (3.524) | |
( % calculated over the revenues) |
As from April 1, 2021 the Group is structured on a new organization split in four Business Units: Prima Power, Prima Electro, Convergent Photonics and Prima Additive,
In the above table, the data shown for Prima Power also include those relating to the Prima Additive BU and for Prima Electro also those relating to the Convergent Photonics BU.
The Group EBITDA as of 31/03/2021 is at 4,346 thousand euro, equal to 5.3% of revenues against 3,100 thousand euro, equal to 4.1% of revenues as of 31/03/2020.
EBITDA was negatively affected by non-recurring costs of 1,316 thousand euro (at 31/03/2020 they were equal to 683 thousand euro); therefore the adjusted EBITDA is at 5,662 thousand euro (equal to 6.9% of revenues).
The Group EBIT as of 31/03/2021 was negative for 547 thousand euro, equal to -0.7% of revenues against the negative 2,544 thousand euro equal to -3.4% of previous year's revenues.
Consolidated EBIT is affected by:
- amortization of intangible fixed assets for 2,082 thousand euro (relating to development costs for 1,419 thousand euro and to the brand registered as part of the business combination of FINN-POWER Group for 477 thousand euro) and other write-downs for 61 thousand euro;
- depreciation on tangible fixed assets for 2,750 thousand euro.
EBIT at 31/03/2021 is penalized by non-recurring costs equal to 1,377 thousand euro; consequently, adjusted EBIT is positive for 830 thousand euro (1.0% of revenues).
The Group EBT at 31/03/2021 is negative for 1,568 thousand euro against the negative 4,116 thousand euro at 31/03/2020.
The Group EBT discounts net charges deriving from financial management (including profits and losses on exchange rates) for 981 thousand euro (at 31/03/2020 they were equal to 1,540 thousand euro).
The Group NET RESULT at 31/03/2021 is negative for 1,548 thousand euro vs. the negative 3,524 thousand euro at 31/03/2020; the Net Result attributable to the parent company is negative for 1,595 thousand euro.
* * * * *
At 31/03/2021 the Group Net Financial Debt is equal to 99,410 thousand euro, showing a marked improvement compared to 133,452 thousand euro at 31/03/2020 and substantially stable compared to 96,274 thousand euro at 31/12/2020.
In addition to the cash amounting to approximately 58 million euro, the Group has also available unused credit lines for more than 48 million euro as of 31/03/2021.
Below is a breakdown of the Group net debt:
Values expressed in Euro thousand | 31/03/21 | 31/12/20 | 31/03/20 |
NON CURRENT FINANCIAL ASSETS | (4.233) | (4.233) | (4.243) |
CASH & CASH EQUIVALENTS | (58.350) | (62.999) | (32.161) |
CURRENT FINANCIAL ASSETS | (328) | (423) | (473) |
CURRENT FINANCIAL LIABILITIES | 51.188 | 52.861 | 43.367 |
NON CURRENT FINANCIAL LIABILITIES | 75.331 | 75.336 | 85.496 |
NET FINANCIAL DEBT (before leasing) | 63.608 | 60.542 | 91.986 |
LEASING LIABILITIES | 35.802 | 35.732 | 41.466 |
NET FINANCIAL DEBT | 99.410 | 96.274 | 133.452 |
* * * * *
During the first quarter of 2021, the Group order acquisition (including after-sale service) amounted to
104.6 million euro, with an increase of 43.7% compared to 72.8 million euro at 31/03/2020. Taking in consideration also the month of April, the increase in order acquisition has been by 62.3% (compared to the period January-April 2020).
The consolidated backlog (not including the after-sale service) as at 31/03/2021 amounts to 147.9 million euro, increasing in respect to 141.3 million euro at 31/03/2020 and also compared to 124.7 million euro at 31/12/2020.
At 30/04/2021 the backlog has further increased to 163.4 million euro.
"The manager responsible ad interim for preparing the company financial reports, Davide Peiretti, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Finance Law, that the accounting information contained in this press release corresponds to documentary findings, books and accounting records".
The Interim Financial Report as at 31/03/2021 will be made available at the company registered office and available for consultation on the website www.primaindustrie.comas well as on the authorized storage mechanism www.1info.it, within the terms of Law.
PRIMA INDUSTRIE heads a Group leader worldwide in developing, manufacturing and marketing of laser systems for industrial applications, sheet metal processing machinery as well as industrial electronics, laser sources and solution for additive manufacturing.
The parent company Prima Industrie S.p.A. is listed on the Italian Stock Exchange since 1999 (MTA- STAR segment).
With over 40 years of experience, the Group has an installed base of about 14,000 machines in more than 80 countries and is positioned among the main worldwide manufacturers within its own reference market.
The Group has about 1,700 employees, manufacturing sites in Italy, Finland, USA and China and a direct commercial and after-sale presence worldwide.
Prima Industrie Group is structured on four Business Units:
Prima Power- development, production and marketing of laser and sheet metal processing (2D and 3D laser machines, laser drilling systems, punching and combined systems, bending and paneling systems);
Prima Electro- development, production and marketing of embedded electronics for industrial applications; Convergent Photonics- development and production of diodes and laser sources, both industrial and medical;
Prima Additive- development, production and marketing of additive manufacturing solutions with Powder Bed Fusion and Laser Metal Deposition technologies.
For further information:
PRIMA INDUSTRIE S.p.A. | STUDIO MAILANDER |
Chiara Roncolini | Carlo Dotta |
Investor Relator | Ufficio Stampa |
tel. 011 4103204 | tel. 011 5527311 mob. 333 2306748 |
ir@primaindustrie.com | c.dotta@mailander.it |
CONSOLIDATED BALANCE SHEET
Values in thousand euro | 31/03/2021 | 31/12/2020 |
Property, plant and equipment | 64.619 | 64.281 |
Intangible assets | 119.782 | 120.837 |
Investments accounted for using the equity method | 354 | 394 |
Other investments | 6.497 | 6.226 |
Non current financial assets | 4.233 | 4.233 |
Deferred tax assets | 18.725 | 17.656 |
NON CURRENT ASSETS | 214.210 | 213.627 |
Inventories | 132.113 | 118.689 |
Trade receivables | 80.949 | 77.624 |
Other receivables | 9.044 | 8.732 |
Current tax receivables | 5.790 | 5.013 |
Derivatives | 6 | 365 |
Financial assets | 321 | 58 |
Cash and cash equivalents | 58.350 | 62.999 |
CURRENT ASSETS | 286.573 | 273.480 |
Assets held for sale | 5.255 | 5.255 |
TOTAL ASSETS | 506.038 | 492.362 |
Capital stock | 26.208 | 26.208 |
Legal reserve | 5.213 | 5.213 |
Other reserves | 66.526 | 66.461 |
Currency translation reserve | 1.587 | (1.225) |
Retained earnings | 62.963 | 70.164 |
Net result | (1.595) | (7.201) |
Stockholders' equity of the Group | 160.902 | 159.620 |
Minority interest | 3.019 | 2.844 |
STOCKHOLDERS' EQUITY | 163.921 | 162.464 |
Interest-bearing loans and borrowings | 104.992 | 105.318 |
Employee benefit liabilities | 7.063 | 7.104 |
Deferred tax liabilities | 4.749 | 4.759 |
Provisions | 235 | 238 |
Derivatives | 384 | 419 |
NON CURRENT LIABILITIES | 117.423 | 117.838 |
Trade payables | 74.520 | 69.390 |
Advance payments | 45.943 | 40.019 |
Other payables | 21.637 | 19.244 |
Interest-bearing loans and borrowings | 56.885 | 58.192 |
Current tax payables | 5.529 | 5.704 |
Provisions | 20.121 | 19.511 |
Derivatives | 59 | - |
CURRENT LIABILITIES | 224.694 | 212.060 |
TOTAL STOCKHOLDERS' EQUITY AND LIABILITIES | 506.038 | 492.362 |
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Prima Industrie S.p.A. published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2021 14:11:04 UTC.