Biesse Report Q4 2007 Result

Date: 15 February 2008
Source: Biesse America
The Board of Directors of Biesse S.p.A., a global  leader in wood, glass and stone fabrication equipment and parent company of Biesse  America, Biesse Canada, Intermac America and Intermac Canada, recently announced  the following financial results for fiscal 2007’s fourth quarter, ended December 31, 2007: • Net revenue: 129.7 million (-2% vs.

Q4 2006)

• Added Value: 48.6 million (+4.7% vs. Q4 2006), 37.4% of revenues

• EBITDA: 19.8 million (-10.1% vs. Q4 2006), 15.3% of revenues

• EBIT: 16.6 million (-13.2% vs. Q4 2006), 12.8% of revenues

• Pre-Tax Profit: 15.9 million (-17.4% vs. Q4 2006), 12.3% of revenues

• Net Profit: 10.6 million (-10.5% vs. Q4 2006), 8.2% of revenues

As of December 31, 2007, the Net Financial Position of Biesse S.p.A. was positive for  1.1 million, down 13 million from the same period in 2006. This figure reflects several  extraordinary features of the fiscal year (such as acquisition costs and an extraordinary  dividend paid in December 2007), totaling more than 40 million, which more than offset  the positive cash flow from normal operations.

Biesse S.p.A.’s Board of Directors has also approved a new Three-Year Industrial Plan.  Following 2007’s positive results, and given the major industrial projects in which Biesse  plans to make sizeable investments in the immediate future, the Board approved  estimates for revenues and profitability for the three-year period covering 2008-2010.

The plan calls for attaining consolidated revenue of approximately 550 million by 2010  (a 2008-10 CAGR of +5.8%), while for profitability, the plan provides for an expected  2010 EBITDA and EBIT exceeding 97 million and 82 million respectively, with Net  Profit of around 51 million. In the three-year period, with Capex of over 70 million, total  free cash flow generated by Biesse is projected to reach around 105 million before  dividend distribution and the financial impact of a buyback plan deliberated in January.

Under this plan, Biesse has started a buyback of its shares, valid for 18 months for up to  10% of the share capital. Biesse currently owns 85,016 of its own shares (3.1% of the  maximum total of the buyback plan).

New Three-Year Plan Targets

2008-2010 CAGR (compared to 2007 data):

• Net Revenue: +5.8%

• EBITDA: +7.1%

• EBIT: +8.2%

• Net Profit: +9.8%

“In 2007, for the second consecutive year, Biesse not only reached but exceeded the  targets set at the start of the year, with record growth rates for profits and revenue, despite external factors that did not play in our favor, such as a declining international  economy, aggravated by weakness in the U.S. dollar,” stated Roberto Selci, Chairman of  Biesse S.p.A. “Our results for the last quarter of 2007 were also positive despite trade  union disputes in the mechanical engineering sector as well as December’s transport  strikes. On this premise, the Board of Directors has approved a Three-Year Plan, which  has Biesse aiming for 500 million in consolidated revenue in 2008. At the same time,  we intend to increase what we consider our most strategic investment, namely human  resources. We’re investing to make our processes even more innovative and ready to  face the challenges of the future.”

600450 Biesse Report Q4 2007 Result glassonweb.com

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