SITI B&T Group approves 2019 draft financial statements

Consolidated revenues down to 175.1 million euros and margins in line with those of 2018. Export share up 90%.

In line with the negative trend that affected the entire Italian ceramic machinery industry in 2019 (preliminary figures point to an estimated 15.4% decline), the Formigine-based Siti B&T Group reported a 15.1% drop in consolidated sales revenues from 206 million euros to 175.1 million euros in the last financial year. The share of turnover generated in export markets rose from 88% to 90%.

“In 2019 our Group had to contend with an overall market contraction,” commented CEO Fabio Tarozzi. “Nonetheless, our margins were in line with those of the previous year and cash generation was positive at 5.3 million euros, despite significant outlays for acquisitions of minorities. As for 2020, I believe that our sound capital and financial structure together with the recent refinancing of long-term debt allows us to be confident about overcoming the current difficulties.”

The draft financial statements at 31/12/2019 approved by the Board of Directors of the group (listed on the AIM Italia market) reveal a consolidated EBITDA before non-recurring items of 19 million euros (compared to 19.2 million euros in 2018), a reported EBITDA of 18.7 million euros (18 million euros in 2018) and a consolidated operating result (EBIT) of 8.5 million euros (12.5 million euros in 2018).

In 2019 SITI B&T Group made investments totalling 11.9 million euros, including 5.2 million euros for the acquisition of minority interests in Ancora and Projecta Engineering.

Investments in Research & Development of new technologies and products exceeded 7 million euros (4% of turnover) and served to stimulate market demand with innovative technical solutions, but also to prepare for entry into new sectors to increase sales opportunities. Siti B&T Group currently owns about 200 industrial patents and has an R&D staff of over 60 employees.