Piovan closes the first half of 2021 with satisfaction

The Board of Directors of Piovan approved the consolidated half-year financial report as of June 30, 2021.

“The excellent results obtained in this first half of 2021 confirm the soundness of the group's strategy in the long term and of the choices made by the management during the pandemic - a period in which the Piovan Group, thanks to its capillary and global presence, was able to support closely its customers, increasing its market share and strengthening business relationships even more”, declared Nicola Piovan, Executive Chairman.

“We are proud of these results, but even more of the recent acknowledgments obtained by Piovan Group in the field of sustainability and circular economy, one above all the selection of InspectaBe among the finalists in the Machinery category of the prestigious Sustainability Award 2021 organized by Packaging Europe trade magazine. In addition to pursuing its strategy of organic and external growth, Piovan Group intends to further strengthen its investments in technologies for the use of recycled plastic and in the field of sustainability more generally”, added Filippo Zuppichin, Chief Executive Officer.

In the first half of 2021 Piovan Group reports revenue and other income of 145.9 million euros, increasing by 42.2% from 102.6 million euros in the first half of 2020. Revenue by market indicates that Plastic revenue increased by 34.4% compared to the same period of the previous year, which had been impacted by the Covid-19 travel restrictions and consequent delays in the delivery and installation of certain orders.

In terms of region, Emea revenues grew 51.2% on first half of 2020. This growth, which concerned all markets, benefited from the excellent performance of the Food & Non-plastic market (+128% in first half of 2021 on the same period of 2020). Asia and North America grew by 22.4% and 25.5%, respectively, in 2021 on 2020, with revenues increasing in both the Plastic and Services markets. North America benefited from the Group growth in Food & Non-plastic, where revenues accounted for more than 6% of the total area (versus 0.2% for the same period of 2020). The South America market also achieved very positive performance (+37.9% on first half of 2020), thanks above all to the revenues in Food & Non-plastic (+170%) and Services (+38%) markets.

As for consolidated operating and net results, Ebitda improving both in absolute value and in terms of profitability, reaching 23.3 million euros (15.9% margin), increasing by 77.9% from 13.1 million euros as of June 30, 2020 (+52.4% on a like-for-like consolidation basis and excluding the impact of certain non-recurring items). Ebit of 19.7 million euros (13.5% margin) increased by 90.8% compared to 10.3 million euros as of June 30, 2020.

The positive consolidated net financial position of 2.4 million euros, is substantially in line with the figures as of December 31, 2020, excluding certain accounting reclassifications and improving towards the same figures as of June 30, 2020, when it was negative for 2.9 million euros. Excluding the effects of the application of the IFRS 16, the consolidated net financial position as of June 30, 2020 would amount to 12.8 million euros compared to 14.4 million euros at December 31, 2020.