Piovan Group's revenues reach 381.7 million euros, +81% over 2021 (+11.2% on an organic basis and excluding nonrecurring items). Adjusted Ebitda is 44.5 million (11.7% of revenues). Consolidated net income: 32.7 million as a percentage of revenues of 8.9% (+77.9% compared to September 30, 2021). The Group confirms among its objectives: increasing its contribution to the Circular Economy, growth through acquisitions, and increasing market share in the Food & non-Plastic area.
The Board of Directors of Piovan S.p.A. approved the Consolidated Financial Report as of September 30, 2022: revenues reach 381.7 million euros, up 81% compared to 2021. On a like-for-like basis, excluding the revenues realized by the U.S. group acquired at the beginning of the year and consolidated since Feb. 1, 2022, total revenues and other income as of September 30, 2022 amounted to 232.7 million, an increase of 10.3% compared to the same period in 2021. In addition, order intake during the first nine months of 2022 is sustained and the order backlog as of September 30, 2022 remains above historical averages.
Revenues by market
Regarding revenues by market: the Plastic business (+10.1%) is driven by good performance in Europe and Asia, with the Packaging and Consumer & Technical sectors still very active, and the Automotive sector rebounding thanks to investments in new electric models; the Food & non-Plastic business growing (+4.5%) thanks to orders in the North American market; and the Services business +17.9% compared to the same period last year.
Revenues by geographic area
North America: on a like-for-like basis, revenues grew 60.3% (accounting for 26.5% of total revenues). Including the contribution of IPEG, the North American market reaches a total of € 195.3 million in revenues, or 52.4% of the total.
Asia: +13.6% on a like-for-like basis.
Europe and South America: the performance of the European market is affected by the fact that projects in the Food area, although developed in Europe, had North America as their final destination. In addition, the temporary slowdown due to difficulties in component shipments and raw material availability in the short term in the company's opinion will be reabsorbed in the year bringing the performance of the areas to be positive in anyway.
International expansion and consolidation
During 2022 and following the integration of the IPEG Group are highlighted:
- The strengthening of the Piovan Group's leadership position worldwide in automation solutions for the handling of plastic polymers and food powders;
- the consolidation of the competitive position in North America, where the Piovan Group has become the largest operator of reference;
- the increase in geographical presence in Mexico and Asia;
- growth in the Indian market.
Contribution to the Circular Economy
The first nine months of 2022 confirmed the strengthening of international business relations thanks to an established and growing global presence, and the Group's interest in digitization, circular economy, and the development of patented solutions to produce with recycled plastics in line with ESG policies of saving the planet's resources. It was also thanks to advanced and proprietary technological solutions that the Group strengthened its global presence within a path of "sustainable leadership", the theme chosen to define its return to K 2022 last October, the world's leading trade fair for the plastics and rubber industry.
The Group confirms its desire to also direct customers to use recycled polymers and achieve quality products with low environmental impact and reduced CO2 emissions. Currently, the company on the basis of the first nine months of 2022 estimates that about 24% of its revenues-excluding IPEG's contribution- within segments where the use of recycled plastics is relevant (mainly packaging, fibers, and recycling) can be assimilated to activities related to the circular economy.
Commitment to innovation
The Group was deemed eligible for a MISE (Italian Ministry of Enterprises) grant for innovations in R&D - Industry 4.0 with the "Piovan Smart Factory" project.
For complete consolidated financial and economic data with reference to the first half of 2022, please refer to the price-sensitive release here.