Investors

The first six months of 2022 confirmed 238 mln in revenues (+63%), strengthened business relationships through global presence, and solid contribution to the circular economy, including an order to automate the first production site in Asia of NatureWorks, the world's largest producer of biopolymers.

Santa Maria di Sala (Italy), 8th September 2022 – The Board of Directors of Piovan S.p.A. approved the Consolidated Half-Yearly Financial Report as at 30 June 2022: revenues reached 238.1 million euro, an increase of 63.1% compared to 2021 (+5.5% on an organic basis and excluding non-recurring items) and Adjusted EBITDA amounted to 27.3 million euro (11.5% of revenues).

“The results obtained in this first half of the year – in a macroeconomic context characterized by strong uncertainty – confirm the soundness of PiovanGroup’s strategy, which thanks to its widespread and global presence has been able to support its customers closely, increasing its market share and strengthening its trade relations even more.” declares Nicola Piovan, Executive Chairman of Piovan S.p.A.

“We are proud of these results and also of the recognition obtained by PiovanGroup in the field of sustainability and biopolymers development through the award to the subsidiary Pelletron of the most important project in Asia of this type. We are also confident that these positive performances will continue in the coming quarters.” adds Filippo Zuppichin, Chief Executive Officer of Piovan S.p.A.

Regarding the dynamics of revenues by market, the following areas should be noted: the Plastic Area growing driven by good performance in Europe and Asia, with the Packaging and Consumer & Technical sectors still very active, and the Automotive sector slightly rebounding thanks to investments in new electric models; the Food & non-plastic Area stable compared to the same period last year, with a shift from the European to the North American market; and the Services Area growing in line with expectations.

The market situation still remains positive in most of the relevant sectors. Order intake during the first six months of 2022 has been strong and the order backlog as of June 30, 2022 remains high. In the face of these positive figures, there remain risks related to continuing global problems in the supply chain that have prevented the Group from expressing the full potential made available by the high order backlog.

Sustainable economy

PiovanGroup - through its controlled company Pelletron - has obtained from NatureWorks, the world's largest producer of biopolymers, an important order for the automation of its first production site in Asia.

The Group also confirms its willingness to contribute to the Circular economy by engaging in research and development of advanced technological innovations to enable customers to use recycled polymers and obtain quality products with low environmental impact, reducing CO2 emissions and consumption of the planet's scarce resources. The Group has seized the opportunities of European legislation on the production and use of plastics in an advantageous technological position: it has, in fact, registered several patents related to the topic of recycling in recent years. Currently, the company on the basis of the first half of 2022 estimates that more than 20 percent of its revenues – excluding the contribution of IPEG – within segments where the use of recycled plastic is relevant (mainly packaging, fibers, and recycling) can be assimilated into activities related to the circular economy.

New company in China

During the first half of the year, the Group established a new company in China to set up the local HQ plant for subsidiaries in the Asian region dedicated to the design and production of complete automation systems for the processing of plastics, food powders and refrigeration solutions.

Acquisition of the IPEG Inc. group

In January 2022, the PiovanGroup completed the acquisition of the American IPEG with its Conair, Thermal Care and Pelletron brands. This will:
● strengthen the Group's global leadership position;
● consolidate the competitive position in North America, where the PiovanGroup has become the largest operator of reference;
● increase geographic presence in Mexico and Asia;
● grow in the Indian market;
● enhance talent and human capital by sharing best practices from both structures.

For complete consolidated financial and economic data with reference to the first half of 2022, please refer to the price-sensitive release here.