The Board of Directors of Comer Industries approves the financial report as at 30 June 2021
Net Financial Position [adjusted] has improved by approximately 8.6 million € compared to 27.1 million € recorded as at 31 December 2020 resulting in a net cash position of 35.6 million € as at 30 June 2021.
Matteo Storchi, President and CEO of Comer Industries, commented: "We are so proud for the excellent results, which show important increases in terms of volumes and profitability. The results examined today by the Board of Directors are the consequence of a clear and straightforward strategy, focused on innovation and sustainability, first and foremost economic, and of the investments that Comer Industries has carried out without interruption, even in the most recent times."
"The first half of 2021 will also be remembered for the activity that led to the agreement for the acquisition of Germany's Walterscheid Powertrain Group, signed in recent weeks. A Transaction recognized by many parties as an example of an industrial and entrepreneurial environment constantly aimed at development. Together with Walterscheid we will create a worldwide group in mechanics for the agricultural sector and we are finding great enthusiasm and sharing, not only internally but also among stakeholders, institutions and investors, for the challenge we face".
The Board of Directors of Comer Industries was held today to examine and approve the interim financial report as at 30 June 2021 relating to the Group consolidated results.
ANALYSES OF FIRST SEMESTER 2021 CONSOLIDATED ECONOMIC AND FINANCIAL RESULTS
Comer Industries performance during the first half of the year reported a 51.3% increase in consolidated turnover compared to the same period in 2020, particularly thanks to the recovery in the agricultural market and the continued growth in the industrial sector in the Asia Pacific area.
EBITDA [adjusted] of 40.7 million €, equal to 14.0% of sales, has increased by 83.4% in absolute terms, compared to 11.6% in the same period of the previous year, thus recording an increase that is more than proportional to the increase in turnover driven by continuous improvements in business processes. EBITDA [adjusted] takes into consideration the impacts of the accounting treatment of property rentals and other, according to IFRS 16 (Leases), and the accounting treatment of the relevant amount for the period of the planned “stock grant” according to IFRS 2.
EBITDA for the first half of the year of 40.4 million €, corresponding to 13.9% of sales compared to 11.2% in the first half of 2020.
Net Profit of 22.6 million € compared to 8.8 million € as at 30 June 2020, corresponding to 7.8% of sales (4.6% in the same period of the previous year).
Net Financial position [adjusted], corresponding to exposure towards the financial system, shows a positive balance of 35.6 million €, with an improvement of 8.6 million € compared to 31 December 2020 driven by an operating cash flow of around 19.2 million € in the first half of the year, net of dividend on 2020 result for 10.2 million € (paid on 28 April 2021).
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