Textile 24-03-2022 Hits: 983

Picanol Group: Annual results 2021

Textile 24-03-2022 Hits: 983

24 March 2022, Mumbai:

RECOVERY OF GLOBAL MACHINERY MARKET GENERATES STRONG RESULTS IN 2021 STRONG TESSENDERLO GROUP RESULTS IN LINE WITH EXPECTATIONS.

After the balance date:
▪ Following the launch of the new Connect generation weaving machines in 2021, Picanol introduced the
OmniPlus-i TC Connect in January 2022.

ALSO READ PICANOL GROUP TO BUILD NEW HEAD OFFICE IN IEPER

REVENUE

2H21 revenue increased by 32% compared to the same period last year. The Machines & Technologies revenue increased by 30% as the global machine market continued its strong recovery after COVID-19.

ADJUSTED EBITDA

The 2H21 Adjusted EBITDA amounts to 194.3 million EUR compared to 166.2 million EUR one year earlier, or a 17% increase.

The Adjusted EBITDA of segment Machines & Technologies decreased by 8.8 million EUR (-26%) as the unprecedented increase in raw material prices could not be fully re-charged to the customers.

NET FINANCIAL DEBT

As per year-end 2021, group net financial debt amounts to 34.9 million EUR, which implies leverage of 0.1x (2020: 97.1 million EUR or leverage of 0.3x). Short-term borrowings for 215.3 million EUR and 196.2 million EUR long-term borrowings are partially compensated by cash and cash equivalents (366.7 million EUR) and short-term investments (10.0 million EUR of short-term banknotes with a maturity date in January 2022).

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CREDITS: Corporate Communication (MBX)..The news article has not been edited by DFU Publications staff.