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Consolidated net sales 1,079.4 million euro, up 2.5% (+4.3% at constant exchange rates)(1,052.5 €/mln at 30 September 2015) Ebitda 139.5 million euro, up 1.8% (+3% at constant exchange rates)(137.1 €/mln at 30 September 2015)  Ebit 57.3 million euro(58.1 €/mln at 30 September 2015)  Consolidated net profit of 0.8 million euro (2.9 €/mln at 30 September 2015), after tax for the period of 12.8 million euro (+4.5 €/mln from 8.3 €/mln at 30 September 2015) Net financial position -894.5 million euro an improvement of 32.2 €/mln from -926.7 €/mln at 31 December 2015 and an improvement of 18.5 €/mln from -913 €/mln at 30 September 2015 *** Intermarine: company turnaround completed, with order backlog consolidated at approximately 350 million euro   Mantua, 14 November 2016 – At a meeting today chaired by Roberto Colaninno, the Immsi S.p.A. Board of Directors examined and approved the interim report on operations for the nine months to 30 September 2016. Immsi Group: first nine months 2016 The performance of the Immsi Group in the first nine months of 2016, compared with the year-earlier period, reflects growth in net sales, Ebitda and profit before tax, as well as an improvement in the net financial position. The first nine months of 2016 closed with a consolidated net profit of 0.8 million euro, after tax of 12.8 million euro (+4.5 million euro compared with tax in the nine months to 30 September 2015). Immsi Group financial and business performance in the nine months to 30 September 2016 Consolidated net sales in the nine months to 30 September 2016 were 1,079.4 million euro, an increase of 26.8 million euro (+2.5%, +4.3% at constant exchange rates) from 1,052.5 million euro in the first nine months of 2015. Of total net sales, 95.6%, equivalent to 1,031.7 million euro, arose in the industrial sector (Piaggio Group), 4%, or 43.5 million euro, in the naval sector (Intermarine S.p.A.) and the residual amount of approximately 4.1 million euro in the real estate and holding sector (Immsi S.p.A. and Is Molas S.p.A., net of intragroup eliminations). Immsi Group consolidated Ebitda in the nine months to 30 September 2016 amounted to 139.5 million euro, an increase of 1.8% (+3% at constant exchange rates) from 137.1 million euro in the first nine months of 2015. The Ebitda margin was 12.9%, in line with the margin at 30 September 2015. Ebit was 57.3 million euro, substantially in line with the figure for the first nine months of 2015. The Ebit margin was substantially constant at 5.3% of net sales (5.5% at 30 September 2015). Profit before tax in the first nine months of 2016 was 18.3 million euro (1.7% of net sales), up from 15.9 million euro in the first nine months of 2015. The Group reported a consolidated net profit for the nine months to 30 September 2016 of 0.8 million euro, down from 2.9 million euro in the year-earlier period, after an increase of 4.5 million euro in tax (12.8 million euro at 30 September 2016 compared with 8.3 million euro at 30 September 2015). Immsi Group net financial debt at 30 September 2016 stood at 894.5 million euro, an improvement of 32.2 million euro from -926.7 million euro at 31 December 2015 and of 18.5 million euro from -913 million euro at 30 September 2015. Immsi Group human resources at 30 September 2016 numbered 7,567 employees worldwide. The figures includes the Immsi Group’s 3,955 Italian employees, substantially unchanged from the end of 2015.  Business performance in the first nine months to 30 September 2016 Industrial Sector: Piaggio Group In the industrial sector, at 30 September 2016 the Piaggio Group reported an improvement in all its main business and financial indicators compared with the first nine months of 2015: consolidated net sales were 1,031.7 million euro, up 2.9%, Ebitda was 141.5 million euro (+4.3%), Ebit was 60.5 million euro (+4.2%), and net profit was 19.2 million euro, an improvement of 4.6%. The Piaggio Group also reduced its net financial debt: at 30 September 2016 it had net debt of 469.5 million euro, down 28.6 million euro from 31 December 2015 and down 26.3 million euro from 30 September 2015. In the first nine months of 2016, the Piaggio Group sold 411,700 vehicles worldwide (a volume increase of approximately 3.9% from 396,200 in the year-earlier period), strengthening its leadership positioning on the European two-wheeler market with an overall market share of 15.5%, rising to 25.9% in the scooter sector alone. In the two-wheeler segment, the Group shipped 266,400 vehicles worldwide (+6.1%), for net sales of 730 million euro, an increase of 4.1% from the first nine months of 2015. Revenues increased for scooters, in particular in the “high-wheel” segment thanks to the new Piaggio Liberty, the Beverly and the new Piaggio Medley ABS (which entered the market segment increasing the share for Group vehicles), while the Vespa brand showed growth specifically on the European market, with an increase of 3.6%. Healthy performance was also reported by the Group's motorcycle sector, with an 8% improvement in Moto Guzzi sales (including the new V9 Roamer and Bobber and the first sales of the MGX-21), and progress at Aprilia, notably for the supersport Tuono V4 models, where sales rose by 43.4%. In the commercial vehicles sector, the Group sold 145,300 vehicles, for net sales of 301.7 million euro. Naval Sector: Intermarine S.p.A. In the naval sector, Intermarine S.p.A. reported net sales of 43.5 million euro for the first nine months of 2016 (46 million euro in the year-earlier period), and a significant improvement in Ebitda to 1.3 million euro, a strong increase from 0.6 million euro in the year-earlier period. Ebit was 0.5 million euro (negative Ebit of 0.3 million euro at 30 September 2015), and the loss for the period of one million euro reflected a sharp improvement compared with the loss of 2.2 million euro for the first nine months of 2015. The 2016 loss includes net expense of approximately 1.5 million euro relating to contractual penalties.An improvement was also reported in net financial debt, with a reduction of approximately 17.8 million euro to 82 million euro from 31 December 2015 (99.9 million euro), largely as a result of the healthy performance of current operations.Production progress, including R&D work and completion of construction and deliveries, was particularly strong in the Defence division, at 41.2 million euro (43.2 million euro in the first nine months of 2015), and in the Fast Ferries and Yacht divisions, whose aggregate revenues totalled 2.3 million euro (2.8 million euro in the first nine months of 2015), mainly for repair work. Real Estate and Holding sector Net sales in the Real Estate and Holding sector in the nine months to 30 September 2016 amounted to approximately 4.1 million euro, an improvement of 3.6% from 3.9 million euro in the first nine months of 2015. The subsidiary Is Molas S.p.A., which manages the project for the development of a large luxury Golf Resort in the Sardinian province of Cagliari, is continuing work on the first lot of 15 residences and primary urbanisation works. The construction of the 4 showhomes has been substantially completed and commercial operations typical of the real estate sector continue, to identify possible national/international purchasers.  Significant events after 30 September 2016  On 2 November, Intermarine S.p.A. delivered the third minehunter in the Katanpää class to the Finnish Navy. With this delivery, Intermarine has successfully completed the contract to supply the Finnish Navy with three minehunters. These naval vessels are used largely for national defence: they are EU- and NATO-operations capable and designed for international crisis management. On 8 November, at the EICMA international bicycle and motorcycle show in Milan, the Piaggio Group presented its main new product entries for 2017. These include a new range of Aprilia 900 and 125cc two-wheelers, the new Moto Guzzi V7III, and for the Vespa brand, in addition to the (VESPA 946)RED, the Group presented the Vespa Elettrica project. On 9 November, it was announced that Intermarine had received the necessary approvals from the authorities on a number of contracts, which are now effective, and had consequently consolidated its order backlog at approximately 350 million euro. Outlook The Is Molas S.p.A. subsidiary will continue urbanisation works, work to complete the first batch of 15 residences and commercial operations for the sale of the residences. In the industrial sector, in a general economic context likely to see a strengthening of the global economic upturn, where uncertainty nonetheless remains with regard to the speed of European growth and the risk of a slowdown in some Asian countries in the Far East, commercial and industrial operations will focus on leveraging the upturn by: confirming the leadership position on the European two-wheeler market, taking full advantage of the expected recovery through:a further strengthening of the product range, to grow sales and margins in the high-wheel scooter sector with the new Liberty and Medley and in the motorcycle sector with the renewed Moto Guzzi and Aprilia ranges, and entry on to the electric bicycle market with the new Piaggio Wi-Bike;maintenance of current positions on the European commercial vehicle market;consolidation in the Asia Pacific region by exploring new opportunities in mid-range motorcycles and replicating the premium strategy in Vietnam throughout the region, with a special focus on the Chinese market;strengthening sales on the Indian scooter market by extending the offer of Vespa products and introducing new models in the premium scooter and motorcycle segments for the other group brands;growing commercial vehicle sales in India and the emerging countries, aiming for further growth in exports to Africa and South America. In the naval sector, given the current international and industry crisis, the company is targeting significant growth in the Defence business, which seems less adversely affected than the yacht and ferry markets. Pending the start-up of production on all the new orders, particularly in the Defence division, the company management will: closely monitor production progress on existing orders;continue to take all possible measures to contain overheads.