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Meeting of the Board of Directors todayNET SALES € 975,9 MLN ( € 1033.3 MLN 1st half ’07)NET PROFIT € 26.3 MLN (€ 23.6 MLN 1st half ’07)NET DEBT € 515.8 MLN PARENT COMPANY IMMSI S.P.A.:NET PROFIT € 18.5 MLN ALITALIA: APPROVED THE COMPANY’S PARTECIPATION IN THE COMPANY COMPAGNIA AEREA ITALIANA FOR AN OVERALL INVESTMENT AT MOST € 150 MLN   Mantua, 28 August 2008 – At a meeting today chaired by Roberto Colaninno, the Board of Directors of IMMSI S.p.A. examined and approved the Group’s results for the first six months of 2008.  In the first six months of 2008, Immsi Group consolidated net sales totalled € 975.9 million, comprising € 900.3 million from the Piaggio Group, € 73.2 million from Rodriquez Cantieri Navali Group and € 2.4 million from the property sector.   In the first half of 2007, Immsi Group net sales totalled € 1033.3 million. The reduction in Immsi net sales, compared to the first half of 2007, is due to a decline in net sales of the Piaggio Group which, in a globally weak market, contained the reduction to 7% while increasing industrial margins. As regards the Rodriquez Cantieri Navali Group, first half net sales improved by 17.6%, compared to the same period in 2007, to € 73.2 million, as a result of production progress made on various orders. At 30 June 2008, Rodriquez’s order book stood at € 369 million.   EBITDA totalled € 120.3 million, a 12.3% return on net sales, compared to € 141.2 million for the first six months of 2007.   EBIT, after € 48.5 million of amortisation and depreciation, stood at € 71.8 million, a 7.4% return on net sales.   In the first six months of 2008, the Immsi Group recorded a profit before tax of € 56.9 million and a net profit of € 26.3 million, after € 14.3 million of taxation. In the first six months of 2007, the net profit was € 23.6 million.   Net debt increased from € 428.2 million at 31 December 2007 to 515.8 million at 30 June 2008, primarily as a result of the gross investments during the period totalling € 57.3 million, the dividends paid out by the parent company (€ 10.3 million) and to the minority shareholders of the Piaggio Group (€ 9.8 million) and the decision to settle in cash the amount of the Piaggio 2004-2009 warrants for € 64.2 million, partially offset by the € 42.9 million of net cash flow generated by operations.   Consolidated total shareholders’ equity at 30 June 2008 stood at € 588.4 million, € 196.5 million of which attributable to minority shareholders. At 31 December 2007, shareholders’ equity totalled € 666.8 million.   Significant events after 30 June 2008 In July, the parent company acquired a further 920,000 Piaggio shares on the MTA market for a total of € 1 million.   As regards the Piaggio Group, the following significant events took place after 30 June:on 3 July, the Piaggio & C S.p.A. 2004-2009 warrants and the EMH financial instruments were settled in cash; in July, Piaggio & C S.p.A. completed the planned purchase of 10,000,000 own ordinary shares, equal to 2.52% of the share capital, to service the stock option plan for top management of the Piaggio Group approved by the shareholder meeting on 7 May 2007 in accordance with article 114-bis of Law 58/1998; in July, Piaggio & C S.p.A. completed the preparatory stages leading up to the merger by incorporation of Moto Guzzi; in July and August, Piaggio & C S.p.A. continued purchasing own shares to service the plan to acquire and dispose of the company’s own shares, approved by the shareholder meeting on 24 June 2008. On 28 August 2008, the company held 18,895,000 own shares, purchased at an average price of 2.2104 euro.  OutlookThe Immsi Group outlook regarding the Piaggio Group expects to see a specific focus on productivity increases and cost containment, continuing the work of the first half of the year. As concerns sales, a substantial increase is expected outside Europe, as well as a return to normal seasonal demand in Europe.   Regarding the shipbuilding sector, in light of the major current orders and the effect that the Intermarine Division will bring to the group with the Finnish Navy order for 3 minesweepers, further growth is expected in production volumes, compared to 2007, which, together with the absolute margins of that order, makes a return to operating profit a possibility for the Rodriguez group in the second half of the year.   Immsi S.p.A.   In the first six months of 2008, the parent company reported a net profit of € 18.5 million, primarily as a result of positive financial income components (€ 13.5 million of Piaggio dividends, € 5.9 million gain on the disposal of Unicredit shares). During the first six months, the company purchased 1,840,000 own shares, in line with the buy-back plan approved by the shareholder meeting on 13 May 2008, for a total outflow of € 1.5 million, and 6,209,909 Piaggio shares totalling € 11.5 million.   § Acting on a proposal by the Chairman Roberto Colaninno, during the same meeting the Board of Directors of Immsi approved the company’s participation in the project aimed at integrating and relaunching Alitalia by undertaking a shareholding in the company Compagnia Aerea Italiana, for an overall investment of at most €150m. The Board has granted the Chairman Roberto Colaninno the fullest powers to negotiate the terms, conditions and methods of the transaction The transaction envisages the assumption of the role of Executive Chairman of the company Compagnia Aerea Italiana by Roberto Colaninno.   § Having voluntarily adhered to the Code of Conduct regulating the accumulation of administration and control appointments, Board Member Marco Reboa has today resigned from the corporate Board of Directors and, consequently, from the role of Lead Independent Director and Chairman of the Internal Control Committee of Immsi. He will continue in his role as Chairman of the Inspection Body.   § The manager in charge of preparing the company’s financial reports (Andrea Paroli) certifies pursuant to paragraph 2 article 154 bis of the Consolidated Law on Financial Intermediation that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries. For more information:IMMSI Press OfficeVia Vivaio, 6 - 20122 MilanMassimiliano LeviTel. +39 02 76212621Fax +39 02 76212629massimiliano.levi@immsi.it