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The Immsi Group closed the first quarter of 2022 with positive results. Consolidated net sales, EBITDA and net profit reached best-ever levels for the first quarter and net financial debt was down from 31 March 2021. Although the Immsi Group has virtually no exposure in the areas affected by the conflict between Russia and Ukraine, thanks to the broad geographical diversification of sales, it continues to monitor developments and maintain a careful cost management policy. Consolidated net sales 467.1 million euro, up 18.7% (393.6 €/mln at 31.03.2021)EBITDA 57.2 million euro, up 6.4% (53.7 €/mln at 31.03.2021)EBITDA margin 12.2%EBIT 23.9 million euro, up +18.8% (20.1 €/mln at 31.03.2021)EBIT margin 5.1%Profit before tax 12.5 million euro, +13.8% (11 €/mln at 31.03.2021) subject to tax totalling 6.8 million euroNet profit 5.7 million euro, +10.5% (5.1 €/mln at 31.03.2021), including minority interests of 4.4 €/mln (3.1 €/mln at 31.03.2021)Consolidated net financial position of the Immsi Group -836.8 €/mln, an improvement of 6.3 €/mln from -843.1 €/mln at 31.03.2021Capital expenditure 26.8 million euro Mantua, 12 May 2022 – At a meeting today chaired by Roberto Colaninno, the Board of Directors of Immsi S.p.A.(IMS.MI) examined and approved the interim report on operations as at and for the three months to 31 March 2022. Immsi Group financial and business performance at 31 March 2022 Consolidated net sales in the first quarter to 31 March 2022 amounted to 467.1 million euro, the best ever first-quarter result, with an increase of 18.7% from 393.6 million euro in the year-earlier period. Immsi Group consolidated EBITDA was 57.2 million euro, the highest Q1 result ever reported by the Group, up by 6.4% from 53.7 million euro in the year-earlier period. The EBITDA margin was 12.2% (13.7% in the first quarter of 2021). Consolidated EBIT was 23.9 million euro, up 18.8% from 20.1 million euro in the first quarter of 2021. The EBIT margin was 5.1%, unchanged from the first quarter of 2021. Profit before tax was 12.5 million euro, an increase of 13.8% (11 million euro in the year-earlier period) and was subject to tax totalling 6.8 million euro. Net profit was 5.7 million euro, an increase of 10.5% (5.1 million euro at 31 March 2021),including minority interests of 4.4 million euro (3.1 million euro at 31 March 2021). Immsi Group net financial debt at 31 March 2022 was 836.8 million euro, an improvement of 6.3 million euro from debt of 843.1 million euro at 31 March 2021.At 31 December 2021, the Group had net financial debt of 764.2 million euro. Group business, especially in the two-wheeler segment, is subject to seasonal trends, absorbing resources in the first half of the year and generating resources in the second half. In the first quarter of 2022, Immsi Group capital expenditure amounted to 26.8 million euro (36 million euro in the year-earlier period). Performance of the Immsi Group businesses at 31 March 2022 Industrial Sector: Piaggio Group In the first three months to 31 March 2022, the Piaggio Group sold 141,800 vehicles worldwide (+5%), reporting consolidated net sales of 455.8 million euro, an increase of 18.5%. Consolidated EBITDA was 60.1 million euro, with an EBITDA margin of 13.2%; EBIT was 27.7 million euro, with an EBIT margin of 6.1%; net profit rose 14.1% to 12.7 million euro. Consolidated net sales, EBITDA and net profit reached best-ever levels for the first quarter. Net financial debt at 31 March 2022 stood at 441.1 million euro, an improvement of 7.5 million euro from 448.6 million euro at 31 March 2021. Naval Sector: Intermarine S.p.A. The subsidiary Intermarine S.p.A. reported consolidated net sales of 10.7 million euro for the first quarter to 31 March 2022, an increase of 22.8% from 8.7 million euro in the year-earlier period. Net sales consisted of 8 million euro in the Military Sector and 2.7 million euro in the Fast Ferries and Yacht division, relating largely to operations at the Messina shipyard. Real Estate and Holding sector The real estate and holding sector had net sales of 0.6 million euro for the quarter to 31 March 2022 (0.2 million euro in the year-earlier period). The subsidiary Is Molas S.p.A., which manages the Is Molas Golf Resort project in the Sardinian province of Cagliari, completed five showhomes and took the remaining ten villas in the first batch to an advanced unfinished stage, to enable potential clients to select the finishes. * * * Significant events in and after the first quarter of 2022 Supplementing the information published above or at the time of approval of the 2021 draft financial statements (directors’ meeting of 23 March 2022), this section illustrates key events in and after the first quarter of 2020. On 25 March, during the celebrations for the 30th anniversary of Italy’s National Territorial Emergency Service (the so-called 118 service), Piaggio presented the Piaggio MP3 Life Support three-wheel scooter for the Italian Red Cross. The Piaggio MP3 Life Support is already used by the national emergency services in several countries, including the UK, France, Australia and Israel; with more than 650 Piaggio scooters, Israel has made the three-wheeler a key element of its emergency fleet. On 3 April, Aprilia won the Argentina GP with Aleix Espargarò, its first victory in the MotoGP class. For the Noale-based company, one of the most successful names in motorcycle racing, this was the 295th win in world motor-racing, and the first in the new four-stroke age of the top two-wheeler championship after its countless victories in the 125 and 250 cc categories. On 20 April, pre-booking opened for the exclusive Vespa Sprint designed by international popstar Justin Bieber. JUSTIN BIEBER X VESPA is available in 50, 125 and 150 cc displacements. On 4 May, Intermarine delivered the third CDMA3 minehunter to a leading industry player and the associated foreign navy. * * * Russia – Ukraine crisis The Immsi Group is paying close attention to developments in the Russia – Ukraine crisis, which has begun to trigger rises in the costs of raw materials and energy and could have significant repercussions for the world economy, in part as a result of the sanctions that have already been introduced or are under discussion. The extreme geographical diversification of the Group’s sales and procurements means that its exposure in the area of the conflict is substantially non-existent. The Group has no manufacturing or commercial subsidiaries, associates or other legal entities in the areas affected by the conflict. * * * Outlook Although formulation of projections continues to be complex, the Immsi Group will continue to work to meet its commitments and targets, maintaining all the necessary measures to ensure a flexible and immediate response to any difficult and unexpected situations that might arise, thanks to careful and efficient business and financial management. In the Industrial Sector, Piaggio will continue along its growth path in 2022, confirming its planned investments in new products and new plants and strengthening its commitment to ESG issues, despite the current international geopolitical tensions. In this general situation, Piaggio will continue as ever to work to meet its commitments and objectives, keeping a constant focus on efficient management of its economic and financial structure so that it can respond immediately and in a flexible manner to the challenges and uncertainties of 2022. In the Naval Sector, despite continuing uncertainty, advances in production work on contracts will continue as well as commercial operations in all the company’s areas of business. Intermarine is also involved in a number of negotiations, in the Defence sector in particular, to win new orders that would enable it to expand its order book and consequently guarantee conditions allowing it to optimise its production capacity over the coming years. The company will also pursue every opportunity to contain direct and indirect costs. In the Real Estate and Tourism/Hospitality sector,the Is Molas subsidiary is monitoring developments in the Covid-19 health emergency and current geopolitical tensions, whose economic repercussions in terms of possible impact on the tourist season are difficult to quantify at this time. Despite the uncertain situation, the subsidiary is continuing commercial operations to identify possible national and international purchasers. * * * Share buyback program In connection with the authorisation for the purchase and disposal of own shares given by the Immsi S.p.A. AGM held on 29 April 2022, the Board of Directors approved the launch of a share buyback program, which represents a useful strategic investment opportunity for the purposes allowed under law, including the purposes contemplated in art. 5 of EU Regulation 596/2014 (Market Abuse Regulation, “MAR”), among which the purchase of own shares for subsequent cancellation, and in the practices allowed by Consob under art. 13 MAR. Share purchase transactions under the program will be performed in the manner and in compliance with the limits set out in the aforementioned shareholder resolution, specifically: up to 10,000,000 no-par Immsi ordinary shares may be purchased, for a maximum outlay of 10,000,000 euro, thus within the legal limits (20% of share capital, pursuant to art. 2357, par 3, Italian Civil Code;share buybacks shall take place within the limits of distributable earnings and available reserves as reflected in the most recent financial statements (including interim financial statements) approved at the time of implementation of the transaction;share buybacks shall be effected on the regulated market in a manner that ensures shareholder equality of treatment pursuant to art. 132 of Lgs.Decree 58/1998), with the graduality deemed to be in the interests of the company and in accordance with current laws, adopting the procedures envisaged by art. 144-bis, paragraph 1, head b) of Consob Regulation 11971/1999 as subsequently amended, and taking into account the conditions relating to trading as per art. 3 of the Delegated Regulation (EU) 1052/1052 (“Regulation 1052”) enacting the MAR and the practices allowed by Consob compliantly with art. 13 MAR, where applicable (i) for a consideration that shall not be higher than the greater of the price of the most recent independent transaction and the price of the highest independent offer on the trading markets where the buyback is made, without prejudice to the condition that the per-share consideration shall not in any case be more than 20% below or 10% above the mean official Immsi share price in the ten trading days before each single purchase transaction; (ii) for volumes not exceeding 25% of the average daily volume of Immsi S.p.A. shares traded on the regulated market where the buyback is made, determined on the basis of the parameters as per art. 3 of Regulation 1052;the buyback program may be implemented, in one or more tranches, through 28 October 2023. * * * The manager in charge of preparing the company accounts and documents, Andrea Paroli, certifies, pursuant to paragraph 2 of art. 154-bis of the Consolidated Law on Financial Intermediation, that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.