Immsi Group: results at 30 september 2017

Consolidated net sales 1,141.0 million euro, up 5.7% (1,079.4 €/mln at 30 September 2016) Ebitda 173 million euro, up 24%,the best performance in first nine months since 2007 (139.5 €/mln in year-earlier period)Ebitda margin 15,2%, the best performance to date for the first nine months (12.9% at 30 September 2016) Ebit 81 million euro, up 41.4% (57.3 €/mln at 30 September 2016) Ebit margin 7.1% (5.3% at 30 September 2016) Profit before tax 46.3 million euro(18.3 €/mln at 30 September 2016) Net profit including minority interests 22.9 million euro (5.5 €/mln at 30 September 2016), Strong growth in consolidated net profit to 12.4 million euro(0.8 €/mln at 30 September 2016) Net financial position -843 million euroan improvement of 63.9 €/mln from -906.9 €/mln at 31 December 2016 andan improvement of 51.5 €/mln from -894.5 €/mln at 30 September 2016 ***  Industrial Sector (Piaggio Group): improvements in all the main financial indicators and reduction in debt. Consolidated net sales +2.5%, Ebitda +12.4%, Ebitda margin 15%, Ebit +14.3%, net profit +34.8%. Confirmation of leadership on European two-wheeler market, with a share of 15.2% Naval Sector (Intermarine): strong increase in all key indicators thanks to production progress, reduction of debt and consolidation of order book, guaranteeing production for the next three years. International commercial activity continues, with specific focus on Asia and Europe Real Estate Sector (Is Molas): first 15 residences to be completed by end of year   Mantua, 13 November 2017 – At a meeting today chaired by Roberto Colaninno, the Board of Directors of Immsi S.p.A. (IMS) examined and approved the interim report on operations as at and for the nine months to 30 September 2017.   Immsi Group financial and business performance in the nine months to 30 September 2017    Compared with the first nine months of 2016, Immsi Group performance in the nine months to 30 September 2017 was positive, with a strong improvement in all the key financial indicators and a reduction in debt.   Consolidated net sales totalled 1,141 million euro, up by 5.7% from 1,079.4 million euro in the year-earlier period.   Immsi Group consolidated Ebitda amounted to 173 million euro, the best figure for the first nine months of the last ten years (since 30 September 2007), with an increase of 24% from 139.5 million euro in the first nine months of 2016. The Ebitda margin was 15.2%, the best ever performance in the first nine months (12.9% at 30 September 2016).    Ebit for the first nine months was 81 million euro, up 41.4% from 57.3 million euro in the year-earlier period. The Ebit margin was 7.1% (5.3% at 30 September 2016).   Profit before tax in the first nine months to 30 September 2017 was 46.3 million euro (18.3 million euro at 30 September 2016). Income tax expense amounted to 23.5 million euro (12.8 million euro in the year-earlier period).   Net profit including minority interests totalled 22.9 million euro (5.5 €/mln at 30 September 2016).   The Immsi Group posted a consolidated net profit of 12.4 million euro at 30 September 2017, a significant improvement from 0.8 million euro for the first nine months of 2016.   At 30 September 2017, the Immsi Group had net debt of 843 million euro, an improvement of 63.9 million euro from 906.9 million euro at the end of 2016, arising largely from self-financing of 122.3 million euro offset in part by gross investments of 56.4 million euro, and an improvement of 51.5 million euro from 30 September 2016 (894.5 million euro).   Immsi Group human resources at 30 September 2017 numbered 7,309 employees worldwide. The figure includes the Group’s 3,861 Italian employees, unchanged from the figure at the end of 2016.   The Group's operations present seasonal variations in sales over the course of the year, especially in the industrial sector.     Business performance in the nine months to 30 September 2017    Industrial Sector: Piaggio Group   In the industrial sector, for the nine months to 30 September 2017, the Piaggio Group reported consolidated net sales of 1,057.3 million euro (up 2.5% from 30 September 2016), an industrial gross margin of 327.1 million euro (+5.6%), consolidated Ebitda of 159 million euro (+12.4%), with an Ebitda margin of 15%. Piaggio Group net profit for the first nine months of 2017 was 25.8 million euro, up by 34.8%. Financial debt at 30 September 2017 stood at 434.8 million euro, an improvement of 56.2 million euro from debt of 491 million euro at the end of 2016. In the first nine months of 2017, the Piaggio Group shipped 426,700 vehicles worldwide (+3.7%), with revenue growth of 3.7% in the Emea and Americas areas and of 2.1% in India.    Looking at the individual businesses, a total of 299,400 two-wheelers were sold worldwide (+12.4%), maintaining the Group's leadership in Europe with an overall market share of 15.2%, rising to 25.4% in scooters alone. In light commercial vehicles, shipments totalled 127,300 vehicles. On the Indian three-wheeler market, the subsidiary PVPL confirmed its leadership in the cargo segment with a 49.4% market share.  On the technological front, the subsidiary Piaggio Fast Forward continues development of the innovative Gita and Kilo projects for smart, autonomous vehicles to enhance the productivity of mobility in today’s increasingly complex urban environments.  Naval Sector: Intermarine S.p.A.    In the naval sector, Intermarine S.p.A. reported strong improvements in all key indicators for the first nine months to 30 September 2017: net sales of 79.8 million euro, a significant increase (+36.3 million euro) from 43.5 million euro in the year-earlier period; Ebitda of 16.5 million euro, a sharp improvement (1.3 million euro at 30 September 2016); Ebitda margin of 20.7%; Ebit at 14.8 million euro (0.5 million euro at 30 September 2016) with a positive Ebit margin of 18.6%. Net profit for the period was 7.7 million euro, a strong increase from the net loss of 1.6 million euro in the first nine months of 2016, with a return of 9.6% on value of production. Net debt at 30 September 2017 was 53.5 million euro, an improvement of 13.8 million euro from 67.3 million euro at 31 December 2016.   The Intermarine order book at 30 September 2017 stood at approximately 236 million euro, guaranteeing production operations for at least the next three years. In the meantime, international commercial activity will continue, with a specific focus onAsia and Europe.   Real Estate and Holding sector For the first nine months of 2017, the real estate and holding sector reported net sales of approximately 3.9 million euro (4.1 million euro in the year-earlier period) and a consolidatable net loss of 6.1 million euro, an improvement from the loss of 8.5 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, is completing work on the first lot of residences and initial urbanisation works. The construction of the 4 showhomes has been substantially completed and commercial operations are underway to identify possible national/international purchasers.   ***  Outlook   In the industrial sector, in a general economic context likely to see a strengthening of the global economic upturn, where uncertainty will nonetheless remain with regard to the speed of European growth and the risk of a slowdown in some Asian countries in the Far East, Piaggio Group commercial and industrial operations will focus on:  confirming the leadership position on the European two-wheeler market, taking full advantage of the expected recovery through:further strengthening of its product range;maintenance of current positions on the European commercial vehicle market; consolidating its presence in Asia Pacific, in part through the opening of new Motoplex stores, the exploration of new opportunities in countries in the region, with a particular focus on the premium segment of the market;increasing sales on the Indian scooter market thanks to the Vespa offer and the success of the new Aprilia SR 150;growing the penetration of commercial vehicles in India and related sales in the emerging countries, aiming for further growth in exports to Africa and South America.   From the technological viewpoint, the Piaggio Group will continue research on new solutions to current and future mobility problems, through the work of Piaggio Fast Forward (Boston) and new advances in design at PADc (Piaggio Advanced Design center) in Pasadena.   At a more general level, the Group maintains its commitment – a characteristic of recent years and continuing in 2017 – to generate higher productivity through close attention to cost and investment efficiency, in compliance with its ethical principles.   In the naval sector (Intermarine S.p.A.), intense international commercial activity will continue in 2017, and positive management of the orders acquired in the Mediterranean Basin countries will also continue.Intermarine management will also pursue every opportunity to contain direct and indirect costs and overheads.