Imms Group: results at 30 September 2021

The Immsi Group reported very positive results for the year to 30 September 2021, with net sales up 29.6% – the best result for the first nine months since 2008 –, EBITDA up 24.1% and net profit, including minority interests, of 32.7 million euro. Over the same period, debt was cut by almost 79 million euro from 30 September 2020. Although uncertainty caused by the Covid-19 pandemic persists at global level, making it necessary to continue monitoring each business and market with close attention, the Group is in a situation enabling it to further consolidate its current healthy position. Consolidated net sales 1,349.8 million euro, up 29.6%(1,041.9 €/mln at 30.09.2020) EBITDA 187.2 million euro, up 24.1% (150.9 €/mln at 30.09.2020)EBITDA margin 13.9% (14.5% at 30.09.2020) EBIT 88.2 million euro, up 44.4% (61.1 €/mln at 30.09.2020)EBIT margin 6.5% (5.9% at 30.09.2020) Profit before tax 61.4 million euro (33.6 €/mln at 30.09.2020)subject to tax totalling 28.7 million euro Net profit of 32.7 million euro (16.1 €/mln at 30.09.2020), including minority interests (18.1 €/mln at 30.09.2021, 6.8 €/mln at 30.09.2020) Immsi Group consolidated net financial position -744.9 €/mln, an improvement of 78.8 €/mln from -823.7 €/mln at 30.09.2020 and 58 €/mln from -802.9 €/mln at 31.12.2020 Capital expenditure 106.7 million euro, up 17.8% (90.6 €/mln at 30.09.2020) Mantua, 12 November 2021 – 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 nine months to 30 September 2021.Immsi Group financial and business performance at 30 September 2021Consolidated net sales for the nine months to 30 September 2021 amounted to 1,349.8 million euro, the best result for the period since 2008, reflecting an increase of 29.6% from 1,041.9 million euro in the year-earlier period.Immsi Group consolidated EBITDA amounted to 187.2 million euro, up 24.1% from 150.9 million euro at 30 September 2020. The EBITDA margin was 13.9% (14.5% at 30 September 2020).Consolidated EBIT was 88.2 million euro, an improvement of 44.4% from 61.1 million euro in the first nine months of 2020. The EBIT margin was 6.5% (5.9% at 30 September 2020).Profit before tax was 61.4 million euro (33.6 million euro at 30 September 2020) and wassubject to tax totalling28.7 million euro.Net profit was 32.7 million euro (16.1 million euro in the year-earlier period), including minority interests (18.1 million euro at 30 September 2021and 6.8 million euro at 30 September 2020).Immsi Group net financial debt at 30 September 2021 was 744.9 million euro, an improvement of 78.8 million euro from 823.7 million euro at 30 September 2020, when there was a block on sales in connection with the Covid-19 pandemic. The improvement was secured by prudent management of working capital and by operating cash flow from the Group's positive business performance (at the Piaggio Group in particular), which also made it possible to absorb a greater capital expenditure requirement.Compared with 31 December 2020, the Immsi Group reduced debt by 58 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 nine months of 2021, Immsi Group capital expenditure amounted to 106.7 million euro, an increase of 17.8% from 90.6 million euro in the year-earlier period. Performance of the Immsi Group businesses at 30 September 2021  Industrial Sector: Piaggio GroupIn the first nine months to 30 September 2021, the Piaggio Group sold 430,600 vehicles worldwide (+36.5%), reporting consolidated net sales of 1,319.2 million euro (+32.7%). Consolidated EBITDA was 192.9 million euro (+28.5%), with an EBITDA margin of 14.6%; EBIT was 97.4 million euro, with an EBIT margin of 7.4%; net profit increased by 77.1% to 51.6 million euro (29.1 million in the year-earlier period). Net financial debt at 30 September 2021 stood at 372.7 million euro, an improvement of 72.1 million euro from 444.8 million euro at 30 September 2020 and an improvement of 50.9 million euro from 423.6 million euro at 31 December 2020.Naval Sector: Intermarine S.p.A.The subsidiary Intermarine S.p.A. reported consolidated net sales of 28.5 million euro in the first nine months of 2021, arising for 24.4 million euro in the Military Sector and 4.1 million euro in the Fast Ferries and Yacht division, largely on operations at the Messina shipyard. The Intermarine order book at 30 September 2021 stood at approximately 41.5 million euro.Real Estate and Holding sector The Real Estate and Holding sector had net sales of 2.1 million euro at 30 September 2021.The subsidiary Is Molas S.p.A., which manages the Is Molas Golf Resort project in the Sardinian province of Cagliari, completed four showhomes and took the remaining 11 villas in the first batch to an advanced unfinished stage, to enable potential clients to select floorings and internal finishes. The company confirmed the possibility of leasing the showhomes in order to enable end customers, including investors, to become familiar with the product and related services on offer. Commercial operations are underway to identify possible national/international purchasers.* * *Significant events in and after the first nine months of 2021 Supplementing the information published above or at the time of approval of the 2021 half-year results (directors’ meeting of 2 September 2021), this section illustrates key events in and after the first nine months of 2019.On 6 September, further to the letter of intent of 1 March 2021, the Piaggio Group, Honda Motor Co. Ltd., KTM F&E GmbH and Yamaha Motor Co. Ltd. signed an official agreement for the creation of the Swappable Batteries Motorcycle Consortium (SBMC), to promote wide-scale use of lightweight electric vehicles such as mopeds, scooters, motorcycles, motorised tricycles and quad bikes, and promote more sustainable management of battery life in line with international climate policies.On 10 September, the important project for the preservation and restructuring of the Moto Guzzi industrial site was presented in Mandello del Lario. The project was commissioned from world-famous US architect and designer Greg Lynn and involves the entire site. Unique of its kind and in its style, this is a futuristic project: a location with open spaces for use by the public. On the same day, the new Moto Guzzi V100 was displayed in a world preview. The bike will be officially unveiled at the EICMA 2021 international motorcycle show.Towards the end of September, with rulings issued within a few days of each other, the Judicial Tribunal of Paris and the Court of Milan found Peugeot Motocycles (now owned by an Indian Group) guilty of infringing a European patent on the technology of the Piaggio MP3 three-wheel scooter with the Peugeot Metropolis model. The patent in question owned by the Piaggio Group to which the rulings in its favour refer (still subject to appeal) relates to the control system that enables a three-wheel vehicle to tilt sideways like a conventional motorcycle.On 25 October, the Piaggio Group, bp and its Indian subsidiary Jio-bp announced a memorandum of understanding to identify opportunities for cooperation on the rapidly expanding two- and three-wheel electric vehicle market. The aim is to offer charging and interchangeable battery stations, as well as all-inclusive services such as Battery as a Service” (BaaS), which comprises battery leasing, management and recycling, and Vehicle as a Service (VaaS), for vehicle leasing, repairs, maintenance and intelligent energy management. The partners intend to explore growth opportunities in Asia – China, Indonesia and Vietnam – and in Europe.On 28 October, Intermarine delivered the CP421 “Roberto Aringhieri” to the General Command of the Corps of the Port Captaincies, Coast Guard, at the Messina shipyard. The vessel is the second boat in the “Angeli del Mare” class, the longest self-righting and unsinkable boats ever built in Italy and among the world's largest Search and Rescue units.* * * OutlookAlthough the complexity of providing guidance remains, given the uncertainty over the evolution of the pandemic in the coming months of 2021, and a number of difficulties including the general rise in raw materials prices and the current problems in logistics and transportation, especially from the Far East, 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, the Piaggio Group will complete the launch of the 11 new two-wheelers scheduled for 2021 and operations relating to the increase in expenditure announced at the beginning of the year with the new E-mobility department, the new factory in Indonesia and the complete restructuring of the Moto Guzzi production facility and museum areas.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 a gradual return to normality is expected, and the Is Molas S.p.A. subsidiary is therefore moving ahead with commercial operations to identify possible domestic and international buyers.