Immsi - Third quarter 2007

Thu, 08/11/2007 - 01:00

Board of Directors approves the quarterly report at 30 September 2007

NET SALES € 1472.4 MLN (+8.9% YoY)
EBITDA € 194.9 MLN (+10.8% YoY), 13.2% RETURN ON NET SALES
NET PROFIT € 29.4 MLN, 2% RETURN ON NET SALES (compared with € 19.5 mln net of the € 66.5 mln capital gain from the Piaggio IPO) 


Mantua, 8 November 2007 – At a meeting today in Mantua chaired by Roberto Colaninno, the Board of Directors of IMMSI S.p.A. examined and approved the quarterly report at 30 September 2007.


In the first nine months of 2007 operations continued in the various sectors of activity of the Immsi Group, with results up on those of the year-earlier period. The Piaggio Group reported strong improvements in all lines of business and the Rodriquez Cantieri Navali Group boosted net sales by 59%, thanks to production progress on the important orders acquired in 2006 and completion and delivery of orders acquired previously.


Consolidated net sales in the first nine months of 2007 amounted to € 1472.4 million, a YoY improvement of 8.9%. The main contributions were from the Piaggio Group with € 1369.8 million and the Rodriquez Cantieri Navali Group for € 98.0 million. The growth reported at Piaggio reflected healthy progress in the two-wheeler business (+6.1%) and the light transport vehicles business (+7.1%). At Rodriquez Cantieri Navali, the YoY increase of more than € 36 million in net sales in the first nine months (+59%) reflected ongoing production progress on orders acquired mainly in 2006. At 30 September 2007 the Rodriquez Group order book stood at € 429 million.


Consolidated EBITDA amounted to € 194.9 million, an increase of 10.8% from € 176 million in the year-earlier period. The EBITDA margin also improved, from 13% to 13.2%.


After depreciation and amortisation totalling € 65.5 million, consolidated EBIT amounted to € 129.4 million, a YoY rise of 20.7%. The EBIT margin gained almost one percentage point, rising from 7.9% in the first nine months of 2006 to 8.8% this year.


Finance income and expense reflected net expense of € 27.2 million. This compared with net finance income of € 111.8 million in the year-earlier period, which included capital gains of € 136.1 million at Piaggio Holding Netherlands B.V. (PHN), from placement of 117,537,840 Piaggio & C. S.p.A. shares at € 2.3 per share.


After tax and minority interests, consolidated net profit was € 29.4 million, or 2% of net sales. This compared with € 19.5 million in the year-earlier period, not including the € 66.9 million capital gain from the Piaggio IPO, for a total net profit of € 86.4 million.


Net debt amounted to € 408.6 million (2.1 times EBITDA for the period), down from € 417.5 million at 30 June 2007 and € 414.3 million at the end of 2006.


Consolidated shareholders' equity totalled € 666.8 million, up from € 645.6 million at 31 December 2006.


The data in the quarterly report at 30 September 2007 is not audited.


Significant events after 30 September 2007


On 9 October the Piaggio Group obtained a manufacturing licence for Vespa scooters in Vietnam. The production facility will have an annual capacity of approximately 100,000 scooters once it is fully operational; the projected investment is approximately $ 25-30 million.


At the Rodriquez Group, in October RCN Finanziaria S.p.A. approved a € 10 million share capital increase to take place by 5 December 2007. The shareholders Immsi and Intesa Sanpaolo have already subscribed and paid their respective quotas. The new funds will be used to strengthen the equity structure of Rodriquez Cantieri Navali S.p.A.


With regard to Is Molas S.p.A., on 22 June 2007 the documentation required for the official assessment of the project, compatibly with Sardinia’s new regional natural environment plan, was presented to the Sardinian Regional Authority. On 3 August 2007 the Authority requested additional information, which was delivered on 3 October 2007. A response is pending.




The 2007 full-year results are in line with the projections in the various lines of business.


Piaggio’s nine-month results were on target and the Group is confident that it will maintain the growth program set out in the 2007-2009 three-year plan and thus achieve its targets.


The Rodriquez Group confirms that full-year production volumes will reflect a growth trend in line with performance in the first nine months of 2007, and consequently expects to achieve operating breakeven (Ebitda).




With reference to art. 18-sexies of the Market Regulation approved by Consob resolution no.


11768 of 23 December 1998 and subsequent amendments, with regard to indirect subsidiaries headquartered in non-EU countries monitored directly by the issuer Piaggio & C. S.p.A., reference should be made to the disclosure provided by Piaggio & C. S.p.A. in its Quarterly Report at 30 September 2007 approved by the Board of Directors on 5 November 2007.


The manager in charge of preparing the company accounts and documents, Andrea Paroli, certifies, pursuant to paragraph 2, art. 154 bis of Legislative Decree no. 58/1998 (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 Office
Via Vivaio, 6 - 20122 Milan - Italy
Massimiliano Levi
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Fax. +39 0276212629