Immsi - First Quarter 2007

Wed, 09/05/2007 - 02:00

Meeting of the Board of Directors

NET SALES € 420.9 MLN (+7% YoY)
EARNINGS BEFORE TAX € 11,6 (+15.9%)
NET PROFIT € 2 MLN (+91.8% YoY)



Mantua, 9 May 2007 – At a meeting today in Mantua chaired by Roberto Colaninno, the Board of Directors of IMMSI S.p.A. examined and approved the Group’s results for the first quarter of 2007.


The IMMSI Group’s first-quarter results showed strong progress in net sales reflecting the healthy performance of the Piaggio Group, which more than made up the revenues reported on the Italian Post Office order in the year-earlier first quarter, and the growth of the Rodriquez Cantieri Navali Group, even though some of the major orders awarded in 2006 have not yet gone into execution. The Rodriquez Cantieri Navali Group order book stood at € 483 million at 31 March 2007.


IMMSI Group consolidated net sales for the quarter to 31 March 2007 totalled € 420.9 million. This included € 394.2 million, or 93.6% of turnover, at the Piaggio Group and € 25.7 million at the Rodriquez Group. The YoY increase in IMMSI Group first-quarter net sales was 7%, reflecting the consolidated growth of the Piaggio Group (+5.3%) in the Motorcycle business (+22%) and in North America (+7.6%) and India (+12.2%), and a revenue increase of more than 40% at the Rodriquez Cantieri Navali Group.


Consolidated EBITDA for the first quarter amounted to € 41.7 million, equivalent to 9.9% of net sales, an improvement of 3.1% on the year-earlier first-quarter result.


Consolidated EBIT was € 21.8 million, for 5.2% of net sales. The increase in respect of 2006 was € 2.4 million. Consolidated EBIT in the first quarter of 2006 totalled € 19.4 million with a return on net sales of 4.9%.


Earnings before tax amounted to € 11.6 million, an improvement of 15.9% on the year-earlier first quarter.
After tax and minority interests, consolidated net profit for the quarter to 31 March 2007 was € 2 million. The year-earlier first-quarter net profit was € 1 million.


Group net debt at 31 March 2007 amounted to € 462.6 million, up by € 48.3 million from 31 December 2006. The increase was largely the result of greater absorption of resources due to the seasonal nature of the two-wheeler business and settlement of trade payables in connection with the increase in orders at the Rodriquez Cantieri Navali Group.


Group consolidated shareholders' equity at 31 March 2007 was € 646.5 million, a slight increase from € 645.6 million at 31 December 2006.


Significant events after 31 March 2007

 No significant events have taken place since 31 March 2007.



The IMMSI Group will work toward attaining the targets set in each of its core businesses.


For more information:
IMMSI Press Office
Via Vivaio, 6 - 20122 Milan
Massimiliano Levi
Tel. +39 0276212620
Fax. +39 0276212629