IMMSI GROUP: NEW GOVERNANCE STRUCTURE
Matteo Colaninno Executive Chairman Michele Colaninno continues as Chief Executive Officer and Chief Operating Officer
APPROVAL OF THE 2023 HALF-YEAR REPORT
Consolidated net sales 1,187.4 million euro, up 10.2 % (1,077.5 €/mln at 30.06.2022) EBITDA 183.4 million euro, up 22.8% (149.4 €/mln at 30.06.2022) EBITDA margin 15.4% (13.9% at 30.06.2022) EBIT 108.5 million euro, up 33.6% (81.2 €/mln at 30.06.2022). EBIT margin 9.1% (7.5% at 30.06.2022) Profit before tax 78.1 million euro, up 28.3% (60.9 €/mln at 30.06.2022), subject to tax totalling 31 million euroNet profit 47.1 million euro, up 36.9% (34.4 €/mln at 30.06.2022), including minority interests of 27.5 €/mln (19.7 €/mln at 30.06.2022) Consolidated net financial position -767.2 €/mln (-758.3 €/mln at 30.06.2022) Capital expenditure 70.9 million euro (67.7 €/mln at 30.06.2022)
FABRIZIO QUARTA COOPTED TO THE BOARD
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Mantua, 5 September 2023 – Meeting after the death of the Chairman Roberto Colaninno, the Board of Directors of Immsi S.p.A. (IMS.MI) reformulated the corporate governance structure, after receiving the recommendations of the board committees. Director Matteo Colaninno has been appointed to the post of Executive Chairman.
Director Michele Colaninno continues as Chief Executive Officer and Chief Operating Officer. Director Daniele Discepolo continues as Deputy Chairman.
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The Board of Directors of Immsi S.p.A.(IMS.MI) then examined and approved the report on operations for the six months to 30 June 2023. Immsi Group financial and business performance at 30 June 2023 Consolidated net sales in the first half to 30 June 2023 amounted to 1,187.4 million euro, the best result ever, with an increase of 10.2% (1,077.5 million euro in the first half of 2022). Immsi Group consolidated EBITDA was 183.4 million euro, the highest result ever, up by 22.8% (149.4 million euro in the first half of 2022). The EBITDA margin was 15.4% (13.9% at 30 June 2022). Consolidated EBIT was 108.5 million euro, up 33.6% (81.2 million euro at 30 June 2022). The EBIT margin was 9.1% (7.5% at 30 June 2022). Profit before tax rose 28.3% to 78.1 million euro (60.9 million euro at 30 June 2022) and was subject to tax totalling31 million euro. Net profit including minorities was 47.1 million euro, an increase of36.9% from 34.4 million euro at 30 June 2022 (minority interests were 27.5 million euro at 30 June 2023; 19.7 million euro at 30 June 2022). Immsi Group net financial debt at 30 June 2023 was -767.2 million euro (-758.3 million euro at 30 June 2022). The increase in net debt with respect to 31 December 2022 (-731.7 million euro) was largely due to the seasonal nature of the Piaggio Group’s business, especially on Western markets. In the first half of 2023, Immsi Group capital expenditure amounted to 70.9 million euro (67.7 million euro in the year-earlier period). The Group’s operations present seasonal variations in sales over the course of the year, especially in the industrial and tourism-hospitality sectors. Performance of the Immsi Group businesses in the six months to 30 June 2023
Industrial Sector: Piaggio Group
In the six months to 30 June 2023, the Piaggio Group sold 324,600 vehicles worldwide (320,600 in the year-earlier period), an increase of 1.2%, and reported record consolidated net sales of 1,172 million euro (+11.3%). Consolidated EBITDA was 191.2 million euro (+25.6%), with an EBITDA margin of 16.3%; EBIT was 117.6 million euro (+37.1%), with an EBIT margin of 10%; net profit was 64.8 million euro (+43.4%). Net financial debt at 30 June 2023 stood at -384.4 million euro, an improvement of 13 million euro from -397.4 million euro at 30 June 2022. Naval Sector: Intermarine S.p.A. The subsidiary Intermarine S.p.A. reported consolidated net sales of 13.8 million euro for the first half of 2023, arising for 6.6 million euro in the Military Sector and 7.2 million euro in the Fast Ferries division, largely on operations at the Messina shipyard. Research and development work continues on the new-generation minesweeper, a vital naval unit for control of seabed safety and security; the project was commissioned by the Italian Navy.
Real Estate and Holding sector
The Real Estate and Holding sector had net sales of 1.5 million euro in the first half to 30 June 2023. During the six months, the IS Molas subsidiary carried out important restyling work on its hospitality facilities and the beach club.
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Significant events in and after the first half of 2023
Supplementing the information published above or at the time of approval of the interim report at 31 March 2023 (directors’ meeting of 12 May 2023), this section illustrates key events in and after the first half of 2023. As already announced, Cavaliere del Lavoro Roberto Colaninno, Chair of Immsi S.p.A., died in the night between 18 and 19 August 2023.
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Outlook
Although it is still difficult to provide guidance given the difficulties caused by geopolitical tensions, the Immsi Group will continue to work to meet its commitments and achieve its profit and productivity targets, through careful and efficient management of its business and financial structure.
In the industrial sector, despite the complex macro-economic situation, thanks to its portfolio of iconic brands Piaggio confirms that it will continue to pursue profit margin and productivity goals in the management of its production, logistic and procurement costs and in the management of all its international markets, in line with the first half of the year. The productivity improvements will offset the temporary slowdown in the Asian region, which has maintained a growth rate of 23% in the last five years. The Indian, European and US markets remain positive despite the increase in interest rates in the last 12 months. In light of this, Piaggio confirms the investments planned in new products in the two-wheeler sector and in commercial vehicles, and the consolidation of its commitment to ESG issues.
In the naval sector (Intermarine S.p.A.), production will move ahead on existing orders over the coming months. Management will also continue to take all measures to contain costs and all necessary action to acquire new contracts in order to expand the order book and optimise, and where necessary raise, production capacity for the coming years.
In the real estate and holding sector, the Is Molas subsidiary will continue marketing and rental activities on its residences as well as activities to increase Resort clients for its newly designed hospitality and golf facilities and the Is Molas Beach Club.
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The Immsi S.p.A. Board of Directors coopted Fabrizio Quarta, so keeping the number of directors unchanged. The 12 members of the Board of Directors – of whom 6 meet the statutory independence requirements – are therefore: Matteo Colaninno (executive chairman), Michele Colaninno (chief executive officer), Daniele Discepolo (independent deputy chair), Ruggero Magnoni, Gianpiero Succi, Paola Mignani (independent director), Giulia Molteni (independent director), Alessandra Simonotto, Rosanna Ricci (independent director), Patrizia De Pasquale (independent director), Piercarlo Rossi (independent director) and Fabrizio Quarta.
In compliance with legal requirements, the new director will remain in post until the next meeting of the shareholders. The term of office of the current Board of Directors is due to end when the shareholders meet to approve the financial statements as at and for the year ending 31 December 2023. As of today, Fabrizio Quarta does not own any Immsi S.p.A. shares.
The curriculum vitae of the new director has been posted on the company website at www.immsi.it page governance.