The Immsi Group closed the first half of 2024 by consolidating its very positive margins, even though the temporary slowdown on some markets, notably in Asia and America, led to a decrease in revenues. The persistent international tensions caused by continuing geopolitical uncertainty, and the repercussions for global trade, make a prudent approach necessary. For the rest of the year, the Group will continue to pursue growth by maintaining a constant focus on efficient management of its business and financial structure.
- Consolidated net sales 1,013.8 million euro (1,182.6 €/mln at 30.06.2023, -14.3%)
- EBITDA 166.2 million euro (183.4 €/mln at 30.06.2023)
EBITDA margin 16.4% (15.5% at 30.06.2023)
- EBIT 95.1 million euro (108.5 €/mln at 30.06.2023).
EBIT margin 9.4% (9.2% at 30.06.2023)
- Profit before tax 55.2 million euro (78.1 €/mln at 30.06.2023) subject to tax totalling 23 million euro (31 €/mln at 30.06.2023)
- Net profit including minorities 32.2 million euro (47.1 €/mln at 30.06.2023); minority interests 20.7 €/mln at 30.06.2024 (27.5 €/mln at 30.06.2023)
- Immsi Group consolidated NFP -817.8 €/mln (827.4 €/mln at 31.12.2023)
- Capital expenditure 86.9 million euro (70.9 €/mln at 30.06.2023)
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Milan, 5 September 2024 – At a meeting today chaired by Matteo 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 six months to 30 June 2024.
Immsi Group financial and business performance in the first half to 30 June 2024
Immsi Group consolidated net sales totalled 1,013.8 million euro (-14.3% from 1,182.6 million euro at 30 June 2023).
Consolidated EBITDA amounted to 166.2 million euro (- 9.4% from 183.4 million euro at 30 June 2023). The EBITDA margin was 16.4% (15.5% at 30 June 2023).
Consolidated EBIT was 95.1 million euro (-12.4% from 108.5 million euro at 30 June 2023). The EBIT margin was 9.4% (9.2% at 30 June 2023).
Profit before tax was 55.2 million euro (-29.3% from 78.1 million euro at 30 June 2023) and was subject to tax totalling 23 million euro (31 million euro at 30 June 2023).
Net profit was 32.2 million euro (47.1 million euro at 30 June 2023), including minority interests totalling 20.7 million euro at 30 June 2024 (27.5 million euro at 30 June 2023).
Immsi Group net financial debt at 30 June 2024 was 817.8 million euro (827.4 million euro at 31 December 2023).
In the first half of 2024, Immsi Group capital expenditure amounted to 86.9 million euro (70.9 million euro at 30 June 2023).
The Group’s operations present seasonal variations in sales over the course of the year, especially in the industrial and tourism-hospitality sectors.
Group shareholders’ equity at 30 June 2024 was 411.1 million euro (395.3 million euro at the end of 2023).
Performance of the Immsi Group businesses in the first half to 30 June 2024
Industrial sector: Piaggio Group
In the year to 30 June 2024, the Piaggio Group sold 270,100 vehicles worldwide, reporting consolidated net sales of 990.3 million euro. Consolidated EBITDA was 173.8 million euro, with an EBITDA margin of 17.5%; EBIT was 104.1 million euro, with an EBIT margin of 10.5%; net profit was 52.1 million euro. Net debt was 408 million euro.
Naval sector: Intermarine S.p.A.
The subsidiary Intermarine S.p.A. reported consolidated net sales of 22.4 million euro at 30 June 2023 (13.8 million euro in the year-earlier period), arising for 15.3 million euro in the Military Sector and 7.1 million euro in the Fast Ferries division, largely on operations at the Messina shipyard.
Real Estate and Holding sector:
The Real Estate and Holding sector had net sales of 1.1 million euro at 30 June 2024. During the first half, the IS Molas subsidiary completed a major restyling of its existing tourism and hospitality facilities to align services to the standards of its target clients. It 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. Meanwhile, commercial operations are underway to identify possible national/international purchasers.
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Significant events in and after the first half of 2024
Supplementing the information published above or at the time of approval of the interim report at 31 March 2024 (directors’ meeting of 13 May 2024), this section illustrates key events in and after the first half of 2024.
On 14 May, the new Vespa Primavera 150 and Vespa Sprint 150 made their debut on the Chinese market, with a major event held at the Shangsheng-Xinsuo (the Columbia Circle) in Shanghai.
On 4 June, the Piaggio Group said that the Corte di Cassazione, Italy’s supreme court of appeal, had dismissed as inadmissible the appeal filed by Peugeot Motocycles SAS and Peugeot Motocycles Italia against the ruling of the Milan Court of Appeal of 16 January 2023, which upheld the first-instance judgement of the Court of Milan that, with the Peugeot Metropolis, the Peugeot entities had infringed the Italian portion of a Piaggio & C. S.p.A. European patent. Following ascertainment of the infringement, Peugeot Motocycles Italia was sentenced to pay damages of more than 1 million euro to Piaggio & C. S.p.A.
On 11 June, Michele Colaninno, Chief Executive Officer of the Piaggio Group was elected for a second term as President of ACEM (Association des Constructeurs Européens de Motocycles), the European motorcycle industry association based in Brussels, to which all the world motorcycle and scooter groups belong.
On 17 June, the Vespa project “The Empty Space”, an infinite Vespa space beyond the dimensions of time, was presented. A “non-place place” embodying the timeless values of a brand that, since its introduction, have revolutionised the way we move and think. The event included the presentation of the Vespa Summer Edit fashion collection and Vespa By The Sea, a creative take-over of the beach at Paraggi, which was “dressed” by Vespa.
On 26 July, Intermarine and Leonardo signed a contract with the NAVARM Naval Armaments Directorate of the Italian General Secretariat of Defence and National Armaments Directorate to provide five New Generation Minehunters/Coastal (NGM/C) and related integrated logistics support, worth 1.6 billion euro. The contract also includes around 1 billion euro in options for the completion of the program. Intermarine’s share of the committed funding is 1.165 billion euro, corresponding to approximately 73%, while Leonardo’s share is approximately 0.43 billion euro, which corresponds to approximately 27%. A similar breakdown applies to the optional funding. Intermarine, which is acting as agent, is the design authority for the NGM/Cs and will provide the platform system; Leonardo is the principal, design authority and supplier of the combat system.
On 12 August, Intermarine delivered the new High-Speed Craft (HSC) SNAV SIRIUS to the SNAV shipping company (MSC Group). The SNAV SIRIUS is a latest-generation ferry for short sea crossings, which will operate in the Bay of Naples. Designed by the Intermarine research centre in Messina using state-of-the art industrial design technologies, the high-speed SNAV SIRIUS is an example of Italian engineering excellence and the result of years of research in maritime construction to offer shipowners high-quality, innovative, efficient and sustainable products.
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Outlook
In the industrial sector, in the absence of additional critical factors in the global macroeconomic situation, thanks to its portfolio of iconic brands, admired around the world as Italian symbols of elegance, sportiness and advanced technology, Piaggio aims to maintain high margins, independently of possible temporary slowdowns on some markets.
The current difficulties in international transport and the related rise in costs and delivery times will continue to be managed through careful inventory and procurement planning, with a constant focus on the search for greater efficiency. 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 Italy, important investment plans have been drawn up for the coming years, to be ready for the current energy transition. The decision to verticalise the development and production of strategic assets will be the key for efficient management of the new technologies.
In the naval sector, Intermarine’s objectives now relate to the completion of its recently acquired contracts and the start-up of work, once the requisite administrative procedures have been completed, on the important order placed by the Italian Navy, which guarantees a significant expansion to the subsidiary’s order book and, consequently, conditions enabling it to optimise production capacity in the next few years.
In the real estate and tourism-hospitality 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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Update to MAR Procedures
Immsi S.p.A. said that at today’s meeting, the Board of Directors updated the procedures adopted in compliance with (EU) Regulation no. 596/2014 (the Market Abuse Regulation) and related implementing regulations, approving:
- the “Procedure for internal management of Material Information and Inside Information and public disclosure of Inside Information”;
- the “Procedure for management of the Register of Persons with access to Material Information and/or to Inside Information” and
- the “Procedure for compliance with Internal Dealing requirements”.
All the above procedures will take binding effect as from Monday 9 September 2024. On the same date, they will be made available to the public on the issuer’s institutional website www.immsi.it (“Governance/Procedures” section), and on the authorised “eMarket STORAGE” mechanism at www.emarketstorage.it.
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The manager in charge of preparing the company accounts and documents, Stefano Tenucci, certifies, pursuant to paragraph 2 of art. 154-bis of the Consolidated Law on Financial Intermediation, that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.
This press release may contain forward-looking statements relating to future events and Immsi Group business and financial results. By their nature, these statements are subject to inherent risks and uncertainties since they relate to events and depend on circumstances that may or may not occur or exist in the future. Actual results may differ materially from those expressed in such statements as a result of a variety of factors.
This press release contains a number of indicators that, though not yet contemplated by the IFRS (“Non-GAAP Measures”), are based on financial measures envisaged by the IFRS. These indicators – presented in order to assist assessment of the Group’s business performance – should not be considered as alternatives to those envisaged by the IFRS and are consistent with those in the Immsi Group 2023 Annual Report and quarterly and half-year reports. Furthermore, since determination of such indicators is not specifically regulated by the IFRS, the methods used may not coincide with those adopted by other companies/groups, and consequently the indicators in question may not be comparable. Specifically, the following alternative performance indicators are used:
- EBITDA: earnings before amortisation and impairment losses on property, plant and equipment and intangible assets, as reflected in the income statement;
- Net financial debt: this reflects financial liabilities (current and non-current) including trade payables and other non-current liabilities that include a material implicit (or explicit) debt component, less cash and cash equivalents, and other current financial receivables (ESMA Indications 2021 / 32-382-1138). Net financial debt as determined by the Immsi Group, however, does not include derivatives designated or not as hedges, fair value adjustments of the related hedged items and related accruals, fair value adjustments to financial liabilities, payables and interest accrued on bank loans, and interest on amounts due to third-party shareholders. The schedules in the Interim Report on Operations as at and for the six months to 30 June 2024 include a table illustrating the composition of net financial debt.
In drawing up the Interim Report on Operations as at and for the six months to 30 June 2024, the Immsi Group applied the same accounting policies as those used to draw up the Report on Operations and Financial Statements as at and for the year ended 31 December 2023.
Immsi S.p.A. said that the Interim Report on Operations as at and for the six months to 30 June 2024 will be available to the public at the company registered office, on the website of Borsa Italiana S.p.A., www.borsaitaliana.it, in the authorised “eMarket STORAGE” mechanism at www.emarketstorage.com and on the issuer’s website www.immsi.it (“Investors/Financial Reports/2024” section) as required by law.