The Immsi Group closed the first quarter of 2023 with improvements on all its main financial and business indicators.
Consolidated net sales grew by 19% to 556 million euro, EBITDA was 77.1 million euro with an EBITDA margin of 13.9%, and net profit including minority interests almost tripled from the year-earlier period to reach 15.6 million euro.
Consolidated net sales up 19.1% to 556.4 million euro, the highest ever first-quarter result (467.1 €/mln at 31.03.2022)
EBITDA 77.1 million euro, the highest figure ever reported in the first quarter, up 8% (57.2 €/mln at 31.03.2022). EBITDA margin 13.9% (12.2% at 31.03.2022)EBIT 40.3 million euro, a strong improvement of 68.9% (23.9 €/mln at 31.03.2022). EBIT margin 7.2% (5.1% at 31.03.2022)Profit before tax 26.7 million euro, more than double the 12.5 €/mln posted at 31.03.2022, subject to tax totalling 11.1 million euroNet profit including minorities 15.6 million euro (almost triple the 5.7 €/mln posted at 31.03.2022); minority interests 9.7 €/mln at 31.03.2023 (4.4 €/mln at 31.03.2022)Consolidated net financial position of the Immsi Group -5 €/mln, an improvement of 32.3 €/mln from -836.8 €/mln at 31.03.2022Capital expenditure 34.7 million euro, up 29.5% (26.8 €/mln at 31.03.2022)
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Mantua, 12 May 2023
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 three months to 31 March 2023. Immsi Group financial and business performance at 31 March 2023 Consolidated net sales in the first quarter to 31 March 2023 amounted to 556.4 million euro, the best ever result, with an increase of 19.1% (467.1 million euro in the first quarter of 2022). Immsi Group consolidated EBITDA was 77.1 million euro, the highest result ever, up by 34.8% (57.2 million euro in the first quarter of 2022). The EBITDA margin was 13.9% (12.2% at 31 March 2022). Consolidated EBIT was 40.3 million euro, up 68.9% (23.9 million euro at 31 March 2022). The EBIT margin was 7.2% (5.1% at 31 March 2022). Profit before tax was 26.7 million euro, more than double (+113.2%) the result of 12.5 million euro at 31 March 2022, and was subject to tax totalling 11.1 million euro. Net profit including minorities was 15.6 million euro, a sharp increase (+173.8%) from 5.7 million euro at 31 March 2022 (minority interests 9.7 million euro at 31 March 2023, more than double the result of 4.4 million euro for the first quarter of 2022).
Immsi Group net financial debt at 31 March 2023 was -804.5 million euro, an improvement of 32.3 million euro from -836.8 million euro at 31 March 2022. The increase in net debt with respect to 31 December 2022 (-731.7 million euro) was due to the seasonal nature of the Piaggio Group’s business, especially on Western markets. In the first three months of 2023, Immsi Group capital expenditure amounted to 34.7 million euro, an increase of 29.5% from 26.8 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 at 31 March 2023 Industrial Sector: Piaggio Group In the year to 31 March 2023, the Piaggio Group sold 154,900 vehicles worldwide (141,800 in the year-earlier period), an increase of 9.2%, and reported record consolidated net sales of 546.8 million euro (+20%). Consolidated EBITDA was 81 million euro (+34.9%), with an EBITDA margin of 14.8%; EBIT was 44.9 million euro (+62.2%), with an EBIT margin of 8.2%; net profit was 24.1 million euro (+90.2%). Net financial debt at 31 March 2023 stood at -428 million euro, an improvement of 13 million euro from -441.1 million euro at 31 March 2022.
Naval Sector: Intermarine S.p.A. The subsidiary Intermarine S.p.A. reported consolidated net sales of 9.2 million euro for the first quarter of 2023, arising for 4.6 million euro in the Military Sector and 4.6 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 0.4 million euro in the first quarter to 31 March 2023, given the seasonal nature of the tourism business and the work currently taking place to restyle its hospitality structures and the beach club. Is Molas plans to open the newly refurbished facility by the end of June.
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Significant events in and after the first quarter of 2023 Supplementing the information published above or at the time of approval of the 2022 draft financial statements (directors’ meeting of 23 March 2023), this section illustrates key events in and after the first quarter of 2023. On 10 March the Piaggio Group held the presentation of the Aprilia Racing team for the MotoGP 2023 world championship. The project continues to develop, and the first season will see four RS-GP bikes and four top-level riders on the circuits: Aleix Espargaró and Maverick Viñales – confirmed as official riders – Miguel Oliveira and Raul Fernandez for the Aprilia RNF CryptoData satellite team.
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Outlook In the industrial sector, although it is still difficult to provide guidance given the continuing difficulties caused by geopolitical tensions, thanks to its unique brand portfolio the Piaggio Group will continue its growth program, confirming its planned investments in new products and new facilities and strengthening its commitment to ESG issues. In this general situation, Piaggio will continue as ever to work to meet its commitments and objectives, keeping a constant focus on efficient management of its economic and financial structure so that it can respond immediately and in a flexible manner to the challenges and uncertainties of 2023. 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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Share buyback program In connection with the authorisation for the purchase and disposal of own shares given by the Immsi S.p.A. AGM held on 28 April 2023, the Board of Directors approved the launch of a share buyback program, which represents a useful strategic investment opportunity for the purposes allowed under law, including the purposes contemplated in art. 5 of EU Regulation 596/2014 (Market Abuse Regulation, “MAR”), among which the purchase of own shares for subsequent cancellation, and in the practices allowed by Consob under art. 13 MAR. Share purchase transactions under the program will be performed in the manner and in compliance with the limits set out in the aforementioned shareholder resolution, specifically: up to 10,000,000 no-par Immsi ordinary shares may be purchased, for a maximum outlay of 10,000,000 euro, thus within the legal limits (20% of share capital, pursuant to art. 2357, par 3, Italian Civil Code; share buybacks shall take place within the limits of distributable earnings and available reserves as reflected in the most recent financial statements (including interim financial statements) approved at the time of implementation of the transaction; share buybacks shall be effected on the regulated market in a manner that ensures shareholder equality of treatment pursuant to art. 132 of Lgs.Decree 58/1998), with the graduality deemed to be in the interests of the company and in accordance with current laws, adopting the procedures envisaged by art. 144-bis, paragraph 1, head b) of Consob Regulation 11971/1999 as subsequently amended, and taking into account the conditions relating to trading as per art. 3 of the Delegated Regulation (EU) 1052/1052 (“Regulation 1052”) enacting the MAR and the practices allowed by Consob compliantly with art. 13 MAR, where applicable
(i) for a consideration that shall not be higher than the greater of the price of the most recent independent transaction and the price of the highest independent offer on the trading markets where the buyback is made, without prejudice to the condition that the per-share consideration shall not in any case be more than 20% below or 10% above the mean official Immsi share price in the ten trading days before each single purchase transaction;
(ii) for volumes not exceeding 25% of the average daily volume of Immsi S.p.A. shares traded on the regulated market where the buyback is made, determined on the basis of the parameters as per art. 3 of Regulation 1052; the buyback program may be implemented, in one or more tranches, through 27 October 2024.