profilo del gruppo immsi 2018 en · the piaggio group product range includes scooters, mopeds and...
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www.immsi.it
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Immsi GroupMission and values
Immsi S.p.A. is the holding company of a Group of about 40 companies which operates in different bu-siness sectors. The company was set up in 2000 following the split-up of Sirti S.p.A.During 2003, the Company’s business activities de-veloped in line with the newly implemented opera-ting strategy and on the basis of the plans outlined by the new majority shareholders of the Company. In this context significant changes were made to the corporate mission which enabled, on one hand, to develop the traditional business of property ma-nagement through dynamic new investments with
potentially high returns and, on the other hand, the possibility to acquire and develop substantial equi-ty investments in industrial and service companies, while at the same time taking on the strategic and management responsibilities.The Group’s target is to increase the value of current and future investments, also by re-launching compa-nies characterized by significant growth prospects which may require contributions in terms of capital and managerial resources, with the aim of strengthe-ning the market positions in the respective business sectors, thus creating value for the shareholders.
ImmsiKey historical milestones
From a Real Estatemanagement company to...
... a diversified industrial group of companies worldwide
FEB. 2000Immsi creation
following the split-up of the Real Estate branch
of Sirti S.p.A.(Telecom Italia Group)
JUN. 2003Kick-off of Immsi
Real Estate disposal plan and Company leverage
NOV. 2002 - GEN. 2003Acquisizione di Immsi
da Telecom Italia e cambio di mission aziendale
NOV. 2002 - JAN. 2003Immsi acquisition from Telecom Italia
and change of mission
JUL. 20030.5% Capitalia stock acquisition
2008/2017Investment in Alitalia - CAIMAY 2004
Rodriquez Group acquisition
JUL. 2006Listing of Piaggio Group
AUG. 2003Apuliae constitution
OCT. 2004Is Molas acquisition
DEC. 2004Aprilia acquisition
OCT. 2003Piaggio Group acquisition
AUG. 2004Aprilia preliminary deal
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Immsi Group Corporate Structure
The Company’s investment portfolio includes businesses related to:
• the real estate sector (tourist and holiday resort), through the companies Is Molas S.p.A., Pietra S.r.l. and Apuliae S.r.l.;
• the industrial sector (production and distribution of scooters, motorcycles and light commercial vehicles), through the companies belonging to the Piaggio group;
• the naval sector (production of defence ships such as mine countermeasure vessels, fast patrol boats, hydrofoils and fast ferries), through the company Intermarine S.p.A.
The Company also owns a real estate property, a building located in Rome (Via Abruzzi), which is cur-rently almost entirely rented.
Piaggio Group IntermarineImmsi
Building in Via Abruzzi(Rome)
Alitalia(Airlines)
Is Molas(Tourist resort, villas, golf)
Unicredit(Banking)
Pietra(Real estate development
project)
Apuliae(Real estate development
project)
1) Company data as at December 31st, 2018; net of treasury shares owned by Piaggio & C. S.p.A.
2) Stake in RCN Finanziaria S.p.A., net of treasury shares owned by RCN Finanziaria S.p.A., in its turn owning a 100% stake in Intermarine S.p.A.
3) Stake owned through ISM Investimenti S.p.A. (72.64% participated by Immsi S.p.A.) in its turn owning a 92.59% stake in Is Molas S.p.A. at December 31st, 2018
4) Corresponding to 279,639 shares; source: Company data as at December 31st, 2018
50.18%1 72.51%2
67.26%3
77.78%
85.69%
0.01%4
2.18%
Immsi
V
3%
3,012
Italy
Rest of Europe
Rest of the world
3,660
179
44% 53%
Immsi Group Worldwide
2018 CONSOLIDATED GROUP NET REVENUES BY GEOGRAPHIC SEGMENT
HUMAN RESOURCES BY GEOGRAPHIC SEGMENT AS OF 31 DECEMBER 2018
Total euro / 1,000 = 1,464,533
Total = 6,851
54%28%
Italy
Rest of Europe
India
United States
Rest of the world
181,372
791,349
29,945
410,758
51,109 12%
2%
4%
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Industrial sector 1,313.1 1,342.5 1,389.5 yoy change +2.2% +3.5%
Naval sector 65.6 107.7 69.8 yoy change +64.1% -35.2%
Property and holding sector 5.1 4.8 5.2 yoy change -6.2% + 9.0%
Net revenues (in millions of euro) 2016 2017 2018
TOTAL 1,383.8 1,454.9 1,464.5 yoy change +5.1% + 0.7%
Industrial sector 170.7 192.3 201.8 EBITDA margin 13.0% 14.4% 14.5%
Naval sector 2.7 20.6 14.6 EBITDA margin 4.0% 19.1% 20.9%
Property and holding sector (4.9) (3.3) (3.1) EBITDA margin n/m n/m n/m
EBITDA (in millions of euro) 2016 2017 2018
TOTAL 168.5 209.6 213.3 EBITDA margin 12.2% 14.4% 14.6%
Net revenues (in millions of euro)
Property and holding sector
Naval sectorIndustrial sector
EBITDA (in millions of euro)
Industrial sector Naval sector Property and holding sector
1.274,6
Key financial figures
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1,313.1
1,362.0
2016
65.6
5.1
1,454.9
2017
107.7
4.8
1,342.5
1,464.5
2018
69.8
5.2
1,389.5
2016
O
168.5
170.7
(4.9)
2.7
2017
209.6
192.3
(3.3)
20.6
213.3
201.8
(3.1)
14.6
2018
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Key financial figures
Industrial sector 14.0 19.7 36.1 Net margin 1.1% 1.5% 2.6%
Naval sector (1.8) 10.2 6.7 Net margin -2.7% 9,4% 9.6%
Property and holding sector (20.6) (15.0) (17.3) Net margin n/m n/m n/m
Net income (in millions of euro) 2016 2017 2018
TOTAL (8.3) 14.9 25.4 Net margin 1.0% 1.7%
Industrial sector Naval sector Property and holding sector
Net income (in millions of euro)
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(8.3)
2016
(20.6)
14.0
(1.8)
14.9
(15.0)
19.7
2017
10.2
25.4
(17.3)
36.1
2018
6.7
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Immsi Groupsectors
Property and holding sector:
Immsi S.p.A. operates in the real estate sector both directly (through the management of a building in Rome) and indirectly (through the stakes owned in subsidiaries, in their turn involved in real estate projects).Through its subsidiary Is Molas S.p.A., Immsi manages the Is Molas resort, located in southern Sardinia about half an hour from Cagliari airport. The resort attracts golf-oriented customers thanks to:
• a 27-holes club with an 18-holes par 72 championship course (which has hosted four International Opens and a Volvo open) and a 9-holes course par 36.
• a 4 star hotel with 80 rooms, restaurant and outdoor swimming pool with bar.
On October 2004, Immsi S.p.A. acquired Is Molas S.p.A. from a bankruptcy auction. A development project of the existing resort is now ready to be implemented providing for:
• the redevelopment of 4 stars hotel with 80 rooms, a new 5 stars suite-hotel with 40 suite, the redevelopment of the clubhouse (6,000 sqm) and a 2,500 sqm new Spa;
• the construction of about 200 luxury villas, divided into four categories, designed by Massimiliano Fuksas, one of the protagonists of contemporary architecture, with commercial surfaces from 350 sqm to 700 sqm (inner, terrace and veranda) and parcels ranging from 1,100 sqm for Villa Arenada to 2,500 sqm for Villa Palas.
The Pietra Ligure project refers to a shipbuilding area in Pietra Ligure (Savona) that – in the project approved – will be converted into a real estate
investment with a new shipyard, a tourist shipyard, apartments, hotels, parkings, shops and other facilities. The area has been assigned to Immsi through a public tender in 2007. After the approval of the preliminary development project to the transformation for urbanistic purposes, the final project has been approved on the basis of the indications undertaken by the competent local authorities, the planning procedure was completed with the award of a maritime concession and planning permission.With reference to the Parent Company Immsi, further (non-controlling) investments were made through minority holdings in the company Alitalia – Compagnia Aerea Italiana S.p.A. – acquired with a total investment of 129,4 million euros and Unicredit S.p.A. with an investment at a purchase cost equal to 14.9 million euros.
Industrial sector (Piaggio group)
The Piaggio group is the largest European manufacturer of two-wheeled motor vehicles and one of the world’s leaders in its sector: the group is also a major international player in the light commercial vehicle market. Founded in 1884 by Rinaldo Piaggio, since 2003 the group has been controlled by Immsi S.p.A. and is listed on the Italian Stock Exchange (Borsa Italiana) since 2006.The Piaggio group product range includes scooters, mopeds and motorcycles from 50 to 1,200 cc marketed under the Piaggio, Vespa, Gilera, Aprilia, Moto Guzzi, Derbi and Scarabeo brands. The group also operates in the three- and four-wheel light transport sector with its Ape, Porter and Quargo ranges of commercial vehicles (Ape Truck).
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The Piaggio group is headquartered in Pontedera (Pisa, Italy) and has production plants around the world in:
• Pontedera (Pisa), which produces Piaggio, Vespa and Gilera branded two-wheelers, light transport vehicles for the European market and engines for scooters and motorcycles;
• Noale (Venice), a technical centre for the development of motorcycles and the base of Aprilia Racing;
• Scorzè (Venice), which produces Aprilia, Scarabeo, Derbi branded two-wheeler and Piaggio Wi-Bike;
• Mandello del Lario (Lecco, Italy), which produces Moto Guzzi vehicles and engines;
• Baramati (in the Indian state of Maharashtra) which manufactures three- and four-wheeler light transport vehicles for the Indian market and exports, the Vespa for the Indian market, sport scooter Aprilia SR 150 and engines for the Group’s commercial vehicles;
• Vinh Phuc (Vietnam), which manufactures the Vespa and Piaggio scooters for the local market and Asean area.
The Piaggio group is also a 45% stakeholder in a joint-venture operation in China (in Foshan, in the Guangdong province) which is therefore consolidated with the equity method in the group’s results. In the US, the Piaggio group Advanced Design Center operates at Pasadena, California. In addition, Piaggio Fast Forward Inc. was set up in June 2015, a subsidiary of Piaggio & C. S.p.A., for research into innovative solutions in the mobility and transport sector.
Naval sector (Intermarine S.p.A) Intermarine is an italian shipyard that develops, designs and produces ships for military and civil use, with the peculiarity of satisfying in detail the requirements of each customer, studying the best technical solution in terms of material (composite material, steel and aluminium) and the related integrated logistical support. In its long history, it has invested significantly in technological research dedicated to the best development and exploitation of construction materials, along with hull and stability system optimisation: this has meant that the history of Intermarine is a succession of “technological records”: in 1956, Rodriquez (now Intermarine) launched the first hydrofoil for commercial applications, “Freccia del Sole”; at the beginning of the 1980s, Intermarine launched the “Lerici Class” minesweeper, the first large fibreglass ship built in a “monocoque structure without reinforcements”; in 1993, Rodriquez (now Intermarine) delivered the “Guizzo”, a 100-metre ship with a speed of 47 knots, still today the fastest single-hull passenger and vehicle ferry.Its product range is expanding and today consists mainly of Mine Sweepers, Fast Patrol Ships, Hydrographic Ships and Fast Ferries. A dedicated department, “Rodriquez Marine System”, has been producing on-board auxiliary components since 1998, including monitoring and control, hydraulic and stabilisation systems.
Since May 2004, Intermarine S.p.A. belongs to the IMMSI Group, which supported the process of strategic and competitive restructuring in order to lay the foundations for further growth.
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Piaggio a journey through history
1955 - Vespa 150GS
1945 - Vespa MP6
1951 - Vespa 125 1967 - Vespa P125X
1909 - VT 317
1937 - 500 Rondine
1944 - Normale
1950 - Saturno Sanremo
1957 - 125 Bicilindrica
1963 - 500 Quattro cilindri
1963 - Vespa 50
Museo Piaggio
1960 - Galletto
1960 - Stornello 125 cc
1975 - 850 Lemans
1989 - Daytona - 1000
1999 - California 1100
Galleria del ventoCatena di montaggio
Ape Calessino
Ape Cassone
1921 - Normale
1939 - Airone
1946 - Motoleggera 651978 - Vespa P125X
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Piaggio in the future
Piaggio Beverly Sport Touring
Piaggio MP3 300 HPE
Piaggio Porter Maxxi
Ape Calessino
Aprilia Dorsoduro 900
Aprilia Tuono V4 Factory
Gilera SMT 50 Drifting
Derbi Senda X-treme 50 R
Moto Guzzi MGX-21
Moto Guzzi V9 Bobber
Moto Guzzi V7 III stone night pack
Scarabeo Street
Vespa Primavera
Vespa 946 RED
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The Naval Sector History
Messina shipyards
Above, the firstcommercial Hydrofoil“Freccia del Sole”
Sarzana shipyards
Below, OSPREY
Above, CP271
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The Naval SectorToday
high-speed wave-piercing aluminium catamaran: WPCAT 52 R
Purunpää mine counter-measure ves-sel orderedby Finnish Navy
Fully Submerged Wings Hydrofoil: FSWH 37
UNPAVcommissionedby the Italian Navy
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Is Molas Resort project (rendering)
Is Molas
Real Estate development project (rendering)
Pietra Ligure
Immsi S.p.A.
Immsi building in Rome
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Immsi Group worldwide
ITALY
CHINA
JAPAN
ITALY -INTERMARINE S.P.A.
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Immsi Group worldwide
SINGAPORE
INDONESIA
INDIA
VIETNAM