Immsi SpA Reports Unaudited Consolidated and Parent Earnings Results for the Nine Months Ended September 30, 2014; Approves Amendments to Bylaws
Nov 13 14
Immsi SpA reported unaudited consolidated and parent earnings results for the nine months ended September 30, 2014. For the period, on consolidated basis, the company reported net sales of EUR 973,997,000 compared to EUR 986,607,000 a year ago. EBITDA was EUR 127,641,000 compared to EUR 114,612,000 a year ago. EBIT was EUR 60,547,000 compared to EUR 49,879,000 a year ago. Loss before tax was EUR 27,272,000 compared to profit before tax of EUR 14,372,000 a year ago. Loss for the period from continuing operations was EUR 35,528,000 compared to profit for the period from continuing operations of EUR 4,808,000 a year ago. Loss for the period including minority interests was EUR 35,528,000 compared to profit for the period including minority interests of EUR 4,808,000 a year ago. Group loss for the period was EUR 40,007,000 compared to group profit for the period of EUR 809,000 a year ago. Loss for the period including adjusted minority interests was EUR 33,760,000 compared to profit for the period including adjusted minority interests of EUR 4,808,000 a year ago. Adjusted group loss for the period was EUR 39,116,000 compared to adjusted group profit for the period of EUR 809,000 a year ago. Ebitda amounted to EUR 127.6 million, an increase of 11.4% from EUR 114.6 million in the first nine months of 2013. Net debt at 30 September 2014 was EUR 839 million, down from EUR 850.8 million at 31 December 2013.
The parent reported a net loss of EUR 41 million for the first nine months of 2014, compared with a net profit of EUR 23 million in the year-earlier period (which included EUR 18.1 million of Piaggio dividends and EUR 3.8 million of gains on the sale of Piaggio shares). The loss reflected the impact of the impairment loss of EUR 40.8 million on the equity investment in Alitalia-CAI. Parent net debt at 30 September 2014 was EUR 78.8 million, up by approximately EUR 21.7 million from the figure at 31 December 2013.
At the meeting held on November 13, 2014, the Board of Directors unanimously approved a number of amendments to its corporate bylaws to comply with the requirements of Italian law, specifically with law no.120 of 12 July 2011 governing gender equality in the composition of the Board of Directors and the Board of Statutory Auditors of listed companies.
Immsi SpA Announces Consolidated Earnings Results for the First Half Ended June 30, 2014
Aug 29 14
Immsi SpA announced consolidated earnings results for the first half ended June 30, 2014. For the period, the company booked a consolidated net loss of EUR 40 million, against a EUR 4.3 million profit in the first half of 2013, following write-downs of EUR 40.8 million of its stakes in Alitalia. The company's consolidated revenues fell to EUR 655.8 million from EUR 695.7 million, mostly due to the depreciation of the Indian rupee since the company holds 50% in Piaggio & C SpA. Earnings before interest, tax, depreciation and amortization dropped to EUR 87.5 million from EUR 90.8 million a year ago. Earnings before interest and tax fell to EUR 43.6 million from EUR 46.3 million a year ago. Due to the Alitalia write-down, the group booked a pre-tax loss of EUR 29.9 million against a pre-tax profit of EUR 22.7 million. The company reduced its net debt to EUR 868.8 million at June 30, 2014 from EUR 936.1 million at March 31, 2014.
Immsi SpA Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2014
May 15 14
Immsi SpA announced consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net sales of EUR 290.6 million compared to EUR 316.5 million a year ago. Ebitda was EUR 30.5 million compared to EUR 25.7 million a year ago. Ebit was EUR 9.3 million compared to EUR 4.7 million a year ago. Consolidated net loss was EUR 2.6 million compared to EUR 3.6 million a year ago. Loss before tax was EUR 5.1 million (-1.8% of the quarter’s net sales), an improvement on the loss before tax of EUR 7.2 million in the yearearlier period (-2.3% of net sales). Group net debt at March 31, 2014 was EUR 936.1 million, compared with EUR 850.8 million at December 31, 2013. The increase was largely the result of the typical seasonal nature of the Piaggio Group two-wheeler business, which tends to absorb financial resources in the first half of the year and generate resource in the second half.