the Group Profile, as at December 31st, 2015

www.immsi.it
II
Immsi Group
Mission and values
Immsi S.p.A. is the holding company of a Group of
over 40 companies which operates in different business sectors. The company was set up in 2000
following the split-up of Sirti S.p.A.
During 2003, the Company’s business activities developed in line with the newly implemented operating 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 management through dynamic new investments with
potentially high returns and, on the other hand, the
possibility to acquire and develop substantial equity 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 companies characterized by significant growth prospects
which may require contributions in terms of capital
and managerial resources, with the aim of strengthening the market positions in the respective business
sectors, thus creating value for the shareholders.
Immsi
Key historical milestones
JUL. 2006
... a diversified industrial group
of over 40 companies worldwide
Listing of Piaggio Group
OCT. 2004
Is Molas acquisition
2008/2015
Investment in
Alitalia - CAI
MAY 2004
AUG. 2003
Rodriquez Group
acquisition
dEc. 2004
Apuliae constitution
Aprilia acquisition
JUN. 2003
AUG. 2004
Kick-off of Immsi
Real Estate disposal plan
and Company leverage
Aprilia preliminary deal
FEB. 2000
Immsi creation
following the split-up
of the Real Estate branch
of Sirti S.p.A.
(Telecom Italia Group)
From a Real Estate
management company to...
oCt. 2003
Piaggio Group acquisition
NoV. 2002 - Gen.
JAN. 2003
Acquisizione
Immsi acquisition
di Immsi
da Telecom
from Telecom
Italia e Italia
cambio di
andmission
changeaziendale
of mission
JUL. 2003
0.5% Capitalia
stock acquisition
III
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.p.A.;
• 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 currently entirely rented, in addition to a stake equal to 2.66% in the company Alitalia – Compagnia Aerea
Italiana S.p.A..
Immsi
50.06%1
Piaggio Group
63.18%2
Immsi
Intermarine
Building in Via Abruzzi
(Rome)
65%3
Is Molas
(Tourist resort, villas, golf)
77.78%
85.69%
2.66%
Alitalia
(Airlines)
0.05%4
Unicredit
(Banking)
Pietra
(Real estate development
project)
Apuliae
(Real estate development
project)
1) Source: Company data as at December 31st, 2015; net of treasury shares owned by Piaggio &
C. 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 89.48% stake in Is Molas S.p.A. at December 31st, 2015
2) Stake in RCN Finanziaria S.p.A., in its turn owning a 100% stake in Intermarine S.p.A.
4) Corresponding to 2,788,464 shares; source: Company data as at December 31st, 2015
IV
Immsi Group
Worldwide
ITALY
CHINA
VIETNAM
INDIA
• Company locations • Markets served 2015 Consolidated Group net revenues by geographic segment
196,180
70,377
353,708
353,708
Italy
196,180
70,377
14%
5%
14%
5%
Rest of Europe
Italy
India
Rest of Europe
United States
India
Rest of the world
26%
53%
26%
Human resources by geographic segment as of 31 December 2015
Rest of Europe
Rest of the world
United States
Rest of the world
3,228
717,449
Italy
Rest of Europe
Rest of the world
717,449
53%
Italy
3,228
43%
54%
43%
54%
4,009
4,009
2%
3%
24,298
2%
187
3%
24,298
187
Total euro / 1,000 = 1,362,012
Total = 7,424
Key financial figures
Net revenues (in millions of euro) 2013
2014
2015
1,212.5
1,213.3
1,295.3
yoy change
+0.1%
+6.8%
40.1
56.5
yoy change
Net revenues (in millions of euro)
1,257.7
1,274.6
61.8
5.1
4.8
+40.8%
+9.4%
40.1
56.5
5.1
4.8
4.9
yoy change
-5.1%
+2.1%
1,212.5
1,213.3
1,295.3
1,257.7
1,274.6
1,362.0
yoy change
+1.3%
+6.9%
2013
2014
2015
Industrial sector Naval sector Property and holding sector TOTAL Industrial sector EBITDA margin
Naval sector EBITDA margin
Property and holding sector EBITDA margin
2013
2014
2015
146.8
159.3
161.7
12.1%
13.1%
12.5%
(21.5)
(5.7)
(0.6)
-53.6%
-10.1%
-1.0%
(4.1)
(4.6)
(0.3)
n /s
n/s
n/s
EBITDA margin
121.2
149.0
160.8
9.6%
11.7%
11.8%
121.2
146.8
Naval sector
Property
and holding sector
149.0
160.8
159.3
161.7
(21.5)
(5.7)
(4.1)
(4.6)
2013
2014
Industrial sector
VI
61.8
EBITDA (in millions of euro)
O
TOTAL 4.9
O
Industrial sector
EBITDA (in millions of euro)
1,362.0
Naval sector
(0.6)
(0.3)
2015
Property
and holding sector
Key financial figures
Net income adjusted*(E mln)
2013
2014
2015
Industrial sector 18.1
18.6
11.9
1.5%
1.5%
0.9%
(19.4)
(9.3)
(11.5)
-48.3%
-16.5%
-18.6%
(23.9)
(78.1)
(14.1)
n/s
n/s
n/s
Net margin
Naval sector Net margin
Property and holding sector Net margin
Net income adjusted*(E mln)
(25.2)
(68.8)
18.1
18.6
O
(19.4)
TOTAL
Net margin
(25.2)
(68.8)
(13.7)
-2%
-5.4%
-1.0%
(13.7)
11.9
(9.3)
(11.5)
(14.1)
(23.9)
(78.1)
* For details of how this adjustment was calculated, see notes on the annual report.
2013
Industrial sector
2014
2015
Naval sector
Property
and holding sector
VII
Immsi Group
sectors
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 (an 18-holes par 72 championship course which has hosted four Italian
Opens 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 construction of another 18 hole course,
designed by Gary Player, extending the golf facilities up to 45 holes;
• the building of a new 5 stars hotel with 80
rooms (instead of the existing one), a new 5
stars suite-hotel with 39 suites, a new 9,400
sqm clubhouse and a 2,500 sqm Spa;
• the construction of 9 RTA (“Residenze Turistico
Alberghiere”, i.e. tourist apartment hotels) with
3 or 4 apartments for rent;
• the renovation of the existing residential complex called “Le Ginestre”, consisting of 50
apartments, for a subsequent sale;
• the construction of about 200 luxury villas, divided into four categories, designed by MasVIII
similiano Fuksas, one of the protagonists of
contemporary architecture, with commercial
surfaces from 350 sqm to 700 sqm (inner, terrace, veranda and garden) 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
of the Company – will be converted into a real estate investment with a new Intermarine 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 deposited 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 127 million euros. 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).
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 and Derbi branded two-wheelers;
• Mandello del Lario (Lecco, Italy), which produces Moto Guzzi vehicles and engines;
• Baramati (in the Indian state of Maharashtra),
which produces three- and four-wheel light
transport vehicles for the Indian market, diesel
and turbodiesel engines for the Group’s commercial vehicles, and, since the beginning of
2012, the Vespa scooter for sale on the Indian
market;
• Vinh Phuc (Vietnam), which produces Vespa
and Piaggio scooters for the local market and
the ASEAN area.
The Piaggio Group also operates in China with
a joint venture (Zongshen Piaggio Foshan Motorcycles, based in Foshan in the province of
Guangdong) in which it holds a 45% stake and
which is therefore not included in the group’s
consolidated results.
Naval sector (Intermarine S.p.A)
Rodriquez Cantieri Navali S.p.A. (merged by incorporation into the former subsidiary Intermarine
S.p.A. with juridical effectiveness from December
31st 2012) has an outstanding experience in the
worldwide market in the field of the construction
of high speed ships such as hydrofoils and fast
ferries (mono-hulls and catamarans) in aluminium
and steel, yacht in fibreglass and aluminium, minehunters and fast patrol boats in composite material. The name of the group derives from the small
repair yard established by Leopoldo Rodriquez
in 1887 in Messina which in 1956 became the
first shipyard in the world to successfully launch
the world’s first high-speed commercial ship. In
1993 the yard delivered the first and fastest car
and passenger mono-hull ferry with speed up to
47 knots.
Rodriquez Cantieri Navali acquired in September
2002 the Intermarine shipyard, based in Sarzana
on the north west coast of Italy. Intermarine, founded in the early 1970’s, is a naval shipyard specialised in the design and manufacture of mine-hunters
and patrol boats in composite material: the name
Intermarine is historically linked to the design and
construction of sophisticated minehunters, unique
ships specially equipped for safely hunting and
sweeping sea mines, which the company has produced for several Military Marines worldwide. The
reason for this success is the innovative and unique
construction technique developed by Intermarine,
a technique that has been demonstrated as ideal
for the construction of the hulls of those vessels
used for mine countermeasure operations.
Since May 2004, the Rodriquez Group belongs
to the Immsi Group which supported the process
of strategic and competitive strengthening of the
group in order to create a solid platform for future
growth prospects.
IX
Piaggio
a journey through history
1945 - Vespa MP6
1963 - Vespa 50
1921 - Normale
1951 - Vespa 125
1967 - Vespa P125X
1975 - 850 Lemans
1939 - Airone
1955 - Vespa 150GS
1978 - Vespa P125X
1989 - Daytona - 1000
1946 - Motoleggera 65
1999 - California 1100
1960 - Galletto
The Piaggio Museum
1960 - Stornello 125 cc
Assembly line
Wind tunnel
1909 - VT 317
1950 - Saturno Sanremo
1937 - 500 Rondine
1957 - 125 Bicilindrica
Ape Calessino
1944 - Normale
1963 - 500 Quattro cilindri
Ape Cassone
Piaggio in the future
Vespa 946 Emporio Armani
Scarabeo 125 ie
Ape Calessino
Vespa Sprint 125
Gilera Fuoco LT
Aprilia rsv4 RR
Piaggio MP3 300 ie
Moto Guzzi California Eldorado
Aprilia Caponord 1200 Rally
Piaggio Medley
Moto Guzzi V9 Bobber
Derbi Senda Drd Racing 50 SM
Piaggio Porter Maxxi
Moto Guzzi v7 II Stone
XI
The Naval Sector
History
La Spezia
shipyards
Above,
the first commercial
Hydrofoil “Freccia del Sole”
Messina shipyards
Below, OSPREY
Above, CP271
XII
The Naval Sector
Today
Purunpää mine
countermeasure
vessel ordered
by Finnish Navy
Fully Submerged Wings Hydrofoil: FSWH 37
high-speed wave-piercing aluminium
catamaran: WPCAT 52 R
Ocean Sapphire
41,60 m Luxury motor yacht
aluminium hull
built in 2010
Interior images
and bridge
XIII
Immsi S.p.A.
Immsi building in Rome
Is Molas
Is Molas Resort project (rendering)
Pietra Ligure
Real Estate development project (rendering)
XIV
Manufacturing
processes worldwide
Italy
Italy - intermarine s.p.a.
CHINA
Japan
XV
Manufacturing
processes worldwide
VIETNAM
SINGAPORE
INDONESIA
INDIA
XVI