PRESS RELEASE
INTERPUMP GROUP APPROVES
THE CONSOLIDATED RESULTS AT 30 SEPTEMBER 2019
Chairman Fulvio Montipò: "Interpump's 2019 goes on under the sign of growth, despite the challenging
circumstances in global markets"
IN THE FIRST NINE MONTHS OF 2019:
NET SALES: € 1,026.1 million (+7.6% compared to 9M 2018)
EBITDA*: € 240.3 million (€ 219.8 million in 9M 2018)
EBITDA/SALES*: 23.4% (23.0% in 9M 2018)
CONSOLIDATED NET PROFIT: € 135.5 million
(+8.1% compared to the normalized result for 9M 2018)
FREE CASH FLOW: € 76.0 million (€ 66.1 million in 9M 2018)
NET DEBT*: € 382.9 million (€ 287.3 million at 31/12/2018)
after € 30.2 million in acquisitions, dividends for €23.8 million and purchase of treasury shares for € 48.8 million,
bringing the market value of treasury shares at 30/09 to € 142.3 million.
IN THE THIRD QUARTER OF 2019:
NET SALES: € 322.9 million (+4.1% compared to Q3 2018)
EBITDA*: € 78.1 million (€ 73.0 million in Q3 2018)
EBITDA/SALES*: 24.2% (23.5% in Q3 2018)
CONSOLIDATED NET PROFIT: € 43.3 million (+0.7% compared to Q3 2018)
- 2019 data is affected by the adoption of IFRS16 accounting principle. With the reporting standards used until 2018, EBITDA for the first nine months would amount to € 228.8 million (€ 74.2 million in Q3), and net debt as at 30/09/2019 would amount to € 316.6 million.
INTERPUMP GROUP S.p. A. - Via E. FERMI, 25 - 42049 S. ILARIO - REGGIO EMILIA (ITALY) - TEL.+39,0522,904311 FAX. +39,0522,904444 - E- mail info@interpumpgroup.it
CAP. SOC. Euro 56,617,232.88 I. V. - REG. IMPRESE R. E. - COD. FISCALE 11666900151 - C.C.I. A.A. R.E. A. N. 204185
S. Ilario d'Enza, 8 November 2019 - The Board of Directors of Interpump Group S.p.A. met today and approved the Consolidated results for the first nine months of 2019.
9M 2019 RESULTS
Net Sales for the first nine months of 2019 totaled 1,026.1 million euro, an increase of 7.6% over the 953.6 million euro in the corresponding period of 2018.
Sales by business sector and geographical area were as follows:
Rest of | North | Pacific | Rest of the | |||
(€/000) | Italy | Europe | America | Area | World | Total |
9M 2019
Hydraulics | 137,819 | 245,069 | 168,701 | 63,170 | 66,472 | 681,231 |
Water-Jetting | 30,990 | 128,143 | 110,518 | 46,772 | 28,479 | 344,902 |
Total | 168,809 | 373,212 | 279,219 | 109,942 | 94,951 | 1,026,133 |
9M 2018
Hydraulics | 126,821 | 237,166 | 136,860 | 62,040 | 67,177 | 630,064 |
Water-Jetting | 30,332 | 117,220 | 106,110 | 46,043 | 23,807 | 323,512 |
Total | 157,153 | 354,386 | 242,970 | 108,083 | 90,984 | 953,576 |
Change, 2019/2018
Hydraulics | +8.7% | +3.3% | +23.3% | +1.8% | -1.0% | +8.1% |
Water-Jetting | +2.2% | +9.3% | +4.2% | +1.6% | +19.6% | +6.6% |
Total | +7.4% | +5.3% | +14.9% | +1.7% | +4.4% | +7.6% |
Organic growth, at unchanged perimeter and before the currency exchange, was +4.3% in Hydraulics, +1,7% in Water-Jetting, and +3.4% in total sales. Thanks to a +1.6% contribution from the currency exchange, organic growth expressed in euro is +5.0%
EBITDA amounted to 240.3 million euro (23.4% of sales) compared to 219.8 million euro in the first nine months of 2018 (23.0% of sales), an increase of 9.3%. The following table sets out EBITDA by business sector:
9M 2019 | % on | 9M 2018 | % on | ||
€/000 | sales | €/000 | sales | Change | |
Hydraulics | 144,598 | 21.2% | 129,853 | 20.6% | +11,4% |
Water-Jetting | 95,687 | 27.6% | 89,917 | 27.7% | +6,4% |
Total | 240,285 | 23.4% | 219,770 | 23.0% | +9,3% |
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Effective from 1 January 2019 the Group has adopted IFRS16, which changed the accounting of operating leases to the same rules used for financial leases. EBITDA for the first nine months of 2019, calculated with the same accounting principles used in 2018, would have amounted to 228.8 million euro.
Operating income (EBIT) was not significantly affected by IFRS16 adoption: it amounted to 189.1 million euro (18.4% on sales) compared to 182.1 million euro (19.1% on sales) in the first nine months of 2018, an increase of 3.8%.
Consolidated Net Profit for the first nine months was 135.5 million euro (was 137.3 million euro in 9M 2018, including 11.9 million euro in one-off earnings resulting from the GS-Hydro acquisition). The increase versus the normalized result for last year is +8.1%.
Basic earnings per share rose from 1.166 euro (normalized) in the first nine months of 2018 to 1.280 euro in the first nine months of 2019, with a 9.8% increase.
Net cash flow from operating activities was 195.3 million euro (176.1 million euro in 9M 2018), with a 10.9% increase. Free cash flow in the first nine months of 2019 amounted to 76.0 million euro (66.1 million euro in the same period last year).
Net debt was 382.9 million euro (287,3 million euro at 31 December 2018). Most of the change is due to the adoption of IFRS 16, which involved an initial adjustment of 68.4 million euro as at 1 January 2019, corresponding to the current value of future leasing payments for the whole duration of outstanding contracts.
Additionally, at the end of September the Group had commitments for the acquisition of stakes in subsidiaries for a total of 40.4 million euro (44.5 million euro at 31/12/2018).
Capital employed rose from 1,200.1 million euro at 31 December 2018 to 1,375.3 million euro at 30 September 2019, following the acquisition of Hydra Dyne Tech, the IFRS16-related adjustment, and the increase in net working capital resulting from growth of sales. Non-annualizedROCE was 13.7% (compared to 15.6% in 9M 2018). Non-annualizedROE was 14.2% (from the normalized 15.0% in 9M 2018).
At 30 September 2019 Interpump Group S.p.A. had 4,931,314 treasury shares in its portfolio, representing 4.529% of total share capital, purchased at an average cost of € 23.12.
3
Q3 2019 RESULTS
Net Sales for the third quarter of 2019 totaled 322.9 million euro, an increase of 4.1% over the 310.1 million euro in the corresponding period of 2018.
Sales by business sector and geographical area were as follows:
Q3 2019
Rest of | North | Pacific Rest of the | ||||
(€/000) | Italy | Europe | America | Area | World | Total |
Hydraulics | 39,320 | 72,772 | 56,366 | 19,408 | 18,962 | 206,828 |
Water-Jetting | 9,901 | 42,422 | 36,168 | 18,955 | 8,656 | 116,102 |
Total | 49,221 | 115,194 | 92,534 | 38,363 | 27,618 | 322,930 |
Q3 2018
Hydraulics | 36,853 | 75,165 | 46,281 | 21,099 | 22,729 | 202,127 |
Water-Jetting | 9,456 | 42,170 | 34,055 | 14,633 | 7,707 | 108,021 |
Total | 46,309 | 117,335 | 80,336 | 35,732 | 30,436 | 310,148 |
Change, 2019/2018
Hydraulics | +6.7% | -3.2% | +21.8% | -8.0% | -16.6% | +2.3% |
Water-Jetting | +4.7% | +0.6% | +6.2% | +29.5% | +12.3% | +7.5% |
Total | +6.3% | -1.8% | +15.2% | +7.4% | -9.3% | +4.1% |
Organic growth, at unchanged perimeter and before the currency exchange, was -2.0% in Hydraulics, +2.5% in Water-Jetting, and -0.4% in total sales. Thanks to a +1.4% contribution from the currency exchangem, organic growth expressed in euro was +1.0%.
The "Rest of the World" area was strongly penalized by the unforeseeable - but now widely known - situation of the economy in India, where quarterly sales suffered from a sharp drop (equivalent to approximately 5.5 million euro). Excluding India, sales in the quarter registered positive growth in both Hydraulics and total, despite the exceptionally tough comparison base represented by Q3 2018.
However, Interpump believes the development perspectives for its business in India remain intact.
EBITDA amounted to 78.1 million euro (24.2% of sales) compared to 73.0 million euro in the third quarter of 2018 (23.5% of sales), an increase of 7.1%. EBITDA for the third quarter of 2019, calculated with the same accounting principles used in 2018, would have amounted to 74.2 million euro.
Consolidated Net Profit for the third quarter of 2019 was 43.3 million euro, an increase of 0.7% with respect to Q3 2018.
Basic earnings per share rose from 0.402 euro in the third quarter of 2018 to 0.411 euro in the third quarter of 2019.
4
Pursuant to Article 65-bis, paragraph 2 of Consob Deliberation 11971/1999 as modified and supplemented, the Interim Report at 30 September 2019 is available to the public at the Group's registered office and may be also be consulted on the "Financial Statements and Reports" page in the "Investor relations" section of the Group's website www.interpumpgroup.it, as well on the www.emarketstorage.comrepository.
S. Ilario d'Enza (RE), 8 November 2019 | On behalf of the Board of Directors |
Fulvio Montipò, Chairman |
Carlo Banci, the manager responsible for drafting the company's accounting documents, declares - pursuant to the terms Article 154-bis, paragraph 2 of the Consolidated Financial Services Act - that the accounting disclosures in the present release correspond to the contents of the underlying documents, the accounting books and the accounting entries.
Sant'Ilario d'Enza (RE), 8 November 2019 | Carlo Banci |
Manager responsible for drafting | |
the company's accounting documents |
Media Relations: | Investor Relations: |
Moccagatta Associati | Luca Mirabelli |
Tel. 02 8645,1695 | Tel. 0522-904433 |
segreteria@moccagatta.it | lmirabelli@interpumpgroup.it |
5
Consolidated Statement of financial position
(€/000) | 30/09/2019 | 31/12/2018 | ||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | 145,744 | 118,140 | ||
Trade receivables | 281,875 | 270,364 | ||
Inventories | 397,138 | 366,480 | ||
Tax receivables | 25,416 | 24,596 | ||
Other current assets | 12,777 | 10,931 | ||
Total current assets | 862,950 | 790,511 | ||
Non-current assets | ||||
Property, plant and equipment | 458,958 | 355,488 | ||
Goodwill | 451,708 | 434,699 | ||
Other intangible assets | 33,158 | 34,731 | ||
Other financial assets | 4,052 | 2,319 | ||
Tax receivables | 1,654 | 1,664 | ||
Deferred tax assets | 31,796 | 29,776 | ||
Other non-current assets | 2,115 | 2,177 | ||
Total non-current assets | 983,441 | 860,854 | ||
Total assets | 1,846,391 | 1,651,365 |
6
(€/000) | 30/09/2019 | 31/12/2018 | ||
LIABILITIES | ||||
Current liabilities | ||||
Trade payables | 142,163 | 177,782 | ||
Payables to banks | 19,447 | 21,404 | ||
Interest bearing financial payables (current portion) | 174,870 | 151,917 | ||
Taxes payable | 37,087 | 19,204 | ||
Other current liabilities | 80,819 | 72,297 | ||
Provisions for risks and charges | 3,889 | 3,807 | ||
Total current liabilities | 458,275 | 446,411 | ||
Non-current liabilities | ||||
Interest-bearing financial payables | 334,322 | 232,158 | ||
Liabilities for employee benefits | 19,352 | 19,377 | ||
Deferred tax liabilities | 41,997 | 41,832 | ||
Other non-current liabilities | 37,240 | 39,521 | ||
Provisions for risks and charges | 3,213 | 3,161 | ||
Total non-current liabilities | 436,124 | 336,049 | ||
Total liabilities | 894,399 | 782,460 | ||
SHAREHOLDERS' EQUITY | ||||
Share capital | 54,052 | 54,842 | ||
Legal reserve | 11,323 | 11,323 | ||
Share premium reserve | 28,452 | 71,229 | ||
Remeasurement reserve for defined benefit plans | (5,965) | (5,965) | ||
Translation reserve | 17,887 | 3,142 | ||
Other reserves | 840,748 | 729,373 | ||
Group shareholders' equity | 946,497 | 863,944 | ||
Minority interests | 5,495 | 4,961 | ||
Total shareholders' equity | 951,992 | 868,905 | ||
Total shareholders' equity and liabilities | 1,846,391 | 1,651,365 |
7
Consolidated income statement for the first nine months
(€/000) | 2019 | 2018 | |
Net sales | 1,026,133 | 953,576 | |
Cost of sales | (648,922) | (597,048) | |
Gross industrial margin | 377,211 | 356,528 | |
% of net sales | 36,8% | 37,4% | |
Other operating income | 14,492 | 14,485 | |
Distribution expenses | (91,563) | (86,896) | |
General and administrative expenses | (107,111) | (99,901) | |
Other operating costs | (3,965) | (2,103) | |
EBIT | 189,064 | 182,113 | |
% of net sales | 18.4% | 19.1% | |
Financial income | 9,356 | 7,598 | |
Financial charges | (10,941) | (12,316) | |
Negative goodwill | - | 11,907 | |
Equity method contribution | 23 | (225) | |
Profit for the period before taxes | 187,502 | 189,077 | |
Income taxes | (51,993) | (51,809) | |
Consolidated profit for the period | 135,509 | 137,268 | |
% of net sales | 13.2% | 14.4% | |
Attributable to: | |||
Shareholders of Parent | 134,575 | 136,583 | |
Minority shareholders of subsidiaries | 934 | 685 | |
Consolidated profit for the period | 135,509 | 137,268 | |
EBITDA | 240,285 | 219,770 | |
% of net sales | 23.4% | 23.0% | |
Shareholders' equity | 951,992 | 845,279 | |
Net debt | 382,895 | 276,945 | |
Payables for purchase of shareholdings | 40,376 | 43,060 | |
Capital employed | 1,375,263 | 1,165,284 | |
Non-annualized ROCE | 13.7% | 15.6% | |
Non-annualized ROE | 14.2% | 16.2% | |
Basic earnings per share | 1.280 | 1.277 |
8
Consolidated statement of comprehensive income for the first nine months
(€/000) | 2019 | 2018 | |||||
Consolidated profit for the first nine months (A) | 135,509 | 137,268 | |||||
Other comprehensive income which will subsequently be | |||||||
reclassified to consolidated profit or loss | |||||||
Gains (losses) on translating the financial statements of foreign | |||||||
companies | 14,872 | 722 | |||||
Gains (losses) from companies accounted for using the equity | |||||||
method | 20 | (17) | |||||
Applicable taxes | - | - | |||||
Total other consolidated income (losses) which will | |||||||
subsequently be reclassified to consolidated profit for the | |||||||
period, net of the tax effect (B) | 14,892 | 705 | |||||
Consolidated comprehensive income for the period (A)+(B) | 150,401 | 137,973 | |||||
Attributable to: | |||||||
Shareholders of Parent | 149,320 | 137,445 | |||||
Minority shareholders of subsidiaries | 1,081 | 528 | |||||
Consolidated comprehensive income for the first nine months | 150,401 | 137,973 |
9
Consolidated income statement for the third quarter
(€/000) | 2019 | 2018 | |
Net sales | 322,930 | 310,148 | |
Cost of sales | (202,335) | (194,126) | |
Gross industrial margin | 120,595 | 116,022 | |
% of net sales | 37.3% | 37.4% | |
Other operating income | 4,368 | 5,011 | |
Distribution expenses | (28,716) | (28,002) | |
General and administrative expenses | (34,659) | (32,033) | |
Other operating costs | (805) | (546) | |
EBIT | 60,783 | 60,452 | |
% of net sales | 18.8% | 19.5% | |
Financial income | 3,196 | 1,967 | |
Financial charges | (3,779) | (3,584) | |
Negative goodwill | - | 284 | |
Equity method contribution | 26 | (67) | |
Profit for the period before taxes | 60,226 | 59,052 | |
Income taxes | (16,930) | (16,043) | |
Consolidated profit for the period | 43,296 | 43,009 | |
% of net sales | 13.4% | 13.9% | |
Attributable to: | |||
Shareholders of Parent | 43,064 | 42,768 | |
Minority shareholders of subsidiaries | 232 | 241 | |
Consolidated profit for the period | 43,296 | 43,009 | |
EBITDA | 78,109 | 72,957 | |
% of net sales | 24.2% | 23.5% | |
Shareholders' equity | 951,992 | 845,279 | |
Net debt | 382,895 | 276,945 | |
Payables for purchase of shareholdings | 40,376 | 43,060 | |
Capital employed | 1,375,263 | 1,165,284 | |
Non-annualized ROCE | 4.4% | 5.2% | |
Non-annualized ROE | 4.5% | 5.1% | |
Basic earnings per share | 0.411 | 0.402 |
10
Consolidated statement of comprehensive income for the third quarter
(€/000) | 2019 | 2018 | |
Consolidated profit for the third quarter (A) | 43,296 | 43,009 | |
Gains (losses) on translating the financial statements of foreign | |||
companies | 12,186 | (2,230) | |
Gains (losses) from companies accounted for using the equity | |||
method | 2 | (23) | |
Applicable taxes | - | - | |
Total other consolidated income (losses) which will | |||
subsequently be reclassified to consolidated profit for the | |||
period, net of the tax effect (B) | 12,188 | (2,253) | |
Consolidated comprehensive income for the period (A)+(B) | 55,484 | 40,756 | |
Attributable to: | |||
Shareholders of Parent | 55,229 | 40,650 | |
Minority shareholders of subsidiaries | 255 | 106 | |
Consolidated comprehensive income for the third quarter | 55,484 | 40,756 |
11
Consolidated cash flow statement for the first nine months
(€/000) | 2019 | 2018 | ||
Cash flows from operating activities | ||||
Profit before taxes | 187,502 | 189,077 | ||
Adjustments for non-cash items: | ||||
Losses (gains) on the sale of fixed assets | (2,028) | (2,052) | ||
Amortization and depreciation | 50,341 | 36,399 | ||
Costs recognized in the income statement relative to stock options that do not involve | ||||
monetary outflows for the Group | 1,761 | 1,407 | ||
Losses (profits) from investments | (23) | 225 | ||
Net change in risk provisions and allocations to employee benefit provisions | (89) | 269 | ||
Expenditures for tangible assets to be leased | (4,450) | (5,843) | ||
Proceeds from the disposal of leased tangible assets | 6,702 | 5,980 | ||
Net financial charges (revenues) | 1,585 | (7,189) | ||
241,301 | 218,273 | |||
(Increase) decrease in trade receivables and other current assets | (9,009) | (35,245) | ||
(Increase) decrease in inventories | (18,552) | (51,611) | ||
Increase (decrease) in trade payables and other current liabilities | (26,156) | 21,186 | ||
Interest paid | (4,178) | (2,406) | ||
Realized exchange differences | 799 | (1,363) | ||
Taxes paid | (42,660) | (38,428) | ||
Net cash from operating activities | 141,545 | 110,406 | ||
Cash flows from investing activities | ||||
Payments for the purchase of investments net of cash received | ||||
including treasury shares used | (26,413) | (11,201) | ||
Capital expenditure on property, plant and equipment | (54,305) | (42,734) | ||
Proceeds from the sale of tangible fixed assets | 1,155 | 978 | ||
Proceeds from the sale of available-for-sale assets | - | 785 | ||
Increase in intangible assets | (1,974) | (2,973) | ||
Financial income received | 706 | 402 | ||
Other | 217 | 571 | ||
Net cash (used in) investing activities | (80,614) | (54,172) | ||
Cash flows from financing activities | ||||
Disbursements (repayments) of loans | 49,485 | 1,058 | ||
Dividends paid | (23,752) | (23,052) | ||
Disbursements for purchase of treasury shares | (48,764) | (36,319) | ||
Transfer of treasury shares as payment for investments | - | - | ||
Proceeds from the sale of treasury shares to stock option beneficiaries | 3,436 | 539 | ||
Repayment (grant) of leases to subsidiaries not consolidated line-by-line | (384) | (200) | ||
Change in other financial assets | (48) | (43) | ||
Payment of finance lease installments (principal) | (12,538) | (1,602) | ||
Net cash generated by (used in) financing activities | (32,565) | (59,619) | ||
Net increase (decrease) in cash and cash equivalents | 28,366 | (3,385) | ||
12
(€/000) | 2019 | 2018 | |
Net increase (decrease) in cash and cash equivalents | 28,366 | (3,385) | |
Translation differences for cash held by non-EU companies | 1,229 | 71 | |
Opening cash and cash equivalents of companies consolidated on a line-by-line basis | |||
for the first time | (34) | (7) | |
Cash and cash equivalents at the beginning of the period | 96,736 | 135,983 | |
Cash and cash equivalents at the end of the period | 126,927 | 132,662 | |
Cash and cash equivalents consist of the following:
30/09/2019 | 31/12/2018 | |
€/000 | €/000 | |
Cash and cash equivalents as per the consolidated statement of financial position | 145,744 | 118,140 |
Bank payables (overdrafts and subject to collection advances) | (19,447) | (21,404) |
Cash and cash equivalents as per the consolidated cash flow statement | 126,297 | 96,736 |
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Consolidated statement of changes in shareholders' equity
Remeasure- | ||||||||||
Share | ment reserve | Group | Non- | |||||||
Share | Legal | premium | for defined | Translation | Other | shareholders' | controlling | |||
capital | reserve | reserve | benefit plans | reserve | reserves | equity | interests | Total | ||
At 1 January 2018 | 55,805 | 11,323 | 121,228 | (5,722) | (2,475) | 579,006 | 759,165 | 5,564 | 764,729 | |
Recognition in income statement of fair value of stock options | ||||||||||
granted and exercisable | - | - | 1,407 | - | - | - | 1,407 | - | 1,407 | |
Purchase of treasury shares | (686) | - | (35,633) | - | - | - | (36,319) | - | (36,319) | |
Transfer of treasury shares to stock option beneficiaries | 47 | - | 492 | - | - | - | 539 | - | 539 | |
Transfer of treasury shares as payment for equity investments | 32 | - | 1,731 | - | - | - | 1,763 | - | 1,763 | |
Merger of Russian Inoxpa subsidiaries | - | - | - | - | - | (100) | (100) | 100 | - | |
Purchase of residual interest in subsidiaries | - | - | - | - | - | (869) | (869) | (894) | (1,763) | |
Dividends paid | - | - | - | - | - | (22,526) | (22,526) | (518) | (23,044) | |
Dividends resolved | - | - | - | - | - | (6) | (6) | - | (6) | |
Comprehensive income (loss) for first nine months of 2018 | - | - | - | - | 862 | 136,583 | 137,445 | 528 | 137,973 | |
At 30 September 2018 | 55,198 | 11,323 | 89,225 | (5,722) | (1,613) | 692,088 | 840,499 | 4,780 | 845,279 | |
Recognition in income statement of fair value of stock options | ||||||||||
granted and exercisable | - | - | 474 | - | - | - | 474 | - | 474 | |
Transfer of treasury shares to stock option beneficiaries | - | - | 48 | - | - | (47) | 1 | - | 1 | |
Transfer of treasury shares as payment for equity investments | - | - | 32 | - | - | (32) | - | - | - | |
Purchase of treasury shares | (356) | - | (18,550) | - | - | 1,042 | (17,864) | - | (17,864) | |
Dividends distributed | - | - | - | - | - | - | - | (66) | (66) | |
Comprehensive income (loss) for the fourth quarter of 2018 | - | - | - | (243) | 4,755 | 36,322 | 40,834 | 247 | 41,081 | |
At 31 December 2018 | 54,842 | 11,323 | 71,229 | (5,965) | 3,142 | 729,373 | 863,944 | 4,961 | 868,905 | |
Recognition in income statement of fair value of stock options | ||||||||||
granted and exercisable | - | - | 1,761 | - | - | - | 1,761 | - | 1,761 | |
Purchase of treasury shares | (945) | - | (47,819) | - | - | - | (48,764) | - | (48,764) | |
Transfer of treasury shares to stock option beneficiaries | 155 | - | 3,281 | - | - | - | 3,436 | - | 3,436 | |
Dividends paid | - | - | - | - | - | (23,200) | (23,200) | (547) | (23,747) | |
Comprehensive income (loss) for first nine months of 2019 | - | - | - | - | 14,745 | 134,575 | 149,320 | 1,081 | 150,401 | |
At 30 September 2019 | 54,052 | 11,323 | 28,452 | (5,965) | 17,887 | 840,748 | 946,497 | 5,495 | 951,992 |
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Interpump Group S.p.A. published this content on 08 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2019 10:44:03 UTC