PRESS RELEASE
INTERPUMP GROUP APPROVES Q4 2019 RESULTS
& PRELIMINARY FULL-YEAR 2019 DATA,
AND DISCLOSES EXPECTATIONS FOR THE 3-YEAR PERIOD 2020-2022
Chairman Fulvio Montipò: "We register with pride the eleventh consecutive year of positive organic growth. Thanks to the recent acquisitions and the solidity of our model, we can look with confidence to our ambitious goals for the next three-year period"
FY 2019 PRELIMINARY RESULTS:
NET SALES: € 1,368.6 million (+7.0% compared to 2018)
EBITDA*: € 317.9 million (€ 288.5 million in 2018)
EBITDA/SALES*: 23.2% (22.6% in 2018)
CONSOLIDATED NET PROFIT: € 180.7 million (+11.2% compared to the normalized figure for 2018)
FREE CASH FLOW: € 124.8 million (in 2018: €82.2 million)
NET DEBT*: € 370.8 million (€ 287.3 million at 31/12/2018)
(after € 23.9 mn paid in dividends, 39.0 mn disbursements for acquisitions, € 79.0 mn in purchases of treasury shares,
and IFRS16 impact of € 72.4 mn)
Q4 2019 RESULTS:
NET SALES: € 342.5 million (+5.2% compared to Q4 2018)
EBITDA*: € 77.6 million (€ 68.7 million in Q4 2018)
EBITDA/SALES*: 22.7% (21.1% in Q4 2018)
CONSOLIDATED NET PROFIT: € 45.2 million (+23.6% compared to Q4 2018)
EXPECTATIONS FOR THE 3-YEAR PERIOD 2020-2022
NET SALES: total increase in sales of approximately 33%
PROFITABILITY: preservation of excellence with EBITDA margin in the neighborhood of 22%
NET DEBT: between 1x and 1.5x yearly EBITDA
- 2019 data is affected by the adoption of IFRS16 accounting principle. With the reporting standards used until 2018, EBITDA for the year would amount to € 302.4 million (€ 73.2 million in Q4), and net debt as at 31/12/2019 would amount to € 298.4 million.
INTERPUMP GROUP S.p. A. - Via E. FERMI, 25 - 42049 S. ILARIO D'ENZA - REGGIO EMILIA (ITALY) - TEL. +39.0522. 904311 FAX. +39.0522.904444 - E- mail info@interpumpgroup.it
Sant'Ilario d'Enza, 14 February 2020 - The Board of Directors of Interpump Group S.p.A. met today and approved the consolidated results for the fourth quarter and preliminary results for FY 2019.
FY 2019 PRELIMINARY RESULTS
Net Sales in the year totaled 1,368.6 million euro, an increase of 7.0% over the 1,279.2 million euro registered in 2018.
Sales by business sector and geographical area were as follows:
Rest of | North | Pacific | Rest of | |||
(€/000) | Italy | Europe | America | Area | World | Total |
2019 | ||||||
Hydraulics | 179,158 | 323,390 | 225,427 | 87,348 | 86,924 | 902,247 |
Water-Jetting | 41,897 | 163,579 | 145,602 | 69,446 | 45,847 | 466,371 |
Total | 221,055 | 486,969 | 371,029 | 156,794 | 132,771 | 1,368,618 |
2018 | ||||||
Hydraulics | 169,162 | 317,148 | 184,519 | 83,358 | 90,109 | 844,296 |
Water-Jetting | 43,085 | 154,248 | 140,371 | 60,533 | 36,634 | 434,871 |
Total | 212,247 | 471,396 | 324,890 | 143,891 | 126,743 | 1,279,167 |
Change, 2019/2018 | ||||||
Hydraulics | +5.9% | +2.0% | +22.2% | +4.8% | -3.5% | +6.9% |
Water-Jetting | -2.8% | +6.0% | +3.7% | +14.7% | +25.1% | +7.2% |
Total | +4.1% | +3.3% | +14.2% | +9.0% | +4.8% | +7.0% |
Organic growth, at unchanged perimeter and before the currency exchange, was +0.8% in Hydraulics, +2.5% in Water-Jetting, and +1.4% in total sales. Thanks to a +1.4% contribution from the currency exchange, organic growth expressed in euro was +2.8%
EBITDA amounted to 317.9 million euro (23.2% of sales) compared to 288.5 million euro of 2018 (22.6% of sales), an increase of 10.2%. The following table sets out EBITDA by business sector:
2019 | % on | 2018 | % on | ||
€/000 | sales | €/000 | sales | Change | |
Hydraulics | 187,168 | 20.7% | 171,002 | 20.2% | +9.5% |
Water-Jetting | 130,722 | 27.9% | 117,517 | 26.9% | +11.2% |
2
Total | 317,890 | 23.2% | 288,519 | 22.6% | +10.2% |
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 FY2019, calculated with the same accounting principles used in 2018, would have amounted to 302.4 million euro.
Operating income (EBIT) was not significantly affected by IFRS16 adoption: it amounted to 247.2 million euro (18.1% on sales) compared to 236.5 million euro (18.5% on sales) in 2018, an increase of 4.5%.
Consolidated Net Profit for the year was 180.7 million euro (was 173.9 million euro in 2018, including
11.4 million euro in one-off earnings resulting from the GS-Hydro acquisition). The increase versus the normalized result for last year is +11.2%.
Basic earnings per share rose from 1.513 euro (normalized) in 2018 to 1.700 euro in 2019, with a 12.4% increase.
Net cash flow from operating activities was 233.4 million euro (209.8 million euro in 2018). Free cash flow amounted to 124.8 million euro (82.2 million euro in 2018) with a 51.9% increase.
Net debt at 31 December 2019 was 370.8 million euro (287.3 million euro at 31 December 2018). A major part of the change is due to the adoption of IFRS 16, which had an end-of-yearimpact of € 72.4 million.
Additionally, at the end of the year the Group had commitments for the acquisition of stakes in subsidiaries valued at 54.3 million euro (44.5 million euro at 31/12/2018).
Capital employed increased from 1,200.8 million euro at 31 December 2018 to 1,480.3 million euro at 31 December 2019, due to the acquisition of Hydra Dyne Tech and Reggiana Riduttori, and the application of IFRS16. ROCE† was 16.7% (19.7% in 2018). ROE was 17.1% (compared to a normalized 18.9% in 2018).
At 31 December 2019 Interpump Group S.p.A. had 2,224,739 treasury shares in its portfolio, representing 2.043% of total share capital, purchased at an average cost of € 24.430.
- ROCE is calculated on Capital Employed at the end of the year, and is penalized by the timing of the acquisition of Reggiana Riduttori (October)
3
Q4 2019 RESULTS
Net Sales for the fourth quarter of 2019 totaled 342.5 million euro, an increase of 5.2% over the 325.6 million euro in the corresponding period of 2018.
Sales by business sector and geographical area were as follows:
Rest of | North | Pacific | Rest of | |||
(€/000) | Italy | Europe | America | Area | World | Total |
Q4 2019 | ||||||
Hydraulics | 41,339 | 78,321 | 56,726 | 24,178 | 20,452 | 221,016 |
Water-Jetting | 10,907 | 39,866 | 33,443 | 22,674 | 14,579 | 121,469 |
Total | 52,246 | 118,187 | 90,169 | 46,852 | 35,031 | 342,485 |
Q4 2018 | ||||||
Hydraulics | 42,341 | 79,982 | 47,659 | 21,318 | 22,932 | 214,232 |
Water-Jetting | 12,753 | 37,028 | 34,261 | 14,490 | 12,827 | 111,359 |
Total | 55,094 | 117,010 | 81,920 | 35,808 | 35,759 | 325,591 |
Change, 2019/2018 | ||||||
Hydraulics | -2.4% | -2.1% | +19.0% | +13.4% | -10.8% | +3.2% |
Water-Jetting | -14.5% | +7.7% | +2.4% | +56.5% | +13.7% | +9.1% |
Total | -5.2% | +1.0% | +10.1% | +30.8% | -2.0% | +5.2% |
Organic growth, at unchanged perimeter and before the currency exchange, was -9.7% for Hydraulics, +5.1% for Water-Jetting, and -4.7% in total sales.
EBITDA amounted to 77.6 million euro (22.7% of sales) compared to 68.7 million euro in the fourth quarter of 2018 (21.1% of sales), an increase of 12.9%. EBITDA for the fourth quarter of 2019, calculated with the same accounting principles used in 2018, would have amounted to 73.5 million euro.
Consolidated Net Profit for the fourth quarter was 45.2 million euro, an increase of +23.6% compared to Q4 2018.
Basic earnings per share rose from 0.343 euro in the fourth quarter of 2018 to 0.420 euro in the fourth quarter of 2019.
4
EXPECTATIONS FOR THE 3-YEAR PERIOD 2020-2022
In recent times, the understandable attention given by investors to the short-term trends in some of our reference markets seems to have overshadowed the real nature of Interpump's growth, where acquisitions have always had a significant weight.
The management of Interpump, with support from historical company data, is convinced that the shareholder value brought by acquisitions is at least equivalent, for the Company, to the one resulting from organic growth.
Therefore, the Company would like to reiterate that growth strategy is unchanged, and share with the market its expectations for the three years from 31/12/2019 to 31/12/2022:
- solid growth of total sales (in the neighborhood of +33%);
- preservation of excellence in profitability with an EBITDA margin in the neighborhood of 22% (also considering the possibility of a momentary dilution brought about by acquisitions);
- continued prudent use of financial leverage (total debt between 1 and 1.5 times yearly EBITDA).
Pursuant to Article 65-bis, paragraph 2 of Consob Deliberation 11971/1999 as modified and supplemented, the Interim Report at 31 December 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), 14 February 2020 | 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), 14 February 2020 | 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) | 31/12/2019 | 31/12/2018 | ||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | 233,784 | 118,140 | ||
Trade receivables | 284,842 | 270,364 | ||
Inventories | 408,551 | 366,480 | ||
Tax receivables | 25,027 | 24,596 | ||
Other current assets | 9,113 | 10,931 | ||
Total current assets | 961,317 | 790,511 | ||
Non-current assets | ||||
Property, plant and equipment | 484,057 | 355,488 | ||
Goodwill | 508,033 | 434,699 | ||
Other intangible assets | 32,830 | 34,731 | ||
Other financial assets | 4,226 | 2,319 | ||
Tax receivables | 1,590 | 1,664 | ||
Deferred tax assets | 35,195 | 29,776 | ||
Other non-current assets | 2,150 | 2,177 | ||
Total non-current assets | 1,068,081 | 860,854 | ||
Total assets | 2,029,398 | 1,651,365 |
6
(€/000) | 31/12/2019 | 31/12/2018 | ||
LIABILITIES | ||||
Current liabilities | ||||
Trade payables | 157,351 | 177,782 | ||
Payables to banks | 22,076 | 21,404 | ||
Interest bearing financial payables (current portion) | 195,110 | 151,917 | ||
Taxes payable | 15,087 | 19,204 | ||
Other current liabilities | 90,635 | 72,297 | ||
Provisions for risks and charges | 4,055 | 3,807 | ||
Total current liabilities | 484,314 | 446,411 | ||
Non-current liabilities | ||||
Interest bearing financial payables | 387,412 | 232,158 | ||
Liabilities for employee benefits | 21,402 | 19,377 | ||
Deferred tax liabilities | 42,074 | 41,832 | ||
Other non-current liabilities | 35,940 | 39,521 | ||
Provisions for risks and charges | 3,057 | 3,161 | ||
Total non-current liabilities | 489,885 | 336,049 | ||
Total liabilities | 974,199 | 782,460 | ||
SHAREHOLDERS' EQUITY | ||||
Share capital | 55,460 | 54,842 | ||
Legal reserve | 11,323 | 11,323 | ||
Share premium reserve | 96,733 | 71,229 | ||
Remeasurement reserve for defined benefit plans | (7,358) | (5,965) | ||
Translation reserve | 7,731 | 3,142 | ||
Other reserves | 885,575 | 729,373 | ||
Group shareholders' equity | 1,049,464 | 863,944 | ||
Minority interests | 5,735 | 4,961 | ||
Total shareholders' equity | 1,055,199 | 868,905 | ||
Total shareholders' equity and liabilities | 2,029,398 | 1,651,365 |
7
FY 2019 Consolidated Income Statement
(€/000) | 2019 | 2018 | |
Net sales | 1,368,618 | 1,279,167 | |
Cost of goods sold | (866,701) | (805,295) | |
Gross industrial margin | 501,917 | 473,872 | |
% of net sales | 36.7% | 37.0% | |
Other operating income | 20,115 | 19,665 | |
Distribution expenses | (124,323) | (117,660) | |
General and administrative expenses | (145,556) | (135,898) | |
Other operating costs | (4,939) | (3,430) | |
EBIT | 247,214 | 236,549 | |
% of net sales | 18.1% | 18.5% | |
Financial income | 15,062 | 11,427 | |
Financial charges | (18,038) | (19,212) | |
Recognition of negative goodwill | - | 11,369 | |
Equity method contribution | (8) | (207) | |
Profit for the period before taxes | 244,230 | 239,926 | |
Income taxes | (63,499) | (66,064) | |
Consolidated profit for the period | 180,731 | 173,862 | |
% of net sales | 13.2% | 13.6% | |
Attributable to: | |||
Shareholders of Parent | 179,299 | 172,905 | |
Minority shareholders of subsidiaries | 1,432 | 957 | |
Consolidated profit for the period | 180,731 | 173,862 | |
EBITDA | 317,890 | 288,519 | |
% of net sales | 23.2% | 22.6% | |
Shareholders' equity | 1,055,199 | 868,905 | |
Net debt | 370,814 | 287,339 | |
Payables for purchase of shareholdings | 54,286 | 44,527 | |
Capital employed | 1,480,299 | 1,200,771 | |
ROCE | 16.7% | 19.7% | |
ROE | 17.1% | 20.0% | |
Basic earnings per share | 1.700 | 1.619 |
8
FY 2019 Consolidated statement of comprehensive income
(€/000) | 2019 | 2018 | |||
Consolidated profit for the year (A) | 180,731 | 173,862 | |||
Other comprehensive income which will subsequently be reclassified | |||||
to consolidated profit or loss | |||||
Gains (losses) on translating the financial statements of foreign | |||||
companies | 4,683 | 5,454 | |||
Gains (losses) from companies accounted for using the equity method | 5 | (30) | |||
Applicable taxes | - | - | |||
Total other consolidated income (losses) which will subsequently be | |||||
reclassified to consolidated profit for the period, net of the tax effect | |||||
(B) | 4,688 | 5,424 | |||
Other comprehensive income which will not subsequently be | |||||
reclassified to consolidated profit or loss | |||||
Gains (losses) on the remeasurement of defined benefit plans | (1,840) | (304) | |||
Applicable taxes | 442 | 72 | |||
Total other comprehensive income which will not subsequently be | |||||
reclassified to consolidated profit or loss (C) | (1,398) | (232) | |||
Consolidated comprehensive income for the year (A)+(B)+(C) | 184,021 | 179,054 | |||
Attributable to: | |||||
Shareholders of Parent | 182,495 | 178,279 | |||
Minority shareholders of subsidiaries | 1,526 | 775 | |||
Consolidated comprehensive income for the year | 184,021 | 179,054 |
9
Q4 2019 Consolidated Income Statement
(€/000) | 2019 | 2018 | |
Net sales | 342,485 | 325,591 | |
Cost of goods sold | (217,779) | (208,247) | |
Gross industrial margin | 124,706 | 117,344 | |
% of net sales | 36.4% | 36.0% | |
Other operating income | 5,623 | 5,180 | |
Distribution expenses | (32,760) | (30,764) | |
General and administrative expenses | (38,445) | (35,997) | |
Other operating costs | (974) | (1,327) | |
EBIT | 58,150 | 54,436 | |
% of net sales | 17.0% | 16.7% | |
Financial income | 5,706 | 3,829 | |
Financial charges | (7,097) | (6,896) | |
Recognition of negative goodwill | - | (538) | |
Equity method contribution | (31) | 18 | |
Profit for the period before taxes | 56,728 | 50,849 | |
Income taxes | (11,506) | (14,255) | |
Consolidated profit for the period | 45,222 | 36,594 | |
% of net sales | 13.2% | 11.2% | |
Attributable to: | |||
Shareholders of Parent | 44,724 | 36,322 | |
Minority shareholders of subsidiaries | 498 | 272 | |
Consolidated profit for the period | 45,222 | 36,594 | |
EBITDA | 77,605 | 68,749 | |
% of net sales | 22.7% | 21.1% | |
Shareholders' equity | 1,055,199 | 868,905 | |
Net debt | 370,814 | 287,339 | |
Payables for purchase of shareholdings | 54,286 | 44,527 | |
Capital employed | 1,480,299 | 1,200,771 | |
Non-annualized ROCE | 3.9% | 4.5% | |
Non-annualized ROE | 4.3% | 4.2% | |
Basic earnings per share | 0.420 | 0.343 |
10
Q4 2019 Consolidated statement of comprehensive income
(€/000) | 2019 | 2018 | ||||
Consolidated profit for the fourth quarter (A) | 45,222 | 36,594 | ||||
Other comprehensive income which will subsequently be reclassified | ||||||
to consolidated profit or loss | ||||||
Gains (losses) on translating the financial statements of foreign | ||||||
companies | (10,189) | 4,732 | ||||
Gains (losses) from companies accounted for using the equity method | (15) | (13) | ||||
Applicable taxes | - | - | ||||
Total other consolidated income (losses) which will subsequently be | ||||||
reclassified to consolidated profit for the period, net of the tax effect | ||||||
(B) | (10,204) | 4,719 | ||||
Other comprehensive income which will not subsequently be | ||||||
reclassified to consolidated profit or loss | ||||||
Gains (losses) on the remeasurement of defined benefit plans | (1,840) | (304) | ||||
Applicable taxes | 442 | 72 | ||||
Total other comprehensive income which will not subsequently be | ||||||
reclassified to consolidated profit or loss (C) | (1,398) | (232) | ||||
Consolidated comprehensive income for the fourth quarter | ||||||
(A)+(B)+(C) | 33,620 | 41,081 | ||||
Attributable to: | ||||||
Shareholders of Parent | 33,175 | 40,834 | ||||
Minority shareholders of subsidiaries | 445 | 247 | ||||
Consolidated comprehensive income for the fourth quarter | 33,620 | 41,081 |
11
FY 2019 Consolidated cash flow statement
(€/000) | 2019 | 2018 | ||
Cash flows from operating activities | ||||
Profit before taxes | 244,230 | 239,926 | ||
Adjustments for non-cash items: | ||||
Losses (gains) on the sale of fixed assets | (2,774) | (4,474) | ||
Amortization and depreciation | 69,284 | 50,469 | ||
Costs recognized in the income statement relative to stock options that do not involve | ||||
monetary outflows for the Group | 2,585 | 1,881 | ||
Losses (profits) from investments | 8 | 207 | ||
Net change in risk provisions and allocations to employee benefit provisions | (826) | (718) | ||
Expenditures for tangible assets to be leased | (6,278) | (7,912) | ||
Proceeds from the disposal of leased tangible assets | 7,793 | 9,335 | ||
Net financial charges (revenues) | 2,976 | (3,584) | ||
316,998 | 285,130 | |||
(Increase) decrease in trade receivables and other current assets | 10,934 | (33,413) | ||
(Increase) decrease in inventories | 5,270 | (62,868) | ||
Increase (decrease) in trade payables and other current liabilities | (37,077) | 35,367 | ||
Interest paid | (5,507) | (4,324) | ||
Realized exchange differences | 331 | (1,475) | ||
Taxes paid | (78,374) | (69,578) | ||
Net cash from operating activities | 212,575 | 148,839 | ||
Cash flows from investing activities | ||||
Payments for the purchase of investments net of cash received and net of treasury | ||||
shares transferred | (24,719) | (19,045) | ||
Capital expenditure on property, plant and equipment | (72,503) | (63,683) | ||
Proceeds from the sale of tangible fixed assets | 1,886 | 1,127 | ||
Proceeds from the sale of available-for-sale assets | - | 785 | ||
Increase in intangible assets | (3,100) | (4,138) | ||
Financial income received | 850 | 602 | ||
Other | 421 | 1,114 | ||
Net cash (used in) investing activities | (97,165) | (83,238) | ||
Cash flows from financing activities | ||||
Disbursements (repayments) of loans | 115,398 | (25,384) | ||
Dividends paid | (23,876) | (23,115) | ||
Payments for the purchase of treasury shares | (78,993) | (54,183) | ||
Proceeds from the sale of treasury shares to stock option beneficiaries | 3,823 | 540 | ||
Repayments (disbursements) of loans to subsidiaries consolidated with the equity | ||||
method | (494) | (200) | ||
Change in other financial assets | (126) | (13) | ||
Payment of finance lease installments (principal) | (16,738) | (3,131) | ||
Net cash generated by (used in) financing activities | (1,006) | (105,486) | ||
Net increase (decrease) in cash and cash equivalents | 114,404 | (39,885) | ||
12
(€/000) | 2019 | 2018 | |
Net increase (decrease) in cash and cash equivalents | 114,404 | (39,885) | |
Translation differences for cash held by non-EU companies | 602 | 645 | |
Initial IFRS16 impact on cash and cash equivalent | (34) | - | |
Opening cash and cash equivalents of companies consolidated on a line-by-line basis | |||
for the first time | - | (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 | 211,708 | 96,736 | |
Cash and cash equivalents consist of the following:
31/12/2019 | 31/12/2018 | |
€/000 | €/000 | |
Cash and cash equivalents as per the consolidated statement of financial position | 233,784 | 118,140 |
Bank payables (overdrafts and subject to collection advances) | (22,076) | (21,404) |
Cash and cash equivalents as per the consolidated cash flow statement | 211,708 | 96,736 |
13
Statement of changes in consolidated shareholders' equity
Reserve for | Remeasure- | |||||||||
valuation of | ment reserve | |||||||||
Share | hedging | for defined | Group | Non- | ||||||
Share | Legal | premium | derivatives at | benefit plans | Translation | Other | shareholders' | controlling | ||
capital | reserve | reserve | fair value | 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 the income statement of the fair value of stock | ||||||||||
options granted and exercisable | - | - | 1,881 | - | - | - | - | 1,881 | - | 1,881 |
Purchase of treasury shares | (1,042) | - | (54,183) | - | - | - | 1,042 | (54,183) | - | (54,183) |
Sale of treasury shares to stock option beneficiaries | 47 | - | 540 | - | - | - | (47) | 540 | - | 540 |
Transfer of treasury shares as payment for equity investments | 32 | - | 1,763 | - | - | - | (32) | 1,763 | - | 1,763 |
Purchase of residual interests in subsidiaries | - | - | - | - | - | - | (869) | (869) | (894) | (1,763) |
Merger of Russian Inoxpa subsidiaries | - | - | - | - | - | - | (100) | (100) | 100 | - |
Dividends distributed | - | - | - | - | - | - | (22,532) | (22,532) | (584) | (23,116) |
Comprehensive income for 2018 | - | - | - | - | (243) | 5,617 | 172,905 | 178,279 | 775 | 179,054 |
At 31 December 2018 | 54,842 | 11,323 | 71,229 | - | (5,965) | 3,142 | 729,373 | 863,944 | 4,961 | 868,905 |
Recognition in the income statement of the fair value of stock | ||||||||||
options granted and exercisable | - | - | 2,585 | - | - | - | - | 2,585 | - | 2,585 |
Purchase of treasury shares | (1,529) | - | (77,464) | - | - | - | - | (78,993) | - | (78,993) |
Sale of treasury shares to stock option beneficiaries | 171 | - | 3,652 | - | - | - | - | 3,823 | - | 3,823 |
Transfer of treasury shares as payment for equity investments | 1,976 | - | 96,731 | - | - | - | - | 98,707 | - | 98,707 |
Minorities of Reggiana Riduttori | - | - | - | - | - | - | - | - | 175 | 175 |
Purchase of residual interests in subsidiaries | - | - | - | - | - | - | 103 | 103 | (153) | (50) |
Dividends distributed | - | - | - | - | - | - | (23,200) | (23,200) | (675) | (23,875) |
Dividends resolved (third parties) | - | - | - | - | - | - | - | - | (99) | (99) |
Comprehensive income for 2019 | - | - | - | - | (1,393) | 4,589 | 179,299 | 182,495 | 1,526 | 184,021 |
At 31 December 2019 | 55,460 | 11,323 | 96,733 | - | (7,358) | 7,731 | 885,575 | 1,049,464 | 5,735 | 1,055,199 |
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Interpump Group S.p.A. published this content on 14 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2020 14:35:07 UTC