PRESS RELEASE
CONSOLIDATED RESULTS AT 30 JUNE 2021
AND APPOINTMENT OF A CO-OPTED DIRECTOR
Chairman Fulvio Montipò:
"The extraordinary acceleration seen in the second quarter has brought to the complete recovery in
sales and revenues, and demonstrates the excellent state of fitness of the Group's companies"
DATA FOR THE SECOND QUARTER OF 2021:
NET SALES: € 405.5 million (€ 295.6 mn in Q2 2020)
EBITDA: € 101.8 million (€ 64.9 mn in Q2 2020)
EBITDA/SALES: 25.1% (22.0% in Q2 2020)
CONSOLIDATED NET PROFIT: € 74.5 million* (€ 30.2 mn in Q2 2020)
DATA FOR THE FIRST HALF OF 2020:
NET SALES: € 781.1 million (€ 639.5 mn in H1 2020)
EBITDA: € 193.3 million (€ 139.2 mn in H1 2020)
EBITDA/SALES: 24.7% (21.8% in H1 2020)
CONSOLIDATED NET PROFIT: € 128.3 million* (€63.5 mn in H1 2020)
FREE CASH FLOW: € 97.3 million (€ 98.3 million in H1 2020)
NET DEBT: € 206.7 million (€ 269.5 million at 31/12/2020)
(after € 28.4 mn dividends paid, € 5.4 mn disbursement for acquisitions and € 5.8 mn in purchases of treasury shares)
- Including € 20.1 mn in future fiscal benefits booked in the period
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, 4 August 2021 - The Board of Directors of Interpump Group S.p.A. met today and approved the half-year2021 consolidated financial statements.
SECOND QUARTER 2021 CONSOLIDATED RESULTS
Net Sales for the second quarter of 2021 totaled 405.5 million euro, an increase of 37.2% from the 295.6 million euro in the corresponding period of 2020.
Sales by business sector and geographical area were as follows:
(€/000) | ||||||
Rest of | ||||||
Q2 2021 | Rest of | North | Pacific | the | ||
Italy | Europe | America | Area | World | Total | |
Hydraulics | 59,972 | 103,754 | 60,919 | 34,702 | 23,774 | 283,121 |
Water-Jetting | 11,583 | 46,350 | 40,969 | 14,019 | 9,443 | 122,364 |
Total | 71,555 | 150,104 | 101,888 | 48,721 | 33,217 | 405,485 |
Q2 2020 | ||||||
Hydraulics | 35,692 | 71,274 | 47,692 | 29,017 | 10,989 | 194,664 |
Water-Jetting | 8,587 | 35,597 | 32,219 | 13,903 | 10,595 | 100,901 |
Total | 44,279 | 106,871 | 79,911 | 42,920 | 21,584 | 295,565 |
Organic growth, at unchanged perimeter and before the currency exchange, was +39.4% (+24.1% for Water-Jetting and +47.2% for Hydraulics)
EBITDA amounted to 101.8 million euro (25.1% of sales) compared to 64.9 million euro in the second quarter of 2020 (22.0% of sales)
Consolidated Net Profit for the second quarter was 74.5 million euro, compared to 30.2 million euro for Q2 2020. Some of the Group's Italy-based companies proceeded to a step-up of trademarks for fiscal purposes, as regulated by the applicable Italian law. This operation will result in future fiscal benefits booked in the quarter for 20.1 million euro.
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FIRST HALF 2021 CONSOLIDATED RESULTS
Net Sales for the first half of 2021 totaled 781.1 million euro, an increase of 22.1% from the 639.5 million euro in the corresponding period of 2020.
Sales by business sector and geographical area were as follows:
(€/000)
Rest of | ||||||
Rest of | North | Pacific | the | |||
H1 2021 | Italy | Europe | America | Area | World | Total |
Hydraulics | 113,825 | 197,006 | 119,604 | 67,815 | 51,756 | 550,006 |
Water-Jetting | 21,978 | 85,547 | 76,915 | 29,376 | 17,232 | 231,048 |
Total | 135,803 | 282,553 | 196,519 | 97,191 | 68,988 | 781,054 |
H1 2020
Hydraulics | 79,853 | 154,526 | 111,095 | 52,448 | 31,690 | 429,612 |
Water-Jetting | 18,153 | 75,286 | 67,335 | 28,972 | 20,178 | 209,924 |
Total | 98,006 | 229,812 | 178,430 | 81,420 | 51,868 | 639,536 |
Organic growth, at unchanged perimeter and before the currency exchange, was +24.4% (+12.5% in Water-Jetting, +30.2% in Hydraulics)
EBITDA amounted to 193.3 million euro (24.7% of sales) compared to 139.2 million euro in the first half of 2020 (21.8% of sales). The following table sets out EBITDA by business sector:
H1 2020 | % on | H1 2019 | % on | ||
€/000 | sales | €/000 | sales | Change | |
Hydraulics | 126,377 | 23.0% | 86,110 | 20.0% | +46.8% |
Water-Jetting | 66,931 | 28.6% | 53,140 | 25.2% | +26.0% |
Total | 193,308 | 24.7% | 139,250 | 21.8% | +38.8% |
Operating income (EBIT) was 154.2 million euro compared to 92.0 million euro in the first half of 2020.
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Consolidated Net Profit for the first half of 2021 was 128.3 million euro (was 63.5 million euro in H1 2020), of which 20.1 million euro resulting from the above mentioned step-up of trademarks for fiscal purposes.
Net cash flow from operating activities was 169.8 million euro (117.3 million euro in H1 2020). Free cash flow in the first half of 2021 amounted to 97.3 million euro (98.3 million euro in the same period last year).
Net debt at 30/06/2021 was 206.7 million euro (269.5 million euro at 31 December 2020). In the first half of the year, 28.4 million euro were paid in dividends, 5.8 million euro were spent to buy treasury shares, while disbursments for acquisitions amounted to 5.4 million euro. Additionally, at the end of June the Group had commitments for the acquisition of stakes in subsidiaries for a total of 65.6 million euro (62.7 million euro at 31/12/2020).
Capital employed rose from 1,482.2 million euro at 31 December 2020 to 1,534.5 million euro at 30 June 2021, mainly as a result of the increase in net working capital associated with the ongoing recovery in the economy. Non-annualizedROCE was 10.0% (6.1% in H1 2020). Non-annualizedROE was 10.2% (5.8% in H1 2020).
At 30 June 2020 Interpump Group S.p.A. had 2,229,256 treasury shares in its portfolio, representing 2.047% of total share capital, purchased at an average cost of € 29.2765.
APPOINTMENT OF A CO-OPTED DIRECTOR
Pursuant to Article 13 of the Company by-laws and Article 2386 of the Italian Civil Code, the Board also proceeded to the co-option and appointment as Director of Mr. Claudio Berretti, the first non-elected candidate in the majority list presented by shareholder Gruppo IPG Holding S.p.A. at the Shareholders' Meeting of 30 April 2020. Mr. Berretti will replace Mr. Victor Gottardi, a director elected from the same list, who resigned on 26 July 2021 in order to pursue a new entrepreneurial project.
Mr. Berretti, just like Mr. Gottardi, is not qualified as independent and will not be part of any Board committee. He also communicated to the Company that, as of today, he does not own any shares of Interpump Group S.p.A.
Interpump thanks Mr. Gottardi for the correctness and effort spent in the exercise of his function, welcomes Mr. Berretti and wishes him all the best for his new role.
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Pursuant to Article 65-bis, paragraph 2 of Consob Deliberation 11971/1999 as modified and supplemented, the Half-YearFinancial Statements at 30 June 2021 are 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.
The CV of Mr. Berretti is included in the document "Candidate list #1 for the Board of Directors" published on 8 April 2020 in section "Governance -> Shareholders' Meeting" of the Group's website www.interpumpgroup.it.
S. Ilario d'Enza (RE), 4 August 2021 | 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), 4 August 2021 | 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 |
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Interpump Group S.p.A. published this content on 04 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2021 18:46:02 UTC.