PRESS RELEASE
IMMSI GROUP: 2024 DRAFT FINANCIAL STATEMENTS
In 2024, Immsi Group investments increased in all operations: the Group's products and factories continue to be a cornerstone of its future growth, even at time of economic complexity where revenues are contracting as a direct consequence of the downturn in propensity to consume.
Despite the temporary fall in turnover on some markets (notably in Asia), Piaggio, and all its Italian brands, once again reported healthy margins thanks to their capacity for innovation and resilience to the changes taking place in the mobility sector and in goods transportation. Style and sportiness are the company's DNA and its R&D work enables it to continue innovating and offering all its customers products with a high technology content.
At the same time, the changing macroeconomic and geopolitical scenario is driving a strong move towards the reinforcement of the defence sector at global level; thanks to an order book standing at around 1.2 billion euro, which guarantees profit growth over the next few years, Intermarine is strengthening its position as a world leader in Mine Countermeasure Vessels and Seabed Warfare. As a shipbuilder, Intermarine specialises in the design and construction of vessels with unique features in terms of silent running, amagnetism and shock absorption. These specific technological characteristics meet the needs of modern navies as they strengthen their focus on the protection of critical underwater infrastructure in their seabed surveillance and defence operations, and on their coastal patrol operations.
In the hospitality sector, work continues at Is Molas on the management and development of the golf resort in its unique naturalistic and environmental setting in the south of Sardinia.
2025 is likely to be characterised by many variables and market anomalies, but we shall take all measures step to maintain our strong performance.
- Consolidated net sales 1,748.4 million euro (2,011.6 €/mln in 20231)
-
EBITDA 271.1 million euro (307.8 €/mln in 2023)
EBITDA margin 15.5%, the best result ever reported (15.3% in 2023) - EBIT 129.3 million euro (160.8 €/mln in 2023) EBIT margin 7.4% (8% in 2023)
- Profit before tax 52.5 million euro (90.9 €/mln in 2023) subject to tax totalling 22.9 million euro (36 €/mln in 2023)
- Net profit including minorities 29.6 million euro (54.9 €/mln in 2023); minority interests
23.5 €/mln at 31.12.2024 (35.8 €/mln in 2023) - Immsi Group consolidated net financial position -947.3 million euro (-827.4€/mln at 31.12.2023)
- Capital expenditure 204.8 €/mln (+16% from 176.6 €/mln in 2023)
- Dividend: proposed final per-share dividend 1.2 eurocents (total dividend for the year, including the interim payout, 2.2 eurocents per share)
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- Authorisation for the purchase and disposal of own shares
- Shareholders called to the Annual General Meeting in ordinary session
1 in the industrial sector, as a result of the contractual changes made in 2024 to the sell-out promotions for the Indian market, the costs of the promotions,
which previously were classified under services provided, are now deducted from revenue.
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Mantua, 24 March 2025 - At a meeting today chaired by Matteo Colaninno, the Board of Directors of Immsi S.p.A. (IMS.MI) examined and approved the draft financial statements and the Piaggio Group consolidated financial statements as at and for the year ended 2024 as well as the consolidated sustainability report at 31 December 20242.
Immsi Group financial and business performance in the year ended 31 December 2024
Consolidated net sales for the year ended 31 December 2024 amounted to 1,748.4 million euro (2,011.6 million euro in 2023; -13.1%).
Immsi Group consolidated EBITDA was 271.1 million euro (307.8 million euro in 2023; -11.9%). The EBITDA margin, at 15.5%, was the best ever recorded by the Group (15.3% in 2023).
Consolidated EBIT was 129.3 million euro (160.8 million euro in 2023; -19.6%).The EBIT margin was 7.4% (8% in 2023).
Profit before tax was 52.5 million euro (90.9 million euro in 2023; -42.3%)and was subject to tax totalling 22.9 million euro (36 million euro in 2023).
Net profit was 29.6 million euro (54.9 million euro in 2023; 46.1%), including minority interests of 23.5 million euro (35.8 million euro at 31 December 2023; -34.2%).
Immsi Group net financial debt at 31 December 2024 was 947.3 million euro (827.4 million euro at 31 December 2023). The increase reflects the temporary reduction in trade payables and the trend in capital expenditure, notably in the industrial sector.
Immsi Group capital expenditure in 2024 amounted to 204.8 million euro (+16% from 176.6 million euro in 2023).
The Group's operations present seasonal variations in sales over the course of the year, especially in the industrial and tourism-hospitality sectors.
Group shareholders' equity at 31 December 2024 was 385.4 million euro (395.3 million euro at the end of 2023).
Performance of the Immsi Group businesses in the year ended 31 December 2024
Industrial sector: Piaggio Group
In the year to 31 December 2024, the Piaggio Group sold 481,600 vehicles worldwide, reporting consolidated net sales of 1,701.3 million euro. Consolidated EBITDA was 286.7 million euro, with an EBITDA margin of 16.9% (the highest ever recorded); EBIT was 147.7 million euro, with an EBIT margin of 8.7%; net profit was 67.2 million euro. Net financial debt at 31 December 2024 was 534 million euro.
Naval sector: Intermarine S.p.A.
The subsidiary Intermarine S.p.A. reported consolidated net sales of 44.3 million euro at 31 December 2024 (almost double net sales of 22.5 million euro in 2023), arising for 27.7 million
2 The 2024 draft financial statements and the Immsi Group 2024 consolidated financial statements have been prepared with the XHTML electronic format pursuant to Delegated Regulation (EU) 2019/815 (known as the ESEF Regulation); with the approval of the consolidated financial statements, the related mark- ups using XBRL tags have also been approved.
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euro in the Military Sector and 16.6 million euro in the Fast Ferries division, largely on operations at the Messina shipyard.
Real Estate and Holding sector
The real estate and holding sector had net sales of 2.7 million euro for the year ended 31 December 2024 (4.1 million euro in 2023). During the year, the Is Molas subsidiary completed a major restyling of its existing tourism and hospitality facilities to align services to the standards of its target clients.
Immsi S.p.A. parent company
The parent company Immsi S.p.A. posted a net profit of 8.7 million euro (16.5 million euro for the year to 31.12.2023).
Immsi S.p.A.'s net financial position at 31 December 2024 reflected debt of 9.8 million euro compared with debt of 11.9 million euro at 31 December 2023.
The Board of Directors will ask the AGM to approve payment of a final dividend of 1.2 eurocents, gross of taxes, to each entitled ordinary share (in addition to the interim dividend of 1 eurocent paid on 20.11.2024, ex-dividenddate 18.11.2023), for a total per-share dividend for 2024 of 2.2 eurocents, amounting overall to 7,491,660 euro. The ex-dividenddate (coupon no. 18) is 19.05.2025, the record date is 20.05.2025 and the payment date is 21.05.2025.
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Significant events in and after 2024
Supplementing the information published above or at the time of approval of the 2024 third- quarter results (directors' meeting of 13 November 2024), this section illustrates key events in and after 2024.
On 13 January, the Piaggio Group presented the Vespa 946 Snake, a limited edition offering a fresh take on the iconic 946. The new scooter embodies the essence of winter and is accompanied by a winter capsule collection as part of the Vespa Empty Space lifestyle project, which and includes the opening of pop-up stores in a series of prestigious locations, including La Rinascente (Rome and Milan) and Galeries Lafayette in Paris.
On 16 January a press conference was held to present the Aprilia Racing team, during which reigning MotoGP world champion Jorge Martín and Marco Bezzecchi officially unveiled the Aprilia RS-GP25. A project whose strong and proudly Italian technical identity marks a new chapter in the Aprilia Racing story.
On 19 February, Intermarine signed a Memorandum of Understanding with EDGE, the holding company of Abu Dhabi Ship Building (ADSB), a regional leader in the design, construction, repair, maintenance, refitting and conversion of naval and commercial vessels. The agreement establishes the foundation for future collaboration between ADSB and Intermarine, bringing together their expertise to design and build military and commercial vessels. By leveraging their combined capabilities, the partnership aims to create new business opportunities in local and international markets with advanced technological solutions.
24 February saw the market launch of the new Piaggio Liberty, the latest version of the high- wheel bestseller, with a significantly more modern look, improvements in all areas and engines updated in line with the Euro 5+ standard.
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On 28 February, pre-booking opened for the two most eagerly awaited new entries for 2025: the Aprilia Tuono 457, a new naked model for young bikers, and the Moto Guzzi V7 Sport, the most advanced and technological bike in the iconic V7 range.
In March 2025 Intermarine signed an important medium/long-term pool loan agreement for a nominal amount of 99 million euro, secured by the assignment to the lenders of the receivables on the contract with Navarm for the production of Next-Generation Minesweepers.
* * *
Outlook
The formulation of guidance for the industrial sector is closely linked to the need for a level of geopolitical and economic stability that can have a positive impact on consumer propensity to spend, with a trend reversal that takes us back to the conditions that prevailed until 2023.
Safety, sustainability, connectivity and competitiveness, together with a portfolio of iconic brands, investments in our products, research, technology and manufacturing sites - while maintaining constant control over our margins and productivity targets in overall cost management - will continue to be the distinguishing features of the Piaggio Group's operations around the world.
In the naval sector, Intermarine has begun work on the NGM program to provide the Italian Navy with cutting-edge minesweepers, whose state-of-the-art construction techniques and advanced combat system guaranteeing a high level of operating integration and automation will deliver unique operating capabilities and advanced technologies in the specialised sector of seabed surveillance and protection of critical underwater infrastructures.
Intermarine's objectives now focus on the completion of its recently acquired contracts and the start-up of work on the above-mentioned order placed by the Italian Navy, which guarantees a significant expansion to the subsidiary's order book and, consequently, conditions enabling it to optimise production capacity in the next few years. Additionally, it will continue commercial operations in all its business sectors, to take advantage of favourable new market opportunities.
In February 2025, Intermarine signed a Memorandum of Understanding with EDGE, the holding company of Abu Dhabi Ship Building (ADSB), a regional leader in the design, construction, repair, maintenance, refitting and conversion of naval and commercial vessels. The agreement establishes the foundation for future collaboration between ADSB and Intermarine, bringing together their expertise to design and build military and commercial vessels. By leveraging their combined capabilities, the partnership aims to create new business opportunities in local and international markets with advanced technological solutions.
In the real estate and tourism-hospitalitysector, the Is Molas subsidiary will continue marketing and rental activities on its residences as well as activities to increase Resort clients for its newly designed hospitality and golf facilities and the Is Molas Beach Club.
* * *
Sustainability and Consolidated Sustainability Report
At today's meeting, the Board of Directors also approved the Consolidated Sustainability Report at 31 December 2024, drawn up in compliance with Lgs.Decree no. 125 of 6 September 2024 (Corporate Sustainability Reporting Directive - CSRD).
* * *
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Authorisation for the purchase and sale of own shares
At today's meeting, the Board of Directors also agreed to ask the ordinary session of the shareholders' meeting to renew the authorisation for the purchase and disposal of Immsi own shares granted by the AGM of 29 April 2024, which is due to expire during 2025. The proposal aims to provide the company with a useful strategic investment opportunity for all purposes allowed under current regulations, including the purposes contemplated in art. 5 of EU Regulation 596/2014 (Market Abuse Regulation, hereinafter "MAR") and in the practices allowed under art. 13 MAR, including purchases of own shares for subsequent cancellation, on the terms and conditions that will be approved by the relevant governance bodies.
All information relating to the terms and procedures of the authorisation will be set out in the Report on the purchase and disposal of own shares, which will be made available to shareholders as required by law.
* * *
The Board of Directors agreed to convene the Annual General Meeting for 29 April 2025, on first call, and 30 April 2025, on second call.
* * *
The manager in charge of preparing the company accounts and documents, Stefano Tenucci, certifies, pursuant to paragraph 2 of art. 154-bis of the Consolidated Law on Financial Intermediation, that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.
This press release may contain forward-looking statements relating to future events and Immsi Group business and financial results. By their nature, these statements are subject to inherent risks and uncertainties since they relate to events and depend on circumstances that may or may not occur or exist in the future. Actual results may differ materially from those expressed in such statements as a result of a variety of factors.
This press release contains a number of indicators that, though not yet contemplated by the IFRS ("Non-GAAP Measures"), are based on financial measures envisaged by the IFRS. These indicators - presented in order to assist assessment of the Group's business performance - should not be considered as alternatives to those envisaged by the IFRS and are consistent with those in the Immsi Group 2023 Annual Report and quarterly and half-year reports. Furthermore, since determination of such indicators is not specifically regulated by the IFRS, the methods used may not coincide with those adopted by other companies/groups, and consequently the indicators in question may not be comparable. Specifically, the following alternative performance indicators are used:
- EBITDA: earnings before amortisation and impairment losses on property, plant and equipment and intangible assets, as reflected in the income statement;
- Net financial debt: this reflects financial liabilities (current and non-current) including trade payables and other non-current liabilities that include a material implicit (or explicit) debt component, less cash and cash equivalents, and other current financial receivables (ESMA Indications 2021/ 32-382-1138). Net financial debt as determined by the Immsi Group, however, does not include derivatives designated or not as hedges, fair value adjustments of the related hedged items and related accruals, fair value adjustments to financial liabilities, payables and interest accrued on bank loans, and interest on amounts due to third-party shareholders. The schedules in the Immsi Group draft financial statements as at and for the year ended 31 December 2024 include a table illustrating the composition of net financial debt.
In drawing up the Report on Operations and Financial Statements as at and for the year ended 31 December 2024, the Immsi Group applied the same accounting policies as those used to draw up the Report on Operations and Financial Statements as at and for the year ended 31 December 2023.
Immsi S.p.A. said that the Report on Operations as at and for the year ended 31 December 2024 will be available to the public at the company registered office, on the website of Borsa Italiana S.p.A., www.borsaitaliana.it,in the "eMarket STORAGE" authorised storage mechanism at www.emarketstorage.comand on the issuer's website www.immsi.it("Investors/Financial Reports/2025" section) as required by law.
The Immsi Group consolidated statement of financial position, consolidated income statement and consolidated statement of cash flows, and the Immsi S.p.A. statement of financial position, income statement and statement of cash flows are set out below. At the time of publication of this press release, the audit of the Immsi Group consolidated financial statements, the Immsi S.p.A. separate financial statements and the Sustainable Report ex Lgs.Decree 125/2024 at 31 December 2024 had not been completed.
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For more information:
www.immsi.it
Immsi Group Press Office
Director Diego Rancati
Via Broletto, 13 - 20121 Milan - Italy E-mail: diego.rancati@immsi.it;
Corporate Press Officer Giulia Amendola giulia.amendola@piaggio.com
* * *
Immsi Group Investor Relations
Stefano Tenucci
P.zza Vilfredo Pareto, 3
46100 Mantua (IT)
Tel. +39.0376.2541
- ACCOUNTING SCHEDULES FOLLOW -
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2024
In thousands of euro
ASSETS | 31 December | 31 December |
2024 | 2023 | |
NON-CURRENT ASSETS | ||
Intangible assets | 961,612 | 922,155 |
Property, plant, equipment | 417,604 | 376,055 |
Investment property | 0 | 0 |
Equity investments | 7,127 | 8,502 |
Other financial assets | 16 | 16 |
Tax receivables | 6,454 | 9,689 |
Deferred tax assets | 148,185 | 141,478 |
Trade and other receivables | 21,982 | 19,743 |
- of which vs related parties | 0 | 0 |
TOTAL NON-CURRENT ASSETS | 1,562,980 | 1,477,638 |
DISCONTINUED OPERATIONS | 0 | 0 |
CURRENT ASSETS | ||
Trade and other receivables | 135,113 | 127,866 |
- of which vs related parties | 1,085 | 971 |
Tax receivables | 24,356 | 20,802 |
Inventories | 429,077 | 439,659 |
Other financial assets | 0 | 13,075 |
Cash and cash equivalents | 158,825 | 196,096 |
TOTAL CURRENT ASSETS | 747,371 | 797,498 |
TOTAL ASSETS | 2,310,351 | 2,275,136 |
LIABILITIES | ||
SHAREHOLDERS' EQUITY | ||
Group consolidated shareholders' equity | 219,918 | 228,840 |
Capital and reserves of minorities | 165,485 | 166,427 |
TOTAL SHAREHOLDERS' EQUITY | 385,403 | 395,267 |
NON-CURRENT LIABILITIES | ||
Financial liabilities | 632,934 | 590,285 |
- of which vs related parties | 658 | 1,052 |
Trade and other payables | 17,035 | 12,340 |
Provisions for severance liabilities and similar obligations | 26,894 | 27,512 |
Other non-current provisions | 19,416 | 19,137 |
Deferred tax | 8,071 | 8,346 |
TOTAL NON-CURRENT LIABILITIES | 704,350 | 657,620 |
LIABILITIES ON DISCONTINUED OPERATIONS | 0 | 0 |
CURRENT LIABILITIES | ||
Financial liabilities | 480,866 | 445,965 |
- of which vs related parties | 406 | 408 |
Trade payables | 619,849 | 660,644 |
- of which vs related parties | 5,647 | 6,486 |
Income tax liabilities | 15,707 | 17,651 |
Other payables | 86,629 | 80,714 |
- of which vs related parties | 10 | 111 |
Current portion of other non-current provisions | 17,547 | 17,275 |
TOTAL CURRENT LIABILITIES | 1,220,598 | 1,222,249 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,310,351 | 2,275,136 |
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CONSOLIDATED INCOME STATEMENT AT 31 DECEMBER 2024
In thousands of euro
31.12.2024 | 31.12.2023 | |
Net sales (*) | 1,748,351 | 2,011,603 |
- of which vs related parties | 2 | 10 |
Cost of materials | 1,081,018 | 1,272,745 |
- of which vs related parties | 14,398 | 21,208 |
Cost of services and use of third-party assets (*) | 281,167 | 291,826 |
- of which vs related parties | 448 | 617 |
Employee expense | 269,796 | 272,500 |
Depreciation and impairment property, plant and equipment | 65,462 | 65,267 |
Goodwill impairment | 0 | 0 |
Amortisation and impairment intangible assets with finite life | 76,326 | 81,711 |
Other operating income | 182,284 | 164,411 |
- of which vs related parties | 226 | 281 |
Impairment reversals (losses) net of trade and other receivables | (3,197) | (3,954) |
Other operating expense | 24,380 | 27,164 |
- of which vs related parties | 109 | 125 |
EBIT | 129,289 | 160,847 |
Results of associates | (1,645) | (772) |
Finance income | 20,213 | 27,308 |
Finance costs | 95,402 | 96,500 |
- of which vs related parties | 51 | 48 |
PROFIT BEFORE TAX | 52,455 | 90,883 |
Income tax | 22,872 | 36,009 |
PROFIT (LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS | 29,583 | 54,874 |
Profit (loss) for the period from discontinued operations | 0 | 0 |
PROFIT (LOSS) FOR THE PERIOD INCLUDING MINORITY INTERESTS | 29,583 | 54,874 |
Minority interests | 23,545 | 35,792 |
GROUP PROFIT (LOSS) FOR THE PERIOD | 6,038 | 19,082 |
- in the industrial sector, as a result of the contractual changes made in 2024 to the sell-out promotions for the Indian market, the costs of the promotions, which previously were classified under services provided, are now deducted from revenue. Although the value in question is negligible, for the purpose of comparison with the 2024 figures, in FY 2023 an amount of 9.5 million euro has been reclassified from cost of services and deducted against revenue.
EARNINGS PER SHARE
Amounts in euro
From continuing and discontinued operations: | 31.12.2024 | 31.12.2023 |
Basic | 0.018 | 0.056 |
Diluted | 0.018 | 0.056 |
From continuing operations: | 31.12.2024 | 31.12.2023 |
Basic | 0.018 | 0.056 |
Diluted | 0.018 | 0.056 |
Average number of shares: | 340,530,000 | 340,530,000 |
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CONSOLIDATED STATEMENT OF CASH FLOWS AT 31 DECEMBER 2024
In thousands of euro
31.12.2024 | 31.12.2023 | |
Operating activities | ||
Profit before tax | 52,455 | 90,883 |
Depreciation of tangible assets (including investment property) | 65,462 | 64,910 |
Amortisation of intangible assets | 76,326 | 81,102 |
Provision for risks, severance liabilities and similar obligations | 23,234 | 24,899 |
Impairment losses / (Reversals of impairment losses to fair value ) | 3,150 | 4,870 |
Losses / (Gains) on the sale of tangible assets (including investment | (711) | (1,279) |
property) | ||
Finance income | (3,165) | (2,470) |
Dividend income | (34) | (34) |
Finance costs | 77,310 | 69,588 |
Amortisation of public grants | (10,144) | (9,462) |
Share of pre-tax results of associates (and other equity-accounted companies) | 1,645 | 772 |
Change in working capital: | ||
(Increase) / Decrease in trade receivables and other receivables | (9,741) | (21,286) |
(Increase) / Decrease in inventories | 10,582 | 51,434 |
Increase / (Decrease) in trade payables and other payables | (37,074) | (110,033) |
(Increase) / Decrease in contract work in progress | (2,894) | 4,013 |
Increase / (Decrease) in provisions for risks | (12,974) | (14,664) |
Increase / (Decrease) in provisions for severance liabilities and similar | (11,511) | (12,432) |
obligations | ||
Other movements | (8,768) | 15,993 |
Cash generated by operating activities | 213,148 | 236,804 |
Interest expense paid | (67,233) | (50,916) |
Tax paid | (32,007) | (36,752) |
Cash flow relating to operating activities | 113,908 | 149,136 |
Investment activities | ||
Acquisition of subsidiaries, net of cash and cash equivalents | (1,283) | (1,411) |
Investment in tangible assets (including investment property) | (90,042) | (67,986) |
Sale price or redemption value of tangible assets (including investment | 2,101 | 3,587 |
property) | ||
Investment in intangible assets | (114,741) | (108,566) |
Sale price or redemption value of intangible assets | 43 | 222 |
Sale price of non-consolidated equity investments | 0 | 13 |
Sale price of financial assets | 9,466 | 0 |
Interest collected | 2,216 | 1,588 |
Public grants collected | 12,782 | 2,801 |
Dividends from equity investments | 34 | 0 |
Cash flow relating to investing activities | (179,424) | (169,752) |
Financing activities | ||
Other financial assets | 6,205 | (6,205) |
Loans received | 205,710 | 437,636 |
Outflow for loan repayments | (127,153) | (405,073) |
Reimbursement of rights of use | (12,180) | (12,081) |
Outflow for dividends paid to Shareholders of the Parent | (11,919) | (18,389) |
Outflow for dividends paid to Minority Shareholders | (34,101) | (39,683) |
Cash flow relating to financing activities | 26,562 | (43,795) |
Increase / (Decrease) in cash and cash equivalents | (38,954) | (64,411) |
Opening balance | 193,552 | 263,513 |
Exchange differences | 2,786 | (5,550) |
Closing balance | 157,384 | 193,552 |
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Immsi S.p.A. Statement of Financial Position at 31 December 2024
In thousands of euro
ASSETS | 31/12/2024 | 31/12/2023 |
NON-CURRENT ASSETS | ||
Intangible assets | 0 | 0 |
Property, plant, equipment | 1,441 | 1,633 |
Investment property | 0 | 0 |
Investments in subsidiaries and associates | 311,801 | 301,301 |
Other financial assets | 284,430 | 280,686 |
- of which vs related parties and intragroup | 284,430 | 280,686 |
Tax receivables | 0 | 0 |
Deferred tax assets | 1,593 | 1,542 |
Trade and other receivables | 16,938 | 14,229 |
- of which vs related parties and intragroup | 16,762 | 13,944 |
TOTAL NON-CURRENT ASSETS | 616,203 | 599,391 |
DISCONTINUED OPERATIONS | 0 | 0 |
CURRENT ASSETS | ||
Trade and other receivables | 1,101 | 2,977 |
- of which vs related parties and intragroup | 374 | 2,242 |
Tax receivables | 405 | 261 |
Inventories | 0 | 0 |
Contract work in progress | 0 | 0 |
Other financial assets | 1,041 | 7,886 |
- of which vs related parties and intragroup | 1,041 | 1,017 |
Cash and cash equivalents | 3,781 | 8,070 |
TOTAL CURRENT ASSETS | 6,328 | 19,194 |
TOTAL ASSETS | 622,531 | 618,585 |
LIABILITIES | 31/12/2024 | 31-Dec-23 |
SHAREHOLDERS' EQUITY | ||
Share capital | 178,464 | 178,464 |
Reserves and retained earnings | 168,524 | 161,439 |
Profit (loss) for the period | 8,664 | 16,475 |
TOTAL SHAREHOLDERS' EQUITY | 355,652 | 356,378 |
NON-CURRENT LIABILITIES | ||
Financial liabilities | 43,400 | 78,885 |
- of which vs related parties and intragroup | 367 | 499 |
Trade and other payables | 77 | 112 |
Provisions for severance liabilities and similar obligations | 313 | 368 |
Other non-current provisions | 0 | 0 |
Deferred tax | 912 | 728 |
TOTAL NON-CURRENT LIABILITIES | 44,702 | 80,093 |
LIABILITIES ON DISCONTINUED OPERATIONS | 0 | 0 |
CURRENT LIABILITIES | ||
Financial liabilities | 217,532 | 176,097 |
- of which vs related parties and intragroup | 157 | 177 |
Trade payables | 787 | 946 |
- of which vs related parties and intragroup | 127 | 104 |
Income tax liabilities | 1,816 | 3,078 |
Other payables | 2,042 | 1,993 |
- of which vs related parties and intragroup | 21 | 0 |
Current portion of other non-current provisions | 0 | 0 |
TOTAL CURRENT LIABILITIES | 222,176 | 182,114 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 622,531 | 618,585 |
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