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May 27 2016

MANNI GROUP PRESENTS ITS FINANCIAL STATEMENT FOR 2015: 470 MILLION EUROS IN TURNOVER AND 27,5 MILLION INVESTED IN INNOVATION AND SUSTAINABLE DEVELOPMENT

EXPO and internationalisation central to the results of the multinational with head offices in Verona, confirming it as one of the most dynamic industrial businesses with two new production companies in Russia and Mexico and large acquisitions in renewable energy and energy efficiency.

Manni Group continues to grow and strengthen its «sustainable long-term development-oriented strategy» to pursue the objectives of «sustainability, internationalisation and technological research» set forth in the «five-year development plan which will see the current Ebitda double by 2018». President Giuseppe Manni presents the results of the multinational that he has been heading since 1960, to his stakeholders meeting at the historical Bertani di Grezzana vineyard (Verona), alongside vice president of the Group, Francesco Manni, and CEO,Enrico Frizzera, and professor emeritus of Business Strategy and policy at Bocconi, as the moderator, Giorgio Brunetti.

469,9 million Euros in consolidated turnover, slightly down from the previous year (- 2% due to the crash in the price of raw materials), an Ebitda that rose from 14 million in 2014 to 16,06 million in 2015, stabilising at 3,4% in turnover, investments of over 27 million Euros compared to 17,6 million in 2014, and 974 employees, with an increase of 158 units in the last year.

«The Group proved it was capable of maintaining its development – comments Francesco Manni. Internationalisation of the Panels industry offered additional opportunities for improvement and the positive data recorded in the early months of 2016 generally make us confident about the future». This result was achieved regardless of the significant drop in the price of steel which hit a record low in the second semester of the year and affected the turnover goals, causing the revenue of the Steel industry to exceed little more than the figures of 2013, even though the Group’s Ebitda suffered due to impairments linked to devaluations and losses on exchanges, of approximately 4 million Euros, and regardless of the uncertainty stemming from the renewal of funding and tax deductions in favour of Renewable energies.

Looking closely at the individual divisions, as for the steel industry Manni Sipre has a turnover of 185,6 million Euros and therefore a drop of 8,1% in comparison to the previous year, yet it maintains its volumes. «Over the course of the year, being showcased at Expo 2015 in Milan where Manni Sipre built over 80% of the metal structures – explains vice president of the Group, Francesco Manni – the company obtained international visibility which led to, in 2016, an excellent load of orders coming mainly from North Africa». Underlining the importance that Expo 2015 represented for the Group, Walter Fabbri, long-time manager of external relations and organiser of events, symbolically awarded all of Manni Sipre’s labourers with a plate to thank them for the excellent work that they carried out, on behalf of the 21 million visitors of the Universal Exposition.

Manni Inox – Centro Servizi Inox had a turnover of 52 million Euros (+8,5%), ranking as the third national player in the industry, having started from zero just a few years ago.

The steel industry therefore had a total revenue of 237,7 million Euros (250 million in 2014), with an Ebitda of 5,4 million Euros.

The Isopan panel industry, on the other hand, increased its turnover from 192,6 million Euros to 207,3 million Euros, achieving an Ebitda of 11.7 million Euros; Isopan Est and  Isopan Iberica recorded the best performances, while over the course of the fiscal year the start-up of Isopan Rus in Russia and Isocindu in Mexico (a joint venture with Venezuelan group Cindu) required investments of 25,3 million Euros. The considerable growth in the insulating panels industry showed a boost in volumes and, therefore in turnover of 8%, also thanks to numerous new orders from Isopan Deutschland and to the excellent performance provided by the foreign companies and by the segments served by the special products in Italy.

Lastly the Renewable Energy and Services industry, which includes Administration, Finance, Control, Buying, ICT, HR, Marketing and Communication and Social Activities provided by Manni Group Holding to the Group’s companies, had a total revenue of 24,9 million Euros (38,5 million Euros the previous year), with a negative Ebitda by 1,2 million Euros. In particular, Manni Energy is at the centre of continuous evolution for the decisive transformation of this business area which developed from plant engineering only to an increase in O&M services (Operations & Maintenance) and Energy Efficiency thanks to the acquisition, in 2015, of the O&M Branch of Solon Spa, an operation that also lead to the subsequent acquisition of a share of Officinae Verdi, leader in sustainability and energy efficiency. «This integration – underlines Enrico Frizzera, CEO of Manni Group – has a very significant forward-looking meaning, as it brings the competencies of the structural engineering Group closer to the engineering competencies of sustainability and energy efficiency, key themes in designing products and services suitable for the buildings of the future».

Enrico Frizzera therefore confirmed the solidity of the Group’s balance sheet which, in the last few years, has recovered pockets of liquidity of approximately 10 million per annum and has made over 52 million Euros in self-financing investments in the last three fiscal years, thereby decreasing the net financial position from 162 to 120 million Euros. «In keeping with the concepts of solidity and attention to asset management – he specifies – we must remember that the Group has invested in qualified staff and specific training, defining an analysis and financial planning model that has made it possible to achieve very positive dynamics in the last two years».

«The Group has also managed to maintain its positions – adds Giuseppe Manni –  thanks to the efforts made in innovation and training, as well as investments exceeding 52 million Euros in the last three-year period, all with a stronger capital structure. Plus the foreign turnover jumped to 139 million Euros, consistent with the objective set forth in the strategic plan of boosting this value to 50% of the overall turnover. The increase in staff, which exceeds 1000 units counting contractors’ employees, underlines the effort to reverse the occupational drift in the sector and displays our social commitment, also conveyed through the activities of the PRO DUBBO Foundation which contributed to founding and managing Dubbo Hospital in Ethiopia, of the Brain Research Foundation which supports Neuroscience research at the Integrated University Hospital of Verona, of the  Bosco Children Institute which hosts and re-habilitates the street children of Addis Abeba. The objective for 2018 aims to be the responsible completion of company renewal carried out exclusively with our own resources, primarily human. In other words, we believe that the common good can be a factor for company success, and this explains our participation in favour of art, music, sports and theatre. The common good is an essential objective for everyone called to responsibly head the company and who cares about passing it on to their successor better than how they received it».

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