Innovation, internationalisation and sustainability are the three principles guiding the vision of the Verona-based company reported in the second Sustainability Report presented today.

A €571.7 million aggregate turnover, 38% of which generated by exports, net financial position up to 109.50 million and a consolidated shareholders’ equity up to 108 million, EBITDA amounting to € 21.2 million. The 2017 aggregate financial statement results as of 31 December 2017 reflect the growth of the Group, founded in 1945 in Verona, which controls 14 companies with 21 production centres worldwide and 10,000 customers in 66 countries.

During the traditional open meeting held today at the Hotel Crowne Plaza Verona Fiere chaired by lawyer Lamberto Lambertini, Chairman Giuseppe Manni, Vice-Chairman Francesco Manni and CEO Enrico Frizzera confirmed the Group’s continuous investments in the three Business Units (steel, panels and renewable energy), the Digital Transformation launched and the enhancement of human capital, with an enhanced training offer for employees (+76% in 2017 alone). Of the 4,361 hours of non-mandatory training received in 2017, around 800 hours were dedicated to the young people of MYG, the Manni Young Generation corporate Academy, which involves 12 “under 30” employees in the development of Process, Service and Product Innovation projects, and the most deserving one will be launched by the end of the year.

Innovation, internationalisation and sustainability are the three principles guiding the vision of Manni Group. Among the latest projects, which are often developed as part of a partnership, the most important is the creation of a Research and Development division to generate product and process innovation, with the aim of developing technological leadership and generating a competitive advantage with a team that combines the know-how of experienced professionals with the specialist skills of young resources.

As Giuseppe Manni points out, ‘In our vision, sustainability should bring economic benefits while respecting the environment and giving sufficient attention to social issues. For us, donating part of our profits to social causes has allowed us, for example, to overcome a 10-year long downturn in the domestic market, and the number of our employees has increased from 880 in 2007 to 1,105 in 2017. At the same time, market volumes and the number of people employed in our sector have halved.’

The social commitment is also expressed through initiatives in favour of communities that the Group’s activities insist on. In particular, the PRO DUBBO Foundation, which has contributed to construction and today manages the Dubbo Hospital in Ethiopia, the Brain Research Foundation, which supports research in Neuroscience in Verona and the Bosco Children Institute that hosts and rehabilitates Addis Ababa street children.

From an organisational point of view, in 2017 the ERM (Enterprise Risk Management) Department was established at Holding Manni Group, which is part of integrated business risk management: it coordinates the various control measures already in place and takes into account the numerous assessment and management areas of risks associated with the business.



MANNI SIPRE, a leading manufacturer in Europe of long and flat steel products, closed the 2017 financial year with a turnover of €205,301,192 compared to the previous year’s €196,096,181; the EBITDA (gross operating margin) amounts to €4,026,209.

The result was affected by a downturn in the industrial and infrastructure construction market, continuing the negative trend of previous years, but partly offset by a slight increase in steel consumption in the mechanical and plant engineering sectors. In contrast, the domestic and European steel industry has performed very well as a result of sustained demand for construction and mechanics in other European countries, and thanks to the anti-dumping measures in force on imports of steel products from China and from other producers in the Far East. Commercial activities have been strategically focused on finding new customers, both Italian and foreign, such as plant or mechanical component manufacturers, where the utmost value is given to the absolute level of excellence of Manni Sipre’s services and to technical assistance in the various phases of project implementation, in terms of timing and quality. ‘This is perhaps the most distinctive feature of Manni Sipre,’ Francesco Manni commented, ‘which makes it unique in the sector and allows it to free itself, at least partially, from the dynamics of the trend of raw material costs, which are influenced by the protectionist, speculative policies of European steel producers’.

MANNI INOX had another very positive financial year, with growth in volumes and sales: €64,185,213 compared to €51,224,630 in the previous year with EBITDA amounting to €3,608,074.  This steadily growing result has been achieved thanks to strategic positioning in the field of retail distribution and processing, with unrivalled levels of efficiency, such as to determine consistent results even in an extremely volatile market due to the unpredictability of the alloy surcharge trend, which is listed on world stock exchanges.

The performance of the ISOPAN sub-holding company during the year was strongly affected by the upward movement in the cost of raw materials caused by the speculative policies of producers, in particular polyurethane foams. This resulted in an increase in turnover linked to the increase in the cost of raw materials, equal to €272,100,000 in 2017 compared to €224,800,000 in the previous year, with a gross operating margin (EBITDA) amounting to €4,967,301. On the whole, Isopan’s strategic positioning has been strengthened by a series of changes made during the year to the sales organisation, which has been completely renewed and designed to increase our presence in increasingly sophisticated sandwich panel application areas, requiring high levels of quality and direct access to technical assistance for end users.

The RENEWABLE ENERGY AND SERVICES Business Unit comprises the Manni Group Industrial Holding, which provides strategic guidance and services of various kinds to subsidiaries, from the purchasing office to finance, human resources management, legal assistance, EDP, etc.; the engineering company Icom, which plays an increasingly important role both in terms of technical advice and as a privileged observatory of innovation for the Group; service companies for subsidiaries such as the real estate firm Manni Immobilia, which manages the Group’s properties profitably; and the company Manni Energy, which operates in the renewable energy sector. Given the current state of uncertainty in national economic policy, which still does not include a strategic national energy plan, the latter has preferred to focus its efforts in the field of Energy Management and Operation & Maintenance.

All the activities included in the Services and Renewable Energy BU have generated a sales volume of €30,000,000.



Established at the end of 2017, Manni Green Tech manufactures prefabricated constructions with light metal structures for modular and scalable buildings, which can also be used with other products manufactured by the Group’s companies, such as Isopan panels or renewable energy systems by Manni Energy. Prefabrication is based on digital design and production processes and involves the use of recyclable materials, ensuring anti-seismic and superior energy performance as well as a significant reduction in waste and refuse on site, improved working conditions and faster construction times.



By publishing its second sustainability report, Manni Group demonstrates its commitment to encouraging the adoption of a Green & Circular Economy model, integrating the values of sustainable development into its strategy in order to grow while respecting society and the environment in which it operates.

With regard to the goal of reducing its CO2 emissions by 15% by 2022, as declared in its Sustainability Policy, the Group launched an Action Plan that in 2017 allowed it to avoid the emission of 3,858 tonnes of CO2 equivalent thanks to the use of self-produced clean energy and of 2,726 tonnes of CO2 equivalent by purchasing green energy.

Following the publication of its Sustainability Policy, the Group has also defined, in partnership with its main suppliers, a Sourcing Policy, which includes its social and environmental performance in the qualification procedures for inclusion in the supply chain.

‘There are positive growth prospects for our business, considering both the investments made in recent years and the organisational changes underway,’ said CEO Enrico Frizzera, ‘despite the fact that our businesses have an impact on mature markets that leave no room for a fair margin. Our goal is therefore to consolidate our market leadership by contributing, through the development of innovative products with a high social and environmental performance, to an evolution in the demand for sustainable products and services.’


PR_Financial Statement_2017 Manni Group Spa