Intermarine increases capital by €3 million

Savona - Intermarine, the IMMSI group company that operates in the naval sector, received an injection of capital in the first half of 2014. On August 28th, the group controlled by Roberto Colaninno announced that it has closed the period from January to June with a consolidated net loss of €40 million, mainly because of the massive devaluation of its €40.8 million in Alitalia shares. IMMSI’s press release on the first semester added that consolidated revenue was €655.8 million (the figure was 695.7 million in 2013), the overwhelming majority of which - 95.9% - comes from the industrial sector (the Piaggio Group), just 3.7% from the naval sector, and what remains from “real estate and holding companies.” As the press release from IMMSI points out, “in the naval sector (Intermarine spa), in the course of the first half of 2014 there was an increase in net sales revenue, which reached €24.6 million, for a growth of 12.3% compared to the same period last year. The overall value of the orders portfolio on June 30, 2014, was about €168 million.” However, one has to read between the lines of the semi-annual report to discover that during the first half of the year, the naval sector company was recapitalized for €3 million.

The operation took place through the intervention of Intermarine’s controlling stakeholder, RCN Finanziaria spa, which in turn is majority owned at 63% by IMMSI. And in the recapitalization, RCN converted financial credits owed to the subsidiary into net equity reserves for the company, an operation that translates into a reduction of Intermarine spa’s net debt by an equal amount. The latter, in the first six months of the year, made €5.73mn in losses, of which the IMMSI group is responsible for €3.62mn, with a net financial position of €117.2mn in the red. In so far as the company’s “real estate and holding company” business is concerned, the IMMSI press release from last week explains that revenues on June 30, 2014, were €2.3 million, which is in line with the first six months of 2013. The “real estate and holding company” business is registering the fortunes of the parent company, IMMSI spa, and of IMMSI Audi scarl, ISM Investimenti spa, IS Molas spa, Apuliae spa, Pietra srl and RCN Finanziaria spa. Pietra srl, in particular, is the company that is following the project of the redesign of what was previously the Rodriquez shipyard (and is now Intermarine) in the tourist port, with the associated public buildings, event spaces, residential buildings and production facilities in the town of Pietra Ligure, in the province of Savona.

IMMSI’s mid-year balance sheets explain that “in the course of the first half of 2014, the company continued with the approval of the definitive project (Burlando procedure)” and, again, that “after the Region of Liguria’s Decree no. 176 of January 31st, 2014, which established that the company was not subject to environmental impact assessment, the definitive project was updated (...) was delivered and published on the municipal notice board of the town of Pietra Ligure on March 10th, 2014. On March 24th, 2014, the municipal council of Pietra Ligure, in response to the imminent end of the mayor’s and the council’s terms in office, and in anticipation of the town administrative elections on May 25th, 2014, made the decision approve the final draft after the elections.” But the project still cannot move forward, as the semester report continues, because “after it was passed by part of the municipal council of Pietra Ligure in the July 15th session, we are awaiting the service conference decision to obtain the maritime concession from the Italian State and the city planning permissions.” In the meantime, in the first semester, as of June 30th, Pietra srl, as IMMSI’s half-year report states, recorded a “substantial economic balancing and financial debt of €2.2 million, which is the same as on December 31st, 2013.”