Interpump Group — Earnings Release 2016

Aug 4, 2016

Informazione Regolamentata n. 0159-88-2016		Data/Ora Ricezione 04 Agosto 2016 12:34:22	MTA - Star
Societa'	:	INTERPUMP GROUP
Identificativo Informazione Regolamentata	:	77949
Nome utilizzatore	:	INTERPUMPNSS01 - BANCI
Tipologia	:	IRAG 02
Data/Ora Ricezione	:	04 Agosto 2016 12:34:22
Data/Ora Inizio Diffusione presunta	:	04 Agosto 2016 12:49:23
Oggetto	:	CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2016
Testo del comunicato

Vedi allegato.

PRESS RELEASE

CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2016

NET SALES: €472.5 million (+1.2%), €467.0 million in the first half of 2015

EBITDA: €102.3 million (+6.0%) or 21.7% of sales, €96.6 million or 20.7% of sales in the first half of 2015

EBIT: €81.0 million (+6.2%) or 17.1% of sales, €76.2 million in the first half of 2015 (16.3% of sales)

NET PROFIT: €49.1 million (normalized net profit of €50.3 million), +8.5% compared to normalized net profit of €46.3 million for the first half of 2015

FREE CASH FLOW: €29.5 million (€29.5 million also in the first half of 2015)

NET FINANCIAL POSITION: €309.8 million after the expense of €21.3 million in acquisitions, and the purchase of treasury shares for €42.7 million (€255.0 million at 31 December 2015)

CONSOLIDATED RESULTS FOR THE SECOND QUARTER OF 2016

NET SALES: €245.8 million (+0.6%), €244.4 million in the second quarter of 2015 EBITDA: €54.7 million (+3.1%) or 22.3% of sales, €53.1 million or 21.7% of sales in the second quarter of 2015 EBIT: €43.7 million (+2.5%) or 17.8% of sales, €42.6 million in the second quarter of 2015 (17.4% of sales)

NET PROFIT: €27.3 million, +1.4% compared to normalized net profit of €27.0 million in the second quarter of 2015

FREE CASH FLOW: €22.1 million (+46.7%), €15.0 million in the second quarter of 2015

Chairman Fulvio Montipò: "In the first half of 2016, in spite of the difficult situation in some international markets, the Company gained market share with a slight increase in sales.

The most important result, though, is the growth in the Group's already high profitability, which rose from 20.7% to 21.7% of sales (22.3% in the second quarter).

This satisfactory achievement was made possible by the ongoing rationalization process and the synergies resulting from recent acquisitions".

Sant'Ilario d'Enza (RE), 4 August 2016 – The Board of Directors of Interpump Group S.p.A. met today and approved the results for the second quarter and first half of 2016.

RESULTS FOR THE FIRST HALF OF 2016

Net sales for the first half of 2016 totaled €472.5 million, an increase of 1.2% over sales in the corresponding period of 2015 which amounted to €467.0 million (+0.4% on a on a like-for-like basis with unchanged consolidation scope and exchange rates).

Sales by business area and geographical area were as follows:

		Rest of	North	Far East &	Rest of the
(€/000)	Italy	Europe	America	Oceania	World	Total
1st half of 2016
Hydraulic Sector	61,444	113,439	73,280	18,711	35,281	302,155
Water Jetting Sector	16,721	47,650	71,668	24,739	9,535	170,313
Total	78,165	161,089	144,948	43,450	44,816	472,468
1st half of 2015
Hydraulic Sector	56,382	104,700	78,370	21,356	37,042	297,850
Water Jetting Sector	16,629	45,088	74,148	21,468	11,826	169,159
Total	73,011	149,788	152,518	42,824	48,868	467,009
Percentage changes 2016/2015
Hydraulic Sector	+9.0%	+8.3%	-6.5%	-12.4%	-4.8%	+1.4%
Water Jetting Sector	+0.6%	+5.7%	-3.3%	+15.2%	-19.4%	+0.7%
Total	+7.1%	+7.5%	-5.0%	+1.5%	-8.3%	+1.2%

Gross operating income (EBITDA) amounted to €102.3 million (21.7% of sales) compared to €96.6 million in the first half of 2015, which represented 20.7% of sales, a rise of 6.0%.

The following table sets out EBITDA by business sector:

	First half	% of	First half	% of
	2016	total	2015	total	Increase/
	€/000	sales	€/000	sales	decrease
Hydraulic Sector	59,464	19.7%	53,829	18.1%	+10.5%
Water Jetting Sector	42,882	25.1%	42,653	25.1%	+0.5%
Other Sectors	(10)	n.s.	69	n.s.	n.s.
Total	102,336	21.7%	96,551	20.7%	+6.0%

Operating income (EBIT) amounted to €81.0 million (17.1% of sales) compared to €76.2 million in the first half of 2015, (16.3% of sales), a rise of 6.2%.

Net profit totaled €49.1 million in 2016. Net profit in the corresponding period in 2015 included one-off financial income of €32.0 million arising from the earlier-than-expected exercise of put options by third parties, and net exchange gains of €3.1 million due to the significant depreciation of the euro against all the other currencies (and in particular the US dollar) occurred during the period. There were net exchange losses of €0.3 million in the first half of 2016. Normalized net profit for the first half of 2015, excluding these two items, amounted to €46.3 million, while normalized net profit for the first half of 2016 totaled €50.3 million, 8.5%

higher. Basic earnings per share amounted to €0.461 (€0.753 in the first half of 2015, likewise affected by the above-mentioned non-recurring items).

Capital employed rose from €900.8 million at 31 December 2015 to €950.7 million at 30 June 2016, mainly due to the acquisition of Tubiflex. Non-annualized ROCE amounted to 8.5% (8.4% in the first half of 2015). Nonannualized ROE totaled 8.1%, also affected by the above-mentioned non-recurring items.

The net financial position at 30 June 2016 amounted to €309.8 million compared to €255.0 million at 31 December 2015 due to payments of €21.3 million made for acquisitions and the purchase of treasury shares of €42.7 million, as well as the distribution of dividends for €21.0 million. This amount does not include commitments for the purchase of minority shares in existing subsidiaries (put options) and liabilities for acquisitions totaling €30.9 million overall (€23.2 million at 31 December 2015). Net cash generated from operations amounted to €73.8 million (€71.7 million in the first half of 2015), a rise of 2.9%. Free cash flow totaled €29.5 million (same as in the first half of 2015).

At 30 June 2016 the Company held 3,923,752 treasury shares, or 3.6% of its capital, purchased at an average price of €12.4754.

RESULTS FOR THE SECOND QUARTER OF 2016

Net sales for the second quarter of 2016 totaled €245.8 million, an increase of 0.6% over the corresponding period of 2015 (€244.4 million). The rise was 0.1% on a like-for-like basis (unchanged consolidation scope and exchange rates).

Sales for the second quarter by business area and geographical area were as follows:

		Rest of	North	Far East &	Rest of the
(€/000)	Italy	Europe	America	Oceania	World	Total
2nd quarter of 2016
Hydraulic Sector	32,425	58,591	37,054	9,824	18,646	156,540
Water Jetting Sector	9,983	25,174	34,966	13,453	5,644	89,220
Total	42,408	83,765	72,020	23,277	24,290	245,760
2nd quarter of 2015
Hydraulic Sector	29,893	53,703	39,300	11,313	17,999	152,208
Water Jetting Sector	9,454	24,726	39,036	11,595	7,365	92,176
Total	39,347	78,429	78,336	22,908	25,364	244,384
Percentage changes 2016/2015
Hydraulic Sector	+8.5%	+9.1%	-5.7%	-13.2%	+3.6%	+2.8%
Water Jetting Sector	+5.6%	+1.8%	-10.4%	+16.0%	-23.4%	-3.2%
Total	+7.8%	+6.8%	-8.1%	+1.6%	-4.2%	+0.6%

Gross operating income (EBITDA) amounted to €54.7 million (22.3% of sales) compared to €53.1 million in the second quarter of 2015, which represented 21.7% of sales, a rise of 3.1%. The EBITDA margin therefore

increased by 0.6 percentage points year-on-year in the second quarter. The following table sets out EBITDA by business sector:

	Second quarter 2016 €/000	% of total sales	Second quarter 2015 €/000	% of total sales	Increase/ decrease
Hydraulic Sector	31,788	20.3%	28,845	18.9%	+10.2%
Water Jetting Sector	22,912	25.6%	24,164	26.1%	-5.2%
Other Sectors	(1)	n.s.	66	n.s.	n.s.
Total	54,699	22.3%	53,075	21.7%	+3.1%

Operating income (EBIT) amounted to €43.7 million (17.8% of sales) compared to €42.6 million in the second quarter of 2015 (17.4% of sales), a rise of 2.5%.

Consolidated net profit for the second quarter totaled €27.3 million (€51.4 million in the second quarter of 2015, also benefiting from the above-mentioned factors). Excluding non-recurring items, normalized net profit for the second quarter was 1.4% higher than normalized net profit for the second quarter of 2015.

Basic earnings per share amounted to €0.258 compared to €0.478 in the second quarter of 2015, likewise affected by the above-mentioned non-recurring financial income. * * *

Pursuant to article 65-bis, paragraph 2 and article 82 of Consob Resolution no. 11971/1999 as amended, it is hereby noted that the Interim Report at 30 June 2016 is available to the public at the Company's registered office and at Borsa Italiana S.p.A. and may also be consulted on the "Financial Statements & Reports" page of the "Investor Relations" section of the Company's website www.interpumpgroup.it.

Sant'Ilario d'Enza (RE), 4 August 2016

On behalf of the Board of Directors Fulvio Montipò Chairman

The manager in charge of drafting company accounting documents, Carlo Banci, declares pursuant to the terms of section 2, article 154 bis of the Consolidated Finance 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 2016

Carlo Banci Manager in charge of drafting company accounting documents

For further information please contact: Moccagatta Associati Tel. +39 02 8645.1695 - segreteria@moccagatta.it www.interpumpgroup.it

FAX. +39.0522.904444 - E-mail info@interpumpgroup.it

Consolidated statement of financial position

(€/000)	30/06/2016	31/12/2015
5ASSETS
Current assets
Cash and cash equivalents	117,355	135,130
Trade receivables	212,182	178,129
Inventories	255,720	238,637
Tax receivables	10,374	14,361
Other current assets	9,668	7,811
Total current assets	605,299	574,068
Non-current assets
Property, plant and equipment	289,831	286,066
Goodwill	369,948	347,388
Other intangible assets	31,596	33,193
Other financial assets	783	1,025
Tax receivables	1,894	1,934
Deferred tax assets	25,383	25,190
Other non-current assets	1,416	1,209
Total non-current assets	720,851	696,005
Total assets	1,326,150	1,270,073

FAX. +39.0522.904444 - E-mail info@interpumpgroup.it

(€/000)	30/06/2016	31/12/2015
LIABILITIES
Current liabilities
Trade payables	112,622	94,022
Payables to banks	1,938	5,735
Interest-bearing financial payables (current portion)	106,262	83,833
Derivative financial instruments	3	77
Taxes payable	17,275	19,904
Other current liabilities	54,345	48,840
Provisions for risks and charges	4,014	4,423
Total current liabilities	296,459	256,834
Non-current liabilities
Interest-bearing financial payables	318,930	300,549
Liabilities for employee benefits	17,824	17,264
Deferred tax liabilities	48,016	48,098
Other non-current liabilities	31,835	22,017
Provisions for risks and charges	3,072	2,683
Total non-current liabilities	419,677	390,611
Total liabilities	716,136	647,445
SHAREHOLDERS' EQUITY
Share capital	54,578	56,032
Legal reserve	11,323	11,323
Share premium reserve	104,611	138,955
Reserve for measurement of hedging derivatives
at fair value	-	(13)
Reserve for remeasurement of defined benefit plans	(3,553)	(3,501)
Translation reserve	19,073	22,657
Other reserves	420,570	391,704
Group shareholders' equity	606,602	617,157
Minority interests	3,412	5,471
Total shareholders' equity	610,014	622,628
Total shareholders' equity and liabilities	1,326,150	1,270,073

FAX. +39.0522.904444 - E-mail info@interpumpgroup.it

Consolidated income statement for the first half year

(€/000)	2016	2015
Net sales	472,468	467,009
Cost of sales	(300,172)	(298,713)
Gross industrial margin	172,296	168,296
% of net sales	36.5%	36.0%
Other operating income	7,234	6,539
Distribution costs	(42,985)	(43,007)
General and administrative expenses	(54,371)	(54,039)
Other operating costs	(1,198)	(1,565)
EBIT	80,976	76,224
% of net sales	17.1%	16.3%
Financial income	3,967	39,560
Financial expenses	(7,490)	(7,960)
Adjustment of the value of investments carried at equity	(39)	(147)
Profit for the period before taxes	77,414	107,677
Income taxes	(28,279)	(27,048)
Consolidated profit for the period	49,135	80,629
% of net sales	10.4%	17.3%
Attributable to:
Shareholders of the parent company	48,868	80,350
Minority shareholders of subsidiaries	267	279
Consolidated profit for the period	49,135	80,629
EBITDA	102,336	96,551
% of net sales	21.7%	20.7%
Shareholders' equity	610,014	587,266
Net debt	309,775	282,494
Debt for the purchase of equity investments	30,918	42,397
Capital employed	950,707	912,157
Non-annualized ROCE	8.5%	8.4%
Non-annualized ROE	8.1%	13.7%
Basic earnings per share	0.461	0.753

FAX. +39.0522.904444 - E-mail info@interpumpgroup.it

Statement of consolidated comprehensive income for the first half year

(€/000)	2016	2015
Consolidated profit for the first half year (A)	49,135	80,629
Other comprehensive income which will subsequently be reclassified to consolidated profit or loss
Cash flow hedge accounting for derivatives hedging interest rate risk:
- Gains (losses) on derivatives for the period	-	-
- Less: Adjustment for gains (losses) reclassified to profit or loss - Less: Adjustment for the recognition of fair value in equity in the	-	-
previous period	19	27
Total	19	27
Gains (losses) on translating the financial statements of foreign
companies	(3,797)	17,583
Gains (losses) from companies accounted for using the equity method	(14)	(21)
Relative taxation	(6)	(8)
Total other comprehensive income which will subsequently be reclassified to consolidated profit or loss, net of the tax effect (B)	(3,798)	17,581
Total other comprehensive income which will not subsequently be reclassified to consolidated profit or loss
Gains (losses) on the remeasurement of defined benefit plans	(72)	-
Relative taxation	20	-
Total other comprehensive income which will not subsequently be reclassified to consolidated profit or loss (C)	(52)	-
Consolidated comprehensive income for the first half year (A) + (B) + (C)	45,285	98,210
Attributable to:
Shareholders of the parent company	45,202	97,660
Minority shareholders of subsidiaries	83	550
Consolidated comprehensive income for the period	45,285	98,210

FAX. +39.0522.904444 - E-mail info@interpumpgroup.it

Consolidated income statement for the second quarter

(€/000)	2016	2015
Net sales	245,760	244,384
Cost of sales	(155,382)	(154,426)
Gross industrial margin	90,378	89,958
% of net sales	36.8%	36.8%
Other operating income	3,923	3,325
Distribution costs	(22,602)	(22,184)
General and administrative expenses	(27,462)	(27,513)
Other operating costs	(559)	(972)
EBIT	43,678	42,614
% of net sales	17.8%	17.4%
Financial income	1,580	25,714
Financial expenses	(2,530)	(2,982)
Adjustment of the value of investments carried at equity	17	(75)
Profit for the period before taxes	42,745	65,271
Income taxes	(15,477)	(13,869)
Consolidated profit for the period	27,268	51,402
% of net sales	11.1%	21.0%
Attributable to:
Shareholders of the parent company	27,203	51,147
Minority shareholders of subsidiaries	65	255
Consolidated profit for the period	27,268	51,402
EBITDA	54,699	53,075
% of net sales	22.3%	21.7%
Shareholders' equity	610,014	587,266
Net debt	309,775	282,494
Debt for the purchase of equity investments	30,918	42,397
Capital employed	950,707	912,157
Non-annualized ROCE	4.6%	4.7%
Non-annualized ROE	4.5%	8.8%
Basic earnings per share	0.258	0.478

FAX. +39.0522.904444 - E-mail info@interpumpgroup.it

Statement of consolidated comprehensive income for the second quarter

(€/000)	2016	2015
Consolidated profit for the second quarter (A)	27,268	51,402
Other comprehensive income which will subsequently be reclassified to consolidated profit or loss
Cash flow hedge accounting for derivatives hedging interest rate risk:
- Gains (losses) on derivatives for the period - Less: Adjustment for gains (losses) reclassified to profit or loss	- (7)	- -
- Less: Adjustment for the recognition of fair value in equity in the
previous period	(5)	-
Total	(12)	-
Gains (losses) on translating the financial statements of foreign companies	7,105	(11,236)
Gains (losses) from companies accounted for using the equity method	3	(24)
Relative taxation	4	-
Total other comprehensive income which will subsequently be reclassified to consolidated profit or loss, net of the tax effect (B)	7,100	(11,260)
Total other comprehensive income which will not subsequently be reclassified to consolidated profit or loss
Gains (losses) on the remeasurement of defined benefit plans	(72)	-
Relative taxation	20	-
Total other comprehensive income which will not subsequently be reclassified to consolidated profit or loss (C)	(52)	-
Consolidated comprehensive income for the second quarter (A) + (B) + (C)	34,316	40,142
Attributable to:
Shareholders of the parent company	34,234	40,128
Minority shareholders of subsidiaries	82	14
Consolidated comprehensive income for the period	34,316	40,142

FAX. +39.0522.904444 - E-mail info@interpumpgroup.it

Consolidated cash flow statement for the for the first half year

(€/000)	2016	2015
Cash flows from operating activities
Profit before taxes	77,414	107,677
Adjustments for non-cash items:
Losses (gains) on the sale of fixed assets	(926)	(1,361)
Amortization and depreciation	20,879	19,616
Costs recognized in the income statement relative to stock options that do not involve
monetary outflows for the Group	854	680
Losses (profits) from equity investments	39	147
Net change in risk provisions and allocations to employee benefit provisions	(301)	11
Expenditures for tangible assets to be leased	(4,676)	(4,617)
Proceeds from the disposal of leased tangible assets	3,623	2,926
Net financial (income) expenses	3,523	(31,600)
	100,429	93,479
(Increase) decrease in trade receivables and other current assets	(26,692)	(26,110)
(Increase) decrease in inventories	(15,003)	(10,103)
Increase (decrease) in trade payables and other current liabilities	15,334	9,531
Interest paid	(2,612)	(3,069)
Realized exchange differences	(1,122)	2,923
Taxes paid	(22,922)	(21,656)
Net cash from operating activities	47,412	44,995
Cash flows from investing activities
Payments for the purchase of investments net of cash received and gross of treasury
shares transferred	(26,092)	(153,939)
Sale of equity investments and business units including cash transferred	746	746
Capital expenditure on property, plant and equipment	(17,237)	(14,729)
Proceeds from the sale of tangible fixed assets	540	997
Investments in intangible assets	(1,517)	(1,345)
Financial income received	216	272
Other	(53)	(134)
Net cash used in investing activities	(43,397)	(168,132)
Cash flows from financing activities
Disbursement (repayment) of loans	41,516	131,642
Dividends paid	(21,031)	(20,368)
Payment for the purchase of treasury shares	(42,728)	(21,533)
Disposal of treasury shares to acquire equity investments	5,516	60,542
Proceeds from the sale of treasury shares to stock option beneficiaries	560	3,077
Disbursement (repayment) of shareholder loans	(7)	(242)
Change in other financial fixed assets	(26)	(25)
Payment of finance lease installments (principal)	(1,302)	(1,687)
Net cash from (used in) financing activities	(17,502)	151,406
Net increase (decrease) in cash and cash equivalents	(13,487)	28,269

FAX. +39.0522.904444 - E-mail info@interpumpgroup.it

(€/000)	2016	2015
Net increase (decrease) in cash and cash equivalents	(13,487)	28,269
Exchange differences from converting the cash of non-EU companies	(652)	1,557
Opening cash and cash equivalents for companies consolidated on a line-by-line basis for the first time	161	435
Cash and cash equivalents at the beginning of the period	129,395	59,389
Cash and cash equivalents at the end of the period	115,417	89,650
Cash and cash equivalents may be analyzed as follows:
	30/06/2016	31/12/2015
	€/000	€/000
Cash and cash equivalents as per the consolidated statement of financial position	117,355	135,130
Bank payables (overdrafts and subject to collection advances)	(1,938)	(5,735)
Cash and cash equivalents as per the consolidated cash flow statement	115,417	129,395

13

Statement of changes in consolidated shareholders' equity

	Sha re ita l cap	al Leg res erv e	Sha re mi pre um res erv e	ve f Re ser or ent me asu rem of hed ing g der iva tive t s a fa ir v alu e	Re ve f ser or rem eas ure m of ent def ine d ben ef it lan p s	nsl Tra ati on res erv e	Oth er res erv es	Gr oup sha reh old e rs' uity eq	Mi rity no int sts ere	To tal
At 1 J 20 15 an uar y	53, 87 1	11, 323	101 23 7 ,	( 19)	( 5, 27 3)	3, 809	295 747 ,	46 695 0,	5, 855	46 6, 55 0
nit ion in th e i of the fa ir val of Re st ate nt cog nco me me ue
ck tio d a nd rci sab le sto nte op ns gra exe	-	-	680	-	-	-	-	680	-	680
Pu rch of sha tre ase asu ry res	( 853 )	-	-	-	-	-	( 20 680 ) ,	( 21 533 ) ,	-	( 21 53 3) ,
Sal f tr sh ck tio n b fic iar ies s to sto e o eas ury are op ene	265	-	2, 812	-	-	-	-	3, 077	-	3, 077
Tra nsf of sha fo ity tre ent er asu ry res as pa ym r e qu					-
inv est nts me	2, 549	-	57 993 ,	-		-	-	60 542 ,	-	60 542 ,
Pu rch of sid ual in s in bsi dia rie ter est ase re su s	-	-	-	-	-	-	( 14)	( 14)	-	( 14)
Di vid end s d istr ibu ted	-	-	-	-	-	-	( 19, 32 1)	( 19, 32 1)	( 925 )	( 20 24 6) ,
reh ive in e f the fir st h alf of Co 20 15 mp ens com or	-	-	-	19	-	17, 29 1	80, 350	97 660 ,	550	98 210 ,
At 30 Jun e 2 015	55, 832	11, 323	162 722 ,	-	( 5, 27 3)	21, 100	336 082 ,	786 58 1,	5, 48 0	26 6 58 7,
Re nit ion in th e i of the fa ir val of st ate nt cog nco me me ue
ck tio d a nd rci sab le sto nte op ns gra exe	-	-	690	-	-	-	-	690	-	690
Pu rch of sha tre ase asu ry res	( 46 9)	-	( 32, 709 )	-	-	-	22 002 ,	( 11, 176 )	-	( 11, 176 )
Sal f tr sh ck tio n b fic iar ies s to sto e o eas ury are op ene	656	-	5, 354	-	-	-	( 92 1)	5, 089	-	5, 089
Tra nsf of sha fo ity tre ent er asu ry res as pa ym r e qu					-
inv est nts me	13	-	2, 898	-		-	( 2, 562 )	349	-	349
rch of sid ual in s in bsi dia rie Pu ter est ase re su s	-	-	-	-	-	-	( 177 )	( 177 )	( 280 )	( 457 )
Co reh ive in e f the d h alf of 20 15 mp ens com or se con	-	-	-	( 13)	1, 772	1, 557	37 280 ,	40 596 ,	27 1	40 867 ,
At 31 De ber 20 15 cem	56, 032	11, 323	138 955 ,	( 13)	( 3, 50 1)	22, 65 7	39 1, 704	61 7, 15 7	5, 47 1	622 628 ,
Re nit ion in th e i of the fa ir val of st ate nt cog nco me me ue ck tio d a nd rci sab le sto nte op ns gra exe	-	-	854	-	-	-	-	854	-	854
rch of sha Pu tre ase asu ry res	( 1, 750 )	-	( 40 97 8) ,	-	-	-	-	( 42 72 8) ,	-	( 42 72 8) ,
Sal f tr sh ck tio n b fic iar ies s to sto e o eas ury are op ene	62	-	49 8	-	-	-	-	560	-	560
Tra nsf of sha fo ity tre ent er asu ry res as pa ym r e qu
inv est nts me	234	-	5, 282	-	-	-	-	5, 516	-	5, 516
rch of sid ual in s in bsi dia rie Pu ter est ase re su s	-	-	-	-	-	43	52	95	( 1, 040 )	( 945 )
Di vid end s d istr ibu ted	-	-	-	-	-	-	( 20 054 ) ,	( 20 054 ) ,	( ) 967	( 21 02 1) ,
Di vid end d s a ppr ove	-	-	-	-	-	-	-	-	( 135 )	( 135 )
Co reh ive in e f the fir st h alf of 20 16 mp ens com or	-	-	-	13	( 52)	( 3, 627 )	48 868 ,	45 202 ,	83	45 285 ,
30 e 2 016 At Jun	54, 578	11, 323	104 61 1 ,	-	3, 553 ( )	19, 073	42 0, 0 57	606 602 ,	3, 412	610 014 ,

FAX. +39.0522.904444 - E-mail info@interpumpgroup.itCAP . 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