MILAN, Sept. 2 (Class Editori) - Ilpra speeds up on the Russian market. The innovative pmi listed on the AIM and specialized in packaging, has completed the acquisition of 70% of Ilpra Rus. The operation was approved on June 13th. “Today's acquisition is part of the expansion strategy in foreign markets, strengthening its presence in the Russian market, a strategic and rapidly growing market,” explained president and CEO Maurizio Bertocco. The company has been selling, servicing industrial machinery for packaging and selling consumables for three years on the Russian Federation market.
In 2018, the Russian company recorded a turnover of 109,000 euros, an ebitda of around 15,000 euros and a negative net financial position of approximately 140,000 euros.
The operation closed at a ‘symbolic’ price of 135 euros, offered to Gianluca Montesano, currently an Ilpra employee in the role of operation manager. The remaining 30% was purchased at the same rate (15% each) by Liborio Livio Portera, managing director within the board of directors of Ilpra Spa, and Christian Traino. The two managers will respectively deal with the administrative and commercial area activities.
Currently, the company structure in Russia is only commercial, without an operational headquarters. The acquisition therefore assumes a shift. As explained in a note, the hiring of personnel and the search for an operational headquarters will have "subsequent investment of financial resources." The valuation of the company takes into account the write-down of some non-performing loans as well as the adjustment of payables to the euro area with the highlighting of a loss on exchange rates.
Ilpra spa closed 2018 with revenues of 21.7 million, up 7% on the previous year, with an EBITDA of 3.5 million (+11) and an ebitda margin of 16.1% (15.5% in the 2017). Ebit amounted to €2.3 million (€2.1 million in 2017) due to investments made during the year. Finally, net profit was €1.9 million, a significant increase compared to €1.1 million in 2017.
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