19 slides from Cir S.p.a. - Compagnie Industriali Riunite's earnings presentation, March 2019
Slide 1: FY 2018 Results
FY 2018 Results March 2019 Marzo 2014 1
Slide 2: FY 2018 at a glance
FY 2018 at a glance +5,2% at constant exchange rates vs 2017 EBITDA €306 ry) NET RESULT (€ 330m in 2017) =i a I iN) (-€5.9m in 2017) DIVIDEND €0.039 per share
Slide 3: Group structure as of 31 December 2018
Group structure as of 31 December 2018 56.5% 59.5% 56.8% 45.8% Non-core investments Healthcare group specialized Global automotive supplier Italian media group, with Investments in Private in long term care (nursing of suspensions, filtration, presence in dailies, equity, NPLs Businesses homes/rehab
Slide 4: CIR – Cofide Merger (1/2)
CIR – Cofide Merger (1/2) • On March 11, 2019 the Boards of CIR and Cofide approved the merger by incorporation of CIR into Cofide • The transaction has the following objectives: o Shortening the control chain and achieving a corporate structure that is in line with best practices and market expecta
Slide 5: CIR – Cofide Merger (2/2)
CIR – Cofide Merger (2/2) • Double voting rights in the post merger entity o Cofide’s current by-laws include a double voting rights mechanism for shareholders that apply for it and continuously hold shares for a ‘Minimum Holding Period’ of 24 months o Cofide will submit, at the Shareholders meeting
Slide 6: FY 2018 consolidated financials highlights
FY 2018 consolidated financials highlights • Consolidated net result in FY 2018: € 12.9 M (vs - € 5.9 M in FY 2017 Contribution of industrial businesses (KOS, Sogefi and GEDI) before GEDI extraordinary charges : € 35.0 M (vs. € 41.5 M in FY 2017) • Consolidated net financial position at December 31,
Slide 7: Consolidated income statement
Consolidated income statement €M FY 2017(1) FY 2018 Revenues 2,754.2 2,817.4 +2.3% EBITDA 330.9 306.0 -7.5% EBIT 154.2 101.7 -34.0% Financial result (2) (24.5) (48.8) (3) Taxes (181.0) (32.6) (4) Group net result (5.9) 12.9 (1) 2017 figures restated in application of IFRS 15 (2) Difference is mainly
Slide 8: Consolidated income statement by business sector
Consolidated income statement by business sector €M FY 2017(1) FY 2018 KOS Group 17.3 20.9 Sogefi Group 15.1 8.0 GEDI Group (56.4) (14.7) Total operating companies (2) (24.0) 14.2 CIR holding (3) 18.1 (1.3) Net result (5.9) 12.9 (1) 2017 figures restated in application of IFRS 15 (2) Pro-rata share
Slide 9: Consolidated balance sheet – main group assets
Consolidated balance sheet – main group assets €M Group equity in consolidated balance sheet 31 Dec. 2017(1) 31 Dec. 2018 KOS 171.8 174.4 Sogefi 102.8 111.5 GEDI 254.8 239.2 Total operating companies 529.4 525.1 Fixed assets 15.3 15.5 Private equity (2) 53.0 46.0 Non performing loans 11.1 10.0 Other
Slide 10: Consolidated net financial position
Consolidated net financial position €M 31 Dec. 2017(1) 31 Dec. 2018 KOS Group (237.1) (259.4) Sogefi Group (264.0) (260.5) GEDI Group (2) (115.1) (103.2) Other subsidiaries 0.7 0.5 Total subsidiaries (615.5) (622.6) CIR holding level 343.0 325.5 Consolidated net financial indebtedness (272.5) (297.1
Slide 11: Net financial position at CIR Holding level
Net financial position at CIR Holding level • Decrease of net cash at CIR financial holdings is mainly due to dividends and treasury shares buyback Evolution of net financial position in FY 2018 (€ m) 343.0 - 24.8 + 0.1 + 17.3 - 12.7 + 11.9 - 9.3 325.5 Net financial surplus Dividend paid Dividend re
Slide 12: Composition of liquid assets
Composition of liquid assets €M Liquid assets at 31 December 2018 31 Dec. 31 Dec. 2017 2018 Cash & time deposits 6% Hedge Funds 12% Cash and time deposits 60.5 19.6 Corporate bonds 3% Corporate bonds 11.2 10.8 Fixed income funds 228.9 253.2 Equity funds 2.6 -- Hedge funds 39.1 37.9 Other (1) 0.7 4.0
Slide 13: FY 2018 Subsidiaries’ financial and operational highlights
FY 2018 Subsidiaries’ financial and operational highlights FY 2018 Highlights Key strategic objectives ▪ Further consolidation in Italian nursing homes and ▪ Continuing growth of revenues (+11.1%) and EBITDA (+15.9%), thanks to rehabilitation markets KOS ongoing organic expansion, greenfield develop
Slide 14: KOS - overview
KOS - overview SHAREHOLDERS Key financials ▪ CIR (59.53%) ▪ F2i (40.47%) 2011 2012 €M FY2017 FY 2018 Revenues 490.6 544.9 DIAGNOSTICS & LONG TERM CARE ACUTE CARE CANCER CARE NURSING HOMES REHABILITATION EBITDA 87.9 101.8 80% 13% 7% Net result 29.0 35.2 NFP (237.1) (259.4) 2018 Revenues breakdown FY
Slide 15: Sogefi - overview
Sogefi - overview Key financials 1H 201 €M FY 2017 FY 2018 SUSPENSIONS FILTRATION AIR & COOLING Revenues 1,647.8 1,623.8 EBITDA 206.9 190.0 37% 33% 30% Net result 26.6 14.0 2018 Revenues breakdown FY 2018 Performance and outlook • Global automotive market production decreased 1.0% in FY2018 (Europe
Slide 16: GEDI – overview
GEDI – overview Key financials €M FY 2017(**) FY 2018 Revenues 615.8 648.7 NATIONAL GEDI NEWS NETWORK RADIO/TV ADVERTISING PRESS (REGIONAL PRESS) COLLECTION EBITDA 52.8 33.1 22% 27% (123.3) (32.2) Net result 18% 12% 10% 11% 15 local papers: Radio Deejay FY 2018 Performance and outlook La Repubblica
Slide 17: Non-core investments
Non-core investments Private equity ▪ Diversified portfolio of private equity funds and direct minority private equity investments, with a fair value of € 46.0 M at 31 December 2018 (with declining trend mainly due to reimbursements and limited fair value adjustments in application of IFRS 15) ▪ The
Slide 18: Disclaimer
Disclaimer • This document has been prepared by CIR for information purposes only and for use in presentations of the Group’s results and strategies. • For further details on CIR and its Group, reference should be made to publicly available information, including the Annual Report, the Semi-Annual a
Slide 19: www.cirgroup.com
www.cirgroup.com 19