Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (May 2019)
38 slides from Italmobiliare's investor presentation, May 2019
Slide 1: Company Presentation
Company Presentation ITALMOBILIARE INVESTMENT HOLDING
Slide 2: Disclaimer
DISCLAIMER Information reported in this document (the "Document") has been compiled by Italmobiliare S.p.A. ("Italmobiliare" or the "Company") from public sources and no representation or warranty, express or implied, is made, given or accepted by or on behalf of Italmobiliare as to the accuracy, co
Slide 3: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 3
Slide 4: Identity & mission and strategic approach
Identity & mission and strategic approach IDENTITY MISSION “Italmobiliare is an Investment Holding “Playing a pro-active and continuous role focusing on a portfolio of diversified in the growth and enhancement of its investments portfolio by developing, participations and investments, with a innovat
Slide 5: Italmobiliare at a glance
Italmobiliare at a glance • Investment holding since 1946 • Majority shareholder: Pesenti family, active in the Italian business community for over 150 years • Focus on equity investments • NAV: over Euro 1.5 bn(1) • Market cap: approx. Euro 810 m(2) • Total shareholders return last 5 years: 27%(2)
Slide 6: Our History
Our History Sale of Italcementi for a mix of cash and assets incl. Italgen, BravoSolution and HeidelbergCement Purchase of 60% in shares Caffè Borbone and of 40% in Iseo Asset diversification: Focus on talcementi Purchase of Portfolio RAS, IBI, Falck, Bastogi, and sale of financial stake in Tosi div
Slide 7: Investment Portfolio
Investment Portfolio Deployment of a new portfolio of strategic participations after the disposal of Italcementi in 2016 ▪ Italmobiliare manages a diversified investment portfolio with a NAV of approx. Euro 1.5 bn(1) NAV Euro 1.5 bn(1) Investments Financial assets, Investments in Participations Port
Slide 8: Net Asset Value development
Net Asset Value development Reduction primarily due to share price performance of listed participations €1,545m €1,487 m TARGET December 31, 2017 March 31, 2019 Real Estate & Real Estate & Other Other Other Other Financial investments 4% Listed investments 3% investments, trading 4% 5% Listed Other
Slide 9: Net Asset Value development over the last 12 months
Net Asset Value development over the last 12 months Increase of investments in portfolio companies Increase due to investments in Caffè Borbone, Iseo and Autogas and overall NAV revaluation Combined effect of disposals and share price Mainly increase in Mainly increase in performance fund's NAV and
Slide 10: 1Q 2019 results and key highlights
1Q 2019 results and key highlights • As of March 31, 2019 NAV of Euro 1,487 m with an increase of Euro 65.7 m from December 31, 2018 (Euro 1,421 m) Positive NAV • NAV increase mainly resulting from variation in the market value of the listed equity dynamics investments HeidelbergCement (Euro +43.2 m
Slide 11: Italmobiliare shareholding structure
Italmobiliare shareholding structure ▪ Major shareholder is Efiparind B.V., 100% owned by the Pesenti family ▪ Italmobiliare Board of Directors composed by 14 members, majority of independent directors, in office until the approval of 2019 results Shareholding structure(1) Board of Directors Over 70
Slide 12: Chairperson and CEO profiles
Chairperson and CEO profiles Graduate with honors in Economics and Management from Bocconi University, where she is currently Associate Professor with tenure of Corporate Finance as well as Academic Director of the Bachelor of Economics and Finance Previously she was a member of the executive counci
Slide 13: Environmental, social and governance
Environmental, social and governance Governance Sustainability Report VALUES AND PRINCIPLES The guiding criteria underlying Italmobiliare's investment The investment activity of Italmobiliare aims to policies establish basic guidelines in terms of increase, according to criteria of sustainability an
Slide 14: Italmobiliare share price performance, last 5 years
Italmobiliare share price performance|Last 5 years Last 5 years Italmobiliare share price performance vs reference index Total shareholder return: last 5 years 180,0 March 2017 Share buy-back TIP 146% 160,0 July 2015 FFP 128% Agreement with HeidelbergCement Sofina 121% 140,0 Italmobiliare: +15% Lund
Slide 15: Risk factors monitoring
Risk factors monitoring Italmobiliare periodically performs an integrated analysis of the main risk factors and related mitigation measures ▪ Portfolio risk analysis: ▪ main risk indicators (VaR, CVaR and recovery time) are in line with the average risk indicators of the global equity index ▪ well d
Slide 16: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 16
Slide 17: Portfolio companies
Portfolio companies Portfolio Companies 38% Strategy: Ebitda growth, organic and M&A business expansion Financials 2018 (€m): Revenues breakdown Sector Strategy and drivers Revenues (YoY % var.) by EBITDA (% margin) geography Caffè Borbone (60%) ▪ Double digit organic growth in a 135 (+44%) ▪ Coffee
Slide 18: Listed participations: HeidelbergCement and Mediobanca
Listed participations: HeidelbergerCement and Mediobanca Listed Participations 24% Strategy: dividend yield, opportunistic divestiture Dividend yield(3) % NAV(1) Sector Strategy 2018 2019E ▪ Participation of 2.3% ▪ Current value: € 289 m(1) 19.5% Building materials ▪ Dividend yield 3.9% 3.9% ▪ Progr
Slide 19: Private Equity & co-investments
Private Equity & co-investiments Private equity & Co- investments 9% Strategy: global reach and one-stop shop for entrepreneurs willing to partner with Italmobiliare Geographical Vintage Italmobiliare Strategy focus year commitment Clessidra CCP 3 Italy 2015 ▪ PE leader in Italy € 92 m ▪ Focus on hi
Slide 20: Other assets
Other assets Other assets 29% Private Equity Portfolio Companies 9% To be deployed for strategic investments in portfolio companies and 38% Financial private equity investments, trading & liquidity 21% Other Participations Includes mainly a 9.5% stake in Jaggaer 5% Listed Real Estate & Participation
Slide 21: Net Asset Value per Share development
Net Asset Value per Share development NAV per share and NAV discount evolution 40 50% 36,8 46,3% 35,5 35,5 34,1 33,7 35 35,4 33,9 45,7% 45% Current 30 38,3% 38,5% 42,9% 40% discount(1) 34,6% 35,2% 25 24,1 35% 20,7 20,3 21,0 19,2 23,0 18,2 20 30% 15 25% 10 20% 31/12/2017 31/03/2018 30/06/2018 30/09/2
Slide 22: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 22
Slide 23: Portfolio companies: Caffè Borbone (60%)
Portfolio companies: Caffè Borbone (60%) Company profile Caffè Borbone, headquartered in Caivano (Naples), is one of the main producers of single-serve coffee being the third player in Italy after Lavazza and Nespresso in that segment, and the market leader for capsules compatible with Lavazza® and
Slide 24: Portfolio companies: Tecnica Group (40%)
Portfolio companies: Tecnica Group (40%) Company profile Brands and products Tecnica Group, is the main Italian group active in the sport sector being the leading manufacturer of outdoor footwear and ski equipment The group has collected a portfolio of brands that includes some of the industry’s his
Slide 25: Portfolio Companies: Iseo Serrature (40%)
Portfolio Companies: Iseo Serrature (40%) Profile Product portfolio Electronic and digital Iseo Group, headquartered in Pisogne (Brescia, Mechanical products solutions Northern Italy), is one of the main European producers of mechanical, mechatronic and digital solutions for access control and secur
Slide 26: Portfolio companies: Sirap (100%)
Portfolio companies: Sirap (100%) Company profile Geographical presence Sirap is one of the main producers of fresh food packaging in Europe, offering rigid containers in XPS (polystyrene foam), PET and PP (polypropylene) for all food applications for industry and retail clients Sirap has an interna
Slide 27: Portfolio companies: Italgen (100%)
Portfolio companies: Italgen (100%) Company profile Geographical presence Italgen is a producer and distributor of electricity from renewable energy sources, it manages 15 hydropower plants and over 300 km transmission lines in northern Italy and has a significant stake in two wind farms in Bulgaria
Slide 28: Portfolio Companies: Gruppo Autogas (~27%)
Portfolio Companies: Gruppo Autogas (~27%) Profile Transaction structure Autogas Nord Group (AGN) - based in Genoa - operates AGN financed the acquisition of Lampogas partly through a mainly in Italy in the distribution of LPG gas for domestic use €60m capital increase subscribed by Italmobiliare an
Slide 29: Portfolio companies: Clessidra SGR (100%)
Portfolio companies: Clessidra SGR (100%) Profile Investment Strategy Clessidra SGR is the leading manager of Private Equity funds exclusively dedicated to the Italian market through the funds Clessidra Capital Partners, Clessidra Capital Partners II and Clessidra Capital Partners 3, where Italmobil
Slide 30: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 30
Slide 31: Investor relations action plan for 2019
Investor relations action plan for 2019 ▪ In 2018, Italmobiliare management team focused on the roll-out of its direct investments portfolio, What we investing over € 200 m in new portfolio companies have done ▪ After the investment in Tecnica Group (end of 2017) and the roll-over of a portion of Br
Slide 32: Closing remarks
Closing remarks A unique opportunity to invest in the leading investment holding in Italy 1 Largest listed investment holding focused on the Italian market by asset base 2 Great business network, thanks to over 150 years of activity on the business community Attractive market fundamentals: Italian c
Slide 33: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 33
Slide 34: Italmobiliare group exit track record since 2011
Italmobiliare group exit track record since 2011 Date Asset Transaction description 2011-2013 Italcementi non-core ▪ Disposal of Italcementi non-core assets for a total of approx. € 0,8 bn assets Sept-15 ▪ Sale of 100% of Finter Bank to Vontobel ▪ Italmobiliare proceeds: CHF 85 m (o/w CHF 10 m in Vo
Slide 35: Portfolio strategy: Italmobiliare positioning
Portfolio strategy: Italmobiliare positioning Minority/ Majority/ Listed Listed Listed Listed/ unlisted stakes ratio (weighted for NAV) 50/50 Unlisted Minority/ Majority/ Unlisted Unlisted Non-Controlling 50/50 Controlling Majority or controlling stakes: >50% for unlisted >25% for listed 35
Slide 36: Italmobiliare investment team activities
Italmobiliare investment team activities Overview of investment Opportunities Summary of the activities of the last 12 months Current pipeline and investment opportunities ▪ Investments in complementary and Dossier screened: >100 diversified sectors with respect to the current portfolio and INVESTME
Slide 37: Italmobiliare Private Equity strategy
Italmobiliare Private Equity strategy One-stop shop approach for entrepreneurs willing to grow and become international champions EU/ INTER- ▪ BDT to provide business development NATIONAL opportunities for Italmobiliare ecosystem, and viceversa ▪ VC early stage Europe ▪ Cross fertilization on ▪ Isom
Slide 38: Consolidated Balance Sheet
Consolidated Balance Sheet 31 December 31 December (€m) 30 June 2018 31 March 2019 2017 2018 Non-current assets 995.2 1,213.7 1,206.2 Current-assets 681.6 593.3 554.7 Discontinued 5.6 6.0 6.2 operations Total assets 1,682.4 1,813.0 1,767.0 Shareholders equity 1,373.7 1,360.8 1,302.2 1378.2 • Group 1