Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (November 2021)
40 slides from Italmobiliare's investor presentation, November 2021
Slide 1: Company Presentation November 2021
COMPANY PRESENTATION NOVEMBER 2021
Slide 2: Disclaimer
DISCLAIMER 02 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,
Slide 3: Index
03 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 4: Identity & mission and strategic approach
Identity & mission and strategic approach IDENTITY INVESTMENT STRATEGY “Italmobiliare Investment Holding holds and manages a diversified investment and equities Focus on Italian champions operating in resilient portfolio with a strategic vision underpinned by a industrial, services, and consumer sec
Slide 5: Italmobiliare at a glance
I t al m obiliare a t a gl an c e • Investment holding since 1946 • Majority shareholder: Pesenti family, active in the Italian business community for over 150 years • Focus on equity investments • NAV: Euro 2.0 bn(1) • Listed on STAR segment of Borsa Italiana • Market cap: approx. Euro 1.4 bn(2) •
Slide 6: Our History
Our History In January acquisition of a Sale of Italcementi 20% stake in Officina Profumo for a mix of cash Farmaceutica di Santa Maria and assets Novella, increased to 80% in incl. Italgen, September BravoSolution and HeidelbergCement Purchase of 60% of Acquisition of 92.5% of Casa shares Caffè Bor
Slide 7: Investment Portfolio
Investment Portfolio Deployment of a new portfolio of strategic participations after the sale of Italcementi in 2016 07 Italmobiliare is an investment holding with a Euro 2.0 bn(1) NAV diversified portfolio NAV PORTFOLIO HIGHLIGHTS Euro 2.0 bn(1) Listed Portfolio companies participations Private Equ
Slide 8: Net Asset Value development
Net Asset Value development Transition towards target capital allocation in progress 08 €1,741 m €1,838 m €2,022 m TARGET December 31, 2019 December 31, 2020 September 30, 2021 ALLOCATION Real Estate & Other Real Estate & Listed Other Real Estate & Listed Financial investments, Other Other Listed in
Slide 9: NAV development in first nine months of 2021
NAV development in first nine months of 2021 Price performance of listed investments (mainly Mediobanca) 8 9 (27) 51 17 127 Price performance of Mainly from Clessidra remaining CCP3, BDT II and HeidelbergCement Iconiq IV funds shares 2,022 1,838 NAV Change in Change in Change in listed Change in oth
Slide 10: Italmobiliare shareholding structure
Italmobiliare shareholding structure ▪ Major shareholder is Efiparind B.V., 100% owned by the Pesenti family ▪ Italmobiliare Board of Directors composed by 12 members, majority of independent directors, in office until the approval of 2022 results S H A R E H O L D I N G S T R U C T U R E (1) BOARD
Slide 11: Chairman and CEO profiles
Chairman and CEO profiles Graduated with honours from Bocconi Degree in Mechanical Engineering from Milan University, where she is Associate Professor Polytechnic, Master in Economics and Management with tenure of Corporate Finance, as well as from Bocconi University. Research Fellow of the Baffi-Ca
Slide 12: ESG
ESG 12 Responsible investments and active ownership UN Global Compact and Agenda 2030 Italmobiliare manages its flow of investments and Italmobiliare adheres to the United Nations divestments in order to guarantee the sustainable success Global Compact, enforcing its commitment to of the Group throu
Slide 13: 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 shareholders return last 5 years 180 Sofina 243% FTSE all- shares: +65% 160 March 2017 TIP 221% Share buy-back September 16, 2019 Italmobiliare: STAR segment +54% Investor
Slide 14: Risk management
Risk management 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 lower than the average risk indicators of the global equity index ▪ well diversified
Slide 15: Index
Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix 15
Slide 16: 9M2021 results and key highlights
9M2021 results and key highlights 16 ▪ NAV of Euro 2,022 m as of September 2021 (+ Euro 184 m from December 2020) mainly effect of increase in NAV fair value of Portfolio Companies (Euro +127 m), private equity funds (Euro +51 m) and market value of dynamics HeidelbergCement shares and other listed
Slide 17: Portfolio companies
Portfolio companies Portfolio Companies 62% Strategy: Ebitda growth, organic and M&A business expansion Revenues Revenues Financials 2020 (€m): 9M 2021 breakdown Revenues (YoY % var.) Sector Strategy and drivers (YoY % by EBITDA (% margin) var.) geography Caffè Borbone ▪ Double digit organic growth
Slide 18: Private Equity
Private Equity Private Equity 10% Strategy: global multi-industry reach and complementarity with investment portfolio Geographical Vintage Italmobiliare focus year Strategy commitment Fund III ▪ PE leader in Italy with focus on high-quality «Made in Italy» 2015 € 92 m Fund IV Italy ▪ Italmobiliare i
Slide 19: Listed participations and other investments
Other investments Listed 5% Participations Listed participations and other investments 3% Listed partcipations: dividend yield, opportunistic divestiture % NAV(1) Sector Strategy ▪ Participation of 0.4% ▪ Current value: € 55 m(1) 3% Building materials ▪ Dividend yield ▪ Progressive divestiture (over
Slide 20: Net Asset Value per Share development
Net Asset Value per Share development 20 NAV per share and NAV discount evolution (1) 47.3 47.8 47.8 46% 43.5 44.3 44% 44% 41.5 43% 35.5 42% 38.8 38.6 39.2 37.9 37.7 36.8 35.4 38% 39% 38% 38% 33.7 33.9 35% 35% 32.3 35% 36% 34.1 29.0 29.5 29.6 Current 33% 28.7 33% discount 30.5 24.2 23.9 29.3 24.1 20
Slide 21: Index
21 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 22: Caffè Borbone (60%)
Caffè Borbone (60%) 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 Nestlé Nespresso® and Nescafé
Slide 23: Officina Profumo-Farmaceutica di Santa Maria Novella (100%)
Officina Profumo-Farmaceutica di Santa Maria Novella (100%) PROFILE STORES AND PRODUCTS Officina Profumo-Farmaceutica di Santa Maria Novella Historical store in Florence DOS in Milan produces and distributes luxury fragrances and cosmetic products under its own brand The company is headquartered in
Slide 24: Tecnica Group (40%)
Tecnica Group (40%) 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 historic names: Tecnica (ski boot
Slide 25: Autogas – AGN Energia (30%)
Autogas – AGN Energia (30%) PROFILE TRANSACTION STRUCTURE Autogas Nord - AGN Energia (based in Genoa) operates Autogas Nord financed the acquisition of Lampogas mainly in Italy in the distribution of LPG gas for domestic, partly through a €60m capital increase subscribed by commercial, and industria
Slide 26: Italgen (100%)
Italgen (100%) 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 (18 MW) Italgen is strongly
Slide 27: Iseo Serrature (39%)
Iseo Serrature (39%) PROFILE PRODUCT PORTFOLIO Iseo Group, headquartered in Pisogne (Brescia, Northern Italy), is one of the main European producers of mechanical, Electronic and digital Mechanical products solutions mechatronic and digital solutions for access control and security Since 2010, the G
Slide 28: Casa della Salute (85%)
Casa della Salute (85%) PROFILE GEOGRAPHICAL PRESENCE Casa della Salute is an integrated operator of health centers, • 10 centers located in Liguria built around the concept that a wide array of high-quality and Piedmont, specifically in: private health services such as imaging diagnostics and physi
Slide 29: Capitelli (80%)
Capitelli (80%) PROFILE Capitelli, based in the province of Piacenza, is active in the production and sale of cooked ham and other cured meat products characterized by high quality and product excellence that are distributed under the brand "Capitelli" The company reinvented the cooked ham launching
Slide 30: Callmewine (60%)
Callmewine (60%) PROFILE Callmewine.com is of the leading Italian e-commerce website for wine & other alcoholic products, it offers an extensive catalogue of around 10,000 labels, ranging from famous, global wine brands to small, niche producers The company, founded in 2010 by Paolo Zanetti (current
Slide 31: Sirap (100%)
Sirap (100%) PROFILE GEOGRAPHICAL PRESENCE Sirap is a producer of fresh food packaging, offering rigid containers in XPS (polystyrene foam), PET and PP Sirap Group perimeter (polypropylene) for all food applications for industry and retail clients Production sites In 2021 Sirap Group has reached two
Slide 32: Sirap Group recent transactions
Sirap Group recent transactions TRANSACTIONS OVERVIEW Transaction with Faerch: • On January 4th 2021 Sirap Group has sold all its operational assets in Italy, Spain and Poland to Faerch Group, one of the top European companies in the food packaging sector • The enterprise value of the perimeter is a
Slide 33: Clessidra (100%)
Clessidra (100%) PROFILE Profile PRIVATE EQUITY INVESTMENT Clessidra is the leading manager of Private Equity funds STRATEGY exclusively dedicated to the Italian market, since inception - Enterprise Value: €100 - 500 million in 2003 has completed 24 transactions with equity - Five core industries: i
Slide 34: Index
34 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 35: Closing remarks
Closing remarks A unique opportunity to invest in the leading investment holding in Italy 35 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: Italia
Slide 36: Index
36 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 37: Italmobiliare group exit track record since 2015
Italmobiliare group exit track record since 2015 37 Date Asset Transaction description Sept-15 ▪ Sale of 100% of Finter Bank to Vontobel ▪ Italmobiliare proceeds: CHF 85 m (o/w CHF 10 m in Vontobel shares) 2015-2016 ▪ Sale to HeidelbergCement for a total EV: € 7 bn ▪ Italmobiliare proceeds: € 1,7 bn
Slide 38: Value creation from the investment in BravoSolution-Jaggaer
Value creation from the investment in BravoSolution-Jaggaer 38 ▪ As part of the Italcementi transaction, in July 2016 Italmobiliare acquired a 75% stake from Italcementi in the e- procurement solutions provider Bravo Solution ▪ In December 2017, Italmobiliare sold BravoSolution to Jaggaer, spend man
Slide 39: 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 39
Slide 40: Italmobiliare investment team activities
40 Italmobiliare investment team activities Overview of Investment Opportunities Summary of the activities of the last 30 months Current pipeline and investment opportunities ▪ Investments in complementary and Dossier screened: >260 diversified sectors with respect to the current portfolio and INVES
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