Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (December 2020)
41 slides from Italmobiliare's investor presentation, December 2020
Slide 1: Company Presentation December 2020
COMPANY COMPANY PRESENTATIO PRESENTATION N DECEMBER 2020
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
• Investment holding since 1946 I t al m obiliare a t a gl an c e • Majority shareholder: Pesenti family, active in the Italian business community for over 150 years • Focus on equity investments • NAV: Euro 1.7 bn(1) • Listed on STAR segment of Borsa Italiana • Market cap: approx. Euro 1.2 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 Purchase of 60% in HeidelbergCement Distributed €76m of ordinary Caffè Borbone sh
Slide 7: Investment Portfolio
Investment Portfolio Deployment of a new portfolio of strategic participations after the disposal of Italcementi in 2016 07 Italmobiliare manages a diversified investment portfolio with a NAV of over Euro 1.7 bn(1) NAV INVESTMENTS Euro 1.66 bn(1) Listed companies and other financial Portfolio compan
Slide 8: Net Asset Value development
Net Asset Value development Transition towards target capital allocation in progress €1,421m €1,741 m €1,656 m TARGET December 31, 2018 December 31, 2019 September 30, 2020 Real Real Estate & Estate & Financial investments, Real Estate & Other Other Other Other Other Other Listed Listed trading & li
Slide 9: NAV development in the first nine months of 2020
NAV development in the first nine months of 2020 Increase for investment in Effect of disposals and price Santa Maria Novella Decrease for performance of remaining (€160m) and overall divestments and Mainly mark-to-market of Heidelberg shares portfolio revaluation capital Fin.Priv. (Mediobanca stake
Slide 10: 9M 2020 results and key highlights
9M 2020 results and key highlights 10 ▪ NAV of Euro 1,656 m as of September 30, 2020 with a decrease of Euro 85 m from December 31, 2019 (Euro 1,741 m) mainly effect of negative performance of financial markets following the global outbreak of Covid NAV dynamics 19 which impacted the value of Heidel
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 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 12: Chairperson and CEO profiles
Chairperson and CEO profiles Graduated with honours from Bocconi Degree in Mechanical Engineering from Milan University, where she is Associate Professor with Polytechnic, Master in Economics and tenure of Corporate Finance, as well as Management from Bocconi University. Research Fellow of the Baffi
Slide 13: Environmental, social and governance
Environmental, social and governance 13 Governance Sustainability Report VALUES AND PRINCIPLES The guiding criteria underlying Italmobiliare's The investment activity of Italmobiliare aims to investment policies establish basic guidelines in terms 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 shareholders return last 5 years 180 Sofina 150% Italmobiliare: +39% 160 Investor 103% March 2017 140 Share buy-back Lundbergs 96% September 16, 2019 STAR segment TIP 72%
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 lower than the average risk indicators of the global equity index ▪ well div
Slide 16: Portfolio Companies – 9M20 results and assessment of Covid-19 impact
Portfolio Companies – 9M20 results and assessment of Covid-19 impact ▪ During the first nine months of 2020, despite the impact of the Covid 19 emergency, the overall performance of the portfolio 16 companies was solid, with a growth in the aggregated EBITDA (+16% YoY) and improving from 1H20 result
Slide 17: Index
Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix 17
Slide 18: Portfolio companies
Portfolio companies Portfolio Companies 57% Strategy: Ebitda growth, organic and M&A business expansion Revenues Financials 2019 (€m): breakdown Revenues (YoY % var.) Sector Strategy and drivers by EBITDA (% margin) geography Caffè Borbone (60%) ▪ Double digit organic growth in a growing 173 (+28%)
Slide 19: Private Equity & co-investments
Private Equity & co-investments Private Equity 8% 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 high-quality «Made in
Slide 20: Listed stakes: HeidelbergCement
Listed Participations Listed stakes: HeidelbergCement 5% Strategy: dividend yield, opportunistic divestiture Dividend yield(2) % NAV(1) Sector Strategy 2020 2021E ▪ Participation of 0.9% ▪ Current value: € 90 m(1) 5% Building materials ▪ Dividend yield 1.26% 3.0% ▪ Progressive divestiture (overall r
Slide 21: Net Asset Value per Share development
Net Asset Value per Share development 21 NAV per share and NAV discount evolution 45 46,3% 50% 44,0% 44,3% 41,5 41,8% 38,8 38,6 39,2 39,2 45% 40 35,5 37,9 37,7 36,8 38,3% 38,5% 38,4% 40% 34,6% 35,2% 42,9% Current 34,1 33,7 33,9 35 discount(1) 35% 35,4 29,5 27,5% 29,0 30% 30 24,9% 24,8% 28,5 25% 24,1
Slide 22: Index
22 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 23: 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 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 boo
Slide 25: Iseo Serrature (39%)
Iseo Serrature (39%) PROFILE PRODUCT PORTFOLIO Iseo Group, headquartered in Pisogne (Brescia, Northern Italy), is Electronic and digital Mechanical products one of the main European producers of mechanical, solutions mechatronic and digital solutions for access control and security Since 2010, the G
Slide 26: Gruppo Autogas (30%)
Gruppo Autogas (30%) PROFILE TRANSACTION STRUCTURE Autogas Nord Group (based in Genoa operates mainly in Italy in AGN financed the acquisition of Lampogas partly through a the distribution of LPG gas for domestic use (small tanks, meters, €60m capital increase subscribed by Italmobiliare and partly
Slide 27: Officina Profumo Farmaceutica di Santa Maria Novella (80%)
Officina Profumo Farmaceutica di Santa Maria Novella (80%) PROFILE STORES AND PRODUCTS Historical store in Florence DOS in Milan • Officina Profumo Farmaceutica di Santa Maria Novella produces and distributes premium perfumes and cosmetic products under its own brand • The company is headquartered i
Slide 28: Casa della Salute (93%)
Casa della Salute (93%) PROFILE GEOGRAPHICAL PRESENCE • Casa della Salute is an integrated operator of health centers, built • 8 centers located in Liguria around the concept that a wide array of high-quality private and Piedmont, specifically in: health services such as imaging diagnostics and phys
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 the high quality and product excellence that are distributed under the brand "Capitelli" • The company reinvented the cooked ham l
Slide 30: Sirap (100%)
Sirap (100%) 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 international presence with 12 produ
Slide 31: Sirap Group recent transaction
Sirap Group recent transaction TRANSACTION OVERVIEW • On November 6th 2020 Sirap has signed a binding agreement to sell all its operational assets in Italy, Spain and Poland to Faerch Group, one of the top European companies in the food packaging sector • Sirap Group will maintain control of its ope
Slide 32: 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) In the last decade I
Slide 33: Clessidra SGR (100%)
Clessidra SGR (100%) Profile 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 Italmobiliare is the a
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 2011
Italmobiliare group exit track record since 2011 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 ITM acquired a 75% stake from Italcementi in the e-procurement solutions provider Bravo Solution ▪ In December 2017, ITM sold BravoSolution to Jaggaer, spend management solution prov
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
Slide 41: Consolidated Balance Sheet
Consolidated Balance Sheet 31 31 December 31 December (€m) 30 June 2018 30 June 2019 30 June 2020 30 September December 2018 2019 2020 2017 Non-current assets 995 1,214 1,206 1,243 1,099 1,059 Current-assets 682 593 555 666 805 703 Discontinued 6 6 6 6 7 7 operations Total assets 1,682 1,813 1,767 1
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