Tamburi Investment Partners S.p.a. · MIL:TIP
Tamburi Investment Partners — Investor Presentation (October 2022)
37 slides from Tamburi Investment Partners's investor presentation, Oct 12, 2022
Slide 1: Investor presentation
Investor presentation October 12, 2022 We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses and the assets of families that wish to invest them intelligently in companies th
Slide 2: Disclaimer
DISCLAIMER The information contained herein, particularly the one regarding any possible or assumed future performance of the TIP Group, are or may be forward looking statements and in this respect they involve some risks and uncertainties. Any reference to past performances shall not be taken as an
Slide 3: Table of Contents
TABLE OF CONTENTS page INVESTMENT OVERVIEW 4 2021 – 2022 DYNAMISM 6 2022 YTD RESULTS 7 NEW DEVELOPMENT PHASE OF EATALY 8 TIP INVESTS IN MULAN 9 TIP INVESTS IN SIMBIOSI 10 ITACA EQUITY HOLDING INVESTS IN LANDI RENZO 12 SALE OF 43.2% OF BE 14 TIP INVESTS IN LIO FACTORY 15 TIP AT 25% OF LIMONTA GROUP 1
Slide 4: Tamburi Investment Partners S.p.A.
Tamburi Investment Partners S.p.A. 5 billion of direct investments and club deals in leading companies 1) Limited risk thanks to light 2) Outstanding long term diversification and great quality returns for shareholders 30 + 401 %1 13,14 euro per share companies (11 worldwide leaders) total return T.
Slide 5: An independent and diversified industrial group
an independent and diversified industrial group Listed companies Listed companies ~320 mln Euro ~45 mln Euro ~55 mln Euro ~ 950 mln Euro ~ 190 mln Euro ~ 95 mln Euro ~ 140 mln Euro ~ 420 mln Euro ~115 mln Euro (TIP+club deal) (init. 105) (club deal) (init. 120) (club deal) (club deal) Private compan
Slide 6: 2021 – 2022 Dynamism
2021 – 2022 DYNAMISM > 950 MILLION OF INVESTMENT – DIVESTMENT ACTIVITY UNTIL SEPTEMBER 2022 350 mln divestment 400 million investments (inc. club deals) without considering the 100 mln commitment of TIP to ITACA Equity Holding 134,5 89 60 50 38 30 and other minor divestments Acquisition Asse
Slide 7: 2022 YTD Results
2022 YTD RESULTS IH revenues 2022 IH revenues 2022 vs FY 2021 vs FY 2019 vs FY 2021 vs FY 2019 1 +8,1% +24,7% +17,3% +54,1% 1 +7,7% +21,6% +17,4% +8,3% +46,5% +23,2% +10,9% +27,9% +31,4% +45,9% +24,3% +43,8% +47,7% +61,0% +5,7% nd +17,8% +8,5% +12,3% +33,1% +31,7% +35,9% +27,2% +50,7% 1 FY figures 7
Slide 8: New Development Phase of Eataly
NEW DEVELOPMENT PHASE OF EATALY TIP, THROUGH CLUBITALY, PARTICIPATES IN THE NEW DEVELOPMENT PHASE OF EATALY ▪ On September 21, 2022 Clubitaly, a company of which TIP is the major shareholder has signed the agreements reached for the strategic and capital strengthening of Eataly which provide – in th
Slide 9: TIP Invests in Mulan
TIP INVESTS IN MULAN LEADING GROUP IN ASIAN CUISINE ▪ Mulan Group, founded by the Zhang family, led by CEO Giada Zhang, who recently took over the entrepreneurial leadership, is aiming for increasingly important growth. The group produces and distributes ready meals, fresh and frozen, Asian-inspired
Slide 10: TIP Invests in Simbiosi
TIP INVESTS IN SIMBIOSI TECHNOLOGY PROVIDER FOR AGRIBUSINESS AND THE CIRCULAR ECONOMY ▪ Simbiosi (www.simbiosi.tech) is the parent company of some companies, originally attributable to Neoruralehub S.r.l. - the first Nature Based Solutions Valley, started by Piero Manzoni on the intuition of Giusepp
Slide 11: TIP Acquires a Stake in Simbiosi
TIP ACQUIRES A STAKE IN SIMBIOSI SIMBIOSI TECHNOLOGIES ▪ Simbiosi technologies - already partially proposed with great success to primary customers of the agri-food and multi-utility industry - are able to meet the needs of companies through: − proprietary solutions for recovering the nutritional el
Slide 12: IEH Invests in Landi Renzo
IEH INVESTS IN LANDI RENZO ITACA EQUITY HOLDING WILL INVEST IN LANDI RENZO THROUGH A CAPITAL INCREASE ▪ The Board of Directors of March 15th approved the commitment to cover the subscription, through Itaca Equity Holding S.p.A., up to a maximum of 39.5 million euros, of the foreseen capital increase
Slide 13: IEH Invests in Landi Renzo
IEH INVESTS IN LANDI RENZO BUSINESS ▪ Landi Renzo is a major player in the international market of technologies that allow a more OVERVIEW ecological mobility; the global leader in the Methane gas, Liquified Natural Gas, hydrogen and Liquefied Petroleum Gas components and systems for the motor vehic
Slide 14: Sale of 43.2% of BE
SALE OF 43.2% OF BE COMPLETION OF THE TRANSACTION RELATING TO THE ACQUISITION BY ENGINEERING - INGEGNERIA INFORMATICA S.P.A. OF A CONTROLLING STAKE IN THE SHARE CAPITAL OF BE ▪ On September 26, 2022, TIP has announced the execution of definitive and binding agreements regarding: ▪ the purchase by En
Slide 15: TIP Invests in Lio Factory
TIP INVESTS IN LIO FACTORY STRATEGIC PARTNERSHIP TO ACCELERATE DEVELOPMENT IN ALTERNATIVE INVESTMENTS ▪ Acquisition – by subscription of a reserved capital increase – of 10% of Lio Factory, parent company of a pan-European platform of Alternative Investments guided by a data driven approach (www.lio
Slide 16: TIP Invests in Lio Factory
TIP INVESTS IN LIO FACTORY STRATEGIC PARTNERSHIP TO ACCELERATE DEVELOPMENT IN ALTERNATIVE INVESTMENTS ▪ The Lio Factory platform is currently operating in: (i) Value Added Real Estate: dedicated to direct investment in niche segments in Real Estate, both in Distressed and Development phases; (ii) Sp
Slide 17: TIP at 25% of Limonta Group
TIP AT 25% OF LIMONTA GROUP strategic partnership to accelerate growth ▪ Investment of 89 million euros – partly through a capital increase and partly through the purchase of shares – in Limonta Group ▪ Limonta is one of the leading European player in the high-end textile sector: a complete textile
Slide 18: Limonta is one of the European leaders in high-end textile
▪ Limonta is one of the European leaders in the high-end textile sector, able to carry out both warping, weaving, ennobling processes, as well as coating, resin coating, coagulation and printing processes. ▪ The coexistence of these two productive and technological “souls” makes Limonta unique in th
Slide 19: OVS
OVS STRONG PERFORMANCE AND ROBUST GROWTH ▪ Higher than expected net sales for the year ended on January 31, 2022: 1.36 billion euro (+ 34.6% vs 2020 and in line with 2019). Fourth quarter net sales at 380 million euro, + 35% compared with 2020 and in line with the pre- pandemic situation. E-commerce
Slide 20: TIP Share Performance
TIP SHARE PERFORMANCE 10 years performance vs main indexes 12,5 10 years total return TIP: +401% 10,5 +339.2% 8,5 IT Star +294.1% Nasdaq +243.9% 6,5 S&P 500 +151.8% 4,5 Dow Jones +116.4% MSCI Eur 2,5 +42.5% FTSE MIB +34.3% 0,5 ▪ TIP has over performed the main italian and european indexes while main
Slide 21: The Italian Digital Hub
THE ITALIAN DIGITAL HUB 55 million directly invested 300 million euro of aggregate > 116 million including clubdeal 2021 revenues 1 2021: 95 mln sales and 10,5 mln Ebitda ▪ First results of the industrialization of business model registered in Adj. marginality and business resiliency: EBITDA up 70
Slide 22: Net Intrinsic Value per Share: 13,14 Euro
NET INTRINSIC VALUE PER SHARE: 13,14 EURO Net invested Bloomberg Med term intr. capital estimates (1) value(2) Technology and innovation 252 1.400 ~1.600 57% Healthcare and industrial 127 960 ~1.128 40% IT services and innovation 125 440 ~472 20% StarTIP Tamburi Investment Partners Welcome Italia Lu
Slide 23: TIP Net Intrinsic Value
TIP NET INTRINSIC VALUE TIP price, target price and Net Intrinsic Value last Assets breakdown 5 years trend Startups Net Intrinsic Value per 3% 14,0 share of 13,14 euro 12,0 Unlisted companies 10,0 21% 8,0 6,0 Large cap listed 4,0 3,0 39% 2,0 billion 0,0 intrinsic Treasury shares, cash invested &
Slide 24: 2015 - 2022 Investments
2015 - 2022 INVESTMENTS 1.561 MILLION StarTIP Tamburi Investment Partners S.p.A. 668 million1 509 million 116 million 267 million 644 mln in listed companies and 917 mln in private companies TOTAL INVESTMENTS, INCLUDING CLUB DEALS, at cost 830 129 46 124 279 175 1912 265 325 315 435 3.055
Slide 25: Divestments
DIVESTMENTS DIVESTMENTS FROM «COMPLETE EXIT»1 407 MILLION (2016 – 2022) 2022 100% tender offer by Engineering Loan conversion into shares 2019 acquired by the majority shareholder Ebitda at Ebitda at mln euro Amount cashed purchase exit BE -5 37 132 2019 100% tender offer Furla 41 84 35 Nice 41 45
Slide 26: Recent Years Results Comparison
RECENT YEARS RESULTS COMPARISON CONSOLIDATED NET EQUITY AND INVESTMENTS (MLN EURO) 1.729 1.593 1.306 864 817 623 644 426 431 1.259 1.070 902 151 181 647 666 449 437 360 354 175 211 31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/202
Slide 27: TIP - Value Creation
TIP - VALUE CREATION Annual to 28,1 Number of to 105 from 15,0 from 58 +79% +87% billion thousands revenues1 billion in 2021 employees* thousands in 2021 TIP direct investments TIP investments through vehicles Year of Last Year of Last Ebitda at Ebitda Ebitda at Ebitda Companies first Year Companies
Slide 28: Private Companies Update
PRIVATE COMPANIES UPDATE Italian leader in the travel industry 2021 financial summary (no IFRS 16), year-end at October: Revenues: 598 million euros – Ebitda Adj. : (56) million (negative) ▪ 2021 Groups’ operations has been significantly impacted by the pandemic. Efforts keep containing costs and ma
Slide 29: Private Companies Update
PRIVATE COMPANIES UPDATE Global leader in the luxury yachts / mega yachts industry 2022 financial summary (preliminary accounts): Value of Production: >950 million euro – Ebitda Adj. : 100 million – Cash Position: 270 million ▪ After a 2019-20 period in which the value of production decreased as
Slide 30: Private Companies Update
PRIVATE COMPANIES UPDATE Italian and European leader in the professional tool sector since 1923 2021 financial summary: Revenues: 204 million euros – Ebitda Adj. : 31 million - NFP: 54 million ▪ After having demonstrated a strong resilience in 2020 during the Covid outbreak (decrease in revenues low
Slide 31: Private Companies Update
PRIVATE COMPANIES UPDATE The pure-play provider of premium mission-critical light-weight belting solutions 2021 financial summary: Revenues: 143 million euros – Ebitda Adj. : 36 million – Cash Position: 11 million ▪ Chiorino demonstrated a strong resilience in 2020 during the Covid outbreak, with an
Slide 32: Private Companies Update
PRIVATE COMPANIES UPDATE Global leader in the made in Italy food retail 2021 financial summary : Revenues: 462 million euros – Ebitda Adj. : 14,4 million ▪ 2021 performed better than expectations: the “original” budget reported revenues for 443 million, the pre- closing accounts foresees 462 mln re
Slide 33: Private Companies Update
PRIVATE COMPANIES UPDATE One the leading companies in Italy in the TLC sector 2021 financial summary: Revenues: 67 million euros – Ebitda : 18 million – Cash position: 23 million ▪ Integrated telecommunications group focused on B2B and providing fixed and mobile TLC services as well as a complete su
Slide 34: A Culture of Sustainability
A CULTURE OF SUSTAINABILITY For a detailed description of TIP activities related to sustainability please refer to www.tipspa.it/sustainability Corporate responsibility is particularly important to TIP and plays a very significant role in building a better workplace and an increasingly responsible c
Slide 35: A Culture of Sustainability: 2021 results
A CULTURE OF SUSTAINABILITY 2021 results ▪ The process of gradual decrease of the use of plastic, especially disposable, in offices was completed. For this purpose, water dispensers have been inserted, water bottles delivered to employees and cutlery, glasses and other material useful for business l
Slide 36: A Culture of Sustainability: 2021 results
A CULTURE OF SUSTAINABILITY 2021 results STANDARD ETHICS UPGRADES TO POSITIVE THE OULOOK ON TIP Standard Ethics has upgraded the outlook from “Stable” to “Positive” confirming the Investment Grade rating to TIP (rating di EE-) stating: “the process of implementing the international guidelines on Sus
Slide 37: A Culture of Sustainability: TIP Sustainability Plan
A CULTURE OF SUSTAINABILITY 2021 results TIP SUSTAINABILITY PLAN 1 - implement a plan to share information on the company’s ESG initiatives TIP’S 2 - collaborate with the Control, Risks, Related Parties and Sustainability Committee COMMITMENT TO to update the progress of medium-term activities on an
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