Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (August 2019)
38 slides from Italmobiliare's investor presentation, August 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 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: Euro 1.6 bn(1) • Market cap: approx. Euro 850 m(2) • Total shareholders return last 5 years: 51%(2) • Div
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 1.6 bn(1) NAV Euro 1.6 bn(1) Investments Financial assets, Investments in Participations Port
Slide 8: Net Asset Value development
Net Asset Value development Transition towards target NAV in progress €1,545m €1,588 m TARGET December 31, 2017 June 30, 2019 Real Estate & Real Estate & Other Other Other Financial investments 4% Other 3% Listed Listed investments investments, trading 4% 8% Participations Other assets participation
Slide 9: Net Asset Value development over the last 6 months
Net Asset Value development over the last 6 months Increase of investments in portfolio companies Increase due to investment in Autogas (+€60m) and Mainly effect of disposals of Mainly increase overall NAV revaluation Mediobanca and in Jaggaer's (+€46m) Heidelberg shares partially value offset by po
Slide 10: Q2 2019 results and key highlights
Q2 2019 results and key highlights ▪ As of June 30, 2019 NAV of Euro 1,588 m with an increase of Euro 166 m from December 31, 2018 (Euro 1,421 Positive NAV m) dynamics ▪ NAV increase mainly resulting from increase of value of the portfolio companies (Euro +46 m), of the stake in Jaggaer (Euro +30 m)
Slide 11: Value creation from the investment in Bravo Solution-Jaggaer
Value creation from the investment in Bravo Solution-Jaggaer ▪ 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 Bravo Solution to Jaggaer, spend management solution provi
Slide 12: Value creation for portfolio companies: Tecnica Group add-on
Value creation for portfolio companies: Tecnica Group add-on ▪ In July 2019, Tecnica Group with the strategic support of Italmobiliare, has completed a double acquisition from the same seller of: ▪ a further 15% stake in the controlled subsidiary Lowa, German outdoor footwear company which represent
Slide 13: 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 14: 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 15: 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 16: 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 TIP 171% 200 March 2017 Share buy-back Lundbergs 146% 180 Sofina 130% July 2015 Agreement with 160 HeidelbergCement Exor 127% 140 Italmobili
Slide 17: 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 18: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Closing remarks Appendix 18
Slide 19: Portfolio companies
Portfolio companies Portfolio Companies 37% 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 20: Listed participations: HeidelbergerCement and Mediobanca
Listed participations: HeidelbergerCement and Mediobanca Listed Participations 17% Strategy: dividend yield, opportunistic divestiture Dividend yield(3) % NAV(1) Sector Strategy 2019 2020E ▪ Participation of 1.6% ▪ Current value: € 224 m(1) 14.1% Building materials ▪ Dividend yield 3.0% 3.5% ▪ Progr
Slide 21: Private Equity & co-investments
Private Equity & co-investiments Private equity & Co- investments 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 hi
Slide 22: Other assets
Other assets Other assets 38% Private Equity Financial 8% investments, trading & To be deployed for strategic investments in portfolio companies and liquidity 27% private equity Portfolio Companies 37% Other Participations Includes mainly a 9.5% stake in Jaggaer (NAV value aligned with that of the 8
Slide 23: Net Asset Value per Share development
Net Asset Value per Share development NAV per share and NAV discount evolution 40 37,9 37,9 50% 36,8 46,3% 35,5 34,1 33,7 33,9 44,0% 35 35,4 46,6% 45% 38,5% 42,9% Current 30 38,3% 40% discount(1) 34,6% 35,2% 25 24,1 35% 20,7 21,2 21,0 20,3 20,2 23,0 18,2 20 30% 15 25% 10 20% 31/12/2017 31/03/2018 30
Slide 24: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Closing remarks Appendix 24
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 17 hydropower plants and over 300 km transmission lines in northern Italy and has a significant stake in two wind farms in Bulgaria
Slide 30: 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 31: 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 32: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Closing remarks Appendix 32
Slide 33: 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 34: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 34
Slide 35: Italmobiliare group exit track record since 2011
Italmobiliare group exit track record since 2011 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 (o
Slide 36: 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 36
Slide 37: 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 38: Consolidated Balance Sheet
Consolidated Balance Sheet 31 December 31 December (€m) 30 June 2018 30 June 2019 2017 2018 Non-current assets 995.2 1,213.7 1,206.2 1,242.6 Current-assets 681.6 593.3 554.7 666.3 Discontinued 5.6 6.0 6.2 6.5 operations Total assets 1,682.4 1,813.0 1,767.0 1,915.4 Shareholders equity 1,373.7 1,360.8