Cir S.p.a. - Compagnie Industriali Riunite · MIL:CIR
Cir S.p.a. - Compagnie Industriali Riunite — CIR S.p.A. - Compagnie Industriali Riunite — FY2016 Earnings Presentation
20 slides from Cir S.p.a. - Compagnie Industriali Riunite's earnings presentation, March 2017
Slide 1: FY 2016 Results
FY 2016 Results March 2017 Marzo 2014 1
Slide 2: FY 2016 at a glance
FY 2016 at a glance HOLDING NET CASH 31/12 €334.3 m REVENUES 2. EBITDA €259.6 m +19% vs 2015 DIVIDEND €0.038 per share
Slide 3: Group structure
Group structure 56.5% 57.1% 59.5% Non-core investments Revenues €585 M €1.574 M €461 M -- Total € 2.621 M 2016 Italian media group, Global automotive Healthcare group Investments in Private with presence in dailies, supplier of suspensions, specialized in long equity, NPLs Businesses periodicals, ra
Slide 4: CIR Group profile
CIR Group profile • Founded in 1976 by Carlo De Benedetti; controlled (45.8%) by COFIDE-Gruppo De Benedetti • Long term investment strategy, with focus on controlling stakes • Balanced portfolio of assets, with leading positions in their respective businesses • Active role in governance and in strat
Slide 5: FY 2016 consolidated financials highlights
FY 2016 consolidated financials highlights • 2016 consolidated net income: € 33.8 M (vs. € 42.0 M in 2015, which included 11.0 M non recurring items). Contribution of industrial businesses (Espresso, Sogefi and KOS): € 25.1 M (vs. € 20.4 M in 2015) • Consolidated net financial position at December 3
Slide 6: Consolidated income statement
Consolidated income statement €M 2015 2016 Revenues 2,544.4 2,620.7 EBITDA 218.2 259.6 EBIT (1) 80.0 130.4 (2) Financial expense (3.2) (21.8) Taxes(3) (20.9) (52.9) Assets held for sale (4) 9.4 2.0 Group net result (5) 42.0 33.8 (1) EBIT was impacted by Goodwill impairments related to Espresso (equa
Slide 7: Consolidated income statement by business sector
Consolidated income statement by business sector €M 2015 2016 Espresso Group 9.6 5.9 Sogefi Group 0.7 5.3 KOS Group 10.1 13.9 Total industrial companies(1) 20.4 25.1 (2) CIR holding recurring income 10.6 8.7 Net result before extraordinary items 31.0 33.8 (3) CIR holding Non recurring income 11.0 --
Slide 8: Consolidated balance sheet – main group assets
Consolidated balance sheet – main group assets €M Group equity in consolidated balance sheet 31 Dec. 2015 31 Dec. 2016 Espresso 332.2 337.9 Sogefi 100.4 100.7 KOS 137.2 161.9 Total industrial companies 569.8 600.5 Fixed assets 16.9 16.4 Private equity (1) 59.2 58.1 Non performing Loans (1) 43.0 38.3
Slide 9: Consolidated net financial position
Consolidated net financial position €M 31 Dec. 2015 31 Dec. 2016 Espresso Group (10.7) 31.7 Sogefi Group (322.3) (299.0) KOS Group (210.0) (213.6) Other subsidiaries 3.4 3.0 Total subsidiaries (539.6) (477.9) CIR Holding level 417.9 334.3 Consolidated net financial indebtedness (121.7) (143.6) (1) T
Slide 10: Net financial position at CIR Holding level
Net financial position at CIR Holding level • Decrease of net cash at CIR financial holdings is mainly due to investments, dividends and the buyback of treasury shares Evolution of net financial position as at 31 December 2016 (€ m) 450 417.9 +20.1 - 29.5 - 19.5 400 -74.3 + 25.9 +10.4 -16.7 334.3 35
Slide 11: Composition of liquid assets and gross financial debt
Composition of liquid assets and gross financial debt €m 31 Dec. 31 Dec. Liquid assets at 31 December 2016 2015 2016 Cash and time deposits 96.0 50.0 49.9 Other 1% Corporate bonds 5% Government bonds 4.2 -- Hedge funds 12% Cash & time deposits Corporate bonds 58.7 17.6 15% Fixed income funds 252.7 2
Slide 12: 2016 Subsidiaries' financial and operational highlights
2016 Subsidiaries’ financial and operational highlights 2016 Highlights Key strategic objectives Decrease of press circulation revenues (-6.4%) while total advertising Expansion of digital platforms, leveraging on revenues was substantially in line with 2015 (-0,9%): radio and internet leadershi
Slide 13: Espresso - overview
Espresso - overview Key financials €M 2015 2016 Revenues 605.1 585.5 NATIONAL LOCAL DIGITAL RADIO ADVERTISING PRESS NEWSPAPERS EBITDA 47.5 44.7 National 18 Regional News 3 national Collection of newspaper newspapers websites radio stations advertising for Net income 6.8 8.5 La Repubblica in Italy th
Slide 14: Espresso – Integration with ITEDI
Espresso – Integration with ITEDI • On March 2, 2016 CIR and Gruppo Editoriale L'Espresso (GELE) signed a memorandum of understanding with ITEDI (publisher of daily newspapers La Stampa and Il Secolo XIX) and its shareholders (FCA and the Perrone family), aimed at the merger by incorporation of ITED
Slide 15: Sogefi - overview
Sogefi - overview Key financials €M 2015 2016 SUSPENSIONS FILTRATION AIR & COOLING Revenues 1,499.1 1,574.1 EBITDA 115.5 152.7 Net income 12.9 9.3 2016 Revenues breakdown 2016 Performance and outlook Customers Regions • Revenues grew 5% (+9.8% at constant exchange rates), due to FORD 12.6% Europe 60
Slide 16: KOS - overview
KOS - overview SHAREHOLDERS Key financials 2011 2012 CIR (59.53%) €M 2015 2016 F2i (40.47%) Revenues 439.2 461.1 DIAGNOSTICS NURSING HOMES REHABILITATION & CANCER CARE EBITDA 73.0 82.4 Net income 19.8 23.4 Revenues breakdown by region (2016) 2016 Performance and outlook • Revenues grew 5%, thank
Slide 17: KOS – F2i and CIR purchased 46.7% of KOS from Ardian
KOS – F2i and CIR purchased 46.7% of KOS from Ardian • On May 17, 2016 CIR and F2i (Italian Infrastructure Fund) completed a transaction with Ardian to buy 46.7%(1) of KOS for an amount of € 292 M. • F2i and a minority shareholder bought a 37.3%(2) stake, investing € 240 M through a common vehicle (
Slide 18: Non-core investments
Non-core investments Private equity Diversified portfolio of private equity funds and direct minority private equity investments, with a fair value of € 58.1 M at 31 December 2016 (declining vs. previous year due to reimbursements). The portfolio has reached its maturity/reimbursement phase, as li
Slide 19: Disclaimer
Disclaimer • This document has been prepared by CIR for information purposes only and for use in presentations of the Group’s results and strategies. • For further details on CIR and its Group, reference should be made to publicly available information, including the Annual Report, the Semi-Annual a
Slide 20: www.cirgroup.com
www.cirgroup.com 20
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