Institut De Developpement Industriel Sca · EURONEXT:IDIP
Institut De Developpement Industriel Sca — IDI — FY2021 Earnings Presentation
35 slides from Institut De Developpement Industriel Sca's earnings presentation, Mar 16, 2022
Slide 1: Trust is the best high-yield investment
Trust is the best high-yield investment A n n u a l R e su l t s 2 0 2 1 16th March 2021
Slide 2: Table of Content
Table of Content A steady dividend return p.21 01. Who we are ? A clear outperformance vs. peers p.22 IDI in a nutshell p.4 Key points p.5 An historical reference player p.6 04. 2022 Prospects Equity investment : a real differentiation p.7 4 deals year-to-date p.24 A team of experts dedicated to per
Slide 3: Who we are?
01 Who we are ? Ateliers de France I French specialist of high-end painting and decorative arts ANNUAL RESULTS 2021 3
Slide 4: IDI in a nutshell
IDI in a nutshell A pioneering French private equity firm focused on SMEs; listed for more than 30 years Listing on Paris Stock exchange Created on the initiative Privatisation Opening to Acquisition of Disposal of NAV per share A well defined ESG of the Ministry of 100% Limited Partners Idinvest
Slide 5: Key points
Key points A highly buoyant and accelerating market €28 billion invested in 2021 across more than 1000 deals in France €37 billion raised by private equity funds (sources : France Invest, CF News) A remarkable performance NAV per share : €82.16 € at end 2021 Up more than +28% in 12 months. U
Slide 6: An historical reference player
An historical reference player More than 50 years of experience and reliability Founded in 1970 An executive team that works together for 17 years Christian Langlois-Meurinne, CEO Julien Bentz, Managing Partner Tatiana Nourissat, Corporate Secretary Marco de Alfaro, Partner Strategic vis
Slide 7: Equity investment: a real differentiation
Equity investment: a real differentiation Flexible equity investment without the usual constraints of a PE fund Fully flexible investment and exit horizon on each project Optimisation of timing and exit price Suitable profile for projects with strong organic growth involving an active build-
Slide 8: A team of investment experts dedicated to performance
A team of investment experts dedicated to performance Julien Bentz Marco de Alfaro Tatiana Nourissat Managing Partner, Partner, Corporate Secretary, Membre du Comité Exécutif Membre du Comité Exécutif Membre du Comité Exécutif j.bentz@idi.fr m.dealfaro@idi.fr t.nourissat@idi.fr Joined IDI in 2005
Slide 9: An international portfolio reflecting our selectivity
An international portfolio reflecting our selectivity Minority interests in France and Europe Majority stakes and co-investments in France & Europe Manufacturer of innovative medical equipment and € 115m Sales: solutions to prevent loss of autonomy Minority French specialist in heritage restoration
Slide 10: A well diversified portfolio
A well diversified portfolio Craftmanship and Luxury Education & Training 14% 10% Retail 25% Services 16% 22% 13% TMT Industrial production RÉSULTATS ANNUELS 2021 10
Slide 11: Full Year 2021 Results
02 Full Year 2021 Results DUBBING BROTHERS | European specialist in multilingual dubbing of films and series 11 ANNUAL RESULTS 2021
Slide 12: Highlights of our 2021 results
Highlights of our 2021 results 16 transactions closed despite an uncertain environment: 3 acquisitions, 6 build-ups, 4 disposals including 2 reinvestments and 1 SPAC Investments totaled €140m and disposals represented €172m with an average multiple of 3.25x Net income, group share of €126m, i.
Slide 13: 2021 Investments and disposals
2021 Investments and disposals INVESTMENTS (in M€) DISPOSALS (in M€) 300 300 287,7 250 250 200 200 172,1 150 140,6 150 100 100 70,5 54 50 31,4 50 23,3 22 20,4 1,3 0 0 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 ANNUAL RESULTS 2021 13
Slide 14: 2021 Investments and disposals
2021 Investments and disposals Investment External growth External growth Disposal External growth Voip Télécom Newlife External growth Newlife Alkan Groupe TucoEnergie Codepi Consultime Winncare Freeteam Pharmaouest Février Mars Mai Juin Septembre Octobre Décembre 2021 2021 2021 2021 2021 2021 2021
Slide 15: A sound financial structure
A sound financial structure Equity Group share(in €M) Liquid assets and treasury (in €m) (net of debt) 612 250 600 518 212 480 501 500 200 400 143 144 150 124 300 100 200 100 50 0 0 2018 2019 2020 2021 2018 2019 2020 2021 Net investment capacity of 143.7 M€ on 31st december 2021 ANNUAL RESULTS 202
Slide 16: A powerful operational growth
A powerful operational growth Topline growth and business expansion* of participations between 2020 and 2021: +34% EBITDA growth* of participations between 2020 and 2021 : +45% Between 2018 and 2021 The average IRR of participations stands above +23% = > multiple of 1.9x The average IRR of d
Slide 17: NAV & Discount
03 NAV & Discount TALIS EDUCATION I National network of business schools specialized in apprenticeship programs ANNUAL RESULTS 2021 17
Slide 18: NAV 2021 expansion
NAV 2021 expansion 82.16 67.19 +28,2 % 64.09 20.88 0.05 -3.10 -2.86 NAV 31/12 NAV ex Results Other NAV Dividends Other charges /2020 dividends from investments & taxes variations 31/12/2021 ANNUAL RESULTS 2021 18
Slide 19: NAV's repartition
NAV’s repartition Emerging PE : - idi EM - Direct investments European PE 6% European PE 71% 23% Listed assets and short dated liquidities ANNUAL RESULTS 2021 19
Slide 20: NAV and Dividends since 2014
NAV and Dividends since 2014 90 €1.10 €2.00 80 IRR +15.8% X2.8* 70 €1.50 €3.85 €1.90 €1.90 60 €1.60 50 €1.40 40 82.16 €1.25 1.60 67.19 1,00 64.82 30 59.33 61.87 20 41.94 35.56 32.68 10 0 2014 2015 2016 2017 2018 2019 2020 2021 ANR NAVpar perAction share Dividende Dividendn-1 versé payed Acompte Adva
Slide 21: NAV and discount since 2014
NAV and discount since 2014 90 50% 82.16 45% 43% 80 45% 40% 70 61.87 67.19 64.82 35% 60 59.33 27% 30% 50 €44.90 €44.83 27% €43.55 25% €39.77 40 41.94 €33.66 20% 35.56 30 32.68 €24.77 €25.55 15% €23.78 20 10% 10 5% 0 0% 2014 2015 2016 2017 2018 2019 2020 2021 Average annual NAVpar ANR perAction share
Slide 22: A steady dividend return
A steady dividend return An IRR of 15.7% per year (including dividends) for the past 31 years => the share price increased 84x In 2021, the share price adjusted for the dividend (€3.1) rose by +35% The ordinary dividend yield stands at 5.13% on the average 2021 share price Between 2008 et 20
Slide 23: A clear outperformance vs. peers
0,00 1000,00 1200,00 1400,00 200,00 400,00 600,00 800,00 mars-00 août-00 janv.-01 IDI juin-01 nov.-01 avr.-02 GBL GBLB sept.-02 févr.-03 juil.-03 déc.-03 mai-04 oct.-04 mars-05 août-05 janv.-06 WENDEL juin-06 nov.-06 avr.-07 sept.-07 févr.-08 Deutsche Beteiligungs DBA juil.-08 déc.-08 A clear outper
Slide 24: 2022 Prospects
04 2022 Prospects FCG I Global leading producer of technical composite materials ANNUAL RESULTS 2021 24
Slide 25: 2022 Prospects
2022 Prospects No visibility improvement since early 2021 Renewed uncertainties concerning COVID in China The Russian-Ukrainian conflict started The spectre of inflation is significantly rising An investment capacity of 148 m€ : Investment teams stay fully engaged to seize any opportunit
Slide 26: 2022 Prospects – The Russian-Ukrainian conflict
2022 Prospects – The Russian-Ukrainian conflict A limited direct exposure to the conflict : only 2 participations out of 16 have exposure Carefully monitoring developments and their impact on our portfolio Potential impact on the dynamics and profitability of holdings due to changing macro-eco
Slide 27: Strategy
05 Strategy FCG I Global leading producer of technical composite materials ANNUAL RESULTS 2021 27
Slide 28: A selective investment policy
STRATEGY A selective investment policy In-depth analysis of each project Decision-making process incorporating the views of all members of the investment team, including those outside the deal team A selective investment policy focusing more on the companies’ growth rather than their financial l
Slide 29: An opportunistic investment policy
STRATEGY An opportunistic investment policy Ability to capture opportunities during crisis Willingness to take advantage of current crisis to change scale A desire to support French SMEs to make them European champions Participation of all shareholders in value creation To maintain a con
Slide 30: Our ESG Roadmap
06 Our ESG Roadmap En 2020, IDI poursuit son soutien l’association AZE pour l’accès à l’éducation à Madagascar In 2020, IDI kept supporting the AZE association that promotes access to education in Madagascar. Résultats annuels 2021 30
Slide 31: Implementing a Responsible Governance
Implementing a Responsible Governance Creating an ESG committee at Supervisory Board level, chaired by Hélène Molinari. Creating an internal ESG working group, chaired by a member of the Executive Committee, which will meet quarterly and may also meet in a broader and more inclusive format with
Slide 32: ESG: a long term growth generator
ESG : a long term growth generator Internal ESG Working Group Extended and inclusive ESG Quarterly meetings Committee Annual meeting IDI ESG Referent In charge of internal In charge of ESG strategic steering, issues and steering measures to be implemented. Member In charge of the ESG strategic of ID
Slide 33: Structural values for a sustainable growth
Structural values for a sustainable growth Best practice guide to reduce carbon footprint E Monitoring of sustainable mobility and digital sobriety Progressive training on climate and environmental issues Ongoing formalisation of an internal human resources policy S Valuing the specificiti
Slide 34: Conclusion
C O N C L U S I O N A pioneer in French private equity, listed for more than 30 years A longevity illustrating agility to weather cycles and crises A shareholder base and a team of experts that are stable over time Managers and employees invested in IDI's capital Aligned interests between
Slide 35: idi.fr, 18 avenue Matignon, Paris
idi.fr 18 avenue Matignon 75008, Paris I France + 33 1 55 27 80 00