Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (May 2020)
40 slides from Italmobiliare's investor presentation, May 26, 2020
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) • Listed on STAR segment of Borsa Italiana • Market cap: approx. Euro 1.1 bn(2) • Total sh
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 Acquisition of a shares Caffè Borbone 20% stake in and of 40% in Iseo Officina Profumo Farmaceutica di Santa Maria Novella Asset diversification: Focus on talcementi Port
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 over Euro 1.6 bn(1) NAV Euro 1.64 bn(1) Investments Investments in Listed companies Financial assets, and
Slide 8: Net Asset Value development
Net Asset Value development Transition towards target capital allocation in progress €1,421m €1,741 m €1,638 m TARGET December 31, 2018 December 31, 2019 March 31, 2020 Financial investments, Real Estate & Other Real Estate & OtherReal Estate & Listed trading & liquidity Other Other investments Othe
Slide 9: Net Asset Value development in the first quarter 2020
Net Asset Value development in the first quarter 2020 Effect of negative price Increase for investment in performance of remaining Santa Maria Novella Decrease for Mainly mark-to-market of Heidelberg shares in Q1 2020 divestments and Fin.Priv. (Mediobanca stake) capital partially offset by investmen
Slide 10: Q1 2020 results and key highlights
Q1 2020 results and key highlights ▪ NAV of Euro 1,638 m as of March 31, 2020 with a decrease of Euro 103 m from December 31, 2019 (Euro NAV 1,741 m) mainly effect of negative performance of financial markets following the global outbreak of dynamics Covid 19 which impacted the value of Heidelberg s
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 Shareholding structure(1) Board of Directors Of whic
Slide 12: Chairperson and CEO profiles
Chairperson and CEO profiles Graduated with honours from Bocconi University, where she is Associate Professor with tenure of Corporate Finance, as well as Research Fellow of the Baffi-Carefin Research Centre and Academic Director of the Bachelor Degree in Economics and Finance. Previously, she was D
Slide 13: 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 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 March 2017 200 Share buy-back Italmobiliare: Sofina 148% July 2015 +76% Agreement with 180 HeidelbergCement September 16, 2019 Lundbergs 135
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 – 1Q20 results and assessment of Covid-19 impact
Portfolio Companies – 1Q20 results and assessment of Covid-19 impact ▪ During the first quarter of 2020, despite the impact of the Covid 19 emergency, the overall performance of the portfolio companies was solid, with an improvement in the aggregated EBITDA (+12% YoY) ▪ The financial and liquidity s
Slide 17: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Closing remarks Appendix 17
Slide 18: Portfolio companies: new investments
Portfolio companies Portfolio Companies 48% Strategy: Ebitda growth, organic and M&A business expansion Financials 2019 (€m): Revenues breakdown Sector Strategy and drivers Revenues (YoY % var.) by EBITDA (% margin) geography Caffè Borbone (60%) ▪ Double digit organic growth in a growing 173 (+28%)
Slide 19: Listed stakes: HeidelbergCement
Listed Participati Listed stakes: HeidelbergerCement ons 6% Strategy: dividend yield, opportunistic divestiture Dividend yield(2) % NAV(1) Sector Strategy 2020 2021E ▪ Participation of 1.3% ▪ Current value: € 99 m(1) 6% Building materials ▪ Dividend yield 3.4% 3.0% ▪ Progressive divestiture (overall
Slide 20: Private Equity & co-investments
Private Equity & co-investiments Private Equity 9% 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 i
Slide 21: Net Asset Value per Share development
Net Asset Value per Share development NAV per share and NAV discount evolution 45 46,3% 41,5 50% 44,0% 44,3% 37,9 38,8 38,8 45% 40 36,8 38,3% 38,5% 35,5 37,7 35,2% 40% 34,6% 34,1 33,7 33,9 42,9% 41,8% 38,4% 35 35% 35,4 Current 29,8% discount(1) 30% 30 27,3 24,2 25% 24,1 23,9 25 20,7 21,2 21,0 20% 21
Slide 22: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Closing remarks Appendix 22
Slide 23: 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 24: 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 25: Tecnica Group recent add-on
Tecnica Group recent 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 about 50% of the Group turnover,
Slide 26: 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 27: Portfolio Companies: Gruppo Autogas (30%)
Portfolio Companies: Gruppo Autogas (30%) 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 and
Slide 28: Portfolio companies: Officina Profumo Farmaceutica di Santa Maria Novella (20%)
Portfolio companies: Officina Profumo Farmaceutica di Santa Maria Novella (20%) Company profile Stores and products • Officina Profumo Farmaceutica di Santa Maria Historical store in Florence DOS in Milan Novella produces and distributes premium perfumes and cosmetic products under its own brand • T
Slide 29: Portfolio companies: Capitelli (80%)
Portfolio companies: Capitelli (80%) Company 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 compan
Slide 30: 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 31: 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 15 hydropower plants and over 300 km transmission lines in northern Italy and has a significant stake in two wind farms in Bulgaria
Slide 32: 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 33: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Closing remarks Appendix 33
Slide 34: 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 35: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 35
Slide 36: 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 37: 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 38: 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 38
Slide 39: Italmobiliare investment team activities
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 INVESTME
Slide 40: Consolidated Balance Sheet
Consolidated Balance Sheet 31 December 31 December 31 December (€m) 30 June 2018 30 June 2019 31 March 2020 2017 2018 2019 Non-current assets 995 1,214 1,206 1,243 1,099 Current-assets 682 593 555 666 805 Discontinued 6 6 6 6 7 operations Total assets 1,682 1,813 1,767 1,915 1,911 Shareholders equit