Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (November 2022)
41 slides from Italmobiliare's investor presentation, November 2022
Slide 1: Company Presentation November 2022
COMPANY PRESENTATION NOVEMBER 2022
Slide 2: Disclaimer
DISCLAIMER 02 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,
Slide 3: Index
03 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 4: Vision & mission and strategic approach
Vision & mission and strategic approach 04 “Italmobiliare Investment Holding holds and INVESTMENT STRATEGY manages a diversified investment and equities portfolio with a strategic vision underpinned by a Focus on Italian champions operating in resilient financial and industrial history going back mo
Slide 5: ESG
ESG 05 Responsible investments and active ownership UN Global Compact and Agenda 2030 Italmobiliare manages its flow of investments and Italmobiliare adheres to the United Nations divestments in order to guarantee the sustainable success Global Compact, enforcing its commitment to of the Group throu
Slide 6: Italmobiliare at a glance
I t al m obiliare a t a gl an c e • Investment holding since 1946 • Majority shareholder: Pesenti family, active in the Italian business community for over 150 years • Focus on equity investments • NAV: Euro 2.0 bn(1) • Listed on Euronext STAR segment of Borsa Italiana • Market cap: approx. Euro 1.1
Slide 7: Our History
Our History Acquisition of a 80% stake In April acquisition of a in Officina Profumo 19,99% stake in Bene Sale of Italcementi for a Farmaceutica di Santa Assicurazioni mix of cash and assets Maria Novella incl. Italgen, BravoSolution In May distributed €59m In 1979 Italmobiliare and HeidelbergCement
Slide 8: Investment Portfolio
Investment Portfolio Deployment of a new portfolio of strategic participations after the sale of Italcementi in 2016 08 Italmobiliare is an investment holding with a Euro 2.0 bn NAV diversified portfolio NAV PORTFOLIO HIGHLIGHTS Euro 2.0 bn Listed Other Real Estate Portfolio companies participations
Slide 9: Net Asset Value development
Net Asset Value development Achieved transition towards target capital allocation 09 €1,741 m €2,082 m €1,963 m TARGET December 31, 2019 December 31, 2021(1) September 30, 2022 ALLOCATION Financial investments, Real trading & liquidity Estate & Other Real Estate Listed Other Real Estate & Listed ~10
Slide 10: 3Q2022 results and key highlights
3Q2022 results and key highlights 10 ▪ NAV of Euro 1,963 m as of September 2022 (Euro -119 m from December 2021), mainly effect of dividend distribution (Euro 59 m), performance of listed investments and others (Euro -19 m), holding costs and taxes (Euro -33 m), partially compensated by increase in
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 S H A R E H O L D I N G S T R U C T U R E (1) BOARD
Slide 12: Chairman and CEO profiles
Chairman and CEO profiles Graduated with honours from Bocconi Degree in Mechanical Engineering from Milan University, where she is Associate Professor Polytechnic, Master in Economics and Management with tenure of Corporate Finance, as well as from Bocconi University. Research Fellow of the Baffi-Ca
Slide 13: ESG Performance
ESG Performance Leading KPIs highlight Group's effective contribution to Sustainable Development Goals Outlook 2017 2018 2019 2020 2021 2022 GENDER EQUALITY Women in managerial positions % of positions “manager” or “middle manager" covered by women 17% 18% 19% 22% 32% DECENT WORK Injury frequency
Slide 14: ESG Roadmap and actions
ESG Roadmap and actions 14 A methodological pathway to sustainable value creation and portfolio management 1° year 2° year + SETTING PRIORITIES ESG VALUE CREATION following tailored ESG PLANS Examples of achievements ALIGNING UNDERSTANDING 20% PV self production 100% green power CORPORATE THE ESG BA
Slide 15: 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 160 September 16, 2019 Investor 102% STAR segment admission Sofina 78% 140 Lundbergs 44% Italmobiliare: 120 +17% Italmobiliare 32% TIP 28%
Slide 16: Risk management
Risk management 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 aligned with the average risk indicators of the European equity index ▪ well diversi
Slide 17: Index
Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix 17
Slide 18: Portfolio companies
Portfolio companies Portfolio Companies 65% Strategy: Ebitda growth, organic and M&A business expansion Financials 2021 (€m): Revenues Revenues (YoY % var.) breakdown by Sector Strategy and drivers EBITDA (% margin) geography Caffè Borbone ▪ Coffee ▪ Double digit organic growth in a growing market 2
Slide 19: Private Equity
Private Equity Private Equity 10% Strategy: global multi-industry reach and complementarity with investment portfolio Vintage Italmobiliare Focus Strategy year commitment Fund III ▪ PE leader in Italy with focus on high-quality «Made in Italy» 2015 € 92 m Fund IV Italy ▪ Italmobiliare is anchor inve
Slide 20: Listed participations and other investments
Other investments Listed Participations Listed participations and other investments 8% 1% Selected other investments: co-investments with return opportunities Sector Investment partner Profile ▪ One of the leading Italian wine players with €230m of revenues (99% abroad) ▪ Asset-light business model
Slide 21: Net Asset Value per Share development
Net Asset Value per Share development 21 NAV per share and NAV discount evolution 47.8 49.2 49.2 (1) 47.3 46.7 46.4 46.4 43.5 44.3 41.5 Current 49% 38.8 39.2 discount 35.5 37.9 38.6 46% 37.7 46% 36.8 44% 44% 44% 34.1 43% 33.7 33.9 42% 41% 35.4 32.5 38% 39% 38% 30.5 38% 29.0 29.5 29.3 29.6 28.9 28.7
Slide 22: Index
22 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 23: Caffè Borbone (60%)
Caffè Borbone (60%) 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 Nestlé Nespresso® and Nescafé
Slide 24: Officina Profumo-Farmaceutica di Santa Maria Novella (95%)
Officina Profumo-Farmaceutica di Santa Maria Novella (95%) PROFILE STORES AND PRODUCTS Officina Profumo-Farmaceutica di Santa Maria Novella Historical store in Florence DOS in Milan produces and distributes luxury fragrances and cosmetic products under its own brand The company is headquartered in F
Slide 25: Tecnica Group (40%)
Tecnica Group (40%) 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 historic names: Tecnica (ski boot
Slide 26: AGN Energia (32%)
AGN Energia (32%) PROFILE AGN Energia based in Genoa operates mainly in Italy in the distribution of LPG gas for domestic, commercial, and industrial uses In addition, the group has gradually diversified its business, exploiting a loyal customer base for cross selling other products (electricity and
Slide 27: Italgen (100%)
Italgen (100%) PROFILE GEOGRAPHICAL PRESENCE Italgen is a producer and distributor of electricity from renewable energy sources, it manages 25 hydropower plants and over 300 km transmission lines in northern Italy and has a significant stake in two wind farms in Bulgaria (18 MW) Italgen is strongly
Slide 28: Iseo Serrature (39%)
Iseo Serrature (39%) PROFILE PRODUCT PORTFOLIO Iseo Group, headquartered in Pisogne (Brescia, Northern Italy), is one of the main European producers of mechanical, Electronic and digital Mechanical products solutions mechatronic and digital solutions for access control and security Since 2010, the G
Slide 29: SIDI Sport (100%)
SIDI Sport (100%) PROFILE MAIN PRODUCTS SIDI Sport is an Italian Company recognized globally as leader Cycling Motorcycling in the production of cycling and motorcycling shoes, becoming co-protagonist of extraordinary victories that inscribed the legend of these sports SIDI is an iconic and internat
Slide 30: Casa della Salute (85%)
Casa della Salute (85%) PROFILE GEOGRAPHICAL PRESENCE Casa della Salute is an integrated operator of health centers, • 14 centers located in Liguria built around the concept that a wide array of high-quality and Piedmont, specifically in: private health services such as imaging diagnostics and physi
Slide 31: Bene Assicurazioni (19,99%)
Bene Assicurazioni (19,99%) PROFILE Bene Assicurazioni is an insurance technology company founded in 2016 and specialized in the non-life insurance retail market with a focus on the motor segment The company is characterized by the high level of automation and digitization of all business processes
Slide 32: Capitelli (80%)
Capitelli (80%) 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 high quality and product excellence that are distributed under the brand "Capitelli" The company reinvented the cooked ham launching
Slide 33: Callmewine (80%)
Callmewine (80%) PROFILE Callmewine.com is of the leading Italian e-commerce website for wine & other alcoholic products, it offers an extensive catalogue of around 10,000 labels, ranging from famous, global wine brands to small, niche producers The company, founded in 2010, has been able to leverag
Slide 34: Clessidra (100%)
Clessidra (100%) PROFILE Profile PRIVATE EQUITY INVESTMENT Clessidra is the leading manager of Private Equity funds STRATEGY exclusively dedicated to the Italian market, since inception - Enterprise Value: €100 - 500 million in 2003 has completed 26 transactions with equity - Five core industries: i
Slide 35: Index
35 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 36: Closing remarks
Closing remarks A unique opportunity to invest in the leading investment holding in Italy 36 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: Italia
Slide 37: Index
37 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 38: Italmobiliare total return 2018-2021
Italmobiliare total return 2018-2021 In the period 2015-2017 Italmobiliare divested nearly Euro 2.0 bn of assets (Italcementi, BravoSolution, Finter Bank and HC shares) and distributed cash (dividend and buy back) and Heidelberg Cement shares for approx. Euro 680 m Since 2018 Italmobiliare: - Divest
Slide 39: Strategic divestments
Strategic divestments In the period 2017-2021 Italmobiliare divested over Euro 700 m of assets out of its direct holdings 39 Major divestments since 2017 Portfolio companies Listed participations 2017 2017-2019 ▪ Sale of Bravosolution (e-procurement company 83% owned by ▪ Sold entire stake directly
Slide 40: Sirap Group disposal and exit from food packaging sector
Sirap Group disposal and exit from food packaging sector Sirap Group (100% owned by Italmobiliare since the '90s), a producer of rigid plastic packaging for food applications with a turnover of Euro 250 m in 2020, has reached in 2021 four strategic agreements with industrial players to sell all its
Slide 41: Value creation from the investment in BravoSolution-Jaggaer
Value creation from the investment in BravoSolution-Jaggaer 41 ▪ As part of the Italcementi transaction, in July 2016 Italmobiliare acquired a 75% stake from Italcementi in the e-procurement solutions provider Bravo Solution ▪ In December 2017, Italmobiliare sold BravoSolution to Jaggaer, spend mana
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