Tamburi Investment Partners S.p.a. · MIL:TIP
Tamburi Investment Partners — Non-Deal Roadshow (July 2021)
28 slides from Tamburi Investment Partners's roadshow presentation, Jul 7, 2021
Slide 1: Exane BNPP - Virtual roadshow
Exane BNPP - Virtual roadshow July 7, 2021 We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses and the assets of families that wish to invest them intelligently in companie
Slide 2: Disclaimer
DISCLAIMER The information contained herein, particularly the ones regarding any possible or assumed future performance of the TIP Group, are or may be forward looking statements and in this respect they involve some risks and uncertainties. Any reference to past performances shall not be taken as a
Slide 3: Table of Contents
TABLE OF CONTENTS page INVESTMENTS OVERVIEW 4 2021 DYNAMISM 6 2021 TREND 7 PARTIAL SALE OF PRYSMIAN SHARES 8 NEW EQUITY FOR COMPANIES IN TURNAROUND 9 TIP ACQUISITION OF TIPO AND BETA 10 TIP SHARE PERFORMANCE 11 THE ITALIAN DIGITAL HUB 12 NET INTRINSIC VALUE 14 2015 – 2021 INVESTMENTS 16 DIVESTMENTS
Slide 4: Tamburi Investment Partners S.p.A.
Tamburi Investment Partners S.p.A. 3 billion of direct investments and club deals in leading companies 1) Limited risk thanks to light 2) Outstanding long term diversification and great quality returns for shareholders > 20 +160,2 %* 10,49 euro per share (10 worldwide leaders) total return T.I.P. Ne
Slide 5: An independent and diversified industrial group
an independent and diversified industrial group Listed companies Listed companies ~490 mln Euro ~95 mln Euro ~45 mln Euro ~50 mln Euro ~ 1,3 bln Euro ~ 240 mln Euro ~ 105 mln Euro ~ 95 mln Euro ~ 410 mln Euro ~80 mln Euro (TIP+club deal) (club deal) (init. 105) (club deal) (init. 120) (init. 95) (cl
Slide 6: 2021 Dynamism
2021 DYNAMISM 460 MILLION OF INVESTMENT – DIVESTMENT ACTIVITY UNTIL JUNE 2021 292,5 mln divestment 168 million investments 134,5 13,5 11 5 3,4 1 Clubtre ABB on Prysmian TIP acquisition of TIP investment Treasury shares TIP further TIP further Clubdeal shares TIPO and Beta (equity and debt) and F
Slide 7: 2021 Trend
2021 TREND Q1 revenues 2021 Q1 revenues 2021 vs Q1 2020 vs Q1 2019 vs Q1 2020 vs Q1 2019 +6,9% +12,3% +17,8% -3,5% +21,3% +12,5% +8,6% +1,4% +24,9% +43,7% +14,2% n.a. +23,7% +17,5% +27,2% +17,6% +8,5% +7,6% +11,6% +13,0% -10,5% -25,2% +5,7% +18,4% +9,2% +9,3% Q1 2021 not available for Alpitour, Azim
Slide 8: Partial sale of Prysmian shares
PARTIAL SALE OF PRYSMIAN SHARES ▪ January 11th 2021: Clubtre S.p.A. (company in which TIP held a 66.226% stake) announced the successful completion of the sale of 10 million ordinary shares of Prysmian S.p.A., representing 3.729% of Prysmian’s share capital, for a total consideration of 292.5 millio
Slide 9: New equity for companies in turnaround
NEW EQUITY FOR COMPANIES IN TURNAROUND ITACA EQUITY HOLDING has been established by TIP to provide equity to distressed companies and turnaround. ITACA EQUITY HOLDING has been conceived to support companies facing difficult periods, helping them to solve, in an integrated and flexible way, problems
Slide 10: TIP acquisition of TIPO and Beta
TIP ACQUISITION OF TIPO AND BETA The Board of Directors of TIP has promoted in March 2021 a cash offer for the purchase of 100% of the shares of TIPO S.p.A., of which TIP held 29.29%. TIPO was a club deal established in June 2014 that after the sale of the equity investments held in AAA - Advanced A
Slide 11: TIP share performance
TIP SHARE PERFORMANCE 5 years performance vs main indexes 12,5 5 years total return TIP: +160,2% Nasdaq +200.1% 10,5 +153.9% 8,5 IT Star +140.2% 6,5 S&P 500 +106.2% Dow Jones 4,5 +93.6% FTSE MIB +57.9% 2,5 MSCI Eur +35.2% 0,5 ▪ TIP has over performed the main italian and european indexes while maint
Slide 12: The Italian Digital Hub
THE ITALIAN DIGITAL HUB 52 million directly invested 230 million euro of aggregate 109 million including clubdeal annual revenues without considering aggregate sales of Digital Magics portfolio Digital and innovation Coworking, education App developer Digital incubator Co-living consultancy and ev
Slide 13: The Italian Digital Hub
THE ITALIAN DIGITAL HUB ▪ First results of the industrialization of business 2020: 75 mln sales and 6 mln Ebitda model registered in marginality and business resiliency: EBITDA up 23% compared to FY 2019 Year of first investment: 2017 Digital and innovation ▪ Listed on Star segment of Borsa Italiana
Slide 14: Net Intrinsic Value per share: 10,49 euro
NET INTRINSIC VALUE PER SHARE: 10,49 EURO Net invested Bloomberg Med term intr. capital estimates (1) value(2) Technology and innovation 258 1.288 ~1.413 64% Healthcare and industrial 154 901 ~997 45% IT services and innovation 104 388 ~416 19% StarTIP Tamburi Investment Partners Welcome Italia Luxu
Slide 15: TIP Net Intrinsic Value
TIP NET INTRINSIC VALUE TIP price, target price and Net Intrinsic Value last Assets breakdown 5 years trend Net Intrinsic Value per Startups 12,0 share of 10,49 euro 3% Unlisted 10,0 companies 15% 8,0 6,0 4,0 > 2,0 Large cap listed 2,0 44% Treasury shares, billion cash invested & 0,0 advisory intrin
Slide 16: 2015 - 2021 Investments
2015 - 2021 INVESTMENTS 1.350 MILLION StarTIP Tamburi Investment Partners S.p.A. 604 million1 370 million 109 million 267 million 598 mln in listed companies and 752 mln in private companies TOTAL INVESTMENTS, INCLUDING CLUB DEALS, at cost 830 129 46 124 279 175 1912 265 325 204 158 2.728 2002-
Slide 17: TIP 2019 - 2021 Investments
TIP 2019 - 2021 INVESTMENTS Italian leader in the clothing Leader in design and technology sector for ventilation and air filtration ▪ TIP, with shares acquisitions in 2018, 2019 and 2020, has ▪ In 2019 TIP acquired a 20,15% stake in the company now a 23,3% stake in the company. leading Italian IT s
Slide 18: Divestments
DIVESTMENTS DIVESTMENTS FROM «COMPLETE EXIT»1 275 MILLION (2016 – 2021) 2019 Loan conversion into shares acquired by majority shareholder 2019 100% tender offer Ebitda at Ebitda at mln euro Amount cashed purchase exit 2018 Furla 41 84 35 Equity and convertible bond Nice 41 45 5 FCA* 2.972 6.668 90
Slide 19: Recent years results comparison
RECENT YEARS RESULTS COMPARISON NET EQUITY AND INVESTMENTS (MLN EURO) 1.593 1.429 1.306 864 817 623 644 426 431 1.070 1.045 902 151 181 647 666 449 437 360 354 175 211 31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/03/2021 * Net equit
Slide 20: TIP - Value creation
TIP - VALUE CREATION Annual to 22,7 Number of to 102 from 15,0 from 58 +75% +51% billion thousands revenues* billion in 2020 employees* thousands in 2020 TIP direct investments TIP investments through vehicles Year of Year of Ebitda at 2019 Ebitda Ebitda at 2019 Ebitda Companies first Companies firs
Slide 21: 2020 Private companies update
2020 PRIVATE COMPANIES UPDATE Turnover obviously collapsed reporting significant losses and The financial statements as of August 31, 2020, showed an need for cost cuts. Gabriele Burgio and his team made an Ebitda Adj. of >50 mln, confirming the good trend. The main unparalleled work for the rationa
Slide 22: Annex - Investments details
ANNEX Year of Book value Revenues 2020 Ebitda at 2020 TIP main direct investments % owned first at at revenues purchase Ebitda invest. 31/12/2020 purchase Listed Amplifon 3,3% 2010 251 708 1.555 97 371 Be 27,5% 2007 23 45 179 -5 28 Elica 20,2% 2019 41 472 453 40 42 Hugo Boss 1,5% 2015 29 2.572 1.946
Slide 23: Annex - Investments details
ANNEX ASSET ITALIA investments - TIP owns 20% of Year of Book value Revenues % owned by 2020 Ebitda at 2020 ordinary shares of Asset Italia which owns first at at AI vehicle revenues purchase Ebitda 1% shares of its assets invest. 31/12/2020 purchase Alpitour [TIP 35,8% of tracking shares] 55,9% 201
Slide 24: Annex - A Culture of Sustainability
ANNEX - A CULTURE OF SUSTAINABILITY For a detailed description of TIP activities related to sustainability please refer to www.tipspa.it/sustainability Corporate responsibility is particularly important to TIP and plays a very significant role in building a better workplace and an increasingly respo
Slide 25: Annex - Sustainable Development Objectives
ANNEX – SUSTAINABLE DEVELOPMENT OBJECTIVES Ensuring inclusive and equitable quality education and promoting lifelong learning opportunities for all. TIP has always invested time and energy for the promotion of an economic culture and awareness around the issues of healthy business growth through pub
Slide 26: Annex - Sustainable Development Objectives
ANNEX – SUSTAINABLE DEVELOPMENT OBJECTIVES Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. In its capacity as an investor, TIP provides companies with new hires to contribute to long-term sustainable development, thus rendering th
Slide 27: Annex - Where we are
ANNEX – WHERE WE ARE LISTED COMPANIES PRIVATE COMPANIES BoD with at least one third Companies with employee profit female members sharing plans 80% 100% Private companies 10 42% Listed 24 companies 14 58% BoD with at least one fifth BoD with at least one fifth independent directors independent dire
Slide 28: Annex - A Culture of Sustainability
ANNEX - A CULTURE OF SUSTAINABILITY TIP SUSTAINABILITY PLAN 1 - implement a plan to share information on the company’s ESG initiatives TIP’S 2 - collaborate with the Control, Risks, Related Parties and Sustainability Committee to update the COMMITMENT TO progress of medium-term activities on an ongo
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