Cir S.p.a. - Compagnie Industriali Riunite · MIL:CIR
Cir S.p.a. - Compagnie Industriali Riunite — CIR S.p.A. - Compagnie Industriali Riunite — Q1 2017 Earnings Presentation
18 slides from Cir S.p.a. - Compagnie Industriali Riunite's earnings presentation, April 2017
Slide 1: 1Q 2017 Results
1Q 2017 Results April 2017 Marzo 2014 1
Slide 2: Group structure as of 31 March 2017
Group structure as of 31 March 2017 56.5% 57.0% 59.5% Non-core investments Revenues €586 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 Busine
Slide 3: 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 4: 1Q 2017 consolidated financials highlights
1Q 2017 consolidated financials highlights • Consolidated net income in 1Q 2017: € 14.1 M (vs. € 14.7 M in 1Q 2016). Contribution of industrial businesses (Espresso, Sogefi and KOS): € 12.2 M (vs. € 7.4 M in 1Q 2016) • Consolidated net financial position at March 31, 2017: - €144.7 M (vs. - €143.6 M
Slide 5: Consolidated income statement
Consolidated income statement €M 1Q 2016 1Q 2017 Revenues 644.3 693.0 +7.6% EBITDA 62.0 72.4 +16.8% EBIT 33.1 43.8 +32.3% Financial expense (2.5) (7.0) Taxes (8.4) (12.4) Group net result (1) 14.7 14.1 -4.1% (1) Net of third party interests (equal to € 10.5 M in 2017 and € 7.7 M in 2016) and contrib
Slide 6: Consolidated income statement by business sector
Consolidated income statement by business sector €M 1Q 2016 1Q 2017 Espresso Group 3.5 2.8 Sogefi Group 1.7 6.6 KOS Group 2.2 2.8 Total industrial companies(1) 7.4 12.2 (2) CIR holding 7.3 1.9 Net result 14.7 14.1 (1) Pro-rata share of subsidiaries’ net income (2) Including income from financial ass
Slide 7: Consolidated balance sheet – main group assets
Consolidated balance sheet – main group assets €M Group equity in consolidated balance sheet 31 Dec. 2016 31 Mar. 2017 Espresso 337.9 340.8 Sogefi 100.7 108.3 KOS 161.9 165.0 Total industrial companies 600.5 614.1 Fixed assets 16.4 16.3 Private equity (1) 58.1 56.3 Non performing Loans (1) 38.3 36.8
Slide 8: Consolidated net financial position
Consolidated net financial position €M 31 Dec. 2016 31 Mar. 2017 Espresso Group 31.7 29.0 Sogefi Group (299.0) (291.4) KOS Group (213.6) (216.5) Other subsidiaries 3.0 2.6 Total subsidiaries (477.9) (476.3) CIR holding level 334.3 331.6 Consolidated net financial indebtedness (143.6) (144.7) (1) Tot
Slide 9: 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 the buyback of treasury shares in the quarter Evolution of net financial position in 1Q 2017 (€ m) 334.3 - 4.2 + 2.1 + 4.0 - 4.6 331.6 Net financial surplus at Shares buyback Net divestiture
Slide 10: Composition of liquid assets and gross financial debt
Composition of liquid assets and gross financial debt €m Liquid assets at 31 March 2017 31 Dec. 31 Mar 2016 2017 Corporate bonds 5% Cash and time deposits 47.4 43.3 Hedge funds 13% Cash & time deposits Corporate bonds 17.7 16.3 13% Fixed income funds 228.5 230.2 Hedge funds 38.7 41.9 Other (stocks,
Slide 11: 1Q 2017 Subsidiaries’ financial and operational highlights
1Q 2017 Subsidiaries’ financial and operational highlights 1Q 2017 Highlights Key strategic objectives 1Q 2017 sales down 3.1% due to the decrease of press circulation revenues (-4.6%) while total advertising revenues were up by 6.8% Integration with ITEDI thanks to significant increase in third
Slide 12: Espresso - overview
Espresso - overview Key financials €M 1Q 2016 1Q 2016 PF (*) 1Q 2017 Revenues 140.8 135.9 136.4 NATIONAL LOCAL DIGITAL RADIO ADVERTISING PRESS NEWSPAPERS EBITDA 13.2 12.3 13.1 National 13 Regional News 3 national Collection of newspaper newspapers websites radio stations advertising for Net income 6
Slide 13: Espresso – Integration with ITEDI
Espresso – Integration with ITEDI • On April 27, 2017 the Shareholders meeting of Gruppo Editoriale L'Espresso (GELE) approved a capital increase for a total amount of € 80 M to be implemented through the contribution of the share capital of ITEDI (publisher of daily newspapers La Stampa and Il Seco
Slide 14: Sogefi - overview
Sogefi - overview Key financials €M 1Q 2016 1Q 2017 SUSPENSIONS FILTRATION AIR & COOLING Revenues 390.1 439.1 EBITDA 34.6 45.1 36% 34% 30% Net income 2.9 11.6 2016 Revenues breakdown 1Q 2017 Performance and outlook Customers Regions FORD 12.6% Europe 60.8% • Revenues grew 12.6% (+11% at constant exc
Slide 15: KOS - overview
KOS - overview SHAREHOLDERS Key financials 2011 2012 CIR (59.53%) €M 1Q 2016 1Q 2017 F2i (40.47%) Revenues 113.4 117.5 DIAGNOSTICS NURSING HOMES REHABILITATION & CANCER CARE EBITDA 17.8 17.8 Net income 4.4 4.6 Revenues breakdown by region (2016) 1Q 2017 Performance and outlook 152.0 8.5 22.4 • R
Slide 16: 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 € 56.3 M at 31 March 2017 (with declining trend due to reimbursements). The portfolio has reached its maturity/reimbursement phase, as limited in
Slide 17: 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 18: www.cirgroup.com
www.cirgroup.com 18
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