Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (July 2023)
44 slides from Italmobiliare's investor presentation, Jul 28, 2023
Slide 1: Company Presentation July 2023
COMPANY PRESENTATION JULY 2023
Slide 2: Index
02 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 3: Vision & mission and strategic approach
Vision & mission and strategic approach 03 “Italmobiliare Investment Holding owns and manages a INVESTMENT STRATEGY diversified portfolio of investments in excellent Italian mid-sized companies with a strategic vision based on a Focus on Italian champions operating in resilient financial and industr
Slide 4: Italmobiliare at a glance
• Investment holding since 1946 Italmobiliare at a glance • Majority shareholder: Pesenti family, active in the Italian business community for over 150 years • Focus on equity investments on Italian mid-sized companies • NAV: Euro 2.1 bn or Euro 48.8 per share(1), • Increase in NAV since end of 2017
Slide 5: Our History
Our History Since 2017 invested in 11 portfolio companies and executed 2 major exits Sale of Italcementi for a Acquisition of a 80% stake in mix of cash and assets Officina Profumo- In April acquisition of a incl. Italgen, Farmaceutica di Santa Maria 19,99% stake in Bene BravoSolution and Novella As
Slide 6: Investment Portfolio
Investment Portfolio Deployment of a new diversified portfolio of strategic participations after the sale of Italcementi in 2016 06 Italmobiliare is an investment holding with a diversified NAV of Euro 2.1 bn NAV PORTFOLIO HIGHLIGHTS Euro 2.1 bn Listed Financial Other Portfolio companies (67% of NAV
Slide 7: Italmobiliare total return 2018-H1 2023
Italmobiliare total return 2018-H1 2023 Generated Euro 0.8 bn of additional NAV of which Euro 0.2 bn distributed to shareholders 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
Slide 8: Net Asset Value development
Net Asset Value development Over the past 5 years achieved transition towards target capital allocation 08 TARGET NEW TARGET €1,545 m €2,082 m €2,065 m ALLOCATION December 31, 2017 December 31, 2021(1) June 30, 2023(2) ALLOCATION 2018 Financial investments, Financial investments, Other Real Estate &
Slide 9: 1H 2023 results and key highlights
1H 2023 results and key highlights 09 ▪ NAV of Euro 2,065 m as of June 2023 (Euro +36 m from December 2022), mainly effect of increase in fair value of Portfolio Companies (Euro +57 m) and other investments (Euro +40 m), partially compensated by performance of private equity investments (Euro -5 m),
Slide 10: 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 2025 results S H AR E H O L D I N G S T R U C T U R E (1) BOAR D
Slide 11: Chairman and CEO profiles
Chairman and CEO profiles Graduated with honours from Bocconi University, Degree in Mechanical Engineering from Milan where she is Associate Professor with tenure of Polytechnic, Master in Economics and Management from Corporate Finance, as well as Research Fellow of Bocconi University. the Baffi-Ca
Slide 12: 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 180 September 16, 2019 STAR segment admission Investor 153% 160 Lundbergs 67% TIP 56% 140 Italmobiliare: +23% Italmobiliare 50% 120 FTSE a
Slide 13: 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 global equity index ▪ well diversifi
Slide 14: Index
Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Closing remarks Appendix 14
Slide 15: ESG
ESG Commitment to sustainable transition and value creation 15 Italmobiliare adheres to the United Nations Global Compact, the world's largest strategic sustainability initiative, by sharing, supporting and applying in its sphere of influence the fundamental Ten Principles of the Global Compact and
Slide 16: ESG strategy, actions and ratings
ESG strategy, actions and ratings 16 ESG strategic guidelines GOVERNANCE E HEALT, SAFETY AND GENDER AND HUMAL CLIMATE STRATEGY VALUE CHAIN WELLBEING CAPITAL DEVELOPMENT Code of Ethics and Active support to people Adoption of Women Holding and sustainability policies Analytical monitoring in addressi
Slide 17: ESG-driven approach to portfolio value creation
ESG-driven approach to portfolio value creation 17 Active ownership of Portfolio Companies through dialogue, transparency and continuous support towards the integration of environmental, social and governance success levers into the business strategy 1° Year 2° Year + PRE-INVESTMENT INVESTMENT VALUE
Slide 18: ESG Performance
ESG Performance Leading KPIs highlight contribution to Sustainable Development Goals 18 Target 2018 2019 2020 2021 2022 2025 GENDER EQUALITY Women in managerial positions % of women in middle and top management positions 15% 19% 22% 33% 31% >40% DECENT WORK Injury frequency rate Work injuries that c
Slide 19: Index
Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Closing remarks Appendix 19
Slide 20: Portfolio companies
Portfolio companies Portfolio Companies 67% Strategy: Ebitda growth, organic and M&A business expansion Financials 2022 (€m): Revenues Revenues (YoY % var.) Sector Strategy and drivers breakdown by EBITDA (% margin) geography Leverage NFP/EBITDA 263 (+4%) Caffè Borbone ▪ Coffee ▪ Organic growth in a
Slide 21: Other investments
Other investments Other investments 11% Selected other investments: co-investments with return opportunities Sector Investment partner Profile ▪ N°1 Italian producer of luxury clothing Fashion Private equity funds ▪ In May 2023 reached agreement for the sale to Out in Q4 2023 Permira Private Equity
Slide 22: Private Equity
Private Equity Private Equity 11% Strategy: global multi-industry reach and complementarity with investment portfolio Vintage Italmobiliare Focus Strategy year commitment ▪ PE leader in Italy with focus on high-quality «Made in Italy» Fund III 2015 ▪ Italmobiliare is anchor investor and owner of GP
Slide 23: Net Asset Value per Share development
Net Asset Value per Share development 23 NAV per share and NAV discount evolution (1) 49.2 49.2 48.8 48.8 47.3 47.8 48.0 48.0 46.7 46.4 Since end of 2017 distributed Euro 5.7 43.5 44.3 per share of dividends 41.5 49% 49% 49% Current 38.8 38.6 39.2 discount 46% 35.5 37.9 37.9 47% 46% 36.8 44% 45% 44%
Slide 24: Index
24 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 25: Caffè Borbone (60%)
Caffè Borbone (60%) PROFILE Caffè Borbone, headquartered in Caivano (Naples), is the main producer of single-serve coffee in Italy in volumes as well as the market leader for capsules compatible with Lavazza® and Nestlé Nespresso® and Nescafé Dolce Gusto® systems*, thanks to the excellent price / qu
Slide 26: 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 produces Historical store in Florence DOS in Milan and distributes luxury fragrances and cosmetic products under its own brand The company is headquartered in F
Slide 27: Tecnica Group (40%)
Tecnica Group (40%) PROFILE BRAN DS AND PRODUCTS Tecnica Group is the main Italian group active in the sport sector All-season 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: Tecni
Slide 28: 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 29: Italgen (100%)
Italgen (100%) PROFILE GEOGRAP HI C A L PRESENCE Italgen is a producer and distributor of electricity from renewable Hydro plants locations energy sources, it manages 28 hydropower plants and over 300 km transmission lines in northern Italy and has a significant stake in two wind farms in Bulgaria (
Slide 30: 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, mechatronic Mechanical products Electronic and digital solutions and digital solutions for access control and security Since 2010, the G
Slide 31: SIDI Sport (100%)
SIDI Sport (100%) PROFILE M AI N PRODUCTS SIDI Sport is an Italian Company recognized globally as leader in Cycling Motorcycling the production of cycling shoes and motorcycling boots, becoming co-protagonist of extraordinary victories that inscribed the legend of these sports SIDI is an iconic and
Slide 32: Casa della Salute (85%)
Casa della Salute (85%) PROFILE GEOGRAP HI C A L PRESENCE Casa della Salute is an integrated operator of health centers, built • 20 centers located in Liguria and around the concept that a wide array of high-quality private health Piedmont, specifically in: services such as imaging diagnostics and p
Slide 33: 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 34: 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 35: 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 36: Clessidra (100%)
Clessidra (100%) Profile PROFILE P R I VAT E E Q U I T Y Clessidra is the leading manager of Private Equity funds I N V E S T M E N T S T R AT E G Y exclusively dedicated to the Italian market, since inception in 2003 - Enterprise Value: €100 - 500 million has completed 26 transactions with equity i
Slide 37: Index
37 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 38: Closing remarks
Closing remarks A unique opportunity to invest in the leading investment house in Italy 38 1 Largest listed investment holding focused on the Italian mid-sized companies 2 Great business network, thanks to over 150 years of activity on the business community 3 Attractive market fundamentals: Italian
Slide 39: Index
39 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 40: ESG roadmap and actions
ESG roadmap and actions 40 Once passed the negative/positive screening and due diligence, a methodological pathway to sustainable value creation 1° year 2° year + SETTING ESG VALUE CREATION following ESG PLANS linked to MANAGERS REMUNERATION Examples PRIORITIES ALIGNING UNDERSTANDING 100% green powe
Slide 41: Strategic divestments
Strategic divestments In the period 2017-2021 Italmobiliare divested over Euro 700 m of assets out of its direct holdings 41 Major divestments since 2017 Portfolio companies Listed participations 2017 2017-2019 ▪ Sale of Bravosolution (e-procurement company 83% owned by Italmobiliare) ▪ Sold entire
Slide 42: 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 43: Value creation from the investment in BravoSolution-Jaggaer
Value creation from the investment in BravoSolution-Jaggaer 43 ▪ As part of the Italcementi transaction, in July 2016 Italmobiliare acquired a 75% stake from Italcementi in the e-procurement solutions provider BravoSolution ▪ In December 2017, Italmobiliare sold BravoSolution to Jaggaer, spend manag
Slide 44: Disclaimer
DISCLAIMER 44 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,