Tamburi Investment Partners S.p.a. · MIL:TIP
Tamburi Investment Partners — Investor Presentation (May 2022)
38 slides from Tamburi Investment Partners's investor presentation, May 10, 2022
Slide 1: Investor presentation
Investor presentation Milan May 10, 2022 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 companies
Slide 2: Disclaimer
DISCLAIMER The information contained herein, particularly the one 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 an
Slide 3: Table of Contents
TABLE OF CONTENTS page INVESTMENT OVERVIEW 4 2021 – 2022 DYNAMISM 6 2021 TREND 7 TIP ACQUIRES A STAKE IN SIMBIOSI 8 ITACA EQUITY HOLDING INVESTS IN LANDI RENZO 10 AGREEMENT FOR THE SALE OF 43.2% OF BE 12 TIP IN LIO FACTORY 13 IPO CHIORINO 15 TIP AT 25% OF LIMONTA GROUP 17 OVS: PREVIEW 2021 19 NEW EQ
Slide 4: Tamburi Investment Partners S.p.A.
Tamburi Investment Partners S.p.A. 5 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 29 +505 %1 13,03 euro per share companies (11 worldwide leaders) total return T.I
Slide 5: An independent and diversified industrial group
an independent and diversified industrial group Listed companies Listed companies ~460 mln Euro ~200 mln Euro ~45 mln Euro ~60 mln Euro ~ 1,3 bln Euro ~ 260 mln Euro ~ 100 mln Euro ~ 110 mln Euro ~ 380 mln Euro ~120 mln Euro (TIP+club deal) (club deal) (init. 105) (club deal) (init. 120) (club deal)
Slide 6: 2021 – 2022 Dynamism
2021 – 2022 DYNAMISM > 750 MILLION OF INVESTMENT – DIVESTMENT ACTIVITY UNTIL DECEMBER 2021 350 mln divestment 400 million investments (inc. club deals) without considering the 100 mln commitment of TIP to ITACA Equity Holding 134,5 89 60 50 38 30 and other minor divestments Acquisition Asset
Slide 7: 2021 Results
2021 RESULTS FY revenues 2021 FY revenues 2021 vs FY 2020 vs FY 2019 vs FY 2020 vs FY 2019 +27% +12% +34,6% 0% +29,6% +17,2% +27,2% +10,6% +31,6% +54,5% +25,5% +21,6% 1 +19,6% +12,8% +14,6% +30,7% +23,4% +13,4% +11% -7% +43% -1% +23,7% +14,9% +23,9% +17,2% +26,0% +24,0% +42% +26% +8,9% +16,8% 19m fi
Slide 8: TIP acquires a stake in Simbiosi
TIP ACQUIRES A STAKE IN SIMBIOSI TECHNOLOGY PROVIDER FOR AGRIBUSINESS AND THE CIRCULAR ECONOMY ▪ Simbiosi (www.simbiosi.tech) is the parent company of some companies, originally attributable to Neoruralehub S.r.l. - the first Nature Based Solutions Valley, started by Piero Manzoni on the intuition o
Slide 9: Simbiosi technologies
TIP ACQUIRES A STAKE IN SIMBIOSI SIMBIOSI TECHNOLOGIES ▪ Simbiosi technologies - already partially proposed with great success to primary customers of the agri-food and multi-utility industry - are able to meet the needs of companies through: − proprietary solutions for recovering the nutritional el
Slide 10: IEH invests in Landi Renzo
IEH INVESTS IN LANDI RENZO ITACA EQUITY HOLDING WILL INVEST IN LANDI RENZO THROUGH A CAPITAL INCREASE ▪ The Board of Directors of March 15th approved the commitment to cover the subscription, through Itaca Equity Holding S.p.A., up to a maximum of 39.5 million euros, of the foreseen capital increase
Slide 11: IEH invests in Landi Renzo
IEH INVESTS IN LANDI RENZO BUSINESS ▪ Landi Renzo is a major player in the international market of technologies that allow a more OVERVIEW ecological mobility; the global leader in the Methane gas, Liquified Natural Gas, hydrogen and Liquefied Petroleum Gas components and systems for the motor vehic
Slide 12: Agreement for the sale of 43.2% of Be
AGREEMENT FOR THE SALE OF 43.2% OF BE AGREEMENT FOR THE SALE OF 43.2% OF BE SHAPING THE FUTURE S.P.A. (IN WHICH TIP HOLDS A 28.3% SHAREHOLDING) TO ENGINEERING S.P.A., A COMPANY CONTROLLED BY BAIN CAPITAL AND NB RENAISSANCE ▪ On February 11 2022, TIP has announced that a letter of intent has been exe
Slide 13: TIP in Lio Factory
TIP IN LIO FACTORY STRATEGIC PARTNERSHIP TO ACCELERATE DEVELOPMENT IN ALTERNATIVE INVESTMENTS ▪ Acquisition – by subscription of a reserved capital increase – of 10% of Lio Factory, parent company of a pan-European platform of Alternative Investments guided by a data driven approach (www.liofactory.
Slide 14: TIP in Lio Factory
TIP IN LIO FACTORY STRATEGIC PARTNERSHIP TO ACCELERATE DEVELOPMENT IN ALTERNATIVE INVESTMENTS ▪ The Lio Factory platform is currently operating in: (i) Value Added Real Estate: dedicated to direct investment in niche segments in Real Estate, both in Distressed and Development phases; (ii) Special Op
Slide 15: IPO Chiorino
IPO CHIORINO ▪ Chiorino S.p.A., of which TIP indirectly holds the 20% of the share capital through the holding company Sant’Agata S.p.A. held for the remaining 80% by the Chiorino family, has initiated a process aimed at the possible listing of the company’s shares on a regulated market managed by B
Slide 16: IPO Chiorino
IPO CHIORINO ACCELERATING FINANCIAL PROFILE WITH STRONG PROFITABILITY AND HIGH CASH CONVERSION SALES EBITDA > 140 36 115 113 24 25 average gross margin ~70% 21% 22% > 25% 2019 2020 2021 2019 2020 2021 Euro million Highly resilient revenues Strong profitability Limited Capex requirements High cash co
Slide 17: TIP at 25% of Limonta Group
TIP AT 25% OF LIMONTA GROUP strategic partnership to accelerate growth ▪ Investment of 89 million euros – partly through a capital increase and partly through the purchase of shares – in Limonta Group ▪ Limonta is one of the leading European player in the high-end textile sector: a complete textile
Slide 18: Limonta overview
▪ Limonta is one of the European leaders in the high-end textile sector, able to carry out both warping, weaving, ennobling processes, as well as coating, resin coating, coagulation and printing processes. ▪ The coexistence of these two productive and technological “souls” makes Limonta unique in th
Slide 19: OVS: Preview 2021
OVS: PREVIEW 2021 NET SALES AND NFP BETTER THAN EXPECTED ▪ Higher than expected net sales for the year ended on January 31, 2022: 1.36 billion euro (+ 34.6% vs 2020 and in line with 2019). ▪ Fourth quarter net sales at 380 million euro, + 35% compared with 2020 and in line with the pre- pandemic sit
Slide 20: 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 21: TIP share performance
TIP SHARE PERFORMANCE 10 years performance vs main indexes 12,5 10 years total return TIP: +505% 10,5 +449.1% 8,5 IT Star +370.9% Nasdaq 6,5 +325.8% S&P 500 +205.7% 4,5 Dow Jones +154.2% MSCI Eur 2,5 +55.7% FTSE MIB +39.5% 0,5 ▪ TIP has over performed the main italian and european indexes while main
Slide 22: The Italian digital hub
THE ITALIAN DIGITAL HUB 55 million directly invested 270 million euro of aggregate > 116 million including clubdeal 2021 revenues without considering aggregate sales of Digital Magics portfolio Digital and innovation Coworking, education App developer Digital incubator Co-living consultancy and eve
Slide 23: The Italian digital hub
THE ITALIAN DIGITAL HUB 2021: 95 mln sales and 10,5 mln ▪ First results of the industrialization of business model Ebitda Adj. registered in marginality and business resiliency: EBITDA up Year of first investment: 2017 70% compared to FY 2020 Digital and innovation ▪ Listed on Star segment of Borsa
Slide 24: Net intrinsic value per share: 13,03 euro
NET INTRINSIC VALUE PER SHARE: 13,03 EURO Net invested Bloomberg Med term intr. capital estimates (1) value(2) Technology and innovation 267 1.561 ~1.698 61% Healthcare and industrial 145 1.032 ~1.145 41% IT services and innovation 122 529 ~553 20% StarTIP Tamburi Investment Partners Welcome Italia
Slide 25: TIP net intrinsic value
TIP NET INTRINSIC VALUE TIP price, target price and Net Intrinsic Value last Assets breakdown 5 years trend Startups & Net Intrinsic Value per innovation 14,0 share of 13,03 euro 3% Unlisted 12,0 companies 10,0 16% 8,0 6,0 4,0 > 3,0 Large cap listed 43% 2,0 Treasury shares, cash invested & billion 0
Slide 26: 2015 - 2021 Investments
2015 - 2021 INVESTMENTS 1.551 MILLION StarTIP Tamburi Investment Partners S.p.A. 658 million1 509 million 116 million 267 million 644 mln in listed companies and 907 mln in private companies TOTAL INVESTMENTS, INCLUDING CLUB DEALS, at cost 830 129 46 124 279 175 1912 265 325 315 420 3.041
Slide 27: Divestments
DIVESTMENTS DIVESTMENTS FROM «COMPLETE EXIT»1 275 MILLION (2016 – 2021) Loan conversion into shares 2019 acquired by the 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
Slide 28: Recent years results comparison
RECENT YEARS RESULTS COMPARISON CONSOLIDATED NET EQUITY AND INVESTMENTS (MLN EURO) 1.729 1.593 1.306 864 817 623 644 426 431 1.259 1.070 902 151 181 647 666 449 437 360 354 175 211 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 31/12/202
Slide 29: TIP - Value creation
TIP - VALUE CREATION Annual to 28,1 Number of to 105 from 15,0 from 58 +79% +87% billion thousands revenues1 billion in 2021 employees* thousands in 2021 TIP direct investments TIP investments through vehicles Year of Last Year of Last Ebitda at Ebitda Ebitda at Ebitda Companies first Year Companies
Slide 30: A culture of sustainability
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 responsible c
Slide 31: A culture of sustainability: 2021 results
A CULTURE OF SUSTAINABILITY 2021 results ▪ The process of gradual decrease of the use of plastic, especially disposable, in offices was completed. For this purpose, water dispensers have been inserted, water bottles delivered to employees and cutlery, glasses and other material useful for business l
Slide 32: A culture of sustainability: 2021 results
A CULTURE OF SUSTAINABILITY 2021 results STANDARD ETHICS ASSIGNS SUSTAINABILITY RATING TO TIP Standard Ethics, independent agency that analyses the sustainability policies implemented by companies, has assigned the Investment Grade rating to TIP (rating di EE-) stating that TIP “has begun implementi
Slide 33: A culture of sustainability: 2021 results
A CULTURE OF SUSTAINABILITY 2021 results 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 COMMITMENT TO to update the progress of medium-term activities on an
Slide 34: Private companies update
PRIVATE COMPANIES UPDATE Italian leader in the travel industry 2021 financial summary (no IFRS 16), year-end at October: Revenues: 598 million euros – Ebitda Adj. : (56) million (negative) ▪ Throughout 2021 Groups’ operations continued to be significantly impacted by the pandemic. Efforts keep conta
Slide 35: Private companies update
PRIVATE COMPANIES UPDATE Global leader in the luxury yachts / mega yachts industry 2021 financial summary: Value of Production: 843 million euros – Ebitda Adj. : 65 million – Cash Position: 70 million ▪ After a 2019-20 period in which the value of production decreased as a result of a contraction in
Slide 36: Private companies update
PRIVATE COMPANIES UPDATE Italian and European leader in the professional tool sector since 1923 2021 financial summary: Revenues: 204 million euros – Ebitda Adj. : 31 million - NFP: 54 million ▪ After having demonstrated a strong resilience in 2020 during the Covid outbreak (decrease in revenues low
Slide 37: Private companies update
PRIVATE COMPANIES UPDATE Global leader in the made in Italy food retail 2021 financial summary (pre closing accounts): Revenues: 464 million euros – Ebitda Adj. : 14,4 million ▪ 2021 performed better than expectations: the “original” budget reported revenues for 443 million, the pre- closing account
Slide 38: Private companies update
PRIVATE COMPANIES UPDATE One the leading companies in Italy in the TLC sector 2021 financial summary: Revenues: 67 million euros – Ebitda : 18 million – Cash position: 23 million ▪ Integrated telecommunications group focused on B2B and providing fixed and mobile TLC services as well as a complete su
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