Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (March 2021)
41 slides from Italmobiliare's investor presentation, March 2021
Slide 1: Company Presentation
COMPANY COMPANY PRESENTATIO PRESENTATION N MARCH 2021
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: Identity & mission and strategic approach
Identity & mission and strategic approach IDENTITY INVESTMENT STRATEGY “Italmobiliare Investment Holding holds and manages a diversified investment and equities Focus on Italian champions operating in resilient portfolio with a strategic vision underpinned by a industrial, services, and consumer sec
Slide 5: 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 1.8 bn(1) • Listed on STAR segment of Borsa Italiana • Market cap: approx. Euro 1.2 bn(2) •
Slide 6: Our History
Our History In January acquisition of a Sale of Italcementi 20% stake in Officina Profumo for a mix of cash Farmaceutica di Santa Maria and assets Novella, increased to 80% in incl. Italgen, September BravoSolution and HeidelbergCement Purchase of 60% of Acquisition of 92.5% of Casa shares Caffè Bor
Slide 7: Investment Portfolio
Investment Portfolio Deployment of a new portfolio of strategic participations after the sale of Italcementi in 2016 07 Italmobiliare manages a diversified investment portfolio with a NAV of over Euro 1.8 bn(1) NAV INVESTMENTS Euro 1.84 bn(1) Listed companies and other financial Portfolio companies
Slide 8: Net Asset Value development
Net Asset Value development Transition towards target capital allocation in progress €1,421m €1,741 m €1,838 m TARGET December 31, 2018 December 31, 2019 December 31, 2020 Real Real Estate & Estate & Other Real Estate & Listed Financial investments, Other Other Other Other Listed investments Other P
Slide 9: NAV development in 2020
NAV development in 2020 Increase for investments in Santa Maria Novella (€160m), Casa della Salute (€24m), Callmewine (€13m) Negative effect and overall portfolio revaluation due to capital Increase mainly for investment in (€190m) distributions Florence and Cold Chain Capital Effect of disposals (€
Slide 10: 2020 results and key highlights
2020 results and key highlights 10 ▪ NAV of Euro 1,838 m at the end of 2020 (+ Euro 97 m from 2019) mainly effect of value increase of portfolio NAV companies (+ Euro 190 m) partially offset by the decrease of the value of Heidelberg shares (Euro 19 m) dynamics and ITM dividend distribution (Euro 76
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: Chairperson and CEO profiles
Chairperson and CEO profiles Graduated with honours from Bocconi Degree in Mechanical Engineering from Milan University, where she is Associate Professor with Polytechnic, Master in Economics and tenure of Corporate Finance, as well as Management from Bocconi University. Research Fellow of the Baffi
Slide 13: Environmental, social and governance
Environmental, social and governance 13 Governance UN Global Compact and Agenda 2030 In line with its identity, inspired by its Mission and Values, Italmobiliare adheres to the United Nations Global adopting the principles and rules of conduct defined by Compact, enforcing its commitment to promote
Slide 14: 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 200 Sofina 229% 180 Investor 156% Italmobiliare: 160 March 2017 +54% TIP 147% Share buy-back September 16, 2019 STAR segment Exor 130% 140
Slide 15: Risk factors monitoring
Risk factors monitoring 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 lower than the average risk indicators of the global equity index ▪ well div
Slide 16: Index
Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix 16
Slide 17: Portfolio companies
Portfolio companies Portfolio Companies 61% Strategy: Ebitda growth, organic and M&A business expansion Revenues Financials 2020 (€m): breakdown Revenues (YoY % var.) Sector Strategy and drivers by EBITDA (% margin) geography Caffè Borbone (60%) ▪ Double digit organic growth in a growing 219 (+27%)
Slide 18: Private Equity & co-investments
Private Equity & co-investments Private Equity 7% Strategy: global reach and one-stop shop for entrepreneurs willing to partner with Italmobiliare Geographical Vintage Italmobiliare Strategy focus year commitment Clessidra CCP 3 Italy 2015 ▪ PE leader in Italy € 92 m ▪ Focus on high-quality «Made in
Slide 19: Listed stakes: HeidelbergCement
Listed Participations Listed stakes: HeidelbergCement 5% Strategy: dividend yield, opportunistic divestiture Dividend yield(2) % NAV(1) Sector Strategy 2020 2021E ▪ Participation of 0.7% ▪ Current value: € 84 m(1) 5% Building materials ▪ Dividend yield 0.98% 3.6% ▪ Progressive divestiture (overall r
Slide 20: Net Asset Value per Share development
Net Asset Value per Share development 20 NAV per share and NAV discount evolution 45 46.3% 43.5 43.5 50% 44.0% 44.3% 41.5 41.8% 38.8 38.6 39.2 45% 40 35.5 37.9 37.7 36.8 38.3% 38.5% 38.4% 37.4% 40% 34.6% 35.2% 34.1 33.9 42.9% 33.7 32.7% Current 35 35% 35.4 discount(1) 29.0 29.5 29.3 30% 30 24.9% 24.
Slide 21: Index
21 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 22: 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 23: 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 24: Iseo Serrature (39%)
Iseo Serrature (39%) PROFILE PRODUCT PORTFOLIO Iseo Group, headquartered in Pisogne (Brescia, Northern Electronic and digital Mechanical products Italy), is one of the main European producers of solutions mechanical, mechatronic and digital solutions for access control and security Since 2010, the G
Slide 25: Autogas Nord (30%)
Autogas Nord (30%) PROFILE TRANSACTION STRUCTURE Autogas Nord - AGN Energia (based in Genoa) operates Autogas Nord financed the acquisition of Lampogas mainly in Italy in the distribution of LPG gas for domestic, partly through a €60m capital increase subscribed by commercial, and industrial uses un
Slide 26: Officina Profumo-Farmaceutica di Santa Maria Novella (80%)
Officina Profumo-Farmaceutica di Santa Maria Novella (80%) 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 27: Casa della Salute (92.5%)
Casa della Salute (92.5%) PROFILE GEOGRAPHICAL PRESENCE Casa della Salute is an integrated operator of health centers, • 8 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 phys
Slide 28: 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 29: Callmewine (60%)
Callmewine (60%) 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 by Paolo Zanetti (current
Slide 30: Sirap (100%)
Sirap (100%) PROFILE GEOGRAPHICAL PRESENCE Sirap is a producer of fresh food packaging, offering rigid containers in XPS (polystyrene foam), PET and PP Sirap Group perimeter(1) (polypropylene) for all food applications for industry and retail clients Production sites In 2021 Sirap Group has reached
Slide 31: Sirap Group recent transactions
Sirap Group recent transactions TRANSACTIONS OVERVIEW Transaction with Faerch: • On January 4th 2021 Sirap Group has sold all its operational assets in Italy, Spain and Poland to Faerch Group, one of the top European companies in the food packaging sector • The enterprise value of the perimeter is a
Slide 32: Italgen (100%)
Italgen (100%) PROFILE GEOGRAPHICAL PRESENCE Italgen is a producer and distributor of electricity from renewable energy sources, it manages 15 hydropower plants and over 250 km transmission lines in northern Italy and has a significant stake in two wind farms in Bulgaria (18 MW) In the last decade I
Slide 33: Clessidra SGR (100%)
Clessidra SGR (100%) PROFILE Profile INVESTMENT STRATEGY Clessidra SGR is the leading manager of Private Equity funds exclusively dedicated to the Italian market through the funds Clessidra Capital Partners, Clessidra Capital Partners II and Clessidra Capital Partners 3, where Italmobiliare is the a
Slide 34: Index
34 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 35: Closing remarks
Closing remarks A unique opportunity to invest in the leading investment holding in Italy 35 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 36: Index
36 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 37: Italmobiliare group exit track record since 2011
Italmobiliare group exit track record since 2011 37 Date Asset Transaction description Sept-15 ▪ Sale of 100% of Finter Bank to Vontobel ▪ Italmobiliare proceeds: CHF 85 m (o/w CHF 10 m in Vontobel shares) 2015-2016 ▪ Sale to HeidelbergCement for a total EV: € 7 bn ▪ Italmobiliare proceeds: € 1,7 bn
Slide 38: Value creation from the investment in BravoSolution-Jaggaer
Value creation from the investment in BravoSolution-Jaggaer 38 ▪ As part of the Italcementi transaction, in July 2016 ITM acquired a 75% stake from Italcementi in the e-procurement solutions provider Bravo Solution ▪ In December 2017, ITM sold BravoSolution to Jaggaer, spend management solution prov
Slide 39: Portfolio strategy: Italmobiliare positioning
Portfolio strategy: Italmobiliare positioning Minority/ Majority/ Listed Listed Listed Listed/ unlisted stakes ratio (weighted for NAV) 50/50 Unlisted Minority/ Majority/ Unlisted Unlisted Non-Controlling 50/50 Controlling Majority or controlling stakes: >50% for unlisted >25% for listed 39
Slide 40: Italmobiliare investment team activities
40 Italmobiliare investment team activities Overview of Investment Opportunities Summary of the activities of the last 30 months Current pipeline and investment opportunities ▪ Investments in complementary and Dossier screened: >260 diversified sectors with respect to the current portfolio and INVES
Slide 41: Consolidated Balance Sheet
Consolidated Balance Sheet 31 31 December 31 December (€m) 30 June 2018 30 June 2019 30 June 2020 31 December December 2018 2019 2020 2017 Non-current assets 995 1,214 1,206 1,243 1,099 1,059 1,205 Current-assets 682 593 555 666 805 703 609 Discontinued 6 6 6 6 7 7 131 operations Total assets 1,682