Cir S.p.a. - Compagnie Industriali Riunite · MIL:CIR
Cir S.p.a. - Compagnie Industriali Riunite — CIR S.p.A. - Compagnie Industriali Riunite — Q1 2018 Earnings Presentation
18 slides from Cir S.p.a. - Compagnie Industriali Riunite's earnings presentation, April 2018
Slide 1: 1Q 2018 Results
1Q 2018 Results April 2018 Marzo 2014 1
Slide 2: Group structure as of 31 March 2018
Group structure as of 31 March 2018 56.6% 45.8% 59.5% Non‐core investments Global automotive supplier of Italian media group, with Healthcare group Investments in Private suspensions, filtration, air presence in dailies, specialized in long term equity, NPLs Businesses intake & cooling components pe
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 strate
Slide 4: 1Q 2018 consolidated financials highlights
1Q 2018 consolidated financials highlights • Consolidated net result in 1Q 2018: € 9.9 M (vs € 13.5 M in 1Q2017, slightly decreasing due to lower financial income at the holding company) Contribution of industrial businesses (Sogefi, GEDI and KOS): € 12,6 M (vs. € 11,6 M in 1Q 2017) • Consolidated n
Slide 5: Consolidated income statement
Consolidated income statement €M 1Q 2017(1) 1Q 2018 Revenues 679.5 710.1 +4.5% EBITDA 80.5 84.8 +5.3% EBIT 42.2 44.7 +5.9% (2) Financial result (6.9) (11.8) Taxes (12.0) (11.6) (3) Group net result 13.5 9.9 (1) 2017 figures restated in application of IFRS 15 (2) Difference is mainly due to lower inc
Slide 6: Consolidated income statement by business sector
Consolidated income statement by business sector €M 1Q2017(1) 1Q 2018 Sogefi Group 6.0 6.8 GEDI Group 2.8 1.3 KOS Group 2.8 4.5 Total operating companies (2) 11.6 12.6 CIR holding (3) 1.9 (2.7) Net result 13.5 9.9 (1) 2017 figures restated in application of IFRS 15 (2) Pro‐rata share of subsidiaries
Slide 7: Consolidated balance sheet – main group assets
Consolidated balance sheet – main group assets €M Group equity in consolidated balance sheet 31 Dec. 2017(1) 31 March 2018 Sogefi 101.6 106.8 GEDI 254.8 255.7 KOS 171.8 176.3 Total operating companies 528.2 538.8 Fixed assets 15.3 15.1 Private equity (2) 53.0 47.3 Non performing loans 11.1 11.0 Othe
Slide 8: Consolidated net financial position
Consolidated net financial position €M 31 Dec. 2017(1) 31 March 2018 Sogefi Group (264.0) (254.3) GEDI Group (115.1) (110.0) KOS Group (237.1) (247.3) Other subsidiaries 0.7 0.7 Total subsidiaries (615.5) (610.9) CIR holding level 343.0 336.2 Consolidated net financial indebtedness (272.5) (274.7) T
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 2018 (€ m) 343.0 ‐ 3.2 ‐ 3.6 + 2.1 ‐ 2.1 336.2 Net financial surplus at Shares buyback Net investments
Slide 10: Composition of liquid assets
Composition of liquid assets €M Liquid assets at 31 March 2018 31 Dec. 31 March 2017 2018 Hedge Funds 12% Cash & time deposits 6% Cash and time deposits 60.5 20.3 Equity funds 1% Corporate bonds 3% Corporate bonds 11.2 11.3 Fixed income funds 228.9 261.4 Equity funds 2.6 2.5 Hedge funds 39.1 40.8 Ot
Slide 11: 1Q 2018 Subsidiaries’ financial and operational highlights
1Q 2018 Subsidiaries’ financial and operational highlights 1Q 2018 Highlights Key strategic objectives The global automotive market had a weak performance in 1Q2018 (production Expansion of geographical coverage, through growth ‐0.7%) initiatives focused on Asia and North America Sogefi SOGEFI
Slide 12: Sogefi - overview
Sogefi ‐ overview Key financials 1H 201 €M 1Q 2017 1Q 2018 SUSPENSIONS FILTRATION AIR & COOLING Revenues 432.9 421.1 EBITDA 53.3 53.1 36% 34% 30% Net result 10.5 12.0 2017 Revenues breakdown 1Q 2018 Performance and outlook Customers Regions FORD 12.0% Europe 61.3% • Revenues grew 2.8% at constant ex
Slide 13: GEDI – overview
GEDI – overview Key financials €M 1Q 2017(*) 1Q 2018 Revenues 129.1 155.8 NATIONAL GEDI NEWS NETWORK RADIO/TV ADVERTISING PRESS (REGIONAL PRESS) COLLECTION EBITDA 13.0 11.4 18% 21% 5.0 3.0 Net result 19% 12% 9% 22% (*) ITEDI non consolidated in 1Q2017 15 local papers: Radio Deejay La Repubblica La S
Slide 14: GEDI – Settlement of tax dispute
GEDI – Settlement of tax dispute • On September 29 2017 the Board of Directors of GEDI resolved to settle a tax dispute with Italian tax authorities • The case, pending in Italy’s Supreme Court, referred to a dispute related to the treatment of tax benefits deriving from a corporate reorganisation o
Slide 15: KOS - overview
KOS ‐ overview SHAREHOLDERS Key financials CIR (59.53%) F2i (40.47%) 2011 2012 €M FY 2017 1Q 2017 1Q 2018 DIAGNOSTICS & Revenues 490.6 117.5 133.2 LONG TERM CARE HOSPITAL MANAGEMENT CANCER CARE NURSING HOMES REHABILITATION 11% EBITDA 87.9 17.8 23.8 81% 8% Net result 29.0 4.6 7.5 2017 Revenues br
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 € 47.3 M at 31 March 2018 (with declining trend mainly due to reimbursements and limited fair value adjustments in application of IFRS 15) The po
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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