Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (March 2022)
38 slides from Italmobiliare's investor presentation, March 2022
Slide 1: Company Presentation March 2022
COMPANY PRESENTATION MARCH 2022
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: Vision & mission and strategic approach
Vision & mission and strategic approach 04 “Italmobiliare Investment Holding holds and INVESTMENT STRATEGY manages a diversified investment and equities portfolio with a strategic vision underpinned by a Focus on Italian champions operating in resilient financial and industrial history going back mo
Slide 5: ESG
ESG 05 Responsible investments and active ownership UN Global Compact and Agenda 2030 Italmobiliare manages its flow of investments and Italmobiliare adheres to the United Nations divestments in order to guarantee the sustainable success Global Compact, enforcing its commitment to of the Group throu
Slide 6: 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 2.1 bn(1) • Listed on Euronext STAR segment of Borsa Italiana • Market cap: approx. Euro 1.2
Slide 7: 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 8: Investment Portfolio
Investment Portfolio Deployment of a new portfolio of strategic participations after the sale of Italcementi in 2016 08 Italmobiliare is an investment holding with a Euro 2.1 bn NAV diversified portfolio NAV PORTFOLIO HIGHLIGHTS Euro 2.1 bn(1) Listed Other Real Estate & Portfolio companies participa
Slide 9: Net Asset Value development
Net Asset Value development Achieved transition towards target capital allocation 09 Pro forma for Sirap cash distribution and €1,741 m €1,838 m €2,082 m investment in Bene TARGET December 31, 2019 December 31, 2020 December 31, 2021 Assicurazioni ALLOCATION Financial investments, Real Other Real Es
Slide 10: 2021 results and key highlights
2021 results and key highlights 10 ▪ NAV of Euro 2,082 m as of December 2021 (+ Euro 244 m from December 2020) mainly effect of increase in fair value of Portfolio Companies (Euro +170 m), private equity funds (Euro +59 m) and other investments (Euro +16 m) Data in €M 21 (27) 21 59 NAV 170 Includes
Slide 11: Italmobiliare total return since 2018
Italmobiliare total return since 2018 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 back) and Heidelberg Cement shares for approx. Euro 680 m Since 2018 Italmobiliare: - Dives
Slide 12: Strategic divestments
Strategic divestments In the period 2017-2021 Italmobiliare divested over € 700 m of assets out of its direct holdings 12 Major divestments since 2017 Portfolio companies Listed participations 2017 2017-2019 ▪ Sale of Bravosolution (e-procurement company 83% owned by ▪ Sold entire stake directly hel
Slide 13: 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 14: Chairman and CEO profiles
Chairman and CEO profiles Graduated with honours from Bocconi Degree in Mechanical Engineering from Milan University, where she is Associate Professor Polytechnic, Master in Economics and Management with tenure of Corporate Finance, as well as from Bocconi University. Research Fellow of the Baffi-Ca
Slide 15: 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 160 Sofina 177% September 16, 2019 STAR segment Investor 128% admission 140 March 2017 Announced TIP 106% share buy-back Italmobiliare: +2
Slide 16: 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 European equity index ▪ well diversi
Slide 17: Index
Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix 17
Slide 18: Portfolio companies
Portfolio companies Portfolio Companies 65% Strategy: Ebitda growth, organic and M&A business expansion Revenues Financials 2021 (€m): breakdown Revenues (YoY % var.) Sector Strategy and drivers by EBITDA (% margin) geography Caffè Borbone ▪ Double digit organic growth in a growing 253 (+15%) ▪ Coff
Slide 19: Private Equity
Private Equity Private Equity 9% Strategy: global multi-industry reach and complementarity with investment portfolio Geographical Vintage Italmobiliare focus year Strategy commitment Fund III ▪ PE leader in Italy with focus on high-quality «Made in Italy» 2015 € 92 m Fund IV Italy ▪ Italmobiliare is
Slide 20: Listed participations and other investments
Other investments Listed 6% Participations Listed participations and other investments 2% Selected other investments: co-investments with return opportunities Sector Investment partner Profile ▪ One of the leading Italian wine players with €230m of revenues (99% abroad) ▪ Asset-light business model
Slide 21: Net Asset Value per Share development
Net Asset Value per Share development 21 NAV per share and NAV discount evolution (1) 47,8 49,2 49,2 47,3 43,5 44,3 41,5 38,8 38,6 39,2 46% 35,5 37,9 37,7 36,8 44% 44% 43% Current 34,1 33,7 33,9 42% 42% 32,5 discount 35,4 38% 39% 38% 30,5 38% 29,0 29,5 29,3 29,6 28,7 28,8 35% 35% 35% 36% 33% 34% 24,
Slide 22: Index
22 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 23: 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 24: Officina Profumo-Farmaceutica di Santa Maria Novella (100%)
Officina Profumo-Farmaceutica di Santa Maria Novella (100%) 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
Slide 25: 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 26: Autogas – AGN Energia (30%)
Autogas – AGN Energia (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 industria
Slide 27: Italgen (100%)
Italgen (100%) PROFILE GEOGRAPHICAL PRESENCE Italgen is a producer and distributor of electricity from renewable energy sources, it manages 25 hydropower plants and over 300 km transmission lines in northern Italy and has a significant stake in two wind farms in Bulgaria (18 MW) Italgen is strongly
Slide 28: 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, Electronic and digital Mechanical products solutions mechatronic and digital solutions for access control and security Since 2010, the G
Slide 29: Casa della Salute (85%)
Casa della Salute (85%) PROFILE GEOGRAPHICAL PRESENCE Casa della Salute is an integrated operator of health centers, • 11 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 physi
Slide 30: 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 31: Callmewine (80%)
Callmewine (80%)(1) 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 leve
Slide 32: Clessidra (100%)
Clessidra (100%) PROFILE Profile PRIVATE EQUITY INVESTMENT Clessidra is the leading manager of Private Equity funds STRATEGY exclusively dedicated to the Italian market, since inception - Enterprise Value: €100 - 500 million in 2003 has completed 24 transactions with equity - Five core industries: i
Slide 33: Index
33 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 34: Closing remarks
Closing remarks A unique opportunity to invest in the leading investment holding in Italy 34 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 35: Index
35 Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix
Slide 36: 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 37: Value creation from the investment in BravoSolution-Jaggaer
Value creation from the investment in BravoSolution-Jaggaer 37 ▪ As part of the Italcementi transaction, in July 2016 Italmobiliare acquired a 75% stake from Italcementi in the e-procurement solutions provider Bravo Solution ▪ In December 2017, Italmobiliare sold BravoSolution to Jaggaer, spend mana
Slide 38: Italmobiliare investment team activities
Italmobiliare investment team activities 38 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