Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (January 2019)
35 slides from Italmobiliare's investor presentation, January 2019
Slide 1: Company Presentation
Company Presentation ITALMOBILIARE INVESTMENT HOLDING
Slide 2: Disclaimer
DISCLAIMER 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, co
Slide 3: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 3
Slide 4: Identity & mission and strategic approach
Identity & mission and strategic approach IDENTITY MISSION “Italmobiliare is an Investment Holding “Playing a pro-active and continuous role focusing on a portfolio of diversified in the growth and enhancement of its investments portfolio by developing, participations and investments, with a innovat
Slide 5: Italmobiliare at a glance
Italmobiliare at a glance • Investment holding since 1946 • Majority shareholder: Pesenti family, active in the Italian business community for over 150 years • Focus on equity investments • NAV: Euro 1.4 bn(1) • Market cap: c.ca Euro 800 m(2) • Total shareholders return last 5 years: 44% (2) • 2018
Slide 6: Our History
Our History Sale of Italcementi for a mix of cash and assets incl. Italgen, BravoSolution and HeidelbergCement Purchase of 60% in shares Caffè Borbone and of 40% in Iseo Asset diversification: Focus on talcementi Purchase of Portfolio RAS, IBI, Falck, Bastogi, and sale of financial stake in Tosi div
Slide 7: Investment Portfolio
Investment Portfolio Deployment of a new portfolio of strategic participations after the disposal of Italcementi in 2016 ▪ Italmobiliare manages a diversified investment portfolio with a NAV of approx. Euro 1.4 bn(1) NAV approx. Euro 1.4 bn(1) Investments Investments in Financial assets, listed Part
Slide 8: Italmobiliare shareholding structure
Italmobiliare shareholding structure ▪ Major shareholder is Efiparind B.V., 100% owned by the Pesenti family ▪ Italmobiliare Board of Directors composed by 14 members, majority of independent directors, in office until the approval of 2019 results Shareholding structure(1) Board of Directors Free fl
Slide 9: Chairperson and CEO profiles
Chairperson and CEO profiles Graduate with honors in Economics and Management from Bocconi University, where she is currently Associate Professor with tenure of Corporate Finance as well as Academic Director of the Bachelor of Economics and Finance Previously she was a member of the executive counci
Slide 10: Environmental, social, and governance
Environmental, social, and governance Governance Sustainability Report VALUES AND PRINCIPLES The guiding criteria underlying Italmobiliare's investment The investment activity of Italmobiliare aims to policies establish basic guidelines in terms of increase, according to criteria of sustainability a
Slide 11: 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 shareholder return: last 5 years March 2017 200 Share buy-back TIP 194% July 2015 Agreement with 180 HeidelbergCement Sofina 124% FFP 113% 160 Italmobiliare: Lundbergs 112%
Slide 12: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 12
Slide 13: Net Asset Value development
Net Asset Value development Reduction primarily due to share price performance of listed participations €1.545m €1.414m TARGET December 31, 2017 September 30, 2018 Real Estate & Real Estate & Other Other Other Other Financial Participations 4% Listed Participations 4% investments, trading 4% 4% Othe
Slide 14: New investments: Portfolio companies
Portfolio companies Portfolio Companies 28% Strategy: Ebitda growth, organic and M&A business expansion Financials 2017 (€m): Revenues breakdown Sector Strategy and drivers Revenues (YoY % var.) by EBITDA (% margin) geography Caffè Borbone (60%) ▪ Double digit organic growth in a 94 (+30%) ▪ Coffee
Slide 15: Listed participations: HeidelbergerCement and Mediobanca
Listed participations: HeidelbergerCement and Mediobanca Listed Participations 28% Strategy: dividend yield, opportunistic divestiture Dividend yield(3) % NAV(1) Sector Strategy 2018 2019E ▪ Participation of 2.3% ▪ Current value: € 310 m(1) 21.9% Building materials ▪ Dividend yield 2.8% 3.3% ▪ Progr
Slide 16: Private Equity & co-investments
Private Equity & co-investiments Private equity & Co- investments 9% 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 hi
Slide 17: Other assets
Other assets Other assets 35% Private Equity 9% Financial Portfolio To be deployed for strategic investments in portfolio companies and Companies investments, 28% trading & private equity liquidity 27% Other Participations Includes mainly a 9.5% stake in Jaggaer at book value of € 36 m Listed 4% Par
Slide 18: Net Asset Value per Share development
Net Asset Value per Share development NAV per share and NAV discount evolution 40 50% 35,2 35,4 36,8 34,1 33,7 33,7 35 45% 30 38,3% 38,5% 43,6% 40% 35,2% Current discount(1) 35,1% 34,6% 25 35% 22,8 23,0 21,0 24,1 20,7 19,0 20 30% 15 25% 10 20% 30/09/2017 31/12/2017 31/03/2018 30/06/2018 30/09/2018 1
Slide 19: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 19
Slide 20: Portfolio companies: Caffè Borbone (60%)
Portfolio companies: Caffè Borbone (60%) Company 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
Slide 21: Portfolio companies: Tecnica Group (40%)
Portfolio companies: Tecnica Group (40%) Company 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 his
Slide 22: Portfolio Companies: Iseo Serrature (40%)
Portfolio Companies: Iseo Serrature (40%) Profile Product portfolio Electronic and digital Iseo Group, headquartered in Pisogne (Brescia, Mechanical products solutions Northern Italy), is one of the main European producers of mechanical, mechatronic and digital solutions for access control and secur
Slide 23: Portfolio companies: Sirap (100%)
Portfolio companies: Sirap (100%) Company profile Geographical presence Sirap is one of the main producers of fresh food packaging in Europe, offering rigid containers in XPS (polystyrene foam), PET and PP (polypropylene) for all food applications for industry and retail clients Sirap has an interna
Slide 24: Portfolio companies: Italgen (100%)
Portfolio companies: Italgen (100%) Company profile Italgen operates in the renewable energy sector in Italy and abroad In Italy Italgen currently manages: • 15 hydroelectric power plants mainly located in the north of Italy, interconnected through 300 km of HV transmission lines • 1 photovoltaic pl
Slide 25: Portfolio Companies: Gruppo Autogas (~27%)
Portfolio Companies: Gruppo Autogas (~27%) Profile Transaction structure Autogas Nord Group (AGN) - based in Genoa - operates AGN financed the acquisition of Lampogas partly through a mainly in Italy in the distribution of LPG gas for domestic use €60m capital increase subscribed by Italmobiliare an
Slide 26: Portfolio companies: Clessidra SGR (100%)
Portfolio companies: Clessidra SGR (100%) 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 Italmobil
Slide 27: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 27
Slide 28: Investor relations action plan for 2019
Investor relations action plan for 2019 ▪ In 2018, Italmobiliare management team focused on the roll-out of its direct investments portfolio, What we investing over € 200 m in new portfolio companies have done ▪ After the investment in Tecnica Group (end of 2017) and the roll-over of a portion of Br
Slide 29: Closing remarks
Closing remarks A unique opportunity to invest in the leading investment holding in Italy 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: Italian c
Slide 30: Index
INDEX Italmobiliare: Overview Investment Portfolio Focus on portfolio companies Investor relations action plan and closing remarks Appendix 30
Slide 31: Italmobiliare group exit track record since 2011
Italmobiliare group exit track record since 2011 Date Asset Transaction description 2011-2013 Italcementi non-core ▪ Disposal of Italcementi non-core assets for a total of approx. € 0,8 bn assets Sept-15 ▪ Sale of 100% of Finter Bank to Vontobel ▪ Italmobiliare proceeds: CHF 85 m (o/w CHF 10 m in Vo
Slide 32: 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 32
Slide 33: Italmobiliare investment team activities
Italmobiliare investment team activities Overview of investment Opportunities Summary of the activities of the last 12 months Current pipeline and investment opportunities ▪ Investments in complementary and Dossier screened: >100 diversified sectors with respect to the current portfolio and INVESTME
Slide 34: Italmobiliare Private Equity strategy
Italmobiliare Private Equity strategy One-stop shop approach for entrepreneurs willing to grow and become international champions EU/ INTER- ▪ BDT to provide business development NATIONAL opportunities for Italmobiliare ecosystem, and viceversa ▪ VC early stage Europe ▪ Cross fertilization on ▪ Isom
Slide 35: Consolidated Balance Sheet
Consolidated Balance Sheet 31 December 30 September (€m) 30 June 2018 2017 2018 Non-current assets 995.2 1,213.7 1,236.1 Current-assets 681.6 593.3 606.3 Discontinued 5.6 6.0 6.0 operations Total assets 1,682.4 1,813.0 1,848.4 Shareholders equity 1,373.7 1,360.8 1,351.2 • Group 1,373.3 1,265.8 1,253