Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (May 2021)
41 slides from Italmobiliare's investor presentation, May 2021
Slide 1: Company Presentation May 2021
COMPANY PRESENTATION MAY 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 1.87 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 Euro 1.87 bn(1) NAV PORTFOLIO HIGHLIGHTS Euro 1.87 bn(1) Listed Portfolio companies participations Real Estat
Slide 8: Net Asset Value development
Net Asset Value development Transition towards target capital allocation in progress 08 €1,421m €1,741 m €1,871 m TARGET December 31, 2018 December 31, 2019 March 31, 2021 ALLOCATION Real Estate & Financial investments, Real Estate & Other Real Estate & Listed trading & liquidity Other Other Other L
Slide 9: NAV development in Q1 2021
NAV development in Q1 2021 - 6 (4) 20 11 0 Price performance of 1,871 remaining HeidelbergCement 1,838 shares NAV Change in Change in Change in listed Change in other Dividends Change in other NAV @31/12/2020 portfolio private equity companies fair investments fair NAV items @31/03/2021 companies fa
Slide 10: 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 11: 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 12: ESG
ESG 12 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 13: 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 209% Investor 198% 180 Italmobiliare: +56% TIP 173% 160 March 2017 Share buy-back Lundbergs 127% FTSE all- 140 September 16, 20
Slide 14: 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 lower than the average risk indicators of the global equity index ▪ well diversified
Slide 15: Index
Italmobiliare: Overview INDEX Investment Portfolio Focus on portfolio companies Closing remarks Appendix 15
Slide 16: 1Q2021 results and key highlights
1Q2021 results and key highlights 16 NAV ▪ NAV of Euro 1,871 m as of March 2021 (+ Euro 33 m from December 2020) mainly effect of value increase of dynamics HeidelbergCement shares (Euro +20 m) and of private equity funds (Euro +11 m) ▪ Positive performance of Portfolio Companies in the first quarte
Slide 17: Portfolio companies
Portfolio companies Portfolio Companies 60% Strategy: Ebitda growth, organic and M&A business expansion Revenues Revenues Financials 2020 (€m): Q1 2021 breakdown Revenues (YoY % var.) Sector Strategy and drivers (YoY % by EBITDA (% margin) var.) geography Caffè Borbone ▪ Double digit organic growth
Slide 18: Private Equity
Private Equity Private Equity 8% Strategy: global multi-industry reach and complementarity with investment portfolio Geographical Vintage Italmobiliare focus year Strategy commitment ▪ PE leader in Italy with focus on high-quality «Made in Italy» Italy 2015 ▪ Italmobiliare is anchor investor and own
Slide 19: Listed participations and other investments
Other investments Listed 6% Participations Listed participations and other investments 4% Listed partcipations: dividend yield, opportunistic divestiture % NAV(1) Sector Strategy ▪ Participation of 0.5% ▪ Current value: € 78 m(1) 4% Building materials ▪ Dividend yield ▪ Progressive divestiture (over
Slide 20: Net Asset Value per Share development
Net Asset Value per Share development 20 NAV per share and NAV discount evolution (1) 43.5 44.3 43.6 41.5 38.8 38.6 39.2 35.5 37.9 37.7 36.8 34.1 33.7 33.9 35.4 44% 44% 43% 46% 42% 29.0 29.5 29.3 28.8 38% 39% 38% 28.7 35% 35% 35% 34% 24.1 24.2 23.9 33% Current 21.2 21.0 discount 21.0 20.7 20.3 23.0
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: 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 24: 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 25: 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 26: 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 300 km transmission lines in northern Italy and has a significant stake in two wind farms in Bulgaria (18 MW) Italgen is strongly
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 (polypropylene) for all food applications for industry and retail clients Production sites In 2021 Sirap Group has reached two
Slide 32: 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 33: 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 an aggregated EV of € 18 bn and
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 2015
Italmobiliare group exit track record since 2015 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 Italmobiliare acquired a 75% stake from Italcementi in the e- procurement solutions provider Bravo Solution ▪ In December 2017, Italmobiliare sold BravoSolution to Jaggaer, spend man
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 December 31 December 31 December 31 December (€m) 31 March 2021 2017 2018 2019 2020 Non-current assets 995 1,206 1,099 1,205 Current-assets 682 555 805 609 Discontinued operations 6 6 7 131 Total assets 1,682 1,767 1,911 1,945 Shareholders equity 1,374 1,302 1,474 1,524