Cir S.p.a. - Compagnie Industriali Riunite · MIL:CIR

Cir S.p.a. - Compagnie Industriali Riunite — CIR S.p.A. - Compagnie Industriali Riunite — FY2017 Earnings Presentation

20 slides from Cir S.p.a. - Compagnie Industriali Riunite's earnings presentation, March 2018

  1. Slide 1: FY 2017 Results

    FY 2017 Results March 2018 Marzo 2014 1

  2. Slide 2: FY 2017 at a glance

    FY 2017 at a glance cIR EBITDA a> on €290.4 m +12,2% vs 2016 +6,7% vs 2016 NET RESULT €59.6 m - (before GEDI extraordinary tax change) HOLDING NET CASH 31/12 €343m Lyi END »Q €0!028 per share

  3. Slide 3: Group structure as of 31 December 2017

    Group structure as of 31 December 2017 45.7% 56.7% 59.5% Non‐core investments Italian media group, with Global automotive supplier of Healthcare group Investments in Private presence in dailies, suspensions, filtration, air specialized in long term equity, NPLs Businesses periodicals, radio, interne

  4. Slide 4: 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 strat

  5. Slide 5: FY 2017 consolidated financials highlights

    FY 2017 consolidated financials highlights • Consolidated net result in FY 2017: ‐ € 5.9 M, affected by the settlement of a pending tax dispute at GEDI (‐ € 65,5 M) Consolidated net result before extraordinary tax charge in FY 2017: + € 59.6 M (vs. + € 33.8 M in FY 2016) • Consolidated net financial

  6. Slide 6: Consolidated income statement

    Consolidated income statement €M FY 2016 FY 2017 Revenues 2,620.7 2,796.7 +6.7% EBTDA 258.8 290.4 +12.2% EBIT 129.6 154.3 +19.1% (1) Financial result (21.0) (25.0) Taxes (2) (52.9) (180.6) (3) Group net result 33.8 (5.9) Group net result before extraordinary tax charge 33.8 59.6 (1) Including : inte

  7. Slide 7: Consolidated income statement by business sector

    Consolidated income statement by business sector €M FY 2016 FY 2017 GEDI Group (1) 5.9 (56.4) Sogefi Group 5.3 15.1 KOS Group 13.9 17.3 Total operating companies (2) 25.1 (24.0) CIR holding (3) 8.7 18.1 Net result 33.8 (5.9) (1) In FY 2017, following the ITEDI integration, CIR consolidated 45.7% (vs

  8. Slide 8: Consolidated balance sheet – main group assets

    Consolidated balance sheet – main group assets €M Group equity in consolidated balance sheet 31 Dec. 2016 31 Dec .2017 (1) GEDI 337.9 254.8 Sogefi 100.7 109.1 KOS 161.9 171.8 Total operating companies 600.5 535.7 Fixed assets 16.4 15.3 Private equity (2) 58.1 53.0 Non performing loans (2) 38.3 11.1

  9. Slide 9: Consolidated net financial position

    Consolidated net financial position €M 31 Dec. 2016 31 Dec.2017 GEDI Group (1) 31.7 (115.1) Sogefi Group (299.0) (264.0) KOS Group (213.6) (237.1) Other subsidiaries 3.0 0.7 Total subsidiaries (477.9) (615.5) CIR holding level 334.3 343.0 Consolidated net financial indebtedness (143.6) (272.5) Total

  10. Slide 10: Net financial position at CIR Holding level

    Net financial position at CIR Holding level • Increase of net cash at CIR financial holdings is mainly due to reimbursements from and divestments of non core assets, partly compensated by dividends and treasury shares buyback Evolution of net financial position in FY 2017 (€ m) 334.3 + 42.0 + 9.0 ‐

  11. Slide 11: Composition of liquid assets

    Composition of liquid assets €M Liquid assets at 31 December 2017 31 Dec. 31 Dec. 2016 2017 Hedge Funds 11% Cash and time deposits 47.4 60.5 Cash & time deposits 18% Equity funds 1% Corporate bonds 17.7 11.2 Fixed income funds 226.1 228.9 Corporate bonds 3% Equity funds 2.4 2.6 Hedge funds 38.7 39.1

  12. Slide 12: FY 2017 Subsidiaries' financial and operational highlights

    FY 2017 Subsidiaries’ financial and operational highlights FY 2017 Highlights Key strategic objectives  Revenues growth of 8.2% (stable at constant perimeter), driven by growing  Operational integration of ITEDI businesses advertising revenues and flat press circulation revenues (decreasing in lin

  13. Slide 13: GEDI - overview

    GEDI ‐ overview Key financials €M FY 2016 ACT FY 2016 PF (2) FY 2017 ACT NATIONAL LOCAL PRESS NEWSPAPERS DIGITAL RADIO ADVERTISING Revenues 585.5 634.4 633.7 National 15 Regional News 3 national Collection of EBITDA 43.7 46.1 53.2 newspaper newspapers websites radio stations advertising for La Repub

  14. Slide 14: GEDI – Integration with ITEDI

    GEDI – Integration with ITEDI • On June 27, 2017 the integration of the ITEDI Group companies (Italiana Editrice SpA, Publikompass SpA and Nexta Srl) into GEDI was completed. The merger was carried out through a capital increase for a total amount of € 80 M ‐ reserved to Fiat Chrysler Automobiles (F

  15. Slide 15: 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

  16. Slide 16: Sogefi - overview

    Sogefi ‐ overview Key financials 1H 201 €M FY 2016 FY 2017 SUSPENSIONS FILTRATION AIR & COOLING Revenues 1,574.1 1,672.4 EBITDA 152.7 165.8 36% 34% 30% Net result 9.3 26.6 2017 Revenues breakdown FY 2017 Performance and outlook Customers Regions • Revenues grew 6.2% (+7.3% at constant exchange rates

  17. Slide 17: KOS - overview

    KOS ‐ overview SHAREHOLDERS Key financials  CIR (59.53%) 2011 2012 €M FY 2016 FY 2017  F2i (40.47%) Revenues 461.1 490.6 DIAGNOSTICS LONG TERM CARE & CANCER CARE EBITDA 82.6 87.9 NURSING HOMES REHABILITATION 44% 39% 17% Net result 23.4 29.0 2017 Revenues breakdown FY 2017 Performance and outlook 8

  18. Slide 18: 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 € 53.0 M at 31 December 2017 (with declining trend due to reimbursements)  The portfolio has reached its maturity/reimbursement phase, as limited

  19. Slide 19: 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

  20. Slide 20: www.cirgroup.com

    www.cirgroup.com 20

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