Cir S.p.a. - Compagnie Industriali Riunite · MIL:CIR
Cir S.p.a. - Compagnie Industriali Riunite — CIR S.p.A. - Compagnie Industriali Riunite — Q1 2019 Earnings Presentation
18 slides from Cir S.p.a. - Compagnie Industriali Riunite's earnings presentation, April 2019
Slide 1: 1Q 2019 Results
1Q 2019 Results April 2019 Marzo 2014 1
Slide 2: Group structure as of 31 March 2019
Group structure as of 31 March 2019 56.7% 59.5% 56.8% 45.8% Non-core investments Healthcare group specialized Global automotive supplier Italian media group, with Investments in Private in long term care (nursing of suspensions, filtration, presence in dailies, equity, NPLs Businesses homes/rehab),
Slide 3: CIR – Cofide Merger (1/2)
CIR – Cofide Merger (1/2) • On March 11, 2019 the Boards of CIR and Cofide approved the merger by incorporation of CIR into Cofide • The transaction has the following objectives: o Shortening the control chain and achieving a corporate structure that is in line with best practices and market expecta
Slide 4: CIR – Cofide Merger (2/2)
CIR – Cofide Merger (2/2) • Double voting rights in the post merger entity o Cofide’s current by-laws include a double voting rights mechanism for shareholders that apply for it and continuously hold shares for a ‘Minimum Holding Period’ of 24 months o On April 29, 2019 the Shareholders meeting of C
Slide 5: 1Q 2019 consolidated financials highlights
1Q 2019 consolidated financials highlights • Consolidated net result in 1Q 2019: € 4.5 M (vs € 9.5 M in 1Q 2018) Contribution of industrial businesses (KOS, Sogefi and GEDI): € 6.5 M (vs. € 12.2 M in 1Q 2018) • Consolidated net financial position at March 31, 2019: Without IFRS16: - € 315.9 M (vs. -
Slide 6: Consolidated income statement
Consolidated income statement €M 1Q 2018 1Q 2019 1Q 2019 w/o IFRS 16 with IFRS 16 Revenues 695.2 675.8 -2.8% 675.8 EBITDA 80.4 63.3 -21.3% 78.5 EBIT 41.6 23.5 -43.5% 24.8 Financial result (11.8) (9.1) (12.2) Taxes (10.9) (3.4) (3.0) (1) Assets held for sale 1.6 1.3 1.3 (2) Group net result 9.5 5.3 4
Slide 7: Consolidated income statement by business sector
Consolidated income statement by business sector €M 1Q 2018 1Q 2019 KOS Group 4.5 4.7 Sogefi Group 6.4 0.9 GEDI Group 1.3 0.9 Total operating companies (1) 12.2 6.5 CIR holding (2) (2.7) (2.0) Net result 9.5 4.5 (1) Pro-rata share of subsidiaries’ net result (2) Including income from financial asset
Slide 8: Consolidated balance sheet – main group assets
Consolidated balance sheet – main group assets €M Group equity in consolidated balance sheet 31 Dec. 2018 31 March 2019 KOS 174.4 179.2 Sogefi 111.5 112.3 GEDI 239.2 240.1 Total operating companies 525.1 531.6 Fixed assets 15.5 15.6 Private equity (1) 46.0 41.3 Non performing loans 10.0 10.0 Other i
Slide 9: Consolidated net financial position
Consolidated net financial position €M 31 Dec. 2018 31 March 2019 31 March 2019 w/o IFRS 16 with IFRS 16 KOS Group (259.4) (255.8) (579.6) Sogefi Group (260.5) (262.1) (328.9) GEDI Group (103.2) (124.7) (187.5) Other subsidiaries 0.5 0.5 0.5 Total subsidiaries net financial indebtedness (622.6) (642
Slide 10: Net financial position at CIR Holding level
Net financial position at CIR Holding level • Slight increase of net cash at CIR financial holdings is mainly due to the positive financial results in the quarter Evolution of net financial position in 1Q 2019 (€ m) 325.5 - 3.2 +1.3 + 6.0 - 3.4 326.2 Net financial surplus at Shares buyback Net dives
Slide 11: Composition of liquid assets
Composition of liquid assets €M Liquid assets at 31 March 2019 31 Dec. 31 March 2018 2019 Cash & time deposits 5% Hedge Funds 14% Cash and time deposits 19.6 15.4 Corporate bonds 3% Corporate bonds 10.8 11.0 Fixed income funds 253.2 256.0 Equity funds -- -- Hedge funds 37.9 44.0 Other (1) 4.0 -- Tot
Slide 12: 1Q 2019 Subsidiaries' financial and operational highlights
1Q 2019 Subsidiaries’ financial and operational highlights 1Q 2019 Highlights Key strategic objectives ▪ Continuing growth of revenues (+5.3%) and EBITDA (+2.9%), thanks to ongoing ▪ Further consolidation in Italian nursing homes and organic expansion, greenfield development and acquisitions, as wel
Slide 13: KOS - overview
KOS - overview Key financials SHAREHOLDERS ▪ CIR (59.53%) 2011 1Q2019 2012 1Q 2019 ▪ F2i (40.47%) €M FY2018 1Q2018 w/o IFRS 16 with IFRS 16 Revenues 544.9 133.2 140.3 140.3 DIAGNOSTICS & LONG TERM CARE ACUTE CARE EBITDA 101.8 23.8 24.5 33.1 CANCER CARE NURSING HOMES REHABILITATION Net result 35.2 7.
Slide 14: Sogefi - overview
Sogefi - overview Key financials 1Q 2019 1H1Q 2012018 €M 1Q 2018 w/o IFRS 16 with IFRS 16 SUSPENSIONS FILTRATION AIR & COOLING Revenues 406.3 389.9 389.9 EBITDA 48.8 38.2 41.3 37% 33% 30% Net result 11.2 2.1 1.6 2018 Revenues breakdown 1Q 2019 Performance and outlook • Global automotive market produ
Slide 15: GEDI – overview
GEDI – overview Key financials 1Q 2018 1Q 2019 1Q 2019 €M w/o IFRS 16 with IFRS16 Revenues 155.8 145.6 145.6 NATIONAL GEDI NEWS NETWORK RADIO/TV ADVERTISING PRESS (REGIONAL PRESS) COLLECTION EBITDA 11.4 4.8 8.4 22% 27% Net result 3.0 2.3 2.0 18% 12% 10% 11% 1Q 2019 Performance and outlook La Repubbl
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 € 41.3 M at 31 March 2019 (with declining trend mainly due to reimbursements and fair value adjustments) ▪ The portfolio has reached its maturity/r
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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