Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (March 2024)
41 slides from Italmobiliare's investor presentation, March 2024
Slide 1: Company Presentation March 2024
COMPANY PRESENTATION MARCH 2024
Slide 2: Index
02 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
Slide 3: Vision & Mission and strategic approach
Vision & Mission and strategic approach 03 “Italmobiliare Investment Holding owns and manages a INVESTMENT STRATEGY diversified portfolio of investments in excellent Italian mid-sized companies with a strategic vision based on a Focus on Italian champions operating in resilient financial and industr
Slide 4: Italmobiliare at a glance
• Investment holding since 1946 • Majority shareholder: Pesenti family, active in the Italian business community Italmobiliare at a glance for over 150 years • Focus on equity investments on Italian mid-sized companies • NAV: Euro 2.2 bn or Euro 52.1 per share(1), • Increase in NAV since end of 2017
Slide 5: Our History
Our History Since 2017 invested in 11 portfolio companies and executed 4 major exits 1946 1979 1992 1993- 20 1 6 2005 Italcementi, founded in In 1979 Italmobiliare acquires Italcementi acquires Ciments Portfolio diversification Sale of Italcementi for a mix of cash and 1864, carves out into newly th
Slide 6: Investment Portfolio
Investment Portfolio Deployment of a new diversified portfolio of strategic participations after the sale of Italcementi in 2016 06 Italmobiliare is an investment holding with a diversified NAV of Euro 2.2 bn NAV PORTFOLIO HIGHLIGHTS Euro 2.2 bn Listed Portfolio companies (69% of NAV) Private Equity
Slide 7: Italmobiliare total return 2018 - 2023
Italmobiliare total return 2018 - 2023 Generated Euro 0.9 bn of additional NAV of which Euro 0.24 bn distributed to shareholders 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
Slide 8: Net Asset Value development
Net Asset Value development Over the past 5 years achieved transition towards target capital allocation 08 TARGET NEW TARGET €1,545 m €2,029 m €2,201 m ALLOCATION ALLOCATION December 31, 2017 December 31, 2022 December 31, 2023 2018 Other Real Estate & Other Real Estate & Financial investments, Fina
Slide 9: 2023 results and key highlights
2023 results and key highlights 09 ▪ NAV of Euro 2,201 m as of December 2023 (Euro +172 m from December 2022), mainly effect of increase in fair value of Portfolio Companies (Euro +158 m) and other investments (Euro +62 m), dividend distribution (Euro -30m) and holding costs and taxes net of trading
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 2025 results S H AR E H O L D I N G S T R U C T U R E (1) BOAR D
Slide 11: Chairman and CEO profiles
Chairman and CEO profiles Graduated with honours from Bocconi University, Degree in Mechanical Engineering from Milan where she is Associate Professor with tenure of Polytechnic, Master in Economics and Management from Corporate Finance, as well as Research Fellow of Bocconi University. the Baffi-Ca
Slide 12: Italmobiliare share price performance | Last 5 years
Italmobiliare share price performance | Last 5 years Last 5 years Italmobiliare share price performance vs STAR index Total shareholders return last 5 years 200 February 28, 2024 Announced exit Investor 173% September 16, 2019 from AGN Energia STAR segment 180 admission Lundbergs 84% 160 Italmobilia
Slide 13: 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 global equity index ▪ well diversifi
Slide 14: Index
Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks 14
Slide 15: ESG
ESG Commitment to sustainable transition and value creation 15 Italmobiliare adheres to the United Nations Global Compact, the world's largest strategic sustainability initiative, by sharing, supporting and applying in its sphere of influence the fundamental Ten Principles of the Global Compact and
Slide 16: ESG strategy, actions and ratings
ESG strategy, actions and ratings 16 ESG strategic guidelines GOVERNANCE E HEALT, SAFETY AND GENDER AND HUMAL CLIMATE STRATEGY VALUE CHAIN WELLBEING CAPITAL DEVELOPMENT The foundation for Adoption of Code of Ethics Analytical monitoring of Actively supporting people Adoption of the Women Holding and
Slide 17: ESG-driven approach to portfolio value creation
ESG-driven approach to portfolio value creation 17 Active ownership of Portfolio Companies through dialogue, transparency and continuous support towards the integration of environmental, social and governance success levers into the business strategy PRE-INVESTMENT 1° Year 2° Year + EXIT SCREENING I
Slide 18: ESG Performance
ESG Performance Leading KPIs highlight contribution to Sustainable Development Goals 18 Target 2019 2020 2021 2022 2023 2025 GENDER EQUALITY Women in managerial positions % of women in middle and top management positions 19% 22% 33% 31% 35% >40% DECENT WORK Injury frequency rate Work injuries that c
Slide 19: Index
Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks 19
Slide 20: Portfolio companies
Portfolio companies Portfolio Companies 69% Strategy: Ebitda growth, organic and M&A business expansion, low leverage Financials 2023 (€m): Revenues Revenues (YoY % var.) Date of entry Sector Strategy and drivers breakdown EBITDA (% margin) by geography Leverage NFP/EBITDA ▪ Organic growth in an exp
Slide 21: Other investments
Other investments 8% Other investments Selected other investments: co-investments with return opportunities Sector Investment partner Profile ▪ Largest Italian wine producer and exporter with €450m of revenues (90% abroad) and an asset-light business Wine Clessidra Private Equity model focused on br
Slide 22: Private Equity
Private Equity Private Equity 11% Strategy: global multi-industry reach and complementarity with investment portfolio Share of total Category Strategy Funds NAV Fund III Italy mid-cap LBO Fund IV Clessidra funds ~40% Italy Unilkely-to-pay Restructuring Italy Private Debt Private Debt Mid-large cap L
Slide 23: Net Asset Value per Share development
Net Asset Value per Share development 23 Since end of 2017 NAV per share and NAV discount evolution distributed Euro 5.7 per share of dividends (1) 52.1 52.1 49.2 49.2 48.8 48.9 47.3 47.8 48.0 48.0 46.7 46.4 51% 43.5 44.3 49% 49% 46% 41.5 47% 46% 47% 44% 45% 38.8 38.6 39.2 35.5 43% 37.9 37.9 44% 43%
Slide 24: Index
24 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
Slide 25: Caffè Borbone (60%)
Caffè Borbone (60%) Entry: May 2018 PRODUCTS Caffè Borbone, based in Naples, is the main producer of single-serve coffee PROFILE Capsules compatible in Italy in volumes as well as the market leader for capsules compatible with Paper Pods with Lavazza and Nestlé Lavazza® and Nestlé Nespresso® and Nes
Slide 26: Officina Profumo-Farmaceutica di Santa Maria Novella (95%)
Officina Profumo-Farmaceutica di Santa Maria Novella (95%) Entry: January 2020 P RPRODUCTS ODUCTS Officina Profumo-Farmaceutica di Santa Maria Novella produces and distributes PROFILE luxury fragrances and cosmetic products under its own brand Historical store in Florence DOS in Milan The company is
Slide 27: Tecnica Group (40%)
Tecnica Group (40%) Entry: November 2017 P RPRODUCTS ODUCTS Tecnica Group is the main Italian group active in the sport sector being the leading PROFILE manufacturer of outdoor footwear and ski equipment The group has collected a portfolio of brands that includes some of the industry’s All-season hi
Slide 28: Italgen (100%)
Italgen (100%) Entry: June 2016 Hydro plants locations P RPRESENCE ODUCTS Italgen is a producer and distributor of electricity from renewable energy sources, PROFILE it manages 28 hydropower plants and 4 photovoltaic plants, over 300 km transmission lines in northern Italy and has a significant stak
Slide 29: Iseo Serrature (39%)
Iseo Serrature (39%) Entry: October 2018 PRODUCTS Iseo Group, headquartered in Pisogne (Brescia, Northern Italy), is one of the main PROFILE Mechanical products Electronic and digital solutions European producers of mechanical, mechatronic and digital solutions for access control and security Since
Slide 30: SIDI Sport (100%)
SIDI Sport (100%) Entry: October 2022 Cycling Motorcycling PRODUCTS SIDI Sport is an Italian Company recognized globally as leader in the production PROFILE of cycling shoes and motorcycling boots, becoming co-protagonist of extraordinary victories that inscribed the legend of these sports SIDI is a
Slide 31: Casa della Salute (85%)
Casa della Salute (85%) Entry: December 2020 P RPRESENCE 26 centers located in Liguria and Piedmont ODUCTS Casa della Salute is an integrated operator of health centers, built around the PROFILE concept that a wide array of high-quality private health services such as imaging diagnostics and physiot
Slide 32: Bene Assicurazioni (19.99%)
Bene Assicurazioni (19.99%) Entry: April 2022 PRODUCTS Bene Assicurazioni is an insurance technology company founded in 2016 and specialized in the non-life insurance retail market with a focus on the motor segment PROFILE The company is characterized by the high level of automation and digitization
Slide 33: Capitelli (80%)
Capitelli (80%) Entry: December 2019 PRODUCTS 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 PROFILE excellence that are distributed under the brand "Capitelli" The company reinv
Slide 34: Callmewine (80%)
Callmewine (80%) Entry: December 2020 PRODUCTS 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 PROFILE famous, global wine brands to small, niche producers The company, founded in
Slide 35: Clessidra (100%)
Clessidra (100%) Entry: September 2016 PRIVATE EQUITY INVESTMENT STRATEGY - Enterprise Value: €100 - 500 million PROFILE Clessidra is the leading manager of Private Equity funds exclusively dedicated to the Italian market, since inception in 2003 has completed 26 transactions with equity investments
Slide 36: Index
36 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
Slide 37: Exit from AGN Energia (32%)
Exit from AGN Energia (32%) Entry: January 2019 Exit: February 2024 PRODUCTS Italmobiliare invested on Autogas Nord, a leading Italian distributor of LPG, in January 2019 through a reserved increase in capital of Euro 60 m acquiring a 32% stake, PROFILE which helped to finance the acquisition of the
Slide 38: Strategic divestments
Strategic divestments Since 2017 Italmobiliare divested over Euro 950 m of assets out of its direct holdings Major divestments since 2017 38 Portfolio companies Listed participations 2017 - 2019 2017-2019 ▪ In 2017 sale of Bravosolution (e-procurement company 83% owned by ▪ Sold entire stake directl
Slide 39: Index
39 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
Slide 40: Closing remarks
Closing remarks A unique opportunity to invest in the leading investment house in Italy 40 1 Largest listed investment holding focused on the Italian mid-sized companies 2 Great business network, thanks to over 150 years of activity on the business community 3 Attractive market fundamentals: Italian
Slide 41: Disclaimer
DISCLAIMER 41 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,