RESULTS OF ITALMOBILIARE S.p.A.:
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At December 31, 2021 the Net Asset Value of Italmobiliare S.p.A. amounted to 2,082 million euro (Euro 49.2 per share), an increase of 244 million euro compared with December 31, 2020 (1,838 million euro), after the payment of dividends for a total of 27.5 million euro. The increase in the NAV per share gross of distributed dividends is equal to 14.75% (13.2 net of dividends).
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The increase in Italmobiliare's NAV is mainly due to the overall increase in the value of the Portfolio Companies (+170 million euro based on the same scope of consolidation and almost 27 million euro of dividends), to the good performance of the private equity fund portfolio (+53 million) and the increase in the value of other equity investments (+13.7 million). At the end of the year, the component represented by the Portfolio Companies was equal to 64.5% of NAV for a total value of 1,342.8 million euro (1,126.1 euro at the end of 2020).
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All of the Sirap Gema Group's operating companies were sold in 2021, bringing Sirap Gema's net cash and cash equivalents to approximately 82 million euro. This liquidity deriving from the disposals adds to the resources to be allocated to Italmobiliare's future investments according to the holding company's strategic lines of diversification.
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Of the other investments that make up the NAV, investments in listed companies (38.69 million in HeidelbergCement) more than halved following the partial disposal of the investment, while around 16.2% of NAV is represented by financial assets and cash (337.5 million).
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Italmobiliare S.p.A. recorded a profit of 53.1 million in 2021 (31.5 million in 2020). The profit before tax was 74.9 million (26.1 million at the end of 2019).
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Italmobiliare's Board of Directors will propose to the next Shareholders' Meeting the distribution of an ordinary dividend of 0.70 euro per share and, also in light of the disposal of all Sirap Gema Group’s operating activities, an extraordinary dividend of 0.70 euro per share. The proposed dividend will be distributed using the entire profit of Euro 53,146,430 and retained earnings for an amount of Euro 6,049,672.
Italmobiliare's Board of Directors has reviewed the 2021 financial statements and will propose to the next Shareholders' Meeting the distribution of an ordinary dividend of 0.70 euro per share and, also in light of the disposal of all Sirap Gema Group’s operating activities, an extraordinary dividend of 0.70 euro per share. The proposed dividend will be distributed using the entire profit of Euro 53,146,430 and retained earnings for an amount of Euro 6,049,672.
Generally speaking, 2021 was a positive year for Italmobiliare's portfolio companies, confirming the resilience of the portfolio versus the health emergency that affected the last two years.
A particular contribution was made by the excellent results of Caffè Borbone, with revenue exceeding 250 million, and a particularly brilliant year by Tecnica Group, with revenue improving by 22% on the previous year and very positive also compared with the pre-pandemic 2019.
Italmobiliare S.p.A.'s NAV per share amounted to 49.24 euro, to which the payment of a dividend of 0.65 per share has to be added, up by 14.75% with respect to the same figure at December 31, 2020.
The performance of Italmobiliare's stock, listed in the Euronext STAR Milan segment of the Italian Stock Exchange, recorded an increase in price of 11% in 2021, to which the dividend has to be added.
During 2021, the purchase of the residual 20% of Officina Profumo-Farmaceutica di Santa Maria Novella S.p.A. was finalised (for 40 million euro) to allow us to operate with greater strategic flexibility in the company's development path and in the acceleration of international expansion. In March 2021 Italmobiliare participated as one of the fund's co-investors in the operation which saw the acquisition by the Clessidra's Capital Partners 3 fund of a majority stake in Botter S.p.A., with a view to supporting Clessidra's project to create an Italian leader in the wine sector that has good growth potential in new markets. In November 2021 Italmobiliare finalised an agreement for the acquisition of 19.99% of Bene Assicurazioni, an operation that will be completed following the release of the authorisation by IVASS, the Insurance Supervisory Authority. In December 2021 the sale of the assets of Sirap was completed with the closing of the sales of Sirap UK and Sirap France, while the first half of 2021 saw the sale of the assets in Italy, Poland and Spain to the Faerch Group, and of the Petruzalek Group and Sirap GmbH to Zeus Packaging. Overall, the sale of the Sirap Group took place at a NAV over 30 million euro higher than the NAV of Sirap at June 30, 2020.
Italmobiliare S.p.A. has closed its 2021 financial statements with a profit of 53.1 million euro (31.5 million in 2020). Compared with 2020, the profit before tax has gone from 26.1 million euro to 74.9 million euro.
Looking at the pro-forma aggregate, 2021 revenue amounted to 1.579 million euro, an overall improvement of 25% compared with 2020 and growth of more than 15% for all of the Portfolio Companies. Compared with 2019, aggregate revenue in 2021 improved by 19%.
Pro-forma gross operating profit came in at 277,4 million euro, a 20% improvement on the previous year. Again in this case, the comparison with 2019 shows an increase in total gross operating profit of 46%.
During the year, a significant stake in HeidelbergCement was sold, with a substantial decrease in this position to 37.2 million euro. At the start of the year there remains a significant net cash position (337.5 million euro), which is available to finance more development.
“In a situation of uncertainty like the current one, our main focus is still attention to people and the sustainability of business models over time. The diversification of investments towards Italian companies of excellence - underlines the CEO Carlo Pesenti - turned out to be the right strategy, despite the fact that 2021 was still partially marked by an exceptional event such as the global health emergency. The ability to seize new opportunities, the constant monitoring of risks, the actions taken in support of the Portfolio Companies and the reactivity that they have shown have made it possible for all of the Italmobiliare companies to achieve positive results. I would therefore like to thank all the companies in the Group which share the common dismay for the war and the humanitarian emergency in Ukraine and decided to take part in the Pesenti Foundation's fundraising for UNHCR in the hope that peace can be found soon.”
“Such a complex scenario - comments the Chairman Laura Zanetti - highlights the value of the long-term industrial and entrepreneurial culture which is a distinctive element of Italmobiliare. Global references, as well as the expectations of all our stakeholders demonstrate the importance of choosing sustainability as an integrated lever of success. Such an ambitious purpose - to permanently increase results, to create shared value and to actively contribute to the most urgent social and environmental challenges - requires strong and sustainable governance. Alignment with the mission and the work of management with the support of the Board are crucial elements that impact even more in a context of persistent instability, now brought about also by dramatic variables where obviously a priority is the hope for a return to a scenario of peace.”
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Milan, March 8, 2022 – The Italmobiliare S.p.A. Board of Directors today reviewed and approved the consolidated financial statements and the draft financial statements of the Company at December 31, 2021.