DEVELOPMENT OF THE ITALMOBILIARE GROUP CONTINUES: GROWTH AT A CONSOLIDATED LEVEL IN BOTH REVENUE (+14.1%) AND EBITDA (+50%)
- During the first nine months of the year the Group has seen positive trends linked to the path of development and greater efficiency being followed by the main Portfolio Companies. Consolidated revenue stands at 418.5 million euro (+14.1%) and EBITDA is up by 50% to 66.7 million.
- At an aggregate level, there has been growth in the revenue (1,427 million euro, +2%) and EBITDA (178.9 million, +11.2%) of the industrial Portfolio Companies. Specifically:
- The development of Caffè Borbone continues – mainly due to the significant growth of large-scale retail trade and the digital channel – with revenue and EBITDA rising to 221.2 million euro (+14.7%) and 58.3 million (+21%) respectively;
- An excellent performance on the part of Officina Profumo-Farmaceutica di Santa Maria Novella – mainly due to the success of the new product launches and an excellent performance on the part of the retail channel – with an increase in revenue of 19.9% to 37.5 million and EBITDA (+30.4%).
- Increase in revenue and EBITDA at CDS–Casa della Salute, which in the first nine months of the year opened four new clinics and completed two acquisitions, and at Italgen, thanks to higher rainfall, the entry into operation of the new photovoltaic systems and the elimination of the price cap from the beginning of July 2023.
- In a challenging market context, with falling consumption and higher meat prices, Capitelli has managed to increase both its revenue (+15.7%) and EBITDA (+22.3%).
- At September 30, 2023, the Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,068.6 million euro (2,029.1 million euro at December 31, 2022); considering the distribution of 29.5 million euro of dividends during the first half of the year, the net performance is positive for 69.0 million euro.
- The NAV per share (excluding treasury shares) is equal to 48.9 euro and, considering the distribution of dividends of 0.7 euro per share, shows an increase of 3.4% compared with the same figure at December 31, 2022.
- At September 30, 2023 the net financial position of Italmobiliare S.p.A. is positive showing an increase of 2.5 million euro, going from 151.5 million euro at December 31, 2022 to 154.0 million euro.
- The definition of the decarbonisation objectives for 2030 is currently underway and will be sent to the team of experts at the Science Based Target initiative for validation by the end of the year: with different methods and according to the challenging protocols that are envisaged, the objectives involve over 70% of the Net Asset Value and almost 100% of the Group's carbon footprint.
Milan, November 9, 2023 – The Board of Directors of Italmobiliare S.p.A. today approved the results for the nine months ending September 30, 2023.
During the first nine months of the year, the Italmobiliare Group has turned in positive trends linked to the development and continuous improvement in the efficiency of the Portfolio Companies. The Group's consolidated revenue comes to 418.5 million euro, up 14.1% compared with the same period of 2022, mainly due to the positive contribution of Caffè Borbone, Casa della Salute and Officina Profumo-Farmaceutica di Santa Maria Novella, as well as the inclusion of SIDI Sport in the scope of consolidation. The gross operating profit (66.7 million euro) is up by 50% compared with the same period last year, mainly thanks to excellent performances on the part of Caffè Borbone, Officina Profumo-Farmaceutica di Santa Maria Novella and Italgen.
On the ESG front, the Group is further refining its decarbonisation strategy. Last March, membership of the Science Based Targets initiative was formalised, when Italmobiliare took a commitment to set and pursue short- and long-term objectives for the reduction of greenhouse gas emissions in line with the net-zero scenario. The final phase of defining the decarbonisation objectives for 2030 is underway and will be sent to a team of experts at the Science Based Target initiative for validation by the end of the year: with different methods and according to the challenging protocols that are envisaged, the objectives involve over 70% of the Net Asset Value and almost 100% of the Group's carbon footprint.
Looking at the pro-forma aggregate of the industrial Portfolio Companies, revenue has risen to 1,427 million euro (+2%). If we normalise the inclusion of SIDI, which only joined the Group at the end of 2022, and the drop in AGN's revenues, which did not have a direct impact on the company's profitability and which is attributable to the contraction in energy prices, revenues are up by 7.7%. The aggregate gross operating profit grew by 11.2%, reaching 178.9 million euro.
With particular reference to the performance of the Portfolio Companies, the excellent results achieved by Caffè Borbone and Capitelli in the food sector deserve to be highlighted. Caffè Borbone closed the period with revenue of 221.2 million euro, up by 14.7%, and EBITDA of 58.3 million (+21%). Capitelli has boosted its revenue to 16.4 million euro (+15.7%) with volumes up by 8%, in contrast to the Italian cured meats market which is experiencing a decline of 4.5% (source ISMEA). EBITDA increased by 22.3% despite the sharp increase in raw material prices. Callmewine's revenue is down on last year, mainly because the market is returning to normal after the boom that followed the outbreak of the pandemic.
Officina Profumo-Farmaceutica di Santa Maria Novella has closed the first three quarters of the year with revenue up by 19.9% compared with the same period last year. If we normalise the effect of non-recurring expenses, EBITDA comes to 10 million euro, up by 39% compared with last year.
CDS-Casa della Salute continues its expansion path, with the opening of four new clinics and two acquisitions. Revenue increased significantly (+26.8%), EBITDA grew by 11%, despite the non-recurring costs linked to development initiatives.
In the energy sector, there was a good performance by Italgen, which in the third quarter recovered from a difficult start to the year due to the ongoing drought. It closed the first nine months with EBITDA double what it was the previous year, even if it is still lower than historical averages. AGN Energia has seen revenue on the decline (-11.8%), influenced by the trend in energy prices, and EBITDA on the rise (+24.5%), thanks to the excellent unit margins recorded in the various businesses, even if influenced by the capital gain generated by the sale of the bottled gas business.
In the outdoor sector, the Tecnica Group is showing results in line with the first nine months of last year with revenue of 356.6 million euro; LOWA and Moon Boot performed particularly well. SIDI, which joined the Group at the end of 2022, closed the first nine months with revenue of 16.4 million euro, in a market that is suffering from a significant slowdown in consumption after the extraordinary growth during the pandemic, especially in the bike segment.
ISEO has ended the period with revenue essentially stable and a lower gross operating profit, mainly due to an increase in fixed costs attributable to the marketing of the electronic business and the company's digitisation. Bene Assicurazioni recorded an increase in premiums of 31.6% on last year, exceeding the expectations of the ambitious budget for 2023.
Lastly, Clessidra Holding, a non-industrial Portfolio Company, developed as a multi-asset portfolio in the management of alternative investments, posted revenue of around 27.6 million and EBITDA of 8.5 million.
At September 30, 2023, the Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, is equal to 2,068.6 million euro (2,029.1 million euro at December 31, 2022); considering the distribution of 29.5 million euro of dividends during the first half of the year, the net performance is positive for 69.0 million euro. The NAV per share (excluding treasury shares) is equal to 48.9 euro and, in consideration of the distribution of dividends of 0.7 euro per share, shows an increase of 3.4% compared with the same figure at December 31, 2022.
At September 30, 2023 the net financial position of Italmobiliare S.p.A. is positive, showing an increase of 2.5 million euro, going from 151.5 million euro at December 31, 2022 to 154.0 million euro; this has been allocated 50% to the Vontobel Fund, a multi-asset portfolio with a conservative risk profile in line with the Company's investment policies. Among the main outflows are investments in private equity funds, net of redemptions
(-17.5 million euro), other investments (-16.3 million euro) and overheads, taxes and incentive plans (-37.0 million euro). These outflows were partially offset by the sales of HeidelbergCement AG and other equity investments (+36.6 million euro), the repayment of capital by Sirap Gema and FT2 (+16.0 million euro) and the positive net flow between payment of the ordinary dividend and dividends received (+13.8 million euro). Lastly, cash management was positive, generating 5.7 million euro.
Events after the reporting date
On October 19, 2023, Florence InvestCo S.r.l., in which Italmobiliare held a 13.98% stake, was sold to Permira. Italmobiliare was part of the shareholding structure of the Florence Group from the start. It was created with the aim of aggregating Italian industrial excellence in the sector of luxury textile manufacturing on behalf of third parties. On completion of the sale, Italmobiliare received 78.2 million euro, versus an investment of 30.7 million euro, giving an MoM return of 2.5% and an IRR of 51.2%.
For more information
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The presentation for the financial community, updated with the results at September 30, 2023, will be made available today on the Company's website in the Investor/Presentations section