- At a consolidated level, the quarter closed with an increase in revenue to 130.2 million euro (115.6 million in the first quarter of 2021) and with positive gross operating profit (EBITDA) of 29.8 million euro (positive for 39 million euro in March 2021).
- In the first quarter of 2022, marked by a complicated context, positive trends emerge linked to the growth path of the Portfolio Companies, even if hit by a variety of factors such as the increase in raw material prices:
- Caffè Borbone shows revenue up 2% compared with an excellent first quarter of 2021;
- Significant growth in revenue for Officina Profumo-Farmaceutica di Santa Maria Novella, also thanks to the resumption of sales in the direct retail channel;
- Tecnica Group shows a positive outlook with a significant growth in its order backlog compared with the same period of 2021.
- Italmobiliare's Net Asset Value at the end of March was 2,082.1 million euro, in line with December 31, 2021 (2,082.1 million euro).
- The net financial position of Italmobiliare SpA at the end of March was positive for 315.8 million (337.5 million at the end of 2021), down due to the investments as co-investor of the Clessidra Capital Partner 4 fund in Impresoft, private equity funds (-28.6 million euro), the Portfolio Companies and other equity investments (-5.8 million), partially offset by the receipt of dividends from subsidiaries distributed before March 31 (+34 million euro mainly from Sirap Gema after selling its assets). The cash position does not yet include the dividends which will mostly be distributed by the associate companies during the year and the residual proceeds of the sales carried out by Sirap Gema.
- In a context of profound geopolitical and macroeconomic uncertainty, Italmobiliare continues to offer itself as a privileged partner for companies that are being asked to make a strategic change of pace, both with its capacity for direct investment in a logic of a long-term partnership and through the multi-asset platform of the Clessidra Group. In February, the purchase of a further 20% of Callmewine Srl was finalised, at the end of April the investment in Bene Assicurazioni was completed, and at the end of March Italmobiliare in co-investment with Clessidra entered the capital of Archimede SpA (the parent company of Impresoft).
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Milan, May 12, 2022 - Today the Board of Directors of Italmobiliare S.p.A. approved the additional periodic financial reporting as of March 31, 2022.
In a context that sees persistent elements of considerable uncertainty - linked in particular to geopolitical risk - Italmobiliare keeps as its priority focus constant support to the Portfolio Companies, in particular the monitoring and management of risks to business continuity, the protection of people, structures and industrial and financial assets, having already started the implementation of measures in all Group companies to ensure operational efficiency, financial flexibility, adaptations and diversification of the production and supply chain and the application of marketing solutions and innovative commercial channels that are consistent with the changes derived from or accelerated by the complex global scenario.
In this context, the industrial Portfolio Companies of Italmobiliare turned in an aggregate EBITDA of 56.2 million euro (74.9 million in the same period of the previous year).
In particular, in the food sector Caffè Borbone achieved a 2% increase in revenue to 66.4 million euro compared with an excellent first quarter of 2021, while Capitelli saw an increase of 20% to 4.9 million, while EBITDA was penalised by the increase in raw material costs. Callmewine had revenue of 3.8 million (4.6 the previous year, which benefited from higher domestic consumption because of the lockdown).
In the energy sector, Italgen posted revenue of 9.0 million euro and a negative EBITDA of 0.6 million, the quarter being hit by a period of extreme drought; AGN Energia's revenue came to 214.6 million (158.3 in the same period of the previous year) with a positive EBITDA of 24.2 million euro (26.8 in 2021).
Officina Profumo-Farmaceutica di Santa Maria Novella shows a marked increase in revenue and EBITDA (+74% and +67% compared with the same period of the previous year), thanks to the recovery of Retail (previously hit by the pandemic) and the positive performance of the Wholesale channel. Casa della Salute continues its growth path, with revenue (8.4 million) and margins (1.4 million) in marked progression compared with the previous year. Tecnica Group posted revenue of 96.7 million euro and EBITDA of 5 million euro (101.4 and 12.0 in the same period of the previous year); the outlook is positive with an order backlog showing excellent potential for the year. Iseo shows growth in revenue and EBITDA compared with an excellent first quarter 2021.
Clessidra, a non-industrial portfolio company, developed as a multi-asset portfolio in the management of alternative investments, posted revenue of around 8 million and EBITDA of 2.9 million.
In light of these trends, the consolidated revenue of the Italmobiliare Group in the first quarter of 2022 (130.2 million) recorded an increase of 14.6 million (+12.6% compared with the corresponding period of 2021), mainly thanks to the Clessidra Group (+4.2 million), Officina Profumo-Farmaceutica di Santa Maria Novella (+4 million), Casa della Salute (+2.8 million) and Caffè Borbone (+1.3 million).
EBITDA (positive for 29.8 million) and the operating result (positive for 22.3 million) are both down, mainly because of lower profit margins on the part of Italgen, Capitelli and Caffè Borbone.
As regards Italmobiliare SpA, the balance sheet shows a net financial position at the end of the quarter (after investments as co-investor of the Clessidra Capital Partners 4 fund in the capital of Impresoft, in private equity funds for approximately 28.6 million and in Portfolio Companies and other equity investments for 5.8 million) that is positive for 315.8 million (337.5 million at the end of 2021).
As of March 31, 2022 the Net Asset Value of Italmobiliare amounted to 2,082.1 million euro, in line with the figure at December 31, 2021 (2,082.1 million euro). NAV per share amounts to 49.2 euro (the same as at December 31, 2021).
VERIFICATION OF THE INDEPENDENCE REQUIREMENTS
The Italmobiliare Board of Directors has ascertained that Valentina Casella - confirmed as Director by the Shareholders' Meeting held on April 21, 2022 - meets the independence requirements set out in the Consolidated Law on Finance and the Corporate Governance Code. Valentina Casella was also confirmed as a member of the Remuneration and Nominations Committee.
Valentina Casella's curriculum vitae is available on the Company's website in the Governance/Board of Directors section.
PRESENTATION TO THE ANALYSTS
The presentation for the financial community, updated with the results at March 31, 2022, will be made available on the Company's website in the Investor/Presentations section (https://www.italmobiliare.it/en/investor/presentations) within May 12, 2022.
The Financial Reporting Officer of Italmobiliare S.p.A., Mauro Torri, certifies - pursuant to art. 154-bis, paragraph 2 of the Consolidated Law on Finance (Legislative Decree 58/1998) - that the accounting information contained in this press release agrees with the supporting documentation, books of account and accounting entries.