ITALMOBILIARE S.p.A.:
- Over the last 12 months, Italmobiliare has made investments totaling approximately 250 million euro for shareholdings in the Tecnica Group and in Caffè Borbone and for the recent agreement with the ISEO Group.
- The current value of ‘Portfolio companies’ (including ISEO, whose acquisition will be completed in the fall) rose to approximately 430 million euro (280 million euro at June 30, 2017 including BravoSolution, which was sold at the end of 2017).
- NAV (Net Asset Value), excluding treasury shares in portfolio, was 1,429.3 million euro at June 30, 2018 (1,485.4 million euro at June 30, 2017 and 1,486 million euro at March 31, 2018). NAV per share 34.1 euro, NAV discount 38.3%.
- Profit for the period rose to 25.1 million euro (15.5 million euro) assisted by a positive tax effect.
- Positive net financial position of 388.6 million euro in the Financial and Private equity segment (572.1 million euro at the end of 2017) after capital expenditure for the period.
APPOINTMENT OF NEW DIRECTOR:
- The Board of Directors coopts Paolo Sfameni to replace Massimo Tononi, who was recently appointed chairman of Cassa Depositi e Prestiti and resigned from the Italmobiliare board on July 25.
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The Italmobiliare Board of Directors examined and approved the 2018 half-year report, which reflects an increased profit for the parent to 25.1 million euro (15.5 million euro in the first half of 2017).
At the end of the first half, Italmobiliare NAV, net of treasury shares in portfolio representing approximately 12% of company capital, amounted to 1,429.3 million euro (1,485.4 million euro at June 30, 2017 and 1,486 million euro at March 31, 2018), reflecting the movement in the prices of the listed stocks in portfolio. NAV per share was 34.1 euro (35.4 euro at March 31, 2018), with a NAV discount of 38.3% (35.2%).
“Over the last 12 months, Italmobiliare has made investments of more than 250 million euro, which, in addition to the operation with the Iseo group announced a few days ago, have led 2 to the acquisition of shareholdings in the Tecnica group and in Caffè Borbone,” said Italmobiliare Chief Executive Officer Carlo Pesenti. “These operations mean we now have a group of ‘Portfolio Companies’ representing more than 30% of NAV and with overall turnover of around 870 million euro. Since 2016 and the sale of our equity investment in Italcementi, our portfolio has undergone a re-focusing and Italmobiliare NAV is now substantially subdivided into three shares representing about 30% each: the ‘Portfolio companies’, our portfolio of listed companies, and cash, with the residual 10% represented by holdings in private equity funds.
” At today’s meeting, the Board of Directors also coopted Paolo Sfameni as a new director to replace Massimo Tononi. Mr Tononi was recently appointed chairman of Cassa Depositi e Prestiti S.p.A., and resigned on July 25.