ITALMOBILIARE
- Net Asset Value per share, excluding treasury shares in portfolio, 35.4 euro at March 31, 2018 (36.8 euro at end 2017).
- Overall NAV 1,486.0 million euro (1,545.2 million euro at end 2017) reflecting the first-quarter downturn of the HeidelbergCement share price (-12%) and the stock exchange (FTSE Mid Cap index -1.6%).
- Positive Group net financial position of 468.9 million euro (494.8 million euro at end 2017)
AFTER CLOSING OF THE CAFFE’ BORBONE TRANSACTION, INVESTMENTS STAND AT MORE THAN ONE BILLION EURO
- Entry into Caffè Borbone with a shareholding of 60% completed in May. After this transaction, Italmobiliare has investments totaling more than 1 billion euro in portfolio companies, listed companies and private equity funds, which together account for approximately 70% of NAV.
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The Board of Directors of Italmobiliare S.p.A. today approved the additional quarterly financial disclosure as at and for the three months to March 31, 2018. At the end of the first quarter of 2018, Net Asset Value, net of treasury shares in portfolio, totaled 1,486.0 million euro. The difference with respect to the end of 2017 (1,545.2 million euro) was largely due to the downturn in the HeidelbergCement share price and to trends on the Italian stock market (FTSE Mid Cap index -1.6%). NAV per share, at 35.4 euro, reflected a NAV discount of 35.2% at the end of March. The Group net financial position was positive at 468.9 million euro (494.8 million euro at the end of 2017). The Group continued to examine investment opportunities during the first quarter, and on May 3, it closed an agreement to acquire a 60% shareholding in Caffè Borbone.
Including this acquisition, Italmobiliare currently holds investments in portfolio companies (Tecnica, Sirap, Italgen and Clessidra sgr in addition to Caffè Borbone), in listed companies 2 (chiefly HeidelbergCement and Mediobanca) and in private equity funds, for an overall total of more than one billion euro. These investments account for around 70% of NAV