REVENUE AND EBITDA OF INDUSTRIAL PORTFOLIO COMPANIES BOTH UP. NAV IS UP, AFTER PAYING DIVIDENDS
- During the first half of the year, despite the ongoing uncertainty and a series of critical issues, the Group turned in positive trends thanks to continuing development and various measures to optimised operations. Group turnover is up by 11.6%, coming in at 285 million euro.
- The Industrial Portfolio Companies recorded growth in revenue (949.8 million, +5.1%) and EBITDA (99.8 million, +11.7%), in particular:
- Caffè Borbone closes the half-year with a significant increase in revenue (153.7 million, +14.7%) and EBITDA (41.1 million, +21.2%);
- the development of Officina Profumo-Farmaceutica di Santa Maria Novella continues, with revenue increasing to 23.7 million (+21.5%);
- CDS–Casa della Salute reaches the milestone of 20 clinics, with revenue growing by 26% to 20.9 million euro;
- Capitelli's revenue (11.3 million, +16.3%) and EBITDA (1.7 million, +5.5%) have increased.
- The Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,064.8 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 65.2 million euro.
- The NAV per share (excluding treasury shares) is equal to 48.8 euro and, in consideration of the distribution of dividends of 0.7 euro per share, shows an increase of 3.2% compared with the same figure at December 31, 2022.
- The net financial position of Italmobiliare S.p.A. is positive and has increased by 10.1 million euro, going from 151.5 million euro at December 31, 2022 to 161.6 million euro at the end of June 2023.
- In May, the signing of an agreement was announced for the sale of Florence InvestCo S.r.l., the company that holds a majority stake in Gruppo Florence S.p.A. Italmobiliare, which holds a 13.98% stake in Florence InvestCo S.r.l., expects to realise around 75 million euro for this sale.
- In the first half of 2023 all the Portfolio Companies completed their adhesion to the UN Global Compact. Furthermore, Italgen and Casa della Salute have started the transformation process into B Corp.
Milan, July 28, 2023 – Italmobiliare's Board of Directors has reviewed and approved the interim report at June 30, 2023.
At the end of the half year, the Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, amounted to 2,064.8 million euro, up from 2,029.1 million euro at December 31, 2022; considering the distribution of 29.5 million euro of dividends during the half-year, the net performance is positive for 65.2 million euro. The increase in the Net Asset Value of 36 million euro is mainly due to the positive performance of the Portfolio Companies for 56.7 million euro, relating in particular to Caffè Borbone and Officina Profumo-Farmaceutica di Santa Maria Novella, and of the Other Equity Investments for 40.4 million euro, in particular Florence InvestCo and HeidelbergCement, partially offset by the distribution of dividends for 29.5 million euro and overheads, taxes and incentive plans for 30 million euro. NAV per share (excluding treasury shares) is equal to 48.8 euro and, in consideration of the distribution of dividends of 0.7 euro per share, shows an increase of 3.2% compared with the same figure at December 31, 2022.
Carlo Pesenti, Chief Executive Officer of Italmobiliare, stated “The good results achieved in the first half of the year, combined with the increase in NAV, confirm both the quality of the portfolio companies and the ability of our managers, both at the holding company and at the investees, to create value even in a particularly challenging context, like the one we are going through at present. Our goal is to continue this process of development in the second half as well, with a view to reaching the ambitious targets of sustainable growth that we have set ourselves. In this regard, I would like to point out that, following the commitment taken by Italmobiliare in 2020, in the first half of 2023 all the Portfolio Companies completed their adhesion to the UN Global Compact, the world’s largest corporate sustainability initiative. Furthermore, Italgen and Casa della Salute have started the transformation process into B Corp, in recognition of their sustainable business model.”
Looking at the pro-forma aggregate of the Industrial Portfolio Companies, revenue amounts to 949.8 million euro, up by 5.1% on the first half of 2022; the increase is essentially unchanged if we normalise the figures for the inclusion of SIDI in the first half and the drop in AGN's revenue due to the contraction in energy prices, though this did not have a direct impact on the company's profitability. The EBITDA of the Industrial Portfolio Companies amounted to 99.8 million euro, up by 11.7% compared with the same period of the previous year, driven by the good performances of Caffè Borbone and AGN Energia. Gross of dividends paid in the period for 61.6 million euro and the non-recurring transactions, overall free cash flow for the first half was negative for 0.9 million euro. This result is more than explained by the investments made during the period, amounting to 62.1 million euro. In particular, the good cash flow generated by Caffè Borbone and AGN Energia should be highlighted.
On May 25, 2023, the signing of an agreement was announced for the sale to Permira of Florence InvestCo S.r.l., a company that holds a majority stake in Gruppo Florence S.p.A. and in which Italmobiliare holds 13.98%. Italmobiliare has been a shareholder in Florence S.p.A. since the start of this initiative, born with the aim of aggregating Italian industrial excellence in the subcontracting of luxury textile manufacturing. It is estimated that Italmobiliare should realize around 75 million euro as a result of the sale, net of transaction costs and top management bonuses.
At June 30, 2023 the net financial position of Italmobiliare S.p.A. is showing an increase of 10.1 million euro, going from 151.5 million euro at December 31, 2022 to 161.6 million euro at the end of June 2023.