- In the first quarter of the year, the Italmobiliare Group turned in positive trends thanks to the ongoing expansion of its activities. At a consolidated level, revenue comes to 166.2 million euro (+19.9% compared with the corresponding period of last year) with the gross operating profit increasing to 38.4 million.
- Specifically, of the main industrial portfolio companies:
- revenue is up by 8.4% to 83.7 million euro for Caffè Borbone, with very positive performances, especially in the Large-Scale Retail channel and the foreign market;
- Officina Profumo-Farmaceutica di Santa Maria Novella has seen revenue grow by 16.7% to 11.8 million euro, thanks to good performances by direct retail and
e-commerce; - Italgen's total energy production is on the rise, also compared to the five-year averages, with revenue of 14.3 million euro (+61.4%).
- The Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,216.7 million euro (2,201.4 million euro at December 31, 2023); the net performance is therefore positive for 15.3 million euro.
- Italmobiliare S.p.A.'s net financial position at March 31, 2024 is positive and stands at 322.7 million euro, an increase of 118.4 million compared with 204.3 million euro of December 31, 2023, mainly due to the sale of the equity investment in AGN Energia.
Milan, May 13, 2024 - Today the Board of Directors of Italmobiliare S.p.A. approved the additional periodic financial information at March 31, 2024. During the first quarter of the year, the Italmobiliare Group recorded positive trends linked to the development and continuous improvement in the efficiency of the companies in its portfolio, especially of the companies operating in sectors where the Group is concentrating more resources, also with a view to developing genuine industrial platforms.
At a consolidated level, the Group's revenue and income stood at 166.2 million euro, an increase of 19.9% compared with the corresponding period of last year, mainly thanks to excellent performances by Caffè Borbone (+6.5 million euro), Italgen (+5.4 million euro), CDS - Casa della Salute (+4.9 million euro), Officina Profumo-Farmaceutica di Santa Maria Novella (+1.6 million euro) and Italmobiliare (+8.5 million euro, net of infragroup eliminations). The gross operating profit also grew to 38.4 million euro, as did the operating result, to 27.9 million.
The Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,216.7 million euro (2,201.4 million euro at December 31, 2023); the net performance is therefore positive for 15.3 million euro. At March 31, 2024, the NAV per share (excluding treasury shares) is equal to 52.4 euro, with a slight increase from the equivalent figure at December 31, 2023.
Italmobiliare S.p.A.'s net financial position at March 31, 2024 is positive and stands at 322.7 million euro, up by 118.4 million compared with 204.3 million at December 31, 2023. Among the main outflows we would point out the increase in portfolio investments (-2.6 million euro) and general costs, taxes net of rebates and incentive plans (for a total of -8.0 million euro). These outflows were more than offset by the proceeds of selling AGN Energia (+100 million euro), the sale of Heidelberg Materials AG shares (+10.7 million euro), dividends received (+8.4 million euro) and the difference between private equity fund reimbursements and investments (+5.7 million euro). Lastly, cash management was positive, generating 4.1 million euro.
Performance of the Portfolio Companies
Looking at the pro-forma aggregate of the Industrial Portfolio Companies, revenue amounts to 331.4 million euro in the first quarter of the year, up by 7.8% on the first quarter of 2023. Gross operating profit comes to 26.9 million euro and is affected by ISEO, which had some contingent problems during the period with implementation of the new ERP system, and also by Tecnica Group, for which a recovery is expected in the second half of the year.
In the food sector, Caffè Borbone posted revenue of 83.7 million euro, up 8.4% compared with the same period last year. The performance of the Large-Scale Retail channel and the foreign market was excellent, up by 40%, in part thanks to the positive contribution of the American branch, which substantially doubled its turnover compared with last year. Gross operating profit comes to 19.2 million euro, down by 6.2% but still holding up if we consider the hefty rise in the price of Robusta coffee, which represents the bulk of the company's purchases. Excellent performance of Capitelli, which saw growth in both revenue (+4.3% to 5.9 million euro) and gross operating profit (+28.1% to 0.9 million). Callmewine had a decline in revenue compared with the previous year, but gross operating profit is stable thanks to greater efficiency in the management of fixed costs.
Officina Profumo-Farmaceutica di Santa Maria Novella closes the first quarter with revenue on the rise (+16.7% to 11.8 million), thanks to a good performance in the direct-to-consumer channel, which includes direct retail and e-commerce. Specifically, store results benefit on one hand from the change in scope following the inclusion of Japan; on the other, there has been like-for-like growth in own stores of 19%. Gross operating profit amounts to 1.1 million euro, down compared with the previous period mainly due to investments in the team and in the distribution channel.
CDS - Casa della Salute continues on its development path by inaugurating three new clinics during the period, bringing the total number of facilities between Liguria and Piedmont to 29. Revenue has risen to 15.3 million euro, up 47.4% compared with the same period of the previous year, also with reference to recent acquisitions, while the gross operating profit comes to 1.8 million euro, up 35.2%.
Italgen has posted total energy production rising to 87.7 GWh for the period, a result that essentially doubles the figure in the first quarter of 2023, which was particularly dry; it is also well up on the five-year average. The company's revenue comes to 14.3 million euro (+61.4%) with a gross operating profit of 6.9 million euro, an increase of 8.8 million compared with the same period last year.
In the outdoor sector, the Tecnica Group had a turnover of 90.9 million euro, a slight decrease on last year with a gross operating loss of 0.4 million euro, down on the same period of last year mainly due to a contraction in volumes during the first quarter and an increase in personnel costs. SIDI's revenue comes to 6.3 million euro, a decrease of 1.4 million euro on the same period last year, a result that does not yet do justice to the company's excellent order book for the current year. The company made a gross operating loss of 0.6 million euro.
ISEO has been experiencing some contingent problems related to the ongoing process of digitalisation, which on the one hand led to a sharp slowdown in turnover, which fell to 31.7 million despite the good order intake, and on the other to an increase in non-recurring costs to resolve the critical issues that emerged.
Bene Assicurazioni has given further impetus to its development path with premium income growing by 42% compared with the same period of last year, thanks also to a commercial agreement with a leading international insurance company and a positive performance across all classes.
Clessidra, a non-industrial Portfolio Company, is showing a positive intermediation margin of 9 million euro (7.4 million euro at March 31, 2023), an increase on the same period of 2023 due to higher net commissions from Clessidra Capital Credit SGR S.p.A. and Clessidra Factoring S.p.A.