2020 Financial Statements reviewed by the Board of Directors

  • RESULTS OF ITALMOBILIARE SpA:
    • At December 31, 2020 the Net Asset Value of Italmobiliare S.p.A. amounted to 1,838.2 million euro, an increase of 97.2 million euro compared with December 31, 2019 (1,741.1 million euro), after the payment of dividends for a total of 76 million euro. NAV per share has increased by 9.4% compared with December 31, 2019 (gross of dividends distributed).
    • The increase in the value of Italmobiliare's NAV is mainly due to the overall increase in the value of the Portfolio Companies: +190.3 million based on the same scope of consolidation, thanks to the positive results of Caffè Borbone and the entire portfolio as a whole, which performed well in the complicated context of the global health emergency.
    • The acquisition of Officina Profumo-Farmaceutica di Santa Maria Novella S.p.A., Callmewine S.r.l. and Bea S.p.A. (Casa della Salute) has led to a further increase in the portion represented by the Portfolio Companies of 199.1 million euro, which represents 61.3% of NAV for a total value of 1,126 million euro at the end of the year.
    • Of the other investments that make up the NAV, the component represented by investments in listed companies (84 million in HeidelbergCement) was substantially halved following the partial disposal of the investment, while around 20% of NAV, equal to 387 million, is represented by financial assets and cash.
    • In 2020 Italmobiliare S.p.A. recorded a profit of 31.5 million (19.7 million in 2019). The profit before tax was 26.1 million (30.6 million at the end of 2019).
    • The Board of Directors will propose to the next Shareholders' Meeting the distribution of a dividend of 0.65 euro per share, to be taken from the profit for an amount of 27.4 million.

The Board of Directors of Italmobiliare S.p.A. has reviewed the 2020 Annual Report and will propose to the Shareholders' Meeting the distribution of a dividend of 0.65 euro per share, to be taken from the profit for an amount of 27.4 million.
The portfolio of investments built up in recent years has confirmed that, even in such an unpredictable global scenario, it is balanced in such a way that it is able to cope with critical phases in the economy.
Despite the many complexities linked to the exceptional nature of the situation brought about by the health emergency and the restrictions imposed by the pandemic, the increase in NAV reflects a positive performance overall. A particular contribution was given by the excellent results of Caffè Borbone and the sale of the main assets of Sirap (concluded at the beginning of 2021, based on an Enterprise Value of 162 million euro), which confirmed Italmobiliare's ability to enhance the portfolio by taking advantage of the best industrial and strategic development opportunities for its assets. Despite the inevitable impact on the winter sports system of the block on ski activities, Tecnica Group has been able to limit the drop in revenue, thanks to the growth in orders linked to outdoor activities in general.
The NAV per share, gross of the extraordinary dividend distributed, has grown by more than 9%. In line with the performances achieved, during 2020 the market price of Italmobiliare's stock, which in September 2019 was promoted to the STAR segment (for companies that meet stringent requirements of transparency and governance), appreciated by 21.3%. This was reflected in a steady reduction in its discount to NAV, which at the end of the year was 32.7%.
In this period, new investments amounted to 250 million euro. The call option for Officina Profumo-Farmaceutica di Santa Maria Novella was exercised, allowing Italmobiliare to hold 80% of the iconic Florentine company, with the aim of creating a development plan for the company to further enhance this historic brand of high-end cosmetics on international markets. During 2020 Italmobiliare also invested in the healthcare sector, buying 92.5% of Casa della Salute, and in e-commerce, with the purchase of 60% of Callmewine. Other investments include the acquisition of 23.9% of Florence InvestCO, which aims to develop a leading platform in the supply of high-end manufactured products for the most important fashion brands.
Italmobiliare S.p.A. has closed its 2020 financial statements with a profit of 31.5 million euro (19.7 million in 2019). Compared with 2019, the profit before tax has gone from 30.6 million euro to 26.1 million euro.
With reference to the pro-forma aggregate, 2020 revenue amounted to 1.515 million euro. Despite the decline in revenue (-5.4%) compared with 2019, gross operating profit rose considerably to 255.1 million euro, an overall improvement of 45.7 million euro compared with the previous year (+21.8%).
During the year, a significant stake in HeidelbergCement was sold, effectively halving the investments held in listed companies, which decreased to only 84 million euro. A significant net cash position remains at the start of the new year (over 380 million euro, but still not including the net proceeds from the sale of the Sirap assets), which will be available to finance further development deals.
The portfolio of Private Equity and Venture Capital funds also performed well overall, Clessidra in particular: Italmobiliare continues to support its growth both in the traditional private equity business and in the extension to other asset classes, such as the management of UTP ("unlikely to pay") bank loan and factoring portfolios.

"2020 - comments the CEO Carlo Pesenti - was a year characterised by a truly exceptional event, namely the world health emergency. Italmobiliare's primary commitment was to support a series of initiatives first and foremost to guarantee safety conditions and full operations and to protect its employees. Italmobiliare - both directly, through the Pesenti Foundation and with the help of the portfolio companies - has been involved in an exceptional effort to provide support to the institutions on the front line to cope with the Covid-19 emergency.
The inevitable uncertainties and complexities of the situation have not slowed down the intense search for excellence, consolidating, through careful management and further diversification of the equity portfolio, Italmobiliare's ability to present itself as a long-term strategic partner for companies with significant growth potential.
Santa Maria Novella is a name that recalls the best of our country throughout the world and what it is loved for: beauty and exceptional craftsmanship. Precisely in a complicated situation like the current one, Italmobiliare - which has the enhancement of Made in Italy in its DNA - sees extraordinary potential of this kind in Officina Profumo-Farmaceutica di Santa Maria Novella. The latest investments in Casa della Salute and Callmewine also mark the entry into priority sectors, such as healthcare and e-commerce, as well as the expansion of Italmobiliare's range of investments into the small cap growth segment, i.e. small high-tech companies with considerable growth potential. In the meantime, Italmobiliare can still count on a significant reserve of cash to be allocated to new investments that are already under analysis."

“Today’s results – says the Chairman Laura Zanetti – are generated by a portfolio that reflects the considerable work of management in line with the strategy defined by the Board. In such a complex year, Italmobiliare's strategic support for the portfolio companies was structured even more. The pandemic has increased the sense of urgency of the holding company and of the other Group companies to consolidate an increasingly effective sustainable strategy, which saw the establishment of the Committee for Sustainability and Social Responsibility and of the Sustainability Department. This commitment is explained in detail in the Sustainability Report, which this year presents an in-depth focus not only on Italmobiliare, but on each of the portfolio companies.”

Milan, March 4, 2021 – The Italmobiliare S.p.A. Board of Directors today reviewed and approved the consolidated financial statements and the draft financial statements of the Company at December 31, 2020.

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