Additional Periodic Information at March 31, 2021 Examined by the Board of Directors

  • The first quarter of 2021 closes with decidedly positive results for the Portfolio Companies, albeit in a situation that is still very complex.
    • Further significant growth for Caffè Borbone; Tecnica Group starts showing a relevant improvement in its results compared with 2020, even higher than in 2019.
    • Growing revenue for the other companies (Italgen, Capitelli, Autogas-AGN Energia, Iseo), with the exception of Officina Profumo-Farmaceutica di Santa Maria Novella, which saw its retail turnover slowed by the limitations caused by the pandemic.
    • The “small cap growth” companies that joined the portfolio at the end of 2020 (Casa della Salute and Callmewine) are both demonstrating their growth potential, with growth rates higher than 60%.
  • In light of these trends, at a consolidated level, the quarter closed with an increase in revenue to 115.6 million euro (86.7 million in the first quarter of 2020) and with an improvement in gross operating profit (EBITDA) of 39 million euro (compared with a loss of 6 million euro in March 2020).
  • Italmobiliare's Net Asset Value at the end of March amounted to 1,871.1 million euro, an increase of 32.9 million compared with December 31, 2020 (1,838.2 million), mainly due to the increase in the fair value of the investment in HeidelbergCement (+19.8 million euro), of other listed equity investments (+5.5 million) and of the private equity funds.
  • The net financial position of Italmobiliare SpA at the end of March was positive for 356.4 million euro (387.2 million at the end of 2020), a reduction taking into account the investments made as co-investor of the Clessidra Capital Partner 3 fund in the acquisition of Botter SpA (-36 million euro) and in private equity funds (-15.6 million), partially offset by the sale of HeidelbergCement shares (+25.4 million).
  • The sale of Sirap's main assets in Italy, Poland and Spain was finalised in the first few months of 2021 on the basis of an enterprise value of approximately 162 million and the sale of the Petruzalek Group and Sirap GmbH on the basis of an enterprise value of 12 million.

Milan, May 11, 2021 - Today the Board of Directors of Italmobiliare S.p.A. approved the additional periodic financial reporting at March 31, 2021.

In a context that - despite the ongoing recovery - sees the persistence of elements of high uncertainty, Italmobiliare remains focused on providing support to all of the companies in the Group, so that they can take full advantage of the opportunities offered by the institutional initiatives to stimulate the economy, as well as emerging economic, technological and consumption trends which the pandemic accelerated considerably.
In this scenario, Italmobiliare's Portfolio Companies recorded a decidedly positive trend in the first quarter, with an aggregate EBITDA up 52.1% to 70.9 million.

In the food sector, both Caffè Borbone and Capitelli have continued to grow in terms of revenue and gross operating profit, with Caffè Borbone increasing its revenue by 32.9% to 65 million euro and EBITDA by 50.6% to 23.5 million euro.  In the energy sector, there has been revenue growth for Autogas-AGN Energia and Italgen, which closed the quarter with a significant improvement in EBITDA, with Italgen benefiting from a good level of production and a rising energy price and Autogas-AGN Energia with volumes increasing slightly and good unit margins. Officina Profumo-Farmaceutica di Santa Maria Novella shows a contraction in revenue and EBITDA, mainly due to the decline in retail sales in Europe and the USA, while the e-commerce channel has continued to perform extremely well. Tecnica Group has begun 2021 with a positive quarter, turnover and EBITDA up and with a solid order backlog for the entire year. Iseo confirms its recovery trend, after the difficulties recorded in the early months of 2020 due to the pandemic. The new scope of Sirap (food packaging) closed the quarter with an improvement in EBITDA, not considering the costs associated with the asset sales. The sale of the Sirap Group's main assets involved treating its assets on the basis of IFRS 5, i.e. showing its income statement items in a single, specific line ("profit/(loss) from discontinued operations, net of tax"), both for the period and for the corresponding period in 2020.

In light of these trends, consolidated revenue of the Italmobiliare Group in the first quarter of 2021 (115.6 million) recorded an increase of 28.9 million (+33.4% compared with the corresponding period of 2020) mainly thanks to Caffè Borbone (+16.1 million) and the companies acquired in the last quarter of 2020. There was also an improvement in both EBITDA (positive for 39 million, up by 45 million compared with the first quarter of 2020) and in EBIT (positive for 33 million, up by 43 million), mainly due to the results of Italmobiliare and Caffè Borbone.

As regards Italmobiliare SpA, the balance sheet shows a net financial position at the end of the quarter (after the investments as co-investor of the Clessidra Capital Partners 3 fund in the acquisition of Botter Spa for 36 million and in private equity funds for approximately 15 million) that is positive for 356.4 million (387.2 million at the end of 2020) but still not including the net proceeds from the sale of the Sirap assets. As of March 31, 2021 the  vvn of Italmobiliare amounted to 1,871.1 million, an increase of 32.9 million compared with December 31, 2020 (1,838.2 million), mainly due to the increase in the fair value of the investment in HeidelbergCement, the other listed equity investments (Mediobanca shares held indirectly through FinPriv) and private equity funds.

The NAV per share amounts to 44.3 euro with a growth of 1.6% compared with the end of 2020.

Presentation to the Analysts

The presentation for the financial community, updated with the results at March 31, 2021, will be made available on the Company's website in the Investor/Presentations section ( ) by the end of today May 11th, 2021.

The Financial Reporting Officer of Italmobiliare S.p.A., Mauro Torri, certifies - pursuant to art. 154-bis, paragraph 2 of the Consolidated Law on Finance (Legislative Decree 58/1998) - that the accounting information contained in this press release agrees with the supporting documentation, books of account and accounting entries.

Key economic and financial data