THE GROUP CLOSES ANOTHER YEAR OF SIGNIFICANT GROWTH: NAV UP BY 172 MILLION (PERFORMANCE +10%); CASH AND CASH EQUIVALENTS UP SHARPLY AS A RESULT OF DISINVESTMENTS; GROWTH IN TURNOVER (+21.1%) AND EBITDA (+80.7%) AT CONSOLIDATED LEVEL. PROPOSED DIVIDEND TOTALLING 3 EURO PER SHARE, AMOUNTING TO 126.8 MILLION.
- At December 31, 2023, the NAV of Italmobiliare S.p.A., excluding treasury shares, comes to 2,201 million euro, an increase of 172.3 million euro compared with December 31, 2022. NAV per share comes to 52.1 euro and, including the distribution of dividends during 2023 of 0.70 euro per share, shows a positive performance of approximately 10%.
- In October 2023 Italmobiliare sold its stake in Florence InvestCo S.r.l., receiving 78.2 million euro with a capital gain of over 45 million and a cash-on-cash return of 2.5x. In February 2024, the entire stake held in AGN Energia was also sold for 100 million euro, with a capital gain of approximately 40 million euro and a cash-on-cash return of 1.8x.
- The net financial position of Italmobiliare S.p.A. has improved by 52.8 million euro, standing at 204.3 million euro at December 31, 2023. Then there is about 100 million euro earned from the sale of AGN Energia, which took place after the end of the year.
- The Group closes 2023 with positive results linked to the further development of the Portfolio Companies. At a consolidated level, turnover came in at 585.8 million euro (+1% on 2022), with EBITDA rising to 99.2 million (+80.7%)
- At an aggregate level, there has been growth in the revenue of the industrial Portfolio Companies (1,438 million euro, +6.1%) with EBITDA substantially stable (213 million, +0.7%). Specifically:
- In the food sector, Caffè Borbone and Capitelli closed the year with double-digit growth in revenues and EBITDA compared with 2022. Caffè Borbone posted revenue of more than 300 million euro for the first time (+14.3%) with EBITDA of 79.7 million (+21%), while Capitelli saw revenue grow to 22.4 million (+16.8%) with EBITDA of 3.5 million (+24.6%).
- The performance of Officina Profumo-Farmaceutica di Santa Maria Novella was very positive, with revenue increasing by 20.5% to 56.2 million euro and EBITDA growing by 38.3%. These results are attributable to the success of the new product lines and the excellent performance of the retail channel.
- The development path of CDS-Casa della Salute continues. During the year, it inaugurated 12 new healthcare facilities, bringing the total of the group's clinics to 26, with an increase in revenue of 42.8 million (+31.8%)
- Italgen, the Group's green energy company, posted increases in revenue and EBITDA of 13.7% and 29% respectively.
- The decarbonisation path continues, guided by the methodological approach of the Science Based Targets initiative, which all of the Portfolio Companies have joined, following the Holding Company's example.
- In consideration of the good results for the year and the increase in cash available after the disinvestments, the Board of Directors will propose to the next Shareholders' Meeting the distribution of a dividend totalling 3 euro per share.
Milan, March 7, 2024 – Today the Board of Directors of Italmobiliare S.p.A. reviewed and approved the consolidated financial statements and the draft separate financial statements of the Company at December 31, 2023. The Board of Directors will propose the distribution of a total dividend of 3 euro (of which 0.80 euro ordinary component and 2.2 euro extraordinary component).
In 2023 the Italmobiliare Group recorded positive trends linked to the development and continuous improvement in the efficiency of the portfolio companies. At a consolidated level, the turnover of the Group stands at 585.8 million euro, up by 21.1% compared with 2022, mainly thanks to the positive contributions made by Caffè Borbone, Casa della Salute, Officina Profumo-Farmaceutica di Santa Maria Novella and Italgen. EBITDA of 99.2 million euro is up by 80.7% compared with last year, again thanks to excellent performances on the part of Caffè Borbone, Officina Profumo-Farmaceutica di Santa Maria Novella and Italgen.
Excluding treasury shares, Italmobiliare's Net Asset Value is equal to 2,201 million euro (2,029 million euro at December 31, 2022). The NAV per share (excluding treasury shares) is equal to 52.1 euro and, considering the distribution of dividends of 0.70 euro per share, shows an increase of around 10% compared with the figure at December 31, 2022.
As regards realising the value of the portfolio investments, October saw completion of the sale of Florence InvestCo S.r.l., in which Italmobiliare had a 13.98% interest. Florence is a successful project and Italmobiliare made an important contribution to its birth and development, creating in just a few years an excellence in textile manufacturing with important development prospects. From the sale, the Holding Company earned 78.2 million euro against an investment of 30.7 million euro, giving an IRR of 51.2%. In February 2024, the stake in AGN Energia owned by Italmobiliare was also sold. Italmobiliare entered the capital of Autogas Nord in January 2019 through an increase in capital that helped to finance the acquisition of Lampogas, laying the bases for the birth of AGN Energia, now a leading group in the LPG sector, which in just a few years has been the protagonist of an extraordinary development. From the sale, Italmobiliare earned 100 million euro, approximately 20% more than the latest NAV at September 30, 2023, with a capital gain of approximately 40 million euro and a cash-on-cash return of 1.8x; the economic effects of this transaction will be recorded in 2024, while the NAV at December 31, 2023 has been aligned with the sale value of the investment.
“Italmobiliare S.p.A. closed the 2023 financial statements with a profit of 51.6 million euro, an increase of 54.1% compared with 33.5 million in 2022. At December 31, 2023, the net financial position of Italmobiliare S.p.A. saw an improvement of 52.8 million euro, going from 151.5 million euro at December 31, 2022 to 204.3 million euro at December 31, 2023. Added to these are the approximately 100 million euros collected following the sale of AGN Energia, which took place after the end of the year.
The 2023 results, which in a challenging context see growth in NAV, revenue and EBITDA at a consolidated level, confirm the value of our diversified portfolio of Italian industrial excellence – commented Carlo Pesenti, CEO of Italmobiliare –. Realising the value of the investments in Florence and AGN Energia, which we have pro-actively supported in a process of transformation and growth, also demonstrates Italmobiliare's strategic flexibility in seizing opportunities to rotate the portfolio if the process of accompanying the business has been completed and market conditions suggest that it is the right time to sell. Italmobiliare's increased cash availability and the strong financial position of our companies enable us to propose a significant dividend to the Shareholders' Meeting, to testify to the market the soundness of our investment and development strategy. In 2024 our focus will still be on driving growth through targeted M&A operations and add-ons aimed at the organic development and international expansion of the main portfolio companies."
“In 2023 we gave further impetus to the decarbonisation path guided by the methodological approach of the Science Based Targets initiative, which all of the Portfolio Companies have joined, following the Holding Company's example, underlines the Chairman, Laura Zanetti . We are also committed to the further development of a culture of health, safety and well-being understood as an ethical and business efficiency model and to the adoption of people development plans aimed at professional growth, inclusion and gender equality. The objective of the Group, already well positioned in the main ESG Ratings worldwide, is to further consolidate its sustainable strategy, based on solid governance. It is built on the highest global references, including the UN Global Compact, and extends to the entire value chain."