- During the first nine months of the year, the overall revenues of the Portfolio Companies amounted to 1,308.4 million euro, up by 22.5% compared with the first nine months of last year.
- The EBITDA of the Portfolio Companies comes to 167.9 million euro, down because of pressure on margins linked to higher raw material costs due to the drought that impacted Italgen's hydroelectric production and some of last year's positive contingent factors that did not repeat.
- Looking just at the third quarter of the year, the EBITDA of the Portfolio Companies amounts to 74.1 million euro, a slight increase on 2021, demonstrating the resilience of the investment portfolio even in a difficult macroeconomic context such as the current one.
- Italmobiliare's strategy, increasingly focused on the core portfolio of equity investments with proactive risk management and full ESG integration in the companies' development plans, looks to be very consistent with the current scenario conditioned by extremely elevated levels of uncertainty and volatility of the macroeconomic variables.
- Italmobiliare's strategy of expanding its portfolio and supporting Italian companies of excellence continues, with the acquisition in October of 100% of SIDI Sport, an iconic brand in the world of cycling and motorcycling sport footwear.
- The Net Asset Value of Italmobiliare at September 30 amounts to 1,962.8 million euro, substantially in line with June 30, 2022 (1,975.1 million euro) and down on December 31, 2021 (2,082.1 million euro) following the payment of 59.2 million euro of dividends.
- At September 30, 2022, the net financial position of Italmobiliare S.p.A. is showing a positive balance of 209.6 million euro, down from 337.5 million euro at December 31, 2021 mainly due to 84 million euro of new investments and the 59.2 million euro of dividends paid.
Milan, November 9, 2022 – The Board of Directors of Italmobiliare S.p.A. today approved the quarterly financial results for the nine months ending September 30, 2022.
During the first nine months of the year, the Portfolio Companies' consolidated revenue amounted to 1,308.4 million euro, up by 22.5% on the first nine months of last year, whereas EBITDA has fallen by 15.5% to 167.9 million euro, mainly due to contingent factors, as explained in greater detail below. Looking just at the third quarter, EBITDA is up slightly to 74.1 million euro, demonstrating the resilience of the equity portfolio even in a difficult macroeconomic context like the current one.
With particular reference to the Industrial Portfolio Companies, revenue in the period amounted to 1,285.4 million euro (+21.8%). In the first nine months of 2022, EBITDA, in decline to 160.9 million euro from 198.2 million euro the previous year, was influenced by the macroeconomic context, namely a contraction of the economy, and in particular by the general increase in the price of raw materials and its effect on costs, which are rising. Contingent factors also affected the performance of certain companies: Italgen's hydroelectric output was affected by the ongoing drought; AGN Energia compares with a 2021 that benefited from the positive impact of the hedges made on the purchase cost of LPG; Tecnica Group's accounts do not yet reflect its excellent order backlog, which is showing significant growth compared with the previous year.
If we neutralise these three contingent factors relating to Italgen, AGN Energia and Tecnica Group, the decline in EBITDA of the Industrial Portfolio Companies compared with the same period of 2021 comes to 5.4% (-10.3 million euro), which is mainly attributable to pressure on margins due to higher raw material costs. Taking only the third quarter into consideration, EBITDA of the Industrial Portfolio Companies is more or less stable at 71.6 million euro.
Comparing the trend of the Industrial Portfolio Companies with the same period in 2021, both the revenue (+28.6%) and EBITDA (+24%) of Casa della Salute have increased significantly, thanks to better productivity of the individual centres and the new openings made at the end of 2021 and in 2022. In the food sector, Caffè Borbone and Capitelli turned in higher revenues (+3.3% and +13.7% respectively), with a contraction in EBITDA due to the impact of higher raw material costs on industrial margins. In the energy sector, AGN Energia's revenue is up (+35.3%) following the substantial increase in raw material costs in almost all businesses, with a good defence of margins in a very complex energy context; Italgen's revenue, on the other hand, rose due to pass-through revenues (which do not bring additional margins), while the drought that characterised the period is reflected in the lower level of EBITDA, which fell to 3 million euro. Revenue up by 20.7% and EBITDA stable at 50.4 million euro for Tecnica Group, which has not yet fully benefited from the order backlog, which is showing excellent potential for the rest of the year. Iseo's revenue has increased (+7.4%), supported by increases in selling prices, while EBITDA has fallen to 14.6 million euro, partially due to the impact of fixed costs needed for the company's business plan. Higher turnover (+55.6%), mainly thanks to the direct retail results, and higher EBITDA (+2.8%) for Officina Profumo-Farmaceutica di Santa Maria Novella. Revenue is down by 5.6% for Callmewine, but in 2021 it had benefited from the greater domestic consumption induced by Covid restrictions; EBITDA is negative, mainly due to higher fixed costs to support the company's future growth.
Clessidra Holding, a non-industrial portfolio company, developed as a multi-asset portfolio in the management of alternative investments, posted revenue of 23 million euro and EBITDA of 7.1 million euro.
At September 30, 2022 the Net Asset Value of Italmobiliare S.p.A. amounted to 1,962.8 million euro, substantially in line with June 30, 2022 (1,975.1 million euro) and down on December 31, 2021 (2,082.1 million euro), after paying 59.2 million euro of dividends and 33.2 million euro of taxes and operating costs. At September 30, 2022, the NAV per share (excluding treasury shares) was 46.4 euro and, considering the distribution of dividends of 1.40 euro per share, it has decreased by around 3% compared with the figure at December 31, 2021.
The net financial position of Italmobiliare S.p.A. is down from 337.5 million euro at December 31, 2021 to 209.6 million euro at the end of September 2022, allocated 51.4% to the Vontobel Fund with a conservative risk profile in line with the Company's investment policies. The main flows include loans net of repayments in private equity funds (-11.3 million euro), the investment as co-investor of the Clessidra Capital Partners 4 fund in the capital of Archimede S.p.A. (parent company of Formula Impresoft) with a stake of 22.99% (-12 million euro), the investment in Bene Assicurazioni S.p.A. with a stake of 19.996% (-40 million euro) and in other equity investments (-32 million euro), as well as the payment of taxes (-21 million euro). Payment of the ordinary and extraordinary dividend was more than offset by the dividends received from subsidiaries and associates.
On October 25, Italmobiliare finalised the agreement – based on an enterprise value of 66 million euro, plus 20 million euro in net cash held by the company – for the acquisition of 100% of SIDI Sport, an iconic Italian brand that specialises in the production and sale of cycling and motorcycling footwear.
PRESENTATION TO ANALYSTS
The presentation for the financial community, updated with the results at September 30, 2022, will be made available on the Company's website in the Investor/Presentations section www.italmobiliare.it/en/investor/presentations) on November 9.
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.