- In the first nine months of 2019, all the portfolio companies reported an Ebitda improvement (+27% on the basis of the pro forma aggregated performances of the single companies) from the same period 2018.
- Net Asset Value at September 30 was 1,591.4 million euro, increasing by 170 million euro from December 31, 2018.
- The net financial position of Italmobiliare S.p.A. reported a net cash position of 540.6 million euro, an increase of 195.7 million euro over the first nine months of 2019, mainly due to the divestiture of HeidelbergCement and Mediobanca shares, the disposal of the stake in Jaggaer, and partially offset by the investment in Autogas Nord.
- Starting from 24 September, Italmobiliare S.p.A. is part of the Borsa Italiana STAR segment. At the end of September, the share price had risen by 15.5% from the beginning of the year and is currently up by 30%. This led to a material reduction of NAV discount to 36%, from 46.3% at the end of 2018.
Milan, November 7, 2019 – The Board of Directors of Italmobiliare S.p.A. today approved the quarterly financial results for the nine months ending on September 30, 2019.
During the first nine months, also thanks to a positive performance in the third quarter, all the portfolio companies reported an improvement in Ebitda compared to the same period of the previous year. Performance was particularly positive – exceeding forecasts – at Caffè Borbone and Tecnica Group, which both raised their own Ebitda by around 45%. At the same time, Ebitda growth between 15% and 20% was reported by the other portfolio companies, with the sole exception of Sirap, which nevertheless achieved moderate progress.
Overall, on the basis of the aggregated performances of the single companies for the first nine months, the Portfolio Companies boosted revenue by 5% to 1.1 billion euro and Ebitda by over 27% to approximately 130 million euro.
Given the results of the portfolio companies, and considering the different period of consolidation (Caffè Borbone has been consolidated starting from May 2018) and the positive performance of Italmobiliare S.p.A. (a rise of 25.3 million euro in Ebitda to 29 million euro, mainly due to fair value increases of the private equity funds and trading securities), at September 30, 2019, Group consolidated revenue amounted to 413.2 million euro (+81.7 million euro) and Ebitda to 84 million euro, an increase of 52.2 million euro.
At September 30, 2019, Italmobiliare Net Asset Value was 1,591.4 million euro, with an increase of 170 million euro from December 31, 2018 and of 3.6 million euro from the situation at June 30, 2018; the overall increase in listed securities was the only material change in the third quarter.
NAV per share was 37.9 euro (33.9 euro at December 31, 2018).
The net financial position of Italmobiliare S.p.A. at September 30, 2019 reflected cash of 540.6 million euro, an additional increase (+195.7 million euro) from 344.9 million euro at December 31, 2018. The main contribution in the first nine months came from divestiture of HeidelbergCement and Mediobanca shares (+167 million euro), the disposal of the shareholding in Jaggaer (+91.2 million euro), and the acquisition of Autogas Nord S.p.A. (-60.1 million euro), where, in accordance with the adjustments envisaged by the investment agreement, the equity interest was recently increased from 27% to 30%. During the third quarter, Italmobiliare also disinvested its interest in the Aksìa IV fund for 21.6 million euro, generating a money-on-money return over 2x in the investment period started with the commitment in 2015. On September 24, Italmobiliare shares were included in the Borsa Italiana STAR segment. The share price rose by 15.5% over the first nine months of the year, and its current performance reflects an improvement of 30%. Based on current stock market prices, the NAV discount decreased significantly to approximately 36%, from 46.3% at the end of 2018.