First half 2020 results reviewed by Board of Directors

  • During the half year, the overall performance of the Portfolio Companies - which represent more than 50% of NAV - showed considerable resilience to the shock caused by the Covid pandemic, thanks to the management initiatives adopted and the high degree of diversification, with the bulk of the portfolio represented by companies operating in sectors related to food production chain (Caffè Borbone, Capitelli and Sirap) and to the energy sector (Autogas Nord-AGN Energia and Italgen). The lockdown measures for commercial and production activities, on the other hand, had negative effects on Tecnica Group, Iseo and Officina Santa Maria Novella.
  • In light of these trends, at an aggregate operational level, the Portfolio Companies recorded a decrease in revenues (with the significant exception of Caffè Borbone and Capitelli), but with an improvement in EBITDA and operating results compared with H1 2019. For Italmobiliare S.p.A. the impact of the pandemic on financial markets and the postponement - for prudence sake - of dividend distribution by some companies (especially Caffè Borbone) to the second half of the year led to worse results.
  • The NAV of Italmobiliare at June 30, 2020 was equal to 1,629.3 million (1,741.1 million at the end of 2019), with a growth in the NAV of the Portfolio Companies to 828,2 million (+42 million based on the same scope of consolidation). The change reflects in particular the distribution of dividends for 76 million euro overall and a decrease in the market value of the investment in HeidelbergCement AG (-59.1 million).
  • The NAV per share is equal to 38.6 euro with a decrease of 6.98% compared with the end of 2019, taking into account the total dividend payment of 1.8 euro per share.
  • In the first half-year, the Italmobiliare stock has recorded an increase of 20.08% on the Stock Exchange, compared with the -10.15% posted by the Star Index.
  • The discount on NAV fell to 24.9%, the lowest level in recent years.
  • The net financial position of Italmobiliare S.p.A., also taking into account the investment in Officina Santa Maria Novella, which took place at the beginning of the year, is a positive 452.7 million (569.6 at December 31, 2019).
  • At a consolidated level, revenue came to 276.2 million (278.3 million at June 30, 2019) and the operating result was equal to 1.4 million euro (24.5 million in the first half of 2019).

Key economic and financial data