star conference 2012 october 4 , 2012 - tip spa€¦ · t.i.p. is indipendent from any group and...

28 SETTEMBRE 2010

October 4th

, 2012

1

Star Conference 2012

October 4th

, 2012

28 SETTEMBRE 2010

October 4th

, 2012

2

TAMBURI INVESTMENT PARTNERS (T.I.P.) IS AN

INVESTMENT/MERCHANT BANK FOCUSED ON PROACTIVE EQUITY

INVESTMENTS IN EXCELLENT COMPANIES WITH A GREAT GROWTH

POTENTIAL ALSO THROUGH STRATEGIC MERGERS &

ACQUISITIONS.

28 SETTEMBRE 2010

October 4th

, 2012

3

T.I.P. has extensive experience with "excellent“ entrepreneurs

At present T.I.P. owns stakes in 8 world leaders and 3 continental leaders

T.I.P. leverages on its experience in “strategic” corporate finance

T.I.P. is a listed company, not a private equity fund

T.I.P. is indipendent from any group and has a unique network

through the “club deal” formula, T.I.P. can substantially increase its direct

investment capability

The team has proven to be able to manage each transaction with a professional,

flexible and rapid approach

A unique business model

28 SETTEMBRE 2010

October 4th

, 2012

4

Investment strategy

T.I.P. invests in companies not only featuring forefront positions in their

respective markets but also demonstrating willingness and potential for

growth and valorization

T.I.P. acquires minority interests with the aim of accompanying entrepreneurs in

the acceleration of growth and progressive value creation in order to be the

development partner

T.I.P. can take majority/control stakes through coinvestments and club deals

with particularly skilled partners

T.I.P. does not pretend guaranteed way-outs since has a real medium - long term

perspective

T.I.P. does not operate through leveraged buy outs

28 SETTEMBRE 2010

October 4th

, 2012

5

Investment strategy

T.I.P. identifies the targets considering:

quality and reliability of entrepreneurs and top managers

existence of distinctive commercial and industrial excellences

possibility of setting up effective growth processes and/or industrial

integration processes

possible developments in terms of ownership structure

concrete possibilities of playing an active role as a shareholder

T.I.P. prefers dedicated capital increases aimed at M&A

T.I.P. leaves the management to the existing top executives

28 SETTEMBRE 2010

October 4th

, 2012

6

Structure of group

CLUBTRE (PRYSMIAN)

GRUPPO IPGH (INTERPUMP)

DATA HOLDING (B.E.E. TEAM)

BORLETTI GROUP (PRINTEMPS )

NOEMALIFE

§ Merger &

Acquisitions

§ Initial Public

Offers (IPO)

§ Public Tender

Offers (PTO)

§ Advisory

BOLZONI

SERVIZI ITALIA

NH HOTELES

ZIGNAGO VETRO

AMPLIFON

DAFE 4000 (INTERCOS )

MONRIF

- china - india - corea - hong kong

- vietnam - thailand - taiwan

DATALOGIC

VALSOIA

- Canada - U.S.A. - Germany - Holland - France - Sweden - - Poland

- Portugal - U.K. - Spain - switzerland - India - brasil

- Germany

OTHER COMPANIES

EUROPEAN LEADERS

WORLD LEADERS

M&C

IMA

DE’ LONGHI

MAIN NON LISTED COMPANIES CONSULTING

ACTIVITIES

INTERNATIONAL

PRESENCE

LISTED COMPANIES

28 SETTEMBRE 2010

October 4th

, 2012

7

Assets available

20

(4)

150

capital

increase

Cash in from

warrant

exercise

(estimate)

7 year

convertible bond

35(*)

189

Fully

guaranteed

Partially

guaranteed

410

Direct

Potential

Assets

Investments book

value as at

June 30th

2012

Net debt as

June 30th

2012

€ M

Multiple of availability as

in other

Club-deals

≈ 1.1 bln

Up to x3 times

in hypothesis

of a club deal

like Prysmian

≈ 1.9 / 2.3 bln

Up to x5 / x6

times

in hypothesis

of club deals

like Interpump

or Datalogic

Mainly in:

- Amplifon

- Bolzoni

- Noemalife

- Servizi Italia

- Treasury shares

(-3)

3

Post

June 30th

2012

investments

(*) Guaranteed for 40 million euro – 5 million euro have been withdrawn and 10 million euro will be withdrawn in October 2012

28 SETTEMBRE 2010

October 4th

, 2012

8

Investments 2009 – 2012

8,9

73,6

43,0

-21,5 -23,6

-2,1

-25,00

,00

25,00

50,00

75,00

2009 2010 2011 2012

Investments Divestments

€ m

ln

Investments and divestments

- t.i.p. shares

- Amplifon

- Bee Team

- Bolzoni

- Monrif

- Noemalife

- Servizi Italia

- Zignago Vetro

- Del Clima

- Diasorin

- Bonds

28 SETTEMBRE 2010

October 4th

, 2012

2,81%

2,54%

2,32%2,41%

4,44%

0,00%0,00%

2,88%

0,00%

1,00%

2,00%

3,00%

4,00%

5,00%

6,00%

7,00%

8,00%

9,00%

10,00%

2007 2008 2009 2010 2011

Distribution of warrants (est. yield %)

Distribution of treasury shares (est. yield %)

Dividend yield (%)

10,7

14,0

9,6

1,5

11,2

3,4

-20,0

-15,0

-10,0

-5,0

0,0

5,0

10,0

15,0

2006 2007 2008 2009 2010 2011

6,6

7,4

6,2

3,2

5,85,5

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

2006 2007 2008 2009 2010 2011

Revenues from advisory business

€m

ln

9

2006 – 2011 results

Revenues from advisory activity Profit before tax

**Pre write-offs.

***Net after write-offs.

*

*Consolidated – Net of intercompany.

**

Yield since 2007

9.86% In March 2010 T.I.P. distributed more than 4,4

million treasury shares and 13.3 million of

warrants.

T.I.P.’s general meeting has confirmed the

company’s right to continue the purchase

on the market of treasury shares, which

amounted at 1.7% of the capital as of

September 2012

Average

5.8

-19,2 ***

Average

8.4

€ m

ln

Average

3.5%

28 SETTEMBRE 2010

October 4th

, 2012

0,60

0,80

1,00

1,20

1,40

1,60

1,80

04/

01/

10

04/

02/

10

04/

03/

10

04/

04/

10

04/

05/

10

04/

06/

10

04/

07/

10

04/

08/

10

04/

09/

10

04/

10/

10

04/

11/

10

04/

12/

10

04/

01/

11

04/

02/

11

04/

03/

11

04/

04/

11

04/

05/

11

04/

06/

11

04/

07/

11

04/08/11

04/

09/

11

04/

10/

11

04/

11/

11

04/

12/

11

04/

01/

12

04/

02/

12

04/

03/

12

04/

04/

12

04/

05/

12

04/

06/

12

04/

07/

12

04/

08/

12

04/

09/

12

TIP FTSE Mib IT Star FTSE IT Mid Cap MSCI Europe Financials

10

Free treasury shares

and warrants

distribution

T.I.P. performance from January 2010 to September 2012

T.I.P. Shares

* the performance of T.I.P. is adjusted for (I) distribution of dividends /reserves in 2010 and 2011 (0.03 and 0.035 Euro per share in 2010 and

2011 respectively) (II) free assignment, in March 2010, of over 4.4 million of treasury shares to T.I.P. shareholders and (III) the free assignment

of 3 warrants for each treasury share received.

T.I.P.*

+25.7%

FTSEMIB

-32.1%

MSCI Europe

Financials

-19.4%

FTSE IT

Mid Cap

-30.6%

IT Star

-6.0%

21/

09/

12

28 SETTEMBRE 2010

October 4th

, 2012

11

T.I.P. Shares

* the performance of T.I.P. is adjusted for free assignment, in March 2010, of over 4.4 million of treasury shares to T.I.P. shareholders and the

free assignment of 3 warrants for each treasury share received.

T.I.P.* performance vs comparables from IPO

Dea Capital

–48.5% vs T.I.P.

Sopaf

–98.9% vs T.I.P.

Intek

–39.0% vs T.I.P.

Mittel

–59.3% vs T.I.P.

Mid Industry

–51.3% vs T.I.P.

Cape Live

–95.0% vs T.I.P.

0,00

0,50

1,00

1,50

2,00

2,50

3,00

3,50

09/

11/

05

09/

02/

06

09/

05/

06

09/

08/

06

09/

11/

06

09/

02/

07

09/05/07

09/

08/

07

09/

11/

07

09/

02/

08

09/

05/

08

09/

08/

08

09/

11/

08

09/

02/

09

09/

05/

09

09/

08/

09

09/

11/

09

09/

02/

10

09/

05/

10

09/

08/

10

09/

11/

10

09/

02/

11

09/05/11

09/

08/

11

09/

11/

11

09/

02/

12

09/

05/

12

09/

08/

12

TIP Intek Dea Mittel SOPAF Mid Industry Cape Live

21/

09/

12

28 SETTEMBRE 2010

October 4th

, 2012

51.337,8

63.901,8

-

10.000

20.000

30.000

40.000

50.000

60.000

70.000

Average 2011 August 2011

12

T.I.P. VOLUMES AND VALUE

Average volumes

/ 0

00

Intrinsic value*

T.I.P. constantly elaborates analytical

valuations, based on the medium term

prospects of its investee companies.

The most recent data shows a total

estimate of 352.6 million euro, equal to

2.59 euro per T.I.P. share.

The traded volumes of T.I.P. shares are in

constant increase despite the negative trend

on the markets.

* Data are calculated without considering the potential

increase in value deriving from future acquisitions or

extraordinary operations.

28 SETTEMBRE 2010

October 4th

, 2012

13

Target price and shareholders’ structure

Current shareholders’ structure

Most recent analysts consensus

Brokerage House Date RecommendationTarget

price

Closing

price (*)

Premium vs

closing price

Equita S.I.M. 10/09/2012 Buy 1,85 1,468 26,02%

Integrae 03/09/2012 Buy 2,20 1,455 51,20%

Cheuvreux 17/07/2012 Buy 1,70 1,440 18,06%

average 1,92 31,76%

(*) Referred to the trading day before the publication of the equity research.

shareholder N. of shares % Owned

d'Amico Family 14.125.000 10,38%

Gruppo Assicurazioni Generali 11.416.419 8,39%

Giovanni Tamburi 8.539.264 6,28%

Angelini Family 6.885.801 5,06%

Seragnoli Family 6.638.593 4,88%

M. Manuli Family 6.028.545 4,43%

S. Manuli Family 5.384.061 3,96%

Baggi Sisini Family 4.242.826 3,12%

Ferrero Family 3.769.811 2,77%

Free float 69.016.443 50,73%

Total 136.046.763 100,00%

28 SETTEMBRE 2010

October 4th

, 2012

14

Main investee companies

Average

Ebitda margin

of 15.2%

Evident

signal of

excellence

and

«resilience»

RevenuesChange

%Ebitda

Change

%Ebitda margin

2010 2011 2010 2011 2010 2011 1H 2012

Amplifon S.p.A. 708,1 827,4 16,8% 96,9 144,5 49,1% 13,7% 17,5% 15,3%

Bee Team S.p.A. 75,4 88,9 17,9% 8,1 10,1 24,7% 10,7% 11,4% 10,9%

Bolzoni S.p.A. 93,5 115,8 23,9% 6,5 9,1 40,0% 7,0% 7,9% 8,6%

Datalogic S.p.A. 392,7 425,5 8,4% 49,8 59,2 18,9% 12,7% 13,9% 17,2%

De' Longhi S.p.A. 1.626,3 1.807,8 11,2% 194,6 235,8 21,2% 12,0% 13,0% 11,5%

IMA S.p.A. 503,3 669,2 33,0% 59,6 85,4 43,3% 11,8% 12,8% 10,5%

Interpump Group S.p.A. 424,9 493,3 16,1% 74,1 95,0 28,2% 17,4% 19,3% 21,1%

NH Hoteles S.A. 1.334,8 1.428,3 7,0% 147,8 202,4 36,9% 11,1% 14,2% 10,4%

Printemps( 1)

1.065,1 1.193,1 12,0% 117,8 149,3 26,7% 11,1% 12,5% n.d.

Prysmian S.p.A.( 2) ( 3)

4.571,0 7.583,0 65,9% 387,0 568,0 46,8% 8,5% 7,5% 7,9%

Servizi Italia S.p.A.( 2)

195,1 197,0 1,0% 56,8 59,3 4,4% 29,1% 30,1% 29,4%

Zignago Vetro S.p.A. 264,9 291,2 9,9% 70,7 76,9 8,8% 26,7% 26,4% 24,5%

Average +18,6% +29,1% 14,3% 15,5% 15,2%

(1)Year ending at 31.3. Data related to the consolidated unaudited Ebitdar.

(2)Data related to the adjusted Ebitda communicated by the company.

(3)Includes the consolidated results of Draka starting from 31,3,2011.

28 SETTEMBRE 2010

October 4th

, 2012

15

The last relevant investment has been in Intercos:

Worldwide leader in cosmetics (make up) – 2011 sales of over € 270 mln

with 14% Ebitda

Excellent portfolio of international clients (unique in the industry)

Very strong investments in R&D and Innovation (more than 450 people)

Direct presence in strategic markets (USA, China, Italy, Switzerland,

France)

excellent management

T.I.P. purchased 18% of Dafe 4.000, one of the holdings through which the

Ferrari family controls Intercos, for about € 9 mln

Possible IPO within 3-4 years

Intercos

28 SETTEMBRE 2010

October 4th

, 2012

16

Another recent investment has been in Amplifon:

Global leader

Business in significant growth

Deep presence all over the World

Continuous expansion in emerging markets

Excellent management

Main investment within the capital increase related to the acquisition of the

Australian and New Zealand market leader

Cash out of about € 35 mln (position increased in 2012)

Amplifon

28 SETTEMBRE 2010

October 4th

, 2012

17

Prysmian, of which Clubtre owns about 6.2% :

Is the worldwide leader with about €8 bln of sales est. in 2012

Has an excellent territorial differentiation

Produces energy cable for the 82% and telecom cable for the18%

Is a public company (Clubtre is the single biggest shareholder)

Has an excellent management

T.I.P. owns a stake of 35% in Clubtre, s.p.v. incorporated together with two

relevant shareholders of T.I.P. (Angelini and d’Amico families)

At the end of September 2012 the equity of Clubtre was around € 121 mln and

the total investment around € 170 mln

Prysmian

28 SETTEMBRE 2010

October 4th

, 2012

18

Another significant investment concerns Printemps, the famous French

department store group:

T.I.P. stake doubled during 2010

Continuous revenues growth

Interesting “club deal” with a possible divestiture during 2012 or 2013

Management with excellent capabilities

Revenues of €1,193 mln and Ebitdar* of €150.5 mln in year ended 31/03/2012

(unaudited data)

Printemps

*Earnings before interests, taxes, depreciation, amortization and rent

28 SETTEMBRE 2010

October 4th

, 2012

19

Sound M&A activity in 2011 (among which Valsoia – santa rosa, Tenimenti

Angelini – Bertani, Datalogic – Accu-Sort) with a good performance as

September 2012 (M&A for Noemalife, Servizi Italia, BEE Team)

Continuing the little dependence from private equity, notoriously in

difficulties

No activity related to risky financial restructurings

Advisory for always interesting arbitrations/surveys/valuations

Consulting support to families/industrial groups

Advisory activity

28 SETTEMBRE 2010

October 4th

, 2012

20

M&A ranking

2000 – 2011 2011

Company N. of deals

1 Rothschild 380

2 Mediobanca 318

3 Lazard 315

4 KPMG 260

5 Deloitte & Touche 245

6 Tamburi & Associati 225

7 Banca IMI 217

8 JP Morgan 168

9 Nomura / Lehman Brothers 149

10 BofA Merrill Lynch 133

11 Unicredit Investment Banking 132

12 Morgan Stanley 131

13 Credit Suisse 126

14 Ernst & Young 114

Source: Lombard

Company N. of deals

1 Banca IMI 31

2 Mediobanca 28

3 Deloitte & Touche 27

4 Tamburi & Associati 21

5 Vitale & Associati 19

6 Lazard 18

7 KPMG 15

8 BNP Paribas 14

9 Rothschild 12

10 BofA Merrill Lynch 10

11 Deutsche Bank 9

12 Banca Leonardo 9

13 K Finance 8

14 Fineurop Soditic 8

Source: Lombard

28 SETTEMBRE 2010

October 4th

, 2012

In march 2012 T.I.P. acquired a 30% stake in Gatti & Co. through a reserved capital increase.

Gatti & Co. is a financial advisory boutique located in frankfurt with a consolidated

experience in the German market.

T.I.P. owns a 30% stake of Palazzari & Turries Ltd, an investment bank based in Hong Kong,

which has a consolidated experience in Asian markets.

T.I.P. is one of the founders of Corporate Finance International (CFI), an international

partnership among merchant banks operating in M&A advisory, focused on medium-size

companies based in: Usa, Canada, France, Germany, Holland, Portugal, United Kingdom, Spain,

Switzerland, Sweden, Estonia, Latvia, Brasil and India.

21

Investee companies abroad - Advisory

P A L A Z Z A R I & T U R R I E S

H o n g K o n g - M i l a n

28 SETTEMBRE 2010

October 4th

, 2012

22

Excellent and unique network in Italy of Shareholders, Investee companies,

Clients and Team

excellent and constant profitability

several up-sides due to the high “intrinsic value”

Proven soundness of T.I.P. and investee companies, with attention and dynamism

Why T.I.P.?

*percentage variation with respect to the T.I.P. market price at closing at 21 September 2012

** based on what has been summarized on page 12

TEAM

CLIENTS

SHAREHOLDERS Average target price: 1.92 (+30%*)

Intrinsic value**: 2.59 (+76%*)

INVESTEE

COMPANIES

28 SETTEMBRE 2010

October 4th

, 2012

23

Attachments

28 SETTEMBRE 2010

March 27th

– 28th

2012

24

Amplifon is the world leader in the distribution

and personalised fitting of hearing aids.

The group Operates through a Network of more

than 3,000 specialised points of sale and over

2,900 service centres in Australia, Italy, UK and

Ireland, France, Germany, The Netherlands,

Belgium, Luxemburg, New Zealand, Switzerland,

Spain, Portugal, Hungary, Egypt and North

America.

During the first semester of 2012 the group

achieved 407.4 mln euro of turnover and 62.3 mln

euro of Ebitda.

N.B. During the first part of 2012 T.I.P. has

increased its own stake.

web site: www.amplifon.it

2

0

1

0

10/12 Amplifon finalizes

the acquisition of 100%

of NHC Group Ltd

(National Hearing Care) ,

the leading Australian

distributor of hearing aid

solutions, with revenues

of about A$144M and

Ebitda margin of 28.5%

4/11 completion of the

private placement of

19,841,950

new ordinary shares,

representing 9.99997%

of the issued

Capital at a price per

share of Euro 3.65,

raising €72.4m

Since T.I.P. first investment

2

0

1

1

2

0

1

2

28/3 Amplifon Germany

Acquires aftercare

business for Sanomed

customers from

William Demant Holding

16/1 Amplifon enters the

turkish market and looks

to achieve market

leadership through

the acquisition of 51% of

Maxtone, a modern retail

company active in the

commercialization of

hearing solutions

19/9 Amplifon enters in

poland through a Joint

Venture expanding its

geographical presence in

twenty countries

23/7 Amplifon reaches

an agreement with GN

ReSound for the

acquisition of 38 stores

in India and becomes

leader in India with 66

stores

28 SETTEMBRE 2010

October 4th

, 2012

Dataholding 2007 (controlled at 46.71% by T.I.P.)

controls 34.2% of B.E.E. TEAM S.p.A., an Italian

leader in the operating and technological

outsourcing for the banking, insurance and public

administration sectors.

During the first semester of 2012 B.E.E TEAM


euro of Ebitda.

N.B. T.I.P., IMI Investimenti (Intesa San Paolo Group),

Orizzonti (Ing. Sabelli) together with Carlo and

Stefano Achermann guaranteed their total

participation to the capital increase that has

recently been approved.

web site: www.beeteam.it

25

2

0

0

7

24/7 Acquisition of Praxis

Calcolo S.p.A. for €13m

(revenues of €13/14m). The

company operates in the IT

sector from many years

providing services and

products to clients in the

TLC, Utilities, services and

industrial sectors.

24/7 Capital increase of €8m

6/4 Data Holding

acquires control of

Data Service (now Bee

Team)

30/05 Capital increase

of €13M

21/11 Acquisition of

Universo Servizi S.p.a., a

company that provides IT

services to insurance

companies for €20M

2

0

0

8

2

0

1

1

1/10 Capital increase of

about €30m Underwritten

by Dataholding for about

€10.1M, IMI Investimenti

for about €7m and other

existing shareholders

for the remaining part. 16/9 Acquisition of an initial

10% stake in To-See (2C)

13/12 Acquisition of an

initial stake of 10% in

Bluerock Consulting with an

option to acquire 41% in

2011 and 49% in 2013. Based

in London, the company

specializes in financial

services consultancy for

blue-chip domestic and

international clients

2

0

0

9

2

0

1

0

2

0

1

2

10/5 Acquisition of a

further 41% stake in

Bluerock consulting for

€1.7M (total stake of

51%)


further 41% stake in To-

See (2C) for €0.6M (total

stake of 51%)

6/2 Acquisition of a further

43.2% stake in bluerock

consulting (total stake of

94.2%) for about €1.4M


17/7 Extraordinary

meeting approved a

capital increase of

€12.5M

28 SETTEMBRE 2010

March 27th

– 28th

2012

Bolzoni Auramo Group is the second largest

producer worldwide of fork lift truck

attachments and material handling.


achieved 60.6 mln euro of total turnover and 5.2

mln euro of Ebitda, showing significant

improvement with respecto to the same period of

2011.

N.B. During 2012 T.I.P. has increased its stake.

26

web site: www.bolzoni-auramo.it

2

0

0

6

6/3 with the start-up of

the plant in Podenzano

and the deposit of a

specific patent, Bolzoni

ratifies its entrance in

the market segment

dedicated to forks for

lift trucks

5/10 Bolzoni finalizes

the acquisition of 100%

of Meyer, the second

manufacturer in Germany

and fourth worldwide

for lift truck

attachments

2

0

0

7

2

0

1

1

8/4 Bolzoni enters the

Chinese market by signing

a JV contract with the

company Hebei Jing

County Huaxin Forks -

leader in the production

of forks for lift trucks -

for the constitution of

Bolzoni Huaxin. The

agreement also

contemplates Bolzoni

taking a 20% investment

in the capital of Huaxin.

22/10 Tiger Group

acquires a 20% stake in

Bolzoni Holding Hong

Kong, for a value of

about €2 m in cash, with a

total subscription in

share capital increase, to

be employed to pursue

the development plans

already set up in China by

Bolzoni Group.


28 SETTEMBRE 2010

October 4th

, 2012

27

Datalogic group is the second global leader in the

design, production and marketing of barcode

readers, portable data collection devices and

radio frequency identification devices (RFID).



euro of Ebitda. showing significant improvement

with respecto to the same period of 2011.

web site: www.datalogic.com

27/8 Datalogic announces

the acquisition of Laservall

SpA for about €8.5M with a

variable part of €6M upon

the achievement of economic

targets in the period 2004-

2006

23/3 Datalogic acquires

a stake in the American

company Alien

Technology Corporation

for about $1.3M

21/12 Datalogic invests in

the visual technology with

the acquisition of PPT Vision

Inc.


2

0

0

4

2

0

0

5

2

0

1

0

2

0

1

1

2

0

1

2


a 90% stake in the

American company

Informatics (Barcode and

RFID)

07/2 Datalogic enters in

the vision technology

sector with the

acquisition of Evolution

Robotics retail Inc.

20/1 Datalogic doubles

its presence in the

Industrial Automation

market with the

acquisition of Accusort

Systems


the control of the American

company PSC doubling its

turnover

28 SETTEMBRE 2010

October 4th

, 2012

28

web site: www. delonghi.com

De’ Longhi Group is one of the world leaders in

the manufacture and sale of products for air

conditioning, air treatment, heating, kitchen

appliances, coffee making, house cleaning and

ironing.



euro of Ebitda, showing an improvement with

respecto to the same period of 2011.

2

0

1

1

11/10 approval of the

Project of partial and

proportional Spin‐off

for the separation of the

Professional division. As

a consequence of the

spin‐off, the two areas

where the business of De’

Longhi Group operates

were separated: activities

of the Household

division remained under

De’ Longhi S.p.A., those

of the Professional

division under De’ Longhi

Clima S.p.A.

2

0

1

2

2/1 from the effective

date of the spin‐off

(January 1st 2012), the

shares of DeLclima S.p.A.

were listed separately

from the shares of De’

Longhi S.p.A.


31/8 Final signing of the

contract for the

perpetual licensing of

the Braun brand, held by

P&G, to De’ Longhi, for

the segments of small

kitchen appliances,

ironing and other minor

products’ categories.

28 SETTEMBRE 2010

October 4th

, 2012

29

Intercos Group is one of the world leaders in the

research, development and production of make-up

products for the main international operators

involved in the cosmetic industry.

During 2011 the group achieved about 272 mln

euro of turnover and 38 mln euro of EBITDA.

web site: www. intercos.com

web site: www.ima.it

The IMA group – Industria macchine automatiche, is

the world leader in the design and manufacture of

automatic machines for the processing and

packaging of pharmaceuticals, cosmetics, tea,

coffee and chocolate.



euro of adjusted Ebitda.

28 SETTEMBRE 2010

October 4th

, 2012

30

IPG Holding holds 27% of the share capital of

Interpump Group S.p.A.; Interpump Group is the

worldwide leader in the design and production of

professional high pressure piston pumps and

power take-offs.



euro of Ebitda.

web site: www.interpumpgroup.it

2

0

0

5

2

0

0

7

2

0

0

8

2

0

0

9

2

0

1

1

2

0

1

2


31/5 Disposal of IP

Cleaning in the context

of the strategic

repositioning of the

Group which focuses on

high-tech and highly

profitable sectors

18/1 acquisition of

M.T.C. (producer of

hydraulic distributors

and valves)


53% stake in Galtech,

active in the production

of pumps and gear

motors, hydraulic

distributors and

accessories

5/4 Acquisition of

Hammelman, world

leader in the fluid very

high pressure pump

technology

1/2 Acquisition of the

American company NLB,

world leader in the fluid

high pressure pump

technology

23/1 In the context of

the growth strategy in

the hydraulic cylinders

sector the Group

acquires Oleodinamica

Panni and Cover

07/07 Acquisition of HS

Penta (cylinders sector)


51% stake in Contarini

producer of hydraulic

cylinders (the remaining

49% has been acquired in

2009) and Modenflex,

leader in the niche

market of cylinders for

refuse collectors

27/9 Disposal of the

company Unielectric,

active in the production

of windings and electric

motors

27/9 Acquisition of

Takarada, a leading

company in Brazil in the

power take-offs market

28 SETTEMBRE 2010

October 4th

, 2012

M&C is a listed company specialised in turnaround

and investments in underperforming assets.

the most significant investment is the stake of

about 42% held in Treofan AG, a world leader in

bioriented polypropylene (BOPP), used in the

packaging, label and film sectors for the tobacco

and electronics industry.

M&C has available cash for about 45 mln euro.

web site: www.management-capitali.com

31

web site: www.monrifgroup.net

Monrif is a holding operating in: publishing,

printing, hotels, real estate, internet and

multimedia technologies.

The most significant investment is represented by

the stake of about 62% in Poligrafici Editoriale

Group, publisher of the “Il Resto del Carlino”, “La

Nazione” and “Il Giorno”. The second most

important investment regards 100% of Emiliana

Grandi Alberghi S.p.A.

The value of the group’s property and hotel is

particularly relevant.


achieved 115.1 mln euro of total turnover and 5.9

mln euro of Ebitda.

28 SETTEMBRE 2010

October 4th

, 2012

32

Noemalife is one of the global leaders in the

diagnostic and clinical processes of health

structures.

During November 2011, Noemafile has bought 45%

of Medasys (de facto the control of the company)

a French listed company leader in IT services for

the healthcare sector in France.


achieved 30.8 mln euro of turnover showing

significant improvement with respecto to the same

period of 2011.

N.B. During 2012 T.I.P. has significantly increased

its own stake.

web site: www.noemalife.com

31/3 acquisition of the

business activities of

“Ferrania LifeWeb” based in

Ferrania (SV) - one of the

major Italian players in IT

solutions for Medical

Images Management Systems

31/7 Acquisition of “sezione

Informatica di Laboratorio”

branch from Dasit

25/6 acquires Unitech

16/7 acquires

healthcare IT activities

of Praezision Informatica

S.r.l.

23/7 JV with Almaviva to

provide global IT

solutions to healthcare

companies

25/7 acquisition of a

majority stake in Solinfo

s.r.l.

27/7 NoemaLife’s binding

offer for acquisition of 45%

of Medasys capital, through

the subscription of a

reserved capital increase of

€7.3M, was approved.

Noemalife is now the main

shareholder of Medasys


51% stake of Service

S.r.l.

27/3 Noemalife signs

agreement to buy the

remaining stake of the JV

with Almaviva


51% stake in Codices


13/7 Closing of the

right issue offered to

shareholders for €7M

2

0

0

7

2

0

0

8

2

0

0

9

2

0

1

1

2

0

1

2

28 SETTEMBRE 2010

October 4th

, 2012

Borletti Group, of which T.I.P. is one of the largest

shareholders, manages and holds 30% of the

share capital of Printemps, the second largest

department store in France.

During the financial year ended 31 March 2011

Printemps generated total revenues of 1,065 mln

euro, with an Ebitdar of about 118 mln euro.

web site: www.printemps.com

33

NH Hoteles is a Madrid-based group that owns and

operates one of the world’s most important “city

hotel” chains, about 500 structures.

Besides hotel operations, the group controls the

Spanish company Sotogrande, which operates in

the real estate activity.


achieved 651.8 mln euro of total turnover and

67.5 mln euro of Ebitda.

web site: www.nh-hoteles.com

28 SETTEMBRE 2010

October 4th

, 2012

34

ClubTre S.r.l. (35% T.I.P.) is the first shareholder,

owning about 6.2% of the share capital, of

Prysmian.

Prysmian is the global leader in the industry of

cables and systems for energy and

telecommunications.


achieved total revenues of about 3.9 bln euro and

an Ebitda of 308 mln euro.

web site: www.prysmian.it

2

0

1

1

5/1 Prysmian launches a

public offer for the

acquisition of 100%

share capital of its

competitor Draka

Holding, for about

€840m. The offer was

successfully concluded

in February. The combined

group is a new leading

player in the worldwide

energy and telecom

cable and systems

industry, in particular in

several of its high-

technology segments,

with operations in more

than 50 countries, a

manufacturing footprint

of over 90 plants and a

total workforce of more

than 20,000 employees.

2

0

1

2


6/9 Prysmian acquires

global Marin e Energy

expanding the offering

of integrated solutions

of production and

installation of turn-key

submarine cable systems,

in particular for

offshore wind parks

28 SETTEMBRE 2010

March 27th

– 28th

2012

35

Servizi Italia is the leading national provider of

integrated services for hiring, washing, sterilizing

and logistics of textiles and surgical instruments

for healthcare sector.


achieved 104 mln euro of turnover and 31 mln

euro of Ebitda.

N.B. During 2012 T.I.P. has increased its own stake.

web site: www.si-servizitalia.com

21/12 Servizi Italia has

signed an agreement for

the acquisition of a 51%

stake in A.M.G. S.r.l. -

active in the linen and

workwear washing and

sterilization

11/12 Servizi Italia signs

a Joint venture

agreement, for the

business development in

the Middle East, with

Fresh Professional

Laundry and Textile

Services LLC, a US


industrial laundry

services.

24/11 Servizi Italia

purchases a stake of 70% of

the company Amedes s.p.a.,

active in the acquisition,

intermediation, sale and

production and/or

development of medical

devices for surgical

procedures, as well as in the

technical assistance /

scientific support services

to users of medical devices

2/7 Servizi Italia

purchases a stake of 75%

of the health sector

services branch of

padana everest s.p.a., main

player in the Industrial

laundry sector in italy


2

0

0

8

2

0

1

0

2

0

0

7

2

0

1

2

1/8 Conclusion of the right

issue offered as options to

shareholders for a total of

€26.4M

3/7 Servizi Italia

purchases a 50% stake of

the Brazilian company

Lavsim Higienização Têxtil

S.A. which offers

laundry serrvices to the

healthcare sector

28 SETTEMBRE 2010

March 27th

– 28th

2012

36

web site: www.valsoia.it

Valsoia is the leader in the Italian market in the

production, distribution and marketing of health

products which use soy and rice as fundamental

ingredients.

The main product lines are vegetal drinks, vegetal

ice creams and desserts, meals solutions and

other vegetal based products.


achieved 46 mln euro of turnover and 3.4 mln euro

of Ebitda.

2

0

1

1

30/3 Valsoia enters the

Spanish market through

the establishment of

Valsoia Iberica S.L

11/2 Valsoia enters the

Slovenia market through

the establishment of

Valsoia Pronova d.o.o

23/9 Valsoia signs an

agreement with Unilever for

the acquisition of Santa

Rosa business.

2/9 Valsoia signs an

agreement for the use of

the Almaverde Bio brand

licence. The agreement,

involves the production

and marketing by Valsoia

of ice cream and diary

products under

Almaverde Bio brand


28 SETTEMBRE 2010

October 4th

, 2012

Zignago Vetro Group is one of the world leaders

in the production of glass containers for the

cosmetics, perfume and food - beverage sectors



euro of Ebitda.

N.B. During 2012 T.I.P. has increased its own

stake.

web site: www.zignagovetro.com

37

21/7 Zignago Vetro

establishes the joint

venture vetreco, active in

the treatment and

scrapping of glass

collected in the south of

Italy

6/6 First day of trading

of Zignago Vetro shares

(IPO)

2

0

1

0

2

0

1

1

3/3 Zignago Vetro

acquires a 79% stake in

Huta Szkla Czechy, a

glassware Polish


cosmetic, parfumery,

food and beverages

container market.

2

0

0

7

2

0

1

2

9/2 Zignago Vetro

acquires a further 20%

stake in Huta Szkla

Czechy.


28 SETTEMBRE 2010

October 4th

, 2012

Selection of advisory transactions 2011/2012

38

IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY

TERMINE, IN QUALITA’ DI REGISTA, DA

T AMBURI & A SSOCIATI

HAS ACQUIRED FROM DANAHER GROUP A 100%

STAKE IN

AND CERTAIN OF ITS AFFILIATES


HAS ACQUIRED FROM PRIVATE

INVESTORS THE CHINESE GROUP

CENTRE GAIN

COMPANY PARTICIPATED BY

JOINT VENTURE BETWEEN BOLZONI

GROUP AND THE CHINESE GROUP

HUAXIN FORK IN THE FORKLIFT TRUCK

ATTACHMENTS SECTOR.

HUAXIN FORK

IN THE TRANSACTION BOLZONI GROUP HAS BEEN ASSISTED BY

COMPANY PARTICIPATED BY

HAS ACQUIRED THE GOING CONCERN RELATED TO THE

PRODUCTION AND COMMERCIALISATIO OF PVC FILMS

FROM




HAS ACQUIRED A MAJORITY STAKE IN






HAS ACQUIRED A 100% STAKE IN THE COMPANY


HAS ACQUIRED THE COMPANY

IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY



FROM THE GROUP




HAS ACQUIRED A 50% STAKE OF

28 SETTEMBRE 2010

October 4th

, 2012

Selection of advisory transactions 2009 / 2011

39




HAS ACQUIRED FROM UNILEVER GROUP THE

BUSINESS

IN THE TRANSACTION THE BUYERSHAVE BEEN ASSISTED BY


HAS ACQUIRED

a A MAJORITY

STAKEin

a MINORITY

STAKEin

FLEXOPACK

a A MAJORITY

STAKEin

IN THE TRANSACTION THE BUYERSHAVE BEEN ASSISTED BY


HAS ACQUIRED

a A MAJORITY

STAKEin

a MINORITY

STAKEin

FLEXOPACKFLEXOPACK

a A MAJORITY

STAKEin




HAS ACQUIRED THROUGH THE SUBSCRIPTION OF A

RESERVED CAPITAL INCREASE A 45% STAKE

(RELATIVE MAJORITY STAKE) OF




HAS ACQUIRED IN EXECUTION OF A

«CONCORDATO PREVENTIVO» PROCEDURE A

CARVE-OUT OF

28 SETTEMBRE 2010

October 4th

, 2012

40

Attachments – Balance sheet

Balance sheet (€) 31-Dec-10* 31-Dec-11** 30-Jun-12**

Property, plant and equipment 67.780 99.094 82.656

Goodwill 9.806.574 9.806.574 9.806.574

Investments in associates measured using the equity method 40.878.172 39.075.244 49.901.275

Investments in associates measured at fair value 8.085.000 8.085.000 8.085.000

Available-for-sale financial assets 91.048.989 103.396.305 112.398.262

Trade receivables and other 950.465 444.127 275.648

Loans and receivables 10.810.873 18.571.117 18.842.792

Total non current assets 161.647.853 179.477.461 199.392.207

Trade receivables 1.052.379 2.001.713 929.925

Current financial assets 34.344.835 13.650.997 10.925.082

Available-for-sale financial assets 10.096.362 0 0

Cash & cash equivalents 680.238 206.043 102.564

Other current assets 168.755 104.039 193.905

Total current assets 46.342.569 15.962.792 12.151.476

Total assets 207.990.422 195.440.253 211.543.683

Share capital 69.959.372 70.744.156 70.744.317

Reserves 117.479.726 100.045.636 115.742.737

Losses carried forward 0 1.741.051 1.747.740

Profit for the year 10.234.991 2.631.824 1.548.368

Total equity 197.674.089 175.162.667 189.783.162

Employment benefits and deferred tax 162.000 177.579 144.552

Financial liabilities 0 0 4.848.661

Deferred tax liabilities 1.055.117 400.905 595.807

Total non-current liabilities 1.217.117 578.484 5.589.020

Trade payables 650.665 397.597 397.242

Financial liabilities 3.500.027 16.897.220 14.662.286

Tax liabilities 1.947.832 434.061 159.404

Other liabilities 3.000.692 1.970.224 952.569

Total current liabilities 9.099.216 19.699.102 16.171.501

Total liabilities 10.316.333 20.277.586 21.760.521

Total Equity and liabilities 207.990.422 195.440.253 211.543.683

*Consolidated data

**Individual data

28 SETTEMBRE 2010

October 4th

, 2012

41

Attachments – Profit & Loss account

Profit & Loss account (€ ) 2010* % 2011** % H1 2011** % H1 2012** %

Revenues from services 5.775.917 94,4% 5.468.717 96,5% 1.329.174 92,0% 998.982 94,4%

Other revenues 341.825 5,6% 201.127 3,5% 115.500 8,0% 59.281 5,6%

Total revenues 6.117.742 100,0% 5.669.844 100,0% 1.444.674 100,0% 1.058.263 100,0%

materials, services and other costs (1.444.849) -23,6% (1.544.312) -27,2% (704.114) -48,7% (775.225) -73,3%

Personnel and other costs (4.248.640) -69,4% (3.465.665) -61,1% (1.446.542) -100,1% (1.438.701) -135,9%

Depreciation and amortization (38.182) -0,6% (45.898) -0,8% (21.328) -1,5% (23.348) -2,2%

Operating profit (loss) 386.071 6,3% 613.969 10,8% (727.310) -50,3% (1.179.011) -111,4%

Net financial income 7.428.834 121,4% 2.566.456 45,3% 2.429.163 168,1% 2.751.416 260,0%

Profit before adjustments to investments 7.814.905 127,7% 3.180.425 56,1% 1.701.853 117,8% 1.572.405 148,6%

profit of equity-accounted investments and business

combination3.423.338 56,0% 1.385.437 24,4% 428.491 29,7% 705.851 66,7%

Net fair value losses on available for sale financial

assets(52.575) -0,9% (1.185.074) -20,9% (92.412) -6,4% (480.085) -45,4%

Profit before tax 11.185.668 182,8% 3.380.788 59,6% 2.037.932 141,1% 1.798.171 169,9%

Taxes (955.418) -15,6% (748.964) -13,2% (375.245) -26,0% (249.803) -23,6%

Net profit 10.230.250 167,2% 2.631.824 46,4% 1.662.687 115,1% 1.548.368 146,3%

*Consolidated data

**Individual data

28 SETTEMBRE 2010

October 4th

, 2012

42

Investor Relator

Alessandra Gritti

Via Pontaccio 10, 20121 Milano

Tel. no.(0039) 02 – 8858801, Fax. no.(0039) 02 – 8900421

email: [email protected]

http://www.tipspa.it

star conference 2012 october 4 , 2012 - tip spa€¦ · t.i.p. is indipendent from any group and...

Documents