PRESS RELEASE
THE INTERIM MANAGEMENT REPORT AS AT 31 MARCH 2020 IS APPROVED, WITH COMBINED ASSETS UNDER MANAGEMENT AT OVER EUR 22 BILLION (+86%) AND MANAGEMENT FEES AT EUR 21.7 MILLION (+28% INCLUDING THE AMOUNT ATTRIBUTABLE TO QUAESTIO SGR)
AT GROUP LEVEL, THE POSITIVE NET FINANCIAL POSITION IS IN EXCESS OF EUR 110 MILLION WITH A NEGATIVE NET RESULT OF EUR 6.6 MILLION DUE TO THE ALIGNMENT OF THE INVESTMENT PORTFOLIO MARK-TO-MARKET
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NICOLA DRAGO WAS CO-OPTED AS DIRECTOR FOLLOWING THE RESIGNATION OF
DIRECTOR MARCO DRAGO
DEA CAPITAL'S NEW ORGANIZATIONAL STRUCTURE IS APPROVED, MANOLO SANTILLI, CHIEF FINANCIAL OFFICER, APPOINTED AS CHIEF OPERATING
OFFICER FROM 1ST JULY 2020
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Milan, 12 May 2020 - The Board of Directors of DeA Capital S.p.A., chaired by Lorenzo Pellicioli, met today to examine and approve the Interim Management Report as at 31 March 2020.
ANALYSIS OF THE CONSOLIDATED RESULTS AS AT 31 MARCH 2020
- As at 31 March 2020, Combined Assets under Management were EUR 22,051 million, up 86% compared with 31 March 2019, including the unconsolidated relative majority interest in Quaestio SGR, acquired in November 2019. The Combined Assets Under Management figure is divided as follows by investment strategy:
- Real Estate = EUR 9,794 million (44%) o Credit = EUR 3,222 million (15%)
o Private Equity = EUR 1,794 million (8%)
o Investment Solutions = EUR 7,241 million (33%)
It should be noted that Combined Assets under Management are defined as assets managed by the asset management companies in which the Group holds an absolute or relative (non- consolidated) majority interest and also the assets managed by the international subsidiaries. Total commitments are considered for private equity funds.
- Management fees of DeA Capital Real Estate SGR and DeA Capital Alternative Funds SGR - totalled EUR 15.3 million or EUR 21.7 million including the amount attributable to Quaestio SGR, compared with EUR 16.9 million in the 1st Quarter of 2019 (+28%).
- Group Net Results were negative by EUR 6.6 million (compared with the negative figure of EUR 3.9 million recorded in the 1st quarter of 2019), mainly due to the Investment Portfolio mark-to-market.
DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy
Authorised share capital of EUR 266,612,100, fully paid up Tax code and registration in the Milan Companies Register No. 07918170015 Member of the "IVA B & D Holding Group" VAT No. 02611940038, Milan Economic and Administrative No. 1833926
- Net Financial Position of the Holding Companies was positive at EUR 63.3 million; at Group level, the Net Financial Position was positive at EUR 110.4 million, up from EUR 105.6 million as at 31 December 2019.
It should be noted that, during the 1st quarter of 2020, the DeA Capital share joined the FTSE Italia Mid Cap index, composed of the 60 most liquid and capitalised listed companies in Italy that are not part of the FTSE MIB index.
The Interim Management Report as at 31 March 2020 will be released to the public on 15 May 2020, at the Company's registered office, on the authorised storage facility 1info (www.1info.it) and on the website http://www.deacapital.it/IT/29/Bilanci%20e%20Relazioni.aspx.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
- Allocation of units under the 2020-2022 Performance Share Plan
In implementation of the 2020-2022 Performance Share Plan approved by the Shareholders' Meeting of 20 April 2020, the Board of Directors resolved to allocate a total of 1,420,000 units. For further details, please refer to Table No. 1 of Outline No. 7 of Annex 3A of the Issuers' Regulation available on the Company's website www.deacapital.com, Corporate Governance / Incentive Plans section.
- Share buy-back plan
The Board of Directors vested upon the Chairman and the CEO, separately and individually, all necessary powers to implement the Plan for the purchase and disposal of treasury shares approved by the Shareholders' Meeting of 20 April 2020. DeA Capital S.p.A. will disclose the possible launch date of the Plan to the market in compliance with current legislation. The Board of Directors has also decided that the total price per share of each purchase of treasury shares may not exceed the NAV per share shown in the latest statement of financial position of the Company, approved and communicated to the market, subject to the limits provided for by law and the authorisation of the Shareholders' Meeting.
- Co-optationof Nicola Drago as non-executive and non-independent Director of DeA Capital S.p.A., following the resignation of Marco Drago
The Company's Board of Directors has appointed Nicola Drago as the new non-executive and non-independent Director of DeA Capital S.p.A., following the resignation of Marco Drago. Marco Drago, who held the position of non-executive and non-independent Director, held no positions on the internal committees of the Board of Directors.
Nicola Drago, who will remain in office until the next Company's Shareholders' Meeting, was coopted into the administrative body in accordance with the provisions of law and Articles of Association.
Mr Marco Drago and Mr Nicola Drago, based on information held by the Company, do not personally own DeA Capital S.p.A. shares.
Mr Nicola Drago's curriculum vitae is available on the Company's website, at www.deacapital.com, in the section Corporate Governance - Structure.
DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy
Authorised share capital of EUR 266,612,100, fully paid up Tax code and registration in the Milan Companies Register No. 07918170015 Member of the "IVA B & D Holding Group" VAT No. 02611940038, Milan Economic and Administrative No. 1833926
- Approval of DeA Capital's new organizational structure, with Manolo Santilli, Chief Financial Officer, appointed Chief Operating Officer from 1st July 2020
The Board of Directors, which met today, also approved the new organizational structure of DeA Capital S.p.A., upon proposal of Paolo Ceretti, Chief Executive Officer and following the favourable opinion of the Remuneration and Appointments Committee.
The new organizational structure, defined in consideration of a more complex and operational dimension, and of the necessary support to the development of the Group, foresees the appointment -from 1st July 2020- of Manolo Santilli, currently CFO, to Chief Operating Officer of DeA Capital S.p.A.; Emanuele Caniggia, Chief Executive Officer of DeA Capital Real Estate SGR, and Gianandrea Perco, Chief Executive Officer of DeA Capital Alternative Funds SGR, shall continue to refer to the Company's Chief Executive Officer, Paolo Ceretti.
Based on information held by the Company, Manolo Santilli currently personally holds 1.332,735 DeA Capital S.p.A. shares.
Manolo Santilli's curriculum vitae is available on the Company website at www.deacapital.com, in the Management section.
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OUTLOOK
With regard to the business outlook, especially the macro-economic framework, the recent global spread of COVID-19 should be considered, against which the Group has promptly adopted all the necessary measures to protect the health of employees and ensure business continuity.
As the weeks go by, it has become increasingly apparent that the entire economic system is now called upon to face one of the most difficult challenges recorded in history.
Despite this context, the DeA Capital Group will continue to focus on developing the Alternative Asset Management Platform, through the further growth of activities at an international level, the launch of new products and coordination, in particular the go-to-market strategy of Quaestio SGR; moreover, we will maximise our efforts to protect and support all the assets that form part of the funds under management, to successfully overcome the acute phase of the crisis and be ready to seize the opportunities that will arise once we come out of it.
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DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy
Authorised share capital of EUR 266,612,100, fully paid up Tax code and registration in the Milan Companies Register No. 07918170015 Member of the "IVA B & D Holding Group" VAT No. 02611940038, Milan Economic and Administrative No. 1833926
DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY'S ACCOUNTS
Manolo Santilli, Chief Financial Officer and the manager responsible for preparing the Company's accounts, hereby declares, pursuant to Article 154-bis, paragraph 2 of the Consolidated Finance Law (TUF), that the financial information contained in this press release accurately represents the figures in the Company's accounting records.
For further information, please contact:
Investor Relations | Press and Communication Office |
Alberto Barucci / Anna Majocchi | Marco Scopigno |
Tel. +39 02 6249951 | Tel. +39 06 68163206 /348 0173826 |
ir@deacapital.com | marco.scopigno@deacapital.com |
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DeA Capital (www.deacapital.com). DeA Capital S.p.A., a subsidiary of De Agostini S.p.A. and listed on the STAR segment of the MTA Market of Borsa Italiana, is the leading independent Italian player in the Alternative Asset Management sector (for assets under management), with Combined Assets Under Management of more than EUR 22,000 million and an Investment Portfolio of approximately EUR 380 million. The Group Platform - concentrated on the two subsidiaries, DeA Capital Real Estate SGR and DeA Capital Alternative Funds SGR, as well as on the relative majority equity investment indirectly held in Quaestio SGR - is engaged in the promotion, management and development of real estate, private equity and credit investment funds and of investment solutions for institutional investors.
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DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy
Authorised share capital of EUR 266,612,100, fully paid up Tax code and registration in the Milan Companies Register No. 07918170015 Member of the "IVA B & D Holding Group" VAT No. 02611940038, Milan Economic and Administrative No. 1833926
Net Asset Value
31 March 2020 | 31 December 2019 | |||
M€ | €/Sh. | M€ | €/Sh. | |
Alternative Asset Management | ||||
- DeA Capital Real Estate SGR | 141.7 | 0.55 | 141.2 | 0.54 |
- DeA Capital Alternative Funds SGR | 56.3 | 0.22 | 55.6 | 0.21 |
- Quaestio Holding | 13.7 | 0.05 | 14.3 | 0.06 |
- Other (YARD, DeA Capital RE France, Iberia, Polonia) | 6.7 | 0.02 | 6.6 | 0.03 |
Total AAM (A) | 218.4 | 0.84 | 217.7 | 0.84 |
Alternative Investment | ||||
- AI Platform Investments | 118.5 | 0.46 | 118.0 | 0.45 |
- AI Other Investments | 45.2 | 0.17 | 51.4 | 0.20 |
Total AI (B) | 163.7 | 0.63 | 169.4 | 0.65 |
Investment Portfolio (A+B) | 382.1 | 1.47 | 387.1 | 1.49 |
Other net assets (liabilities) | 5.4 | 0.02 | 4.6 | 0.02 |
Net Financial Position Holdings | 63.3 | 0.24 | 65.8 | 0.25 |
NAV | 450.8 | 1.73 | 457.5 | 1.76 |
DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy
Authorised share capital of EUR 266,612,100, fully paid up Tax code and registration in the Milan Companies Register No. 07918170015 Member of the "IVA B & D Holding Group" VAT No. 02611940038, Milan Economic and Administrative No. 1833926
Consolidated Statement of Financial Position
(EUR thousand) | 31.3.2020 | 31.12.2019 |
ASSETS | ||
Non-current assets | ||
Intangible and tangible assets | ||
Goodwill | 104,647 | 104,647 |
Intangible assets | 42,827 | 42,912 |
Property, plant and equipment | 13,599 | 14,297 |
- Building in Leasing | 12,778 | 13,420 |
- Other leased assets | 315 | 318 |
- Other property, plant and equipment | 506 | 559 |
Total intangible and tangible assets | 161,073 | 161,856 |
Investments | ||
Investments at equity | 30,565 | 30,802 |
Investments held by Funds at Fair Value through P&L | 16,778 | 22,773 |
Other Investments at Fair Value through P&L | 45,919 | 50,382 |
Funds at Fair Value through P&L | 143,589 | 143,597 |
Other financial assets at Fair Value through P&L | 37 | 37 |
Total financial Investments | 236,888 | 247,591 |
Other non-current assets | ||
Deferred tax assets | 2,791 | 2,409 |
Loans and receivables | 3,291 | 2,485 |
Receivables for deferment of placement costs | 351 | 377 |
Financial receivables for leasing - non current position | 1,255 | 1,313 |
Other non-current assets | 3,341 | 4,613 |
Total other non-current assets | 11,029 | 11,197 |
Total non-current assets | 408,990 | 420,644 |
Current assets | ||
Trade receivables | 9,117 | 8,653 |
Financial assets at Fair Value | 13,827 | 14,192 |
Financial receivables | 18 | 0 |
Financial receivables for leasing - current position | 247 | 245 |
Tax receivables from parent companies | 3,369 | 3,953 |
Other tax receivables | 13,479 | 37,176 |
Other receivables | 2,885 | 8,206 |
Cash and cash equivalents | 86,526 | 99,512 |
Total current assets | 129,468 | 171,937 |
Total current assets | 129,468 | 171,937 |
TOTAL ASSETS | 538,458 | 592,581 |
SHAREHOLDERS' EQUITY AND LIABILITIES | ||
SHAREHOLDERS' EQUITY | ||
Net equity Group | 450,778 | 457,464 |
Minority interests | 20,461 | 23,634 |
Shareholders' equity | 471,239 | 481,098 |
LIABILITIES | ||
Non-current liabilities | ||
Trade payables | 800 | 800 |
Deferred tax liabilities | 5,963 | 5,993 |
End-of-service payment fund | 5,683 | 5,582 |
Payables to staff and social security organisations | 789 | 631 |
Financial liabilities | 12,770 | 13,457 |
- Financial liabilites for leasing | 11,746 | 12,437 |
- Other financial liabilities | 1,024 | 1,020 |
Total non-current liabilities | 26,005 | 26,463 |
Current liabilities | ||
Trade payables | 5,576 | 5,470 |
End-of-service payment fund | 26 | 21 |
Payables to staff and social security organisations | 12,387 | 11,836 |
Current tax | 3,474 | 4,336 |
Other tax payables | 1,070 | 1,491 |
Other payables | 15,619 | 42,299 |
Short term financial payables | 3,062 | 19,567 |
- Short term financial payables for leasing | 3,062 | 3,045 |
- Other Short term financial payables | 0 | 16,522 |
Total current liabilities | 41,214 | 85,020 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 538,458 | 592,581 |
DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy
Authorised share capital of EUR 266,612,100, fully paid up Tax code and registration in the Milan Companies Register No. 07918170015 Member of the "IVA B & D Holding Group" VAT No. 02611940038, Milan Economic and Administrative No. 1833926
Summary Consolidated Income Statement
First Quarter | First Quarter | |
(EUR thousand) | 2020 | 2019 |
Alternative Asset Management fees | 15,560 | 16,799 |
Income (loss) from equity investments | (471) | 212 |
Other investment income/expense | (9,635) | (7,298) |
Income from services | 18 | 101 |
Other income | 2 | 3 |
Other expenses (*) | (15,412) | (12,887) |
Financial income and expenses | (89) | 181 |
PROFIT/(LOSS) BEFORE TAX | (10,027) | (2,889) |
Income tax | 63 | (594) |
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS | (9,964) | (3,483) |
Profit (Loss) from discontinued operations/held-for-sale assets | 0 | 0 |
PROFIT/(LOSS) FOR THE PERIOD | (9,964) | (3,483) |
- Group share | (6,604) | (3,934) |
- Non controlling interests | (3,360) | 451 |
0.00 | ||
Earnings per share, basic (€) | (0.025) | (0.015) |
Earnings per share, diluted (€) | (0.025) | (0.015) |
(*) includes items "personnel costs", "service costs", "depreciation, amortization and impairment" and "other expenses"
Income Statement by Business Sector - 1st Quarter of 2020
Alternative | ||||
Alternative | Asset | Holdings/ | ||
(EUR thousand) | Investment | Management | Eliminations | Consolidated |
Alternative Asset Management fees | 0 | 15,597 | (37) | 15,560 |
Income (loss) from investments valued at equity | (80) | (391) | 0 | (471) |
Other investment income/expense | (8,754) | (881) | 0 | (9,635) |
Other revenues and income | 0 | 1 | 19 | 20 |
Other expenses and charges | (60) | (12,901) | (2,451) | (15,412) |
Financial income and expenses | (38) | (67) | 16 | (89) |
PROFIT/(LOSS) BEFORE TAXES | (8,932) | 1,358 | (2,453) | (10,027) |
Income tax | 0 | (944) | 1,007 | 63 |
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS | (8,932) | 414 | (1,446) | (9,964) |
Profit (Loss) from discontinued operations/held-for-sale assets | 0 | 0 | 0 | 0 |
PROFIT/(LOSS) FOR THE PERIOD | (8,932) | 414 | (1,446) | (9,964) |
- Group share | (5,759) | 601 | (1,446) | (6,604) |
- Non controlling interests | (3,173) | (187) | 0 | (3,360) |
Income Statement by Business Sector - 1st Quarter of 2019
Alternative | ||||
Alternative | Asset | Holdings/ | ||
(EUR thousand) | Investment | Management | Eliminations | Consolidated |
Alternative Asset Management fees | 0 | 16,901 | (102) | 16,799 |
Income (loss) from investments valued at equity | (61) | 273 | 0 | 212 |
Other investment income/expense | (8,200) | 902 | 0 | (7,298) |
Other revenues and income | 0 | 3 | 101 | 104 |
Other expenses and charges | (126) | (11,060) | (1,701) | (12,887) |
Financial income and expenses | 327 | (100) | (46) | 181 |
PROFIT/(LOSS) BEFORE TAXES | (2,889) | |||
(8,060) | 6,919 | (1,748) | ||
Income tax | 0 | (2,437) | 1,843 | (594) |
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS | (8,060) | 4,482 | 95 | (3,483) |
Profit (Loss) from discontinued operations/held-for-sale assets | 0 | 0 | 0 | 0 |
PROFIT/(LOSS) FOR THE PERIOD | (8,060) | 4,482 | 95 | (3,483) |
- Group share | (8,701) | 4,672 | 95 | (3,934) |
- Non controlling interests | 641 | (190) | 0 | 451 |
DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy
Authorised share capital of EUR 266,612,100, fully paid up Tax code and registration in the Milan Companies Register No. 07918170015 Member of the "IVA B & D Holding Group" VAT No. 02611940038, Milan Economic and Administrative No. 1833926
Consolidated Statement of Comprehensive Income
First Quarter | First Quarter | |
(EUR thousand) | 2020 | 2019 |
Profit/(loss) for the period (A) | (9,964) | (3,483) |
Comprehensive income/expense which might be subsequently reclassified to the | ||
profit (loss) for the period | (271) | 83 |
Comprehensive income/expense which will not be subsequently reclassified | ||
within the profit (loss) for the period | (58) | (7) |
Other comprehensive income, net of tax (B) | (329) | 76 |
Total comprehensive income for the period (A)+(B) | (10,293) | (3,407) |
Total comprehensive income attributable to: | ||
- Group Share | (6,933) | (3,858) |
- Non Controlling Interests | (3,360) | 451 |
Consolidated Cash Flow Statement
First Quarter | First Quarter | ||
(EUR thousand) | 2020 | 2019 | |
CASH FLOW from operating activities | |||
Investments in funds and shareholdings | (1,863) | (4,091) | |
Capital reimbursements from funds | 2,337 | 1,790 | |
Sale of investments | 0 | 500 | |
Interest received | 1,624 | 39 | |
Interest paid | 0 | 0 | |
Realized gains (losses) on exchange rate and derivatives | 1 | 0 | |
Taxes paid/reimbursed | (185) | 46 | |
Dividends received | 0 | 0 | |
Management and performance fees received | 15,625 | 19,143 | |
Revenues for services | 424 | 78 | |
Operating expenses | (12,469) | (10,749) | |
Net cash flow from operating activities | 5,494 | 6,756 | |
CASH FLOW from investing activities | |||
Acquisition of property, plant and equipment | (89) | (81) | |
Sale of property, plant and equipment | 0 | 0 | |
Purchase of licenses and intangible assets | (16,802) | (121) | |
Net cash flow from investing activities | (16,891) | (202) | |
CASH FLOW from financing activities | |||
Acquisition of financial assets | (3) | (7,642) | |
Sale of financial assets | 0 | 500 | |
Cash flow from leasing contract | (776) | (691) | |
Share capital issued | 0 | 27 | |
Own shares acquired | 0 | 0 | |
Share capital issued for Stock Option Plan | 0 | 324 | |
Dividends/capital reimbursements paid | 0 | (1,148) | |
Loans and bank loans | (810) | (124) | |
Net cash flow from financing activities | (1,589) | (8,754) | |
CHANGE IN CASH AND CASH EQUIVALENTS | (12,986) | (2,200) | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 99,512 | 143,766 | |
Change in basis of consolidation: cash and cash equivalents | 0 | 0 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 86,526 | 141,566 |
DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy
Authorised share capital of EUR 266,612,100, fully paid up Tax code and registration in the Milan Companies Register No. 07918170015 Member of the "IVA B & D Holding Group" VAT No. 02611940038, Milan Economic and Administrative No. 1833926
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DEA Capital S.p.A. published this content on 12 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2020 15:24:05 UTC