Italmobiliare S p A : Additional quarterly financial disclosure at March 31, 2021

ITALMOBILIARE

Additional periodic financial reporting

at March 31, 2021

May 11, 2021

ITALMOBILIARE

Società per Azioni

Head Office: Via Borgonuovo, 20 20121 Milan - Italy

Share Capital € 100,166,937

Milan Companies Register

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INTRODUCTION

In accordance with the regulatory framework that transposed the EU directive (Transparency Directive) into Italian law, Italmobiliare distributes quarterly information, focusing on relevant information that gives a concise overview of its business.

In particular, the information relates to the main economic and financial indicators of the Group (revenues, interim economic results, net financial position and NAV) which are expressed in quantitative and consistent form with the same information already provided in the Annual and Interim Reports.

The periodic financial information, together with a summary of the main significant events that occurred during the quarter and a comment on the performance of the main subsidiaries and associates of the Italmobiliare Group, are approved by the Board of Directors and published on the Group website as already scheduled in the Group financial calendar.

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SIGNIFICANT EVENTS IN THE QUARTER

In January 2021, Sirap's main assets in Italy, Poland and Spain were sold to the Faerch group - a Danish company that is a leader in the food packaging sector - based on an Enterprise Value of approximately 162 million euro.

In February 2021 Sirap and Zeus Packaging - an Irish company that operates in the distribution of packaging products - then signed a binding agreement for the sale of the Petruzalek Group and the German subsidiary of the Sirap Group (Sirap GmbH), based on an Enterprise Value of around 12 million euro. The deal, which is subject to usual conditions precedent, was completed in April.

The sale of the Sirap Group's main assets involved treating its assets on the basis of IFRS 5, i.e. showing its income statement items in a single, specific line ("profit/(loss) from discontinued operations, net of tax"), both for the period and for the corresponding period in 2020. In compliance with IFRS 5, "Profit/(loss) from assets held for sale, net of tax" also includes the capital gain deriving from the sale of these assets to the Faerch group.

In March 2021 Italmobiliare, already an investor in the Clessidra Capital Partners 3 fund, participated as one of the fund's co-investors in the operation which saw the acquisition by the Clessidra Capital Partners 3 fund of a majority stake in Botter S.p.A., a Venetian company that is one of the major exporters of Italian wine in the world, owned by the Botter family and DeA Capital.

Italmobiliare's investment - approximately 36 million euro - is in support of Clessidra's project, which has identified Botter winery as the cornerstone of a consolidation initiative in the wine trade: a strategy of targeted acquisitions with the idea of creating an Italian leader in this sector with strong growth potential in new markets.

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NET ASSET VALUE

At March 31, 2021 the Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, amounted to 1,871.1 million euro, up by 32.9 million euro compared with December 31, 2020 (1,838.2 million euro).

The main changes in NAV are due to the increase in the fair value of the investment in HeidelbergCement Ag (+19.8 million euro), of the other listed investments (+5.5 million euro mainly attributable to the investment in the financial company Fin.Priv. which holds Mediobanca shares) and private equity funds (+ 10.1 million euro, of which 3.1 million euro due to exchange rate effects).

With regard to the composition of the portfolio, there was a rise in the component represented by Private Equity funds (+26.2 million euro), mainly due to investments and revaluations of the fair value of the fund portfolio. Moreover, the acquisition of the stake in Botter through an SPV called Bacco as part of the co-investment along with the Clessidra Capital Partners 3 fund resulted in an increase in the value of the other shareholdings (+36 million euro, corresponding to the investment in the newco that acquired the stake) against an equivalent reduction in liquidity.

At March 31, 2021, the NAV per share of Italmobiliare S.p.A., excluding treasury shares, amounted to 44.3 euro, an increase of 1.6% compared with the same value at December 31, 2020.

The NAV value was determined in accordance with the guidelines communicated to the market and the specific procedures in place, taking into consideration:

• the market price at March 31, 2021 of the equity investments in listed companies;
• the value of unlisted companies determined by an independent expert at December 31, 2020, as shown in the financial report;
• the market value of real estate assets;
• the deferred tax effect.

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PERFORMANCE OF THE MAIN GROUP COMPANIES

	Revenue		Gross operating profit (EBITDA)
(in millions of euro)
March 31,	March 31,	Change	March 31,	March 31,	Change
2021	2020	%	2021	2020	%

Italmobiliare	18.8	23.5	(20.0)	8.8	(25.2)	n.s.
Portfolio companies
Caffè Borbone	65.0	48.9	32.9	23.5	15.6	50.6
Officina Profumo-Farmaceutica di Santa Maria Novella	5.4	6.2	(12.8)	1.5	2.1	(28.2)
Sirap	16.8	17.9	(6.1)	(3.0)	0.3	n.s.
Italgen	8.3	7.1	16.9	3.4	2.3	47.8
Casa della Salute	5.6	3.4	64.7	0.8	(0.1)	n.s.
Capitelli	4.1	3.7	9.5	1.0	0.8	33.2
Callmewine	4.6	2.1	>100	0.1	0.2	(85.0)
Tecnica Group	101.4	82.7	22.6	12.0	3.0	>100
Autogas - AGN Energia	156.1	147.5	5.8	25.7	20.6	24.8
Iseo	37.4	30.4	23.0	5.9	1.8	>100
Total portfolio companies	404.7	349.9	15.7	70.9	46.6	52.1

n.s. not significant

The information contained in the table refers to the financial statements of the individual Group companies regardless of the date of acquisition of control by Italmobiliare. For Sirap, pro-format 2020 figure on a like-for-like basis. For Callmewine and Casa della Salute, 2020 figure based on management estimates.

Overall, the first quarter of 2021 closes with decidedly positive results for portfolio companies, despite the still difficult context linked to the pandemic in progress. Looking at the pro-forma aggregate:

• Revenues amounted to 404.7 million euro, up 16% compared with the first quarter of 2020. All the companies closed with growing revenue, with the exception of Sirap, penalized only by the decline in intragroup revenue linked to the change in the corporate perimeter, and Santa Maria Novella, which saw its retail turnover slowed by the limitations linked to the pandemic;
• The gross operating profit (EBITDA) for the quarter amounted to 70.9 million euro, with an overall improvement of more than 50% compared with the same period of 2020. All of the companies show better results, with the exception of Sirap, which was affected during the quarter by the costs involved in the sale of the assets mentioned in the introduction, Santa Maria Novella, penalised by the difficulties in the retail business, and Callmewine, which has only decrease for the contingent factors discussed below.

Looking at the individual companies, while reference should be made to the relevant sections for further details:

• In the food sector, Caffè Borbone is still doing very well (revenue +33% vs. first quarter 2020, gross operating profit +51%). Capitelli is also growing (revenue +10%), though slowed down by the difficulties of the Ho.Re.Ca. channel due to the ongoing pandemic;

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