Sunday 29 May 2022

Italmobiliare shows 1Q revenue of €130.2 million

Caffè Borbone shows revenue up 2% compared with an excellent first quarter of 2021. Tecnica Group shows a significant growth in its order backlog compared with the same period of 2021.

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MILAN. Italy – The Board of Directors of Italmobiliare S.p.A. approved the additional periodic financial reporting as of March 31, 2022. At a consolidated level, the quarter closed with an increase in revenue to 130.2 million euro (115.6 million in the first quarter of 2021) and with positive gross operating profit (EBITDA) of 29.8 million euro (positive for 39 million euro in March 2021).

Italmobiliare S.p.A. is an investment holding company listed on the Milan Stock Exchange owner of a majority stake in Caffè Borbone, one of the top names on the national market and a leading supplier of single serve coffee.

Italmobiliare financial report

In the first quarter of 2022, marked by a complicated context, positive trends emerge linked to the growth path of the Portfolio Companies, even if hit by a variety of factors such as the increase in raw material prices:

Caffè Borbone shows revenue up 2% compared with an excellent first quarter of 2021;

• Significant growth in revenue for Officina Profumo-Farmaceutica di Santa Maria Novella, also thanks to the resumption of sales in the direct retail channel;

• Tecnica Group shows a positive outlook with a significant growth in its order backlog compared with the same period of 2021.

The Net asset value

Italmobiliare’s Net asset value at the end of March was 2,082.1 million euro, in line with December 31, 2021 (2,082.1 million euro). The net financial position of Italmobiliare SpA at the end of March was positive for 315.8 million (337.5 million at the end of 2021), down due to the investments as co-investor of the Clessidra Capital Partner 4 fund in Impresoft, private equity funds (-28.6 million euro), the Portfolio Companies and other equity investments (-5.8 million), partially offset by the receipt of dividends from subsidiaries distributed before March 31 (+34 million euro mainly from Sirap Gema after selling its assets).

The cash position does not yet include the dividends which will mostly be distributed by the associate companies during the year and the residual proceeds of the sales carried out by Sirap Gema.

In a context of profound geopolitical and macroeconomic uncertainty, Italmobiliare continues to offer itself as a privileged partner for companies that are being asked to make a strategic change of pace, both with its capacity for direct investment in a logic of a long-term partnership and through the multi- asset platform of the Clessidra Group.

In February, the purchase of a further 20% of Callmewine Srl was finalised, at the end of April the investment in Bene Assicurazioni was completed, and at the end of March Italmobiliare in co- investment with Clessidra entered the capital of Archimede SpA (the parent company of Impresoft).

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