Stop parsing PDFs. Get the API. Request Access

AI Terminal

MODULE: AI_ANALYST
Interactive Q&A, Risk Assessment, Summarization
MODULE: DATA_EXTRACT
Excel Export, XBRL Parsing, Table Digitization
MODULE: PEER_COMP
Sector Benchmarking, Sentiment Analysis
SYSTEM ACCESS LOCKED
Authenticate / Register Log In

Tamburi Investment Partners

Investor Presentation • Nov 29, 2016

4242_rns_2016-11-29_00cba60f-63a0-4a90-bff7-1c48ce96b252.pdf

Investor Presentation

Open in Viewer

Opens in native device viewer

European Mid Cap EventNovember 30, 2016Geneva

We should We should all feel nothing nothing but shame for the reputation that that finance has earned itself in the last the last few years, but if you manage to guide healthy capital capital from successful successful businesses businessesand the and the assets of families that wish to invest them intelligently them intelligently in companies companies companies that want to grow, you you are genuinely doing one of the most beneficial beneficialjobs in the world.

11 YEARS FROMYEARS FROM LISTING LISTING 5YEARS RETURN RETURN

As
se
t c
la
ss		 9/
9/
11
/0
/0
5
5
11		 3
3
1/
10
10
/1
6
6
1/
/1		 Ca
Ca
sh
m
ul
tip
le
sh
T
I
P		 8
1,		 (**)
9
4,		 2,
7
5
x
S
&
P
5
0
0		 1.2
18
6
,		 2.
12
6,
2		 1,
7
4
x
S
&
P
pe
rt
gl
ob
al
p
ro
y		 6,
2
14		 18
5,
4		 1,
2
7
x
S
&
P
gl
ob
al
l
ux
ur
y		 97
5,
7		 1.9
23
9
,		 9
7
1,
x
S
&
P
te
e
pr
iva
q
ui
ty		 13
9,
6		 6,
11
1		 0,
8
3
x
Go
ld		 46
1,
4		 1.2
73
7
,		 2,
7
6
x
Si
er
lv		 7,
6		 17
8
,		 2,
3
4
x
Br
en
t		 59
7
,		 46
9
,		 0,
7
8
x
S
U
D		 0,
8		 0,
9		 0
7
1,
x

(*) Consensus value – for listed companies – reported on Bloomberg

(**) TIP value is calculated considering the price as at 31/10/2016, the dividendsdistributed (in case of re-investment of proceeds in TIP shares on the ex-date), thevalue as at 31/10/2016 of treasury shares attributed for free, the price ofwarrants 2010/15 on the last trading day and the price as at 31/10/2016 ofwarrants 2015/20

as at 25/11/2016

    1. N. 13.3 millions of warrantfreely given in 2010; performance of 3,369.6% since the distribution.
    1. «Value» of warrants freely given in July 2015 to be exercised within 2020 for a maximum amount of 200 million Euro (equal to capital increases in case of exercise); performance from listing toNovember 25, 2016 of +137.1% (imp. yield of 2.9%)

Pipeline of about Pipeline about 30 investments out of which 5 under intense 5 negotiationnegotiation

** Including the investment in Furla announced on May 2, 2016and exclujding 550 million Euro of committed capital for Asset Italia

A unique network

Direct access to a uniquenetwork of about 150entrepreneurial familiesable to provide uncommonindustrial know how

Team

More than 40 years of professionalexperience in investments andfinancial advisory. A team of about20 professionals strongly focusedon results

Long term

partner

Governance

Deep understanding offamily dynamics and abilityto simplify governance.Alignment of interest withentrepreneurs that retainthe operating management

No exit predetermined:

create value is the

only target pursued

Lean and fast investmentLean and fast investment

process

Advisory

A partner with a long timeexperience in M&A andfinancial advisory able togive a real support to theentrepreneur

8

TIP industrial industrial "content" "content" in the last few years has been: (i) technology: between : between 25% and 41%; (ii) luxury / luxury design: between : between 12% and 40%; (iii) healthcare / healthcare / third age: between : between 10% and 17%; (iv) other industries: between : between16% and 30%; (v) cash: 0% / 17%.

Investments in more than more 10companies with with worldwide worldwide worldwide leadership leadership positions positions

C
E
E
E
t
o
n
s.
d
d
a
a
t
a
a
i
i
n
n
u
u
u
r
r
r
o
o
o
m
l
n		 S
S
e
e
a
a
l
l
s
s		 E
E
t
b
i
t
d
a
b
i
d
a		 t
e
f
t
n
o
s
o
o
n
p
r
o
o
f
i
t
s
s
n
p
r
i
A
f
o
m
p
l
i
n		 8
0
4		 9
1
1		 t
e
e
c
o
a
l
l
i
m
r
r
d
B
e		 9
7		 1
1		 A
t
e
e
c
o
l
l
i
m
r
r
d
*
E
t
a
a
l
y		 3
8
0
~		 5
2
/
3
0		 t
e
e
a
l
l
i
m
r
c
o
r
d
F
e
r
r
a
r
i		 2
2
6
9		 6
2
9		 t
e
e
c
o
a
l
l
i
m
r
r
d
*
F
u
r
l
a		 3
3
9		 4
4		 t
e
e
c
o
a
l
l
i
m
r
r
d
H
B
g
o
o
s
s
u		 1.
9
6
8		 3
4
6		 S
g
t
e
c
e
s
e
o
f
t
l
i
h
d
r
a
i
n
p
r
i
f
o
t
e
e
c
o
r
m
a
l
l
i
m
r
r
d
I
t
e
n
r
p
u
m
p		 6
9
3		 5
1
2		 t
e
e
a
l
l
i
m
r
c
o
r
d
M
e
o
n
c
l
r		 6
3
9		 n
a		 t
e
e
a
l
l
i
m
r
c
o
r
d
P
r
y
s
m
i
a
n		 5
6
6
0		 5
7
2		 e
e
a
l
l
t
i
m
r
c
o
r
d
*
R
B
e
o
c
h
o
b
o
i
s		 5
2
0
~		 5
2
/
3
0		 t
e
e
a
l
l
i
m
r
c
o
r
d

Average Ebitda Ebitda margin of the main investee investee companies companiesof about15%

Amounts related to cash have been calculated net of short-term financial assets (liquidity investment in bonds) and liabilities and gross of bondsoutstanding due to their long-term nature.

  1. Consensus estimates: includes the analytical valuationof each investment based on analyst estimates (Bloomberg) as at 11/11/2016

  2. Intrinsic value estimates: analytical evaluation of each investment elaborated by TIP considering the medium-termoutlook of the companies

Since tip/tipotip/tipo first investment first investment THE AGGREGATE AMOUNT OF THE MAIN INVESTEE COMPANIES AGGREGATE AMOUNT THE MAIN INVESTEE COMPANIES HAS INVESTEE COMPANIES INCREASED*: INCREASED*:

annual revenues revenues, from, 11 11,1 to 16,0 billion 0billion Euro (+Euro(+44,1%)

annual Ebitda, from, 1,6 to 2,3 billion 3billion Euro (+Euro(+39,6%)

number of employees employees, from, from about 46about46.000 to about 61 61.000 (+32,7%)

Asset ItaliaAsset Italia

THE club of TIP club dealsTHE of club deals

550 million million Euro total capital capital commitment commitment

    1. On July 2016, with the contribution of ~ 30 family offices offices on top of TIPowning aa 20% stake.
    1. Investment 2. holding holding that will give the shareholders shareholders the faculty faculty tochoose – – every time that a proposal arises – each individual individual investments investments and to receive receive the shares of the specific class related to the investment subscribed investment subscribedsubscribed.
    1. In order to maximize maximize maximize liquidity liquidity within five years a business businessbusiness combination combinationbetween ASSET between ASSET ITALIA and TIP shall take place and Asset Italia shares will be will be swapped swapped swapped with publicly publicly traded TIP shares based on independent independent and coherent andcoherent coherent valuations valuations.

one of the leaders worldwide in the production and sale of high quality quality leatherbags and accessories

    • 415 shops 415in >100 countries, countries, >1,550 employees
    • 2015 revenues revenues amounting amounting to 339 million Euro, 80% out of Italy (+(+30%), 44 million million euro EBITDA (+29%)

During 2015 2015 Furla opened many shops all over the world; the most relevant relevantrelevant were the flagship flagship store in in Rome - in Piazza di Spagna, on the Scalinata Scalinata di Trinità dei Monti - New York, Hong Kong, Madrid, Moscow, Madrid, Moscow, St. Petersburg, Petersburg, Vienna, Vienna, Vienna, Macau e Singapore SingaporeSingapore and has a plan to open, in 2016, further importantimportant shops in London, London, Paris, Melbourne Melbourne and Shanghai

world leading manufacturer of mega leading of mega - yachts

    • 15 times over the past 16 years ranked as first in the Global Order BookBook
    • 11 shipyards, 11 shipyards, shipyards, a sales network of 138 dealers dealers in over 70 countries, > 2,100 employees, annual value of production of over 700million million Euros
  • controls Fraser Fraser Yachts, Yachts,Yachts, the world's world's leading leadingleading full - service service yachting companycompany and many valuable valuablevaluable port concessions concessions

15

Convertible loan

automatically swapped

million euro

Furla shares

loan of 15

into

listing

euro to be

at the listing

Investment of ~ 40 million millioneuro (75% via capitalincrease) for increase) a stake of about 1212%

5
T
Du
2
2
0
0
1
5
I
P
O
1
ri
ng
ha
d
1
4.
3
%
e
e
e
e
ac
ac
q
q
ui
ui
r
r
d
d
a
in
t
t
e
r
e
s
s
t
t
in
r
G
G
z
z
z
z
on
e
o
f
th
e
in
i
i
u
u
in
in
i
i,
e
e
e
e
w
w
or
or
l
l
dw
dw
id
id
l
ad
rs
in
ar
ar
ch
ch
i
i
t
t
e
e
c
c
tu
tu
ra
ra
l
l
l
ig
h
ti
ng
th
th
e
w
w
i
i
an
nu
al
sa
l
s
in
2
3
0
E
e
xc
e
s
s
o
f
mi
l
l
io
n
ur
o

TIPO recently increased its position in iGuzzinigroup

In July In 2016 TIPO and some members of the Guzzini family have set GH S.r.l. for the purpose purpose of acquiring 17.32% of the share capital of Fimag S.p.A., that controls of iGuzzini illuminazione illuminazioneS.p.A. and some other assets.

AcquisitionAcquisition

group (club

million Euromillion

  • Overall the implicit stake in iGuzzini iGuzzini (direct (direct and indirect) indirect)indirect) isaround 24around 24%.

market leader in Italy in the production and leader in production and distribution of highhighhigh-quality professional hand quality professional hand professional tools

  • catalogue withwith more than 10,000 references references
  • cquisition of 100% of the group (club deal) for ~200 about 530about employees

-

  • 3 production 3 production plants, more than 100 distributors distributors worldwide worldwideworldwide, direct presence presence abroad with 7 subsidiariessubsidiaries

Roche Bobois Roche Bobois, iGuzzini iGuzzini and Beta Utensili business cases are examples examples of the capability of TIP / TIPO tohelp families families in the process of simplifying simplifying the shareholding and the governance in articulated familiar contextscontexts

TIP has TIP invested invested about 5 million euro in Digital Digital Magics and today is the single biggest shareholder shareholder with > 18%

B
o
o
m
i
n
g
e
m
a
r
k
t		 D
t
e
e
e
e
e
t
i
g
i
a
l
i
s
n
o
w
p
r
v
a
s
i
v
i
n
v
r
y
s
c
o
r

S
e
e
t
e
t
e
e
f
t
e
t
d
c
a
p
i
a
l
a
r
l
y
s
a
g
i
s
o
n
o
h
m
o
s

-
e
p
r
o
m
i
s
i
n
g
m
a
r
k
t
L
e
a
d
e
r
s
h
i
p		 D
M
I
e
i
g
i
t
a
l
a
g
i
c
s
i
s
t
h
m
a
i
n
t
a
l
i
a
n
i
n
c
u
b
a
t
o
r
a
n
d

(
)
6
e
e
e
e
e
e
t
h
o
n
l
y
o
n
w
i
t
h
l
o
c
a
l
p
r
s
n
c
b
r
a
n
c
h
s
(
T
G
2
8
%
D
M
a
l
e
n
t
a
r
d
e
n
o
w
n
e
d
b
y
i
g
i
t
a
l
a
g
i
c
s
a
n
d

)
2
5
%
T
I
P
T
I
P
's
F
&
F
b
y
a
n
d
i
s
t
h
e
m
a
i
n
c
o-
w
o
r
k
i
n
g
E
h
u
b
i
n
u
r
o
p
e.		 1.
"P
"
e
f
e
e
r
r
r
d
c
c
e
s
s
t
o
t
a
d
i
g
i
a
l
e
t
s
m
a
r
k
O
e
p
n
o
t
o
i
n
n
v
a
i
n
+
s
e
e
c
t
d
a
p
i
a
l
+
e
s
t
g
e
a
r
l
y
a		 6
0
5
0
0
f
e
s
t
a
r
t
u
p
s
i
n
p
o
r
t
o
l
i
o
m
o
r
t
h
a
n
j
o
b
s

-
c
r
e
a
t
e
d
O
I
p
e
n
i
n
n
o
v
a
t
i
o
n
p
r
o
g
r
a
m
s
w
i
t
h
m
a
j
o
r
t
a
l
i
a
n

C
S
F
P
N
R
I
c
o
m
p
a
n
i
e
s
s
u
c
h
a
s
o
s
t
e,
i
c
e,
l
a
t
t
o
,
Q
u
o
t
i
d
i
a
n
o
a
n
d
o
t
h
e
r
s		 2.
S
T
I
P
/
o
t
t
o
u
p
p
r
T
O
I
P
i
n
v
e
s
t
e
e
e
c
o
m
p
a
n
i
s
t
o
t
a
p
p
r
o
a
c
h
d
i
g
i
a
l
e
t
m
a
r
k
s
a
n
d
e
t
f
i
d
n
i
y
"c
"
o
t
o
s
n
i
g
u
u
G
r
o
w
t
h
+
s
t
r
u
c
t
u
r
e		 D
M
t
c
s
:
e
t
e
e
e
e
s
o
f
t
e
i
g
i
a
l
a
g
i
a
g
g
r
g
a
d
r
v
n
u
h

(
).
5
7
2
0
1
3
2
4
%
+
s
t
t
s
o
f
o
e
o
e
o
a
r
u
p
i
n
v
r
m
i
l
l
i
n
u
r
7
2
0
1
1
0
0
t
e
t
o
e
o
a
r
g
:
m
i
l
l
i
n
u
r
D
M
9
t
e
t
e
e
e
e
i
g
i
a
l
a
g
i
c
s
:
c
o
m
p
a
n
i
s
w
i
h
r
v
n
u
s
h
i
g
h
r

1
t
h
a
n
m
i
l
l
i
o
n
T
A
G
1
7
4
2
0
1
7
:
c
a
m
p
u
s
e
s
i
n
c
o
u
n
t
r
i
e
s.
t
a
r
g
e
t
:

2
0
E
S
7
5
0
%
2
0
1
6
+
>
c
a
m
p
u
s
i
n
u
r
o
p
e.
a
l
e
s
i
n		 s
t
t
s
a
r
u
p
3.
I
e
s
t
e
t
n
v
m
n
e
o
p
p
o
r
t
u
n
i
t
i
s
i
n
e
t
h
m
o
s
t
p
r
o
m
i
s
i
n
g
T
I
P
/
t
t
f
s
a
r
u
p
s
o
r
T
I
P
O

Talent garden Talent garden has successfully successfully completed completed a round of financing financing of 12 million million Euro mainly subscribed subscribed by TIP and TIP families familiesfamilies and friends, friends, friends, but also with prestigious prestigious international international investors investors investors.

5 YEARS OF PROFIT BEFORE TAX

NET EQUITY AND INVESTMENTS

20 million Euro20 million Euro

Aggregate net profit before tax of profit before tax of before the last 5 years the last years above 100 million Euromillion Euro

*Consolidated group equity (including minorities)

**including associated companies measured under the equity method, AFS financial assetsand financial receivables

Data in million Euro

  • In july In 2016 Clubsette (52% owned by TIP) has received received a share allocation allocation of a 5.125% stake in Moncler Moncler S.p.A., in execution execution of agreements agreements with Ruffini Partecipazioni. The liquidation liquidation of Clubsette is ongoing, a substantial part of the pro-quota distribution distributiondistribution to the quota-holders holders – net of any outstanding outstanding debt – has been alreadyalreadyalready performed performed and TIP owns directly directly its stake ( > 2 % stake).
    • According to According IAS / IFRS the transaction is giving TIP Group a capital gain of around 78around million million million Euro, at consolidated consolidated level.
  • 2016 P&L P&L: only considering the capital capital gain on Moncler reflected reflected in the results results as at 30.9.2016, the current current year looks like a really exceptional exceptional one, from theprofitability pointof view.

More from Tamburi Investment Partners

Share Issue/Capital Change 2025
Dec 22
AGM Information 2025
Dec 22
Director's Dealing 2025
Dec 16
Director's Dealing 2025
Dec 15
Regulatory Filings 2025
Dec 15
Director's Dealing 2025
Dec 11
Regulatory Filings 2025
Dec 9
Director's Dealing 2025
Dec 3
Director's Dealing 2025
Dec 2
Director's Dealing 2025
Dec 1
View all filings →

Talk to a Data Expert

Have a question? We'll get back to you promptly.