STAR Conference (London) 6 ottobre 2016

STAR Conference (London) 6 ottobre 2016

• 1.
  Star Conference October 6,2016 London We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses and the assets of families that wish to invest them intelligently in companies that want to grow, you are genuinely doing one of the most beneficial jobs in the world. @TamburiTip
• 2.
  Tip – numerichiave 2 Listed companies Private companies Listed on Nasdaq ~90 million Euro ~50 million Euro ~6 million Euro ~100 million Euro* Investments including club deals ~30 million Euro ~50 million Euro ~ 400 million Euro ~ 200 million Euro ~ 300 million Euro ~40 million Euro ~120 million Euro 15+15 million Euro ~30 million Euro~10 million Euro ~200 million Euro ~75 million Euro~25 million Euro ~8 million Euro advisory Asset Italia Tamburi Investment Partners S.p.A. ~10 million Euro (vendor loan) *shares, bonds / mand. conv. bond
• 3.
  Tip – numerichiave Total return T.I.P. (last 5 years) 3 11 YEARS FROM LISTING 5 YEARS RETURN (*) Consensus value – for listed companies – reported on Bloomberg (**) TIP value is calculated considering the price as at 30/9/2016, the dividends distributed (in case of re-investment of proceeds in TIP shares on the ex-date), the value as at 30/9/2016 of treasury shares attributed for free, the price of warrants 2010/15 on the last trading day and the price as at 30/9/2016 of warrants 2015/20 (**) as at 30/9/2016 Yearly average T.I.P. total return (5 years) total return T.I.P. (one year) total return T.I.P. (from Dec. 31. 2014) Performance warrant T.I.P. 15-20 vs reference price as at listing +163,2% +32,6% +9,3% +42,8% +141,0% Asset class 9/11/05 30/09/16 Cash multiple TIP 1,8 4,9 2,70 x S&P500 1.218,6 2.168,3 1,78 x S&P global property 146,2 195,3 1,34 x S&P global luxury 975,7 1.926,8 1,97 x S&P private equity 139,6 117,9 0,84 x Gold 461,4 1.317,8 2,86 x Silver 7,6 19,2 2,52 x Brent 59,7 48,2 0,81 x USD 0,8 0,9 1,05 x
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  Tip – numerichiave Free distribution of warrants 2015 – 2020 4 58 mln Euro 31 mln Euro 15 mln Euro >20 mln Euro ~20 mln Euro 1. N. 13.3 millions of warrant freely given in 2010; performance of 3,369.6% since the distribution. 2. «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 to September 30, 2016 of +141.0% (imp. yield of 3.0%) 1 2 Dividend distributions since the IPO Buy back of treasury shares since the IPO Free distribution of treasury shares Free distribution of warrants 2010 – 2015 11 years public
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  Tip – numerichiave 5 Asset Italia Tamburi Investment Partners S.p.A. 2,5 billion Euro considering club deals and committed capital focus Target revenues between 30 and 200 million Euro Equity size x deal Between 20 and 60 million Euro Target revenues > 200 million Euro Equity size x deal > 30 million Euro Investments done > 290 million Euro Residual capital to be invested > 80 million Euro Committed capital 550 million Euro Over 1 billion to be invested in the next few years (excluding warrant TIP 15-20 capital increase) Revenues > 200 million Euro Equity size x deal < 30 million Euro Investments done > 1,5 billion Euro
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  Tip – numerichiave * Including the investment in Furla announced on May 2, 2016 and exclujding 550 million Euro of committed capital for Asset Italia 6 2015 Investments / club deals Divestments (TIP stake) 18,4 62,5 3,1 ~ 20 4,1 4,0 Data in million Euro ~ 40 ~ 18 ~ 8 ~100 13,4 2016 15,1 Investments done including Club Deal (million Euro – at cost) * Divestments for about 300 million Euro over the period Capital gains of about 110 million Euro over the period Capital gains obtained in more than 80% of divestments ~15 ~11 9,3 ~5 125 146 239 116 47 157 129 46 124 279 175 191 1.774 2002-'05 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total
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  Tip – numerichiave 7 Team More than 40 years of professional experience in investments and financial advisory. A team of 20 professionals strongly focused on results A unique network The investee company has direct access to a unique network of more than 150 entrepreneurial families able to provide an uncommon industrial know how Advisory A partner with a long time experience in M&A and financial advisory able to give a real support to the entrepreneur Governance Deep understanding of family dynamics and ability to simplify governance. Minority interests with alignment of interest with the entrepreneurs that retains the operating management No exit predetermined: create value is the only target pursued Long term minority partner Lean and fast investment process
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  Tip – numerichiave 8 Continuous support in M&A Since its first investment in 2007 TIP has always supported Bolzoni in its growth strategy also based on M&A. Support also during market stock dowturns TIP increased its stake in 2012, 2013 and 2015 Divestment within a public tender offer launched by Hyster-Yale. Continuous support in M&A Support in growth strategy based also on strategic acquisitions in particular of Medasys (listed in France). Subscription of capital increase TIP subscribed the capital increase of the company as well as facilitated the entry of new strategic shareholders Public tender offer launched by competitor Dedalus The integration between Noemalife and Dedalus has created the European leader in the clinical health software. First investment and IPO TIP advised the company in the IPO process and invested in Noemalife. second shareholder after the founder second shareholder after the founder 2007 - 2011 2012 - 2015 2016 2006 2007 - 2011 20162012
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  Tip – numerichiave EXPECTED IPO PIPELINE 9 Key figures Listed on Nasdaq on Nov. 2015 - +140% since the IPO - market cap. of around 1,5 bln TIP industrial “content” in the last few years has been: (i) technology: between 25% and 41%; (ii) luxury / design: between 12% and 40%; (iii) healthcare / third age: between 10% and 17%; (iv) other industries: between 16% and 30%; (v) cash: 0% / 17%.  Expected listing on Nasdaq in 2016 2017/2018 Clubitaly iGuzzini (TIPO) 2016 Octo Telematics Furla TXR BETA (TIPO) 2017/2018 2018/2019 2018/2019 2019/2020
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  Tip – numerichiave 10 Cons. data in Euro mln Sales Ebitda notes on profits Amplifon 544 85 all time record Be 66 8 All time record Eataly ~380 25/30 all time record Ferrari 1.486 395 all time record Furla 339 44 all time record Hugo Boss 1.265 201 Slight decrease in profit from all time record Interpump 472 102 all time record Moncler 347 78 all time record Prysmian 3.785 347 all time record Roche Bobois ~250 25/30 all time record Average Ebitda margin of the main investee companies of about15% Investments in more than 10 companies with worldwide leadership positions * * * 2015 full year results *
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  Tip – numerichiave Technology Luxury / design Healthcare and third age Food & retail Cash and other 11 Book value Consensus estimates 1 Amounts related to cash have been calculated net of short-term financial assets (liquidity investment in bonds) and liabilities and gross of bonds outstanding due to their long-term nature. 1. Consensus estimates: includes the analytical valuation of each investment based on analyst estimates (Bloomberg) as at 30/09/2016 2. Intrinsic value estimates: analytical evaluation of each investment elaborated by TIP considering the medium-term outlook of the companies Data in million Euro ~420 ~ 650 Intrinsic value estimates 2 ~ 830 ~ 830 Since 2007/2008 since 2010 since 2011 / 2012 since 2013 since 2014 since 2015 11 Assets since 2016Hugo Boss Moncler Interpump Prysmian Amplifon Eataly Azimut Benetti Ferrari Roche Bobois Be Other (net of financial debt)
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  Tip – numerichiave 50.966 171.844 219.855 261.220 75.638 328.840 550.920 875.909 13 101 195 280 - 50 100 150 200 250 300 350 - 100.000 200.000 300.000 400.000 500.000 600.000 700.000 800.000 900.000 1.000.000 2012 2013 2014 2015 TIP volumes (#) Value of daily trading exchange (Euro) Number of trades (#) FTSE MIB +12.0% FTSE Small Cap +5.7% MSCI Small Cap +102.8% IT Star +158.8% MSCI Eur +49.5% Stoxx Eur +72.4% +144.5% Volatility of 22.8% (vs 27.1% of Ftse Mib) Average dividend yield: 2.3% 12 Target price Price per share as at 30/9/2016: 3,59 Euro 4.00 Euro 4.30 Euro 1 / 8 / 2016 4 / 10 / 2016 x11,6 0,500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 4.40 Euro 5 / 10 / 2016
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  Tip – numerichiave 13 M&A transactions completed since TIP / TIPO first investment in their share capital Since tip/tipo first investment THE AGGREGATE AMOUNT OF THE MAIN INVESTEE COMPANIES HAS INCREASED*: annual revenues, from 11,1 to 16,0 billion Euro (+44,1%) annual Ebitda, from 1,6 to 2,3 billion Euro (+39,6%) number of employees, from about 46.000 to about 61.000 (+32,7%) 1 1 8 7 7 4 5 9 8 14 6 7 77 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total *without considering the investment in FCA and Ferrari
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  Tip – numerichiave 1. On July 2016, with the contribution of ~ 30 family offices on top of TIP owning a 20% stake. 2. Investment holding that will give the shareholders the faculty to choose – every time that a proposal arises – each individual investments and to receive the shares of the specific class related to the investment subscribed. 3. In order to maximize liquidity within five years a business combination between ASSET ITALIA and TIP shall take place and Asset Italia shares will be swapped with publicly traded TIP shares based on independent and coherent valuations. 14 Asset Italia THE club of TIP club deals 550 million Euro total capital commitment
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  Tip – numerichiave 15 Convertible loan of 15 million euro to be automatically swapped into Furla shares at the listing one of the leaders worldwide in the production and sale of high quality leather bags and accessories  415 shops in >100 countries, >1,550 employees  2015 revenues amounting to 339 million Euro, 80% out of Italy (+30%), 44 million euro EBITDA (+29%) During 2015 Furla opened many shops all over the world; the most relevant were the flagship store in Rome - in Piazza di Spagna, on the Scalinata di Trinità dei Monti - New York, Hong Kong, Madrid, Moscow, St. Petersburg, Vienna, Macau e Singapore and has a plan to open, in 2016, further important shops in London, Paris, Melbourne and Shanghai world leading manufacturer of mega - yachts  15 times over the past 16 years ranked as first in the Global Order Book  11 shipyards, a sales network of 138 dealers in over 70 countries, > 2,100 employees, annual value of production of over 700 million Euros  controls Fraser Yachts, the world’s leading full - service yachting company and many valuable port concessions Investment of ~ 40 million euro (75% via capital increase) for a stake of about 12%
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  Tip – numerichiave 16 Acquisition of 100% of the group (club deal) for ~200 million Euro market leader in Italy in the production and distribution of high-quality professional hand tools  catalogue with more than 10,000 references  about 530 employees  3 production plants, more than 100 distributors worldwide, direct presence abroad with 7 subsidiaries TIPO recently increased its position in iGuzzini group  In July 2016 TIPO and some members of the Guzzini family have set GH S.r.l. for the purpose of acquiring 17.32% of the share capital of Fimag S.p.A., that controls of iGuzzini illuminazione S.p.A. and some other assets.  Overall the implicit stake in iGuzzini (direct and indicrect) is around 24%. The Roche Bobois, iGuzzini and Beta Utensili business cases are examples of the capability of TIP / TIPO to help families in the process of simplifying the shareholding and the governance in articulated familiar contexts During 2015 TIPO had acquired a 14.3% interest in iGuzzini, one of the worldwide leaders in architectural lighting with annual sales in excess of 230 million Euro
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  Tip – numerichiave 17  Digital is now pervasive in every sector  Seed capital - early stage is one of the most promising market  Digital Magics is the main Italian incubator and the only one with local presence (6 branches)  Talent Garden (28% owned by Digital Magics and 25% by TIP and TIP’s F&F) is the main co-working hub in Europe.  Digital Magics: aggregated revenues of the startups in 2015 of over 32 million euro (+ 74%). 2017 target: 100 million euro.  Digital Magics: 9 companies with revenues higher than 1 million  TAG: 17 campuses in 4 countries. 2017 target: >20 campus in Europe. Sales +750% in 2016  60 startups in portfolio  More than 70 startups have joined programs  More than 500 jobs created  Open innovation programs with major Italian companies such as Poste, Nice, RCS, Il Fatto Quotidiano and others Booming market Leadership Open innovation + seed capital + early stage Growth + structure TIP has invested about 5 million euro in Digital Magics and today is the single biggest shareholder with > 18% and 0,8 million Euro in Talent Garden 1. "Preferred" access to digital markets 2. Support to TIP / TIPO investee companies to approach digital markets and identify "contiguous" startups 3. Investment opportunities in the most promising startups for TIP / TIPO
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  Tip – numerichiave NET EQUITY AND INVESTMENTS *Consolidated group equity (including minorities) **including associated companies measured under the equity method, AFS financial assets and financial receivables (1) Average net profit before tax in the last 5 years 20 million Euro Aggregate net profit before tax of the last 5 years 101 million Euro Data in million Euro 5 YEARS OF PROFIT BEFORE TAX * 18 ** 3,4 10,1 31,7 28,9 26,8 20,3 15,6 2011 2012 2013 2014 2015 IH 2015 IH 2016 (1) 175 211 360 354 449 444 151 181 426 431 623 654 31/12/11 31/12/12 31/12/13 31/12/14 31/12/15 30/6/16 Net equity Investments
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  Tip – numerichiave 19 Key figures  In july 2016 Clubsette (52% owned by TIP) has received a share allocation of a 5.125% stake in Moncler S.p.A., in execution of agreements with Ruffini Partecipazioni. The liquidation of Clubsette is ongoing, a substantial part of the pro-quota distribution to the quota-holders – net of any outstanding debt – has been already performed and TIP owns directly its stake ( > 2 % stake).  According to IAS / IFRS the transaction is giving TIP Group a capital gain of around 78 million Euro, at consolidated level.  2016 P&L: only considering the capital gain on Moncler and the results as at 30.6.2016, the current year looks like a really exceptional one, from the profitability point of view.