1
Star Conference 2012
March 27th – 28 th, 2012
28 SETTEMBRE 2010
March 27th – 28th 2012
2
TAMBURI INVESTMENT PARTNERS (T.I.P.) IS AN
INVESTMENT/MERCHANT BANK FOCUSED ON ...
28 SETTEMBRE 2010
March 27th – 28th 2012
3
 TIP has extensive experience with "excellent“ entrepreneurs and mid cap
compa...
28 SETTEMBRE 2010
March 27th – 28th 2012
4
Investment strategy
 TIP invests in companies not only featuring forefront pos...
28 SETTEMBRE 2010
March 27th – 28th 2012
5
Investment strategy
 TIP identifies the targets considering:
 quality and rel...
28 SETTEMBRE 2010
March 27th – 28th 2012
6
Structure of group
INTERNATIONAL
PRESENCE
MAIN LISTED COMPANIES MAIN NON LISTED...
28 SETTEMBRE 2010
March 27th – 28th 2012
7
Assets available
20
(3)
150
capital
increase
Cash in
from
warrant
exercise
(est...
28 SETTEMBRE 2010
March 27th – 28th 2012
151.2 149.1
197.7
175.2
31.2
41.9 41.6
-3.0
-50.0
0.0
50.0
100.0
150.0
200.0
250....
28 SETTEMBRE 2010
March 27th – 28th 2012
9
Investments 2009 – 2011
8,9
73,6
43,0
-21,5 -23,6
-2,1
-40,0
-20,0
0,0
20,0
40,...
28 SETTEMBRE 2010
March 27th – 28th 2012
2.04%
2.81%
0.00%
2.41% 2.32%
2,54%
4.44%
2.88%
0.00%
1.00%
2.00%
3.00%
4.00%
5.0...
28 SETTEMBRE 2010
March 27th – 28th 2012
11
Free treasury shares
and warrants
distribution
TIP performance from January 1,...
28 SETTEMBRE 2010
March 27th – 28th 2012
12
TIP performance from January 1,2011
TIP Shares
TIP
+10.8%
FTSEMIB
-19.3%
MSCI ...
28 SETTEMBRE 2010
March 27th – 28th 2012
13
TIP Shares
Dea Capital
–53,4%
Sopaf
–95,0%
Intek
–49,7%
Mittel
–64.3%
TIP*
–8,...
28 SETTEMBRE 2010
March 27th – 28th 2012
0,90
0,95
1,00
1,05
1,10
1,15
1,20
1,25
1,30
1,35
1,40
Jan-10 Apr-10 Jul-10 Oct-1...
28 SETTEMBRE 2010
March 27th – 28th 2012
15
TIP VOLUMES
Average volumes
2011 – March 2012
/000
28 SETTEMBRE 2010
March 27th – 28th 2012
16
Main investee companies
Average
Ebitda margin
of 17.5%
Signal of
excellence
Co...
28 SETTEMBRE 2010
March 27th – 28th 2012
17
 Most of them reached remarkable growth and record profitability during 2011
...
28 SETTEMBRE 2010
March 27th – 28th 2012
18
 Main scenario continues to be not at all encouraging
 The results of many c...
28 SETTEMBRE 2010
March 27th – 28th 2012
19
 The top management has about 7% of the capital and has substantially increas...
28 SETTEMBRE 2010
March 27th – 28th 2012
20
 The last investment has been in Intercos:
 Worldwide leader in cosmetics / ...
28 SETTEMBRE 2010
March 27th – 28th 2012
21
 Another recent investment has been in Amplifon:
 Global leader
 Business i...
28 SETTEMBRE 2010
March 27th – 28th 2012
22
 Clubtre owns about 6.2% :
 Is the nr. 1 worldwide with about €8 bln of sale...
28 SETTEMBRE 2010
March 27th – 28th 2012
23
 Another significant investment concerns Printemps, the famous french
departm...
28 SETTEMBRE 2010
March 27th – 28th 2012
24
 Good M&A activity in 2011 (among which Valsoia – santa rosa, Angelini – Bert...
28 SETTEMBRE 2010
March 27th – 28th 2012
25
M&A ranking
2000 – 2010 2010
Company N. of deals
1 Rothschild 368
2 Lazard 297...
28 SETTEMBRE 2010
March 27th – 28th 2012
In march 2012 TIP acquired a 30% stake in Gatti & Co. through a reserved capital ...
28 SETTEMBRE 2010
March 27th – 28th 2012
TIP owns a 30% stake of Palazzari & Turries Ltd, a well established investment ba...
28 SETTEMBRE 2010
March 27th – 28th 2012
 TIP is one of the founder of Corporate Finance International (CFI), an internat...
28 SETTEMBRE 2010
March 27th – 28th 2012
29
 Excellent and unique network of Shareholders, Investee companies, Clients,
T...
28 SETTEMBRE 2010
March 27th – 28th 2012
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
28/02/03
31/05/03
31/08/03
30/11/03
29/02/04
31/0...
28 SETTEMBRE 2010
March 27th – 28th 2012
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
23/07/2003
23/09/2003
23/11/2003
23/01/2004
2...
28 SETTEMBRE 2010
March 27th – 28th 2012
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
0.20
0.22
0.24
0.26
14/12/2007
...
28 SETTEMBRE 2010
March 27th – 28th 2012
33
Amplifon is the world leader in the distribution
and personalised fitting of h...
28 SETTEMBRE 2010
March 27th – 28th 2012
Dataholding 2007 controls 34,2% of B.E.E. TEAM
S.p.A., an Italian leader in the o...
28 SETTEMBRE 2010
March 27th – 28th 2012
Bolzoni Auramo Group is the second largest
producer worldwide of fork lift truck
...
28 SETTEMBRE 2010
March 27th – 28th 2012
36
web site: www. delonghi.com
De’ Longhi Group is one of the world leaders in
th...
28 SETTEMBRE 2010
March 27th – 28th 2012
37
web site: www.del-clima.com
DeLclima is one of the main European players in th...
28 SETTEMBRE 2010
March 27th – 28th 2012
38
web site: www.diasorin.com
DiaSorin is one of main global operators in the
dev...
28 SETTEMBRE 2010
March 27th – 28th 2012
39
web site: www.ima.it
The IMA group – Industria macchine automatiche, is
the wo...
28 SETTEMBRE 2010
March 27th – 28th 2012
M&C is a listed company specialised in turnaround
and investments in underperform...
28 SETTEMBRE 2010
March 27th – 28th 2012
41
web site: www.monrifgroup.net
Monrif is a holding operating in: publishing,
pr...
28 SETTEMBRE 2010
March 27th – 28th 2012
42
Noemalife is one of the global leaders in the
diagnostic and clinical processe...
28 SETTEMBRE 2010
March 27th – 28th 2012
Borletti Group, of which TIP is one of the largest
shareholders, manages and hold...
28 SETTEMBRE 2010
March 27th – 28th 2012
44
ClubTre S.r.l. (35% Tip) is the first shareholder,
owning about 6.2% of the sh...
28 SETTEMBRE 2010
March 27th – 28th 2012
45
Servizi Italia is the leading national provider of
integrated services for hir...
28 SETTEMBRE 2010
March 27th – 28th 2012
46
web site: www.valsoia.it
Valsoia is the leader in the Italian market in the
pr...
28 SETTEMBRE 2010
March 27th – 28th 2012
Zignago Vetro Group is one of the world leaders
in the production of glass contai...
28 SETTEMBRE 2010
March 27th – 28th 2012
48
Shareholders’ structure and target price
Current shareholders’ structure
Recen...
28 SETTEMBRE 2010
March 27th – 28th 2012
Selection of advisory transactions 2011
49
IN THE TRANSACTION THE BUYERS
HAVE BEE...
28 SETTEMBRE 2010
March 27th – 28th 2012
Selection of advisory transactions 2009 / 2011
50
IN THE TRANSACTION THE BUYERS
H...
28 SETTEMBRE 2010
March 27th – 28th 2012
Selection of equity capital market deals
PTO
Jolly Hotels
IPO
d’Amico Internation...
28 SETTEMBRE 2010
March 27th – 28th 2012
52
Attachments – Profit & Loss account
Profit & Loss account (€ ) 2009 % 2010* % ...
28 SETTEMBRE 2010
March 27th – 28th 2012
53
Attachments – Balance sheet
Balance sheet (€ ) 31-Dec-09 31-Dec-10* 31-Dec-11*...
28 SETTEMBRE 2010
March 27th – 28th 2012
54
Investor Relator
Alessandra Gritti
Via Pontaccio 10, 20121 Milano
Tel. no.(003...
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TIP - Star Conference - march 2012

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TIP - Star Conference - march 2012

  1. 1. 1 Star Conference 2012 March 27th – 28 th, 2012
  2. 2. 28 SETTEMBRE 2010 March 27th – 28th 2012 2 TAMBURI INVESTMENT PARTNERS (T.I.P.) IS AN INVESTMENT/MERCHANT BANK FOCUSED ON STRATEGIC MERGERS & ACQUISITIONS AND PROACTIVE EQUITY INVESTMENTS IN EXCELLENT AND REALLY GROWING COMPANIES.
  3. 3. 28 SETTEMBRE 2010 March 27th – 28th 2012 3  TIP has extensive experience with "excellent“ entrepreneurs and mid cap companies leader in the respective markets, listed and not listed  At present TIP owns stakes in 9 world leaders and 3 continental leaders  TIP has very peculiar skills / experience in “strategic” corporate finance  TIP is a listed company, not a private equity fund  TIP is indipendent from any group and has a unique network  through the “club deal” formula, TIP can substantially increase its direct investment capability  The team has proven to be able to manage each transaction with a professional, flexible and rapid approach Tip business model is unique:
  4. 4. 28 SETTEMBRE 2010 March 27th – 28th 2012 4 Investment strategy  TIP invests in companies not only featuring forefront positions in their respective markets but also demonstrating willingness for growth  TIP acquires minority interests with the aim of accompanying entrepreneurs in the acceleration of growth and progressive value creation, in order to be the development partner for outstanding mid cap companies  TIP can take majority/control stakes through coinvestments and club deals with particularly skilled partners  TIP does not operate through leveraged buy outs  TIP does not pretend guaranteed way-outs since has a real medium - long term perspective
  5. 5. 28 SETTEMBRE 2010 March 27th – 28th 2012 5 Investment strategy  TIP identifies the targets considering:  quality and reliability of entrepreneurs and top managers  existence of distinctive commercial and industrial excellences  possibility of setting up effective growth processes and/or industrial integration processes  possible developments in terms of ownership structure  concrete possibilities of playing an active role as a shareholder  TIP prefers dedicated capital increases aimed at M&A and/or investments  TIP normally leaves the management to the existing top management
  6. 6. 28 SETTEMBRE 2010 March 27th – 28th 2012 6 Structure of group INTERNATIONAL PRESENCE MAIN LISTED COMPANIES MAIN NON LISTED COMPANIES CLUBTRE (PRYSMIAN) GRUPPO IPGH (INTERPUMP) DATA HOLDING (B.E.E. TEAM) BORLETTI GROUP (PRINTEMPS) IMA NOEMALIFE DIASORIN OTHER STRATEGIC ACTIVITIES  mergers & acquisitions  ipo & opa  advisory BOLZONI SERVIZI ITALIA NH HOTELES ZIGNAGO VETRO AMPLIFON DE’ LONGHI DAFE 4000 (INTERCOS) MONRIF - china - india - corea - hong kong - vietnam - thailand - taiwan M&C DATALOGIC DELCLIMA VALSOIA - Canada - U.S.A. - Germany - Holland - France - Sweeden - Portugal - U.K. - Spain - Switzerland - India - Brasil -- Poland - Germany
  7. 7. 28 SETTEMBRE 2010 March 27th – 28th 2012 7 Assets available 20 (3) 150 capital increase Cash in from warrant exercise (estimate) 7 year convertible bond 40 169 Fully guaranteed Partially guaranteed 377 Direct Potential Assets Investments book value as at December 31st 2011 Net debt as 31st 2011 € M Multiple of availability as in other Club-deals ≈ 1,1 bln Up to x3 times in hypothesis of a club deal like Prysmian ≈ 1,9 / 2,3 bln Up to x5 / x6 times in hypothesis of club deals like Interpump For example funds “attracted” in club deals (i.e. Prysmian, Interpump, Datalogic) Total Euro ≈ 500 m - Diasorin; - Treasury shares (1) 1 Post December 31st 2011 investments
  8. 8. 28 SETTEMBRE 2010 March 27th – 28th 2012 151.2 149.1 197.7 175.2 31.2 41.9 41.6 -3.0 -50.0 0.0 50.0 100.0 150.0 200.0 250.0 31/12/2008 31/12/2009 31/12/2010 31/12/2011 23/03/2012E Shareholders' Equity Cash available Equity and liquidity available €mln *Consolidated ** First Estimate (unaudited) based on increases/decreases of stock market prices of listed investee companies * 40 Convertible bond 8 Results Dec 2008 – Dec 2011 205 Estimated shareholders equity** at 23/03/2012
  9. 9. 28 SETTEMBRE 2010 March 27th – 28th 2012 9 Investments 2009 – 2011 8,9 73,6 43,0 -21,5 -23,6 -2,1 -40,0 -20,0 0,0 20,0 40,0 60,0 80,0 2009 2010 2011 Investments Divestments Investments and divestments €mln
  10. 10. 28 SETTEMBRE 2010 March 27th – 28th 2012 2.04% 2.81% 0.00% 2.41% 2.32% 2,54% 4.44% 2.88% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 2006 2007 2008 2009 2010 2011 Dividend yield (%) Distribution of treasury shares (est. yield %) Distribution of warrants (est. yield %) 3,4 6,6 7,4 6,2 3,2 5,8 5,5 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 2005 2006 2007 2008 2009 2010 2011 Revenues from advisory business €mln 10 Results 2005 – 2011 Revenues from advisory activity 3,4 6,6 7,4 6,2 3,2 5,8 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 2005 2006 2007 2008 2009 2010 Revenues from advisory business €mln Profit before tax **Pre write-offs. ***Net after write-offs. * *Consolidated – Net of intercompany. 4,8 10,7 14,0 9,6 1,5 11,2 3,4 -20,0 -15,0 -10,0 -5,0 0,0 5,0 10,0 15,0 2005 2006 2007 2008 2009 2010 2011 Profit before tax €mln -19,2 ** *** Average 5,4 Average 7,9 Yield after IPO Average 3,2% **** ****Calculated on the basis of the dividend proposed by the BoD on TIP share price as at March 15th 2012 9.86% In March 2010 TIP distributed more than 4,4 million treasury shares and 13,3 million of warrants. TIP has a general meeting resolution to continue to purchase on the market treasury shares
  11. 11. 28 SETTEMBRE 2010 March 27th – 28th 2012 11 Free treasury shares and warrants distribution TIP performance from January 1,2010 TIP Shares TIP* +35.2% FTSEMIB -30.0% MSCI FINANCIALS -20.8% Small Cap IT -30.1% IT Star -2.5% * the performance of TIP is adjusted for free assignment, in March 2010, of over 4.4 million of treasury shares to TIP shareholders and the free assignment of 3 warrants for each treasury share received.
  12. 12. 28 SETTEMBRE 2010 March 27th – 28th 2012 12 TIP performance from January 1,2011 TIP Shares TIP +10.8% FTSEMIB -19.3% MSCI FINANCIALS -14.6% Small Cap IT -23.6% IT Star -4.4%
  13. 13. 28 SETTEMBRE 2010 March 27th – 28th 2012 13 TIP Shares Dea Capital –53,4% Sopaf –95,0% Intek –49,7% Mittel –64.3% TIP* –8,4% Mid Industry –64,5% Cape Live –93,6% * the performance of TIP is adjusted for free assignment, in March 2010, of over 4.4 million of treasury shares to TIP shareholders and the free assignment of 3 warrants for each treasury share received. TIP performance vs comparables from IPO
  14. 14. 28 SETTEMBRE 2010 March 27th – 28th 2012 0,90 0,95 1,00 1,05 1,10 1,15 1,20 1,25 1,30 1,35 1,40 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 14 Portfolio performance (January 1, 2010 – March 23, 2012) Theoretical performance of the current listed equity  Theoretical performance of TIP portfolio has been construed assuming a weight of each participation on the total investment equal to the current one. Indirect investments in listed companies (i.e. Prysmian, Interpump and Bee Team) have been considered pro-quota. +25,3% In the period from TIP IPO and also from 1/1/2010 most of the European investment funds focused on Italian equities had performances lower than those of TIP and of TIP portfolio of listed equities.
  15. 15. 28 SETTEMBRE 2010 March 27th – 28th 2012 15 TIP VOLUMES Average volumes 2011 – March 2012 /000
  16. 16. 28 SETTEMBRE 2010 March 27th – 28th 2012 16 Main investee companies Average Ebitda margin of 17.5% Signal of excellence Companies results' (€ mln) Revenues Var. % Ebitda Var. % Ebitda margin FY 2010 FY 2011 FY 2010 FY 2011 FY 2010 FY 2011 Amplifon 708,1 827,4 +16,8% 96,9 144,5 +49,1% 13,7% 17,5% Bee Team 75,4 88,9 +17,9% 8,1 10,1 +25,0% 10,7% 11,4% Bolzoni 93,5 115,8 +23,9% 6,5 9,1 +40,6% 6,9% 7,9% Datalogic 392,7 425,5 +8,4% 49,8 59,2 +18,9% 12,7% 13,9% De' Longhi 1.626,3 1.807,8 +11,2% 194,6 235,8 +21,2% 12,0% 13,0% Diasorin 404,5 440,0 +8,8% 167,1 190,0 +13,7% 41,3% 43,2% IMA 503,3 669,2 +33,0% 59,6 85,4 +43,2% 11,8% 12,8% Interpump Group 424,9 493,3 +16,1% 74,1 95,0 +28,2% 17,4% 19,3% NH Hoteles 1.334,8 1.428,3 +7,0% 147,8 202,4 +36,9% 11,1% 14,2% Printemps(1) 950,5 1.065,1 +12,1% 86,1 117,9 +36,9% 9,1% 11,1% Prysmian(2) (3) 4.571,0 7.583,0 +65,9% 387,0 568,0 +46,8% 8,5% 7,5% Servizi Italia (2) 195,1 197,0 +1,0% 56,8 59,3 +4,4% 29,1% 30,1% Zignago Vetro 264,9 291,2 +9,9% 70,7 76,9 +8,8% 26,7% 26,4% MEDIA +17,8% +28,7% 16,2% 17,5% (1) FY data related to march 31 st 2011 (2) Data related to the Adjusted Ebitda comunicated by the company; (3) Draka results consolidated for the period March 1 st - December 31 st 2011
  17. 17. 28 SETTEMBRE 2010 March 27th – 28th 2012 17  Most of them reached remarkable growth and record profitability during 2011  Most of them are gaining market share and demonstrating their strong leadership on respective market / segment  All of them are acquisitive / ready for faster growth on international markets  With all of them TIP relationships are excellent and proactive  All of them are very well managed Main investee companies
  18. 18. 28 SETTEMBRE 2010 March 27th – 28th 2012 18  Main scenario continues to be not at all encouraging  The results of many companies suggest that there may be some good opportunities  TIP is ready to promote aggregations, also “crisis driven”  Private equity and difficult IPOs continue to generate opportunities  TIP continuously analyzes many dossiers, mostly about non listed companies New investments
  19. 19. 28 SETTEMBRE 2010 March 27th – 28th 2012 19  The top management has about 7% of the capital and has substantially increased his stake during 2011  Several important entrepreneurial families represent the biggest portion of TIP’s shareholding structure  The main institutional investors are: Assicurazioni Generali, Azimut, Kairos Shareholders
  20. 20. 28 SETTEMBRE 2010 March 27th – 28th 2012 20  The last investment has been in Intercos:  Worldwide leader in cosmetics / make up – 2010 sales around € 250 mln with 14% Ebitda  Excellent / unique portfolio of international clients  Very strong investments in R&D and Innovation (more than 450 people)  Direct presence in strategic markets (USA, China, Italy, Switzerland, France)  Very committed entrepreneur and Excellent management  TIP purchased 18% of Dafe 4.000, one of the holdings through which the Ferrari family controls Intercos, for about € 9 mln;  Possible IPO within 3-5 years Intercos
  21. 21. 28 SETTEMBRE 2010 March 27th – 28th 2012 21  Another recent investment has been in Amplifon:  Global leader  Business in significant growth  Deep presence all over the World  Expansion in emerging markets  Excellent management  Main investment within the capital increase related to the acquisition of the Australian and New Zealand market leader  Cash out of about € 35 mln Amplifon
  22. 22. 28 SETTEMBRE 2010 March 27th – 28th 2012 22  Clubtre owns about 6.2% :  Is the nr. 1 worldwide with about €8 bln of sales est. in 2012  Has an excellent territorial differentiation for production and R&D  Produces energy cable for the 90% and telecom cable for the10%  Is a public company (Clubtre is the single biggest shareholder)  Has an excellent management  TIP owns a stake of 35% in Clubtre, an s.p.v. incorporated together with two relevant shareholders of TIP (Angelini and d’Amico families)  At the end of December 2011 the equity of Clubtre is around €120 mln and total investment around € 170 mln Prysmian
  23. 23. 28 SETTEMBRE 2010 March 27th – 28th 2012 23  Another significant investment concerns Printemps, the famous french department store group:  TIP stake doubled during 2010  Continuous revenues growth  Interesting “club deal” with a possible divestiture during 2012 or 2013  Strong confidence in the management capabilities  Revenue of €1,065 mln and Ebitdar* of €117.9 mln in year ended 31/03/2011 Printemps *Earnings before interests, taxes, depreciation, amortization and rent
  24. 24. 28 SETTEMBRE 2010 March 27th – 28th 2012 24  Good M&A activity in 2011 (among which Valsoia – santa rosa, Angelini – Bertani, Datalogic - Accusort)  Little dependence from private equity  No activity related to financial restructurings  Advisory for arbitrations/surveys/valuations always interesting  Support to families/groups about generational transitions Advisory activity
  25. 25. 28 SETTEMBRE 2010 March 27th – 28th 2012 25 M&A ranking 2000 – 2010 2010 Company N. of deals 1 Rothschild 368 2 Lazard 297 3 Mediobanca 290 4 KPMG 245 5 Deloitte & Touche 218 6 Tamburi & Associati 204 7 Banca IMI 186 8 JP Morgan 164 9 Nomura / Lehman Brothers 146 10 Morgan Stanley 127 11 Unicredit Investment Banking 125 12 Bank of America Merril Lynch 123 13 Credit Suisse 120 14 Ernst & Young 114 Source: Lombard Company N. of deals 1 Mediobanca 48 2 Deloitte & Touche 27 3 Lazard 24 4 Banca IMI 22 5 Unicredit Investment Banking 18 6 Rothschild 17 7 Credit Suisse 13 8 KPMG 12 9 Tamburi & Associati 10 10 Deutsche Bank 9 11 PricewaterhouseCoopers 9 12 JP Morgan 8 13 BNP Paribas 8 14 Vitale & Associati 7 Source: Lombard
  26. 26. 28 SETTEMBRE 2010 March 27th – 28th 2012 In march 2012 TIP acquired a 30% stake in Gatti & Co. through a reserved capital increase. Gatti & Co. is a very well established financial advisory boutique located in frankfurt with a consolidated experience in the German market. The agreement, perfectly in line with TIP international expansion strategy, was finalized with the objective of promoting m&a deals between italy and germany. Gatti & Co. was founded in 2009 by Lorenzo Gatti, an Italian / German banker with over twenty years of experience in the German M&A market, where he has been Partner of Drueker & Co. and Managing Director of Leonardo & Co. Since its inception, Gatti & Co. has mainly been focusing on cross-border M&A transactions between Germany and Italy. Through this agreement TIP has further increased its presence on the German market, which is particularly important for the Italian industrial sector and, more specifically, for clients and investee companies of TIP. TIP aims also at further increasing its capability to identify suitable investment opportunities on the German market. 26 Gatti & Co.
  27. 27. 28 SETTEMBRE 2010 March 27th – 28th 2012 TIP owns a 30% stake of Palazzari & Turries Ltd, a well established investment bank based in Hong Kong, which has a consolidated experience in Asian markets. Thanks to this investment TIP is able to enlarge its services and:  support Italian and foreign companies to enter Far East markets (China, India and other emerging South East Asian countries);  choose and screen the right local operating partners and build sound relationships with local authorities;  M&a transactions in the Asian markets;  develop and manage local commercial and industrial activities;  offer local corporate, fiscal and banking support. website: www.palazzari.com P A L A Z Z A R I & T U R R I E S H o n g K o n g - M i l a n 27 Palazzari & Turries
  28. 28. 28 SETTEMBRE 2010 March 27th – 28th 2012  TIP is one of the founder of Corporate Finance International (CFI), an international partnership among merchant banks operating in M&A advisory, focused on medium-size companies based in: Usa, Canada, France, Germany, Holland, Portugal, United Kingdom, Spain, Brazil, Switzerland, Sweden, Estonia, Latvia, Brasil and India.  Members of CFI are several independent advisory firms, with a remarkable experience in M&A on medium-size companies, locally and cross-border, based in: Amsterdam, Barcelona, Breme, Cardiff, Chicago, Lisbon, Cleveland, Detroit, Dusseldolf, Paris, Madrid, Rotterdam, Stockholm, Tallin, Riga, S. Paulo, Toronto, Zurich and Mumbai, Warsaw. 28 Corporate Finance International
  29. 29. 28 SETTEMBRE 2010 March 27th – 28th 2012 29  Excellent and unique network of Shareholders, Investee companies, Clients, Team  Good and constant profitability  Proven soundness of TIP and investee companies  several up-sides due to the quite high “intrinsic value”  Demonstrated capability to spot really excellent companies and to positively interact with investee companies to foster shareholder value Conclusions TEAM Clients SHAREHOLDERS INVESTEE COMPANIES
  30. 30. 28 SETTEMBRE 2010 March 27th – 28th 2012 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 28/02/03 31/05/03 31/08/03 30/11/03 29/02/04 31/05/04 31/08/04 30/11/04 28/02/05 31/05/05 31/08/05 30/11/05 28/02/06 31/05/06 31/08/06 30/11/06 28/02/07 31/05/07 31/08/07 30/11/07 29/02/08 31/05/08 31/08/08 30/11/08 28/02/09 31/05/09 31/08/09 30/11/09 28/02/10 31/05/10 31/08/10 30/11/10 28/02/11 31/05/11 31/08/11 30/11/11 29/02/12 Datalogic FTSEMIB STAR 30 from TIP first investment to March 23, 2012 DIVIDEND (0,06€) *Rebased following the stock split occurred on 08.05.2006 at a split ratio of 4:1 DIVIDEND (0,035€) ACQUISITION OF DATASENSOR DIVIDEND (0,07€) ACQUISITION OF INFORMATICS DIVIDEND (0,045€)* ACQUISITION OF LASERVALL ACQUISITION OF ALIEN TECHNOLOGY DIVIDEND (0,055€)* ACQUSITION OF PSC CAPITAL INCREASE DIVIDEND (0,15€) DATALOGIC* +212,3% FTSEMIB -29,2% ACQUISITION OF Accu-Sort Systems AQUISITION OF PPT Vision ACQUISITION OF EVOLUTION ROBOTICS IT STAR +41,3%
  31. 31. 28 SETTEMBRE 2010 March 27th – 28th 2012 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 23/07/2003 23/09/2003 23/11/2003 23/01/2004 23/03/2004 23/05/2004 23/07/2004 23/09/2004 23/11/2004 23/01/2005 23/03/2005 23/05/2005 23/07/2005 23/09/2005 23/11/2005 23/01/2006 23/03/2006 23/05/2006 23/07/2006 23/09/2006 23/11/2006 23/01/2007 23/03/2007 23/05/2007 23/07/2007 23/09/2007 23/11/2007 23/01/2008 23/03/2008 23/05/2008 23/07/2008 23/09/2008 23/11/2008 23/01/2009 23/03/2009 23/05/2009 23/07/2009 23/09/2009 23/11/2009 23/01/2010 23/03/2010 23/05/2010 23/07/2010 23/09/2010 23/11/2010 23/01/2011 23/03/2011 23/05/2011 23/07/2011 23/09/2011 23/11/2011 23/01/2012 23/03/2012 Interpump FTSEMIB IT STAR 31 from Tip first investment to March 23, 2012 ACQUISITION OF COVER warrants distribution FIRST INVESTMENT OF TIP DISPOSAL OF IP CLEANING ACQUISITION Of CONTARINI ACQUISITION OF OLEODINAMICA PANNI EXTRAORDINARY DIVIDEND (0,2€) CANCELLATION OF TREASURY SHARES CANCELLATION OF TREASURY SHARES DIVIDEND (0,11€) DIVIDEND (0,12€) DIVIDEND (0,13€) ACQUISITION OF HAMMELMANN DIVIDEND (0,15€) EXTRAORDINARY DIVIDEND (0,69€) DIVIDEND (0,18€) ACQUISITION OF 90% STAKE IN NLB EXTRAORDINARY DIVIDEND (0,23€) ACQUISITION OF MODENFLEX ACQUISITION OF HS PENTA DIVIDEND (0,20€) CAPITAL INCREASE 49,8 €M ACQUISITION OF Galtech INTERPUMP* +96,5% FTSEMIB -33,5% ACQUISITION OF Takarada ACQUISITION OF MTC IT STAR +32,5%
  32. 32. 28 SETTEMBRE 2010 March 27th – 28th 2012 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18 0.20 0.22 0.24 0.26 14/12/2007 14/02/2008 14/04/2008 14/06/2008 14/08/2008 14/10/2008 14/12/2008 14/02/2009 14/04/2009 14/06/2009 14/08/2009 14/10/2009 14/12/2009 14/02/2010 14/04/2010 14/06/2010 14/08/2010 14/10/2010 14/12/2010 14/02/2011 14/04/2011 14/06/2011 14/08/2011 14/10/2011 14/12/2011 14/02/2012 M&C FTSEMIB MSCIFinancials STAR 32 from SeconTip first investment to March 23, 2012 29/04/2010 PROPOSAL OF RESERVES DISTRIBUTION OF €0,62/SHARE 10/08/2009 DISTRIBUTION OF RESERVES OF €0,62/SHARE 24/11/2010 AGREEMENT FOR THE DISPOSAL OF 16.872% STAKE IN M&C HELD BY TIP AT A PRICE OF €0,215/SHARE 03/07/2009 M&C FIRST SHAREHOLDER OF TREOFAN FOLLOWING GROUP’S RESTRUCTURING 07/08/2009 RE-LAUNCH OF PTO BY MI.MO.SE 08/08/2009 RE-LAUNCH OF PTO BY TIP 09/07/2009 PUBLIC TENDER OFFER (“PTO”) LAUNCHED BY TIP 01/10/2008 ACQUISITION OF LUIGI BOTTO GROUP 30/04/2010 COMITAL DISPOSAL * Adjusted to reflect the distribution of reserves of € 0.62 per share 21/12/2010 DISPOSAL OF 16.872% STAKE IN M&C HELD BY TIP EXECUTED 24/11/2010 PER ANNOUNCES MANDATORY TENDER OFFER AT A PRICE OF €0,215 PER SHARE. AT CONCLUSION OF THE TENDER OFFER PER HOLDS A 53,28% STAKE 7/06/2009 PUBLIC TENDER OFFER LAUNCHED BY MI.MO.SE M&C* +89,3% FTSEMIB -57,6% MSCI Financials -57,0% STAR -24.1%
  33. 33. 28 SETTEMBRE 2010 March 27th – 28th 2012 33 Amplifon is the world leader in the distribution and personalised fitting of hearing aids. The group Operates through a Network of more than 3,000 specialised points of sale and over 2,900 service centres in Australia, Italy, UK and Ireland, France, Germany, The Netherlands, Belgium, Luxemburg, New Zealand, Switzerland, Spain, Portugal, Hungary, Egypt and North America. During 2011 the group achieved 827.4 mln euro of turnover and 144.5 mln euro of Ebitda. web site: www.amplifon.it 2 0 1 0 10/12 Amplifon finalizes the acquisition of 100% of NHC Group Ltd (National Hearing Care) , the leading Australian distributor of hearing aid solutions, with revenues of about A$144M and Ebitda margin of 28.5% 4/11 completion of the private placement of 19.841.950 new ordinary shares, representing 9.99997% of the issued Capital at a price per share of Euro 3.65, raising €72,4m Since tip first investment 2 0 1 1 2 0 1 2 28/03 Amplifon Germany Acquires aftercare business for Sanomed customers from William Demant Holding 16/01 Amplifon enters the turkish market and looks to achieve market leadership through the acquisition of 51% of Maxtone, a modern retail company active in the commercialization of hearing solutions
  34. 34. 28 SETTEMBRE 2010 March 27th – 28th 2012 Dataholding 2007 controls 34,2% of B.E.E. TEAM S.p.A., an Italian leader in the operating and technological outsourcing for the banking, insurance and public administration sectors. During 2011 B.E.E TEAM achieved 88,9 mln euro of turnover and 10,1 mln euro of Ebitda, showing significant improvement with respecto to 2010. web site: www.beeteam.it 34 2 0 0 7 24/7 Acquisition of Praxis Calcolo S.p.A. for €13m (revenues of €13/14m). The company operates in the IT sector from many years providing services and products to clients in the TLC, Utilities, services and industrial sectors. 24/7 Capital increase of €8m 6/4 Data Holding acquires control of Data Service (now Bee Team) 30/05 Capital increase of €13M 21/11 Acquisition of Universo Servizi S.p.a., a company that provides IT services to insurance companies for €20M 2 0 0 8 2 0 1 1 1/10 Capital increase of about €30m Underwritten by Dataholding for about €10,1M, IMI Investimenti for about €7m and other existing shareholders for the remaining part. 16/9 Acquisition of an initial 10% stake in To-See (2C) 13/12 Acquisition of an initial stake of 10% in Bluerock Consulting with an option to acquire 41% in 2011 and 49% in 2013. Based in London, the company specializes in financial services consultancy for blue-chip domestic and international clients 2 0 0 9 2 0 1 0 2 0 1 2 10/5 Acquisition of a further 41% stake in Bluerock consulting for €1,7M (total stake of 51%) 12/5 Acquisition of a further 41% stake in To- See (2C) for €0,6M (total stake of 51%) 6/2 Acquisition of a further 43,2% stake in bluerock consulting (total stake of 94,2%) for about €1,4M Since tip first investment
  35. 35. 28 SETTEMBRE 2010 March 27th – 28th 2012 Bolzoni Auramo Group is the second largest producer worldwide of fork lift truck attachments and material handling. During 2011 the group achieved 115.8 mln euro of total turnover and 9.1 mln euro of Ebitda. 35 web site: www.bolzoni-auramo.it 2 0 0 6 6/3 with the start-up of the plant in Podenzano and the deposit of a specific patent, Bolzoni ratifies its entrance in the market segment dedicated to forks for lift trucks 5/10 Bolzoni finalizes the acquisition of 100% of Meyer, the second manufacturer in Germany and fourth worldwide for lift truck attachments 2 0 0 7 2 0 1 1 8/04 Bolzoni enters the Chinese market by signing a JV contract with the company Hebei Jing County Huaxin Forks - leader in the production of forks for lift trucks - for the constitution of Bolzoni Huaxin. The agreement also contemplates Bolzoni taking a 20% investment in the capital of Huaxin. 22/10 Tiger Group acquires a 20% stake in Bolzoni Holding Hong Kong, for a value of about €2 m in cash, with a total subscription in share capital increase, to be employed to pursue the development plans already set up in China by Bolzoni Group. Since tip first investment
  36. 36. 28 SETTEMBRE 2010 March 27th – 28th 2012 36 web site: www. delonghi.com De’ Longhi Group is one of the world leaders in the manifacture and sale of products for air conditioning, air treatment, heating, kitchen appliances, coffee making, house cleaning and ironing. During 2011, prior to the spin-off transaction of the DeLclima activities, the group achieved about 1,807.8 mln euro of turnover and 243.7 mln euro of adjusted Ebitda. 2 0 1 1 11/10 approval of the Project of partial and proportional Spin‐off for the separation of the Professional division. As a consequence of the spin‐off, the two areas where the business of De’ Longhi Group operates were separated: activities of the Household division remained under De’ Longhi S.p.A., those of the Professional division under De’ Longhi Clima S.p.A. 2 0 1 2 02/01 from the effective date of the spin‐off (January 1st 2012), the shares of DeLclima S.p.A. were listed separately from the shares of De’ Longhi S.p.A.. Since tip first investment
  37. 37. 28 SETTEMBRE 2010 March 27th – 28th 2012 37 web site: www.del-clima.com DeLclima is one of the main European players in the field of centralized systems for air conditioning, heating, ventilation and air treatment (B2B business). The company is also active in the production and distribution of radiators. During 2011 the company achieved about 389.2 mln euro of turnover and 32.1 mln euro of Ebitda. Datalogic group is the second global leader in the design, production and marketing of barcode readers, portable data collection devices and radio frequency identification devices (RFID). During 2011 the group achieved 425.5 mln euro of turnover and 59.2 mln euro of Ebitda. web site: www.datalogic.com
  38. 38. 28 SETTEMBRE 2010 March 27th – 28th 2012 38 web site: www.diasorin.com DiaSorin is one of main global operators in the development, production, and distribution of immunoreagent kits and relative equipment for clinical diagnostics. During 2011 the group achieved 440.0 mln euro of turnover and 190.0 mln euro of Ebitda. Intercos Group is one of the world leaders in the research, development and production of make-up products for the main international operators involved in the cosmetic industry. During 2010 the group achieved about 245 mln euro of turnover. web site: www. intercos.com
  39. 39. 28 SETTEMBRE 2010 March 27th – 28th 2012 39 web site: www.ima.it The IMA group – Industria macchine automatiche, is the world leader in the design and manufacture of automatic machines for the processing and packaging of pharmaceuticals, cosmetics, tea, coffee and chocolate. During 2011 IMA achieved 669.2 mln euro of turnover and 91.6 mln euro of adjusted Ebitda. 2 0 1 1 21/10 IMA approved the merger plan for IMA S.p.A. to absorb IMA Life S.r.l., a subsidiary that specializes in the production of automatic machines for the processing of pharmaceutical products in aseptic and non aseptic environments. The merger is part of the project to simplify the corporate structure, the purpose being to improve the operational and organizational structure of IMA. 2 0 1 2 21/12 Completion of the demerger of RC S.p.A. , wholly owned indirectly through Corazza S.p.A. The demerger allocates the pressed soup cube production line business to Corazza S,p.A. and the packaging machine refurbishing business to Naturapack S.r.l. (both companies are controlled by IMA). The demerger is part of the project to simplify the corporate structure of IMA Since tip first investment
  40. 40. 28 SETTEMBRE 2010 March 27th – 28th 2012 M&C is a listed company specialised in turnaround and investments in underperforming assets. the most significant investment is the stake of about 42% held in Treofan AG, a world leader in bioriented polypropylene (BOPP), used in the packaging, label and film sectors for the tobacco and electronics industry. M&C has available cash for about 45 mln euro. web site: www.management-capitali.com 40 IPG Holding holds 27% of the share capital of Interpump Group S.p.A.; Interpump Group is the worldwide leader in the design and production of professional high pressure piston pumps, power take-offs and hydraulic pumps. During 2011 the group achieved 493.3 mln euro of turnover and 95.0 mln euro of Ebitda. web site: www.interpumpgroup.it
  41. 41. 28 SETTEMBRE 2010 March 27th – 28th 2012 41 web site: www.monrifgroup.net Monrif is a holding operating in: publishing, printing, hotels, real estate, internet and multimedia technologies. The most significant investment is represented by the stake of about 62% in Poligrafici Editoriale Group, publisher of the “Il Resto del Carlino”, “La Nazione” and “Il Giorno”. The second most important investment regards 100% of Emiliana Grandi Alberghi S.p.A. The value of the group’s property and hotel is particularly relevant. During 2011 the group achieved 248 mln euro of total turnover and 21 mln euro of Ebitda. 2 0 0 5 30/3 EGA Emiliana Grandi Alberghi S.r.l. disposal of Bologna property, the real estate of Hotel Internazionale, for about €21,5m 11/11 Monrif and Poligrafici Editoriale disposal of the 9.23% stake held in Dada S.p.A. with a capital gain of about €13m 2 0 0 9 2 0 1 0 12/3 IPO of Poligrafici Printing 28/7 approval of the merger of Monrif Investimenti e Sviluppo S.r.l. in Monrif S.p.A. with the goal of simplifying the organizational structure of the Group. Since tip first investment
  42. 42. 28 SETTEMBRE 2010 March 27th – 28th 2012 42 Noemalife is one of the global leaders in the diagnostic and clinical processes of health structures. During November 2011, Noemafile has bought 45% of Medasys (de facto the control of the company) a French listed company leader in IT services for the healthcare sector in France. During 2011 Noemalife achieved (without Medasys) 48.5 mln euro of turnover and 9.1 mln euro of Ebitda. web site: www.noemalife.com 2 0 0 7 31/3 acquisition of the business activities of “Ferrania LifeWeb” based in Ferrania (SV) - one of the major Italian players in IT solutions for Medical Images Management Systems 31/7 Acquisition of “sezione Informatica di Laboratorio” branch from Dasit 25/6 acquires Unitech 16/7 acquires healthcare IT activities of Praezision Informatica S.r.l. 23/7 JV with Almaviva to provide global IT solutions to healthcare companies 2 0 0 8 2 0 0 9 25/7 acquisition of a majority stake in Solinfo s.r.l. 27/7 NoemaLife’s binding offer for acquisition of 45% of Medasys capital, through the subscription of a reserved capital increase of €7.3M, was approved. Noemalife is now the main shareholder of Medasys 26/2 Acquisition of a 51% stake of Service S.r.l. 27/3 Noemalife signs agreement to buy the remaining stake of the JV with Almaviva 12/11 Acquisition of a 51% stake in Codices 2 0 1 1 Since tip first investment
  43. 43. 28 SETTEMBRE 2010 March 27th – 28th 2012 Borletti Group, of which TIP is one of the largest shareholders, manages and holds 30% of the share capital of Printemps, the second largest department store in France. During the financial year ended 31 March 2011 Printemps generated total revenues of 1.065 mln euro, with an Ebitdar of about 118 mln euro. web site: www.printemps.com 43 NH Hoteles is a Madrid-based group that owns and operates one of the world’s most important “city hotel” chains, about 500 structures. Besides hotel operations, the group controls the Spanish company Sotogrande, which operates in the real estate activity. During 2011 the group achieved 1,428.3 mln euro of total turnover and 202.4 mln euro of Ebitda. web site: www.nh-hoteles.com
  44. 44. 28 SETTEMBRE 2010 March 27th – 28th 2012 44 ClubTre S.r.l. (35% Tip) is the first shareholder, owning about 6.2% of the share capital, of Prysmian. Prysmian is the global leader in the industry of cables and systems for energy and telecommunications. During 2011 the Group achieved total pro-forma revenues of about 7.6 billion euro and a pro-forma Ebitda of 568 mln euro. web site: www.prysmian.it 2 0 1 1 5/1 Prysmian launches a public offer for the acquisition of 100% share capital of its competitor Draka Holding, for about €840m. The offer was successfully concluded in February. The combined group is a new leading player in the worldwide energy and telecom cable and systems industry, in particular in several of its high- technology segments, with operations in more than 50 countries, a manufacturing footprint of over 90 plants and a total workforce of more than 20,000 employees. 2 0 1 2 Since tip first investment
  45. 45. 28 SETTEMBRE 2010 March 27th – 28th 2012 45 Servizi Italia is the leading national provider of integrated services for hiring, washing, sterilizing and logistics of textiles and surgical instruments for healthcare sector. During 2011 the group achieved 197.0 mln euro of turnover and 59.3 mln euro of Ebitda web site: www.si-servizitalia.com 2 0 0 7 21/12 Servizi Italia has signed an agreement for the acquisition of a 51% stake in A.M.G. S.r.l. - active in the linen and workwear washing and sterilization 11/12 Servizi Italia signs a Joint venture agreement, for the business development in the Middle East, with Fresh Professional Laundry and Textile Services LLC, a US company active in the industrial laundry services. 2 0 0 8 2 0 1 0 24/11 Servizi Italia purchases a stake of 70% of the company Amedes s.p.a., active in the acquisition, intermediation, sale and production and/or development of medical devices for surgical procedures, as well as in the technical assistance / scientific support services to users of medical devices 2/7 Servizi Italia purchases a stake of 75% of the health sector services branch of padana everest s.p.a., main player in the Industrial laundry sector in italy Since tip first investment
  46. 46. 28 SETTEMBRE 2010 March 27th – 28th 2012 46 web site: www.valsoia.it Valsoia is the leader in the Italian market in the production, distribution and marketing of health products which use soy and rice as fundamental ingredients. The main product lines are vegetal drinks, vegetal ice creams and desserts, meals solutions and other vegetal based products. During 2011 the group achieved 70.3 mln euro of turnover and 6.7 mln euro of Ebitda. 2 0 1 1 30/3 Valsoia enters the Spanish market through the establishment of Valsoia Iberica S.L 11/2 Valsoia enters the Slovenia market through the establishment of Valsoia Pronova d.o.o 23/9 Valsoia signs an agreement with Unilever for the acquisition of Santa Rosa business. 2/9 Valsoia signs an agreement for the use of the Almaverde Bio brand licence. The agreement, involves the production and marketing by Valsoia of ice cream and diary products under Almaverde Bio brand Since tip first investment
  47. 47. 28 SETTEMBRE 2010 March 27th – 28th 2012 Zignago Vetro Group is one of the world leaders in the production of glass containers for the cosmetics, perfume and food - beverage sectors During 2011 the group achieved 291.2 mln euro of turnover and 76.9 mln euro of Ebitda. web site: www.zignagovetro.com 47 2 0 1 0 21/7 Vetreco, an environmentally focused company for the treatment of recicled glass in center and southern italy, is formed from an initiative between ardagh glass s.r.l, saint- gobain vetri s.p.a., and zignago vetro s.p.a 2 0 1 1 3/3 Zignago Vetro has purchased around 79% of Huta Szkla Czechy, a Polish manufacturer of glass containers for the cosmetics and perfumery and food and beverage industries Since tip first investment
  48. 48. 28 SETTEMBRE 2010 March 27th – 28th 2012 48 Shareholders’ structure and target price Current shareholders’ structure Recent analysts consensus Brokerage House Date Recommendation Target price Closing price Premium vs closing price Fidentis Equities 28/04/2011 Buy 1,75 - 1,85 1.460 19,86% - 26,71% Equita S.I.M. 12/12/2011 Buy 1.75 1.430 22.38% Integrae 23/12/2011 Buy 2.10 1.450 44.83% Cheuvreux 21/03/2012 Buy 1.85 1.547 19.59% Integrae 26/03/2012 Buy 2.20 1.575 39.68% TARGET PRICE
  49. 49. 28 SETTEMBRE 2010 March 27th – 28th 2012 Selection of advisory transactions 2011 49 IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED IN EXECUTION OF A «CONCORDATO PREVENTIVO» PROCEDURE A CARVE-OUT OF IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED FROM DANAHER GROUP A 100% STAKE IN AND CERTAIN OF ITS AFFILIATES IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY HAS ACQUIRED FROM PRIVATE INVESTORS THE CHINESE GROUP CENTRE GAIN COMPANY PARTICIPATED BY JOINT VENTURE BETWEEN BOLZONI GROUP AND THE CHINESE GROUP HUAXIN FORK IN THE FORKLIFT TRUCK ATTACHMENTS SECTOR. HUAXIN FORK IN THE TRANSACTION BOLZONI GROUP HAS BEEN ASSISTED BY COMPANY PARTICIPATED BY HAS ACQUIRED THE GOING CONCERN RELATED TO THE PRODUCTION AND COMMERCIALISATIOOF PVC FILMS FROM IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED A MAJORITY STAKE IN IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED A 100% STAKE IN THE COMPANY IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED THROUGH THE SUBSCRIPTION OF A RESERVED CAPITAL INCREASE A 45% STAKE (RELATIVE MAJORITY STAKE) OF
  50. 50. 28 SETTEMBRE 2010 March 27th – 28th 2012 Selection of advisory transactions 2009 / 2011 50 IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED FROM UNILEVER GROUP THE BUSINESS IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TAMBURI& ASSOCIATI HAS ACQUIRED a A MAJORITY STAKE in a MINORITY STAKE in FLEXOPACK a A MAJORITY STAKE in IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TAMBURI& ASSOCIATI HAS ACQUIRED a A MAJORITY STAKE in a MINORITY STAKE in FLEXOPACKFLEXOPACK a A MAJORITY STAKE in ACQUIRED A 100% STAKE IN IN THIS TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY TAMBURI &ASSOCIATI ACQUIRED A 100% STAKE IN IN THIS TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY TAMBURI & ASSOCIATI ACQUIRED A MAJORITY STAKE IN THE FRENCH COMPANIES IN THIS TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TAMBURI & ASSOCIATI
  51. 51. 28 SETTEMBRE 2010 March 27th – 28th 2012 Selection of equity capital market deals PTO Jolly Hotels IPO d’Amico International Shipping PTO Data Service residual PTO Jolly Hotels 51
  52. 52. 28 SETTEMBRE 2010 March 27th – 28th 2012 52 Attachments – Profit & Loss account Profit & Loss account (€ ) 2009 % 2010* % 2011** % Revenues from services 3.225.161 90,6% 5.775.917 94,4% 5.468.717 96,5% Other revenues 335.678 9,4% 341.825 5,6% 201.127 3,5% Total revenues 3.560.839 100,0% 6.117.742 100,0% 5.669.844 100,0% materials, services and other costs (1.641.736) -46,1% (1.444.849) -23,6% (1.544.312) -27,2% Personnel and other costs (2.666.404) -74,9% (4.286.822) -70,1% (3.511.563) -61,9% Operating profit (loss) (747.301) -21,0% 386.071 6,3% 613.969 10,8% Net financial income 1.698.244 47,7% 7.428.834 121,4% 2.566.456 45,3% Profit before adjustments to investments 950.943 26,7% 7.814.905 127,7% 3.180.425 56,1% profit of equity-accounted investments and business combination 722.068 20,3% 3.423.338 56,0% 1.385.437 24,4% Net fair value losses on available for sale financial assets (132.381) -3,7% (52.575) -0,9% (1.185.074) -20,9% Profit before tax 1.540.630 43,3% 11.185.668 182,8% 3.380.788 59,6% Taxes (515.122) -14,5% (955.418) -15,6% (748.964) -13,2% Profit of the year 1.025.508 28,8% 10.230.250 167,2% 2.631.824 46,4% *Consolidated data **Individual data
  53. 53. 28 SETTEMBRE 2010 March 27th – 28th 2012 53 Attachments – Balance sheet Balance sheet (€ ) 31-Dec-09 31-Dec-10* 31-Dec-11** Property, plant and equipment 92.975 67.780 99.094 Goodwill 9.806.574 9.806.574 9.806.574 Investments in associates measured using the equity method 31.470.790 40.878.172 39.075.244 Investments in associates measured at fair value 8.085.000 8.085.000 8.085.000 Available-for-sale financial assets 44.861.908 91.048.989 103.396.305 Trade receivables and other 820.343 950.465 444.127 Loans and receivables 0 10.810.873 18.571.117 Total non current assets 95.137.590 161.647.853 179.477.461 Trade receivables 1.693.891 1.052.379 2.001.713 Current financial assets 41.545.831 34.344.835 13.650.997 Loans and receivables 12.129.393 10.096.362 0 Cash & cash equivalents 424.285 680.238 206.043 Other current assets 184.109 168.755 104.039 Total current assets 55.977.509 46.342.569 15.962.792 Total assets 151.115.099 207.990.422 195.440.253 Share capital 55.484.944 69.959.372 70.744.156 Reserves 107.591.839 117.479.726 100.045.636 Losses carried forward (15.051.532) 0 1.741.051 Profit for the year 1.025.508 10.234.991 2.631.824 Total equity 149.050.759 197.674.089 175.162.667 Employment benefits and deferred tax 331.661 1.217.117 578.484 Total non-current liabilities 331.661 1.217.117 578.484 Trade payables 343.232 650.665 397.597 Loans 54.166 3.500.027 16.897.220 Tax liabilities 85.903 1.947.832 434.061 Other liabilities 1.249.378 3.000.692 1.970.224 Total current liabilities 1.732.679 9.099.216 19.699.102 Total liabilities 2.064.340 10.316.333 20.277.586 Total Equity and liabilities 151.115.099 207.990.422 195.440.253 *Consolidated data **Individual data
  54. 54. 28 SETTEMBRE 2010 March 27th – 28th 2012 54 Investor Relator Alessandra Gritti Via Pontaccio 10, 20121 Milano Tel. no.(0039) 02 – 8858801, Fax. no.(0039) 02 – 8900421 email: gritti@tamburi.it http://www.tipspa.it

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