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TIP - Star Conference - october 2012

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  • 1. 28 SETTEMBRE 2010 October 4th, 2012 1 Star Conference 2012 October 4th, 2012
  • 2. 28 SETTEMBRE 2010 October 4th, 2012 2 TAMBURI INVESTMENT PARTNERS (T.I.P.) IS AN INVESTMENT/MERCHANT BANK FOCUSED ON PROACTIVE EQUITY INVESTMENTS IN EXCELLENT COMPANIES WITH A GREAT GROWTH POTENTIAL ALSO THROUGH STRATEGIC MERGERS & ACQUISITIONS.
  • 3. 28 SETTEMBRE 2010 October 4th, 2012 3  T.I.P. has extensive experience with "excellent“ entrepreneurs  At present T.I.P. owns stakes in 8 world leaders and 3 continental leaders  T.I.P. leverages on its experience in “strategic” corporate finance  T.I.P. is a listed company, not a private equity fund  T.I.P. is indipendent from any group and has a unique network  through the “club deal” formula, T.I.P. 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 A unique business model
  • 4. 28 SETTEMBRE 2010 October 4th, 2012 4 Investment strategy  T.I.P. invests in companies not only featuring forefront positions in their respective markets but also demonstrating willingness and potential for growth and valorization  T.I.P. 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  T.I.P. can take majority/control stakes through coinvestments and club deals with particularly skilled partners  T.I.P. does not pretend guaranteed way-outs since has a real medium - long term perspective  T.I.P. does not operate through leveraged buy outs
  • 5. 28 SETTEMBRE 2010 October 4th, 2012 5 Investment strategy  T.I.P. 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  T.I.P. prefers dedicated capital increases aimed at M&A  T.I.P. leaves the management to the existing top executives
  • 6. 28 SETTEMBRE 2010 October 4th, 2012 6 Structure of group CLUBTRE (PRYSMIAN) GRUPPO IPGH (INTERPUMP) DATA HOLDING (B.E.E. TEAM) BORLETTI GROUP (PRINTEMPS) NOEMALIFE § Merger & Acquisitions § Initial Public Offers (IPO) § Public Tender Offers (PTO) § Advisory BOLZONI SERVIZI ITALIA NH HOTELES ZIGNAGO VETRO AMPLIFON DAFE 4000 (INTERCOS) MONRIF - china - india - corea - hong kong - vietnam - thailand - taiwan DATALOGIC VALSOIA - Canada - U.S.A. - Germany - Holland - France - Sweden -- Poland - Portugal - U.K. - Spain - switzerland - India - brasil - Germany OTHER COMPANIES EUROPEAN LEADERS WORLD LEADERS M&C IMA DE’ LONGHI MAIN NON LISTED COMPANIES CONSULTING ACTIVITIES INTERNATIONAL PRESENCE LISTED COMPANIES
  • 7. 28 SETTEMBRE 2010 October 4th, 2012 7 Assets available 20 (4) 150 capital increase Cash in from warrant exercise (estimate) 7 year convertible bond 35(*) 189 Fully guaranteed Partially guaranteed 410 Direct Potential Assets Investments book value as at June 30th 2012 Net debt as June 30th 2012 € 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 or Datalogic Mainly in: - Amplifon - Bolzoni - Noemalife - Servizi Italia - Treasury shares (-3) 3 Post June 30th 2012 investments (*) Guaranteed for 40 million euro – 5 million euro have been withdrawn and 10 million euro will be withdrawn in October 2012
  • 8. 28 SETTEMBRE 2010 October 4th, 2012 8 Investments 2009 – 2012 8,9 73,6 43,0 -21,5 -23,6 -2,1 -25,00 ,00 25,00 50,00 75,00 2009 2010 2011 2012 Investments Divestments €mln Investments and divestments - t.i.p. shares - Amplifon - Bee Team - Bolzoni - Monrif - Noemalife - Servizi Italia - Zignago Vetro - Del Clima - Diasorin - Bonds
  • 9. 28 SETTEMBRE 2010 October 4th, 2012 2,81% 2,54% 2,32%2,41% 4,44% 0,00% 0,00% 2,88% 0,00% 1,00% 2,00% 3,00% 4,00% 5,00% 6,00% 7,00% 8,00% 9,00% 10,00% 2007 2008 2009 2010 2011 Distribution of warrants (est. yield %) Distribution of treasury shares (est. yield %) Dividend yield (%) 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 2006 2007 2008 2009 2010 2011 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 2006 2007 2008 2009 2010 2011 Revenues from advisory business €mln 9 2006 – 2011 results Revenues from advisory activity Profit before tax **Pre write-offs. ***Net after write-offs. * *Consolidated – Net of intercompany. ** Yield since 2007 9.86% In March 2010 T.I.P. distributed more than 4,4 million treasury shares and 13.3 million of warrants. T.I.P.’s general meeting has confirmed the company’s right to continue the purchase on the market of treasury shares, which amounted at 1.7% of the capital as of September 2012 Average 5.8 -19,2*** Average 8.4 €mln Average 3.5%
  • 10. 28 SETTEMBRE 2010 October 4th, 2012 0,60 0,80 1,00 1,20 1,40 1,60 1,80 04/01/10 04/02/10 04/03/10 04/04/10 04/05/10 04/06/10 04/07/10 04/08/10 04/09/10 04/10/10 04/11/10 04/12/10 04/01/11 04/02/11 04/03/11 04/04/11 04/05/11 04/06/11 04/07/11 04/08/11 04/09/11 04/10/11 04/11/11 04/12/11 04/01/12 04/02/12 04/03/12 04/04/12 04/05/12 04/06/12 04/07/12 04/08/12 04/09/12 TIP FTSE Mib IT Star FTSE IT Mid Cap MSCI Europe Financials 10 Free treasury shares and warrants distribution T.I.P. performance from January 2010 to September 2012 T.I.P. Shares * the performance of T.I.P. is adjusted for (I) distribution of dividends /reserves in 2010 and 2011 (0.03 and 0.035 Euro per share in 2010 and 2011 respectively) (II) free assignment, in March 2010, of over 4.4 million of treasury shares to T.I.P. shareholders and (III) the free assignment of 3 warrants for each treasury share received. T.I.P.* +25.7% FTSEMIB -32.1% MSCI Europe Financials -19.4% FTSE IT Mid Cap -30.6% IT Star -6.0% 21/09/12
  • 11. 28 SETTEMBRE 2010 October 4th, 2012 11 T.I.P. Shares * the performance of T.I.P. is adjusted for free assignment, in March 2010, of over 4.4 million of treasury shares to T.I.P. shareholders and the free assignment of 3 warrants for each treasury share received. T.I.P.* performance vs comparables from IPO Dea Capital –48.5% vs T.I.P. Sopaf –98.9% vs T.I.P. Intek –39.0% vs T.I.P. Mittel –59.3% vs T.I.P. Mid Industry –51.3% vs T.I.P. Cape Live –95.0% vs T.I.P. 0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50 09/11/05 09/02/06 09/05/06 09/08/06 09/11/06 09/02/07 09/05/07 09/08/07 09/11/07 09/02/08 09/05/08 09/08/08 09/11/08 09/02/09 09/05/09 09/08/09 09/11/09 09/02/10 09/05/10 09/08/10 09/11/10 09/02/11 09/05/11 09/08/11 09/11/11 09/02/12 09/05/12 09/08/12 TIP Intek Dea Mittel SOPAF Mid Industry Cape Live 21/09/12
  • 12. 28 SETTEMBRE 2010 October 4th, 2012 51.337,8 63.901,8 - 10.000 20.000 30.000 40.000 50.000 60.000 70.000 Average 2011 August 2011 12 T.I.P. VOLUMES AND VALUE Average volumes /000 Intrinsic value* T.I.P. constantly elaborates analytical valuations, based on the medium term prospects of its investee companies. The most recent data shows a total estimate of 352.6 million euro, equal to 2.59 euro per T.I.P. share. The traded volumes of T.I.P. shares are in constant increase despite the negative trend on the markets. * Data are calculated without considering the potential increase in value deriving from future acquisitions or extraordinary operations.
  • 13. 28 SETTEMBRE 2010 October 4th, 2012 13 Target price and shareholders’ structure Current shareholders’ structure Most recent analysts consensus Brokerage House Date Recommendation Target price Closing price (*) Premium vs closing price Equita S.I.M. 10/09/2012 Buy 1,85 1,468 26,02% Integrae 03/09/2012 Buy 2,20 1,455 51,20% Cheuvreux 17/07/2012 Buy 1,70 1,440 18,06% average 1,92 31,76% (*) Referred to the trading day before the publication of the equity research. shareholder N. of shares % Owned d'Amico Family 14.125.000 10,38% Gruppo Assicurazioni Generali 11.416.419 8,39% Giovanni Tamburi 8.539.264 6,28% Angelini Family 6.885.801 5,06% Seragnoli Family 6.638.593 4,88% M. Manuli Family 6.028.545 4,43% S. Manuli Family 5.384.061 3,96% Baggi Sisini Family 4.242.826 3,12% Ferrero Family 3.769.811 2,77% Free float 69.016.443 50,73% Total 136.046.763 100,00%
  • 14. 28 SETTEMBRE 2010 October 4th, 2012 14 Main investee companies Average Ebitda margin of 15.2% Evident signal of excellence and «resilience» Revenues Change % Ebitda Change % Ebitda margin 2010 2011 2010 2011 2010 2011 1H 2012 Amplifon S.p.A. 708,1 827,4 16,8% 96,9 144,5 49,1% 13,7% 17,5% 15,3% Bee Team S.p.A. 75,4 88,9 17,9% 8,1 10,1 24,7% 10,7% 11,4% 10,9% Bolzoni S.p.A. 93,5 115,8 23,9% 6,5 9,1 40,0% 7,0% 7,9% 8,6% Datalogic S.p.A. 392,7 425,5 8,4% 49,8 59,2 18,9% 12,7% 13,9% 17,2% De' Longhi S.p.A. 1.626,3 1.807,8 11,2% 194,6 235,8 21,2% 12,0% 13,0% 11,5% IMA S.p.A. 503,3 669,2 33,0% 59,6 85,4 43,3% 11,8% 12,8% 10,5% Interpump Group S.p.A. 424,9 493,3 16,1% 74,1 95,0 28,2% 17,4% 19,3% 21,1% NH Hoteles S.A. 1.334,8 1.428,3 7,0% 147,8 202,4 36,9% 11,1% 14,2% 10,4% Printemps(1) 1.065,1 1.193,1 12,0% 117,8 149,3 26,7% 11,1% 12,5% n.d. Prysmian S.p.A.(2)(3) 4.571,0 7.583,0 65,9% 387,0 568,0 46,8% 8,5% 7,5% 7,9% Servizi Italia S.p.A.(2) 195,1 197,0 1,0% 56,8 59,3 4,4% 29,1% 30,1% 29,4% Zignago Vetro S.p.A. 264,9 291,2 9,9% 70,7 76,9 8,8% 26,7% 26,4% 24,5% Average +18,6% +29,1% 14,3% 15,5% 15,2% (1) Year ending at 31.3. Data related to the consolidated unaudited Ebitdar. (2) Data related to the adjusted Ebitda communicated by the company. (3) Includes the consolidated results of Draka starting from 31,3,2011.
  • 15. 28 SETTEMBRE 2010 October 4th, 2012 15  The last relevant investment has been in Intercos:  Worldwide leader in cosmetics (make up) – 2011 sales of over € 270 mln with 14% Ebitda  Excellent portfolio of international clients (unique in the industry)  Very strong investments in R&D and Innovation (more than 450 people)  Direct presence in strategic markets (USA, China, Italy, Switzerland, France)  excellent management  T.I.P. purchased 18% of Dafe 4.000, one of the holdings through which the Ferrari family controls Intercos, for about € 9 mln  Possible IPO within 3-4 years Intercos
  • 16. 28 SETTEMBRE 2010 October 4th, 2012 16  Another recent investment has been in Amplifon:  Global leader  Business in significant growth  Deep presence all over the World  Continuous 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 (position increased in 2012) Amplifon
  • 17. 28 SETTEMBRE 2010 October 4th, 2012 17  Prysmian, of which Clubtre owns about 6.2% :  Is the worldwide leader with about €8 bln of sales est. in 2012  Has an excellent territorial differentiation  Produces energy cable for the 82% and telecom cable for the18%  Is a public company (Clubtre is the single biggest shareholder)  Has an excellent management  T.I.P. owns a stake of 35% in Clubtre, s.p.v. incorporated together with two relevant shareholders of T.I.P. (Angelini and d’Amico families)  At the end of September 2012 the equity of Clubtre was around € 121 mln and the total investment around € 170 mln Prysmian
  • 18. 28 SETTEMBRE 2010 October 4th, 2012 18  Another significant investment concerns Printemps, the famous French department store group:  T.I.P. stake doubled during 2010  Continuous revenues growth  Interesting “club deal” with a possible divestiture during 2012 or 2013  Management with excellent capabilities  Revenues of €1,193 mln and Ebitdar* of €150.5 mln in year ended 31/03/2012 (unaudited data) Printemps *Earnings before interests, taxes, depreciation, amortization and rent
  • 19. 28 SETTEMBRE 2010 October 4th, 2012 19  Sound M&A activity in 2011 (among which Valsoia – santa rosa, Tenimenti Angelini – Bertani, Datalogic – Accu-Sort) with a good performance as September 2012 (M&A for Noemalife, Servizi Italia, BEE Team)  Continuing the little dependence from private equity, notoriously in difficulties  No activity related to risky financial restructurings  Advisory for always interesting arbitrations/surveys/valuations  Consulting support to families/industrial groups Advisory activity
  • 20. 28 SETTEMBRE 2010 October 4th, 2012 20 M&A ranking 2000 – 2011 2011 Company N. of deals 1 Rothschild 380 2 Mediobanca 318 3 Lazard 315 4 KPMG 260 5 Deloitte & Touche 245 6 Tamburi & Associati 225 7 Banca IMI 217 8 JP Morgan 168 9 Nomura / Lehman Brothers 149 10 BofA Merrill Lynch 133 11 Unicredit Investment Banking 132 12 Morgan Stanley 131 13 Credit Suisse 126 14 Ernst & Young 114 Source: Lombard Company N. of deals 1 Banca IMI 31 2 Mediobanca 28 3 Deloitte & Touche 27 4 Tamburi & Associati 21 5 Vitale & Associati 19 6 Lazard 18 7 KPMG 15 8 BNP Paribas 14 9 Rothschild 12 10 BofA Merrill Lynch 10 11 Deutsche Bank 9 12 Banca Leonardo 9 13 K Finance 8 14 Fineurop Soditic 8 Source: Lombard
  • 21. 28 SETTEMBRE 2010 October 4th, 2012 In march 2012 T.I.P. acquired a 30% stake in Gatti & Co. through a reserved capital increase. Gatti & Co. is a financial advisory boutique located in frankfurt with a consolidated experience in the German market. T.I.P. owns a 30% stake of Palazzari & Turries Ltd, an investment bank based in Hong Kong, which has a consolidated experience in Asian markets. T.I.P. is one of the founders 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, Switzerland, Sweden, Estonia, Latvia, Brasil and India. 21 Investee companies abroad - Advisory 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
  • 22. 28 SETTEMBRE 2010 October 4th, 2012 22  Excellent and unique network in Italy of Shareholders, Investee companies, Clients and Team  excellent and constant profitability  several up-sides due to the high “intrinsic value”  Proven soundness of T.I.P. and investee companies, with attention and dynamism Why T.I.P.? *percentage variation with respect to the T.I.P. market price at closing at 21 September 2012 ** based on what has been summarized on page 12 TEAM CLIENTS SHAREHOLDERS Average target price: 1.92 (+30%*) Intrinsic value**: 2.59 (+76%*) INVESTEE COMPANIES
  • 23. 28 SETTEMBRE 2010 October 4th, 2012 23 Attachments
  • 24. 28 SETTEMBRE 2010 March 27th – 28th 2012 24 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 the first semester of 2012 the group achieved 407.4 mln euro of turnover and 62.3 mln euro of Ebitda. N.B. During the first part of 2012 T.I.P. has increased its own stake. 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 T.I.P. first investment 2 0 1 1 2 0 1 2 28/3 Amplifon Germany Acquires aftercare business for Sanomed customers from William Demant Holding 16/1 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 19/9 Amplifon enters in poland through a Joint Venture expanding its geographical presence in twenty countries 23/7 Amplifon reaches an agreement with GN ReSound for the acquisition of 38 stores in India and becomes leader in India with 66 stores
  • 25. 28 SETTEMBRE 2010 October 4th, 2012 Dataholding 2007 (controlled at 46.71% by T.I.P.) 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 the first semester of 2012 B.E.E TEAM achieved 39.7 mln euro of turnover and 4.3 mln euro of Ebitda. N.B. T.I.P., IMI Investimenti (Intesa San Paolo Group), Orizzonti (Ing. Sabelli) together with Carlo and Stefano Achermann guaranteed their total participation to the capital increase that has recently been approved. web site: www.beeteam.it 25 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 T.I.P. first investment 17/7 Extraordinary meeting approved a capital increase of €12.5M
  • 26. 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 the first semester of 2012 the group achieved 60.6 mln euro of total turnover and 5.2 mln euro of Ebitda, showing significant improvement with respecto to the same period of 2011. N.B. During 2012 T.I.P. has increased its stake. 26 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 8/4 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 T.I.P. first investment
  • 27. 28 SETTEMBRE 2010 October 4th, 2012 27 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 the first semester of 2012 the group achieved 236.9 mln euro of turnover and 40.6 mln euro of Ebitda. showing significant improvement with respecto to the same period of 2011. web site: www.datalogic.com 27/8 Datalogic announces the acquisition of Laservall SpA for about €8.5M with a variable part of €6M upon the achievement of economic targets in the period 2004- 2006 23/3 Datalogic acquires a stake in the American company Alien Technology Corporation for about $1.3M 21/12 Datalogic invests in the visual technology with the acquisition of PPT Vision Inc. Since T.I.P. first investment 2 0 0 4 2 0 0 5 2 0 1 0 2 0 1 1 2 0 1 2 03/4 Datalogic acquires a 90% stake in the American company Informatics (Barcode and RFID) 07/2 Datalogic enters in the vision technology sector with the acquisition of Evolution Robotics retail Inc. 20/1 Datalogic doubles its presence in the Industrial Automation market with the acquisition of Accusort Systems 24/10 Datalogic acquires the control of the American company PSC doubling its turnover
  • 28. 28 SETTEMBRE 2010 October 4th, 2012 28 web site: www. delonghi.com De’ Longhi Group is one of the world leaders in the manufacture and sale of products for air conditioning, air treatment, heating, kitchen appliances, coffee making, house cleaning and ironing. During the first semester of 2012 the group achieved 644.4 mln euro of turnover and 74.2 mln euro of Ebitda, showing an improvement with respecto to the same period of 2011. 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 2/1 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 T.I.P. first investment 31/8 Final signing of the contract for the perpetual licensing of the Braun brand, held by P&G, to De’ Longhi, for the segments of small kitchen appliances, ironing and other minor products’ categories.
  • 29. 28 SETTEMBRE 2010 October 4th, 2012 29 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 2011 the group achieved about 272 mln euro of turnover and 38 mln euro of EBITDA. web site: www. intercos.com 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 the first semester of 2012 the group achieved 335.5 mln euro of turnover and 35.3 mln euro of adjusted Ebitda.
  • 30. 28 SETTEMBRE 2010 October 4th, 2012 30 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 and power take-offs. During the first semester of 2012 the group achieved 279.2 mln euro of turnover and 59.0 mln euro of Ebitda. web site: www.interpumpgroup.it 2 0 0 5 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 1 2 0 1 2 Since T.I.P. first investment 31/5 Disposal of IP Cleaning in the context of the strategic repositioning of the Group which focuses on high-tech and highly profitable sectors 18/1 acquisition of M.T.C. (producer of hydraulic distributors and valves) 31/1 Acquisition of a 53% stake in Galtech, active in the production of pumps and gear motors, hydraulic distributors and accessories 5/4 Acquisition of Hammelman, world leader in the fluid very high pressure pump technology 1/2 Acquisition of the American company NLB, world leader in the fluid high pressure pump technology 23/1 In the context of the growth strategy in the hydraulic cylinders sector the Group acquires Oleodinamica Panni and Cover 07/07 Acquisition of HS Penta (cylinders sector) 30/10 Acquisition of a 51% stake in Contarini producer of hydraulic cylinders (the remaining 49% has been acquired in 2009) and Modenflex, leader in the niche market of cylinders for refuse collectors 27/9 Disposal of the company Unielectric, active in the production of windings and electric motors 27/9 Acquisition of Takarada, a leading company in Brazil in the power take-offs market
  • 31. 28 SETTEMBRE 2010 October 4th, 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 31 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 the first semester of 2012 the group achieved 115.1 mln euro of total turnover and 5.9 mln euro of Ebitda.
  • 32. 28 SETTEMBRE 2010 October 4th, 2012 32 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 the first semester of 2012 the group achieved 30.8 mln euro of turnover showing significant improvement with respecto to the same period of 2011. N.B. During 2012 T.I.P. has significantly increased its own stake. web site: www.noemalife.com 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 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 Since T.I.P. first investment 13/7 Closing of the right issue offered to shareholders for €7M 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 1 2 0 1 2
  • 33. 28 SETTEMBRE 2010 October 4th, 2012 Borletti Group, of which T.I.P. 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 33 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 the first semester of 2012 the group achieved 651.8 mln euro of total turnover and 67.5 mln euro of Ebitda. web site: www.nh-hoteles.com
  • 34. 28 SETTEMBRE 2010 October 4th, 2012 34 ClubTre S.r.l. (35% T.I.P.) 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 the first semester of 2012 the group achieved total revenues of about 3.9 bln euro and an Ebitda of 308 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 T.I.P. first investment 6/9 Prysmian acquires global Marin e Energy expanding the offering of integrated solutions of production and installation of turn-key submarine cable systems, in particular for offshore wind parks
  • 35. 28 SETTEMBRE 2010 March 27th – 28th 2012 35 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 the first semester of 2012 the group achieved 104 mln euro of turnover and 31 mln euro of Ebitda. N.B. During 2012 T.I.P. has increased its own stake. web site: www.si-servizitalia.com 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. 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 T.I.P. first investment 2 0 0 8 2 0 1 0 2 0 0 7 2 0 1 2 1/8 Conclusion of the right issue offered as options to shareholders for a total of €26.4M 3/7 Servizi Italia purchases a 50% stake of the Brazilian company Lavsim Higienização Têxtil S.A. which offers laundry serrvices to the healthcare sector
  • 36. 28 SETTEMBRE 2010 March 27th – 28th 2012 36 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 the first semester of 2012 the group achieved 46 mln euro of turnover and 3.4 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 T.I.P. first investment
  • 37. 28 SETTEMBRE 2010 October 4th, 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 the first semester of 2012 the group achieved 152.3 mln euro of turnover and 37.3 mln euro of Ebitda. N.B. During 2012 T.I.P. has increased its own stake. web site: www.zignagovetro.com 37 21/7 Zignago Vetro establishes the joint venture vetreco, active in the treatment and scrapping of glass collected in the south of Italy 6/6 First day of trading of Zignago Vetro shares (IPO) 2 0 1 0 2 0 1 1 3/3 Zignago Vetro acquires a 79% stake in Huta Szkla Czechy, a glassware Polish company active in the cosmetic, parfumery, food and beverages container market. 2 0 0 7 2 0 1 2 9/2 Zignago Vetro acquires a further 20% stake in Huta Szkla Czechy. Since T.I.P. first investment
  • 38. 28 SETTEMBRE 2010 October 4th, 2012 Selection of advisory transactions 2011/2012 38 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 HAS ACQUIRED THE COMPANY IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI FROM THE GROUP IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED A 50% STAKE OF
  • 39. 28 SETTEMBRE 2010 October 4th, 2012 Selection of advisory transactions 2009 / 2011 39 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 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 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
  • 40. 28 SETTEMBRE 2010 October 4th, 2012 40 Attachments – Balance sheet Balance sheet (€) 31-Dec-10* 31-Dec-11** 30-Jun-12** Property, plant and equipment 67.780 99.094 82.656 Goodwill 9.806.574 9.806.574 9.806.574 Investments in associates measured using the equity method 40.878.172 39.075.244 49.901.275 Investments in associates measured at fair value 8.085.000 8.085.000 8.085.000 Available-for-sale financial assets 91.048.989 103.396.305 112.398.262 Trade receivables and other 950.465 444.127 275.648 Loans and receivables 10.810.873 18.571.117 18.842.792 Total non current assets 161.647.853 179.477.461 199.392.207 Trade receivables 1.052.379 2.001.713 929.925 Current financial assets 34.344.835 13.650.997 10.925.082 Available-for-sale financial assets 10.096.362 0 0 Cash & cash equivalents 680.238 206.043 102.564 Other current assets 168.755 104.039 193.905 Total current assets 46.342.569 15.962.792 12.151.476 Total assets 207.990.422 195.440.253 211.543.683 Share capital 69.959.372 70.744.156 70.744.317 Reserves 117.479.726 100.045.636 115.742.737 Losses carried forward 0 1.741.051 1.747.740 Profit for the year 10.234.991 2.631.824 1.548.368 Total equity 197.674.089 175.162.667 189.783.162 Employment benefits and deferred tax 162.000 177.579 144.552 Financial liabilities 0 0 4.848.661 Deferred tax liabilities 1.055.117 400.905 595.807 Total non-current liabilities 1.217.117 578.484 5.589.020 Trade payables 650.665 397.597 397.242 Financial liabilities 3.500.027 16.897.220 14.662.286 Tax liabilities 1.947.832 434.061 159.404 Other liabilities 3.000.692 1.970.224 952.569 Total current liabilities 9.099.216 19.699.102 16.171.501 Total liabilities 10.316.333 20.277.586 21.760.521 Total Equity and liabilities 207.990.422 195.440.253 211.543.683 *Consolidated data **Individual data
  • 41. 28 SETTEMBRE 2010 October 4th, 2012 41 Attachments – Profit & Loss account Profit & Loss account (€ ) 2010* % 2011** % H1 2011** % H1 2012** % Revenues from services 5.775.917 94,4% 5.468.717 96,5% 1.329.174 92,0% 998.982 94,4% Other revenues 341.825 5,6% 201.127 3,5% 115.500 8,0% 59.281 5,6% Total revenues 6.117.742 100,0% 5.669.844 100,0% 1.444.674 100,0% 1.058.263 100,0% materials, services and other costs (1.444.849) -23,6% (1.544.312) -27,2% (704.114) -48,7% (775.225) -73,3% Personnel and other costs (4.248.640) -69,4% (3.465.665) -61,1% (1.446.542) -100,1% (1.438.701) -135,9% Depreciation and amortization (38.182) -0,6% (45.898) -0,8% (21.328) -1,5% (23.348) -2,2% Operating profit (loss) 386.071 6,3% 613.969 10,8% (727.310) -50,3% (1.179.011) -111,4% Net financial income 7.428.834 121,4% 2.566.456 45,3% 2.429.163 168,1% 2.751.416 260,0% Profit before adjustments to investments 7.814.905 127,7% 3.180.425 56,1% 1.701.853 117,8% 1.572.405 148,6% profit of equity-accounted investments and business combination 3.423.338 56,0% 1.385.437 24,4% 428.491 29,7% 705.851 66,7% Net fair value losses on available for sale financial assets (52.575) -0,9% (1.185.074) -20,9% (92.412) -6,4% (480.085) -45,4% Profit before tax 11.185.668 182,8% 3.380.788 59,6% 2.037.932 141,1% 1.798.171 169,9% Taxes (955.418) -15,6% (748.964) -13,2% (375.245) -26,0% (249.803) -23,6% Net profit 10.230.250 167,2% 2.631.824 46,4% 1.662.687 115,1% 1.548.368 146,3% *Consolidated data **Individual data
  • 42. 28 SETTEMBRE 2010 October 4th, 2012 42 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