TIP - Star Conference London 2013

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TIP - Star Conference London 2013

  1. 1. October 1, 2013 1 Star Conference London 2013 October 1, 2013
  2. 2. October 1, 2013 2 Why ? Who one year ago, having met us at this event, decided to buy T.I.P. shares:  Would have benefited of ±30.0% ca.  Would have cashed a 2.5% ca. dividend  Would have participated with us to some of the most appealing Italian deals
  3. 3. October 1, 2013 Would you invest in a Group that:  Holds active stakes in 8 worldwide leaders in their respective sectors ?  In the last 10 years realised capital gains in about 80% of divestments ?  Has a market capitalization of about 68% of its portfolio’s «value» ?  Invested approx. 63% of assets in technology, luxury and third age ?  Regularly pays a dividend of about 2.5% per year ?  From 1.1.2010 has generated a total return of about 75% ?  Has recently multiplied by 5 an investment in an unlisted group ? 3 Why ?
  4. 4. October 1, 2013 Furthermore  Has regularly performed – on the stock market – much better than many «comparable» indices and funds for many years  The main portfolio companies are «global players» and strong exporters  Is among the most liquid stocks of Italian listed small – mid caps  Management’s compensation is significantly related to performance  Has attracted most of the Italian dynamic entrepreneurial families  Is really «public» and contendible  Is a network absolutely unique 4 Why ?
  5. 5. October 1, 2013 5 Potential  In the last ten years T.I.P. has invested – including direct equity, club deals and loans – about 1.1 billion euro  Considering the positive interaction with most of its shareholders, T.I.P. today «oversees» the investment of more than 800 million euro among participations and securities and has demonstrated to be able to raise huge amounts of funds through club deals also due to its track record  From 2010 up today – during the worst period of European «crisis» – T.I.P. has invested 471 million euro considering direct equity, co- investments and loans
  6. 6. October 1, 2013 6 Strategy  European mid-sized companies with real leadership positions and outstanding potential – and demonstrated willingness – to grow  Support the entrepreneurs in accelerating the development and contribute to the progressive appreciation of their companies  Possibility to get also control stakes, with qualified partners  No guaranteed way-outs and real long term perspective  No leverage buy-out, antithesis to real development
  7. 7. October 1, 2013 Structure * Italian leaders European leaders 7 CLUBTRE (PRYSMIAN) GRUPPO IPGH (INTERPUMP) NOEMALIFE Mergers and acquisitions  Initial public offerings (IPO)  Takeover bids Advisory Estimates and valuations BOLZONI SERVIZI ITALIA AMPLIFON DAFE 4000 (INTERCOS) MONRIF - china - india - Korea - hong kong - vietnam - Thailand - taiwan DATALOGIC VALSOIA - Canada - U.S.A. - Germany - Holland - France - Sweden -- Poland -Portugal -U.K. -Spain -Switzerland -India -brazil - Germany M&C (treofan) Unlisted companies Advisory International network Listed companies * * DATA HOLDING (Be) * Worldwide leaders Financial advisory boutique based in Frankfurt (30% T.I.P.) Financial advisory boutique based in Hong Kong (30% T.I.P.) Partnership among M&A advisory companies 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 CLUBSETTE (Moncler) TXR S.R.L. (Roche Bobois)
  8. 8. October 1, 2013 Main investee companies Average Ebitda margin higher than15% Evident signal of excellence and «resilience» *Companies that reached record results in 2012 8 T.I.P. appointed members in the B.o.D. of: Amplifon, Bolzoni, Datalogic, Interpump, Roche Bobois, Ruffini Partecipazioni and Prysmian % Change % Change 6m 2012 6m 2013 6m 2012 6m 2013 6m 2012 6m 2013 * Amplifon S.p.A. 407.4 409.2 0.4% 62.3 55.3 -11.2% 15.3% 13.5% Bolzoni S.p.A. 115.8 119.1 2.8% 9.1 9.5 3.7% 7.9% 7.9% * Datalogic S.p.A. 236.9 218.8 -7.6% 40.6 26.2 -35.5% 17.1% 12.0% * Interpump Group S.p.A. 279.2 280.5 0.5% 59.0 54.0 -8.5% 21.1% 19.3% Moncler S.r.l.(1) 513.4 623.8 21.5% 118.1 170.0 44.0% 23.0% 27.3% * Prysmian S.p.A. 3,916.0 3,622.0 -7.5% 308.0 282.0 -8.4% 7.9% 7.8% * Servizi Italia S.p.A. 104.0 104.9 0.8% 30.6 30.1 -1.6% 29.4% 28.7% Roche Bobois Group(1) 250.3 243.2 -2.8% 18.1 19.6 8.3% 7.2% 8.1% Average 16.1% 15.6% (1) FY 2011 and 2012 data Revenues Ebitda Ebitda margin
  9. 9. October 1, 2013 Technology Luxury Third age Other Liquidity Assets valuation Book value Consensus estimate T.I.P. mid-term intrinsic value estimates €285 mln €373 mln €435 mln 9 Moncler Roche Bobois Amplifon Prysmian InterpumpDatalogic Noemalife Be Intercos Other Liquidity Moncler Roche Bobois Amplifon Prysmian InterpumpDatalogic Noemalife Be Intercos Other Liquidity All data as at 31.8.2013
  10. 10. October 1, 2013 Assets available 20 36 150 Capital increase Cash in from warrants exercise* (estimate) Partially guaranteed 508 Investments book value as at 30.6.2013 Current assets available as at 30.6.2013 € M Multiple of availability ≈ 1.5 € bln Up to 3 times in hypothesis of club deals like Prysmian ≈ 2.5 / 3.0 € bln Up to 5 / 6 times in hypothesis of club deals like Interpump and Datalogic 43 Investments post 30.06.2013 10 246 53 Credit lines Investments made 3 Capital gains (43) Data in euro million * 1,90 strike price as at June 2014 and 2.0 as at June 2015 As at June 30th 2013 Printemps’ book value has been increased to 39 million euro; after, the participation was sold for about 42 million euro Direct potential assets
  11. 11. October 1, 2013 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 6.9% 29.5% "Investment companies" index T.I.P. 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 4.0% 14.7% "Investment companies" index T.I.P. 11 Portfolio dynamism T.I.P is an active investor with great flexibility and a dynamic management of its portfolio compared to similar listed investment companies  T.I.P. is much more dynamic compared to the main Italian holding companies: Camfin, CIR, Cofide, Dea Capital, Exor, KME and Italmobiliare. *September 2013 data have been updated just for T.I.P. The “Investment companies” index refers to 2009-2012 period Average annual disinvestments on non current assets of the previous year (2009-September 2013)* Average annual investments on non current assets of the previous year (2009-September 2013)*
  12. 12. October 1, 2013 5.8 5.5 4.7 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2010 2011 2012 11.2 3.4 10.1 0.0 2.0 4.0 6.0 8.0 10.0 12.0 2010 2011 2012 Results 12 After 31.12.2012:  In May T.I.P. distributed a dividend of 0.041 euro (+17% vs. previous dividend).  Between 1.1 - 27.9.2013 T.I.P. acquired 3.9 mln treasury shares.  Between 1.1 - 27.9.2013 T.I.P. warrants registered an increase of 279%. Revenues from advisory Profit before taxes € mln € mln average 5.3 Average 8.2 Note: as at 27.9.2013 T.I.P. registered revenues equal to 4 million euro, of which just 1 million has been already accounted for on 30.6.2013
  13. 13. October 1, 2013 14.83% 7.19% 0.94% 30.03% 2.54% 2.41% 2.35% 2.59% 4.44% 2.88% 0% 5% 10% 15% 20% 25% 30% 35% 2010 2011 2012 2013 Rendimento % da assegnazione gratuita di warrant Rendimento % da assegnazione gratuita di az. proprie Dividend yield % Performance titolo TIP nell'esercizio Returns for the shareholder 2010 – 27.9.2013* 13 In March 2010 T.I.P. freely distributed about 4.4 million shares and 13.3 million warrants 2010 – 27.9.2013 Average annual return % +17.6% Vs Ftse Mib -7.7% 24.7% 9.6% 32.6% * Returns are related to the year of distribution 3.3% 14.83% 7.19% 0.94% 2.41% 2.35% 0.00% 5.00% 10.00% 15.00% 2010 2011 2012 Yield % from free warrants assigned Yield % from free treasury shares assigned Dividend yield % T.I.P. stock performance during the year Euro 27.09.2013 Dividends distributed 18,077,045 Buy back 13,067,130 Total 31,144,175
  14. 14. October 1, 2013 Hypothesis 2013 dividend 14 At year end – following the conclusion of Printemps’ disposal – the top management of T.I.P. will propose to the B.o.D. to pay a «double dividend» for 2013 , compared with 2012. In any case the total return* from 1.1.2010 has been equal to 74.8% with a FTSE MIB that has lost the 24.1% * Sum of the returns deriving from treasury shares and warrants distribution, dividend yield and stock performance, even without taking into account the increase in value of treasury shares
  15. 15. October 1, 2013 Year 2013 so far  Acquisition – through club deal – of a 14% stake of Ruffini Partecipazioni S.r.l., a company holding a 32% stake in Moncler Group + liquidity  Beginning of the disposal of the stake in Borletti Group Finance S.C.A., with cash in of about 42 million euro to be realised within 31.12.2013 15  Acquisition of about 20% stake of the Roche Bobois Group  Capital increase of Noemalife (II phase)  Several M&A deals already concluded
  16. 16. October 1, 2013 16 Focus on Printemps  In 2006 T.I.P., together with a group of investors coordinated by the Borletti family, acquired an indirect stake in the capital of Printemps, the second most important department store chain in France  In 2010 T.I.P. has been the only shareholder that almost doubled its stake  On July 31st 2013 the agreement for the disposal was finalised Printemps was acquired from the Pinault Group and, after the acquisition, huge investments have been made Description Date €'000 A Investments* Oct - 06 / Mar 08 -4,285 B Investments* Sep - 10 -4,380 C Expected cash in** Jul 13 ~42,000 D=A+B +C Total cash in and cash out ~33,300 Theoretical money multiple 4.8x Theoretical IRR 37.3% Cash in and Cash out *Capital, fees, financing and purchase of receivables **Under liquidation; indicative data
  17. 17. October 1, 2013 17 Focus on Interpump  In 2003 T.I.P. made the first investment, through a club deal  In 2007 T.I.P., together with the co-investors, incorporated Gruppo IPG Holding S.r.l. to which they all sold their stakes  Now IPG Holding controls Interpump with about 27% of the capital On homogenous basis a direct investment in Interpump shares, in the same period, would have generated an IRR of about 15% Description Date €'000 A Total investments* Jul - 03 / Sep 13 -43,100 B Total proceeds** Jul - 03 / Sep 13 33,018 C=A+B Total cash in and cash out Jul - 03 / Sep 13 -10,082 IPGH investment value*** 45,544 Theoretical money multiple 4.5x Theoretical IRR 20.8% Cash in and Cash out *Shares purchases, capital increases and loan granted **Disposal of shares, dividends and refunds ***Valuation based on T.I.P. internal estimates
  18. 18. October 1, 2013 1.200 1.250 1.300 1.350 1.400 1.450 1.500 1.550 1.600 1.650 1.700 1.750 1.800 1.850 1.900 1.950 2.000 2.050 2.100 2.150 2.200 2.250 2.300 Volumi TIP TIP Listed Portfolio Portfolio performance 18 Performance of T.I.P. vs. listed portfolio performance – including Printemps – from 31.12.2011 to 27.9.2013 2012 dividend As at 27.9.13 D T.I.P. listed portfolio of ≈€77 mln + ≈€33 mln (Printemps) = ≈€110 mln(2) T.I.P. T.I.P. listed portfolio T.I.P. stock volumes (1)«T.I.P. portfolio» performance is weighted taking into account the actual amounts invested by T.I.P. during the relevant period (2)The figure represents the difference between the «market value» of T.I.P. listed portfolio as at 27.9.2013 and as at 31.12.2011, which has been adjusted to take into account the capital gain realised on Borletti Group/Printemps participation’s disposal 2011 dividend
  19. 19. October 1, 2013 1.200 1.250 1.300 1.350 1.400 1.450 1.500 1.550 1.600 1.650 1.700 1.750 1.800 1.850 1.900 1.950 2.000 2.050 2.100 2.150 2.200 2.250 2.300 2.350 2.400 2.450 2.500 31-Dec-12 31-Jan-13 28-Feb-13 31-Mar-13 30-Apr-13 31-May-13 30-Jun-13 31-Jul-13 31-Aug-13 Volumi TIP TIP Listed Portfolio Portfolio performance 19 Performance of T.I.P. vs. listed portfolio performance – including Printemps – from 31.12.2012 to 27.9.2013 (1)«T.I.P. portfolio» performance is weighted taking into account the actual amounts invested by T.I.P. during the relevant period (2)The figure represents the difference between the «market value» of T.I.P. listed portfolio as at 27.9.2013 and as at 31.12.2012, which has been adjusted to take into account the capital gain realised on Borletti Group/Printemps participation’s disposal 2012 dividend As at 27.9.13 D T.I.P. listed portfolio of ≈€40 mln + ≈€33 mln (Printemps) = ≈€73 mln(2) T.I.P. T.I.P. listed portfolio T.I.P. stock volumes
  20. 20. October 1, 2013 49,326 118,244 129,100 180,779 13 50 68 91 0 20 40 60 80 100 120 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 2012 Last year Last 6 months Last 3 months T.I.P. average volumes (as at 27.9.2013) Block / Out of the market trading volumes not included *Source: Bloomberg. Number of exchanges per day are available starting from 2.4.2012 20 T.I.P. is one of the most liquid mid-cap companies on the Italian market Average volumes Average number of daily trades* Recent analysts’ consensuses Brokerage house Date Target price Intermonte 18-Sep-2013 2.40 Equita 9-Aug-2013 2.11 Integrae 8-Aug-2013 2.50 Average 2.34
  21. 21. October 1, 2013 T.I.P. shares Performance of some European stock indices vs. T.I.P.* from 1.1.2010 to 27.9.2013 21 STOXX EURO SM +38.6% MSCI EUR +21.3% MSCI SM +45.6% FTSE MIB -24.1% T.I.P. +55.9% IT STAR +31.1% FTSE ITALIA SM -40.4% Source: Bloomberg *T.I.P. performance is adjusted taking into account (i) the allocation, during March 2010, of more than 4.4 million treasury shares to T.I.P. existing shareholders and (ii) the allocation of 3 warrants combined to each treasury share received 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 TIP MSCI Eur IT Star FTSE Mib MSCI Small Cap FTSE Italia Small Cap Stoxx Euro Small 200
  22. 22. October 1, 2013 T.I.P. shares Performance of Italian market main comparables vs. T.I.P.* from 1.1.2010 to 27.9.2013 Source: Bloomberg *T.I.P. performance is adjusted taking into account (i) the allocation, during March 2010, of more than 4.4 million treasury shares to T.I.P. existing shareholders and (ii) the allocation of 3 warrants combined to each treasury share received 22 T.I.P. +55.9% DEA CAPITAL +6.7% KME/INTEK -6.5% ITALMOBILIARE -39.5% CIR -36.1% MITTEL -55.6% MIDINDUSTRY -69.2% CAPE LIVE -83.3% 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 TIP KME/Intek Dea Capital MidIndustry C. CIR Mittel Italmobiliare Cape Live
  23. 23. October 1, 2013 23 Unique network of shareholders, investee companies, clients and team To sum up Cooperation, synergies and sharing of efforts / targets allow to reach: An excellent and constant profitability Several up--sides related to the high intrinsic value Proven soundness of T.I.P. and its investee companies T e a m All this together with a significant investment capability Investee companies Clients Shareholders

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