MILAN, Italy – The Board of Directors of Italmobiliare S.p.A., the parent company of Caffè Borbone, has reviewed and approved the consolidated financial statements and the draft financial statements of the Company at December 31, 2021. Generally speaking, 2021 was a positive year for Italmobiliare’s portfolio companies, confirming the resilience of the portfolio versus the health emergency that affected the last two years.

A particular contribution was made by the excellent results of Caffè Borbone, with revenue exceeding 250 million, and a particularly brilliant year by Tecnica Group, with revenue improving by 22% on the previous year and very positive also compared with the prepandemic 2019.

At December 31, 2021 the Net Asset Value of Italmobiliare S.p.A. amounted to 2,082 million euro, up by 244 million euro compared with December 31, 2020 (1,838.2 million euro).

The increase in Italmobiliare’s NAV with respect to the distribution of dividends for a total of euro 27.5 million, is mainly due to the overall increase in the value of the Portfolio Companies (+170 million euro on a like-for-like basis), and to the positive performance of the private equity funds (53 million euro).

The component linked to HeidelbergCement AG decreased (-45 million following the sale of shares for a total of 50.4 million euro).

The value of financial assets, trading and cash at the end of 2021 amounted to 337.5 million. At December 31, 2021, the NAV per share, excluding treasury shares and dividends paid for 0.65 euro, amounted to 49.24 euro, a rise of 13.2% compared with December 31, 2020.

Summary of results

Italmobiliare S.p.A. closed 2021 with a profit of 53.1 million (compared with 31.5 million in 2020).

The profit before tax was 74.9 million, compared with 26.1 million at the end of 2020. Net income and charges from equity investments are positive for 31.9 million euro, a decrease of over 16.9 million euro compared with 48.8 million euro at December 31, 2020, due to the adjustments made to certain investments (negative for 0.4 million euro at December 31, 2021 against a positive balance of 18.6 million euro at December 31, 2020) and the increase in dividends (+2.1 million euro).

Net gains and losses on investments of cash and cash equivalents have increased by 63.0 million euro, mainly due to the growth in profitability of investment and private equity funds (+63 million euro).

Other income and expense are negative for 27.4 million euro, a decrease of 2.7 million euro compared with last year, because it included higher operating costs not related to ordinary operations.

At December 31, 2021 the net financial position of Italmobiliare S.p.A. is positive for 337.5 million, compared with 387.2 million at the end of 2020.

The main flows include the investment as co-investor of the Clessidra Capital Partners 3 fund in the acquisition of Casa Vinicola Botter Carlo & C. S.p.A. (-43.6 million euro) and the subsequent sales of shares (+31.7 million euro), the purchase of the residual 20% of Officina Profumo-Farmaceutica di Santa Maria Novella S.p.A. (-40 million euro), the investments in private equity funds (-39.14 million euro) and reimbursements (32.26 million euro), the outlay for other investments (-27.72 million euro) and Portfolio Companies (-7.2 million euro), partially offset by the sale of HeidelbergCement shares (+50.4 million euro).

At a consolidated level, taking into account the overall positive performance of the portfolio companies, the profit attributable to the owners of the parent company has risen to 139.7 million from 68.3 million at the end of 2020 and the consolidated equity attributable to the owners of the parent company amounts to 1,459.6 million (1,330.4 million at the end of 2020).

The other main economic results of the Italmobiliare Group are:

Revenue and income: 492.3 million (324.9 million at December 31, 2020)

Gross operating profit: 170.5 million (81.3 million at December 31, 2020)

Operating profit: 145.2 million (58.5 million at December 31, 2020).

Italmobiliare’s Board of Directors will propose to the Shareholders’ Meeting on April 21, 2022 the distribution of an ordinary dividend of 0.70 euro per share and, also in light of the disposal of all Sirap Gema Group’s operating activities, an extraordinary dividend of 0.70 euro per share. The proposed dividend will be distributed using the entire profit of Euro 53,146,430 and retained earnings for an amount of Euro 6,049,672.

The dividend will be paid on May 11, 2022, going ex-coupon on May 9, 2022 (with a record date of May 10, 2022).

Generally speaking, 2021 was a positive year for the Portfolio Companies of Italmobiliare, despite the impact of the health emergency still significant, in particular on Officina Profumo-Farmaceutica di Santa Maria Novella and Tecnica’s winter sports business. Looking at the pro-forma aggregate:

• 2021 revenue amounted to 1,579 million, a rise of 25% on 2020;
• Gross operating profit stood at 277.4 million euro, an improvement of 20% compared with the previous year;
• Positive cash flow of 155.2 million, gross of the payment of 44.6 million of dividends in 2021.

Caffè Borbone (60%)

 Caffè Borbone – one of the leading producers specialising in compatible capsules and pods confirmed its growth trend in 2021 as well, closing the year with revenue of 252.9 million euro (+15% on the previous year). At the level of distribution channels, large-scale retail trade is growing at above average rates (+52% on 2020). At product level, single-dose coffee is still the main product; the sale of coffee beans is Gross operating profit was 83.1 million euro, up by 11% compared with 2020: margins are of 32.9%, substantially in line with the previous year despite the rising cost of raw materials.

Net of amortisation and depreciation, which have gone up slightly, operating profit was 72.9 million euro, up 10.5% compared with 2020.

Profit for 2021 came to 63.5 million euro (a decline with respect to 90.5 million in 2020, explained by a one-off impact on taxes for 2020; without it, the profit would have risen by 29%). The net financial position at December 31, 2021 is positive for 8.0 million euro, with positive cash generation during the year of 48.0 million euro, gross of the 30 million euro of dividends paid in 2021.