RESULTS AS AT 31 MARCH 2024
CONSOLIDATED NET PROFIT OF 29.4 MILLION (PRO FORMA) (+50%)
CONSOLIDATED SHAREHOLDERS' EQUITY OF 1.48 BILLION
The Board of Directors of Tamburi Investment Partners S.p.A. ("TIP" - tip.mi), independent and diversified industrial group listed on the Euronext STAR Milan segment of Borsa Italiana S.p.A. which invests in several excellent entrepreneurial companies, has approved the consolidated interim financial report as at 31 March 2024.
The TIP group closes the first three months of 2024 with a pro forma consolidated net profit of 29.4 million, which grows by over 50% compared to the 19.6 million at 31 March 2023. The consolidated net equity at 31 March 2024 is of approximately 1.48 billion, compared to 1.44 billion as of 31 December 2023.
The excellent result of the quarter is essentially attributable to the further good contribution to the results by the associated companies, among which the very positive one of OVS (referring to the period November 2023-January 2024) should be highlighted, more than doubled compared to the same period of the previous year, as well as the capital gains realized on the completion of the disinvestment from Prysmian.
The usual pro forma income statement for the period 1 January - 31 March 2024, determined by considering the realized gains and losses and write-downs on equity investments, is shown below. As known, this system, in force until a few years ago, is considered to be much more significant in representing the reality of TIP's business.
Riclassification | ||
to income | ||
statements of | ||
IFRS | capital gain | |
Consolidated income statement | 31/3/2024 | (loss) realised |
(Euro) | ||
Total revenues | 390,931 | |
Purchases, service and other costs | (629,602) | |
Personnel expenses | (7,140,230) | |
Amortisation | (98,898) | |
Operating profit/(loss) | (7,477,799) | 0 |
Financial income | 1,716,495 | 21,619,711 |
Financial charges | (2,852,245) | |
Share of profit/(loss) of associates | ||
measured under the equity method | 15,835,257 | |
Adjustments to financial assets | 0 | |
Profit / (loss) before taxes | 7,221,708 | 21,619,711 |
Current and deferred taxes | 818,365 | (303,638) |
Profit / (loss) of the period | 8,040,073 | 21,316,073 |
Profit/(loss) of the period | ||
attributable to the shareholders | ||
of the parent | 8,173,813 | 21,316,073 |
Profit/(loss) of the period | ||
attributable to the minority | ||
interest | (133,740) | 0 |
PRO
FORMA
31/3/2024
390,931
(629,602)
(7,140,230)
(98,898)
(7,477,799)
23,336,206
(2,852,245)
15,835,257
0
28,841,419
514,727
29,356,146
29,489,886
(133,740)
PRO
FORMA
31/3/2023
327,212
(549,975)
(4,636,495)
(92,147)
(4,951,405)
9,733,071
(4,329,377)
18,522,268
0
18,974,558
575,760
19,550,318
19,550,318
0
The share of the result of the associated companies represents an income of 15.8 million, thanks in particular to the positive results of the investees OVS S.p.A., IPGH S.p.A., parent company of the Interpump group, ITH S.p.A.,
parent company of the Sesa group, Beta Utensili S.p.A., Sant'Agata S.p.A., parent company of the Chiorino group and Limonta S.p.A.. After having recorded in 2023, for the first time in its history, a positive first quarter, at Ebitda level, Alpitour further improved the Ebitda in the period, confirming the extremely positive trend which allows to demonstrate how the leap in profitability recorded recently can be considered structural.
The activities of many of the other direct and indirect investments have also achieved positive results, after the already excellent ones in 2023.
Revenues from advisory activities in the period were approximately 0.4 million.
Personnel costs are growing slightly compared to 2023 and, as always, is significantly influenced by the variable remuneration component of executive directors which, as is known, are linked to results.
Financial income also includes 1.5 million in dividends and 0.2 million in other income. Financial charges mainly refer to interest accrued on the bond for approximately 2 million and other interest on loans for approximately 0.6 million.
The consolidated net financial position of the TIP group at 31 March 2024, without considering non-current financial assets considered from a management perspective to be liquidity usable in the short term, was negative by approximately 378 million, significantly lower than the approximately 409 million at 31 December 2023. The reduction of the period is essentially attributable to the proceeds from divestments net of the use of liquidity used to finalize investments in shareholdings and the purchase of treasury shares in the quarter.
In January 2024, StarTIP participated, pro rata, with an investment of approximately 4.7 million, in a new capital increase of Bending Spoons based on a post-money equity value valuation of over 2.5 billion dollars. Following the transaction, the TIP group holds a stake in Bending Spoons of approximately 3.3%.
In March 2024, Investindesign purchased additional Dexelance shares, with an investment of approximately 2.6 million, slightly increasing its shareholding.
Following what was decided in 2023, sales of Prysmian shares continued in the first months of 2024, until the disinvestment was completed in March, Prysmian remains an exceptional group, which has also recently demonstrated growing results and great vision and strategic ambition. The progressive dismantling of the club deal organized through Clubtre and our absence from governance pushed us to decide this disinvestment, but the great esteem in management and our appreciation for the company's performance, including future ones, remain unchanged.
The purchases of treasury shares also continued and we invested a further 3.2 million in the quarter.
As regards other significant operations, the activity aimed at valorising the Alpitour group continued, among others, during the quarter which, as is known, we managed to slow down given the goodness of the current results and the strengthening of the positive perspectives.
More generally, it should be noted that the investment proposals being analyzed are increasing as, with interest rates which have not yet decreased and which will very probably have a more gradual decalage than expected a few months ago, the interest of many companies towards an operator like TIP is increasing.
The performance of the TIP stock and the main Italian and international indices is summarized in the following graph:
12,5
10,5
8,5
6,5
4,5
2,5
0,5
- asdaq +2 9 3,5%
- 254, 9%
S&P 500 +1 7 4,9%
IT Star +1 5 6,6%
D OW JONES + 1 3 6,5%
F TSE MIB +6 1 ,2%
MSC I Eur +4 8 ,8%
F TSE Small Cap +4 4 ,0%
TIP processing based on data collected on May 10, 2024 at 7:53 PM, source Bloomberg
The ten-year performance highlighted by the graph as of 10 May 2024 is 254.9%, higher than almost all the main national and international indices, with a total return(1) of 314.6%, which corresponds to an average annual figure of approximately 31.5% and a composite figure of 15.3%.
Despite the significant increase in the listing price in March 2024 and the excellent performance in 2023, the TIP stock is still far from both the value we estimated on the basis of the existing investments and the target prices of the analysts who cover the TIP stock.
Culture of sustainability
With the approval by the Board of Directors of the update of the document "A Culture of Sustainability", which took place on 14 March 2024, TIP further confirmed and analytically detailed TIP's commitment - moreover historically consolidated - on ESG issues.
Significant events after 31 March 2024
In April, a new program for the purchase of treasury shares was launched for up to a maximum of further no. 5,000,000 shares to be carried out by October 29, 2025.
The merger by incorporation of Digital Magics S.p.A. in Zest S.p.A. (formerly LVenture Group S.p.A.) became effective in April. Following the merger, based on the exchange ratio, StarTIP received 22,029,906 shares of Zest S.p.A. and remains, with a stake of 13.708% of the share capital and 13.334% of the voting rights, the single largest shareholder of the group, which currently contains more than 250 shareholdings in innovative and technological companies.
(1) Total return source: Bloomberg (Divs. Reinv. Secur.)
The purchase of treasury shares and the usual active management of liquidity also continued.
Business outlook
Our recent letter to shareholders began with: "strana tempora currunt".
In fact, the period we are living in is strange, difficult to decipher. On the one hand, in fact, the most heralded recession of the last few decades will, most likely, not happen, on the other the central banks continue to fiddle about starting that lowering of interest rates which is also much heralded, but which seems not to arrive.
Faced with this, the financial markets are breaking records, but the valuations in mergers and acquisitions operations continue, albeit slowly, to decrease.
In all this some logic can be found and, attempting a synthesis, it can be argued that:
- the central banks, after having realized the gravity of their mistakes in having lowered rates too much and for too long, are finding it very difficult to start the easing plan, even if foreseen, to avoid - with inflation which, especially in the USA, does not give up - to make even bigger mistakes;
- the real economy is clearly slowing down almost everywhere, but few realize that, after the very strong growth of 21/22, a consolidation was normal and healthy and many are struggling to metabolize negative trends;
- the enormous liquidity poured into the markets in the post-Covid period is clearly drugging all asset classes, creating strong disorientation among most operators; the drug of drugs seems to be on a few stocks listed on Wall Street which, fueled by the mega prospects of artificial intelligence, mean that 10 stocks now represent over a third of the total stock market capitalization of those markets;
- in a historically less volatile market, that of mergers and acquisitions, we note first of all a strong lack of outgoing deals by private equity funds, which evidently are unable to achieve what was expected and prefer to wait, in some cases giving rise to those continuation funds which until recently were described to us as having a conflict of interest with the traditional activity, but which are evidently now convenient; in contrast, the enormous liquidity of industrial companies is increasing the desire for add-ons and mergers with strategic content and a clear trend of corporate combinations based on synergies is emerging;
- the above phenomena are giving rise to a significant, albeit gradual, downsizing of valuations, starting from those "multiples" much cited and taken as examples as effectively valid parameters for establishing both values and prices of companies.
In this context, at TIP we see the number of dossier of potential investment increasing, but we continue to see no urgency to materialize operations, unless they are of particular interest. In fact, we expect many potential deals from the 3.2 trillion dollars of unsold assets in private equity funds, but the general feeling is that - at least for now - the awareness of a decisive turning point in these markets does not want to be taken seriously into consideration. Therefore we will continue first of all to support the investees in their development policies, even non-organic ones and, with the usual prudence, to evaluate new acquisition operations and also IPOs which, precisely according to what has just been mentioned, could, among these year and next, become very relevant again.
Treasury shares
The treasury shares in portfolio at 31 March 2024 were 18,701,643 equal to 10.143% of the share capital, As of May 14, 2024 they were 18,861,098, representing 10.230% of the capital.
The Board of Directors meeting today acknowledged that the Board of Statutory Auditors has carried out the assessment regarding the existence for each of the Auditors appointed by the Shareholders' Meeting of 29 April 2024 of the independence requirements as well as the requirements of good repute and professionalism required by law and the Articles of Association.
The Manager in charge of preparing the corporate accounting documents Claudio Berretti declares, pursuant to paragraph 2 art.-154 bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the documentary findings, books and accounting records.
Attachments: consolidated income statement and consolidated statement of financial position as of 31 March 2024.
Milan, May 15, 2024
TIP - TAMBURI INVESTMENT PARTNERS S.P.A. IS AN INDEPENDENT AND DIVERSIFIED INDUSTRIAL GROUP WITH THAT INVESTED, AMONG DIRECT INVESTEMENTS AND/OR CLUB DEALS, MORE THAN 5 BILLION EURO (AT TODAY VALUES) IN COMPANIES DEFINED AS "EXCELLENT" FROM AN ENTREPRENEURIAL POINT OF VIEW AND WITH A LONG-TERM APPROACH OF STRATEGIC SUPPORT AND GROWTH IN VALUE. CURRENTLY TIP HAS DIRECT OR INDIRECT INTEREST IN LISTED AND UNLISTED COMPANIES INCLUDING: ALIMENTIAMOCI, ALKEMY, ALPITOUR, AMPLIFON, APOTECA NATURA, ASSET ITALIA, AZIMUT BENETTI, BASICNET, BENDING SPOONS, BETA UTENSILI, BUZZOOLE, CENTY, CHIORINO, DEXELANCE, DOVEVIVO, EATALY, ELICA, ENGINEERING, HUGO BOSS, INTERPUMP, ITACA, LANDI RENZO, LIMONTA, LIO FACTORY, MONCLER, MONRIF, MULAN, OCTO TELEMATICS, OVS, ROCHE BOBOIS, SESA, SIMBIOSI, STARTIP, TALENT GARDEN, TELESIA, VIANOVA AND ZEST.
Contacts: Alessandra Gritti
CEO - Investor Relator
Tel, 02 8858801 mail: gritti@tamburi.it
This press release is also available on the company's web site www.tipspa.itand disclosed by 1Info SDIR and 1Info Storage system (www.1info.it).
Consolidated income statement
Tamburi Investment Partners group (1)
March 31, 2024 | March 31, 2024 | March 31, 2023 | |
(euro) | PRO FORMA | ||
Revenue from sales and services | 375,713 | 375,713 | 312,794 |
Other revenues | 15,218 | 15,218 | 14,418 |
Total revenues | 390,931 | 390,931 | 327,212 |
Purchases, service and other costs | (629,602) | (629,602) | (549,975) |
Personnel expenses | (7,140,230) | (7,140,230) | (4,636,495) |
Amortisation and depreciation | (98,898) | (98,898) | (92,147) |
Operating profit/(loss) | (7,477,799) | (7,477,799) | (4,951,405) |
Financial income | 1,716,495 | 23,336,206 | 889,466 |
Financial charges | (2,852,245) | (2,852,245) | (4,329,377) |
Share of profit/(loss) of associated companies | |||
measured under the equity method | 15,835,257 | 15,835,257 | 18,522,268 |
Impairments on financial assets | 0 | 0 | 0 |
Profit/(loss) before taxes | 7,221,708 | 28,841,419 | 10,130,952 |
Current and deferred taxes | 818,365 | 514,727 | 785,818 |
Profit/(loss) of the period | 8,040,073 | 29,356,146 | 10,916,770 |
Profit attributable to the shareholders of the parent | |||
8,173,813 | 29,489,886 | 10,916,770 | |
Profit attributable to minority interests | |||
(133,740) | (133,740) | 0 | |
Basic earnings/(loss) per share | 0.05 | 0.07 | |
Diluted earnings/(loss) per share | 0.05 | 0.07 | |
Number of shares in circulation | 165,677,658 | 167,093,041 |
- The income statement as at 31 March 2024 (as for 31 March 2023) has been prepared in accordance with IFRS and therefore does not include capital gains in the period on equity investments, realized directly and indirectly, of 21.6 million, The pro- forma income statement prepared considering the realized capital gains, losses and the write-downs on equity investments in the income statement reports a profit of approximately 29.4 million.
Consolidated statement of financial position
Tamburi Investment Partners group
(euro) | March 31, 2024 | December 31, 2023 | |
Non-current assets | |||
Property, plant and equipment | 125,979 | 132,580 | |
Right-of-use | 1,689,217 | 1,772,181 | |
Goodwill | 9,806,574 | 9,806,574 | |
Other intangible assets | 17,446 | 19,032 | |
Investments measured at FVOCI | 795,322,161 | 796,507,244 | |
Associated companies measured under the equity method | 1,078,310,670 | 1,062,634,470 | |
Financial receivables measured at amortised cost | 5,100,585 | 5,099,218 | |
Financial assets measured at FVTPL | 2,312,192 | 2,312,192 | |
Tax receivables | 237,433 | 237,433 |
Total non-current assets | 1,892,922,257 | 1,878,520,924 |
Current assets | ||
Trade receivables | 324,459 | 442,349 |
Current financial receivables measured at amortised cost | 0 | 7,395,245 |
Derivative instruments | 851,672 | 1,066,040 |
Current financial assets measured at FVOCI | 26,135,230 | 25,544,195 |
Cash and cash equivalents | 12,021,076 | 4,881,620 |
Tax receivables | 80,308 | 86,102 |
Other current assets | 449,115 | 320,219 |
Total current assets | 39,861,860 | 39,735,770 |
Total assets | 1,932,784,117 | 1,918,256,694 |
Equity | ||
Share capital | 95,877,237 | 95,877,237 |
Reserves | 593,772,655 | 583,761,289 |
Retained earnings | 712,929,856 | 606,287,895 |
Result attributable to the shareholders of the parent | 8,173,813 | 85,268,519 |
Total equity attributable to the shareholders of the | ||
parent | 1,410,753,561 | 1,371,194,940 |
Equity attributable to minority interests | 68,497,052 | 68,633,703 |
Total equity | 1,479,250,613 | 1,439,828,643 |
Non-current liabilities | ||
Post-employment benefits | 366,724 | 356,617 |
Financial liabilities for leasing | 1,506,874 | 1,506,874 |
Non-currentfinancial payables | 92,914,236 | 92,887,302 |
Deferred tax liabilities | 3,809,433 | 4,037,989 |
Total non-current liabilities | 98,597,267 | 98,788,782 |
Current liabilities | ||
Trade payables | 697,748 | 541,304 |
Current financial liabilities for leasing | 250,652 | 334,354 |
Current financial liabilities | 322,622,829 | 353,029,129 |
Tax payables | 7,739,857 | 76,243 |
Other liabilities | 23,625,151 | 25,658,239 |
Total current liabilities | 354,936,237 | 379,639,269 |
Total liabilities | 453,533,504 | 478,428,051 |
Total equity and liabilities | 1,932,784,117 | 1,918,256,694 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
TIP - Tamburi Investment Partners S.p.A. published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 16:05:09 UTC.