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TAMBURI INVESTMENT PARTNERS S.P.A. (TIP)
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Delayed CHI-X - 11/19 05:00:23 am
2.232
EUR
+0.90%
5d ago TAMBURI INVESTMENT PARTNERS S.P.A. : Quarterly report as at September 30, 2..
10/14 TAMBURI INVESTMENT PARTNERS S.P.A. : Disclosure regarding the plan for the ..
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Tamburi Investment Partners S.p.A. : Quarterly report as at September 30, 2013 11/14/2013 | 12:09pm US/Eastern
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Q UARTERLY REPORT AS AT S EPTEMBER 30, 2013
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net income: 31million Euro
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(3.8 million as at September 30, 2012)
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Net equity above 254 million Euro
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(211 million as at December 31, 2012)
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The Board of Directors of Tamburi Investment Partners S.p.A. (hereinafter "TIP" - tip.mi), independent investment/merchant bank listed on Star Segment of Borsa Italiana S.p.A., met today in Milan and approved the consolidated quarterly report as at September 30, 2013.
R ESULTS AS AT S EPTEMBER 30, 2013
The first nine months of 2013 ended with a profit before taxes of approximately 31 million Euro compared to 3.8 million Euro in the first nine months of 2012.
This result was mainly obtained through the beginning of the liquidation of the positions indirectly held in Printemps through Borletti Group Finance SCA and Borletti Group SCA; such transaction gave rise to the most significant capital gain achieved by TIP from the beginning of its activity. The overall capital gain related to the whole transaction should be of about 33 million Euro, of which approximately 31.6 million already recorded in the income statement and cashed in, while the remaining part is still dependent on some transaction costs under definition and on the relative taxation.
TIP consolidated net equity as at September 30, 2013 amounted to about 254.6 million Euro, also in this case the highest level achieved by the company, compared to approximately 211.3 million Euro reported in the individual financial statements as at December 31, 2012 and this after the payment of dividends for 5.4 million Euro occurred during the month of May 2013 and the purchase of treasury shares in the period for 6.4 million Euro.
In the first nine months TIP generated revenues from advisory services of about 4 million Euro (2.5 million Euro in the same period of 2012 and about 1 million Euro as at June 30, 2013), dividends of 1.3 million Euro and income from securities - considering fair value adjustments as at September 30, 2013 and financial income - of more than
1.7 million Euro.
The most important aspect that has to be emphasized is the fact that the majority of the main investee companies continue to report good results, even if as of today with a slight decrease compared to 2012. These results are mainly due to the technological level, the leadership position and the geographical diversification of the revenues of many of these companies.
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On August 5, 2013 through the controlled company Clubsette S.r.l., it has been acquired a 14% stake in Ruffini
Partecipazioni S.r.l., company that owns the 32% of Moncler Group.
Clubsette is a special purpose vehicle of which TIP owns 52.5%. The remaining part of the capital has been subscribed by other shareholders, mainly entrepreneurs and family offices.
TIP has subscribed with Ruffini Partecipazioni a six years lock-up agreement, while the other shareholders of Clubsette have subscribed the same obligation, but limited to approximately a three years period; the percentage of participation of Clubsette in Ruffini Partecipazioni may vary - but with a floor of 12% - depending on the performance of Moncler shares in the first six months from listing on the stock exchange.
Given the nature of TIP activity, the relevance of the data mentioned for the nine months of 2013, both in economic and financial terms, is not necessarily a significant outlook on an annual basis.
Coherently with what is normally recorded in the quarterly reports, the values of the stocks in unlisted companies available for sale have not been modified compared to December 31, 2012, until new information able to change the fundamental parameters on which it was based the evaluation at the end of the previous year emerge.
However, in this quarter it has been updated the fair value of the investment in Borletti Group in light of the advancement of the liquidation phase and the value of a minor investment.
Instead there has been an increase, only with a financial impact, of the value of the associated company Clubtre S.r.l. in relation to the increase in fair value of the investment in Prysmian S.p.A. and of the associated company Gruppo IPG Holding S.r.l.
The net financial position of the group as of September 30, 2013 - also taking into account the partially convertible bond of 40 million Euro to be reimbursed in a unique installment in June 2019 - was negative for approximately 17 million Euro.
R ELEVANT EVENTS AFTER S EPTEMBER 30, 2013
The Board of Directors takes acknowledgment of the will of the Executive Directors, considering the performance of the year and therefore in occasion of the approval of the consolidated report for the full year 2013, to double the dividend with respect to the year 2012.
In relation to the activity of the company, there are no relevant events to mention after September 30, 2013.
O UTLOOK
Given the extent of the capital gain achieved with the liquidation of the investment in Borletti Group, the entire year
2013 will be significantly characterized by this result.
With reference to the other positions both relating to stocks and bonds at the moment is not foreseeable any other element able to change, in a radical way, the economic and financial situation. The advisory activity is expected to evolve in line with the results as at September 30, 2013.
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T REASURY SHARES
Treasury shares held as at September 30, 2013 were equal to 6,707,561 (nr. 2,791,532 as at December 31, 2012). Treasury shares held as at November 14, 2013 amounted at 6,837,362, equal to 5.026% of the share capital at an average purchase price of 1.564 Euro per share.
The manager responsible for the preparation of the company's accounts, Claudio Berretti, hereby declares, as per article 154 bis, paragraph 2, of the "Testo Unico della Finanza", that all information related to the company's accounts contained in this press release are fairly representing the accounts and the books of the company.
Appendixes: summary of Income Statement and Statement of Consolidated Financial Position as at September 30,
2013.
Milan, November 14, 2013
TIP - Tamburi Investment Partners S.p.A. is an independent investment / merchant bank which invests in "excellent" companies from an entrepreneurial point of view and is engaged in corporate finance activities. Currently holds, directly or indirectly, stakes in listed and unlisted companies including: Prysmian, Amplifon, Interpump, Datalogic, Roche Bobois, Intercos, Bolzoni, Noemalife, Be, Servizi Italia, Borletti Group (in liquidation), Monrif, M&C and Moncler.
Contacts: Alessandra Gritti
CEO - Investor Relator
Tel. + 39 02 8858801 mail: gritti@tamburi.it
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Consolidated Income Statement
Tamburi Investment Partners Group
(Euro)
September 30,
2013
September 30,
2012 (1)
Revenues from sales and services 4,007,678 2,507,702
Other revenues 93,627 87,362
Total revenues 4,101,305 2,595,064
Costs for materials, services and other costs (1,452,775) (1,119,846) Personnel expenses (7,191,568) (2,479,525) Depreciation, amortization and impairment losses (24,000) (34,345) Operating profit (loss) (4,567,038) (1,038,652) Financial income 35,233,177 4,450,607
Financial expenses (1,835,442) (440,047)
Profit before adjustments to investments 28,830,697 2,971,908
Share of profit (loss) of equity-accounted investees 2,695,115 1,547,184
Net impairment losses on available for sale financial
asset (549,023) (98,369)
Profit before tax 30,976,789 4,420,723
Current and deferred taxes (153,208) (591,666)
Profit for the period 30,823,581 3,829,057
Profit /(loss) for the period attributable to the shareholders
of the controlling company 30,938,295 n.a.
Profit /(loss) for the period attributable to the minority
shareholders (114,714) n.a.
Basic earnings per share 0.24 0.03
Diluted earnings per share 0.23 0.03
Number of outstanding shares (net of treasury shares) 129,339,927 133,713,425
(1) Comparative figures refer to the individual income statement of TIP.
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Consolidated statement of financial position
Tamburi Investment Partners Group
(Euro)
Non-current assets
September 30 th ,
2013
December 31 st ,
2012 (1)
Property, plant and equipment 63,729 65,515
Goodwill 9,806,574 9,806,574
Other intangible assets 867 1,806
Equity-accounted investments in associates 85,569,675 69,643,267
Investments in associates measured at fair value 8,085,000 8,085,000
Available for sale financial assets 203,896,715 103,672,833
Loans and receivables 15,733,313 19,483,480
Tax assets 219,443 219,443
Deferred tax assets 904,459 503,971
Total non-current assets 324,279,775 211,481,889
Current assets
Trade receivables 1,750,615 2,664,262
Current financial assets 31,795,317 3,753,801
Available for sale financial assets 343,408 0
Cash and cash equivalents 505,037 928,376
Loans and receivables 0 37,400,000
Tax assets 80,351 20,417
Other current assets 169,132 89,353
Total current assets 34,643,860 44,856,209
Total assets 358,923,635 256,338,098
Equity
Share capital 70,744,694 70,744,317
Reserves 147,331,212 129,543,442
Retained earnings / Losses carried forward 5,623,538 1,747,740
Profit for the year attributable to the shareholders of the
controlling company 30,938,295 9,250,563
Total equity attributable to the shareholders of the
controlling company 254,637,739 0
Total equity attributable to the minority shareholders (18,214) 0
Total equity 254,619,525 211,286,062
Non-current liabilities
Post-employment benefits 177,182 163,314
Financial liabilities 85,078,586 39,904,610
Deferred tax liabilities 1,833,057 1,072,781
Total non-current liabilities 87,088,825 41,140,705
Current liabilities
Trade payables 416,605 444,471
Financial liabilities 9,787,983 293,777
Tax liabilities 785,135 502,065
Other liabilities 6,225,562 2,671,018
Total current liabilities 17,215,285 3,911,331
Total liabilities 104,304,110 45,052,036
Total equity and liabilities 358,923,635 256,338,098
( 1 ) Comparative figures refer to the individual financial position of TIP
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