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N

N

N

Nine months

ine months

ine months

ine months n

n

n

net

et

et

et income

income

income

income: 24.3 million Euro

: 24.3 million Euro

: 24.3 million Euro

: 24.3 million Euro

Shareholders equity higher than 340 million Euro

Shareholders equity higher than 340 million Euro

Shareholders equity higher than 340 million Euro

Shareholders equity higher than 340 million Euro

Direct liquidity of more than 106 million Euro

Direct liquidity of more than 106 million Euro

Direct liquidity of more than 106 million Euro

Direct liquidity of more than 106 million Euro

The Board of Directors of Tamburi Investment Partners S.p.A. (hereafter “TIP” - tip.mi), independent investment/merchant bank listed on the Star segment of Borsa Italiana S.p.A., met today in Milan and approved the quarterly consolidated financial report as at September 30, 2014.

R R R

RESULTS AS AT ESULTS AS AT ESULTS AS AT ESULTS AS AT SSSSEPTEMBER EPTEMBER EPTEMBER EPTEMBER 30,30,30,30, 20142014 20142014

Tamburi Investment Partners Group (hereafter “TIP GroupTIP GroupTIP GroupTIP Group”) registers as at September 30, 2014 a consolidated

net income after taxes of 24.3 million Euro.

TIP TIP TIP

TIP GroupGroupGroupGroup consolidated net equity as at September 30, 2014, after having distributed dividends for more than 11

million Euro at the end of May, is of 340.9 million Euro of which about 273 million Euro attributable to the shareholders of the parent company. In the first nine months of 2014 TIP registered revenues from advisory activity of about 6.2 million Euro (4 million Euro in the corresponding period of 2013), capital gains and dividends of about 18.9 million Euro and financial income and others of about 4.2 million Euro. The most relevant capital gain is referred to the disposal of the stake held in DatalogicDatalogicDatalogic S.p.A.. Datalogic

Among the other positive components of the period it has to be highlighted an amount of more than five million Euro related to reversal of net impairment of equity-accounted investees and more than three million Euro related to the share of profit of equity-accounted investees. The fixed costs have been in line with the previous period, the variable ones have substantially followed the evolution of the profitability; financial expenses have been of about 4 million Euro, including 1.3 million for costs connected to the stock options.

Given the nature of TIP TIP TIP TIP GroupGroupGroup activity the relevance of the economic data mentioned, also for the first nine Group months of 2014 is not necessarily meaningful of the foreseeable evolution on an annual basis.

As at September 30, 2014 the consolidated net financial position of TIP GroupTIP GroupTIP GroupTIP Group – considering also the partially

convertible bond of 40 million Euro to be reimbursed bullet in 2019 and the TIP 2014 – 2020 bond issued at the beginning of April of 100 million Euro – is negative for 68.7 million Euro, while the other current assets and the liquidity available – without considering the granted credit lines – exceed 126 million Euro, of which 106 million composed by TIP direct liquidity.

During last months, considering the expected value creation reachable throughout the foreseeable extraordinary operations, TIP GroupTIP GroupTIP GroupTIP Group accumulated a quite relevant investment in FIATFIATFIATFIAT group, now FCA FCA FCA FCA ---- Fiat Fiat Fiat Fiat Chrysler Automobiles

Chrysler Automobiles Chrysler Automobiles

Chrysler Automobiles; currently the comprehensive investment in FCA has a value of more than 70 million Euro, of which a bit less than 20 million Euro in shares and about 50 million Euro in bonds, with different maturities.

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In 2014 the subsidiary TXR S.r.l. acquired additional Furn Invest S.a.S. (holding company that controls almost entirely the Roche Bobois GroupRoche Bobois GroupRoche Bobois GroupRoche Bobois Group) shares reaching a stake of 38.336% of the group’s capital.

During March 2014, through the vehicle Clubitaly S.r.l., TIP acquired from Eatinvest S.r.l. 20% of Eataly S.r.l.Eataly S.r.l.Eataly S.r.l.Eataly S.r.l..

In April the public offer of “Prestito Obbligazionario TIP 2014 – 2020”, of 100,000,000 Euro has been closed. The bonds’ gross annual nominal fixed interest rate is of 4.75%.

On May 7, 2014 TIP and Montipò family increased their stakes in Gruppo IPG Holding S.p.A.. TIP invested in the deal – purchasing from a shareholder classified as related party – additional 11 million Euro of which 5.5 million already paid at the closing date.

On May 29, 2014 TIP paid dividends for 11,348,148 Euro.

On June 25, 2014 TIPOTIPOTIPOTIPO shareholders meeting was held for the capital increase up to 140 million Euro,

underwritten by about forty families, two of which to be classified as related parties according to IAS 24.

TIPO TIPO TIPO

TIPO was established to acquire minority stakes in companies with revenues between 30 and 200 million Euro willing to be listed on a regulated stock market within five years.

As a result of warrant exercise periods in 2014 TIP share capital is equal to 74,609,847.00 Euro composed by n. 143,480,475 ordinary shares with nominal value of 0.52 Euro each.

In coherence with what usually accounted for in the quarterly financial reports the values of stocks in unlisted companies available for sale have not been modified compared to the values as at December 31, 2013, because no information has emerged so to modify the fundamental parameters on which valuation was based at the end of the previous financial year; in the first nine months of 2014 the fair value of the stake in Borletti Group has however been updated in consideration of the progress of the liquidation phase as well as the value of the company Dafe 4000 S.p.A..

It was decreased, just for balance sheet purposes, the accounting value of the associated company Clubtre S.p.A. in consideration of the decrease in fair value of the investee company Prysmian (17.6 million Euro) and of the associated company Gruppo IPG Holding S.p.A. (1.4 million Euro); in the income statement were instead recorded a positive effect of 1.3 million Euro on the associated company Clubtre S.p.A. and of 1.8 million Euro on the associated company Gruppo IPG Holding S.p.A..

SIGNIFICANT SIGNIFICANT SIGNIFICANT

SIGNIFICANT EVENTSEVENTSEVENTSEVENTS AAAAFTERFTERFTERFTER SEPTEMBERSEPTEMBERSEPTEMBERSEPTEMBER 30,30,30,30, 20142014 20142014

During the month of October, in full agreement among the shareholders, the IPO of IntercosIntercosIntercos was cancelled Intercos

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O O O OUTLOOKUTLOOKUTLOOKUTLOOK

On the contrary of what was foreseeable during the first part of the year, the slowing down of recovery is by now clear in almost all the countries of the world and a lot of companies are reducing economic forecasts for 2014.

Taking into account the good net income already registered in the period it is clear that the whole financial year of TIP GrTIP GrTIP GroupTIP Groupoup will be highly influenced by that result. Relating to the last quarter of the year it will continue oup the research of targets in line with the investments made during the years with reference to the equity activity and it is expectable that the huge efforts made and still underway in TIPO project will give the first results. With reference to the advisory business it will continue the execution of the several existing mandates. Finally, given the amount of the liquidity available, it will be particularly important to follow the evolution of this

segment in order to value its effects on the overall economic and financial situation of TIP GroupTIP GroupTIP GroupTIP Group.

TREASURY TREASURY TREASURY

TREASURY SHARESSHARESSHARESSHARES

As at September 30, 2014 treasury shares in portfolio were n 6,377,184, corresponding to a percentage of the share capital of 4.445%. As at November 12, 2014 treasury shares in portfolio have further increased to 7,006,233, equal to 4.883% of the share capital.

The Manager in charge of financial reporting Claudio Berretti states, in accordance with paragraph 2 art. 154 bis of Testo Unico della Finanza, that the financial statements included in this press release are consistent with accounting records and entries.

Annexes: consolidated income statement and statement of financial position as at September 30, 2014

This press release is available on the company’s website www.tipspa.it and disclosed by SDIR/NIS and 1Info Storage (www.1info.it) system.

Milan, November 12, 2014

TIP TIP TIP

TIP ---- TAMBURITAMBURITAMBURITAMBURI INVESTMENTINVESTMENTINVESTMENTINVESTMENT PARTNERSPARTNERSPARTNERSPARTNERS S.P.A.S.P.A.S.P.A.S.P.A. IS AN INDEPENDENT AND DIVERSIFIED INVESTMENT /MERCHANT BANK WHICH HAS INVESTED, AMONG DIRECT INVESTMENTS AND CLUB DEALS, OVER 1.3 BILLION EURO 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: AAA, AMPLIFON, BE, BOLZONI, EATALY, INTERCOS, INTERPUMP, M&C, MONCLER, MONRIF, NOEMALIFE, PRYSMIAN, ROCHE BOBOIS, SERVIZI ITALIA AND TIPO.

CONTACTS:ALESSANDRA GRITTI CEO–INVESTOR RELATOR

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Consolidated Income Statement

Consolidated Income Statement

Consolidated Income Statement

Consolidated Income Statement

Tamburi Investment Partners Group

Tamburi Investment Partners Group

Tamburi Investment Partners Group

Tamburi Investment Partners Group

(Euro)

September 30, 2014

September 30, 2013

restated

September 30, 2013

Revenues from sales and services

6,166,844

4,007,678

4,007,678

Other revenues

86,514

93,627

93,627

Total revenues

6,253,358

4,101,305

4,101,305

Costs for materials, services and other costs

(2,091,700)

(1,452,775)

(1,452,775)

Personnel expenses

(6,620,489)

(7,191,568)

(7,191,568)

Depreciation, amortization and impairment

losses

(60,982)

(24,000)

(24,000)

Operating profit (loss)

(2,519,813)

(4,567,038)

(4,567,038)

Financial income

23,091,017

35,233,177

35,233,177

Financial expenses

(4,037,509)

(1,835,442)

(1,835,442)

Profit before adjustments to investments

16,533,695

28,830,697

28,830,697

Share of profit (loss) of equity-accounted

investees

3,110,580

2,695,115

2,695,115

Net impairment losses (reversal of net

impairment) on equity-accounted investees

5,010,117

0

0

Net impairment losses on available for sale

financial assets

0

(2,678,730)

(549,023)

Profit before tax

24,654,392

28,847,082

30,976,789

Current and deferred taxes

(311,113)

(153,208)

(153,208)

Profit for the period

24,343,279

28,693,874

30,823,581

Profit (loss) for the period attributable to

the shareholders of the parent company

23,920,738

28,808,588

30,938,295

Profit (loss) for the period attributable to

the minority shareholders

422,541

(114,714)

(114,714)

Basic earnings per share

0.18

0.22

0.24

Diluted earnings per share

0.17

0.21

0.23

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Consolidated statement of financial position

Consolidated statement of financial position

Consolidated statement of financial position

Consolidated statement of financial position

Tamburi Investment Partners Group

Tamburi Investment Partners Group

Tamburi Investment Partners Group

Tamburi Investment Partners Group

(Euro)

September 30, 2014

December 31, 2013

Non-current assets

Property, plant and equipment

76,748

56,896

Goodwill

9,806,574

9,806,574

Other intangible assets

1,376

867

Equity-accounted investments in associates

170,983,554

87,991,918

Available for sale financial assets

230,837,797

314,264,935

Loans and receivables

3,871,814

15,753,214

Tax assets

219,443

219,443

Deferred tax assets

1,436,536

982,311

Total non-current assets

417,233,842

429,076,158

Current assets

Trade receivables

1,957,416

684,181

Current financial assets

13,328,269

32,803,312

Available for sale financial assets

79,068,099

284,418

Cash and cash equivalents

13,690,005

622,843

Tax assets

145,201

711,581

Other current assets

20,921,729

195,543

Total current assets

129,110,719

35,301,878

Total assets

546,344,561

464,378,036

Equity

Share capital

74,609,847

70,744,694

Reserves

151,922,662

184,606,176

Retained earnings / Losses carried forward

22,279,268

2,831,945

Profit for the period attributable to the shareholders

of the parent company

23,920,738

31,939,044

Total equity attributable to the shareholders of

the parent company

272,732,515

290,121,859

Total equity attributable to the minority

shareholders

68,125,601

69,915,451

Total equity

340,858,116

360,037,310

Non-current liabilities

Post-employment benefits

183,039

162,602

Financial liabilities

173,951,550

89,777,185

Deferred tax liabilities

1,476,550

2,013,866

Total non-current liabilities

175,611,139

91,953,653

Current liabilities

Trade payables

379,684

345,200

Financial liabilities

21,416,679

3,379,743

Tax liabilities

771,623

202,267

Other liabilities

7,307,320

8,459,863

Total current liabilities

29,875,306

12,387,073

Total liabilities

205,486,445

104,340,726

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