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Tamburi Investment Partners S.p.A. : Quarterly report as at September 30, 2013 | 4-Traders

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TAMBURI INVESTMENT PARTNERS S.P.A.  (TIP)
0
 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 ..
10/07   TAMBURI INVESTMENT PARTNERS S.P.A. : Disclosure regarding the plan for the ..
Summary Quotes Chart Analysis News Calendar Company Financials Consensus Revisions  
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


3


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.


4


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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