Tamburi Investment Partners (TIP), the investment-merchant bank specializing in medium-sized Italian companies, has published its results for the first nine months of 2017, which highlighted a consolidated profit of approximately 56,3 million euro, of which approximately 55,9 million euros attributable to the shareholders of the parent company, compared to the net profit of 80,3 million euros in the corresponding period of 2016, of which approximately 46,3 million euros attributable to the shareholders of the parent company.
Consolidated shareholders' equity exceeded 617 million euros, with an increase of over 180 million euros compared to the 437,1 million euros of 31 December 2016, after having distributed dividends for over 10 million euros and also thanks to the approximately 50,9 million euros deriving from the year, in June, of 12.261.997 warrants.
The result benefited from 20,9 million euro of Clubtre capital gain on the sale of Prysmian shares and 29,2 million euro of capital gain on the sale of Amplifon shares; the divestitures involved approximately one third of the equity investments held in these companies. The transaction on Amplifon is part of a broader medium-term partnership between TIP and the Holland family, which controls Amplifon, which envisages an upcoming investment in Ampliter for 50 million euro, proposed by TIP to the investee Asset Italia SpA
The first nine months of 2017 were also positive in other respects; the advisory revenues exceeded 5,4 million euros and the financial income independent of the aforementioned transactions – mainly dividends from investees and interest income – amounted to approximately 11,5 million euros; the contribution of the portions of the result of associated companies, other than the aforementioned capital gain realized by Clubtre, was approximately 7,3 million euro.
As at September 30, 2017 the consolidated net financial position of the TIP Group - taking into account the TIP 2014-2020 bond issue but without considering financial assets deemed to be equivalent to liquidity - was negative for about 123 million euro, compared to approximately 200 million euros as at 31 December 2016.
In the first nine months of 2017 TIP invested again in IPG Holding, parent company of Interpump, in Digital Magics and in Clubitaly, a company that holds a 19,74% stake in Eataly. It then invested, through its associate TIPO, in Chiorino, one of the world leaders in the sector of conveyor and process belts for industrial applications and, above all, subscribed over 37 million euros as part of the capital increase of 120 million euro that Asset Italia has finalized to become the first shareholder of Alpitour.
