The Board of Directors of Tamburi Investment Partners SpA, an independent and diversified investment/merchant bank listed on the Star segment of Borsa Italiana SpA, which met today 14 May 2018 in Milan, approved the consolidated interim report as at 31 March 2018.
Consolidated results as at 31 March 2018
TIP closes the first quarter of 2018 with a net profit of 27,3 million euros, on a comparable accounting basis with 2017, compared to 18,5 million euros at March 31, 2017 and with shareholders' equity of approximately 677 million euros to approximately 648 million euro as at December 31, 2017. Starting from January 1, 2018 the TIP group also had to adopt IFRS 9 for the preparation of the financial statements; in order to provide a representation of the results for the period comparable in continuity with those of previous years, considered much more representative and consistent with the type of activity carried out, the pro forma income statement schedule for the first quarter of 2018 is shown below, determined by applying the accounting standards in place as at 31 December 2017 relating to financial assets and liabilities (IAS 39). Attached are the consolidated income statement and statement of financial position determined on the basis of IFRS 9.
Revenues from advisory activities in the period amounted to almost 1 million euro compared to approximately 1,5 million euro in the first quarter of 2017, while operating costs in the period had a trend in line with that of the first quarter of 2017 with the exception , as always, for the part relating to the charges for executive directors which are related to the company's performance and which were determined on pro forma data based on the accounting standards adopted up to the end of 2017.
The consolidated net financial position of the TIP Group - also taking into account the TIP 2014-2020 bond loan - was negative by approximately 89 million euros, a significant further improvement compared to the approximately 116 million at December 31, 2017. During the quarter both the activity of partial divestments, in particular relating to Moncler and FCA, and the investment activity, in particular relating to Prysmian. Furthermore, the necessary activities were carried out to reach an agreement, in May 2018, relating to a further investment, through Asset Italia 1, in Alpitour for a total of approximately 82 million euro, an operation which will provide for a direct disbursement by TIP of approximately 38 million euros.
In particular, Asset Italia 1 Srl has reached an agreement with the shareholders of Wish SpA – jointly owned by the private equity funds managed by Wise SGR SpA and ILP III Sicar, the latter supported by J.Hirsch & Co – for the purchase of their direct and indirect shareholdings in Alpitour SpA The agreement provides for the acquisition – on the basis of a valuation of 470 million euros of the Alpitour Group – of the entire share capital of Wish SpA and of the entire share held by Azurline Sarl (holders of the total 38,8% of Alpitour SpA) by a recently established company, Alpiholding Srl, whose share capital will be held for 49,9% by Asset Italia 1 Srl (which already owns approximately 33% of Alpitour SpA), for 0,2% by Gabriele Burgio (President and CEO of the Alpitour Group, significant shareholder of
Alpitour SpA) and the remaining 49,9% by other investors.
The first quarter results already communicated by the main subsidiaries, Amplifon, FCA, Ferrari, Interpump, Moncler and Prysmian, confirm the good results expected for 2018. Also the other direct and indirect investments, including Alpitour, Alkemy, Azimut Benetti, BE , Beta, Chiorino, Digital Magics, Eataly, Furla, iGuzzini, Roche Bobois, Talent Garden and Telesia are progressing positively.
