IKF SPA Investor Presentation

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1 IKF SPA Investor Presentation

2 Index section 1 Executive Summary 03 section 2 Reference Market 05 section 3 IKF Spa Profile 09 section 4 IKF Spa Business Model 15 section 5 Corporate Governance 19 section 6 Track Record&Financials 21 section 7 Stock Exchange Performance 24 2

3 Index section 1 Executive Summary 03 section 2 Reference Market 05 section 3 IKF Spa Profile 09 section 4 IKF Spa Business Model 15 section 5 Corporate Governance 19 section 6 Track Record&Financials 21 section 7 Stock Exchange Performance 24 3

4 Executive Summary IKF is an Investment Company with a special focus on the turnaround of italian manufacturing companies in crisis The persistance of the Great Recession (since 2007), the reform of the Bankruptcy Act (with the introduction of easier and more flexible bankruptcy procedures) and the continuous growth of bank-npls, require a greater presence of skilled operators in the field of distressed companies and create a significative pool of market opportunities for IKF The management team of IKF has a long and proven track-record of success in rehabilitation and restructirng of distressed companies, with excellent managerial and financial skills in the sector IKF investments are typically achieved through the rent of a business unit of the target company by a NewCo, and the final acquisition, in front of the appropriate Court, at a predetermined price after a period of operating time of the firm The rent of a business unit tool allows IKF to reduce the investment risk, optimize the utilization of capital, everage the inner potentials of business to finance the development of the company Investing in IKF allows investors to access directly to a growing sector, like the Special Situation actually is, with a good balance between high returns and minimization of operational risk 4

5 Index section 1 Executive Summary 03 section 2 Reference Market 05 section 3 IKF Spa Profile 09 section 4 IKF Spa Business Model 15 section 5 Corporate Governance 19 section 6 Track Record&Financials 21 section 7 Stock Exchange Performance 24 5

6 Reference Market: bank NPLs The balance sheets of italian banks show strong signs of stress, due to the deterioration of credit quality In the last two years both Doubtful and Substandars loans held by banks have increased progressively DETAIL OF DOUBTFUL LOANS Gross Doubtful loans (solidities, Bn ) DETAIL OF SUBSTANDARDS LOANS Total gross Substandard loans (solidities, Bn ) CAGR 4,5 % CAGR 7,1% , ,9 74,4 81,718 86,45 55% 57% 57% 52% 49% 50% Dec- 11 Jun - 12 Sep - 12 Dec- 12 Mar- 13 Jun-13 Companies Doubtful loans (solidities, Bn ) 88, ,5 75,4 78,5 70,2 - Sofferenze nette Dec- 11 Jun - 12 Sep - 12 Dec- 12 Mar- 13 Jun-13 Companies Substandard loans (solidities, Mld ) Dec- 11 Jun-12 Sep -12 Dec- 12 Mar-13 Jun-13 Dec- 11 Jun-12 Sep -12 Dec- 12 Mar-13 Jun-13 * source: Bank of Italy 6

7 Reference Market: the bankruptcies In 2012 there were over bankruptcies, with a CAGR of 12% The economic weight of bankruptcies (in terms of loss of revenue at a system level) amounts to Euro 10.3 Bn, focused for more than 90% on SMEs Bankruptcies for geographic area Bankruptcies between 2007 and 2012 CAGR 12% North-West North-East South ,00% 7,90% Economic weight of bankruptcies in the 1 st half Centre ,70% 63,40% Micro Piccole Medie Grandi Loss of revenue 10.3 Bn * source: Cerved Group 7

8 Reference Market: the concordato preventivo proceeding The number of concordato preventivo proceedings (a procedure of arrangment with creditors similar to U.S. bankruptcy law Chapter 11) results in growth in the period with CAGR about 50% In the first semester of 2013 the admissions to concordato preventivo proceeding grew by 70% to 449 The expected values for 2013 forecast an increase to requests of admission, compared to of 2012 and of Concordato preventivo proceedings between 2007 and Concordato preventivo proceedings Other procedures (art. 67, art. 182bis etc) H H H H H H Concordato in bianco ( Italian Chapter 11 ) proceedings (divided in quarters) CAGR 48% Q Q4 Q Q * source: Cerved Group 8

9 Index section 1 Executive Summary 03 section 2 Reference Market 05 section 3 IKF Spa Profile 09 section 4 IKF Spa Business Model 15 section 5 Corporate Governance 19 section 6 Track Record&Financials 21 section 7 Stock Exchange Performance 24 9

10 IKF profile: history Oct 2012 Dec 2012 Apr 2013 May2013 Jun 2013 Oct 2013 Oct 2013 IPO through reverse merger of Multi 900 Spa in IKF Spa Acquisition of 60% of Semplicemente Srl 2013 Sale of Tecnoimi SpA (gain 80K) Tema Srl rent the business unit Heleydra SpA Sintesi Srl rent the business unit Gruppo Sintesi Srl 2012 Acquisition of 98% of Imas Automation Srl Lanificio Botto SpA rent the business unit Botto Fila SpA IKF SpA acquires Milliora Finanzia Spa The new IKF SpA is the result of the reverse merger done by Multi900 Spa in October 2012 The reverse merger was accomplished through a reserved capital increase, partly in kind and partly in money Since October 2012, IKF Spa has, therefore, undergone a radical strategic and managerial change Since October 2012 the company raised Euro 2.3 mln cash on a total of Euro 6.3 mln. 30% of the collected money is a direct investment from the management Over the last 12 months IKF realized 4 new investments (Imas Automation, Sintesi, Lanificio Botto and Milliora Finanzia) 10

11 IKF profile: a briefing ACTIVITIES INVESTMENT TARGETS Investments in clean-up and restructuring operations of companies in crisis, made by a management team with proven experience in turnaround sector IKF identifies distressed companies with high potential of rehabilitaion and recovery in a short-medium time, ensurung them: Management (directly putting in managerial figures) Financial resources for the implementation of the turnaround and relation with the banking system Definition of a strategic plan Assessment of industrial processes Network of national and foreign contacts Commercial activity and opening of new markets Administration, Finance and Control funcions Target: Distressed SME (typically financial but also operational) with a clear opportunity to raise in a short time Investiments of majority Manufacturing companies in soecific sectors: Fashion and Design Machinery and Engineering Food Lifestyle and Hospitality Size of the investment target: Turnover between Euro mln EV Euro 8/10 mln Average investment Euro 2-2,5 mln Number and duration of investments: 4/5 per year Investments last for 3/4 years 11

12 IKF profile: the management team Francesco Arcucci Chairman IKF Chairman of EURISA (European Investment Services Association) Vice-president of the Board Room of Quadrivio SGR S.p.A. and Gabrielli & Associati S.p.A. Member of the Board Room of Banca del Sempione S.A. Vice-president of the Board Room of Société Européenne de Banque Professor at Intenationa Monetary Fund (1975) Andrea Maria Gritti CEO IKF General Manager at Investa Spa Since 1993 consultant for companies involved in restructuring and liquidation (Belelli, Group Gest.In in Rome, etc) and real estate development (Le Meridien, Sol Melia SA, Mövenpick, Baglioni Hotels, etc) Paolo Catalfamo Director IKF Founder and chairman of the Investment group Investar Professor di Economics at the Vilanova Business School of Philadelphia From 1994 to 2000, Founder, Vice-president and CEO for Italy and Southern Europe of Franklin Templeton Mario Galetti Presidente IKF Advisory CEO in several companies, including Alpiaz SpA and Digital Television SpA Since 2005 CEO of Multi900 Spa Followed 12 corporate turnarounds, including Imas ex Gruppo dell Orto, Mandrie Ferrero, Emiliana Parati and Montecampione Gian Luca Bugamelli 1988 analyst and Information Systems design at Bank of Italy 1998 Director-General of Nuova Tecnosol S.r.l. CFO of IKF CFO IKF 12

13 IKF profile: corporate structure The IKF Group is now made up by the listed holding company, wich performs the function of general head quarter (for servicing tasks: administration&control, HR, etc. ) and 7 majority stakes, including 3 new investments realized during 2013 IKF Advisory acts as an advisory for the holding company, dealing with both scouting on investments and business due diligence on future opportunities IKF Investment Company IKF Advisory Consulting 100% 87,5% 100% 98% 100% 60% 70% 85% 100% IKF Technology Renewable Energies Technik Air Distribution components Imas Automation Switchboards and Industrial Automation Te.Ma. Asset Lifecycle Management on technological systems Semplicemente Development of technological platforms Sintesi Furniture Lanificio Botto Production of yarn and fabrics Milliora Finanzia Financial services for enterprises 13

14 Profilo IKF: focus on investments COMPANY DATE OF INVESTMENT SECTOR TURNAROUND 2012 ( /000) NOTES December 2013 Financial services for enterprises LANIFICIO BOTTO SRL October 2013 Design, production and marketing of fabrics Products: jersey for men, women pure woold and wool blends with fine fibers (*) June 2013 Furniture and contemporary design June 2013 Industrial Automation The company holds and manages the following brands: Sintesi, BBB, Cabas, Montina, Bum and DMK Main Customers: Siemens Italia, Ansaldo, Astaldi, Nestlé, etc. SEMPLICEMENTE SRL December 2012 Services for the insurance market through call centr and technology platform 97 Geolocation device that has been made mandatory for every car by the Italian Government October 2012 Marketing of air distribution components In 2012 acquired Imeva (65% sales of Technik) through rent of a business unit. Now the company produces components for air distribution. October 2012 Maintenance of HVAC, water and sanitary, fire protection, electrical and regolation systems 599 Main Customers: Giambelli Spa, Banca Popolare Sondrio, Gruppo Pam, supermercati iper. IKF TECHNOLOGY Spa (*) Business unit automation from Tecnoimi October 2012 Renewable Energies Cogeneration and pyrogasification plant. 14

15 Index section 1 Executive Summary 03 section 2 Reference Market 05 section 3 IKF Spa Profile 09 section 4 IKF Spa Business Model 15 section 5 Corporate Governance 19 section 6 Track Record&Financials 21 section 7 Stock Exchange Performance 24 15

16 The Business Model: the phases 1 2 SCREENING OPPORTUNITIES RESTRUCTURING PLAN IKF Advisory carries out the screening di possible investment opportuniteies accessing information through: network of local accountants, close contact with credit-office of banking groups, reports from advisors, etc. The management, supported by sector experts, prepares the New-Co business plan (investments are considered capable to achieve break even point in the 1 st year of rent) The Investment Committee defines the range of valuation of the target company to start the negotiation 3 LEASE CONTRACT AND NEGOTIATION After the approval of the Commitee, it starts the negotiation phase where you define all aspects of the lease of the business unit: 1. Definition of the staff who passes in the New-Co (consistent with the earning capability of the company rented) 2. Inventory and wip valuation 3. Estimated annual rental amount of the asset 4. Purchase option after 36 months at the current value It has been defined a grid o parameters, that the lease contract must meet: small investments in Equity (exclusive payment of the rental, wich will be discounted from the price at the moment of final redemption) Investiments in working capital of NewCo (not OldCo) Possibility to redefine the company (you trim the perimeter of the business, starting from the potential profitability of the business unit) Final price typical of a distressed company EXECUTION RELATIONSHIP WITH OLDCO AND COURT WAY OUT CREATION OF AN OPERATIVE NEWCO IKF management team takes over operations, administration, finance, purchasing and personnel OldCo is brought to bankruptcy/chapter 11, by the professional reference of the old entrepreneur IKF maintains the contact with the Court (payment of the lease, warehouse utilization, etc.) until purcahse, after 36 months of rental period at the price previusoly agreed After 3/4 year the exit is realized by the sale of the company or the sale of the investment 16

17 The Business Model: investment selection protocol 1 STEP 2 STEP 3 STEP 4 STEP Access by the IKF structure to the reporting of investment opportunities through network of contacts (companies to be pre-screened) Verification of the key parameters (*) Due Diligence and strategic planning Negotitation Start 8 Investiment in 4-5 companies per year (*) Parameters followed by the management: 1. Business on-going 2. Quality of the customer portfolio 3. Warehouse and tanglible fixed assets 4. Leadership in its market sector 5. Potential of expansion to foreign markets 17

18 The Business Model: competitive advantages Quality, experience and motivation: the IKF management is composed of individuals with proven experience in the areas of PE, M&A, corporate finance, capital markets, restructuring and turnaround. The mangement team has also direct industrial experience with internal synergistic competences. Network: IKF enjoys a a significant network of contacts as a result of long-term professional relationships with members of the industrial, financial and institutional community Brain pool: the sinergies activated between the Management Team and the Investment Committee (consisting of experts and high-profile entrepreneurs outside the Board) provide a methodical, technical, financial and industrial approach towards investment choices Visibility: IKF, as a listed company on italian AIM, is able to access a global market, benefiting international visibility and enjoying the credibility gained even by british AIM during fourteen years of activity Legal know-how: accurate know of bankruptcy legislation, experience in labor law, and extensive network of relationships with bankruptcy courts and unions 18

19 Index section 1 Executive Summary 03 section 2 Reference Market 05 section 3 IKF Spa Profile 09 section 4 IKF Spa Business Model 15 section 5 Corporate Governance 19 section 6 Track Record&Financials 21 section 7 Stock Exchange Performance 24 19

20 Corporate Governance The IKF Board of Directors in currently composed of 5 members The Governance provides an Investor Relator and an Investment Committee Management Invetsment Commitee Angelo Miglietta Professor of Economics at IULM University, Milan Member of Board of Assicurazioni Generali Spa Member of the Executive Committee of Fondazione Cariplo Filippo Maria Cova Partner at Studio Associato Caramatti, Ticozzi & Partners Member of the Order of the Chartered Accountants of Milan Member of several audit committees of several companies Umberto Selvatico Estense Associate and chairman of Gruppo Maccorp Italiana Associate and Chairman of Formula Imola Spa and Gruppo Play Media Company Chief Executive of Dozza Lamiere e Forlì Lamiere John C. Kozup Director of the Center for Marketing and Public Policy Villanova School of Business Professor at Villanova Business School Sapienza University in Rome Board of Directors Chairman Francesco Arcucci CEO Andrea Maria Gritti Counselor Paolo Catalfamo Counselor Mario Maienza Non-executive counselor Andrea Ballardin Board of Auditors* Auditors Mazars Shareholders meeting * Board of Auditors: Franco Cannizzo (President) Alessandro Bani Marco Vita 20

21 Index section 1 Executive Summary 03 section 2 Reference Market 05 section 3 IKF Spa Profile 09 section 4 IKF Spa Business Model 15 section 5 Corporate Governance 19 section 6 Track Record&Financials 21 section 7 Stock Exchange Performance 24 21

22 Track Record&Financials: track record of the Group s management team COMPANY SECTOR TURNAROUND TRANSACTION TYPE INVESTIMENT EXIT IRR IMAS GROUP SPA machinery 10 mn Bankruptcy proceeding 1,2 mn Declined 2.8 mn binding offer from investor ALPIAZ GROUP SPA tourism 22 mn Spin off and Restructuring 2,1 mn Sold 35,00% 43,75% MANDRIE FERRERO SPA food 21 mn Turnaround + Lease contract 0,8 mn Sold 45,00% EMILIANA PARATI SPA furniture 32 mn Turnaround + Lease contract 2,0 mn Sold 80,00% SECMU SPA machinery 18 mn Turnaround + Lease contract 1,0 mn Sold 67,00% VANDURIT INTERNATIONAL cutting machinery 3 mn Turnaround + Lease contract 0,5 mn Sold 40,00% FEMPAR SPA listed company Reverse acquisition 2,0 mn Sold 45,00% ANTEC GROUP SPA machinery 11 mn Turnaround + Lease contract 0,3 minoranza Sold 43,75% REMU SPA machinery 9 mn SIRZ SPA heating systems 14 Lease contract + assignment form bankruptcy procedure Lease contract + assignment form bankruptcy procedure 1,2 mn Sold 97,00% 1,3 mn Sold 33,00% Average IRR: 54 % 22

23 Six Month Financial Report 30/06/2013 (,000) 30/06/ /12/2012 Fixed Assets Net Working Capital Other Earnings/Losses (1.526) (1.133) Net Invested Capital Equity Financial Position /06/ /12/2012 Value of Production Ebitda (972) Ebit (1.053) Net Income (1.128)

24 Index section 1 Executive Summary 03 section 2 Reference Market 05 section 3 IKF Spa Profile 09 section 4 IKF Spa Business Model 15 section 5 Corporate Governance 19 section 6 Track Record&Financials 21 section 7 Stock Exchange Performance 24 24

25 IKF listed: Stock Exchange performance Number Capitalizat. ( m) # of shares issued ,30 Ordinary shares ,30 0,1800 0,1354 Last price Ord Trend Performance 13/11/2013 0,11 1 month -9,03% Variation ( -2 yrs) Ord 1 year 14,55% Massimo 0,64 Minimo 0,09 0,0907 nov-2012 feb-2013 may-2013 aug-2013 nov Volume (1K) 25

26 IKF in Borsa: azionariato The listed company refers to the management team through Multi 900, while the market gives 40% of the shareholding IKF is one of the few companies listed on italian AIM with a broad shareholder base, with more than 250 shareholders Stake held by the Management Team About 250 shareholders Market 40% Multi900 60% 26

27 Investment Rationale Wide and relevant sector on the italian scenario Strong growth industry Opportunity, even for a small investor, to have exposure on a non-traditional asset class Real-economy investment transparent and non-cyclic Decorrelation towards market Complementary Management Team, with relevant track record e proven industrial expertise Aligment targets between management team and market Business model that combines «private-equity like» expected returns with mitigated investment risks 27

28 Q & A Contacts Paolo Catalfamo T Viale Tunisia, Milano 28

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