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1Q 2012 Results
May 2012
2
Consolidated financial structure
1Q2012 Results
(3) of which Espresso goodwill € 102,8m, real estate € 17,7m
(1) Cir Ventures, Food Concepts (2) including Junior Notes Zeus, Jupiter
111.2 KOS 112.3
€ m
Swiss Education
113.7
28.1 28.1
Shareholders’ equity - Group 31 Dec. 2011 31 Mar. 2012
Sogefi Espresso Sorgenia
312.7
557.8
319.5 117.5
582.9 Sorgenia 577.5 560.2
20.8 Other subsidiaries 18.3 (1)
NPLs 64.2 63.7
Fixed assets 130.4 129.9 Private equity 87.8 89.6
(3)
Other assets/liabilities
Net cash
(19.1)
10.8
(16,4)
24.6 Consolidated shareholders’ equity 1,438.1 1,447.3
(2)
Net financial surplus at 31 March 2012 Evolution of net financial surplus
Net financial surplus at “holding system” level
1Q2012 Results
Increase of net cash is mainly due to the positive adjustment to the fair value of the securities portfolio
3
(1) (2)
(1) Fair value of securities + securities income, trading
(2) Operating costs, extraordinary costs, taxes, etc.
Composition of liquid assets and gross financial debt
Liquid assets at 31 March 2012
1Q2012 Results
4
(1) Including € 564.2m referring to the “Lodo Mondadori” cash receipt
€ m
Hedge funds
Other (stocks, equity funds)
848.3
96.0
79.0
25.4
864.9
82.2
27.4
31 Dec. 2011
31 Mar. 2012
Liquidity
Corporate bonds
Government bonds
406.7
5.9
397.0
351.7
6.6
331.3
Total liquid assets (1)
31 Dec. 2011
31 Mar. 2012
Lodo
CIR S.p.A. 2004/2024
564.2
268.3
564.2
272.2
837.5 840.3 Gross financial debt (1)
Other debt 5.0 3.9
5
Lodo Mondadori
On July 9 2011 the Milan Court of Appeal sentenced Fininvest to pay compensation for damages in relation to the “Lodo Mondadori” case On July 26 2011 CIR received from Fininvest € 564.2 million, inclusive of legal costs and interests This income, in accordance with international accounting standards (IAS 37), has been neutralized until the third and final court ruling As of December 31 2011 financial income of Lodo Mondadori related assets has been substantially in line with legal interest costs being provisioned for On May 14 2012 the Cassazione High Court rejected a petition filed by Fininvest, who claimed that the judges of the Court of Appeal had wrongly applied laws in their sentence
1Q2012 Results
(1) Legal interests would have to be paid back by CIR on top of the principal amount of €564m, in case of unfavourable third level court ruling
(1)
Cir & financial holdings 10.8 24.6
Consolidated net financial indebtedness (2,335.1) (2,437.9)
Consolidated net invested capital 4,814.8 4,917.9
Total shareholders’ equity 2,479.7 2,480.0
Consolidated net financial position
1Q2012 Results
(299.8) Sogefi Group (299.3)
€ m
96.0
(165.1) (171.5)
31 Dec. 2011 31 Mar. 2012
Espresso Group
Sorgenia Group (1,730.5) (1,860.9)
(91.6) (110.2)
KOS Group
Other subsidiaries (40.3) (39.2)
6
Total subsidiaries (2, 345.9) (2,462.5)
Consolidated income statement
1Q2012 Results
KOS Group
€ m
3.9
1Q2011 1Q2012
Sogefi Group
Espresso
Sorgenia Group
266.9
3.5
Espresso Group
1.6
7.2
1.0
5.3
(7.6)
5.6
Total major subsidiaries 16.2 4.3
Other subsidiaries (1.4) (1.3)
Cir & financial holdings
Total contribution from subsidiaries
(0.4)
14.8
12.2
3.0
Net income 14.4 15.2
7
(1)
(1) Jupiter/Zeus, Food Concept, Cir Ventures
8
Corporate structure
Operating subsidiaries
Revenues 2011 € 1.2 Bio
EBITDA € 108 m
Revenues 2011 € 890m
EBITDA € 157 m
Revenues 2011 € 350m
EBITDA € 52m
Revenues 2011 € 2.1 Bio
EBITDA € 192 m
Non-core investments
AUTOMOTIVE COMPONENTS
Engine systems
Suspensions
MEDIA
National Press
Local Newspapers
Internet
Radio & Television
Advertising
HEALTHCARE
Hospitals
Rehabilitation
Residential nursing homes
ENERGY
Thermal
Renewables
E&P
Venture capital funds
Private equity funds
Other investments
1Q2012 Results
Sorgenia – operating structure
1Q2012 Results
9
MANAGEMENT 1.9%
35.0% 65.0% SORGENIA HOLDING
80.0% 16.9%
1.2%
100% Sorgenia USA LLC (69,47%
Noventi Ventures II LP)
Sorgenia E&P
100%
50% Fin Gas (70% LNG Med
Gas Terminal)
E&P OTHERS RENEWABLES
78% Energia Italiana (50% Tirreno Power)
LNG Terminal E&P
Venture Capital in
Clean Technologies
100% Sorgenia Power
100% Sorgenia Puglia
Thermoelectric generation
70% Sorgenia Menowatt
Energy Saving
100% Wind
S. Gregorio Magno
Castelnuovo di
Conza
S. Martino in Pensilis
Bonefro
Caggiano Campagna
75% Minervino
Wind Italy
100% Sorgenia Bioenergy
Biomass
Solar
100% Sorgenia Solar
Sorgenia SpA (Parent Company)
100% Sorgenia Next
Marketing & Sales
ENERGY SUPPLY
Sorgenia Green
Wind France
50% Sorgenia France
Production
Wind Romania
100% Sorgenia Romania
100% Sorgenia Trading
Trading
10
Sorgenia – production capacity
Sorgenia Power (Termoli CCGT)
In operation or in
commissioning In construction Total
770 770
Plants
Sorgenia Puglia (Modugno CCGT) 800 800
Sorgenia Power (Bertonico-Turano
Lodigiano CCGT)
Sorgenia Power (Aprilia CCGT) 800 800
800 800
Tirreno Power (pro-rata 50%) 1,675 1,675
Wind France (50%) 76.5 82.7
Wind Italy 81 121
Hydroelectric (Tirreno Power 50%) 33 33
Sorgenia Solar (photovoltaic) 10 10
Sorgenia Bioenergy (biomass) 1 1
46.2 Total output (MW) 5,046.5 5,092.7
1Q2012 Results
6.2
40
Sorgenia – 1Q results
1Q2012 Results
(1)Figures adjusted by excluding the fair value measurement of hedging contracts
€ m
1Q 2011 1Q 2012
Revenues 549.7 601.9
EBITDA (adjusted) 45.5 26.8 (1)
96.0 Net result (adjusted) (16.7) 2.9 (1)
EBITDA 51.5 27.5
Net result 6.8 (14.7)
11
Sorgenia’s results for the first quarter 2012 are in line with the forecast slowdown in national electricity sector due to the current recession and high gas costs in Italy. Electricity demand declined by 3.3%
Sorgenia reported lower results as the company’s margins were negatively impacted by lower profitability on power generation, higher provisions for client receivables and reduction in sales volumes of natural gas
12
Espresso – operating structure
In the first two months of 2012 the overall advertising market has recorded a 5.7% downturn and during 1Q 2012 circulation figures decreased by 8.3% The recent negative market performance of the first quarter of the year will most likely persist, in particular with respect to advertising sales, in the next quarter, being possibly mitigated in the second part of the year
1Q2012 Results
LA
REPUBBLICA
LOCAL
NEWSPAPERS
MAGAZINES RADIO
STATIONS
TELEVISION
National daily newspaper
18 Regional newspapers throughout Italy
Espresso + 3 other publications
Three national radio stations
Deejay TV
DIGITAL
Kataweb,
la Repubblica.it
ADVERTISING
Manzoni
Espresso – 1Q results
1Q2012 Results
€ m
96.0
1Q 2011 1Q 2012
Net income
EBITDA
Revenues
36.8
222.2
29.6
10.1
206.5
13.1
13
The Gruppo Espresso circulation revenues for the first quarter 2012, net of revenues from add-on products, were € 64.1m in line with the corresponding period of the previous year, while advertising revenues have recorded a 5.3% decline which was less than the one experienced by the market. In contrast, digital advertising revenues have realized a very positive evolution, recording a 16% increase The Group guidance for 2012 is for a positive result, even if markedly declining with respect to year 2011
14
Sogefi - operating structure
1Q2012 Results
In Engine Systems, the acquisition of Systèmes Moteurs enabled Sogefi to achieve three important industrial objectives: the extension of its product lines into engine air and cooling systems; higher penetration in North America, China and India; a greater presence among German high end car manufacturers
ENGINE SYSTEMS
DIVISION
SUSPENSION COMPONENTS DIVISION
PRECISION SPRINGS TRUCKS CARS
In Suspensions Sogefi has patented a new type of coil spring made of fiberglass reinforced plastic (FRP) which weighs between 40 and 70% less than the traditional steel springs
Sogefi global footprint
15
1Q2012 Results
44 PRODUCTION SITES 16 COUNTRIES 5 CONTINENTS
1 CANADA
2 CHINA
1 USA
1 MEXICO
4 BRAZIL
2 ARGENTINA
3 SPAIN
1 NETHERLANDS
4 UK
13 FRANCE
3 ITALY
1 SLOVENIA
3 GERMANY
1 ROMANIA
3 INDIA
2nd largest suspension producer worldwide; leader in Europe and South America
3rd engine filtration systems producer in Europe; leader in South America
1 EGYPT
Sogefi – 1Q results
1Q2012 Results
16
In the first quarter 2012 the slowdown in the automotive sector in certain important markets continued: -7.7% in new car registrations in Europe, slowing demand in Brazil and China, while North America continued to grow
Despite the worsening of the general climate, Sogefi closed the quarter with an increase in its main economic indicators of over 35% thanks to the full consolidation of the activities of Systèmes Moteurs
In the coming quarters Sogefi expects to reach levels of profitability in line with those reported in the first quarter
€ m
96.0
1Q 2011 1Q 2012
Net income
EBITDA
Revenues
25.0
255.8
34.3
9.2
346.9
6.7
17
KOS – operating structure
1Q2012 Results
SHAREHOLDERS
CIR (53.6%) AXA Private Equity (44.2%) Management and others (2.1%)
HOSPITAL
MANAGEMENT RSA REHABILITATION
Nursing homes: KOS is the largest private Italian operator in nursing homes for non-self sufficient elderly, where it operates under the brand “Anni Azzurri”
Rehabilitation: KOS is the fourth private Italian operator in functional and psychiatric rehabilitation, where it operates under the brands “Santo Stefano” and “Redancia”
Hospital management: KOS provides advanced and hi-tech medical services (diagnostic imagining, nuclear medicine and radio therapy), under the “Medipass” brand. In this business area, the group also manages the “Fratelli Montecchi” Hospital in Suzzara (Mantua)
(1)
(1) After the capital increase of € 17.5 m approved on April 20 2012 and to be underwritten by AXA, CIR will remain the principal shareholder with 51.26%, AXA will rise to 46.70%, management and other shareholders will be 2.04%
KOS: geographical presence
18
1Q2012 Results
Italy 60 facilities in seven regions of North and Central Italy 5,700 beds under management and over 1,000 beds under construction 4,047 employees
India
joint venture for managing medical technology started in the second half of 2011
Nursing homes
Rehabilitation
Hospital management
KOS – 1Q results
1Q2012 Results
19
In the first three months 2012 revenues posted an increase of 1.5% thanks to the development of KOS three business areas and to the acquisitions made in 2011
EBITDA is in line with the figure reported for the first three months of 2011 despite the higher costs for rents generated by the sale of three instrumental properties in the third quarter of last year
€ m
96.0
1Q 2011 1Q 2012
Net income
EBITDA
Revenues
12.1
87.0
11.9
1.9
88.3
2.8
20
Non-core investments
Venture capital CIR Ventures is the venture capital fund of the group with investments in companies operating in the sector of information and communications technology. The total fair value of these investments at March 31 2012 was 14 million dollars
Private equity Diversified portfolio of private equity funds and direct minority private equity participations. The fair value at March 31 2012 was approximately € 89.6 million
Other investments In 2011 acquisition of 20% of SEG (Swiss Education Group), a world leader in education for hospitality management (hotels, restaurants, etc.) with 4,600 students from over 70 countries worldwide and an annual turnover of approx. €100m Food Concepts - the new start-up operating in the restaurant sector in Germany. Under the brand name LaBaracca the company opened three Italian style restaurants in Munich, Dusseldorf and Hamburg At the end of 2011 servicing business was sold, while CIR retained the ownership of the NPL portfolios acquired in the past. At March 31 2012 the net value of CIR investment in the non-performing loan business amounted to €63.7 m
2011 results
This document has been prepared by CIR for information purposes only and for use in presentations of the Group’s results and strategies.
For further details on CIR and its Group, reference should be made to publicly available information, including the Annual Report, the Semi-Annual and Quarterly Reports.
Statements contained in this document, particularly the ones regarding any CIR Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties
Any reference to past performance of CIR Group shall not be taken as an indication of future performance
This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
Disclaimer