9M 2012 Results                  October 2012
9M2012 Results                           Consolidated financial structure   €m                Shareholders’ equity - Group...
9M2012 Results                       Net financial position at “holding system” level      Increase of net cash at holding...
9M2012 Results                          Composition of liquid assets and gross financial debt€m                           ...
9M2012 Results           Lodo MondadoriOn July 9 2011 the Milan Court of Appeal sentenced Fininvest to paycompensation for...
9M2012 Results              Consolidated net financial position €m                                             31 Dec. 201...
9M2012 Results                       Consolidated income statement  €m                                                    ...
9M2012 Results                                Corporate structure                                                        O...
9M2012 Results                                     Sorgenia – operating structure                                         ...
9M2012 Results                      Sorgenia – production capacity                                      In operation or in...
9M2012 Results          Sorgenia – 9M results      €m                                                                     ...
9M2012 Results                 Espresso – operating structure    LA             LOCAL            MAGAZINES        RADIO   ...
9M2012 Results            Espresso – 9M results €m                                                 9M 2011        9M 2012 ...
9M2012 Results                  Sogefi - operating structure          ENGINE SYSTEMS                               SUSPENS...
9M2012 Results                Sogefi global footprint                                             1 NETHERLANDS           ...
9M2012 Results            Sogefi – 9M results  €m                                               9M 2011        9M 2012 Rev...
9M2012 Results                 KOS – operating structure                                                                  ...
9M2012 Results                         KOS: geographical presence   2011 KOS revenues by region                    Italy  ...
9M2012 Results                Growth of hospital beds       + 700 beds per year (av.) by means of selective acquisitions a...
9M2012 Results           KOS – 9M results€m                                              9M 2011          9M 2012Revenues ...
9M2012 Results              Non-core investmentsVenture capital   CIR Ventures is the venture capital fund of the group wi...
DisclaimerThis document has been prepared by CIR for information purposes only and for use inpresentations of the Group’s ...
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9m 2012 Results

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9m 2012 Results

  1. 1. 9M 2012 Results October 2012
  2. 2. 9M2012 Results Consolidated financial structure €m Shareholders’ equity - Group 31 Dec. 2011 30 Sept. 2012 Sorgenia 557.8 577.5 582.9 544.3 Espresso 312.7 315.8 Sogefi 113.3 113.6 KOS 111.2 117.3 Other subsidiaries (1) 20.8 11.1 Education 28.7 26.4 Fixed assets 126.8 (3) 126.3 Private equity and minority investments 91.5 105.8 NPLs (2) 64.2 62.7 Other assets/liabilities (19.8) (27,3) Net cash 10.8 20.3 Consolidated shareholders’ equity 1,437.7 1,416.3(1) Cir Ventures, Food Concepts(2) including Junior Notes Zeus, Jupiter(3) of which Espresso goodwill € 102,8m, real estate € 17,5m 2
  3. 3. 9M2012 Results Net financial position at “holding system” level Increase of net cash at holding system level is mainly due to financial income related to the portfolio of liquid assetsNet financial position at 30 September 2012 Evolution of net financial position (1) (4) (2) (3) (1) € 25.2m Dividends received, €18.6m dividends paid (2) Including +€ 5.6m of divestments (3) Fair value of securities + securities income, trading (4) Operating costs, extraordinary costs, taxes, etc. 3
  4. 4. 9M2012 Results Composition of liquid assets and gross financial debt€m 31 Dec. 30 Sept. 31 Dec. 30 Sept. 2011 2012 2011 2012Government bonds 5.9 6.6 CIR S.p.A. 2004/2024 268.3 280.1Corporate bonds 406.7 364.5 Lodo 564.2 564.2Liquidity 96.0 331.3 387.8Hedge funds 79.0 81.1 Other debt 5.0 0.7Other (stocks, equity funds) 25.4 25.1Total liquid assets (1) 848.3 865.3 Gross financial debt (1) 837.5 845.0 Liquid assets at 30 September 2012 (1) Including € 564.2m referring to the “Lodo Mondadori” cash receipt 4
  5. 5. 9M2012 Results Lodo MondadoriOn July 9 2011 the Milan Court of Appeal sentenced Fininvest to paycompensation for damages in relation to the “Lodo Mondadori” caseOn July 26 2011 CIR received from Fininvest € 564.2 million, inclusive oflegal costs and interestsThis income, in accordance with international accounting standards (IAS 37),has been neutralized until the third and final court rulingAs of September 30 2012 financial income of Lodo Mondadori related assetshas been substantially in line with legal interest costs being provisioned for(1)On May 14 2012 the Cassazione High Court rejected a petition filed byFininvest, who claimed that the judges of the Court of Appeal had wronglyapplied laws in their sentence 5
  6. 6. 9M2012 Results Consolidated net financial position €m 31 Dec. 2011 30 Sept. 2012Sorgenia Group (1,730.5) (2,013.5)Espresso Group 96.0 (110.2) (105.1)Sogefi Group (299.8) (325.2)KOS Group (165.1) (152.8)Other subsidiaries (40.3) (17.3)Total subsidiaries (2, 345.9) (2,613.9)Cir & financial holdings 10.8 20.3Consolidated net financial indebtedness (2,335.1) (2,593.6)Total shareholders’ equity 2,479.0 2,424.8Consolidated net invested capital 4,814.1 5,018.4 6
  7. 7. 9M2012 Results Consolidated income statement €m 9M2011 9M2012 Sorgenia Group 6.9 (40.8) Espresso Group 266.9 22.9 14.7 Sogefi Group 10.9 13.1KOS Group 4.8 4.1Total major subsidiaries 45.5 (8.9)Other subsidiaries (1) (7.2) (4.5) Total contribution from subsidiaries 38.3 (13.4)Cir & financial holdings (23.3) 3.4 Net income 15.0 (10.0)(1) Jupiter/Zeus, Food Concept, Cir Ventures 7
  8. 8. 9M2012 Results Corporate structure Operating subsidiaries Non-core investmentsRevenues 2011 € 2.1 Bio Revenues 2011 € 890m Revenues 2011 € 1.2 Bio Revenues 2011 € 350mEBITDA € 192 m EBITDA € 157 m EBITDA € 108 m EBITDA € 52m ENERGY MEDIA AUTOMOTIVE COMPONENTS HEALTHCARE Venture capital funds Thermal National Press Engine systems Residential nursing homes Private equity funds Renewables Local Newspapers Suspensions Rehabilitation Other investments E&P Internet Hospitals Radio & Television Advertising 8
  9. 9. 9M2012 Results Sorgenia – operating structure 65.0% SORGENIA 35.0% HOLDING 81.3% 17.2% 0.3% MANAGEMENT 1.2% ENERGY SUPPLY RENEWABLES E&P OTHER ACTIVITIES Marketing & Sales Sorgenia Green E&P LNG TerminalSorgenia SpA (Parent Company) Solar Wind Italy 50% Fin Gas (70% LNG Med 100% Sorgenia E&P Gas Terminal) Trading Sorgenia Solar 100% 100% Vento Venture Capital in 100% Sorgenia Trading S. Gregorio Magno Clean Technologies Wind France Castelnuovo diThermoelectric generation Conza 100% 50% S. Martino in Pensilis Sorgenia USA LLC (69,47% 100% Sorgenia Power Sorgenia France Bonefro Noventi Ventures II LP) 100% Sorgenia Puglia Production Caggiano Campagna Wind Romania S. Ricigliano Energy Saving S. Castelvetere 100% 75% 70% Sorgenia Menowatt Sorgenia Romania Minervino Solar Biomass78% Energia Italiana(50% Tirreno Power) 100% 100% Sorgenia Next Sorgenia Bioenergy 9
  10. 10. 9M2012 Results Sorgenia – production capacity In operation or in In construction Plants Total commissioningSorgenia Power (Termoli CCGT) 770 770Sorgenia Puglia (Modugno CCGT) 800 800Sorgenia Power (Bertonico-Turano 800 800Lodigiano CCGT)Sorgenia Power (Aprilia CCGT) 800 800Tirreno Power (pro-rata 50%) 1,675 1,675Sorgenia France (50%) 76.5 6.2 82.7Wind Italy 93 19 112Hydroelectric (Tirreno Power 50%) 33 33Sorgenia Solar (photovoltaic) 10 10Sorgenia Bioenergy (biomass) 1 1 Total capacity (MW) 5,059 25.2 5,084 10
  11. 11. 9M2012 Results Sorgenia – 9M results €m 9M 2011 9M 2012Revenues 1,557.1 1,758.3EBITDA 125.7 49.6EBITDA (adjusted) (1) 128.1 47.5Net result 13.5 (77.1)Net result (adjusted) (1) 96.0 18.0 (80.9)(1)Figures adjusted by excluding the fair value measurement of hedging contractsSorgenia’s EBITDA decline in the first nine months of 2012 is mainly due to: The contraction of thermoelectric generation margins, negatively impacted by a 2,7% decline of electricity demand and consequent overcapacity, competition of renewables at peak times, the high price of gas for power plants and higher congestion charges on the electricity grid in the Southern regions The decreasing contribution of Tirreno Power for the same reasons as those listed above The lower contribution of the renewable business due to changes in the consolidation perimeter The decline in natural gas sales volumes and marginsNet result was also impacted by the increase in amortization, higher financial expenses andan €13m write-down of exploration activitiesSorgenia launched in recent months a series of turnaround actions , whose results areexpected by end of 2012 and 2013, including gas supply contract renegotiation, costreduction and divestment of non core assets 11
  12. 12. 9M2012 Results Espresso – operating structure LA LOCAL MAGAZINES RADIO TELEVISION DIGITAL ADVERTISINGREPUBBLICA NEWSPAPERS STATIONSNational daily 18 Regional Espresso + 3 Three national Deejay TV Kataweb, Manzoninewspaper newspapers other radio stations la Repubblica.it throughout Italy publications Market update: in the first eight months of 2012 the overall advertising market has recorded a 10.5% downturn market circulation is still declining both for dailies and magazines (estimated -7% for dailies) 12
  13. 13. 9M2012 Results Espresso – 9M results €m 9M 2011 9M 2012 Revenues 653.7 594.0 EBITDA 112.0 82.8 Net income 96.0 41.4 26.4Gruppo Espresso’s circulation revenues for 9 months 2012 (net of add-onproducts) were € 199.3m, down 3% vs. 9M 2011Advertising revenues were €342.4m, showing a 10.1% decline. Theperformance of on-line advertising, up 14.3% (vs. +11% of the internetmarket) confirmed the continuing positive trend, despite the overallunfavourable contextTotal costs show a 5.2% reduction, mainly as a result of cost reductionmeasures implemented during 2011Despite the general economic situation and the negative prospects for theadvertising market in medium term, Gruppo Espresso confirms the outlookfor a positive net result in 2012, although markedly down vs. 2011 13
  14. 14. 9M2012 Results Sogefi - operating structure ENGINE SYSTEMS SUSPENSION DIVISION COMPONENTS DIVISION PRECISION CARS TRUCKS SPRINGSIn Engine Systems, the acquisition of In Suspensions Sogefi has patented a newSystèmes Moteurs enabled Sogefi to type of coil spring made of fiberglassachieve three important industrial reinforced plastic (FRP) which weighsobjectives: the extension of its product between 40 and 70% less than thelines into engine air and cooling systems; traditional steel springshigher penetration in North America, Chinaand India; a greater presence amongGerman high end car manufacturers 14
  15. 15. 9M2012 Results Sogefi global footprint 1 NETHERLANDS 4 UK 3 GERMANY 1 CANADA 1 SLOVENIA 1 ROMANIA 13 FRANCE 1 USA 3 SPAIN 3 ITALY 2 CHINA1 MEXICO 1 EGYPT 3 INDIA 4 BRAZIL 2 ARGENTINA 44 PRODUCTION SITES 16 COUNTRIES 5 CONTINENTS 2nd largest suspension producer worldwide; leader in Europe and South America 3rd engine filtration systems producer in Europe; leader in South America 15
  16. 16. 9M2012 Results Sogefi – 9M results €m 9M 2011 9M 2012 Revenues 829.8 1,005.1 EBITDA 79.9 98.1 Net income 18.8 96.0 22.4In the first 9M of 2012 the slowdown in the automotive sector continued:-20.5% in new car registrations in Italy, - 13.8% in France, -11% in Spain and-1.8% in Germany. Slowing demand in Brazil, while North America continuedto growDespite the challenging market environment, Sogefi closed the first 9 monthsof 2012 with an increase of 21.1% in revenues and 22.8% in EBITDA thanksto the growth in the North America market and to the contribution of newlyacquired Systèmes MoteursIn the last quarter of 2012 a further worsening of the automotive market inEurope is expected. A scenario of commodity price stability and continuingcost cutting actions should enable Sogefi to confirm the improvement in itsend-of-year financial results compared to 2011 16
  17. 17. 9M2012 Results KOS – operating structure SHAREHOLDERS  CIR (51.3%)  AXA Private Equity (46.7%)  Management and others (2.0%) HOSPITAL RSA REHABILITATION MANAGEMENTNursing homes: KOS is the Rehabilitation: KOS is the Hospital management: KOSlargest private Italian fourth private Italian provides advanced and hi-techoperator in nursing homes operator in functional and medical services (diagnosticfor non-self sufficient psychiatric rehabilitation, imagining, nuclear medicineelderly, where it operates where it operates under the and radio therapy), under theunder the brand “Anni brands “Santo Stefano” and “Medipass” brand. In thisAzzurri” “Redancia” business area, the group also manages the “Fratelli Montecchi” Hospital in Suzzara (Mantua) 17
  18. 18. 9M2012 Results KOS: geographical presence 2011 KOS revenues by region Italy €m 63 facilities in seven regions of North and Central Italy 7.4 94.3 19.9 Over 5,800 beds under management and more than 1,000 beds under construction41.3 42.9 4,292 employees 17.3 0.9 India 101.2 Start-up activities are ongoing in India, where the 0.2 joint venture ClearMedi was started in the second 8.7 half of 2011. The company, controlled by KOS (51%) and a local partner (49%), is active in providing high tech diagnostic and medical equipment managed in outsourcing for Indian 6.4 hospitals 18
  19. 19. 9M2012 Results Growth of hospital beds + 700 beds per year (av.) by means of selective acquisitions and green-fields development Growth pipeline of over 1.000 beds 1108 +1.000 beds under construction, to be opened in the next 3 years 5,785 5,643 130 Hospital 5,061 130 4,897 Management 130 130 1,685 Rehab 1,684 4,190 130 1,283 1,399 3,375 1,011 130 256 Nursing Homes 1,682 3,970 1,554 3,829 3,484 3,532 130 2,989 3,049 130 256 214 1,210 1,296 127 0 1272003 2004 2005 2006 2007 2008 2009 2010 2011 19
  20. 20. 9M2012 Results KOS – 9M results€m 9M 2011 9M 2012Revenues 261.9 265.3EBITDA 41.3 37.9Net income 8.9 96.0 8.0 In the first 9m 2012 revenues posted an increase of 1.3% thanks to the development of KOS’ three business areas Decrease in EBITDA is mainly due to higher rental costs related to the sale and lease back of three real estate properties in the third quarter of last year, which however allowed to reduce net financial debt 20
  21. 21. 9M2012 Results Non-core investmentsVenture 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 September 30 2012 was 14 million dollarsPrivate equity Diversified portfolio of private equity funds and direct minority private equity participations. The fair value at September 30 2012 was approximately € 105.8 million. Increase vs. 4Q 2011 figure (€87.8m) is largely due to positive fair value and some investmentsOther investments SEG (Swiss Education Group), a world leader in education for hospitality management (hotels, restaurants, etc.) in which CIR has an interest of 20%, reported in 9M 2012 a strong level of enrolments with much of the demand coming from Asian countries. In 2012 two new facilities devoted to the teaching of culinary arts started operating in Bouveret and Lucerna At the end of 2011 the NPL servicing business was sold, while CIR retained the ownership of the NPL portfolios acquired in the past. At September 30 2012 the net value of CIR investment in the non-performing loan business amounted to €62.7 m 21
  22. 22. DisclaimerThis document has been prepared by CIR for information purposes only and for use inpresentations of the Group’s results and strategies.For further details on CIR and its Group, reference should be made to publicly availableinformation, including the Annual Report, the Semi-Annual and Quarterly Reports.Statements contained in this document, particularly the ones regarding any CIR Grouppossible or assumed future performance, are or may be forward looking statements and inthis respect they involve some risks and uncertaintiesAny reference to past performance of CIR Group shall not be taken as an indication of futureperformanceThis document does not constitute an offer or invitation to purchase or subscribe for anyshares and no part of it shall form the basis of or be relied upon in connection with anycontract or commitment whatsoever.

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