Approvato Prelios Business Plan 2014-2016 - Massimo Caputi Prelios

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Massimo Caputi Prelios - Approvato Prelios Business Plan 2014-2016
OBIETTIVI STRATEGICI:
* portare a termine il riposizionamento in pure management company e diventare l’asset manager di riferimento per investitori istituzionali italiani ed esteri
* consolidare leadership di mercato della piattaforma di servizi attraverso sviluppo del segmento premium
* completare la dismissione delle partecipazioni in co-investimento

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Approvato Prelios Business Plan 2014-2016 - Massimo Caputi Prelios

  1. 1. prelios comwww.prelios.com PRELIOS: 2014-2016 BUSINESS PLAN PRESENTATIONBUSINESS PLAN PRESENTATION Milan 12th June 2014Milan, 12th June 2014 www.prelios.com
  2. 2. PRELIOSPRELIOS GROUP Sergio Iasi CEO 2014 – 2016 Business Plan
  3. 3. 3 Business Model (1/2) PRELIOS GROUP Prelios Group is a leading European asset management group providing a full range of real estate and financial services ( ) and financial services. The Group has been listed on the Italian Stock Exchange since 2002. Through independent operating companies, Prelios Group is the first platform of real estate finance and specialized services for the management and value enhancement of third parties’ portfolios. Prelios Group comprises an extremely well-qualified structure which includes about 800 employees in Italy andPrelios Group comprises an extremely well qualified structure which includes about 800 employees in Italy and abroad, with significant professional skills and a track record of excellence in the international arena. BUSINESS MODEL PRELIOS Management Platform Investments NIC 361 mln Euro Italy Real Estate 232 mln Euro Real Estate Abroad 118 mln Euro Italy NPL’s 11 mln Euro
  4. 4. 4 Business Model (2/2) PRELIOS GROUP Over 20 years of experience in advanced real estate and financial services for third parties’ portfolios High standards of quality and reliability confirmed by certifications positive evaluations by rating ( ) High standards of quality and reliability, confirmed by certifications, positive evaluations by rating agencies and international awards Prelios SGR*: manages real estate funds – mainly with 25 funds and nearly 3.7 bln Euro AUM – and ranks among the leading real estate asset management companies in Italyleading real estate asset management companies in Italy Prelios Credit Servicing is a financial intermediary (compliant with art. 107 of the Consolidated Banking Act) and specialized in managing and recovering non performing loans (NPL) with € 8.5 bln NPL** under management Prelios Integrated Services provides a complete range of services encompassing the whole life cycle of real estate assets Prelios Integra is one of the leading Italian operators providing integrated services for property management and project developmentp j p Prelios Agency provides real estate agency services to national and international clients Prelios Valuations is one of the leading Italian independent operators in real estate asset and property valuation Prelios Deutschland is one of the leading platforms providing real estate asset services in the German domesticPrelios Deutschland is one of the leading platforms providing real estate asset services in the German domestic market. The company provides asset & property management, project management, brokerage & agency services in the high end segment of Shopping Centers and Highstreet Retail * The acronym stands for “Società di Gestione del Risparmio”, the regulated legal entity according to which an Italian management company must be incorporated ** Gross book value at 31/12/13
  5. 5. 5 PRELIOS GROUP Ownership structurep Below a glance at the current shareholder structure of the Company after the capital increase and the conversion of Prelios convertible debenture loan that took place on 9 April 2014:and the conversion of Prelios convertible debenture loan that took place on 9 April 2014: ECONOMIC SHARE CAPITAL SHARE CAPITAL WITH VOTING RIGHTS PIRELLI & C. Economic share capital PIRELLI & C. Share capital with voting rights PIRELLI & C. 33,6% 23,3% UNICREDIT GRUPPO UNICREDIT GRUPPO CAMFIN/LAURO SESSANTUNO BANCA MONTE DEI PASCHI DI SIENA BANCA POPOLARE DI MILANO GRUPPO CAMFIN/LAURO 29,2% 33,1% 9,9% 16,4% GRUPPO CAMFIN/LAURO SESSANTUNO INTESA SANPAOLO INTESA SANPAOLO BANCA POPOLARE DI MILANO BANCA MONTE DEI PASCHI DI SIENA GRUPPO CAMFIN/LAURO SESSANTUNO UNICREDIT INTESA SANPAOLO MARKET 3,4% 5,6% 8 1% 6,6% 5,7%4,6% 4,0% 2,4% BANCA POPOLARE DI MILANO PASCHI DI SIENA FENICE MARKET MARKET8,1% 14,0%
  6. 6. 6 PRELIOS GROUP Top Management team Giorgio Luca Bruno Prelios S.p.A. Chairman Massimo Caputi Prelios S.p.A. Deputy Chairman with the mandate of Sergio Iasi Prelios S.p.A. CEO Marco Andreasi Prelios S.p.A. CFO p g with the mandate of Business Development • He joined Prelios S.p.A. in February 2014 F 2011 t 2014 h th Chi f • He joined Prelios in May 2013 • From 2000 to 2007 he was CEO of FIMIT SGR • He joined Prelios in December 2012 F 2008 t 2012 h CEO f Sil • He joined Prelios in May 2013 • Currently, he is Chairman and Chief Executive Officer of Pirelli & C. Ambiente S.p.A., a • From 2011 to 2014 he was the Chief Financial Officer of Maire Tecnimont S.p.A., a group operating in the engineering, building, technology and energy sector. • From 2007 to 2011 he was the Chief Financial Officer of the energy group Edi S A SGR • From 2008 to 2011 he was CEO of FIMIT SGR and business partner, developing a € 6 bln AuM platform. In 2011 he managed the merger by incorporation of First Atlantic Real Estate (FARE SGR), a subsidiary of De Agostini Group, into FIMIT SGR, from which was created IDeA • From 2008 to 2012 he was CEO of Silvano Toti Holding S.p.A. (a Rome-based real estate and financial group); he was Deputy Chairman of Serenissima SGR and Chairman of the Board of Directors of Harvip Investimenti S.p.A. • From 2006 to 2009 he was CEO of Sansedoni S p A subsidiary 100% controlled by Pirelli & C. S.p.A. • He is a Member of the Board of Directors of: I.D.E.A. GRANDA S.CON. S.r.l., a company operating in the waste management industry, GWM Renewable Energy II S.p.A. and the participated company Greentech Energy Systems A/S, Edison S.p.A.. • From 2002 to 2007 he worked for Techint S.p.A., as Central Director of Administration, Finance and Control, and, subsequently, as Central Director of Administration, Finance and Control and General Affairs. F 2000 t 2002 CFO t Pi lli C i , FIMIT SGR, the first Italian investment company with € 10 bln AUM, in which he was Director with mandate on Italy development • From 2002 to 2005 he was CEO of Sviluppo Italia S.p.A., • From 1998 to 2002 he was CEO of Grandi Sansedoni S.p.A • From 2003 to 2006 he was CEO of Italia Turismo S.p.A., • In 2002 he was appointed Deputy General Manager at RAI Radio Televisione Italiana, with full operating and financial powers • From 2000 to 2002 he was Managing Director of the Europ@web and L Capital • He is a Member of Board of the Foundation “Centro Intermazionale della Fotonica per l’Energia” (CIFE) • He is Chairman and Chief Executive Officer of Pirelli & C. Eco Technology S.p.A., and Chairman of Pirelli & C. Eco Technology Romania S.r.l., a subsidiary controlled by the Italian parent • From 2000 to 2002 CFO at Pirelli Cavi e Sistemi Energia S.p.A. • From 1999 to 2000 Head of Administration, Finance and Control at Pirelli Cavi e Sistemi Italia • From 1994 to 1999 he worked for the multinational company Kraft Jacobs Suchard from 1988 to 1994 he worked Stazioni S.p.A. and during his leadership he managed the privatization of the company • From 1985 to 1997 he worked at Proger S.p.A., the family business • He was a Member of the Board of Directors of the following companies: Director of the Europ@web and L Capital funds of the Arnault/LVMH Group, based in Paris • From 1996 to 2002 he was Business Development Manager and, subsequently, Senior Vice President International and CEO Assistant at the Canal Plus Group in Paris, with responsibility for the European and US company; he is also Member of the Board of Yanzhou Hixih Ecotech Environment Co. Ltd, which is controlled by the Italian parent company as well. • He is Chairman of Pirelli PZERO, • He is also Director of Marco Tronchetti Provera & C. S.p.A. and of MTP Partecipazioni S.p.A.. Suchard,from 1988 to 1994 he worked for Andersen Consulting S.A.S, from 1987 to 1988 he worked in Costruzioni Aereonautiche Giovanni Agusta S.p.A.. • From 1987 to 2004 he covered the role of Professor of IT Systems Università Cattolica del Sacro Cuore of Milan. g p Banca Monte dei Paschi di Siena S.p.A., Banca Antonveneta S.p.A.; MPS Leasing & Factoring S.p.A. (Deputy Chairman); MPS Capital Service Banca per le Imprese; Banca Agricola Mantovana (Deputy Chairman); Paschi Gestione Imprese Immobiliari; Libera Università with responsibility for the European and US markets. • From 1994 to 1996, he was a Principal at Booz Allen Hamilton, from 1989 to 1994 he was Senior Consultant at Project Group From 1986 to 1988 he was Deputy Manager of Industrial Relations for the Mechanical/Engineering Industries at • In 2002 he joined the Board of Directors of Camfin S.p.A., where he was Chief Executive Officer from 2008 to 2009. • In 2002 he was appointed Chief Executive Officer of CAM Petroli, a Joint-Venture equally participated by Camfin S.p.A. and ENI Group; he held the office until December 2007. p ; Internazionale degli Studi Sociali LUISS Guido Carli; ACEA S.p.A.. Mechanical/Engineering Industries at Assolombarda, Milan. • In 1990 he joined Camfin Group as Chief Financial Officer and in 1998 he was appointed General Manager of Camfin S.p.A • In 1986 he began working in IFIL Group, in the M&A department. From there he moved to FIAT Group, where he worked as Controller of the sub- holding company PRIME S.p.A..
  7. 7. 7 PRELIOS GROUP 2012-2013 Reorganization and Foundation for Relaunch (1/2)g ( ) 2012 Consolidated revenues: € 85.9 mln (*) Consolidated EBIT: - € 18.9 mln (*) Consolidated Net Result: € 241 7 mln (*)Consolidated Net Result: - € 241.7 mln (*) MAIN EVENTS Selection of the industrial partner (Feidos 11) Release of the Company’s restructuring plan ex art. 67 reorganization plan ( cd Project Fenice) Negotiation of governance agreements * Numbers are not including «Residential» in Germany (discontinued operations IFRS 5). REORGANIZATION AND TRANSITION FROM «CAPTIVE» TO NON-CAPTIVE
  8. 8. 8 PRELIOS GROUP 2012-2013 Reorganization and Foundation for Relaunch (2/2) 2013 Consolidated revenues: € 73.1 mln (*) g ( ) ( ) Consolidated EBIT: - € 28.1 mln (*) Consolidated net result: - € 332.8 mln (*) MAIN EVENTS Entry of new qualified managers in theCompletion of the Group recapitalization process and debt y q g operating companies Detailed due diligence of real estate asset portfolios: NIC segmentation and adoption of different management strategies for the respective identified segments p p p p rescheduling Strengthening the business development function at the holding company and operating companies level strategies for the respective identified segments Implementation of new operating systems relating to the periodical assessment of key resources Focus on Information and Communication Technology Repositioning of the operating companies in three key segments: asset management, property and project services, NPLs management Implementation of the new organization structure Focus on Information and Communication Technology, as a key to support the new comptitive positioning of Prelios Implementation of the new organization structure envisaging a “leaner” holding company and more autonomy for the Strategic Business Units («SBUs») * Numbers are not including «Residential» in Germany (discontinued operations IFRS 5). REORGANIZATION AND TRANSITION FROM «CAPTIVE» TO NON-CAPTIVE
  9. 9. 9 PRELIOS GROUP Main Results achieved in 2013 Contracts achieved for the establishment of two real estate funds managed by Prelios SGR • Fund PAI and Fund Cassa dei Commercialisti F k t b t P li I t t d S i d T l Management platform • Framework agreement between Prelios Integrated Services and Telecom • Preliminary agreement with Enel for the mapping of instrumental real estate assets • Revamped pipeline of new projects under development (over 180) platform development Reduction of fixed 92 units (managers and white collars) vs 2012 (from 878 units in 2012 to 786 units in 2013)Reduction of fixed costs by about € 14 mln vs. 2012 - 92 units (managers and white collars) vs. 2012 (from 878 units in 2012 to 786 units in 2013) • Rationalization of resources both at holding company level and at operating companies level • Further reduction of personnel by 300 units planned in mid 2014 through the completion of the disposal of German residential service platform Reduction of non consolidated debt by € 0.5 bln (vs. € 1.5 bln at the end of 2012) Disposal of DGAG residential asset portfolio Gradual disposal of Highstreet retail asset portfolio in Germany Transfers of minor residential asset portfolios in Germany (Sig Re) the end of 2012) Recovery of PRECS management Repurchase of 20% of PRECS held by Calyon Granted 19 new NPLs management mandatesmanagement autonomy Reduced Exposure t t i k Granted 19 new NPLs management mandates Consistent reduction of Group exposure to tax risks (settlement of litigations related to Tamerice and to tax risk «fiscal codes» issues)
  10. 10. 10 PRELIOS GROUP Investments Overview The Investment Portfolio Management SBU is devoted to monitoring, management and valorisation/disposal of Prelios Investments (Real Estate Vehicles (SPV), Funds and NPLs in Italy, Germany and Poland). NIC* 361 € millions Prelios Investments (Real Estate Vehicles (SPV), Funds and NPLs in Italy, Germany and Poland). NIC* 361 € millions Real Estate Italy Real Estate Other Npl Italy 232 € millions Other countries 118 € millions 11 € millions About 150 vehicles/investment structures * NIC at March 31st
  11. 11. 11 PRELIOS GROUP Net Invested Capital break-downp ITALY OTHER COUNTRIES Funds + Holdings 177,6 Vehicles (SPV) + Holdings 54,9 V hi l D l t 41 8 Germany 112,1 DGAG - Excluded Assets 22,1 DGAG - Residential 27,2 Highstreet 41 0Vehicles - Development 41,8 Vehicles - Portfolio 12,8 Vehicles with Significant Equity Commitments 6,5 Other* -6,3 Highstreet 41,0 Mistral 16,2 Prelios Minorities/Altro 5,7 P l d 5 8NPL 11,4 NIC Total 243,8 Poland 5,8 NIC Total 118,0 Italy Other Countries Vehicles (SPV) +  Holdings 22%22% NPL 5% Poland 5% Funds + Holdings 73% Germany 95% * NIC includes  the guarantee deposit related to Tamerice fiscal transaction (‐11 Mln €)
  12. 12. 12 PRELIOS GROUP 2014-2016 PLAN Highlights (1/2) The pure player model focused on two business lines is confirmed • Asset management (Prelios SGR and Prelios Credit Servicing) • Real estate services (Integrated services)Pure pla er model g g ( ) Focus on larger accounts, long-term contracts and non-captive clients Play a leading role to aggregate subjects in asset management and services Start the process to create an European asset management platform player model Focus on: Geographical presence Focus on: • Italy • Germany (primarily shopping centers and use that country presence as a platform for opportunistic development in the area of Northern Europe) Stand alone development Revenue growth on a Stand Alone basis. Actions aimed at developing management platform revenues through the implementation of projects encompassed in the business development pipeline and also by starting stable synergies with Shareholders/Lenders. The Plan does not reflect the option of aggregation with Fortress operating structures. The management assumes that, from 2015, it will be possible to start further aggregation options Margin Cost Efficiency actions aimed at further rationalizing the cost structure of the Group (after the already significant savings in 2013) without affecting the development and retention of human excellences primarily through: improvement actions excellences primarily through: • streamlining the cost of staff • further rationalization of the costs of consultancy and head quarter Focus on higher margin clients and services mix COMPANY MARKET LEADERSHIP CONSOLIDATION AND NEW POSITIONING AS A PURE MANAGEMENT COMPANY
  13. 13. 13 PRELIOS GROUP 2014-2016 PLAN Highlights (2/2) Investment Disposal strategy confirmed, focus on maintaining the portfolio value d t ti th i t t ith b g g ( ) Investment portfolio and protecting the investments, either by a) transfer in 2014-2016 period b) through possible deconsolidation transactions Strengthening of relations with banking partners Strengthen the relationships with banking partners with the goal to make Prelios become the reference player in the Real Estate and NPL sector in the next two years Financial Improvements Actions to balance the financial straits and promote the correlation between cash inflows and cash out, trough optimizations and postponement beyond the term of the Plan COMPANY MARKET LEADERSHIP CONSOLIDATION AND NEW POSITIONING AS A PURE MANAGEMENT COMPANY
  14. 14. PRELIOS GROUP Marco Andreasi CFO 2014 – 2016 Business Plan
  15. 15. 3 PRELIOS GROUP RISTRUCTURING PROCESS Delay of more than nine months in the completion of the Group restructuring plan ADVERSE MARKET ENVIRONMENT INTEGRATED SERVICES AGENCY REAL ESTATE ASSETS PRECS GERMANY Persistent downturn of the market that does not allow recovery of the investment value Delays in attracting new business plan provided by Fenice Plan Overestimation of transactions in 2013 and of the potential of Prelios network to attracting non- captive business (especially in the second half of 2013) Solving management mandates securitization vehicles of Crédit Agricole Mandatory" sale of the service platform together with the sale of the residential porfolio of DGAG Need to realign the values ​​of some more difficult assets than expected in the Fenice Plan New 2014-2016 Business Plan vs Fenice Plan
  16. 16. 4 PRELIOS GROUP 2014-2016 PLAN Highlights – New Positioning as a Pure Management Company (1/2) The pure player model focused on two business lines is confirmed • Asset management (Prelios SGR and Prelios Credit Servicing) • Real estate services (Integrated services) Focus on larger accounts, long-term contracts and non-captive clients Play a leading role to aggregate subjects in asset management and services Start the process to create an European asset management platform Pure player model Geographical presence Focus on: • Italy • Germany (primarily shopping centers and use that country presence as a platform for opportunistic development in the area of Northern Europe) Stand alone development Revenue growth on a Stand Alone basis. Actions aimed at developing management platform revenues through the implementation of projects encompassed in the business development pipeline and also by starting stable synergies with Shareholders/Lenders. The Plan does not reflect the option of aggregation with Fortress operating structures. The management assumes that, from 2015, it will be possible to start further aggregation options Margin Improvement Actions • Cost Efficiency actions aimed at further rationalizing the cost structure of the Group (after the already significant savings in 2013) without affecting the development and retention of human excellences primarily through: - further rationalization of the costs of consultancy and head quarter - streamlining the cost of staff • Focus on Higher Margin Clients and Services Mix
  17. 17. 5 PRELIOS GROUP 2014-2016 PLAN Confirmed disposal strategy, protecting the value of portfolio investments, either by • transfer in 2014-2016 time span • through possible deconsolidation transactions Investment portfolio Strengthening of relations with banking partners Strengthen the relationships with banking partners with the goal to make Prelios become the reference player in the Real Estate and NPL sector in the next two years Financial Improvements Actions to balance the financial straits and promote the correlation between cash inflows and cash out, trough optimizations and postponement beyond the term of the Plan Highlights – New Positioning as a Pure Management Company (2/2)
  18. 18. 6 EBIT Management Platform: CAGR (2013-2016) + 40% (2013 Value: 6.3 mln Euro NET FINANCIAL POSITION: in 2016 < 200 mln Euro (2013 Value: 388.4 mln Euro) 1) Il valore 2013 non include l’esercizio del Convertendo (pari a 235,9 milioni di euro al 31/12/2013) avvenuto in data 14 Aprile 2014 PRELIOS GROUP 2014-2016 Targets
  19. 19. 7 PRELIOS GROUP REVENUES GROWTH ON A STAND ALONE BASIS FOCUS ON HIGHER MARGIN SERVICES AND CLIENTS MIX CAGR EBIT / CAGR REVENUES ~ 2.5x EBIT 2013 6.3 mln Euro CAGR ~ 40% EBIT MANAGMENT PLATFORM: CAGR (2013-2016) How to get the 2014-2016 Targets
  20. 20. 8 INVESTMENT CASH FLOW: CASH GENERATION AND NIC PROTECTION NET FINANCIAL POSITION 2016: < 200 mln Euro MANAGEMENT PLATF. CASH FLOW: STABLE GROWTH CASH IN / CASH OUT BALANCE NFP 2013 388 mln Euro NFP 2016 < 200 mln Euro EXECUTION OF CONVERTIBLE ALREADY DONE PRELIOS GROUP How to get the 2014-2016 Targets
  21. 21. PRELIOS: 2014-2016 BUSINESS PLAN PRESENTATION www.prelios.com Milan, 12th June 2014 www.prelios.com

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