Etude PwC M&A dans le secteur des services financiers (2013)PwC France
Sharing Deal Insight fournit des perspectives sur les dernières tendances et les futurs développements dans les services financiers. PwC a analysé les données fournies par mergermarket, Reuters et Dealogic de transactions annoncées et celles en attente de clôture au cours du premier semestre 2013. Les transactions analysées portent sur une part d’acquisition supérieure à 30% - ou sur une part importante donnant le contrôle effectif à l’acquéreur.
For over 60 years Mediobanca has helped its client grow, with high-quality advisory services and a complete range of credit solutions, from the simplest and most traditional products to the most sophisticated solutions available on capital markets.
Today Mediobanca is a banking group which employs 3,800 people and is:
• leader in investment banking in Italy
• among the first-ranking consumer credit operators in Italy, with Compass Banca
• among the leading domestic online banks, with CheBanca
Etude PwC M&A dans le secteur des services financiers (2013)PwC France
Sharing Deal Insight fournit des perspectives sur les dernières tendances et les futurs développements dans les services financiers. PwC a analysé les données fournies par mergermarket, Reuters et Dealogic de transactions annoncées et celles en attente de clôture au cours du premier semestre 2013. Les transactions analysées portent sur une part d’acquisition supérieure à 30% - ou sur une part importante donnant le contrôle effectif à l’acquéreur.
For over 60 years Mediobanca has helped its client grow, with high-quality advisory services and a complete range of credit solutions, from the simplest and most traditional products to the most sophisticated solutions available on capital markets.
Today Mediobanca is a banking group which employs 3,800 people and is:
• leader in investment banking in Italy
• among the first-ranking consumer credit operators in Italy, with Compass Banca
• among the leading domestic online banks, with CheBanca
With the onset of higher personal tax rates, more complex rules on the tax deductibility of interest and an election round the corner, now is the time to be thinking about structuring your tax affairs.
BDO ran a seminar for private equity executives that demonstrated:
- How to structure your fund
- How to plan during the life of your fund
- Latest techniques for structuring transactions
- Minimising VAT leakage
Find out more in the slides of the presentation.
European Private Equity & Venture Capital AssociationLucas Wyrsch
Executive Summary
Fundraising → Pages 7-26
• Overall fundraising decreased in 2012 by 43% to €23.6bn compared to 2011. This reduction was driven by lower activity of larger funds. In 2012 only 13 funds were raising more than €250m compared to 26 in 2011. Funds that raised in excess of €250m in 2012 dropped in total volume by 51% compared to 2011. In contrast, the volume raised by funds smaller than €250m reduced by only 25% in the same period.
• Pension funds and fund of funds accounted for almost half of all sources of funds with more than 20% each. Family offices & private individuals, government agencies and sovereign wealth funds follow as major sources with 10-12% each.
• Despite macroeconomic challenges, €8.6bn (40%) of funds raised came from institutional investors outside of Europe.
Investments → Pages 27-59
• The overall amount of €36.5bn invested in European companies in 2012 reduced by 19% compared to the previous year. This was due to the weak first half of 2012 coinciding with economic uncertainty in Europe. In contrast, the number of private equity backed companies remained stable at almost 5,000 European companies. Therefore, it was less capital intensive for the industry to invest in a constant number of companies in Europe. About 43% of the companies that received investment in 2012 were private equity backed for the first time.
• The total amount of venture capital invested reduced year on year by 14% to €3.2bn. The number of venture capital backed companies remained stable at about 2,900. For the first time more than 1,000 companies attracted growth investments despite a decrease in amount of 26% compared to 2011. Buyout investments reached €28bn. More than 800 companies received buyout investments similar to the level from 2011 although the investment amount reduced by 19%.
Divestments → Pages 61-72
• More than 2,000 European companies were exited, representing former equity investments of €22bn. While the number of companies remained stable the amount divested at cost decreased by 29%.
• Of all exited companies in 2012 venture capital represented almost 50% and growth 23%. Their typical exits included trade sale, sale to another private equity firm and write-off. Buyout related exits attributed 85% of equity amount divested at cost. This presents a decline of 26%. Prominent exit routes were trade sale, sale to another private equity firm and public offering.
• Initial Public Offering (IPO) levels remained very low. Only three buyout and five venture capital investments were able to take this exit route.
Tricumen / Future Models in Wholesale Banking 100915Tricumen Ltd
In an environment of shrinking margins, capital and liquidity constraints, and efficiency challenges, banks are rethinking their wholesale banking operating model.
We see four distinct models emerging, centred around: (1) global universal banking, (2) global investment banking & wealth management, (3) a blend of electronic and high margin business, and (4) regional universal banking.
Whichever strategy is adopted, efficient client coverage, tech & ops excellence and clarity of strategy will be key for success.
Dubai Conference - Legal and Regulatory UpdateBishr Shiblaq
This seminar gave an update on the Luxembourg UCITS framework, addressed the Alternative Investment Fund Managers Directive (AIFMD), provided an update on the tax-treaty network with a particular focus on Turkey and India as well as present practical cases of recent Shari’ah-compliant transactions and updates on the existing legal framework.
Investor Presentation Caixa Geral de Depósitos
- Long Term Commitment to the Portuguese Economy and Society
- Customer – Centered Business
- Support the Corporate Sector, Strong Focus on SME
- Promotion of Human Talent and Teamwork
- Highest Ethical Standards
- Innovation
- Social Responsibility and Global Sustainability
With the onset of higher personal tax rates, more complex rules on the tax deductibility of interest and an election round the corner, now is the time to be thinking about structuring your tax affairs.
BDO ran a seminar for private equity executives that demonstrated:
- How to structure your fund
- How to plan during the life of your fund
- Latest techniques for structuring transactions
- Minimising VAT leakage
Find out more in the slides of the presentation.
European Private Equity & Venture Capital AssociationLucas Wyrsch
Executive Summary
Fundraising → Pages 7-26
• Overall fundraising decreased in 2012 by 43% to €23.6bn compared to 2011. This reduction was driven by lower activity of larger funds. In 2012 only 13 funds were raising more than €250m compared to 26 in 2011. Funds that raised in excess of €250m in 2012 dropped in total volume by 51% compared to 2011. In contrast, the volume raised by funds smaller than €250m reduced by only 25% in the same period.
• Pension funds and fund of funds accounted for almost half of all sources of funds with more than 20% each. Family offices & private individuals, government agencies and sovereign wealth funds follow as major sources with 10-12% each.
• Despite macroeconomic challenges, €8.6bn (40%) of funds raised came from institutional investors outside of Europe.
Investments → Pages 27-59
• The overall amount of €36.5bn invested in European companies in 2012 reduced by 19% compared to the previous year. This was due to the weak first half of 2012 coinciding with economic uncertainty in Europe. In contrast, the number of private equity backed companies remained stable at almost 5,000 European companies. Therefore, it was less capital intensive for the industry to invest in a constant number of companies in Europe. About 43% of the companies that received investment in 2012 were private equity backed for the first time.
• The total amount of venture capital invested reduced year on year by 14% to €3.2bn. The number of venture capital backed companies remained stable at about 2,900. For the first time more than 1,000 companies attracted growth investments despite a decrease in amount of 26% compared to 2011. Buyout investments reached €28bn. More than 800 companies received buyout investments similar to the level from 2011 although the investment amount reduced by 19%.
Divestments → Pages 61-72
• More than 2,000 European companies were exited, representing former equity investments of €22bn. While the number of companies remained stable the amount divested at cost decreased by 29%.
• Of all exited companies in 2012 venture capital represented almost 50% and growth 23%. Their typical exits included trade sale, sale to another private equity firm and write-off. Buyout related exits attributed 85% of equity amount divested at cost. This presents a decline of 26%. Prominent exit routes were trade sale, sale to another private equity firm and public offering.
• Initial Public Offering (IPO) levels remained very low. Only three buyout and five venture capital investments were able to take this exit route.
Tricumen / Future Models in Wholesale Banking 100915Tricumen Ltd
In an environment of shrinking margins, capital and liquidity constraints, and efficiency challenges, banks are rethinking their wholesale banking operating model.
We see four distinct models emerging, centred around: (1) global universal banking, (2) global investment banking & wealth management, (3) a blend of electronic and high margin business, and (4) regional universal banking.
Whichever strategy is adopted, efficient client coverage, tech & ops excellence and clarity of strategy will be key for success.
Dubai Conference - Legal and Regulatory UpdateBishr Shiblaq
This seminar gave an update on the Luxembourg UCITS framework, addressed the Alternative Investment Fund Managers Directive (AIFMD), provided an update on the tax-treaty network with a particular focus on Turkey and India as well as present practical cases of recent Shari’ah-compliant transactions and updates on the existing legal framework.
Investor Presentation Caixa Geral de Depósitos
- Long Term Commitment to the Portuguese Economy and Society
- Customer – Centered Business
- Support the Corporate Sector, Strong Focus on SME
- Promotion of Human Talent and Teamwork
- Highest Ethical Standards
- Innovation
- Social Responsibility and Global Sustainability
green social and ethical funds in europeClaude Gaudin
The 12th edition of Vigeo Italia report “Green Social and Ethical Funds in Europe”, recognised as one of the European reference studies on SRI, offers a general outlook on SRI mutual funds in Europe.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
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Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
2. DeA Capital
Company overview
DeA Capital Investments portfolio
Alternative Asset management
2
3. DeA Capital at a glance
DeA Capital is De Agostini Group’s vehicle for alternative investments.
Diversified private equity, permanent capital investor with two lines of
business:
Private Equity investments
Direct: - Exposure to defensive sectors
- International footprint (Western and emerging Europe)
Indirect - Private equity Funds and funds of funds
Alternative asset management business: ~10 bln € under mgmt*g g
Real estate funds (9.5 bln €):
Private equity (1.2 bln € AuM)
Strong and recurrent cash flow generation
Net asset value at 31 March 2012: 701 mln €; 2.51 € per share
3* As of March 2012
4. A balanced business model: investments and asset management
Alternative asset
management
Private equity
1. Direct investments
Mgmt of Private equity funds, FoFs,
Real estate funds,
RE services
co-control or coinvestment
medium term horizon
controlling stakes
core business
Private healthcare
€ 2 b
Food retail
€ 2 4 b l
€ 9.5 bn AuM € 1.2 bn AuM
~€ 2 bn revenues € 2.4 bn sales
Consumer credit
- 23 RE funds - 2 PE funds of funds
- 2 thematic funds
€ 71 mln mgmt fees in 2011
Managed by the Group’s asset
management companies
2. Fund Investments
4
5. DeA Capital strategy
• Migros: targeting an exit in the short term, depending
on market conditions
Exit from
P i t E it • GDS: exit unlikely in the short term. Options available
for deleverage through increased FCF
generation/disposals and visible value enhancement
before exit
Private Equity
Investments
• Full visibility of results in DeA Capital’s P&L from 2012y p
• Stable cash flows
• Further external growth/consolidation
• Gradual elimination of discount to NAV
Focus on Alt.
Asset Mgmt
• Dividend distribution to be considered when an exit is
Di id d completed
• Going forward, profits from AAM will provide a further
source for distributions
Dividend
policy
5
6. Free float
24 1%
Independent Board members: 3 out of 9
DeA Capital: shareholder structure and corporate governance
DEB
Holding*
3 8%
24.1%
Independent Board members: 3 out of 9
Remuneration Committee (2/3 independent)
Audit Committee (2/3 independent)
Investments for 100+ mln need to be approved by the
De Agostini
Treasury
stock
Mediobanca
4.8%
3.8%
pp y
BoD. All investments are preliminarly reviewed by an
internal committee.
Voting system: slate system. Slates can be presented
by shareholders that own at least 2.5% of the share
De Agostini
SpA
58.3%
stock
9.0% capital and entitle the 2nd largest slate to appoint one
Board member
Star segment listing: commitment to open and constant
communication, stock liquidity Only ordinary shares
Top Management:
Lorenzo Pellicioli – Chairman: CEO of De Agostini, Chairman of Lottomatica, member of the Executive Committee of Generali
Paolo Ceretti – CEO: General Manager of De Agostini, Board Member of DeA Editore, Lottomatica, GdS, Zodiak.
E i d d lifi d i B d bExperienced and qualified non-executive Board members:
Lino Benassi: Member of the Executive Committee of De Agostini SpA, former CEO of Intesa/BCI and INA
Rosario Bifulco: Founder/vice Chairman of Humanitas (hospital), Chairman of Sorin (pharma)
Claudio Costamagna: former head of EMEA Investment banking of Goldman Sachs, previously at Citigroup and Montedison
Severino Salvemini: professor at Università L. Bocconi in Milan
Daniel Buaron: Founder of First Atlantic Real Estate, Board member of IDeA Fimit
Marco Drago: Chairman of De Agostini SpA
Roberto Drago, Marco Boroli: Executive Board Members of B&D Holdingg , g
* A company belonging to Mr. Daniel Buaron. Data as of 31 March2012
6
7. Included in LPX50 Index
• Since December 2008 Dea Capital was included in the LPX50 Index.p
• LPX 50 is the most widely used global listed private equity stock index. Its
geographical composition is: 35% Europe ex-UK, 32% North America, 15% UK, 7%
Asia, 2% South America.
• Among the main index components are: Eurazeo, Wendel, Ratos, Partners Group,
Onex 3i Apollo Jafco Blackstone GIMV China Merchants Electra SVGOnex, 3i, Apollo, Jafco, Blackstone, GIMV, China Merchants, Electra, SVG,
Pantheon, Ares Capital, Gladstone Capital.
• LPX GmbH is a provider of Private Equity Research and a family of indicesp q y y
representing the Listed Private Equity (LPE) universe. Due to the liquidity of the
underlying constituents LPX indices are the foremost investable, tradable and
transparent benchmarks for the Private Equity asset class. Based on profound
d h d h k G b dacademic research and a comprehensive network in practice, LPX GmbH provides
services in the following areas: Benchmarking, Asset Allocation, Research and
Financial Products. www.lpx.ch
7
8. De Agostini
De Agostini is a family-owned financial conglomerate active in 66 countries worldwide
with 2011 revenues of over € 5 bln. The Group is focused on 4 key sectors
Drago familiesBoroli families
Publishing Media&Communication Gaming and services Finance
~2.4% stake in Generali
Publishing Media&Communication Gaming and services Finance
Lottomatica (59.7%)
GTECH (100%)
DeA Capital (58.3%)
IDeA Capital Funds SGR
Zodiak Media Group
(71.3%)
Direct Marketing
Partworks
p
(100%)
Libri
IDeA Fimit SGR
(61.3%)
Antena 3 (22.3%)
8
9. De Agostini financial investment track record
10-year track record in PE investment (Seat, Toro, Eutelsat, funds). Alternative investments,
PE in particular, traditionally contributed to the optimal allocation of the Group’s resources,
enhancing shareholder returns and created a valuable network of relationships with major
sector players.
Seat (yellow pages, info services) 1997-99 ~€ 285 mln 2000 235%
Main direct investments Exit IRRInvestmentYear
(y p g ) 235%
Matrix (web portal, services) 1999-03 ~€ 50 mln 2004 104%
E telsat 2003 € 200 l 2004 31%Eutelsat (satellite) 2003 ~€ 200 mln 2004 31%
Limoni (retail) 2000 ~€ 30 mln 2006 13%
Toro (insurance) 2003 ~€ 800 mln 2006 37%
Indirect investments InvestmentPeriod
PE funds and F. of Funds 2001-current >€ 400 mln
Indirect investments InvestmentPeriod
9
10. A strong network of relationships
Links with Private
Equity Funds
Strategic presence
in key sectors
High-profile senior
management and
Board members
•High-quality deal flow
•No need to rely solelyo eed to e y so e y
on competitive bidding
De Agostini has
traditionally acted as an
De Agostini holds
controlling or significanttraditionally acted as an
investor in global private
equity funds and as a
coinvestor along with
them
controlling or significant
stakes in companies
operating in key sectors
in Southern Europe
Strong relationship
with major
commercial and
investment banks
10
investment banks
11. DeA Capital
Company overview
DeA Capital Investments portfolio
Alternative Asset management
Key financialsKey financials
11
12. Generale de Santé: leader in French private healthcare
The largest French network of private healthcare clinics:
Santé Holdings S.r.l.
Mr. Antonino Ligresti
DeA CapitalMediobanca
47 00 %
The largest French network of private healthcare clinics:
61 clinics, 4 radiotherapy centres and 25 psychiatric
clinics located in France
20 rehabilitation centres
wide coverage of France with a marked concentration in
i i
Santé SA
9.99 %
100.00 %
Santé Développement Europe
SAS
(“Bidco”)
Market
47.00 %
43.01 %
nine regions
a capacity of over 14,000 beds and places
5,500 independent doctors specialising in all fields
Covering a wide range of hospital care services:
Générale de Santé
24.2%
( Bidco )
59.8%
16.0 %
Healthcare services including acute care (>80% of
revenues), oncology/dialysis, psychiatry, rehabilitation.
2011 GDS key figures
Revenues
€ 1 955 l
EBITDAR
€ 398 l
Net Financial Pos.
8 l
EBITDA
€ 2 9 l
Recurrent EBIT
€ 2 l
Net profit
€ 2 l *€ 1.955 mln € 398 mln -854 mln€ 249 mln € 125 mln € 25 mln*
12 * Before impairment of goodwill
13. Investment attractions Value drivers
Generale de Santé: refocusing the business model
Safe sector: ~100% social security coverage;
systematic use of additional healthcare insurance
policies (ca. 80% of French pop.)
Investment attractions Value drivers
Disposal of non core businesses, restructuring
(completed: disposal of clinics in Italy, home care and
clinical labs in France)
Healthy growth: ~3/4% growth p.a. in past 5 yrs,
due to medical progress, ageing population
Barriers to entry: due to heavy regulations, cost
of new hospitals
Regrouping of structures to achieve economies of
scale and grow revenues, to be completed in 2012.
Reorganisation of MSO and rehab clinics into
21 poles
of new hospitals
Increasing importance of role of private
sector (but still only slightly over 20% of hospital
care expenditure)
Efficiency improvement in purchases/overheads
(mainly for acute care), corporate costs and capex
Real estate ‘sale and rental’: two large deals
already completed in 2007 and ‘08. ca. 600 mln €
ll h b l h GDS strong market position (it is by far the
largest private clinics network in France
Further sector consolidation expected: 80%
of structures have less than 100 beds.
properties still in the balance sheet
Revenue growth: market share, capacity increases,
regroupings drive volume growth and compensate for
current tough pricing environment in France
Targets
organic revenue growth and EBITDA margin
improvement
free cash flow, real estate and non core asset
disposals to drive gradual deleveraging
13
p g g g
14. Migros Turk: a leading player in Turkey’s food retail
Turkey’s largest supermarket chain:
after disposal of Sok (discount stores), 718
stores in Turkey at the end of December 2011
Presence (27 stores) in other neighbouring
countries (Azerbaijan Kazakhstan Macedonia
Deal structure:
DeA Capital has a 17% stake in a consortium
led by BC Partners
DeA Capital initial equity investment: 175 mn €
In April 2011 the consortium reduced its stakecountries (Azerbaijan, Kazakhstan, Macedonia,
Kyrgyzistan)
Total selling area: ca 800k sqm
Market:
O i d t il k t t d t
In April 2011 the consortium reduced its stake
in Migros from 97.9% to 80.5% by selling to
institutional investors
Discount stores sold for 600 mln YTL
Dividends cashed in by DeA to date: 71 mn €
Leverage: Debt/EBITDA ca 4x Organized retail market expected to grow
strongly in the next few years
Share of organized retail on total grocery sales
ca. 45% vs >80% in the main Western European
countries
Leverage: Debt/EBITDA ca. 4x
Strategy:
Maintain and strengthen leading position
among supermarket chains, accelerating network
expansion (100/year) Turkish economy still has a significant growth
potential, in spite of current global crisis
2011 Migros financials (TRY IFRS)
expansion (100/year)
Implement cost cutting initiatives and improve
supply chain
2011 Migros financials (TRY, IFRS)
Sales
5.753 YTL bln +10%
EBIT
232 mln
Net Fin. Position
-1.6 bn
EBITDA
386 mln
# Stores
745
14
15. The value of two unique assets
Generale de Santé Migros
Market position Largest private healthcare
operator in France (17% share)
Largest supermarket chain in
Turkeyoperator in France (17% share) Turkey
Market structure Dominated by public hospitals (ca
70-75%), private still fragmented.
Regulated sector: very high
b i t t
55% of sales still made via
traditional retail; few international
operators with a significant presence
(C f T )barriers to entry (Carrefour, Tesco)
Main competitors Largest competitor’s size is less than
half GdS (Vitalia)
Carrefour (hypermarkets), Tesco
(supermarkets), BIM (discount)
Main attractions of
the asset
Only private healthcare operator in
France managed as a single-brand
group; main entry point for large
investors, sector players. Non-
Largest supermarket chain in a fast
growing market; main entry point for
large investors, sector players. Non-
replicable asset: valuationesto s, secto p aye s o
replicable asset: valuation
premium justifiable on an
industrial basis
ep cab e asset a uat o
premium justifiable on an
industrial basis
D A C it l Major shareholder in Santè SA Co investor (17%) in KenanDeA Capital
position
Major shareholder in Santè SA
with 43% stake (Santè owns ~84%
of GdS), with equal rights to main
shareholder (47%)
Co-investor (17%) in Kenan
(which owns 80.5% stake).
Corporate governance, tag-along,
drag-along rights.
15
16. FundFund investmentsinvestments:: OpportunityOpportunity FundFund 11 –– focus onfocus on ItalianItalian midcapsmidcaps
Élite partnerships: IDeA Opportunity Fund I makes minority private equity co-investments
alongside top-tier professional investors
Type of deal: mainly medium sized LBOs including expansion capital, change of control,
refinancings follow-on investments corporate re-organizations and build-ups No early stage norefinancings, follow-on investments, corporate re-organizations and build-ups. No early stage, no
real estate
Existing investments: 5% stake in Giochi Preziosi (Sector: Toys; other investors: Clessidra,
Intesa Sanpaolo); 4% stake in Manutencoop Facility Management (other investors: PEP, MPS
Venture, Unipol); 9.2% stake in Grandi Navi Veloci (Sea transport; other investors: Investitori, p ); ( p ;
Associati IV, Charme); Euticals (pharma sector – conv. Bond; others: PEP); 9,1% stake in Telit
(M2M wireless technologies; others: institutional investors, management).
Authorized by Banca d’Italia on 3rd January 2008. July ‘09: 3rd and final closing at € 217 mln
(52% called so far). Management team: IDeA Capital Funds. DeA Capital investment: 36,2
mln € (book value).
16
17. Fund investments: IDeA 1Fund investments: IDeA 1 –– Italy’s largest PE fund of fundsItaly’s largest PE fund of funds
Final closing of €681 million atLP Breakdown after final closing Current Asset Allocation by Type
Insurance co
21%
Family office
13%
April 2008
Part of Italy’s largest FoF
program, that also includes theSmall buyout
14%
Asset-based
PE 6%
Expansion 9%
Venture Cap.
5%
B k /FiFoundations
HNWI 22%
p g ,
ICF 2 fund, worth 281 mln €
Commitments in 42 funds worth
over €650 mln Exposure to >429Large buyout
14%
Special
situations
18%
Banks/Fin.
Instit. 33%
Foundations
12%
over €650 mln. Exposure to >429
companies and 30 distressed debt
positions. ~40% acquired on the
secondary mkt
Access to top-performing private equity funds
Large buyout
15%Mid buyout
32%
y
Vintage diversification: from
2000 to 2011
European Private Equity US Private Equity
Investments = 76% of fund size.
Ca. € 215 mln distributions
received since launch, and 104 mln
distributions made to LPsRest of the World Private Equity/VC distributions made to LPs
Net IRR since inception: 2.6%. 1st
quartile in Europe (FoFs)
Rest of the World Private Equity/VC
DeA Capital investment: 94 3 mln € (book value)
17
DeA Capital investment: 94,3 mln € (book value)
18. ICF 2 is a global fund of private equity funds, managed by IDeA Capital Funds. The Fund targets both the
Fund investments: ICF II – the second PE fund of funds
g p q y , g y p g
primary and the secondary market.
Target geo breakdown Target Asset Allocation
Credit,
Special
situations,
Expansion, VC
50%
US 33%
RoW
33%
Mid-small
buyout 50%
Europe 33%
E i ti it t t 65% f f d i it l ll t d 16% Existing commitments at ca. 65% of fund size, capital calls at around 16%.
Funds include Levine Leichtmann Capital Partners IV (US); 21 Centrale Partners IV (France), Apollo
Overseas Partners VII, Affinity Asia Pacific III, Oaktree Principal V, Citic Capital China Partners II, Nazca
II&IIIII&III.
Net IRR since inception: 8.3%
Authorized by Banca d’Italia on 24th February 2009. April ‘09: 1st closing at € 150 mln; Sept. ‘10: final
18
closing at € 281 mln.
19. DeA Capital
Company overview
DeA Capital Investments portfolio
Alternative Asset management
Key financialsKey financials
19
20. Why Alternative Asset Management
•Still high savings rate; number of HNWI increasing/stable
•AAM industry highly fragmented and inefficient
•Lack of multi-asset platforms
L i tit ti l i t l k t t d h t
Italian
Market
f •Large institutional investors lack a structured approach to
alternative investments
features
•Financial crisis shifted investor focus on independence, absolute
return objectives, risk management
•Regulations drive separation of asset managers from banks
•Private pension system increasingly important and able to
Market
Di ti it
Private pension system increasingly important and able to
diversify portfolio through alternative investments
•Properties held by PA, banks and institutional investors in need
of professional management
Discontinuity
Private equity in Italy Real estate in Italy
• 29 bln € AuM with >150 operators
• Largest asset managers have 2-5 bln
AuM
• Banks/Insurers underinvested
• 45 bln € AuM with 305 funds,
expected at 100 mln by 2015*
• Gap vs EU countries: 96 bln AuM in
Germany. No REITs
20 * Scenari immobiliari 2011
21. Private equity fund management
ID A C it l F d SGR f d d i 2006 d h b It l ’ l d i th t f i t IDeA Capital Funds SGR was founded in 2006 and has become Italy’s leader in the management of private
equity funds of funds. It also manages two “thematic” funds and it plans to further expand this product line.
With over €1.2 bn under management as of 31 December 2011, it is one of the largest alternative
investment groups in Italyinvestment groups in Italy.
FUNDS MANAGED:
IDeA 1 Fund of funds: Italy’s largest PE fund of funds. 681 mln €
ICF 2: the second FoF of IDeA’s program . 281 mln €
IDeA Opportunity Fund 1: mid-sized LOBO coinvestment fund. 217 mln €
IDeA Efficienza Energetica e Sviluppo Sostenibile: the new thematic fund focused IDeA Efficienza Energetica e Sviluppo Sostenibile: the new thematic fund focused
on services and technologies for energy saving and renewable energy
DeA Capital acts both as an investor in products managed by IDeA Capital Funds and as a 100%
shareholder in the mgmt company, thus being exposed to the asset management business returns
21
22. Real Estate fund management: IDeA Fimit in a nutshell
9.5 bln €
AuM
# 1 in
Italy
23
funds
21% mkt
share
2011 fees
59 mln €
• Deal creates largest Italian player, with a high quality fund portfolio, focused on large Italian
AuM Italy fundsshare 59 mln €
g p y , g q y p , g
cities and offices/bank branches (over 75% of total)
• Leverage on strategic role of IDeA FIMIT’s other institutional shareholders for developing
new initiatives in the Italian market: new funds focused acquisitionsnew initiatives in the Italian market: new funds, focused acquisitions
• Critical mass enabling IDeA FIMIT to gradually expand to other markets (Europe, US), by both
offering “Italian products” and diversifying its portfolio’s geography.
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23. IDeA FIMIT: a solid shareholder base, a strong investor base
INPS Enasarco
IdeA FIMIT Institutional Investor baseIdeA FIMIT SGR Shareholder structure
P iF d iINPS
29.7% 6.0% Inarcassa
3.0%
Other
0.1%
Pension
funds (Enti)
66%
Sovereign
funds
Foundations
3%
HNWIs
3%
2%
DeA Capital
61.3%
Banks
13%
Corporates
7%
Insurance Cos
6%
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…..+ over 70,000 retail investors
24. A strong market position and a positive track record
ITALY RE ASSET MANAGERS (AuM € bln)ITALY RE ASSET MANAGERS (AuM € bln)
9.5AuM
NAV
6 4
AuM 4.6
NAV
NAV
6.4
2.1
2
Capitalising on
domestic strengths
to become a
l bAuM
AuM
4.5
4 5
NAV 2.7
3
4
European player, by:
1) Offering italian funds
to foreign investors
willing to «comeAuM
AuM
4.5
4.0
NAV
NAV
3.2
2 3
4
5
willing to «come
back» to our country
2) Gradually creating a
presence abroad to
NAV 2.3
IRR to 31 December 2011
find investment
opportunities in
foreign real estate
for Italian investors
10.34% 10.36% 18.56% 18.97% 11.18% 8.46% 13.62%
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25. A high quality asset portfolio
F d th t ti i l ti 60% f t i R d Mil• Focused on the most prestigious locations – 60% of assets in Rome and Milan
• Focused on offices, negligible exposure to residential
• Over 80% of space is rented
33,6
Asset breakdown by destination
331,0
14,2
3.454,6
82,0
344,6
266,3
Offices
57.9%
Other
8 3%27,6
248,8
271,8
75,3
44,5
Healthcare
0.5%
8.3%
3.005,7
0,2
156,1
0,6
14,7
Bank
branchesRetailIndustrial
Hotels
5 1%
Residential
2.5%
58,6
249,0
12.9%
Retail
8.0%
Industrial
4.7%
5.1%
25
43,9
26. Disclaimer
This presentation contains statements that constitute forward-looking statements regarding the intent, belief or
current expectations of the DeA Capital (“the Company”) with respect to the financial results and other aspects of
the Company's activities and strategies.
Such forward looking statements are not guarantees of future performance and involve risks and uncertainties,
and actual results may differ materially from those in the forward looking statements as a result of various
factors.factors.
Analysts and investors are cautioned not to place undue reliance on those forward looking statements, which
speak only as of the date of this presentation. DeA Capital Spa undertakes no obligation to release publicly the
results of any revisions to these forward looking statements which may be made to reflect events and
i t ft th d t f thi t ti i l di ith t li it ti h i th C ’circumstances after the date of this presentation, including, without limitation, changes in the Company’s
business or investment strategy or to reflect the occurrence of unanticipated events.
Analysts and investors are encouraged to consult the Company's Annual Report as well as periodic filings, press
releases and all documentation made publicly available on the website www.deacapital.it.
The Manager responsible for the preparation of company accounting statements Manolo Santilli declares inThe Manager responsible for the preparation of company accounting statements, Manolo Santilli, declares in
accordance with paragraph 2 of article 154 of the Consolidated Finance Act that the accounting information on
DeA Capital included in this document corresponds to registered company accounts, books and records.
26