Hera S.p.a. · MIL:HER

Hera — IPO Roadshow (June 2003)

20 slides from Hera's IPO roadshow presentation, Jun 24, 2003

  1. Slide 1: IPO Results Press Conference

    IPO RESULTS Press Conference 24th June 2003

  2. Slide 2: Key elements appreciated by investors

    Key elements appreciated by investors „ A significant growth potential in profitability 50% deriving from efficiencies and 50% from the investment plan. „ A unique business model and safe Corporate Governance profile „ An significant expected payout ratio well above peer’s average „ Geographical exp

  3. Slide 3: Hera's Offer – Highlights

    Hera’s Offer – Highlights „ The IPO of Hera has been a full success: „ The request of shares exceeded 2.1 times the number of shares offered. „ Retail demand totaled 92,453 individuals, well above other Italian IPOs occurred in the last 18 month. „ Institutional investors showed a strong interest in

  4. Slide 4: Hera's Offer – Highlights/2

    Hera’s Offer – Highlights/2 „ The retail oversubscription level was equal to 3.3 times the reserved tranche. „ Demand from employees was particularly successful: 1,641 out of 4,345 employees requested 6.802.500 shares. „ The retail offer has been extended from 30% to 50% of the total offer, as a con

  5. Slide 5: Parties involved

    Parties involved Company Company Hera S.p.A. Selling Approx. 140 municipalities of the province o f Bologna, Forlì- Selling Shareholders Shareholders Cesena, Ravenna and Rimini Global UBM (UniCredit Banca Mobiliare) Global Coordinator Coordinator AAR (ABN AMRO Rothshild) Co -Global Coordinator Co-Gl

  6. Slide 6: IPO Details

    IPO Details Offering Offering 305.000.000 (38,7% of the shares outstanding) Share Share demand demand 653.902.140 2,1x Oversubscription Oversubscription OPV Retail 152.500.000 Allocation Allocation Italian and international Institutional Investors 152.500.000 + Greenshoe Greenshoe Greenshoe 45.750.0

  7. Slide 7: IPO results - Retail tranche

    IPO results - Retail tranche Share Share offered offered 91.500.000 Share Share demanded demanded 301.340.000 92.453 individuals, of which: Demand Demand 1.641 employees (38,6% of entitled) 44.775 residents and customers 46.037 other retail Oversubscription Oversubscription 3,3x Number Number of of

  8. Slide 8: IPO results – Institutional tranche

    IPO results – Institutional tranche Share Share offered offered 213.500.000 Share Share demanded demanded 352.562.140 170 investitors, of which: Demand Demand 116 Italians (248.595.640 shares) 54 International (103.966.500 shares) 1,7x Oversubscription Oversubscription 198.250.000 (incl. Green shoe)

  9. Slide 9: Shareholding

    Shareholding Pre Pre IPO IPO Post Post IPO IPO inclusa inclusa Greenshoe Greenshoe Other "non-pact" Institutional inv. 25% Other pact shareholders Retail 19% shareholders 0.4% 24.1% Municipality of Bologna Municip. of Imola 37.6% 2.6% Municip. of Rimini 5.8% CON.AMI 7.9% Municipalities Bologna 19,8%

  10. Slide 10: Offer Highlights

    ee HERA Offer Highlights

  11. Slide 11: Retail: Oversubscription levels

    Retail Oversubscription levels 3.5 3.3 3.0 2.5 2.0 1.7 1.5 1.2 1.0 0.8 0.5 0.0 ACEGAS ASM BS META HERA 11

  12. Slide 12: Retail: Number of requests

    Retail Number of requests 100,000 8,000 75,000 6,000 50,000 4,000 25,000 2,000 - - ACEGAS ASM BS META HERA Number of requests 42,020 17,072 3,912 92,453 Average order per request (€) 2,550 6,767 4,340 3,993 12

  13. Slide 13: Retail: Requests from residents/1

    Retail Requests from residents*/1 60% 2.5% 2.0% 40% 1.5% 1.0% 20% 0.5% 0% 0.0% ACEGAS ASM BS META HERA Requests from 6.0% 13.4% 12.9% 49.0% residents/Total retail % requests from 0.9% 0.2% 0.1% 2.2% residents vs. total residents *excluding employees 13

  14. Slide 14: Retail: Requests from residents/2

    Retail Requests from residents*/2 5x 50% 4x 40% 3x 30% 2x 1x 20% 0x 10% ACEGAS ASM BS META HERA Oversubscription 0.6x 0.4x 0.26x 4.2x Tranche reserved to 17% 39% 40% 38% residents % total retail *excluding employees 14

  15. Slide 15: Institutionals: Oversubscription levels

    Institutionals Oversubscription levels 3.5x 3.2 3.0x 2.5x 2.0x 1.7 1.5x 1.1 1.0x 0.8 0.5x 0.0x ACEGAS ASM BS META HERA 15

  16. Slide 16: Institutionals: Demand breakdown by region

    Institutionals Demand breakdown by region 100% 75% 50% 25% 0% ACEGAS ASM BS META HERA Italia Estero 16

  17. Slide 17: Appendix

    APPENDIX „ The roadshow „ Italian IPOs in 2001 and 2002 17

  18. Slide 18: Il Roadshow

    Il Roadshow 2 Weeks 6 countries 100 institutional investors met in one–on–one or group meeting 1 Big Presentation: audience of approx. 150 persons 1 Sales Presentation to approx. 60 sales Hera - Itinerary Roadshow Edimburg Meeting with 5 investitors Francoforte Meeting with 3 investitors Londra Meet

  19. Slide 19: IPO in 2001 and 2002

    IPO in 2001 and 2002 Company Global Offer Total Demand Oversub. Retail Market segment (incl. Greenshoe) total % n° of people Oversub. 2001 Snam Rete Gas 684.000.000 3.210.719.183 4,7x 13,3% 339.819 2,5x MTA Lottomatica 43.604.500 76.947.243 1,8x 46,4% 74.584 1,8x MTA Juventus F. C. 38.700.000 51.655

  20. Slide 20: 2001 and 2002 IPO Price

    2001 and 2002 IPO Price Year 2001 Company Market Segment Offer Maximum Range Price Price MIn Max Snam Rete Gas MTA 2,8 2,92 2,6 2,92 Lottomatica MTA 4,75 6,5 4,75 6,5 Juventus F. C. MTA - Star 3,7 4,2 3,5 4,2 AC. E.GA.S. MTA 10,5 12,09 9,56 12,09 De' Longhi MTA 3,4 6,5 4,2 6,5 Campari MTA 31 38 30 3

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