Pirelli & C. S.p.a. · MIL:PIRC
Pirelli & C — Q1 2010 Earnings Presentation
67 slides from Pirelli & C's earnings presentation, 2010
Slide 1: Pirelli RE Separation Plan and Pirelli 1Q 2010 Results
Reco PIRELL! RE SEPARATION PLAN AND PIRELL! 10 2010 RESULTS
Slide 2: Disclaimer
Disclaimer This presentation contains statements that constitute forward-looking statements and does not constitute an offer or solicitation for the sale. purchase or acquisition of securities of any of the companies mentioned and is directed to professionals of the financial community. These statem
Slide 3: Agenda
Agenda Pirelli Real Estate Separation Plan Pirelli Financial Review Pirelli Real Estate Pirelli Tyre & Parts Appendix pp 2
Slide 4: Real Estate Separation Plan: strategic rationale
Pirelli Real Estate Separation Plan: strategic rationale Feb.11, 2009: '09-'11 "Transformation path” announcement – assets portfolio reshaping & core business focalization In the last 18 months Pirelli RE changed its business model, went through a deep restructuring program, strengthened its capit
Slide 5: Real Estate Separation Plan: process (1/2)
Pirelli Real Estate Separation Plan: process (1/2) STEP 1: P&C SHARES REVERSE STOCK SPLIT Par value of ordinary and savings shares cancelled cancelled, followed by a split by category 1:11 Ratio SHARES AFTER REVERSE SPLIT 475 740 182 O 475,740,182 Ordinary di shares h 12,251,311 Savings shares 4
Slide 6: Real Estate Separation Plan: process (2/2)
Pirelli Real Estate Separation Plan: process (2/2) STEP 2 Assignment of Pirelli RE shares in portfolio through voluntary corporate capital reduction d ti tto P&C ordinary di and d savings i Sh Shareholders h ld PRE’s P&C Shareholding In shares Stake Assignment ratio 1:1 487,798,972 57.99 % P&C’s
Slide 7: Real Estate Separation Plan: timing
Pirelli Real Estate Separation Plan: timing May, 4th 2010 Board of Directors by P&C Extraordinary Shareholders’ Meeting to approve: July 2010 Shares value cancellation and reverse stock split Capital reduction through assignment of goods in kind by Entry of the decision into the Registry of Comp
Slide 8: Real Estate Separation Plan: PRE equity structure changes
Pirelli Real Estate Separation Plan PRE equity structure changes CURRENT POST REVERSE STOCK SPLIT Camfin 14.8% Pirelli Pi lli Floating 1)) Floating 2)) Other 58% 42% 69.4% members of the P&C shareholders’ agreementt 15.8% To guarantee stability of Pirelli RE shareholding basis, some members of P&C
Slide 9: Agenda
Agenda Pirelli Real Estate Separation Plan Pirelli Financial Review Pirelli Real Estate Pirelli Tyre & Parts Appendix 8
Slide 10: 1Q'10 Key Financial Results
Pirelli 1Q’10 Key Financial Results €/mln 1Q’10 1Q’09 YoY Key messages Revenues 1,212.0 1,043.0 +16.2% Tyre 2-digit revenues growth driven Organic growth (*) +15.3% by our solid positioning EBITDA before Restruct. Costs C 147.3 101.7 +44.8% % Margin 12.2% 9.8% Strong profitability improvement
Slide 11: EBIT trend
Pirelli EBIT trend €/mln Organic EBIT: 44.0 6.1 1.1 0.9 91.7 3 37.1 20 2.0 (2.3) 46 8 46.8 Eco Real Broadband Other Restruct. 1Q’09 1Q 09 Tyre 1Q’10 1Q 10 Tech Estate access activities Costs 10
Slide 12: Attributable net income 1Q'10 vs 1Q'09
Pirelli attributable net income 1Q’10 vs 1Q’09 12.5 44.9 (0.3) (15.9) (3.4) 39.2 (8.1) 9.5 1Q’09 EBIT Results Deval./sale Other results Financial Minorities 1Q’10 from equity particip. from particip. charges particip. PRE in listed co. and taxes 11
Slide 13: 1Q'10 Net Financial Position
Pirelli 1Q’10 Net Financial Position €/mln EBIT before restr. costs 94.3 Dep/Am: 53.0 Capex: (50.1) NWC & others: (155.9) 2.7 678.4 38.3 49.9 58.7 528.8 FY’09 FY 09 Operating Fin Inc Fin. Inc./Expen. /Expen Cash out Others 1Q’10 Cash Flow & taxes Restr. Costs 12
Slide 14: Debt Structure as of March 31, 2010
Pirelli Debt Structure as of March 31, 2010 Net Financial Position Gross Debt Maturity €/mln 1,768 1,090 249 1,040 Committed Line 980 Drawdown 895 678 160 145 Other Borrowing 788 60 319 100 25 Gross Fin. Net Fin. 294 Debt Assets* position Gross Debt maturity as of Mar. 31, 2010 18% 9% 59% 14% 1Q’10
Slide 15: Pirelli & C 2010 FY targets update
Pirelli &C 2010 FY targets update €/bln 2010 2010 Revised 1Q’10 Results Targets Targets Excl. PRE Group Revenues 1.2 4.7-4.8 4.9-5.0 4.6-4.7 of which “Green Performance” 33% confirmed EBIT % 7.6% 6.5-7% ≥6.5% ≥6.5% post restructuring Capex >0 3 >0.3 confirmed NFP 07 0.7 0 7* 0.7 confirmed (*) Includ
Slide 16: Agenda
Agenda Pirelli Real Estate Separation Plan Pirelli Financial Review Pirelli Real Estate Pirelli Tyre & Parts Appendix 15
Slide 17: 1Q'10 results vs Targets
1Q’10 results vs Targets €/mln 30/04/10 30/04/09 Targets 2010 FY 2009A Real Estate Assets Sales 401.1 242.9 1,300-1,500 1,031 Italy 320.2 181.1 ~1,050 613 Germany 63 1 63.1 40 9 40.9 ~300 300 380 Poland 17.8 20.9 ~ 50 38 1Q‘10 1Q’09 (*) Ebit Service Platform incl. G&A 5 -1.3 +20/+30 -5.7 Fixed Cost
Slide 18: Consolidated Profit and Loss
Consolidated Profit and Loss €/mln 1Q ‘10 1Q ‘09 Revenues 51.7 53.8 of which services 41.6 47.7 of which other revenues 10.1 6.1 EBIT services 5.0 (1.3) Total EBIT Income from equity participations 0.0 0.0 -2.2 as Service platform/G&A 5.0 (1.3) p reported at 1Q ‘09 EBIT consolidated investments (1.2
Slide 19: Segment Report 1Q'10 vs 1Q'09
Segment Report 1Q’10 vs 1Q’09 €/mln Italy Germany Poland NPL Holding Total 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 Service platform (A) 8.4 4.9 0.9 1.3 (0.3) 0.5 (0.0) (2.9) 9.0 3.7 G&A (B) (4.0) (5.0) (4.0) (5.0) Ebit Service platform incl. G&A (A+B) 8.4 4.9 0.9 1.3 (0.3) 0.5 (0
Slide 20: Sales trend as of April '10
Sales trend as of April ‘10 €/mln 1,300/1,500 Italy Germany Poland Development ~250 Trading & Soho ~200 ~1,050 Gross margin g on sales is approx. pp 3.1% as of April p Other 2010 (March 2010 4.6%) ~600 401 1 401.1 242.9 174.8 ~300 320 2 320.2 146 5 146.5 181.1 144.8 124.8 63.1 40.9 49 4.9 15 3 15.3
Slide 21: Asset under management trend
Asset under management trend €/mln Market Value of Asset Under Management is calculated on the basis of the Dec. 2009 third parties appraisals considering the impact of further capex, disposals and exchange rates impact As off A March As of December 2010 2009 AuM Real Estate Participated AuM Real Es
Slide 22: Pirelli RE: Key data as of March 2010
Pirelli RE : Key data as of March 2010 Market Value of Asset Under Management is calculated on the basis of the Dec. 2009 third parties appraisals considering the impact of further capex, disposals and exchange rates impact Mkt. Book Net Mkt. Value UCG NAV NIC (EUR MM) PRE Value Debt IAS Value Quota
Slide 23: Update on Cost Saving 2010 vs 2009
Update on Cost Saving 2010 vs 2009 €/mln Consulting costs +1.4 Headquarters H d +1.1 +14.2 +5.9 +25 / +30 Marketing Others vs ‘09 fixed +1.1 costs +8.3 Fixed Costs Labour IT +0.4 Savings costs Labour costs Other +1.9 1) Target 2010 1Q’10 1) Includes travel expenses, communications costs, depreciatio
Slide 24: Status of the Separation
Status of the Separation Banks and partners entrusted to Pirelli RE to complete the separation as proven by: Status Banks waiver for change of control Club deal 320 €/mln West LB 50 €/mln OBTAINED Unicredit 25 €/mln Jvs Partners MSREF/SSF MSREF/SSF REEF Lusigest/ L i /LLucchini hi i OBTAINED
Slide 25: NFP excl. Shareholders' Loans
NFP excl. Shareholders’ Loans €/mln 8.4 458.6 5.7 445.8 3.2 4.3 (8.8) Equity Interests NFP Dec. Sales/ contrib. to and other Capex and NFP Mar. Layoffs 2009 distributions funds and financial Other 2010 vehicles expenses 24
Slide 26: Group Corporate Lines
Group Corporate Lines Current Situation Situation post separation Bank Commitment Expiry Bank Commitment Expiry €/mln €/mln CLUB DEAL (*) 320 July-12 CLUB DEAL (**) 320 July-12 WEST LB 50 May-11 WEST LB 50 May-11 UNICREDIT 25 Dec-10 (*) UNICREDIT 25 Feb-11 POP MILANO 10 July-11 July 11 POP MILANO 10
Slide 27: Financial situation of participated vehicles/funds
Financial situation of participated vehicles/funds €/bln Net debt as of March 31, 2010 Refinancing needs by maturity 15.4 (*) 10.9 2.9 0.4 2.5 0.2 04 0.4 0.5 1.4 AuM Net Debt Net Debt NPL RE asset 2010 2011 2012 Beyond 100% 100% proquota Bank Loan characteristics 1) Loan to Value: Italy 57%, German
Slide 28: Consolidated Balance Sheet
Consolidated Balance Sheet €/mln As of March As of December As of March 2010 2009 2009 1 Fi Fixed d assets t 656 0 656.0 654 0 654.0 555 9 555.9 of which participations 475.7 472.3 374.4 of which goodwill 148.1 148.1 137.8 2 Net working capital 123.4 114.9 139.4 3 Net invested capital 779.4 768.9 69
Slide 29: Agenda
Agenda Pirelli Real Estate Separation Plan Pirelli Financial Review Pirelli Real Estate Pi lli Tyre Pirelli T & Parts P Appendix 28
Slide 30: Pirelli Tyre 1Q 2010 performance
Pirelli Tyre 1Q 2010 performance 1Q’09 YoY% 1Q’10 YoY% €/mln Revenues 926.9 -13.9% 1,110.0 +19.8% Strong revenues growth EBITDA (before 107.8 -28.6% 146.4 +35.8% through: restruct costs) restruct. margin 11.6% -2.4 p.p. 13.2% +1.6 p.p. exposure to high growth EBIT (before markets 61.0 -40.7% 98.1
Slide 31: Pirelli Tyre: a solid positioning to capture growth
Pirelli Tyre: a solid positioning to capture growth Sales by geographical area 1Q’10 Actions and Results % on sales l 100% 100% Yoy growth Europe Strengthened position in value segments (Prestige Europe and Premium OEMs)) 46% 42% Mature M t Green Performance products fuel replacement sales Marke
Slide 32: Pirelli Tyre cost reduction program update
Pirelli Tyre cost reduction program update 2010 Target 1Q10 Achievements 10 €/mln gross savings on track with the annual program Initial benefits from 2009 headcount downsizing >60 €/mln gross savings (b f (before raw materials i l price i Positive impact on fixed cost following Spanish increase),
Slide 33: Pirelli Tyre operating performance
Pirelli Tyre operating performance €/mln 50.8 7.6 98.1 (14.1) (8.1) (5 2) (5.2) 61.0 6.1 Raw materials: ((6.7)) Labour / energy / other: (7.4) EBIT 1Q’09 Price Volume Cost of Efficiencies Depreciation/ Exchange EBIT 1Q’10 mix inputs other costs rate (before (before (b f restr. t costs) restr.costs
Slide 34: Pirelli Tyre NFP evolution
Pirelli Tyre NFP evolution €/mln EBIT (before restr. costs): 98.1 Investments: (47.6) Depreciation: 48.3 ∆ NWC & others: (132.2) 22.2 , 1,122.5 45.6 (6.0) 33.4 1,027.3 NFP: 95.2 FY’09 FY 09 Operating Financial Restructuring Other 1Q’10 1Q 10 Cash Flow charges / Cash out Taxes Limited cash ab
Slide 35: Consumer Business: key market trends
Consumer Business: key market trends Car tyre shipments. % (yoy) 1Q’09 2Q‘09 3Q‘09 4Q‘09 1Q’10 +18% +28% Europe e OE -1% -34% -20% +12% +10% +1% Replacement -5% -8% +70% h America +2% OE -22% -49% 49% North -48% +8% 8% +8% +3% Replacement -13% -10% +44% +25% Mercosur OE -18% -10% -8% +18% +25% +11%
Slide 36: Consumer Business: Pirelli economics in 1Q 2010
Consumer Business: Pirelli economics in 1Q 2010 1Q’09 YoY% 1Q’10 YoY% €/mln Strong top line performance Revenues 670.5 -10.4% 780.9 +16.5% driven by volume growth in all markets except MEA EBITDA (before 77.4 -28.8% 106.0 +37.0% restruct. costs) margin 11.5% -3.0 p.p. 13.6% +2.1 p.p. Profitability
Slide 37: Green Performance platform: Car & SUV
Green Performance platform: Car & SUV LATEST CAR / SUV HIGHLIGHTS International Launch of Scorpion Verde (Barcelona, 15th-25th March), the first new green performance tyre for the SUV & Crossovers segment at the presence of 600 guests between Trade Press & Dealers “Very balanced tyre; good on wet
Slide 38: US J.D. Power Original Equipment Award
US J.D. Power Original Equipment Award PIRELLI N.1 BY ‘THE VOICE OF THE CUSTOMER’ Pirelli marks highest score in J.D. Power and Associates Original Equipment Tire Study in the Performance/Sport Category segment UHP PLATFORM RECOGNITION April p 2010 Tire Customer Satisfaction Study y highlights P
Slide 39: Diablo Rosso Corsa: the first tyre that can be customized
Diablo Rosso Corsa: the first tyre that can be customized THE TARGET Designed for sport naked and supersport bikers fitted with the same track & road tires THE TECHNOLOGY Three Zone Compound derived from WSBK experience Functional Groove Design: excellent slick like racetrack performance and g
Slide 40: Industrial Business: key market trends
Industrial Business: key market trends Car tyre shipments, shipments 1Q’09 2Q‘09 3Q‘09 4Q‘09 1Q’10 +1% OE Europe -62% -44% -75% -66% E +12% +38% 38% Replacement -25% -14% -33% +65% +16% OE cosur -26% -29% -27% +23% Merc +26% Replacement -22% -16% -10% Sources: major external data provider for each r
Slide 41: Industrial Business: Pirelli economics in 1Q 2010
Industrial Business: Pirelli economics in 1Q 2010 1Q’09 YoY% 1Q’10 YoY% €/mln Revenues 256.4 -22.0% 329.1 +28.4% Top line growth driven by EBITDA (before emerging markets 30.4 -28.1% 40.4 +32.9% restruct. costs) margin 11.9% -1.0 p.p. 12.3% +0.4 p.p. EBIT (before 19.1 -36.8% 28.6 +49.7% High facto
Slide 42: Industrial: Green Performance platform
Industrial: Green Performance platform 01 series reference Performance Area Green Area TRUCK HIGHLIGHTS: RETREADABILITY & MILEAGE Enhanced tyre life-cycle : improved mileage and environmental impact low rolling resistance fuel saving g >3% Tyre 1 First Life Tyre 1 Retr.1 Tyre 1 Retr.2 600.000 Km les
Slide 43: A proactive pricing policy
A proactive pricing policy E Europe 2Q 2010 +4% Consumer Tyres North America +6% Industrial Tyres July 2010 China +4% Consumer Tyres Q 2010 1Q 0 0 April 2010 +4% Consumer and Industrial +4% Consumer Tyres Middle Est Africa Tyres January 2010 +10% Consumer and Industrial Tyres South America 2Q 2010 D
Slide 44: Pirelli Tyre 2010 targets update
Pirelli Tyre 2010 targets update €/mln 2010 FY’09 2010 Targets (10 March 2010) Targets update Revenues 3,993 +6% / + >10% 8% EBIT % 7.7% ~flat yoy post restruct. (Implicit in the EBIT 320÷330 308.5 guidance post restruct. (floor) 320÷330) Raw Material 200 >250 Cost headwind (Natural Rubber price ≥30
Slide 45: Eco Technology: 1Q'10 Key Financial Results
Pirelli Eco Technology: 1Q’10 Key Financial Results €/mln FY ’09 YoY 1Q ’09 YoY 1Q’10 YoY Revenues 56.6 -10% 14.3 -13.9% 19.6 +37.1% of which Filters 18.5 236% 3.7 9.1 145.9% Gecam 38.1 -34% 10.6 10.5 -0.9% Ebitda (9.1) -18% (2.3) (0.2) Ebit (10.8) -8% (2.8) (0.8) Net income (13.7) (3.4) (1.4) NFP 4
Slide 46: Appendix
Appendix | | PIRELLI | Rus PIRELLI RE SEPARATION PLAN AND PIRELLI 1Q 2010 RESULTS | 45 ii IRELLI
Slide 47: Group – 1Q'10 Results
Pirelli Group – 1Q’10 Results Profit & Loss and Net Financial Position by Business Unit €/mln Pirelli Pirelli Tyre Eco Technology Pirelli Real Estate Broadband Access Others Pirelli & C. Cons. 1Q’10 1Q’09 1Q’10 1Q’09 1Q’10 1Q’09 1Q’10 1Q’09 1Q’10 1Q’09 1Q’10 1Q’09 Sales 1,110.0 926.9 19.6 14.3 51.7
Slide 48: Group – 1Q'10 Results
Pirelli Group – 1Q’10 Results Profit & Loss and Net Financial Position by Business Unit €/mln Pirelli Ambiente PZero Corporate Total Others 1Q’10 1Q’09 1Q’10 1Q’09 1Q’10 1Q’09 1Q’10 1Q’09 Sales 19 1.9 13 1.3 31 3.1 18 1.8 (1 5) (1.5) 09 0.9 35 3.5 40 4.0 ∆% 46.2% 72.2% EBITDA before Restruct Costs (
Slide 49: Balance Sheet
Pirelli Balance Sheet €/mln 1Q’10 FY’09 Fixed Assets 3,653.4 3,596.2 Net Working Capital 424.8 221.8 Net Invested Capital 4,078.2 3,818.0 % Net Invested Capital Equity 2,596.0 2,494.7 31.03.2010 31.12.2009 Provisions 803.8 794.5 Net Financial Position 678.4 528.8 P.Tyre y 66.6% 65.6% Total Assets 4,
Slide 50: Group Cash Flow
Pirelli Group Cash Flow €/mln 1Q ‘09 FY’09 1Q’10 EBIT before restructuring costs 50 3 50.3 297 0 297.0 94 3 94.3 Depreciation 51.4 211.1 53.0 Net investments (42.9) (227.8) (50.1) Working capital/other variations (262.8) 275.8 (155.9) FREE CASH FLOW (204.0) 556.1 (58.7) Financial income (expenses) (
Slide 51: Group: Net financial position 1Q'10 by Business
Pirelli Group: Net financial position 1Q’10 by Business €/mln OTHER PIRELLI TYRE PRE CORPORATE BUSINESSES GROUP Gross Debt 1,489 487 104 259 1,768 to Corporate 400 66 79 Financial receivables (97) (414) (26) (545) (511) Cash and cash equivalents (269) (18) (10) (282) (579) Net Financial Position 1,1
Slide 52: 1Q'10 Pirelli Tyre Mix
1Q’10 Pirelli Tyre Mix Sales by business Sales by segment Car Consumer 60% 70% Motorbike 10% Steelcord & others Industrial 30% Truck 3% 27% Sales by channel Sales by region Replacement North America 77% Latin 9% Asia Pacific America 6% 34% MEA 9% OE Europe 23% 42% 51
Slide 53: 1Q'10 Pirelli Tyre People
1Q’10 Pirelli Tyre People Headcount People by region 28 078 28,078 North America Latin America 1% 27,304 44% Asia Pacific 8% MEA 10% Europe Mar. a ‘09 09 Mar. a ‘10 0 37% People by contract People by cluster Permanent 91% Workers 81% Employees 18% Temps & Agency Management 9% 1% 52
Slide 54: Raw Materials
Raw Materials Q1 2010 mix Raw Materials price trend (Based on purchasing cost) 220.0 200.0 Synth. Rubber 180.0 22% Natural Rubber ( 5pp yoy) (-5pp 160.0 31% 140.0 (+6pp yoy) Carbon black 12% 120.0 (+1pp yoy) 100.0 80.0 Chemicals 60.0 Steelcord 15% 40.0 QI/07 QII/07 QIII/07 QIV/07 QI/08 QII/08 QIII/0
Slide 55: Pirelli Tyre: 20 industrial plants in 11 Countries
Pirelli Tyre: 20 industrial plants in 11 Countries (as of March 2010) Italy Bollate (MI) Car Settimo Torinese Car Germany U.K. Settimo Torinese Truck Breuberg Car/Moto Figline Valdarno Steelcord Merzig Steelcord Burton Car Carlisle Car Turkey Izmit Car/Truck Steelcord U.S.A Rome Car Romania Slatina
Slide 56: Economic Results: Total Pirelli RE
Economic Results Total Pirelli RE €/mln 1Q’10 1Q’09 Services Platform/G&A Revenues Italyy 21.2 26.2 NPL 4.4 3.6 Germany 14.6 13.5 Poland 0.8 2.1 G&A 0.5 2.3 Total Revenues 41.6 41 6 47.7 47 7 Services Platform/G&A Results Italy 8.4 4.9 NPL (0.0) (2.9) Germany 0.9 1.3 Poland (0.3) 0.5 G&A (4.0) (5.0)
Slide 57: Economic Results: Italy
Economic Results Italy €/mln 1Q’10 1Q’09 Fund & AM Fee Revenues 10.6 11.1 Result Fund & AM Fee 6.3 3.3 Agency Revenues 5.4 6.2 Result Agency 0.4 (1.4) Property Revenues 5.1 8.8 Result Property 1.7 3.0 Total Revenues 21.2 26.2 Service Platform Result 8.4 4.9 Result from vehicles & funds (0.1) (10.7)
Slide 58: Economic Results: Germany
Economic Results Germany €/mln 1Q’10 1Q’09 Fund & AM Fee Revenues 3.3 3.4 Result Fund & AM Fee 0.7 2.2 Agency Revenues 1.0 0.6 Result Agency 0.2 (0.2) Property Revenues 6.8 6.4 Result Property 0.5 (0.4) Facility Revenues 3.5 3.1 Result Facility (0.5) (0.2) Total Revenues 14.6 13.5 Service Platform R
Slide 59: Economic Results: Poland
Economic Results Poland €/mln 1Q’10 1Q’09 Fund & AM Fee Revenues 0.4 0.5 Result Fund AM Fee (0.1) (0.3) Agency Revenues 0.2 0.4 Result Agency (0.0) (0.0) Facility Revenues 0.2 1.2 Result Facility (0.2) 0.8 T t lR Total Revenues 08 0.8 21 2.1 Service Platform Result (0.3) 0.5 Result from vehicles & f
Slide 60: Economic Results: NPL
Economic Results NPL €/mln 1Q’10 1Q’09 Revenues 4.4 3.6 Service Platform Result (0.0) (2.9) Result from vehicles & funds 2.2 3.2 Int. Inc. from shareholders’ loans 0.6 1.7 Vehicles & Funds Result (*) 2.9 4.9 Total NPL (*) 2.9 2.0 (*) Result represents EBIT including income from equity participations
Slide 61: Consolidated Net Cash Flow
Consolidated Net Cash Flow €/mln 1Q ‘10 1Q ‘09 Ebit 3.8 (2.2) Depreciation 12 1.2 17 1.7 Change in investments (4.8) (8.3) Change in other fixed assets 0.2 0.1 Change g in NWC, funds and other (12.6) (4.4) Free cash flow (12.2) (13.1) Restructuring costs (4.3) (6.8) Interest income /expenses and tax
Slide 62: Italy: Real Estate Portfolio Key Data as of March 2010
Italy: Real Estate Portfolio Key Data as of March 2010 Market Value of Asset Under Management is calculated on the basis of the Dec. 2009 third parties appraisals considering the impact of further capex, disposals and exchange rates impact €/mln Mkt, Value Net NAV Mkt.Value BV Quota UCG NIC PRE Debt
Slide 63: Germany & Poland: Real Estate Portfolio Key Data as of March 2010
Germany&Poland : Real Estate Portfolio Key Data as of March 2010 Market value of Asset Under Management is a pro pro-forma forma figure calculated on the basis of the Dec. 2009 third parties appraisals considering the impact of further capex, disposals and exchange rates impact €/mln Mkt. Value Net
Slide 64: Participated Real Estate Assets under Management 100% FY09
Participated Real Estate Assets under Management 100% FY 2009(*) Quota PRE Passing Rent Passing Yield Vacancy Book Value Market Value Net Debt €/mln Commercial Core Italy 90,431.6 5.6% 10.2% 1,620,665.3 1,745,250 1,092,581.6 Fondo TECLA 44.8% 38,838.1 5.5% 9.4% 708,290.0 708,290 481,846.1 Fondo Cloe
Slide 65: Pro-quota Real Estate Assets under Management FY 2009
Pro-quota Real Estate Assets under Management FY 2009(*) Quota PRE Passing Rent Passing Vacancy Book Value Market Value Net Debt Pro-quota Yield Pro-quota Pro-quota Pro-quota €/mln Commercial Core Italy 29,699.2 5.4% 9.9% 545,947.3 571,272.5 380,221.5 Fondo TECLA 44.8% 17,399.4 5.5% 9.4% 317,313.9 3
Slide 66: Consolidated income statement 100% YoY trend (FY 2009)
Consolidated income statement 100% YoY trend (FY 2009) €/mln Total Real Total Real Total Total Total Total Estate Total Italy Estate Total Italy Germany Poland Germany Poland Dec.2009 Dec.2008 Sales 1 031 4 1,031.4 613 5 613.5 380 1 380.1 37 8 37.8 860 9 860.9 566 5 566.5 184 6 184.6 109 9 109.9 Ren
Slide 67: Consolidated income statement 100% - December 2009
Consolidated income statement 100% - December 2009 €/mln Total Italy Germany Real Total Total Total Estate Italy Yielding Trading & Development Germany Yielding Yielding Development Poland Dec.2009 SOHO commercial residential Sales 1 031 4 1,031.4 613 5 613.5 288 5 288.5 249 0 249.0 75 9 75.9 380 1