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1H 2011 Results
29 July 2011
2
Consolidated financial structure
1H 2011 Results
100.3KOS 109.6
€ m
Total subsidiariesCIR & financial holdingsFixed assets
Private equity
127.7
80.6
127.3
80.6
Other assets, net
Net cash
Junior Notes Zeus (Jupiter)
(13.6)
123.6
55.4
(19.8)
104.0
63.2
Consolidated shareholders’ equity 1,487.0 1,493.9
Other investments
1,113.3
113.3
16.6
1,138.6
23.7
Shareholders’ equity - Group Dec. 31, 2010 June 30, 2011
Sogefi
Espresso
Sorgenia
296.4
557.8
297.8
110.4
582.9Sorgenia 586.7 597.1
3
Liquid assets
Liquid assets at June 30, 2011
1H 2011 Results
€ m
Hedge funds
Other (stocks, investment funds)
553
96.0
84
44
382
77
34
Dec. 31, 2010 June 30, 2011
Cash and bank deposits
Corporate bonds
Government bonds
157
10
154
107
10
258
Total liquid assets
4
Composition of gross financial debt
1H 2011 Results
€ m
(1) On January 10,2011 the maturing bond for a remaining amount, including interest, of €157.4 m was repaid. As of today the only bond still outstanding is the one issued by CIR SpA maturing on December 16, 2024 for a principal amount of €300m
96.0
Dec. 31, 2010 June 30, 2011
Other debt
CIR S.p.A. 2004/2024
CIR International 2003/2011
268.1
157.2
275.9
1.9
--
3.7
429.0 277.8Gross financial debt
(1)
5
Net financial surplus at June 30, 2011 Evolution of net financial surplus
Net financial surplus at “holding system” level
1H 2011 Results
At the end of June 2011 net cash amounted to €104.0 m, down from € 123.6m at December 31, 2010
The net cash includes hedge funds investments (formerly Medinvest) which at June 30 2011 stood at € 77.3 m (performance YTD June 2011: - 0.3%)
6
Consolidated net financial position
1H 2011 Results
(164.9)Sogefi Group (167.6)
€ m
Other subsidiaries
Consolidated net financial indebtedness
(62.8)
(2,166.8)
(47.9)
(2,184.3)
Consolidated net invested capital 4,689.7 4,728.7
96.0
(189.3) (159.8)
31 Dec. 2010 30 June 2011
Espresso Group
Sorgenia Group
CIR & financial holdings
(1,738.4)
123.6
(1,762.3)
(150.7)
104.0
(135.0)
KOS Group
Total shareholders’ equity 2,522.9 2,544.4
7
Consolidated income statement
1H 2011 Results
KOS Group
€ m
Total operating subsidiaries
Other financial companies
Cir + Cir International result
Other subsidiaries
5.7
(1.2)
1H 2010 1H 2011
Sogefi Group
Sorgenia Group 28.9
Total contribution from subsidiaries
1.3
50.4
(1.6)
(6.6)
48.8
3.3
26.7
(0.2)
(7.1)
(2.8)
8.8
0.1
Espresso 266.9Espresso Group 15.7 17.3
26.5
Net income 42.2 19.4
8
Corporate structure
Operating subsidiaries
Revenues 2010 € 925m
EBITDA € 87m
Revenues 2010 € 887m
EBITDA € 107 m
Revenues 2010 € 325m
EBITDA € 42m
Revenues 2010 € 2.7 Bio
EBITDA € 151 m
Financial
investments
AUTOMOTIVE COMPONENTS
Filters
Suspensions
MEDIA
Newspaper Publishing
Magazine Publishing
Radio
Television
Internet
HEALTHCARE
Hospitals
Rehabilitation
Residential nursing homes
UTILITIES
Renewables
Thermal
Gas
Energy saving
E&P
Venture capital funds
Private equity funds
Distressed debt purchasing
Start-ups
1H 2011 Results
9
Sorgenia – operating structure
MANAGEMENT1.9%
35.0%65.0% SORGENIAHOLDING
80.0%16.9%
1.2%
1H 2011 Results
25% GICA
70%Sorgenia Menowatt
100%Sorgenia USA LLC (69,47%
Noventi Ventures II LP)
100%Sorgenia Power
100%Sorgenia Puglia
100%Sorgenia E&P
50%Fin Gas (70% LNG Med
Gas Terminal)
E&P OTHERSRENEWABLES
78% Energia Italiana (50% Tirreno Power)
LNG TerminalE&P
Thermoelectric generation Venture Capital in
Clean Technologies
Energy Saving
Carbon Assets
100%Sorgenia France
100%Sorgenia Vento
75%Sorgenia Minervino
100%Sorgenia Romania
Wind
100%Sorgenia Idro
Hydro
100%Sorgenia Bioenergy
Biomass
Solar
100%Sorgenia Solar
Sorgenia SpA
(Parent Company)
Marketing & Sales
ENERGY SUPPLY
Sorgenia Green
10
Sorgenia – power generating plants in Italy and in France
1H 2011 Results
Wind
Solar
Hydro
Thermo
Biomass
In production/commissioning
Authorized/ under construction
Pontey
PontSt.Martin
Vado
Ligure Nucleo
di Genova
Torrevaldaliga Sud
Aprilia
Benevento 1 e 2
Avellino
San Gregorio Magno
Napoli Levante
Castelnuovo di Conza
Villacidro2
Marrubiu
Villacidro1
Cagliari
Acate
Siracusa
Enna Vibo Valentia
Gioia Tauro
Matera
Minervino
Molfetta
Modugno
Termoli
Fossato di Vico
Turano - Bertonico
San Martino
in Pensilis
La SalleVoie Sacrée
Argonne/Epense
Cotes de Champagne
Widehem
Bernay
Saint Martin
Saint Crepin
Leffincourt
Plainchamp
Castiglione d’Orcia
Ozieri Latina 1 e 2, 3
Bouillancourt-en-Séry
11
Sorgenia – Installed capacity and capacity under construction
1H 2011 Results
Sorgenia Power (Termoli CCGT)
In operation and in
commissioning
Under
construction Total
770 770
Plants
Sorgenia Puglia (Modugno CCGT) 800 800
Sorgenia Power (Bertonico-Turano
Lodigiano CCGT)
Sorgenia Power (Aprilia CCGT) 800 800
800 800
Tirreno Power (pro-rata 39%) 1,280 1,280
Sorgenia France (Wind France) 153 153
Wind Italy 76 76
Sorgenia Idro/Tirreno Power (hydroelectric) 33 33
Sorgenia Solar (photovoltaic) 23 24
Sorgenia Bioenergy (biomass) 1 1
801Total output (MW) 3,936 4,737
1
(1) Figures refer to 100% capacity of Sorgenia France(2) Figures refer to 100% capacity of Sorgenia Solar, before the sale of 19 MW to the Capital Group RTR
(1)
(2)
12
Sorgenia – significant growth in margins
1H Results
1H 2011 Results
(1) Figures adjusted by excluding the fair value measurement of hedging contracts
€ m
1H 2010 1H 2011
Revenues 1,184.7 1,043.1
EBITDA (adjusted) 59.8 77.7(1)
Net financial indebtedness (end of period)
96.0
(1,673.2) (1,767.5)
Net result (adjusted) 0.552(1)
13Sorgenia Business Plan
28 February 2011
Further consolidating position as prime private operator in the Italian electricity market
through the following:
• Consolidation of current customer base and extension to the domestic market
• Maintaining a constant balance between energy produced and sold, with a gradual
reduction of imports
• Dual fuel offer of electricity and gas with products that are more and more integrated,
complete with solutions for improving energy efficiency
• Completion of combined cycle power plants under construction
• Further growth in the sector of renewables, with particular emphasis on building-integrated photovoltaic solutions
• Concentration of investments particularly in countries with a consolidated regulatory system in support of renewable sources
• Commitment to increase generation with respect for the environment
• Creation of a balanced portfolio of international investments, to diversify geological, political and technological risk
• Participation in projects aimed at potentially rebalancing the European energy scene, such as the search for non-conventional sources (such as shale gas in Poland)
Supply and Sale of
Electricity
Renewable Sources
Gas Sourcing and E&P
1H 2011 Results
13
Sorgenia Business Plan strategic guidelines
14Sorgenia Business Plan
28 February 2011
423
746
EBITDA
NET DEBT
REVENUES
NET INVESTED CAPITAL
3,889
4,785
*EBITDA excluding fair value contribution
14
Sorgenia Business Plan – financial highlights
(€ m)
(€ m)
1H 2011 Results
15
Espresso – operating structure
1H 2011 Results
In 1H 2011 all the Group’s main activities have recorded a positive performance with an increase in revenues and financial performanceIn the first five months of 2011 advertising revenues equal to €274.4 m have increased 3.6% with respect to 2010 despite advertising market has recorder a 2.8% declineThe Group’s strategy is focussed on the strengthening of its core editorial products, development of its digital activities, competitiveness of its advertising arm and uninterrupted attention to cost control
LA
REPUBBLICA
LOCAL
NEWSPAPERSMAGAZINES RADIO TELEVISION
National dailynewspaper
18 Regionalnewspapers
Espresso + 3 other publications
3 nationalradio stations
Deejay TV
DIGITAL
Kataweb,
laRepubblica.it
ADVERTISING
Manzoni
16
Espresso – increasing results
1H Results
1H 2011 Results
€ m
Net financial indebtedness (end of period)
96.0
(183.9) (150.7)
1H 2010 1H 2011
Net income
EBITDA
Revenues
74.7
445.1
81.5
31.5
457.4
28.6
17
Sogefi – operating structure
FILTERS DIVISIONSUSPENSION
COMPONENTS DIVISION
PRECISION SPRINGSTRUCKSAUTO
1H 2011 Results
In 1H 2011 the Sogefi group continued the trend of significant growth in its economic indicators thanks to the improvement of production levels in all of its most important markets and for all kinds of vehicles
Price increases and cost control made it possible to contain the effect of the rise in the cost of commodities in the market
In June 2011 Sogefi has acquired the car components group Mark IV Systèmes Moteurs, one of the main world producers of air intake and engine cooling systems
In the second part of the year, despite the higher cost of the main commodities and the restructuring charges forecast with the partial closure of a plant in Wales, the company should confirm for the whole year the levels of operating profitability achieved in the first half
18
Sogefi – in 1H 2011 strong growth of results continues
1H Results
1H 2011 Results
€ m
Net financial indebtedness (end of period)
96.0
(182.5) (167.6)
1H 2010 1H 2011
Net income
EBITDA
Revenues
45.3
457.6
52.8
15.3
526.6
9.9
19
KOS: operating structure
SHAREHOLDERS
CIR (53.6%) AXA Private Equity (44.2%)Management & others (2.2%)
HOSPITAL
MANAGEMENTNURSING HOMESREHABILITATION
Hospital management and high-tech services in 18 hospitals
13 rehabilitation units
9 sites of psychiatric rehabilitation
13 day hospitals
37 nursing homes operating
3,830 beds
60 facilities
13 outpatient centres
5,600 beds (plus 900 beds under construction)
1H 2011 Results
20
KOS: today
Established in 2002, KOS has become one of the main operators in private healthcare in Italy
KOS is active in three business areas: nursing homes, rehabilitation centres and hospital management
In 1H 2011 KOS achieved an improvement in its main economic indicators compared to the same period of 2010, thanks to the development of all the companies of the group and the extension of its portfolio of activities
In June 2011 subscription of a share capital increase by the shareholder AXA Private Equity, in line with the agreement signed in December 2010
1H 2011 Results
21
KOS: evolution of consolidated revenues
KOS group closed 2010 with a 19% increase in revenues compared to 2009 thanks to the development of all areas of the business and to the new acquisitions made during the year
KOS now has reached more than 5,600 beds (plus 900 under construction)
Nursing homes
Rehabilitation
Acute care
Revenues
15%
44%
41%1755
101
183
246273
325
1H 2011 Results
22
KOS – increasing results
1H 2011 Results
1H Results
€ m
Net financial indebtedness (end of period)
96.0
(215.7) (159.8)
1H 2010 1H 2011
Net result
EBITDA
Revenues
22.4
159.0
27.5
6.2
176.9
2.0
(1) Figures adjusted by excluding the non-recurring costs
(1)
23
Financial investments
CIR Ventures is the venture capital fund of the group with investments in companies operating in the sector of information and communications technology and with high growth potential:
Ecrio -mobile software(USA)Minerva Networks- networks (USA)Neato Robotics- home convenience robots (USA)Celltick- mobile marketing (Israel)
Private equity funds form a diversified portfolio of funds and minority private equity holdings
Jupiter Finance is a financial company specializing in the acquisition and management of non performing loans and trade receivables. As at June 30 2011 the nominal value of the loans under management amounted to approximately €2.3 billion
1H 2011 Results
24
Lodo Mondadori
On July 9 2011 the ruling of the Milan Court of Appeal was filed in the civil proceedings brought by CIR against Fininvest for damages caused by the corruption of a judge in the Lodo Mondadori case
The ruling sentences Fininvest to pay to CIR approximately € 540.1 million, plus interest at the legal rate since October 3 2009 and costs, as compensation for the immediate and direct damage suffered by the latter
On July 26 2011 CIR received from Fininvest a total of approximately € 564.2 million, inclusive of legal costs and interests
Since the dispute is not yet concluded as the other party has announced its intention to file an appeal to the Court of Cassation, the amount, in accordance with international accounting standards (IAS 37), will have no impact on the income statement of the group until the final level of judicial action has terminated
1H 2011 Results
This document has been prepared by CIR for information purposes only and for use in presentations of the Group’s results and strategies.
For further details on CIR and its Group, reference should be made to publicly available information, including the Annual Report, the Semi-Annual and Quarterly Reports.
Statements contained in this document, particularly the ones regarding any CIR Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties
Any reference to past performance of CIR Group shall not be taken as an indication of future performance
This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
Disclaimer
