Edizione Overview. June 2017

Transcription

1 Edizione Overview June 2017

2 Edizione at a glance Who we are Founded in 1980, Edizione S.r.l. is one of the largest holding companies in Italy and is fully owned by the members of the Benetton family, founders of Benetton Group. The Net Asset Value (NAV) of the investment portfolio amounts to Euro 11.0 billion as of December 31, Through Edizione, the Benetton family diversified its investments following the entrepreneurial success of the Benetton Group. After the IPO of Benetton Group in 1986, in fact, Edizione started an investment process that led the Group to become one of the most important diversified holdings in Italy. On a consolidated basis, in 2016 Edizione Group reported revenues of Euro 11.7 billion, with an EBITDA of Euro 3.9 billion (33% of consolidated revenues) and a Net Income of Euro 388 million. As of December 31, 2016 the net cash amounts to Euro 1.8 billion. Our Strategy Edizione is an investor that combines an entrepreneurial approach with a strong financial discipline, supporting its companies strategically and financially in order to improve their competitive position and returns. Edizione aims to develop its investments over the long term and to help expand its holdings by strengthening their presence in their respective sectors. This goal can also be pursued through acquisitions, which leverage the global relationships built over the years by the Group. Our Portfolio Edizione primarily operates in the retail sector, mainly with the shareholdings in Benetton Group (founded in 1965) and Autogrill (acquired in 1995), and in the infrastructure and services for mobility sectors, through its shareholding in Atlantia (Autostrade per l Italia acquired in 2000 and Aeroporti di Roma acquired in 2005). Edizione is also present in other sectors: real estate (through its subsidiary Edizione Property), agriculture and hotels, and has a portfolio of equity investments in, among others, Assicurazioni Generali and Mediobanca. Ownership and Governance Edizione is owned in equal shares by the four Benetton siblings, Gilberto Benetton, Luciano Benetton, Carlo Benetton and Giuliana Benetton, each holding 25% voting rights. The company is managed by a Board of Directors that is made by 8 members: Fabio Cerchiai (Chairman), Gilberto Benetton (Vice Chairman), Marco Patuano (CEO), Carlo Benetton, Alessandro Benetton, Franca Bertagnin Benetton, Fabio Buttignon (Independent Director), Giovanni Costa (Independent Director). 2

3 Key Investments: at a glance Infrastructure and services for mobility Acquired in 1999 Ownership: 30.25% 2016 Sales (Euro): 5.5 billion Atlantia S.p.A. is the holding company for Italian and International highway concession businesses, Italian and French airports and electronic toll payment (Telepass). Food & beverage Acquired in 1995 Ownership: 50.10% 2016 Sales (Euro): 4.5 billion Autogrill is the world s leading provider of Food & Beverage services for travelers. It is present in 31 countries with about 57,000 staff and operates over 4,200 outlets in more than 1,000 locations. Clothing & Textiles Founded in 1965 Ownership: 100% 2016 Sales (Euro): 1.4 billion Benetton Group is one of the best-known apparel companies in the world, with a global presence thanks to a network of about 5,000 stores Founded in 2014 Ownership: 100% 2016 Sales (Euro): 360 million Olimpias Group manufactures garments (jerseys, knits, pants) and textiles (yarns, fabrics, accessories); it has manufacturing locations in five countries Real estate and agricolture Edizione Property owns a portfolio of 112 prestigious in high street retail locations (55 in Italy and 57 in other 15 countries European) with current value of Euro 1.4 billion Significant investment in agriculture in Italyand Argentina 3

4 A history of long-term investments to fuel growth Infrastructure and services for mobility Food & Beverage, Travel Retail Privatization of SME: Edizione acquires GS and Autogrill (leader for food and beverage services). Partners: Leonardo Finanziaria (Del Vecchio family), Mövenpick Holding Edizione acquires 30% of Società Autostrade Partners: Cassa di Risparmio di Torino, Abertis, Generali, Unicredit Autogrill acquires HMS in the US. GS is sold to Carrefour (in 2000) Edizione acquires a stake in Aeroporti di Roma (ADR) through Gemina. The infrastructure assets are concentrated in a holding jointly owned with Goldman Sachs, Mediobanca e GIC Autogrill acquires World Duty Free Europe (UK), Aldeasa (Spain) and Alpha (UK) creating a leader in travel retail Following the merger with Gemina, Atlantia becomes a public holding in the infrastructure space, managing highways (Autostrade per l'italia) and airports (Aeroporti di Roma) Autogrill is split into food and beverage (Autogrill) and travel retail (World Duty Free) Edizione sells its 50,1% shares in World Duty Free to Dufry for a total consideration of Euro 1.31 billion Atlantia launches a tender offer for Abertis Infrastructuras, aiming to become the worldwide leader in the highway sector / Clothing & Textiles IPO of Benetton (est. 1965). Edizione starts investing in the sports equipment (Nordica, Prince, Asolo, Kastle, Rollerblade) Refocus of Benetton Group: the company is split into three different legal entities: Benetton Group Srl (retail, sales and marketing), Olimpias Group SpA (manufacturing) e Schema39 (real estate) Real estate and agricolture 1991: Edizione acquires Compañia de Tierras Sud Argentino, leading cattle operator in South America 1998: Edizione acquires Maccarese farming company, the largest national player in the dairy cow business Edizione Property (former Schema39) is the holding company of the real estate business, with a portfolio of 85 prestigious locations Edizione Property's portfolio reaches 112 locations, including the luxurious Fondaco dei Tedeschi in Venice, inaugurated in

5 Atlantia Atlantia S.p.A. is the holding company controlling the Italian and International highway concession businesses and the Italian and French airports. Listed on the Milan stock exchange with a market capitalization of Euro 18.4 billion at the end of CEO: Giovanni Castellucci Key financials Var % (in millions) Net sales 5,484 5, % EBITDA 3,378 3, % EBITDA % 62% 61% Net income 1, % ROS 20% 18% NFP 11,677 10, % Sales breakdown by segment (2016) Sales breakdown by geography (2016) Ownership 12% 15% 73% Toll revenue Aviation revenue Other 3% 22% 2% 73% Italy Europe Latam USA 55,89% 0,66% 30,25% 8,14% 5,06% Sintonia (Edizione) GIC Fondazione CRT Free float Treasury shares 5

6 Autogrill Autogrill is the world s leading provider of Food & Beverage services for travelers. With a turnover of around Euro 4.5 billion, 76% of which generated abroad, it is present in 31 countries with about 57,000 staff and operates over 4,200 outlets in more than 1,000 locations. CEO: Gianmario Tondato Da Ruos Key financials Var % (in millions) Net sales 4,519 4, % EBITDA % EBITDA % 9% 9% Net Income % ROS 3% 2% NFP (8.1%) Sales breakdown by segment (2016) Sales breakdown by geography (2016) Ownership 10% 37% 7% 56% Airports Motorway s Other 52% 23% 15% Italy Europe North America RoW 49,90% 50,10% Schema34 Other (fragmented) 6

7 Benetton Group Benetton Group is one of the best-known apparel companies in the world, with presence in the main global markets and with a network of about 5,000 stores, which generate a total turnover of about Euro 1.4 billion. The Group has a leading position in Italy and a widespread international presence: in 2016 Italy represented 37% of the revenues. Benetton has been present in the major world countries for several years. India for example, where Benetton is one of the leading brands, records the Group s presence since 1982 and today Benetton has more than 750 stores in approximately 180 cities. COO: Tommaso Brusò Sales breakdown by segment (2016) Sales breakdown by geography (2016) Ownership 43% Direct 57% Indirect 31% 37% Italy Europe RoW Schema38 (Edizione) 32% 100% 7

8 Olimpias Olimpias Group is the company focused on production activities related to the clothing brands Benetton and Sisley and on textile production (yarns, fabrics, accessories). The Group is an important player in the Mediterranean region in the production of clothing. In 2016 it reported revenues of about Euro 300 million, operating through its production platforms in Europe (Croatia, Serbia, Romania and Italy) and in Tunisia. In the textile business, the Group has manufacturing facilities in Italy on yarns, textiles and accessories segments and reported revenues of Euro 60 million (almost entirely with third parties). CEO: Gianni Zanella Sales breakdown by segment (2016) Sales breakdown by geography (2016) Ownership 1% 4% 17% Garments 16% Italy Europe Schema38 (Edizione) Textile Americas 83% 79% RoW 100% 8

9 Real Estate and agriculture Edizione Property Edizione Property is the parent company for the real estate business, with 112 prestigious retail properties (of which 55 in Italy and 57 in other fifteen European countries) focused on high street retail. The current value of the real estate properties is estimated at around Euro 1.4 billion. In 2016 Edizione Property completed the refurbishment of Fondaco dei Tedeschi, a magnificent building close to Rialto Bridge in Venice. It now hosts the luxury department store DFS (photo). CEO: Giancarlo Bianchi Agriculture Edizione owns and manages significant agricultural enterprises in Italy and in Argentina. In Italy, the Maccarese farm near Rome extends to over 3,100 hectares and it has the largest national herd of dairy cows, (3,300 cattle), producing around 32,000 liters of milk per day. In Argentina, Compañia de Tierras Sud Argentino operates several farms, covering an area of about 925,000 hectares in Patagonia (comprising 210,000 sheep and 9,000 cattle for wool and meat production) and about 16,000 hectares in the province of Buenos Aires (grain fields and pastures for about 9,000 cattle). 9