Another Order in Drilling Machines.

Transcription

1 Trevi Group Another Order in Drilling Machines. Trevi Group announced that EDRA signed a contract with NIOC for the production of four full-packaged drilling systems, which should generate USD 93.5M (USD 57.7M for Trevi Group). We confirm our estimates, which had been recently upwards revised, following the strong increase in both 1Q6 sales and profitability. A new contract for EDRA. Trevi Group recently announced an important new contract, signed by EDRA (European Drilling Rig Alliance, which is a joint venture providing full-packaged drilling systems) and NIOC (National Iranian Oil Company). The order consists of four full-packaged drilling systems for a total amount of USD 93.5M, with USD 57.7M for Trevi Group. The group will provide the drilling machines through the fully-owned Drillmec, which currently has an orders backlog of EUR 145.7M, 38% higher than at end-march 26. According to management, Drillmec should post an 89% yoy sales growth in 1H6. 1Q6 results. In 1Q6, the group posted a strong and above than expected growth in sales (EUR 165.2M, +95.5% yoy) and EBITDA (EUR 24.6M, % yoy), which was mainly driven by the drilling division. By geographic area, the group posted a solid increase mostly in the African and American markets (mainly driven by foundation works). Thanks to the higher value of production, Trevi Group posted a strong growth in the EBITDA margin (from 1.% in 1Q5 to 14.9%), the EBIT margin (from 4.% to 9.8%) and the net margin (from 1.7% to 3.9%). At 1Q6, net debt amounted to EUR 136.3M, higher than that of YE5, due to the higher level of stock related to the increasing sales of the year. Valuation and estimates. We confirm our sum-of-the-parts valuation of the group s two divisions, drilling and foundations, based on a DCF model, pointing to a fair value of EUR 9./share, which was updated in our Corporate Broking Review of The SOP valuation based on a peers comparison shows a lower value (EUR 8./share) compared with the DCF model, due to our 29E-214E higher implied medium term growth (IMTG). Our model shows that our fair value implies an EPS IMTG of 23.4% vs. 13.5% in the current market price. Italy - Engineering & Construction Update Banca IMI Research Corporate Broking Research Team Andrea Balloni andrea.balloni@bancaimi.it Price performance, -1Y J A S O N D J F M A M J PRICE PRICE REL. TO MILAN MIBTEL - PRICE INDEX Source: Datastream. Trevi Group Estimates and key ratios (24-8E). December Y/E 24 Sales EUR M EBITDA EUR M Net profit EUR M EPS EUR DPS EUR P/E x EV/EBITDA x P/BV x Yield % ROI % ROE % This document is priced on (unless otherwise indicated). Basic figures. Current price (EUR) 6.5 Market cap. (EUR M) 416 No. of shares (M) week range (EUR) Major shareholder (%) Trevisani, 55.8 Free float (%) 39.3 Reuters TFI.MI Bloomberg TFI IM Mibtel Performance % Absolute Rel. to Mibtel -1M.62-1M.75-3M M M M Source: Company data and Datastream. See Page 14 for Full Disclosures and Analyst Certification

2 Valuation. We confirm our sum-of-the-parts valuation of the group s two divisions, drilling and foundations, based on a DCF model, pointing at EUR 9./share (6% construction and 4% drilling). The SOP valuation based on peers multiples shows a lower value compared with the DCF model, due to our higher 29E-214E implied medium term growth (IMTG). Our model shows that our fair value implies an EPS IMTG of 23.4% vs. 13.5% in the current market price. DCF of the drilling division. Our drilling division valuation is based on a three-stage DCF model: Explicit estimates for the 26E-28E period are based on a 26E NOPAT of EUR 9.8M, with a 26E-28E NOPAT CAGR of 64.6% and a 28E ROCE of 41.6%; Three-stage DCF model for the drilling division. In the second considered period of 29E-218E, we assumed a NOPAT growth rate of 4.8%, with a gradually decreasing ROCE; The last stage is related to terminal value, which is calculated through the perpetual growth rate formula (NOPAT/WACC) on 218E, when we assumed a ROCE in line with WACC at 7.5%, thus a perpetual growth rate of zero. We set the drilling division enterprise value at EUR 284M. Drilling division 26E-8E FCF. EUR M 26E 27E 28E Sales EBIT ROS (%) Adjusted tax Tax rate consolidated (%) NOPAT Growth (%) Depreciation Operating cash flow OCF/sales (%) Capex & other investments Change in NWC Free operating cash flow Drilling - Key assumptions (%). 26E NOPAT (EUR M) E-8E CAGR of NOPAT E-18E CAGR of NOPAT 4.8 WACC calculation (%) Risk-free rate 4.5 Equity risk premium 4. Beta (x) 1. Cost of equity 8.5 Tax shield cost of debt 33. Financial structure D/(D+Mkt) 25. WACC 7.5 Drilling - DCF (EUR M). PV of FOpCF 26E-18E 137 Perpetual growth rate (%). Terminal value 354 PV of terminal value 148 Enterprise value 284 2

3 DCF of the foundations division. Our foundations division valuation is also based on a three-stage DCF model: Explicit estimates for the 26E-28E period are based on a 26E NOPAT of EUR 22.3M, with a 26E-28E NOPAT CAGR of 34.9% and a 28E ROCE of 33.5%; Three-stage DCF model for the foundations division. In the second considered period of 29E-213E, we assumed a NOPAT growth rate of 3%, with a decreasing ROCE. In the foundations division, we assumed a shorter competitive advantage period (CAP) than drilling, due to the different competitive positioning and the higher drilling marginal ROCE; The last stage is related to terminal value, which is calculated through the perpetual growth rate formula (NOPAT/WACC) on 213E, when we assumed a ROCE in line with WACC at 7.5%, thus a perpetual growth rate of zero. We set the foundations division enterprise value at EUR 42M. Foundations division - FCF (26E-8E). EUR M 26E 27E 28E Sales EBIT ROS (%) Adjusted tax Tax rate consolidated (%) NOPAT Growth (%) Depreciation Operating cash flow OCF/sales (%) Capex & other investments Change in NWC Free operating cash flow Foundations - Key assumptions (%). 26E NOPAT (EUR M) E-8E CAGR of NOPAT E-13E CAGR of NOPAT 3. WACC calculation (%) Risk-free rate 4.5 Equity risk premium 4. Beta (x) 1. Cost of equity 8.5 Tax shield cost of debt 33. Financial structure D/(D+E) 25 WACC 7.5 Foundations - DCF (EUR M). PV of FOpCF 26E-13E 145 Perpetual growth rate (%). Terminal value 457 PV of terminal value 275 Enterprise value 42 Sum-of-the-parts valuation. Our sum-of-the-parts valuation of the drilling and foundations businesses points to a fair value of EUR 9./share (approx. 39% higher than the current market price), mainly reflecting our recent upwards revised estimates in both the drilling and foundation divisions. At our fair value of EUR 9./share, the 26E P/E is 24.7x; however, if we consider a 26E-28E EPS CAGR of 46%, then it would imply a 26E-28E PEG of.52x and a 28E P/E of 14.4x. SOP valuation points to a fair value of EUR 9./share. 3

4 SOP valuation. Company division Valuation method EUR M EV construction-related business DCF model 42 EV drilling-related business DCF model 284 Total EV 74 Net debt 125 Other assets/liabilities SOP value 579 No. of shares (M) 64 Fair value (EUR/share) 9. Current share price (EUR) 6.5 Premium/-discount (%) 39 Peers comparison. We also valued Trevi Group with a SOP based on an EV/EBITDA peers comparison. We split the drilling division into drilling services and oil services equipment (Drillmec), and the foundation division into construction and foundation equipment (Soilmec). Drilling services (26E-7E). x EV/EBITDA 26E 27E Global Santa Fe Noble Diamond Offshore Drilling NA NA Ensco International Pride International Todco Average Source: Banca IMI elaborations on Jcf. Oil services equipment (26E-7E). x EV/EBITDA 26E 27E National Oilwell Varco Cooper Cameron Fmc Technologies 1.5 NA Dril Quip Saipem Technip Average Source: Banca IMI elaborations on Jcf. Foundation equipment (26E-7E). x EV/EBITDA 26E 27E FKI Sandvik Atlas Copco Average Source: Banca IMI elaborations on Jcf. Construction services (26E-7E). x EV/EBITDA 26E 27E Skanska Hochtief Bilfinger & Berger Fomento Const y Contr (FCC) Vinci Keller Astaldi * Average Source: Jcf and *Banca IMI estimates. Given the different and lower profitability of Solimec compared with the other foundation equipment peers, we decided to evaluate Trevi s foundation equipment division only by the 26E-7E FKI multiples (a company with a similar profitability to Soilmec). EV calculation (26E-7E). 26E 27E EUR M EBITDA Multiple (x) Implied EV EBITDA Multiple (x) Implied EV Construction Drilling services Oil services equipment Soilmec - FKI multiples Source: Jcf and Banca IMI estimates. 4

5 SOP at the market price 26E multiples. Division Valuation method EUR M Construction Peers comparison Oil service equipment Peers comparison Drilling Peers comparison 58.4 Soilmec Peers comparison Total EV Net debt 26E 124 Other assets SOP value 492 No. of shares (M) 64 Fair value (EUR/sh.) 7.7 Source: Jcf and Banca IMI estimates. SOP at the market price 27E multiples. Division Valuation method EUR M Construction Peers comparison 3.8 Oil Serv. Equipment Peers comparison Drilling Peers comparison 6.8 Soilmec Peers comparison 14.8 Total EV 27E Net debt 27E 19 Other assets SOP value 54 No. of shares (M) 64 Fair value (EUR/sh.) 8.4 Source: Jcf and Banca IMI estimates. At the current share price, our SOP points to an average valuation of EUR 8./share (EUR 7.7/share on 26E and EUR 8.4/share on 27E multiples), 12% lower than our DCF model valuation. The difference is mainly related to the higher growth expectations implied in our estimates on the medium term (from 29E), as shown in our IMTG analysis. IMTG. Our IMTG model shows that our fair value of EUR 9./share implies an EPS medium-term growth rate (29E-214E) of 23.4%, higher than the 13.5% in the current market price. EPS IMTG calculation (%). First stage (26E-8E) CAGR of EPS 46.7 Steady state (214E onwards) EPS growth.6 Pay-out ratio 35 Discount rate (cost of equity) 8.5 Current P/E (x) 16.3 EPS IMTG (29E-14E) 13.5 EPS IMTG at fair value (EUR 9.) 23.4 IMTG sensitivity analysis. % Cost of equity P/E (x)

6 Recent News. A new order in Iran for a total amount of USD 93.5M. Trevi Group has recently announced a new important order in drilling machines, received from the Iranian oil company (NIOC). The order was won by EDRA, the European joint venture created in 22 by Drillmec and two other European players, which aims to participate in tenders of over EUR 2M, offering full-packages of drilling systems with high technological content. The order involves the production of four drilling systems, which allow EDRA to post USD 93.5M total sales, generating USD 57.7M for Trevi Group through the fully-owned Drillmec. The Drillmec orders backlog currently amounts to USD 145.7M, increasing by 38% compared with end-march 26. 1Q6: strong growth in sales and profitability. 1Q6 results. EUR M 1Q5 1Q6 yoy % Revenue EBITDA Margin (%) EBIT Margin (%) Pre-tax income Net income Source: Company data. As reported in our Corporate Broking Review, in 1Q6 (traditionally a weaker quarter given Trevi s business nature), the group posted a strong and above than expected growth in sales (EUR 165.2M, +95.5% yoy) and EBITDA (EUR 24.6M, % yoy). By division, the sound sales growth rate was mainly driven by drilling, with machines increasing from EUR 4.5M in 1Q5 to EUR 3.1M in 1Q6 and services from EUR 2.9M to EUR 5.8M. In the foundations division, machines were up by 89% yoy to EUR 43.1M and services up by 56% to EUR 83.9M. By geographic area, the group posted a solid increase mostly in the African and American markets (mainly due to foundation works). Thanks to the higher value of production, Trevi Group posted a strong growth in the EBITDA margin (from 1.% to 14.9%), the EBIT margin (4.% to 9.8%) and the net margin (from 1.7% to 3.9%). At 1Q6, net debt amounted to EUR 136.3M, higher than that of YE5, due to the higher level of stock related to the increasing sales of the year. The orders backlog increased from EUR 516.5M at end-25 to EUR 578M. 6

7 Earnings Outlook. Estimates revision after 1Q6 results. Following 1Q6 results, we had upwards revised our estimates in our last Corporate Broking Review, taking into account the strong sales growth and profitability in machinery and foundations. After the new recent order, we confirm our forecasts, showing the breakdown by division in the following tables. Trevi Group - Estimates revision (26E-8E). 26E 27E 28E EUR M old new yoy % old new yoy % old new yoy % Sales EBITDA EBIT Net profit EBITDA margin (%) ROS (%) Net margin (%) Note: Our estimates were revised in our Corporate Broking Review of following 1Q6 results. The foundation works division. In foundation works, we assumed 26E-28E sales CAGR of 1.4%, with the EBITDA margin improving from 12.4% in 25 to 13.9% in 28E. In our forecasts, 26E foundation works sales should rise by 19.5%, after the solid trend in 1Q6 (+56% vs. 1Q5), which benefited from the new orders started in Africa, Middle East and US (the Tuttle Creek dam). In our view, profitability should benefit from an increasing focus on the quality of orders, such as higher prices for a lower number of contracts, with a higher average duration. Increasing focus on the quality of orders. Foundation works revenue trend (25-8E). CAGR6E-8E: 1.4% Foundation works EBITDA and the EBITDA margin (25-8E) % % % % 15% 14% 14% 13% 13% 12% 12% EBITDA Foundation works EBITDA % The foundation equipment division. Following the sharp increase in foundation equipment sales in 1Q6 (+89% yoy, given also a weak 1Q5), we estimated a 15% sales growth rate in 26E, with a 26E-28E sales CAGR of 9.3%. In our view, profitability should improve mainly thanks to economies of scale, reaching an EBITDA margin higher than 14% in the next three years. 15% estimated growth rate in 26E. 7

8 Foundation equipment revenue trend (25-8E). CAGR6E-8E: 9.3% Foundation equipment EBITDA and margin (25-8E) % % 13.9% % 24.1 EBITDA Foundation Equipment EBITDA % 2% 15% 1% 5% % The drilling services division. Following a solid 1Q6 (sales growth rate of 12%), we estimated that drilling services sales should advance by 65.6% yoy in 26E (a 26E-8E CAGR of 41%), with an EBITDA margin of 31%, driven by the recent new orders received in South America from Texaco, Repsol and Petrobras, maintaining an EBITDA margin of 31%. 26E-28E sales CAGR of 41%, driven by new orders. Drilling services revenue trend (25-8E). CAGR6E-8E: 41.% Drilling services EBITDA and margin (25-8E). 2 31% 31% 31% 15 2% EBITDA Drilling Services EBITDA % 4% 3% 2% 1% % The drilling equipment division. We expect drilling equipment sales, which grew over 5% in 1Q6, to rise by 52.5% in 26E (according to management, +89% yoy in 1H6), maintaining a 28% 26E-28E CAGR. In our view, the EBITDA margin should increase from 9% in 25 to 12.5% in 28E, thanks to better economies of scale. We believe that drilling equipment should benefit from the key success that HH-model machines (Hydraulic Drilling) could obtain on the market in the next three years, thanks to the high technology innovation and safety standards. Our estimates already factor in the new order between NIOC and EDRA. We estimate a 26E sales growth rate of 52.5%. 8

9 Drilling equipment revenue trend (25-8E). CAGR6E-8E: 28% The financial structure. Drilling equipment EBITDA and margin (25-8E) % 12.5% 11.5% 2 9.% EBITDA Drilling Equipment EBITDA % 15% 1% 5% % Given the solid trends in sales and profitability that we estimated for the next three years, we expect Trevi Group s financial structure to strongly improve. According to our forecasts, starting from 27E, a sound free cash flow generation should allow a rebalancing between net debt and equity, with a decrease in the group s debt ratios. In our view, 26E free cash flow should be slightly lower than that of 25, mainly due to the extraordinary level of capex (EUR 35M vs. EUR 23.8M in 25), mostly related to the development of drilling activities (both services and equipments). According to our estimates, operating free cash flow, both in absolute terms and as percentage of sales, should show a sound growth in 27E-28E to 4.9% of revenue in 28E. Operating free cash flow (25-8E). Financial structure (25-8E) %.5% 3.2% 4.9% 6.% 4.% 2.% % Free cash flow % of sales NFP Net Equity We expect 26E net debt to be substantially in line with that of 25 (EUR 126M) to EUR 124M and to improve to EUR 85M in 28E. In our estimates, we assumed a payout of between 3% and 35%, a level of capex of about EUR 27-3M in 27E-28E and a net working capital below 1% of sales, improving compared with 1.4% in 25. As a result of an improving net debt, in our opinion, D/EBITDA should improve from 2.3x in 25 to.8x in 28E and D/Mkt. cap from.7x in 25 to.2x in 28E. 9

10 Debt ratios (25-8E) D/E D/Mkt D/Ebitda 1

11 Financials. Trevi Key figures (24-8E). Current price (EUR) 6.5 Market capitalisation (EUR bn) 416 No. of shares (ord. + sav.) 64. Values per share (EUR) 24 EPS CFPS BVPS DPS Payout (%) Stock market ratios (x) 24 EV/sales EV/EBITDA EV/EBIT EV/CE P/E P/CF P/BV Yield (%) Income statement (EUR M) 24 Sales EBITDA EBIT Pre-tax profit Net profit Balance sheet (EUR M) 24 Net fixed assets Net working capital Invested capital Shareholders funds Minorities Net debt(+)/cash(-) Long-term liabilities Total sources Cash flow (EUR M) 24 Gross cash flow Change in NWC Capex Cash from operations Dividend payment Other Free cash flow Profitability and financial ratios (%) 24 EBITDA margin EBIT margin ROI ROE Growth (%) 24 Total revenue EBITDA EBIT Net income data are IAS-based. 11

12 Trevi: At a Glance. Company description. Trevi Group is the Italian leader in foundation and underground engineering, with an approximately 9% share of the domestic market. Worldwide, the group ranks fourth, behind Soletanche Bachy, Bauer and Keller. Listed on the Italian Stock Exchange since 1999, Trevi Group has a market capitalisation of approximately EUR 42M. The major shareholder is the founder Davide Trevisani (with 55.8%), while the market float is approximately 39% of the share capital. In addition to the special foundation works, the group operates in the oil drilling industry and in the manufacturing of machinery for foundation works and for oil, gas and water drilling. Shareholder structure. Group structure. Market 39.3% Trevisani D. 55.8% Bipiemme 4.9% Source: Company data. Source: Company data. Summary of corporate governance rules. Board of directors Internal audit committee Remuneration committee Independent members/total members 5/9 2/2 2/2 Stock option plan Shares to employees Remuneration system No No Board of directors Statutory board of auditors Minority shareholders listing vote No Yes Different from CEO Independent Chairman No No Source: Company data. Revenue by business (1Q6). Revenue by region (1Q6). Parking Special Far East, 6% facilities, foundations.4% machines, Middle East, 24.7% 27% Special foundations works, Drilling services, Drilling machinery, 14.3% 57.2% 3.4% Africa, 18% RoW, % Italy, 14% Europe (ex- Italy), 1% US and Canada, 14% Latin America, 11% Source: Company data. Source: Company data. 12

13 General warning. This document has been prepared by Banca IMI SpA s Research department (Banca IMI is a member of the Sanpaolo IMI Group), an authorised bank regulated by the Bank of Italy for the conduct of designated investment business. The information provided and the opinions expressed in this document are based upon information and data from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made Banca IMI as to their accuracy, completeness or correctness. Any opinions, forecasts or estimates contained herein constitute a judgement as at the date of this document, and there can be no assurance that the future results of the Company and/or any future events will be consistent with any such opinions, forecasts or estimates. Any information herein is subject to change, update or amendment without notice by Banca IMI subsequent to the date of this document, with no undertaking by Banca IMI to notify any recipient of this document of such change, update or amendment. This document is for information purposes only. This document is not, nor may it be construed, to constitute, an offer for sale or subscription of or a solicitation of any offer to buy or subscribe for any securities issued or to be issued by the Company. Neither Banca IMI, nor any other company of the Sanpaolo IMI Group, nor any of its directors, managers, officers or employees, accepts any liability whatsoever (in negligence or otherwise), and accordingly no liability whatsoever shall be assumed by, or shall be placed on, Banca IMI, or any other company of the Sanpaolo IMI Group, or any of its directors, managers, officers or employees, for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. To the extent permitted by relevant law, Banca IMI allows its directors, managers, officers, employees and/or respective family members to have long or short positions or effect transactions in the securities (or options, warrants or rights with respect to, or interest in, the shares or other securities) of the Company. The aforementioned persons may also carry out, have carried out or be about to make purchases or sales of any financial instruments on the market. Banca IMI publishes research on the Company on a regular basis. The previous report on the Company was published on (within Corporate Broking Review). Residents in Italy: This document is intended for distribution only to institutional investors as defined in art. 31, Consob Regulation no of either as a printed document and/or in electronic form, and will be distributed with deposit at Consob on the same day in electronic form and disseminated to the general public not later than 6 days after the start of its distribution, by being posted on Banca IMI s website. Persons and residents in the UK: This document is not for distribution in the United Kingdom to persons who would be defined as private customers under the rules of the FSA. US persons: This document is intended for distribution in the United States only to Qualified Institutional Investors as defined in the US Securities Act of US Customers wishing to effect a transaction should do so only by contacting a representative at Banca IMI Securities Corp. in the US. 13

14 Disclosure of potential conflicts of interest. Banca IMI discloses potential conflicts of interest, as defined by: Article 69, paragraph 4 and 5, of Consob Resolution No of , as subsequently amended and supplemented, and Consob s Notice No. DME/ of ; the New York Stock Exchange Inc. s Rule 472; the FSA Policy Statement 4/6 Conflicts of Interest in Investment Research March 24. The Bank maintains procedures and organisational mechanisms (Chinese walls) to professionally manage conflicts of interest in relation to investment research; for further information please see Banca IMI s website for Banca IMI s Policy for Managing Conflicts of Interest in Relation to Investment Research. Analyst certification. The analyst certifies that: (a) The views expressed on company mentioned herein accurately reflect their personal views. (b) No direct or indirect compensation has been or will be received in exchange for any views expressed. Specific disclosures. 1. Neither the analyst nor any member of the analyst s household has a financial interest in the securities of the Company. 2. Neither the analyst nor any member of the analyst s household serves as an officer, director or advisory board member of the Company. 3. The analyst of this report does not receive bonuses, salaries, or any other form of compensation that is based upon specific investment banking transactions. Disclosures. 4. Banca IMI plans to solicit investment banking business (as defined above) or intends to seek compensation from the Company in the next three months. 5. Banca IMI acted as Co-Lead Manager and Guarantor in the Institutional offering of Trevi (April 25). 6. Banca IMI signed a Corporate Broking agreement with Trevi to maintain liquidity in its shares and to publish research on the company (August 24). Recommendation definition and history. As at , research produced by Banca IMI did not include specific stock ratings or target prices. Therefore, we do not show target price and rating histories, nor a stock rating system and distribution of ratings (in aggregate or for companies for which Banca IMI has provided investment banking services in the last 12 months). 14

15 This document is prepared, approved and distributed by Banca d Intermediazione Mobiliare IMI SpA ( Banca IMI, a member of the Sanpaolo IMI Group), Milan, an authorised bank regulated by Bank of Italy and Consob for the conduct of designated investment business; this document is also distributed by Banca IMI London Branch (a member of the London Stock Exchange) regulated by the FSA for the conduct of designated investment business in the UK, and by Banca IMI Securities Corp. (a member of the NYSE and NASD) regulated by the SEC for the conduct of designated investment business in the US. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly to any other person or published, in whole or in part, for any purpose without prior written consent by Banca IMI. The copyright and intellectual property rights on the data, information, opinions and valuations contained in this document are the exclusive property of the Sanpaolo IMI Group, unless otherwise indicated. The data, information, opinions and valuations contained in this document may not be subject to further distribution or reproduction, in any form or via any means, even in part, unless expressly consented by Banca IMI. By accepting this document you agree to be bound by all of the forgoing provisions. Banca d Intermediazione Mobiliare IMI SpA co-ordinates the investment banking activities of the Sanpaolo IMI Group. Worldwide, these activities are conducted through the companies listed on this page. Banca d Intermediazione Mobiliare IMI SpA Corso Matteotti 6, 2121 Milan, Italy. Tel: (39) Banca IMI Securities Corp. 245 Park Avenue, 35 th Floor 1167 New York, NY, USA Tel: (1) Banca d Intermediazione Mobiliare IMI SpA London Branch Warwick Court, Warwick Lane, Paternoster Square London EC4M 7LZ, UK. Tel: (44)