the caltagirone group

VIANINI LAVORI SpA
February 2005
THE CALTAGIRONE GROUP
¾ The Caltagirone Group is a family-controlled industrial concern with aggregated sales over €1.1 bn (2004) §
¾ Group structure is based on three main activities: Construction, Cement and Media
¾ The Group also operates in the Real Estate sector and holds Financial Investments in several quoted companies.
Finanziaria Italia
S.p.A.
9%
11%
50.3%
CALTAGIRONE S.p.A.
Mkt cap:
cap: € 711 m
(1)
CONSTRUCTION
Mkt cap: € 320 m
Mkt cap: € 717 m
(1)
(General Contractor)
62%
(1)
CEMENTIR GROUP
30% (2)
25%
(4)
Mkt cap: 906 m
(1)
VIANINI LAVORI S.p.A
54%
MEDIA
CEMENT
(Pan-European Cement,
& Rmc producer)
CALTAGIRONE EDITORE
S.p.A.
35.6%
(3)
(Newspapers,
Advertising,
Internet)
VIANINI INDUSTRIA S.p.A
(Water pipes/pilons)
(1) 2005 Data;
(2) Includes 30% stake held by Mantegna ’87 Srl, 100% controlled by Caltagirone S.p.A.;
(3) Directly held by: Capitolim (4.3%), Vianini Lavori (3.6%), Vianini Industria (2.88%), Mantegna (10.36%), Caltagirone Spa (14.4%);
(4) The Caltagirone Family owns directly and/or indirectly another 34% of CED SpA.
(§) Including Aalborg Portland and Unicon for 12 months 2004
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SHAREHOLDER STRUCTURE
Tre as ury s hare s
2%
Eche tlo S.r.l.
3%
Fre e Float
33%
F. G. Caltagirone
3%
M ante gna '87 S.r.l.
4%
Finanziaria Italia
S.p.A.
5%
Caltagirone S.p.A.
50%
• Since 1890, Vianini Lavori S.p.A. has been operating in the civil engineering and infrastructure sectors worldwide
(Europe, Asia, Africa, Americas).
• Vianini Lavori has developed the following infrastructures:
- 2000 kms of roads
- 250 kms of galleries
- 3000 kms of water infrastructure
- 380 kms of railways and underground
- 130 bridges
- 6 airports
• Today, Vianini Lavori is about to become a general contractor and holds strategic and financial stakes in other companies.
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FINANCIAL INVESTMENTS
VIANINI LAVORI S.p.A
Strategic investments
Financial investments**
Market value***
23.7%
ENIACQUA
CAMPANIA S.p.A
• The company
manages the entire
water infrastrucure in
the western part of
Campania.
13.1%
GRANDI
STAZIONI S.p.A
• Grandi Stazioni manages
the commercial areas of
the 13 major Italian
railway stations.
12%
METROPOLITANA
DI NAPOLI S.p.A
• Its mission is to
develop the
underground
transport in Naples.
BNL
0.56% Ù € 36m
TREASURY
SHARES
2.3% Ù € 6.7m
CALTAGIRONE
EDITORE
3.6% Ù € 32.5m
25%
CEMENTIR S.p.A
• Cementir is a vertically integrated
Pan-European cement player,
worldwide leader in niche market
of white cement, n.1 PanScandinavian rmc player, 4th
largest Italian cement producer,
7th largest Turkish cement and
rmc producer and is listed on the
STAR segment of the Italian Stock
Exchange.
Main Figures *
Main Figures *
Main Figures *
Main Figures *
Net equity € 9.2 m
Net equity € 81 m
Net equity € 6.9 m
Net equity € 511 m
Revenues € 55.9 m
Revenues € 138.3 m
Revenues € 67.1 m
Revenues € 292 m
(€709 m pro forma 2003)
Value at market price: € 180.3m***
*2003 Data; ** Consob database; *** As of February 2005
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BUSINESS AREAS
Transport infrastructure
Other Infrastructures
Commercial building
Highways, railways, underground, airports, …
Sewages, dams, water infrastructures, …
Universities, hospitals, expo centers, …
Highway Adriatica
Pertusillo water infrastructure
University of Salerno
2003 Order Backlog: € 260 m
O p e r a t i o ns
0 .3 %
T r a ns p o r t
i nf r as t r uc t ur e
4 7. 0 %
C o mme r c i a l b ui l d i ng
5 2 . 7%
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FINANCIAL HIGHLIGHTS
(EUR/000)
Revenues
EBITDA
EBITDA Margin
EBIT
EBIT Margin
Financial (loss) profit
Extraordinary
Income before tax
Net Income
Net Income Margin
9 m 2004
9 m 2003
∆%
Y 2003
Y 2002
∆%
133.409
122.943
8,5%
168.420
140.106
20,21%
3.971
8.520
-53,4%
16.311
24.530
-33,51%
3,0%
6,9%
9,68%
17,51%
2.788
7.076
14.472
22.638
2,1%
5,8%
8,59%
16,16%
2.700
6.498
-58,4%
18.221
17.502
4,11%
16.614
(1.127)
n.m.
(2,736)
(153)
-98,21%
22.102
12.447
77,6%
29.957
39.987
-25,08%
15.606
11,7%
11.402
9,3%
36,9%
36.400
21,61%
31.648
22,59%
15,02%
-60,6%
-36,07%
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NET FINANCIAL POSITION
30/09/04
31/12/03
30/06/04
1.587
4.897
138
Cash/deposits
117.393
84.112
115.028
Long term borrowings
(28.755)
(29.314)
(28.755)
Short term borrowings
(3.574)
(2.262)
(3.068)
Net Financial Position
86.651
57.433
83.343
(Euro /000)
Marketable securities
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OUTLOOK AND STATEGY: SCENARIO
There is an “Infrastructure Gap” between Italy and other European countries
“Legge Obiettivo” will trigger new investments for over € 78,5 bn *
Vianini will play a key role as general contractor in the fast-growing
Italian infrastructure market**
Project Financing, as stated in “Legge Merloni ter”,is expected to
provide additional resources for infrastructure projects
* Between 2004-2007
** Vianini Lavori is one of the few Italian companies which is qualified to become a General Contractor .
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OUTLOOK AND STATEGY: TARGETS
Main projects developed or
under construction
Projects we are bidding for
RomeRome-Naples HighHigh-Speed Railway
OrteOrte-Venezia highway *
Rome ringroad
Extension of highways in the South of Italy *
Naples Underground
Highway in Tuscany (extension of SienaSiena-Bettolle
highway) *
SouthSouth-Est railway in Puglia
New expo center “Fiera di Milano”
Milano” (Rho)
Rho)
* Project financing.
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Appendix
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“Legge Obiettivo”
21 PROJECTS INCLUDED IN THE ITALIAN FINANCIAL LAW FOR 2004-2005 *
Description
Railway tunnel Frejus
Railway tunnel del Sempione
Railway tunnel del Brennero
Tunnels
High speed railway Lisbona-Kiev (Lione-Torino-Novara-Milano-Verona-Padova-Venezia-Trieste)
Railway Ventimiglia-Genova-Novara-Milano (Ventimiglia-Genova-Milano)
Railway Brennero-Verona-Parma-La Spezia
Railway Salerno-Reggio Calabria-Palermo-Catania
Railway infrastructure
Underground in Naples
Underground in Rome: line C
Underground in Rome: line B
Underground and railway hub in Bari
Underground in Catania
Urban infrastructure
Railway link of Mestre
Highway Brescia-Bergamo-Milano
Highway Brennero-Verona-Parma-La Spezia
Highway Mestre-Ravenna-Cesena
Highway Marche-Umbria
Highway Cecina-Civitavecchia
Rome freeway
(€ bn)
Amount
1,808
1,808
2,582
6,197
7,902
4,380
1,511
2004-2005
150
22
50
222
1963
224
568
Period
H2_2004-2015
H1_2004-2009
H2_2005-2015
26,084
3,886
1,925
1 465
393
516
7,185
1,963
775
1,033
930
1,808
1,859
502
3,159
1154
341
341
79
70
1,899
568
310
98
91
320
439
307
H2_2003-2007
H2_2003-2006
H1_2004-2008
H1_2004-2008
H1_2004-2008
H1_2004-2007
H2_2002-2005
Castelli Romani area
Highway Salerno-Reggio Calabria-Gela ( Salerno-Reggio Calabria-Palermo-Messina- Catania-Siracusa-Gela)
Road and highway junction in Genova
232
13,449
2,765
129
3,654
150
H1_2004-2007
H2_2002-2005
H1_2004-2007
Bridge on Messina channel
Road and highway infrastructure
MO.SE Project
Water infrastructure in the South of Italy
Water infrastructure
TOTAL
4,958
30,273
4,132
4,641
8,773
78,512
356
6,423
609.42
2,478
3,088
14,791
H1_2004-2012
H1_2002-2008
H1_2003-2009
H2_2003-2008
H2_2003-2008
H1_2003-2006
H2_2003-2007
H2_2003-2006
H2_2003-2005
H2_2003-2006
H2_2002-2010
H1_2003-2006
delayed projects
under construction projects
projects under bidding process
* Projects approved by Cipe
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FOR FURTHER INFORMATION
www.vianinigroup.it
INVESTOR RELATIONS
Tel. +39 06 45412213
Fax +39 06 45412288
[email protected]
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