5lvxowdwl do `lfhpeuh

Milano, 23 Aprile 2009
!"#$%
) !)*
!" # $"%
7 8*-
#!"#$#/ * ( +
!"#$
0+,."##1!%%"' ""
*
) !"#$ &'
&(&
&
&&'
&&&
,"2+
3.425+/#*6
GALANTE
GALANTE S.A.
S.A.
+,-#.
&
!"#$.+
' $
!( ",,-#.
"++
!"#$%-**
)
!"#$%$*
(
(
(
!"#$
$+/#
$+/#
#"$5
-#!,-#../.
, +
, "(+
, %(#4
, -
, !#4
, -
, '
, ')4
, ).
, 2//3
, -
, +45"(
, !6+
, /.+
, 1!)
, /..
, '
, 0%
, '
, '"
, 1
, +
, ) 6
26 -8 ***
$+/#-#!,-#../.
)
!9
$+/##"$5
)
**
2 % $*
)*)
(:
)*
( &:
)* 9
:
)*
-
:
Dati di Divisione al lordo del Consolidamento
!"#$%*
!" #$
%& '$($
2 ;0 !+//.<
&
'
2'3
% 2)!3
&
2)3
2+ 3
'(
&8
'
%
% &
,
)
'
6
) !
6
"
76
/8
9
76
&
76
+
; .<
*
.
; , /!# <
: +--!' +
"-!' +
) +
+
!)
)$$*
#
# '
".$
(&=
+,
=(
+,
#8!
((=
+,
=
+ ,
#8!
'=(
+ ,
=
+,
+/#"//5"/#!!
;'=<
-
+,
;='<
-
+,
-+!#
;=<
-+,
;=<
-+,
2!,#/#!!+
'='
+,
=
+,
# '
.!,#/$#!!+
'=
(=
./$@=:
./$
!"-+/+/#!!+
=
(=
/@=&:
/
+5+/#//#!!
=
=(
/A=:
/
+"!+,+,$+"
&=
'&=
8.1,+@(=:
8.1,+
# '
/>#8!
=&?
=?
/>!"-+/+/#!!+
=?
=&?
'
&
('
#/#/!
".$ @'=:
#8!@=':
#8!
2!,#@=:
2!,#
@(=:)*B'
)*B'
9).
".$
2!,#/#!!+
8.1,+
/#8!-#/!+
#BC B
:
=
(&=
'
@
=(
(=
&=
;<<= ;<<> ;<<?
:
=
((=
@
;<<@
".$
:
=' '=(
@
=&
=(
=
=
=
='
;<<= ;<<> ;<<? ;<<@
#8!
;<<= ;<<> ;<<? ;<<@
#8!
-9 #
=&:
")
C;<<
#8!-9:
C>A
=(:
(&= CBA
C<<<
@<<
# =(
=:
C<A
=:
=:
(=
><<
=:
=:
B<<
(=
=
=:
@A
&=
>A
:#-9
=:
C;A
=:
=:
= = ('= ((=
BA
=
;<<
;A
<
<A
&&
&&&
(
'
-9 #
CB<<
CBA
")
#8!-9:
=:
=&:
C;<<
C;A
(&=
C<A
&=:
# =(
@<<
@A
'=:
=:
><<
(=
>A
=:
B<<
(=
=
=
= = ('= ((=
BA
=:
;<<
;A
=':
<
&&
&=
=(:
(=:
&&&
:#-9
C<<<
=:
<A
(
'
#) ")!
# -
(&=
.
B
C
B
"
:
'=
@
D
=(
(=
&=
&='
=
((=(
((=
(
'
8EFBC B9
"D
!"
."BAAB%@&=:
."B
(&=
=
-
&'
=(
23
=
(=
# -
(=
=&
=(
=
&=
(=
(=
=&
=
=(
&&=
&=
(=&
=(
&=
=&
=
=
=
&=
&=&
&=
'=
=
'=&
=&
&=
(
'
")!*.*
# 9:BB
'
!(2"-!'3
!()2+--!'3
(
&=
=
;=<
CE?A
B@@A
=&
&=
;=<
A!)*-
('=
=(:
(=&
-23
*)2)3
(
(=
(=&
;=<
;?=A
EF;A
'=(
(=(
;=<
A!)*)
'=
&=:
=
'
=
;(&=<
!+!,#".$.+/+,!
(&=
=
;'=&<
'=:
=(
").*
@'=:
&=
!
@=':
=
&='
@&=:
=
!
=
G #,+/
!
@=:
!
# (&=
=(
B'
9 )* *9)**)
)*****
9 B
9+
.
C
B
" :
&= @
D
B
"##+".# -
!"
&'
23
"
!+!,#
&=
=
CEEF
E?=;
;CFF
C?C;
;>C
C?C@
C<C
<?
&=
(:
'&=
':
((=
'=
''=
# =
=
'='
=&
&=
(=
B
B(
B'
':
:
B
#) )*!,./0
'=
# -
/$#!-#/!HH%@=&:
/$#!-#/!
=
=
&=&
(
'
)*!)*./0
&=
=
=
!
@=&:
!
=
!
'=
!
=
=
=
= &
# =
'
)*!9./0
"##+".# -
!"
&'
23
"
! +!,#
ECB
;EE
C<C
CBB
>C
;>E
EB
;E
'=
:
!!
"
#
$
$
!
%
=:
+,
=&:
=(:
=:
&=&:
(=':
=:
=:
../
(&=
C<<<<
")
=:
../:
;=A
=(
;<A
# (=
><<<
&=
=':
C=A
B<<<
:../ >")
@<<<
=:
=:
C<A
;<<<
=A
<<
(
'
#) *
/
# '=
=
='
=
(=(
(=
=
=
"##.I,+0
A =# =(
/B'
G .".+, /!#
#8!@J
-+!#
/$#!-#/! /!#"#
$
#"#/5#
. -8
,!"+
/B
*
/
E=<
/
/>#8!
=
E<<
;=1
=K
=K
# ;=<
=&K
;<<
C=<
'='
;<1
C=1
=(
(=
C<1
=K
C<<
<=1
=<
<
PFN/Patrimonio Netto
E<1
<<1
B
B(
B'
B
1,2x
1,4x
0,9x
1,4x
//
=
+6
+6$
:
(:
# =
!"-+/+/#!!+
+5+/#//5/#!!
)*)
C>A
'=
=B<
BF<
CBA
=:
BB<
=
EF<
(:
# ;* *
<
:
C;A
(=
EB<
-
+
':
=:
2
.
':
C<A
;F<
& =:
@A
;B<
# CB<
- 9:
CF<
>A
:
,
:
BA
F<
(
'
6A
Dati di Divisione al lordo del consolidamento della Capogruppo
)*-
('=
C@A
"* :
=F<
C>A
#*
+
:
# ;* *
<
:
(=&
BF<
CBA
EF<
=':
C;A
=
=:
;F<
C<A
# -9:
= :
CF<
:
F<
@A
2
.
&:
-
+
:
&:
,
:
>A
(
'
")
#:
Dati di Divisione al lordo del consolidamento della Capogruppo
!)
!)$*$
*
/$#!-#/!"/.,#-+/+
L(
ϭϰй
ϭϬй
ϴй
L&
ϲй
L
ϰй
Ϯй
L'&
L(=
L(=
L=
L&=
L=
G'<F<E< F
:
ϭϮй
Ϭй
)
*
*** ."#.#/!#. "
#.+/+-.
I&
*
/
!-+,+
**9
3
I&
! )3
)
*9)*
*)
AA
*** /. "#-#/!+
2-#/!+#,
/$#!-#/!
/ "!"2!!2"#
!2!!,#."##1 1**
-#!"+
9
-#!"+
/
82"N/!#".I /#
,2"-"#+"!
M
!)-
""+B+- ,+/+
8 * *
!)%)6 -
"/.,"+#!!
#KA /+0
'$1
)
2
(
(
&
&
&
&
8 O
"K!F
M-P!F
.
-
"*F 5 !F
#K
.+-,#!#
&
(
3 456$1
!F*
J um e ira h La ke Of fi c e s , A na nta ra H o t e l,
J um e ira h La ke Ap a rt me n ts
#.!F*
IP DE C T o we r 2 , D E C T o we r 1
I7 *A /+0
I7 *
.+-,#!#
Gra nd H ya t t Du ba i T o we r 2 , G ra nd Hy a tt D uba i
T o we r 3 , G ra n d H ya t t D uba i T o we r 4 , G ra nd
3)*F**9
&'=F**9M7 * 3*
9
*9#=4 +
,*
=
* 6 =*Q **
* 9#; M<M*7 +
4R37 *
.
!"#$
*
3=7 = *9*) 9
!)%" 9M92
!!2/!
,3 ** P+ * ; +< * M A * ** L( 9M * 9M * Q * : && * M *6 ** * L 9M M * ) * *M ) 7 * L =& * * 9
)* 9M 6 +999 * 9M* 9 2
!2!!,#."##1-
1**
1 EP
!"#$= )* !"#$.+ M= M 7 * - ;2 P .* #9 *< 3** ) ) 9 ! .E
*1**
0+,."##1
I#"8#"!I++$#"1#
,3 Q L& * 6
*9 *R Q )
**93 9 7 ** L !)* M= Q * *
*6 3* *9
* /*M) . 9 99 9 2 M M S Q * **9 N $ !)* . M 8MP !)*= ** N $ = : ) ** S*
* 9 0 .E ** " ** *1 EP
!)%7 *
' ;<<@&+C<
%-(
'
6)H 66
+
%* !"!#.!
.+-,#-#/!"#!3 #+".
.+-,#-#/!"#!3
"++!!+>!#./+,+
' %
)*
*M* * GALANTE S.A.
.+-,#-#/!"#!3 +"!+,+
.,#/!
+!#/5,#."#.!8"#$#
+!#/5,#."#.!->,
!#"-/#
!)%7 *
.
' '((;<<@
&+C=
%
6(
* * ;<<F
!"!#.!
.+-,#-#/!"#!3 #+".
'+
*M3
.+-,#-#/!"#!3
"++!!+>!#./+,+
.+-,#-#/!"#!3 +"!+,+
.,#/!
+!#/5,#."#.!8"#$#
+!#/5,#."#.!->,
!#"-/#
!)%+ 6 G $ 6I<F
"+#!!"+$!;L <
!"#$
"+2J.
O*
*O*
G $ 6I<F
,,+.5+/#82#!&; "<
/(
# $-)
!
'
&
+
.'
L6506
+
# '
+
#789
+
6
6
6
6
6
6
6
6
6
6
6
,3"82!( ;<<@
*#9=
* =+J*=M
- &A
L
82#! )"'(J
L'&
KC<
666* KB<6
!)+))F
"$#"
".$;T<BAB
*
* **
* C
B
"
.
# "
*M
99M
=
,2!2"+
= :
'
D@
B (=
'=(
.**)
)
99M
=
"
*M
9
)M
.
*
* 99
9
.
* 9
*
;P
.<
(
'
** )
%99J*9
1
E*
9M
.
*
&'!%
&('%
&' %
9
+
' ,-
#9
* &(' %% &(' %%
9
"#*
&('"%)
,* 9
4
&('!%
&('!%
*
#
&(' %%
&('"%
I *9
*
&.'$%
*
*
%9
#?I8!+"
61(6
66.1(6
C@<<<< CE;<
BE
$!+"
6
)
6
;<F<E;
B=A
C;?
6
?F>@B
/ )-!9*
.
)
(
#) "
*. !
")*
8;8
P*<
-*) * *M
M
-()*
*
*.N
* "'
% !.
."A***
.
. 0*%.
#K
-
#K'
-
* F,
-
"#*
-
#K
I *9
%/FE
<=
39!9>7.:0
$:
$
!:$:
'$
;6
<$
/FE
- 9
+))F
"$#"
".$;T<BAB
*
* **
* C
B "
. ")
9 )
>
D
B
:
= @
,2!2"+
&=
=&
)
*9
*) >
&=
# =
.6 .6
+ * 9
(
"
7 **
'
)
9** )
*9
!)
!%?*$
+J*+ E
'$
'
'=(
4
!#
4
"
4
@
'=
!"
#"
"
4
$$
#
&=
4&
$#%
4&
$%%
4&
%
4&
%
&&='
$$%
$%%
%%
$%
$!
&# # # #
(=
'=
=
&=
(=
'=
(=
&(=
G&$
.+/!"82!+,,"+25+/#+#.#2/!+
"#+
#.2+ "
/ + / / + ,
4 !"
2#
**283
99 96 *R*
**6 )6
*7 9*
I3
120 !
, 8B
8
#42,8"+!"+-/#+#"!
#!"+,+/#,-#+!#"-/#
,#" / #" $#/#5 "/
"4
G&$")' !
. 2' 99 *+#.
9* 99
8 9
G&$
%II
$/!+.+-#!!$+
:
" :*
" ':
9
" :*
*
* 9
./0
%
".+
#+!#"-.+
+,J
!9
.)
!9
./03$3$
% *II
P%9
%9*
2%9*
21%9*
P%9*
.%9
.M%9*
$
%9*
.%9
P%9
%9*
.9%9
*%9*
/M%(9*
9%9*
#9P%9
+))F
"$#"
".$;T<BAB
,2!2"+
9 )
)*
* II%!9
))
B "
. 9
P
C
:
(=
@
D
B
=
&=
*II
** -O* FE
# *M
*9M
.6 .6
*9
(=(
'=
(
'
6
6
)
)%+
(
'
9*
9*
& 9*
9*
"#/!/
"/.,.,#/!
1 <<
O% .0
O36$4 .
0
O 2%).0
$#/#52#,
1 <<
%
1 <<
%$
.+,+-8
1 <<
%$
#"2
1 <<
%
)+))F
"$#"
".$;T<BAB
,2!2"+
#)*
)
* C
B
"
. **
)9
9
II",,-#.
:
&= @
D
B
(=&
(=(
) EFMF 33
M
M
.**
)
# =
(=
*
,
(
'
) *M
)
9M
!)
&
%B
;T<
<<<
O
6
O
6
O
6
'
:
;FCF<@
?F@@
=<E>
&
;<?B?B
=E@F
;@B?
'
,
E?E?=E
EC<B?E
2EB<;;E3
2FB?E;3
C@><F
('
;;<>FE
;<@@@C
2;E>>=?3
2?><<B3
2CC>?;3
,
.)***)6S#*
'
&
,
8* **)**
);A<
;&<
;<
,
.!,#/$#!!+/#!!+
'
(
,
./
/ )
*
/
((
@F<E
('
?<<C
(
,
-
,
!+!,#+/!//5-#/!+
'
(
,
.S*
O
O'
O+6
2O3
O2O3
O*2*3
01&
.#%B
<<<
".$!+!,
6 $,+"##,,"+25+/#
'
>>
(&
>>'
((
@;E=C
C<@>B
=<;?@
<
'
@?@C<?
;><>E
EF=
'&
>CE><?
"
$,+"#2/!+
'
C<B>=
CB>F<B
F?;<
(
C;C=?E
-"/#+#"!$+,+"+
A
2!,#+#"!$+
A
) P2"3
&P2)3
6
) P2"3 *
&2)3 * 2!,#"-#,,#-+!#
2!,##,#"++#"!/#/5#,"2+
(('
C=>A
E;EF@
>E<@
'(
CCFA
2C?C?>3
2C;=<3
<
<
&'
EC@;<
;>FB
'((
C=FA
;>BE;
E>B;
&
C;BA
2CE>=;3
2BB;@3
<
<
'
;@<?B
;<C;
'
:
+,
+,
+,
+
,
+,
+
,
,
*
'" + * 6
( C=B 6 ; & (
6 66
'O:2(
M*N3
%
Q * - 6 * (R -
( 6
66
S : )(
(
(
- * 66 6 (
6 )* "*!
.
*U)
*U
)
/
*U
*
U)
)
- *U
*
U)
)
.* !)*)*
!)*)*U
U)
)
58