• Alias • Allianz • Anima • • Azimut • • • Banche di credito coo- perativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caruso • Cassa Depositi e Prestiti • Edi- son • • • Erg • Euler Hermes • • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Fer- rovie dello Stato • Generali • Geox • Groupama • H3G - 3 Italia • Ibl Banca • Intek Group • Intesa San- paolo • Invitalia • Italcementi • Liu Jo • Luxottica - Persol • • - Che Banca! • Medio- lanum • • Monte dei Paschi di Siena • • Ntv • • Poliform • • • Richard Ginori • Salvatore Ferragamo • • Sorgente Group • Telecom • Terna • Tod’s • Ubi Banca • • • Università Pegaso • Valentino • • Vodafone • • Alias • Allianz • Ani- ma • Atlantia • Azimut • Banca Generali • Banco Popolare • Banche di credito cooperativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicenza • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caruso • Cassa Depositi e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Ferrovie dello Stato • Gene- rali • Geox • Groupama • H3G - 3 Italia • Ibl Banca • Intek Group • • Invitalia • Italce- menti • Liu Jo • Luxottica - Persol • Mediaset • Mediobanca - Che Banca! • • Moncler • Mon- te dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • Prysmian Group • Richard Ginori • Sal- vatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • Tod’s • Ubi Banca • Unicredit • Unipol • Università Pegaso • Valentino • Versace • Vodafone • Zegna • Alias • Allianz • Anima • Atlantia • Azimut • Banca Generali • Banco Popolare • Banche di credito cooperativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicenza • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caruso • Cassa Depositi e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Ferrovie dello Stato • Generali • Geox • Grou- pama • H3G - 3 Italia • Ibl Banca • Intekyears Group • Intesa Sanpaolo • Invitalia • Italcementi • Liu Jo • Luxot- tica - Persol • Mediaset • Mediobanca - Che Banca! • Mediolanum • Moncler • Monte dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • Prysmian Group • Richard Ginori • Salvatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • Tod’s • Ubi Banca • Unicredit • Unipol • Università Pegaso • Valen- tino • Versace • Vodafone • Zegna • Alias • Allianz • Anima • Atlantia • Azimut • Banca Generali • Ban- co Popolare • Banche di credito cooperativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicen- za • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caru- so • Cassa Depositi e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Ferrovie dello Stato • Generali • Geox • Groupama • H3G - 3 Italia • Ibl Banca • Intek Group • Intesa Sanpaolo • Invitalia • Italcementi • Liu Jo • Luxottica - Persol • Mediaset • Mediobanca - CheT Banca!he • Mediolanum G •olden Moncler • Monte dei PaschiB di ookSiena • Natuzzi • Ntv • Pirelli • Poliform • Prada25 • Prysmian Group • Richard Ginori • Salvatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • Tod’s • Ubi Bancaof • Unicredit F •inance Unipol • Università Pegaso • Valentino • Versace • Voda- fone • Zegna • Alias • Allianz • Anima • Atlantia • Azimut • Banca Generali • Banco Popolare • Banche di credito cooperativo • Benettonand • Bnl - GruppoCompanies Paribas • Banca Popolare di Vicenza • Branca • Brunel- lo Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caruso • Cassa Depositi e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Ferrovie dello Stato • Generali • Geox • Groupama • H3G - 3 Italia • Ibl Banca • Intek Group • Intesa Sanpaolo • Invitalia • Italcementi • Liu Jo • Luxottica - Persol • Mediaset • Mediobanca - Che Ban- ca! • Mediolanum • Moncler • Monte dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • Prysmian Group • Richard Ginori • Salvatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • Since 1989 an open window on the Stock Exchange Twenty-five years of finance told through 105 front pages. A journey into a quarter of a century of news 1989 1990 Since 1989 an open window on the Milan Stock Exchange 1991 1995 1992 1996 1997 1993 1998 1994 The Golden Book of Finance Director and Editor Paolo Panerai Edited by and ompanies iorgio ngeletti ilippo uraschi ecilia argioni ntonio atta C G A , F B , C G , A S

With the collaboration of: Milena Bello, Francesco Bisozzi, Chiara Bottoni, Nicola Brillo, Franco Canevesio, Roberta Castellarin, Claudia Cervini, Francesco Colamartino, Manuel Costa, Mattia Franzini, Fabio Gibellino, Carlo Gioia, Norberto Manassero, Giuseppe Millaci, Consuelo Ogueta, Monica Pegoraro, Andrea Pira, Loredana Poggi, Barbara Rodeschini, Angelica Romani, Mauro Romano, Valerio Testi, Paola Valentini, Francesca Vercesi, Maria Elena Zanini

Images Claudio Gallone, Imagoeconomica, Brigitte Lacombe, LaPresse, Massimo Sestini

Production Stefano Carreri, Pier Paolo Galbiati

Fotolito Onedot, Milan Stampa Grafiche Vela, Binasco (Mi)

© 2014. all rights reserved Milano Finanza Spa, via Marco Burigozzo 5, Milan.

Translation, total and/or partial adaptation, reproduction by any means and / or support (including microfilm, film, photocopies, digital media) and electronic storage are reserved for all countries.

The publisher has researched by all means the photographic rights holders without being able to find them, and is available to fulfill whatever is necessary towards them.

Free insert with today’s issue of MF/Milano Finanza. Shipping in A.P. art.1. c. 1. L. 46/04, DCB Milan Printed in june 2014. 25

• Alias • Allianz • Anima • Atlantia • Azimut • Banca Generali • Banco Popolare • Banche di credito coo- perativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicenza • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caruso • Cassa Depositi e Prestiti • Edi- son • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Fer- rovie dello Stato • Generali • Geox • Groupama • H3G - 3 Italia • Ibl Banca • Intek Group • Intesa San- paolo • Invitalia • Italcementi • Liu Jo • Luxottica - Persol • Mediaset • Mediobanca - Che Banca! • Medio- lanum • Moncler • Monte dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • Prysmian Group • Richard Ginori • Salvatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • Tod’s • Ubi Banca • Unicredit • Unipol • Università Pegaso • Valentino • Versace • Vodafone • Zegna • Alias • Allianz • Ani- This newspaper ma • Atlantia • Azimut • Banca Generali • Banco Popolare • Banche di credito cooperativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicenza • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caruso • Cassa Depositi e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Ferrovie dello Stato • Gene- rali • Geox • Groupama • H3G - 3 Italia • Ibl Banca • Intek Group • Intesa Sanpaolo • Invitalia • Italce- menti • Liu Jo • Luxottica - Persol • Mediaset • Mediobanca - Che Banca! • Mediolanum • Moncler • Mon- te dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • Prysmian Group • Richard Ginori • Sal- vatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • Tod’s • Ubi Banca • Unicredit • Unipol • Università Pegaso • Valentino • Versace • Vodafone • Zegna • Alias • Allianz • Anima • Atlantia • Azimut • Banca Generali • Banco Popolare • Banche di credito cooperativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicenza • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • BY PAOLO PANERAI Cariparma • Raffaele Caruso • Cassa Depositi e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Ferrovie dello Stato • Generali • Geox • Grou- pama • H3G - 3 Italia • Ibl Banca • Intekanni Group • Intesa Sanpaolo • Invitalia • Italcementi • Liu Jo • Luxot- tica - Persol • Mediaset • Mediobanca - Che Banca! • Mediolanum • Moncler • Monte dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • Prysmian Group • Richard Ginori • Salvatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • Tod’s • Ubi Banca • Unicredit • Unipol • Università Pegaso • Valen- tino • Versace • Vodafone • Zegna • Alias • Allianz • Anima • Atlantia • Azimut • Banca Generali • Ban- co Popolare • Banche di credito cooperativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicen- za • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caru- so • Cassa Depositi e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Ferrovie dello Stato • Generali • Geox • Groupama • H3G - 3 Italia • Ibl wenty-five years, of which six spent in the publishing house, will always feel grateful L’Expansion and then the Banca • Intek Group • Intesa Sanpaolo • Invitalia • Italcementi • Liu Jo • Luxottica - Persol • Mediaset • But is here, as MF has Mediobanca - Che Banca!I • lMediolanum lI •bro Moncler • Monte d dei’ Paschio diro Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada25 • Prysmian Group • Richard Ginori • Salvatore Ferragamo • Snam • Sorgente Group • the midst of the worst financial and eco- to Professor Guatri and the main Italian uni- newspapers of , Telecom • Terna • Tod’s • Ubidella Banca • Unicredit • FUnipolInanza • Università Pegaso • Valentino • Versace • Voda- been writing since the begin- fone • Zegna • Alias • Allianz • Anima • Atlantia • Azimut • Banca Generali • Banco Popolare • Banche di credito cooperativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicenza • Branca • Brunel- lo Cucinelli • Cairo Comunicatione delle • Camicissima • CarigeImprese • Cariparma • Raffaele Caruso • Cassa Depositi nomic crisis of modern times. Even news- versity. , Czechoslovakia, Hun- e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • ning of the crisis, over six Frescobaldi • Ferrovie dello Stato • Generali • Geox • Groupama • H3G - 3 Italia • Ibl Banca • Intek Group • Intesa Sanpaolo • Invitalia • Italcementi • Liu Jo • Luxottica - Persol • Mediaset • Mediobanca - Che Ban- ca! • Mediolanum • Moncler • Monte dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • papers, fortunately, have a soul and not The first page of MF in 1989 was the immedi- gary, which were just coming Prysmian Group • Richard Ginori • Salvatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • years ago. Italy is here means

COVER_vers_Magazine_DEF.indd 1 09/07/14 15.22 Tjust a body. The soul is intact, the body not so ate confirmation of that program, with the scoop out of the Sovietic ruling and that Italy has the economic, much, despite the blows of the crisis, it has on Mondadori’s corsair package of shares against were attracted by the united . A grand financial, human resources to make it on its endured and is still enduring the judders. And the Eng. Carlo De Benedetti, who was an expert design, a grand disappointment not only for own, inside the EU of course, but alone. Italy, especially for a reason: because the soul is that in corsair packages already at the time. That the serious advertisement crisis that hit when through the Italian citizens, is rich. The Italian of a newspaper that since the beginning has event, that power struggle to control Monda- the Gulf War exploded, but also for having State is greatly indebted. Debt is the true can- declared its independence, in deeds and not dori and Repubblica, has ended on a judiciary jumped the gun towards a really united Europe. cer of the nation. Until it won’t be eradicated, just in words, from the industrial and financial level just a few months ago. If a sign is need- It took, in fact, many years since then to get to not even the energy, the dedication, the abili- capital and from political interests. Thanks to ed to prove what a huge problem the ineffi- the Maastricht Treaty and the birth of the euro, ty of President Matteo Renzi will be enough to the firm belief of the group of journalists-found- ciency of this country’s justice system is, cross- which has been and still is the only true bond, save the country. Even the undersecretary Gra- ers, together with the Bocconi University, that roads at the end of every political, economic but in many cases damaging, between coun- ziano Delrio is sure about this, who finally talks independent information is the best expression and financial story, that article becomes today tries that have remained States and not just about selling properties. There are properties of freedom in support of democracy, and that a terrible admonition for the whole Italian rul- nations. for an overall value of over €400 billion, which hence any bond, even the most seemingly ing class. The Justice reform will only be pos- A unique European Stock Exchange was sup- Giulio Tremonti has transferred to the local innocuous one, could be the very negation of sible if the vast majority of the Country wants posed to be born, while instead the Stock bodies for the deadly devolution of federalism. our existence. it, perhaps through a referendum. Exchange teamed up with ; the Ital- As the economists of MF have been stating for It was the time when Professor Luigi Guatri The first years, of the 25 that have passed, have ian Stock Exchange sold off to the over six years, there should be a law that forc- had attained full ideological and educational been the most exciting ones. Since the begin- stock exchange that wants to be completely es local bodies, which contribute to the pub- independence at Bocconi, thanks to econom- ning, MF was part of the biggest European edi- separated from the rest of Europe. A unique lic debt calculated by Eurostat for over €400 ic independence. It was for this reason that as torial project ever attempted: a chain of eco- fiscal system was supposed to be born, but billion, to confer everything in a fund, the Ital- Dean and Chief Executive Officer of the most nomic and financial newspapers from Portu- Luxemburg or Ireland keep on guaranteeing ians’ Fund. The shares of the fund must be prestigious Italian university he concluded that gal to Russia, where the holding Eurexpansion, privileged taxation to American Companies like offered only to those Italians who, with a favora- his plan could be completed with the birth of in the midst of perestroika, was the founder of Google or Amazon which drain money in var- ble tax treatment, will pay them with State an independent publishing house, engaged in Kommersant, still the most authoritative news- ious European countries without giving them bonds, which is for them, now, at low return business and finance news. paper in former USSR. Eurexpansion was born anything in return. but for the State onerous because it’s debt. If That bond has been fundamental to the life of by an idea of Jean-Louis Servant-Schreiber and The disaster is under everybody’s eyes and dra- Delrio and Renzi will follow this path it won’t MF/Milano Finanza. And that is why those MF was right next to The Wall Street Journal, matically, in the pockets of families and busi- be just a victory for MF, that has fought many who have worked and those who work in this Cinco Dias of El País, Handelsblatt (leading nesses and in the lack of work for an impres- battles for transparency and integrity, but for newspaper, and more generally speaking in economic German newspaper), La Tribune de sive number of young people. the whole nation. A victory of Italy is here. June 30th 2014

8 9 25 12 34 56 78 100 122 Alias Branca Erg Ibl Banca Monte dei Paschi di Siena Telecom Spaghetti at McDonald’s Fernet or Fernandito, that magical timeless elixir With the wind now the direction is changing Making a fortune with the salary-backed loan This is how you get back at the summit The phone-call gets super technological 14 36 58 80 102 124 Allianz Brunello Cucinelli Euler Hermes Intek Group Natuzzi Terna Winning with the digital in the Italian arena Brunello according to St. Augustine The insurer that gives rating to companies Capitalists and philanthropists with a spirit of adventure From Santeramo to Wall Street The high voltage that shocks the price list 16 38 60 82 104 126 Anima Cairo Comunication Fiat Intesa Sanpaolo Ntv Tod’s The Good Soul of the Milan Stock Exchange That very, very Urban television Channel Fiat changes history How to create the leading Italian bank in 25 years The brave challenge of the Other Speed And those rubbers became high 18 40 62 84 106 128 Atlantia Camicissima Finanza & Futuro Banca Invitalia Pirelli Ubi Banca From the toll to the gate a happy take-off From Palermo to Beijing wearing a shirt In the Future since ever Ladies and gentlemen, Invitalia The pneumatic aristocracy The Union is strength 20 42 64 86 108 130 Azimut Carige Finmeccanica Italcementi Poliform Unicredit Getting the money in ‘A Cascia went out from the alleyways A vertical take-off Looking out through the concrete Three families for five continents The Tower that looks at Europe 22 44 66 88 110 132 Banca Generali Cariparma Frescobaldi Liu Jo Prada Unipol The Lion’s ATM machine Oui, nous sommes aussi italiens Producing it for 7 centuries, but selling it through social networks A split-second partnership That miracle born in the Gallery From cooperative to corporation 24 46 68 90 112 134 Banco Popolare Raffaele Caruso Ferrovie dello Stato Luxottica - Persol Prysmian Group Università Pegaso Verona-Lodi-, the trident to the rescue If Via Gesù becomes the Men’s Street With the HS Italy is shorter and cities are more modern That arrow that never sets Those cables at the bottom of the ocean Knowledge at your tablet 26 48 70 92 114 136 Banche di credito cooperativo Cassa Depositi e Prestiti Generali Mediaset Richard Ginori Valentino Bcc respond present The bank that is not a bank that could save Italy The hunter Lion aims at the East Ready to rewrite the history of TV The return of porcelain artists La maison of the Red is so timeless 28 50 72 94 116 138 Benetton Edison Geox Mediobanca - Che Banca! Salvatore Ferragamo Versace Divided in three to go back to United Colors With that name, full of energy it’s all it could be The Patent Whisperer A never before seen bank How to invent luxury and elegance, for 87 years Always in the name of Gianni 30 52 74 96 118 140 Bnl - Gruppo Paribas Enel Groupama Mediolanum Snam Vodafone BNL, the sweet life of Paribas The Queen of shareholders at the Milan Stock When smells of Italy From circle to circle The metropolitans of the global energy So much Italy in that global giant 32 54 76 98 120 142 Banca Popolare di Vicenza Eni H3G - 3 Italia Moncler Sorgente Group Zegna It doesn’t get more popular than this Six-legged dog, all stars and stripes The fourth is ahead of the game The three lives of an icon Here is the beauty of the brick The tireless pioneers of luxury

96 36 98 126 72 60 102

10 11 25 Spaghetti at McDonald’s

echnological lightness, transversality and the design and the materials used»,continues With 1000 stores in over 50 innovation. Since its creation, dated 1979 the architect. « I remember years ago some countries, the Bergamo company, these are the key values of Alias, histor- research we conducted with the carbon fiber, ical brand of the design. when no one talked about it». But Alias is inter- since its inception, has been a FromT the beginning the company from Grumel- ested, besides the aesthetic aspect, in the way forerunner in terms of design. lo del Monte (Bergamo) has tied its production you tell a job, the intuitions and choices behind to the big names of the international design a finished product: the chair story. A concep- Thanks to collaborations with the world and to a constant search for products tion of work that is appreciated also in foreign most prestigious architects. From and materials. Focusing on extreme research, countries where design is very present. Alias the company has made the history of chair is indeed preparing an exhibition in Japan and Belotti’s Spaghetti Chair displayed at design, and not only. the organizers have demanded that all the stag- It was founded in the late seventies by three es of processing are illustrated. «They wish to the MoMa to the big contract with young entrepreneurs from : Enrico fully understand what was the idea behind the the giant catering company. Baleri together with Carlo e Francesco Forco- product, the drafts,the projects, and then the lini. The first creative guide of Alias was the production process that led to the creation of BY NICOLA BRILLO designer Giandomenico Belotti who has spe- the chair», says Stauffacher. In Alias everything renato stauffacher cialized the company in and is born from intuitions, which are then devel- President of Alias, the housewares,turning it in just a few years into oped by the research department, who works company of Grumello del the highest rated brand of Italian design and closely with the designer, in an ongoing con- Monte, who boasts more Made in Italy. The story began with one of the frontation. «We take a journey together, work- than one item exhibited at most famous design products: the Spaghetti ing like a team until the end, always confront- the MoMa, in New York. Chair, which marked the first success. Outcome ing each other on the best possible choices», of the collaboration with Belotti, this chair is continues the architect-president. now part of the permanent collection of the Alias has a sales network of approximately 1000 Triennale Design Museum in Milan and New stores in 50 different countries around the world. York’s MoMA. After a few corporate changes, The Alias products can be found in Paris, Lon- in 2010 the architect Renato don, Tokyo, Miami, Toronto, Stauffacher has acquired the Sydney and Doha, with com- majority share of Alias, and mercial facilities dedicated to has become the president. the brand, beautiful show- There has always been a rooms where a wide selection strong bond between Alias and of products is displayed and famous designers, through an Alias team of technicians which it has been able to bring out the char- is available to designers and contract clients. acteristics of each designer, in a continuous In 2008 it was inaugurated the first Alias flag- exchange of ideas and stimuli and with a con- ship store in Milan (Corso Monforte 19), a two- stant openness to the use of unusual materials story building where the whole offer of the and experimenting technologies. Over the years company and its research planning are present. Alias has worked with well-known internation- Each year Alias processes 8 thousand plastic al designers, from different generations, back- shells, processed 90 tons of sheet iron, 30 tons grounds and origins: in addition to Belotti, Ric- of iron pipes, 150 tons of extruded aluminum, cardo Blumer, Mario Botta, Michele De Lucchi, 170 tons of die-cast aluminum and 90 cubic Alfredo Häberli, James Irvine, Pio Manzu, Alber- feet of solid wood. The turnover in 2013 amount- to Meda, Francesco Meda, Jasper Morrison, Pat- ed to 15 million and the first half of 2014 record- rick Norguet, Pearson Lloyd, Eugeni Quittlet, ed an increase of 10%. The employees are 60. Paolo Rizzatto and Philippe Starck. Besides the large catalog of products, Alias, The international success of the brand is based offers to its customers solutions and variants, on work carried out in the development of cre- designed specifically to meet the most varied ative research and product quality. All accom- needs. The design company is in fact now panied by the production exclusively Made in working on the project terrace côme, designed Italy: all Alias products are in fact manufactured by Norguet, for the American multinational in Italy from suppliers located within 50 km McDonald’s. It starts from Toulouse and Bor- from the headquarters of Grumello del Monte deaux to test the French market, then new cit- and Motta di Livenza (Treviso). «The ongoing ies will be tested and the interior furnishing of research is in the DNA of Alias», says Renato the stores. It was in fact launched the three- Stauffacher, part of the company since 1981. year project to redesign McDonald’s: by 2015 «Since its foundation we have always had a it will be renovated all throughout Europe, with keen eye for extreme research, which involves the reconstruction of terraces and interiors. 12 13 25 Winning with the digital in

klaus peter roehler Since 2014. Is the number the Italian arena one for the Italian German giant company (bottom picture). Allianz in Italy has over 6 million customers thanks to an investment strategy Allianz is also the sponsor of the big Bayern focused on digital offers and on the reinforcement Stadium. of the distribution network. A model also for the rest of the world

BY MAURO ROMANO

llianz bets on Italy by relying on dig- which has strengthened in terms of market on a modular architecture of the offer, on anz has been the first to launch on the Ital- ity and satellite roadside assistance for indi- the ‘50s and in Italy in the following dec- ital innovation, on strengthening dis- share and power of the distribution chan- technical skills of excellence, the digital ian market the service FastQuote, to obtain viduals and businesses. The real revolution ade. In those years, in fact, the process of tribution and on a solid investment nel of agents: with the entrance of 995 focus and on leadership cost) and on a mul- quick policy quotes for car insurance, which came in 2014, when Allianz was the first to expansion that has long since led Allianz to plan. Allianz SpA, founded in 2007 agents from the Unipol group, the Allianz ti-access distribution model - to be even has generated millions of viewers and has launch the Subscription to Serenity, a ser- represent one of the leading insurance Afrom the integration of three companies network currently has a total firepower of closer to the customers. Thanks to this strat- been extended from the Auto to other Dan- vice that provides for the payment of the groups, not only in Europe but throughout controlled by the German insurance group more than 3100 professionals. And it is aim- egy Allianz has won the challenge of inno- ni products. Still in Auto was established monthly premium and has innovated the the world, was showing. Over the ‘70s it has in Italy (Ras, Lloyd and Allianz ing on the investment strategy defined as vation, receiving prestigious awards in Ita- the specialized division Allianz Telematics way in which Italian families can get insur- continued to expand in the UK, , Subalpina), has undertaken over the years «go to market» (ie, product innovation and ly and abroad. In terms of innovation Alli- to develop integrated services of info-mobil- ance. The company was awarded in Italy , and the of Amer- a deep renewal based on an innovative and as the most innovative insurance company ica. In 1990, Allianz has positioned itself in multi-access digital business model for cus- and the one with most eight Eastern Europe- tomers. The company, now led by CEO focus on the digital in an countries starting Klaus-Peter Roehler, has developed new the latest editions of from Hungary. In the technologies at the service of more than 6 CEO Roehler: with the focus on technology and Milano Finanza Insur- same decade it has million customers and the network of the digital we are closer to our customers ance Awards and in acquired a stake in agents. 2013 it was the first Assurances Generales Italy, after all, is a strategic market for the Klaus-Peter Roehler has been leading Allianz Italy to the clients». For what regards the acquisition of Italian company to get on the podium of de France in Paris. After that it landed in Allianz group, the most important one after since January. The German top manager, not yet part of the Danni business by UnipolSai, «it the Hall of Fame, the highest honour accord- Asia with the creation of several joint ven- . With a premium income which, 50 years old, returned to Milan (where from 2007 represents an excellent opportunity and a ed to companies in the United States. tures and acquisitions in China and South in 2013, rose to €12,46 billion (+19,7%) and to 2011 he was CEO and chief operating officer of confirmation that Allianz strongly believes in the From an operational point of view the inno- Korea. Thereafter, for a period, at the begin- an operating profit of €1,34 billion (+20%), the Italian company), leaving the CEO role in attractiveness of the Italian market and in the vations introduced in Italy were exported ning of the new millennium, the lighthouse Allianz Italia is one of the leading insur- . The financial statements of the first fundamental role of the distribution channel of as a best practice in the Allianz galaxy, that was moved to Europe: in 2001 it acquired ance group in the national scene. Follow- six months already show major developments. the agents». And what about the future? «Our is as a benchmark at international level with- the German compatriot Dresdner Bank form- ing the achievements and the organic «We have created a new business model, digital ambition is to become the best of class, meaning in the giant German insurance group that ing Dresdner Asset Management, which lat- growth reached both in terms of market and multi-access for customers, who come into the best among the best. To do this, we have put operates globally in over 70 countries rely- er (2004) will be referred to as Allianz Glob- shares and of the customer base - even ing on a staff of approximately 180 000 al Investors. contact with the Allianz world through the entry at the centre of the strategy the people: the more significant because they are obtained employees serving over 83 million custom- It is dated February 8th 2006, finally, a point of their choice», says Roehler. « We have clients, the employees, the agents and the in a difficult and highly competitive mar- ers. Founded in Berlin in 1890, Allianz has favorable vote by which the shareholders ket environment - it now has embarked on developed for the network the online agency, a collaborators. The pillars of our strategy are solid: transferred its headquarters in Munich in of Ras in Italy have approved the merger a investment strategy for the growth of new concept of light, agile and modern agency. the go-to-market and in particular the modular 1949. Along with the gradual recovery of with Allianz. This is the step that led, eight- external lines, with the strong support of We have simplified the processe and introduced offer, the multi-access distribution model, the economic activities in Germany in the een months later, to the establishment of the shareholder. The acquisition in 2014 of new technologies. The focus on the digital has excellent technical expertise, digitization of the years following the end of World War II, the Allianz SpA and to the current structure of part of the business Danni by UnipolSai allowed the company and our agents to be closer business and leadership of costs» group has grown, as evidenced, for exam- the Group’s presence on the Italian insur- has made the Company take a leap in size, ple, by the opening of an office in Paris in ance market. 14 15 25

and complementary paths and specializations Anima has today one of the biggest range of products available on the market. The group articulates its offer into Italian mutual funds The Good Soul of the and SICAVs. It operates also in the field of supplementary pension schemes for compa- nies and individuals and in the field of asset and institutional management. Inspired by the philosophy of active management, it has developed distinctive expertise in products Milan Stock Exchange aimed at achieving performances not depend- ent on the trend of the markets, in harmony with the search for positive absolute returns Three strategic agreements with he Anima group is the largest independ- group of entrepreneurs-managers. In 1999 for investors. The quality and consistency of ent asset manager in Italy, with over 52 the company was acquired by Banco Desio the results were also recognized by inde- leading banks (MPS, BPM and billion of assets under management at e della Brianza and in 2005 Anima was list- pendent companies, which have given it a Creval) in addition to the 130 the end of May 2014, a range of prod- ed on the stock exchange for the first time. number of awards. Anima has received Tucts and services among the widest availa- Two years later, Bpm first acquired a steak, throughout the years numerous confirma- distribution agreements have ble on the market and about 1 million cus- then the entire share capital (2008), integrat- tions of the systematic and constant results tomers in an industry, that of the Italian asset ing it later (2009) in Bipiemme Gestioni Sgr achieved from its funds. A story that has had allowed the group to intercept one management, very rich and with still plenty and keeping the name Anima. its natural evolution in the stock market list- million customers. of room for development. Anima features a In April 2010 Anima acquired, from Banca ing last April. In preparation for its landing single distribution model, based on three Etruria, the Etruria Fund Management, a Lux- at Piazza Affari the shareholders’ assembly A number that will grow, long-term strategic agreements signed with emburg company dedicated to the manage- of Anima Holding has appointed a new board considering the margins of large Italian banks (which serve a catchment ment of investment funds. In parallel, in of directors, after the natural expiration of area of approximately 8 million customers): 2009, Mps and Clessidra have signed a stra- the previous one, development of the Italian market. that is MPS, BPM and tegic alliance with and under a public Creval to which you the aim of creating, company logic. The And the recent 63% stock market MARCO CARRERI add up approximate- with Prima Sgr, the board of directors, Anima’s CEO has been listing of the share capital may ly 130 distribution first independent with six newly- re-confirmed during agreements with oth- asset management appointed members March’s meeting as the represent an additional flywheel. er banks and promo- operator in Italy, (five are independ- company leader, part of tion networks. The through the sale of ent), is now com- the board of directors group is the result of a process of aggrega- Mps Asset Management and Abn Amro AM posed of the Presi- chaired by tion of companies operating in Italy and Italy. The strategic alliance was strengthened dent Claudio Bom- Claudio Bombonato BY PAOLA VALENTINI abroad in asset management, achieved in 2010 when Bpm joined the project which bonato (independ- established in a public through a series of structured transaction brings the integration of Anima Sgr and Pri- ent), and of Marco company logic. acquisitions. Such process, started in 2008, ma Sgr (2011). The new reality took the name Carreri, which leads has led to the creation of the major inde- of Anima and went under the control of the groups as CEO, pendent operator ( defined as the entity that Asset Management Holding (today Anima along with seven other advisors. does not belong to, nor controls, any bank Holding) whose task is to carry out strategic 2014 presents itself as a key year in the his- and/or insurance group) in the Italian asset coordination and planning functions. In just tory of the company, with a net inflow in the management sector, is among the leading a few years Anima, with an articulated jour- first five months of the year of over € 4.5 bil- European operators. The original nucleus of ney, has become the benchmark in the asset lion, a figure that has already exceeded by Anima was born in 1983: an initiative of a management industry. Synthesis of various 30% the amount of the whole year 2013, and with over €52 billion of assets handled at the end of May (+13% on the figures recorded at the end of 2013 and +22% on the same month of 2013). The listing in the stock exchange THE BIG NUMBERS OF ANIMA market represents a further incentive to reach new goals: on the market it has been placed ASSETS ASSETS ASSETS around 63% of the company’s capital (com- 60 In millions of euros – Figures as of May 31st 2014 For typology of product – Figures as of March 31st 2014 For typology of client – Figures as of March 31st 2014 pared to demands of over five times the offer). 52,6 Mps and Bpm, strategic partners of the Ani- 50 46,6 Common funds Retail clients ma group, have remained shareholders of 40 40,7 74% 59% company, also after the listing, respectively 35 30 with share of 10.3% and 16.8%, while Lau- ro 42 after the listing has 7.5%. In the share 20 capital have entered also important interna- 10 tional investors, like Wellington and Aviva, Individual Institutional with shares, as of June 2014, over 2%. 0 management clients 29,6% 41% 2011 2012 2013 2014*

GRAFICA MF-MILANO FINANZA 16 17 25 From the toll to the gate a happy take-off

Atlantia will allocate 22 billion tlantia is the leading European inves- S.p.a. In 1956 was signed the Agreement Aeroporti di Roma, the management company tor: €22 billion, in progress or sched- between Anas and Autostrade, according to of the airports of the capital. for the development of the highway uled, on the highway network under which the latter one had to co-finance, con- The Atlantia group is the leading nationwide network and 12 billion for concession in Italy, €12 billion for the struct and manage the Autostrada del Sole which motorway operator and manages 2964.5 km Adevelopment of Aeroporti di Roma. And it’s connects Milan and Naples, which was opened of routes, equal to 44% of the national motor- the airports of Fiumicino and the first international operator in the dynam- in 1964. With the following agreements, signed way network via: Autostrade per l’Italia (about ic strengthening of the highway tolls. It man- in 1962 and in 1968, the company was allowed 2854.6 km); Società Italiana per Azioni for the Ciampino. No company in Europe ages 5 thousand km of toll highways in Italy, the concession to build and manage addition- Mont Blanc tunnel (5.8 km); Raccordo Auto- provides funding of this magnitude. Brazil, Chile, and Poland and it has over al highways located throughout the whole stradale Valle d’Aosta (32.3 km); Tangenziale 5 million clients per day on the group’s high- national territory, of which some had been pre- di Napoli (20.2 km) Autostrade Meridionali And now there is room for synergies ways and 41 million passengers each year in viously managed by Anas. (51.6 km). And then there are 2000 km in the between motorways and airports the Roman international airports. Listed in the In 1999 Società Autostrade was then privatized. rest of the world including Brazil, Chile, India stock exchange, Atlantia is one the leading IRI, the reference shareholder since the com- and Poland. Thanks to the synergies devel- Italian companies with a turnover in 2013 that pany’s establishment, was replaced by a stable oped between the group companies, the com- BY ANDREA PIRA amounted to 4.244 million, an Ebitda of 2.582 core of shareholders consisting of a group led pany led by CEO, Giovanni Castellucci, offers million and a cash flow of 1.663 million. It by Edizione (Benetton Group). In 2003, a new integrated solutions for the motorway sector manages the Roman airport system and it is organizational structure intended to separate ranging from design and construction to main- leader in the planning and expansion of high- the activities under-concession from non-motor- tenance and collection. way infrastructures, safety and energy-saving way activities, was born: Autostrade per l’Italia, Fundamental step for opening Atlantia to new technologies and is present in the Dow Jones 100% controlled by Autostrade. In 2007, as part development scenarios was the merger of Sustainability World Index. of a restructuring plan designed to provide Gemina, with the objective of achieving the Its history is rooted in the Italian post-war peri- clearer definition on the role and mission of integration of the industrial business motor- od and contributes substantially to the coun- Autostrade and Autostrade per l’Italia, the first ways and airports, try’s development by providing a system of took on the new name of Atlantia and the role under the control of a infrastructures that has fostered over the last of a holding company specializing in infrastruc- single listed holding 50 years, geographical and cultural integration, ture, maintaining full control of the sub-hold- company. It was born giovanni castellucci Atlantia’s CEO is the leader Italy’s economic development and has played ing Autostrade per l’Italia, the parent compa- in this way, a reality of of a giant with a major role in improving the mobility, the trans- ny operating in the field of infrastructure under primary importance in a turnover of 4.2 billion portation of goods and people, by connecting concession. Currently Edizione, through its sub- the international infra- capable of generating cities with industrial and productive areas. In sidiary Sintonia, holds a 45.56% stake in Atlan- structure sector with a a cash flow of 1.6 billion 1950, by IRI’s initiative, was established the tia. In 2013, the merger by incorporation into number of objectives: Società Autostrade Concessioni e Costruzioni Atlantia of Gemina, the parent company of the to address the market as the leading provid- er of integrated Italian infrastructures (high- way and airport), in line with a growing pop- ularity for the international model; diversify Safety in South America, the great adventure in India and tolls in France their sources of income through access to a Atlantia, in addition to being the leader in Italy, has million kilometers, of which 70 thousand of Cracovia-Katowice, of about 61 km. Thanks to the sector such as air traffic, which shows growth a strong presence abroad. Its presence is massive, national highways and expressways. Thanks to the synergies developed between group companies rates structurally higher than the domestic especially in South America, where between Chile joint venture with Tata, Atlantia is committed to Atlantia also offers integrated solutions for the GDP since it is also exposed to global growth and Brazil, the holding company controls achieving 110 kilometers of highway, Pune- motorway sector ranging from design and in other countries. In particular, the airport over 1.800 km of managed networks, including the Solapur, of which the first 85 km have already construction to maintenance and collection. In industry is full of short term opportunities in those countries where Atlantia is already pre- three-lane urban highway of Santiago, with entered in service. In fact, the Pune-Solapur project France, on the other hand, Atlantia is present since sent, like in Brazil and Chile, allowing the absolutely innovative system payments: is more complex and involves widening from two 2011 when, through the project company enjoyment the industrial benefits from an exec- free-flow toll on telepass portals, to four lanes, toll collection and management for a Ecomouv, has won the award, presented by the utive, managerial and engineering point of meaning automatic detection. total duration of 21 years. In Poland, Atlantia French Government for the construction and view and enhancing the skills and the group’s South America is in addition to India, a strategic operates through Stalexport Autostrady, owner operation of a mandatory satellite-based tolling activities in the field of construction, manage- country if you consider that it boasts the second through the subsidiary Stalexport Autostrada system for heavy goods vehicles on about 15 ment and financing of infrastructure projects road network in the world in terms of land, 3 Malopolska of the highway concession of the A4 thousand kilometers of national network. as part of the investment plan of Aeroporti di Roma. 18 19 25

of the share capital. The AZ Life took off in Ire- land and the hedge management in Italy began. Private fit for Rapidly, Azimut has become the leading single Italian hedge manager. Throughout the years, the entrepreneurs number of financial advisors has grown, and in Azimut Wealth Management is the Azimut Getting the 2005 was established AZ Investimenti Sim, a new Group division created to meet the needs of distributive structure by Azimut Consulenza’s side. the most sophisticated and important After three years, in 2008, Apogeo Consulting Sim, was established, thus constituting the third clientele. The division works as a product and network of the Azimut Group. Given the grow- service plant for all those top clients of the ing demands of customers, in 2009, was born Azimut group and uniquely for group money in China Azimut Wealth Management, the division dedi- professionals part of the project, which as of cated to the management of family, personal and today has 150 wealth managers of which business assets of private clients. over 70 come from the recruitment from the The group led by Giuliani today has assets under management equal to From 2010 Azimut has laid the foundations for best private national and international € 26.3 billion. It was the first one in Italy to launch flexible funds. And it the international expansion also beyond Euro- realities. Established at the end of 2009, the is now making the way in the operation of conquest of foreign markets, pean borders. Already in 2011 was put into effect division in four years has gone from 1 to 5 the internationalization process of the group, billion euros of assets. « The strength of which during that year had established strategic including emerging markets. Starting from Beijing. And then Brazil and Azimut Wealth Management», according to partnerships in China ( and Shang- Paolo Martini, commercial director of the . With this trend, the 27 billion goal by the the end of 2014 is near hai), Turkey, , Switzerland and Germa- ny. The next two years have been also signifi- Azimut Group, «lies in its uniqueness, cant for the growing foreign strengthening, with guaranteed by the independence, flexibility BY ROBERTA CASTELLARIN agreements in , and Brazil. In and speed of the group of which is part of mid- June 2014 it has been signed an agreement and by an open architecture model of ven if the first management company with sible buyers, Bipop Carire, a guarantee of auton- with Mas Fondos in bringing to 12 the products and services that adapts to the way the Azimut name was founded within the omy and independence for the Azimut Group. number of Nations where the Group is present. professionals work and enhances their ideas Akros Group at the end of the ‘80s, the plan The Luxemburg AZ Fund Management started in The trend in great growth is witnessed also by and skills. In these years we have been able of a project of a nucleus of companies ded- the late 90’s when Azimut Consulenza was still the figures recorded: in May 2014 Azimut has to evolve our platform, overcoming the Eicated to asset management came to life in 1991, an archipelago of regional companies connect- registered an overall positive record of 340 mil- concept of multi-manager and being able a few months after the arrival of the current lead- ed to a central service structure. At that time Azi- lion, bringing the collection of the first 5 months now to operate as a sort of Multi Family er, Pietro Giuliani, who rapidly gathered around mut had around 600 financial advisors and, for of 2014 to exceed 2.1 billion; total assets, includ- Office with a solid, competent and himself the managerial nucleus that remained at the assets under management, it was one of the ing those under administration, reached 26.3 bil- international reality that supports us, which the helm of the company until the present day. In most important companies in lion, close to the 27 billion 1991 the distribution network went from 60 to 250 the market. Bipop Carire, in target planned for the end of has an asset of over 26 billion and that hence promoters, resulting in a net inflow of 1000 bil- 2000, was overwhelmed by 2014, decided four years ago. has a important contractual power towards lion lire. In 1993, Azimut was the first company in the crisis of the early millen- At the same time, in January our partners». Martini recalls: «We can count Italy to launch a family of flexible funds. The most nium, opening to the mbo. 2014, Azimut presented the on a wide range of management offers, famous one, Azimut Trend, is still managed by After two years, with the support of Apax’s pri- project Libera Impresa dedicated to entrepre- made up of over 100 managed products or Gherardo Spinola. In 1998 came Fausto Artoni, vate equity funds, around 800 financial advisors, neurs. Through 6 projects (SiamoSoci, P101, under advisory and 22 distribution manager of the funds Formula 1, which brought managers, employees of group companies have Fondo minibond with Antares, Azimut Global agreements with global asset managers. along with him some of the best managers, who become shareholders of Azimut and the region- Counseling, Ipo Challenger, Partnership with pro- Besides the integrated risk management have all remained in the management team. al companies are merged into a sole sim, giving ject Elite of Borsa Italiana) it will support com- services, we have a vast range of wealth Under the weight of the difficulties of the real rise to Azimut Consulenza. spa, panies during their life cycle, from when they management services with a focus on estate Akros, in 1998, entered a crisis. Azimut was in 2004, is listed in Milan’s Stock Exchange Mar- are born from an idea which turns into a start- wealth planning services and on the world then put on sale for the first time. Pietro Giuliani ket (since then the stock has gained 400%) and up, until they have the necessity to explore new of entrepreneurs. In particular on this latter tried in vain to make a management buy-out. In the nucleus of internal shareholders meets in syn- tools and services also in view of a future stock the end, he managed to get from one of the pos- dicate pact, which holds, since then, around 25% exchange listing. issue, also thanks to the initiatives of Libera Impresa, we offer our clients new opportunities of investment like the chance to invest in high-potential companies during A CONTINUOUS GROWTH FOR AZIMUT the pre-placement phase in the stock ASSETS - mln of € NET COLLECTION - mln of € NET INCOME - mln of € exchange». In the investment banking sector, through Azimut Global Counseling, 25.000 Total net managed 23.950 3.500 200 3.104 3.236 Martini highlights: «We interact on behalf of Total 21.421 3.000 20.000 19.592 160,6 155,7 our clients with the best operators on the 150 16.544 17.494 2.500 market. Moreover, since we are not a bank, 15.000 14.621 2.000 pietro giuliani 100 we act like a true independent player, 1.586 In 2002 with 10.000 1.500 1.474 80,4 allowing our clients to choose between 1.135 a management buy out 1.000 980 50 different bank partners. The offer is also 5.000 took over, together with 500 other managers, pf made up of various private insurance 0 0 0 and employees, solutions and the different trust companies 2011 2012 2013 2011 2012 2013 2011 2012 2013 25% of Azimut available to the client».

GRAFICA MF-MILANO FINANZA 20 21 25

For the bond at Piazza Affari the Toro always reigns The Banca Generali bond represents one of The Lion’s ATM machine the most appreciated guarantees by analysts and investors, both Italian and international, of the last years. In the past 12 months, in fact, At the top of the industry for its anca Generali has a history with a sud- cial advisors by trying, not without sacrific- the appeal of the growth in the collection and den curve of growth that in less than es – like the leakage of over 1100 advisors profitability (income has increased by 10% in a decade has brought it at the sum- from the marginal portfolios – to provide portfolio profile (20 million on the first quarter of 2014 compared to the mit of the Italian network industry in the structure with an efficient territorial same quarter of 2013 and by 9% in 2013 average) and for its professionals’ Bterms of portfolio profile (over 20 million organization that revolved around industry- productivity, Banca Generali on average for each) and its professionals’ experienced people and laying the ground- compared to the previous year) have resulted productivity. The company’s development work for what eventually became the wealth in an action rally that, if summed up with the has now reached masses for 31 journey, focused on the evolution and inno- management hub. This is how the acquisi- paid dividends, has produced a yield of nearly billion compared to 17 in 2006 at vation of consulting and savings services, tion of Intesa Fiduciaria Sim took place, a 40%. Going back to five years ago the increase has met Piazza Affari in November 2006, company dedicated to fiduciary manage- is equal to 375%. A positive balance regards the time of IPO. Just in 2013, the with a debut of €8 per share and masses that ment services and later on of Sant’Alessandro also the IPO, which occurred in November collection has almost doubled did not exceed €17 billion, and less than 8 Fiduciaria, taken over during the integration 2006, when the bond landed at the Milan years after that it has basically tripled its val- operation of the Italian activities of Bsi in Stock Exchange with €8 per share. Since then (+90%). And the bond is traveling ue, with masses that exceed €31 billion. The the Country when the Swiss bank entered it has guaranteed an average annualized first steps were made at the end of the ‘90s, the orbit of the parent company. In this time- return of almost 20%. For what regards the at €20 compared to €8 set on listing as a telematic structure revolving around an frame is also developing BG Sgr, with the floating, during the years the controlling internet banking platform and phone ser- aim of handling the assets of the funds and shareholder, , was vices. Generali wanted a derivation in the asset management for the clients. On Novem- BY MANUEL COSTA banking industry, with bank account servic- ber 15 2006, the ipo at the Italian Shock diluted to make room for the growing es, security deposits, negotiations and online Exchange Market, with a floating 30% and demand by important international investors. trading. The first extraordinary operations a profit that in those years was around € 4 From the IPO with a floating of 30%, the regarded the incorporation of Prime spa and million. Seven years later the profits have shares held by the market have subsequently the network of financial advisors from Prime exceeded 140 million, confirming a devel- increased until they reached today’s 49%. Consult sim, to which followed integrations opment path that in the last years have turned of professionals from Altinia and Ina Sim. In Banca Generali into one of the most appre-

of Banca del in Italy, merged with THE BIG NUMBERS OF BANCA GENERALI the wealth management branch in the pri- vate banking division, baptized in 2010, in ASSETS NET COLLECTION FINANCIAL STATEMENTS FIGURES the same year when the trust company Gen- In billions of euros In million of euros In million of euros erfid was born. The deployed tax skills and 2013 Var. 2013 Var. 2013 Var. 2013/2012 2013/2012 2013/2012 the asset management assistance have made Banca Generali a leading interlocutor also ◆ ◆ Common funds 8,4 24,5% Common funds 1.489 235,5% ◆ Interest margin 121,8 9,2% in terms of dynamics connected to client ◆ Asset management 3,2 0,8% ◆ Asset management 13 -80,3% ◆ Net commissions 234,3 9,5% assistance in capital repatriation and in han- dling the critical situation during the finan- ◆ Asset savings 11,6 17,0% ◆ Asset savings 1.502 193,7% ◆ Intermediary margin 375,1 11,0% cial crisis following Lehman’s bankruptcy. ◆ ◆ Insurances 9,7 14,0% Insurances 1.266 13,6% ◆ Operating costs -151,2 4,8% During those years and during the follow- ◆ Non-discretionary savings 7,9 1,0% ◆ Non-discretionary savings -508 1968,4% ◆ Operating result 223,9 15,6% ing recovery (2008-2013) thanks to qualita- tive efforts, to the training of consultants, to ◆ TOTAL 29,1 11,3% ◆ TOTAL 2.260 41,1% ◆ Net income 141,3 8,8% innovation and technology investments, Ban- GRAFICA MF-MILANO FINANZA ca Generali’s bond has continued to find great support among investors, so much that 2003 arrived the acquisition of Banca Prima- ciated shares in the financial landscape. throughout those five years it became the vera which allowed the first strong dimen- Another important element in the bank strat- second-best in the Milan Stock Exchange, sional mass leap to over 13 billion. The shift egy is represented by the birth of a produc- becoming famous also for the exponential in the creation of services dedicated to the tion plant in Luxemburg for the selection of growth recorded in 2012, that grew by 27% asset management occurred in 2005 with the funds at international level by putting togeth- (1.6 billion) compared to 2011, while in 2013 arrival of the then general manager, and who er a team of experts with a strong expertise. it rose even more by 2.3 billion. And it does now is the CEO, Piermario Motta who, after Here were shaped the initiatives of the gen- not end here, in fact during the first five a long career initially at Banca Fideuram eral director Motta, of forming first an inno- months of 2014 it has been recorded an and then in Sanpaolo Invest, accepted the vative SICAV of funds, with a strong open increase of 12% of the net trend record of call from Trieste to work on the network architectural connotation, BG Selection Sicav, the previous year, for a total of €1.2 billion organization and on the investment and sav- with the best international asset managers thanks to a growing attention towards the Piermario Motta ings products. The first urgency of the man- involved in management delegation, while management component in response the fall Since 2005 he has been leading Banca Generali, ager regarded the setting of qualitative cri- on the funds has been launched the Bg in yields and the diversification needs of the first as general director the as the CEO. teria in the selection and evaluation of finan- Sicav solution. Six years ago the acquisition portfolio. Previously he had worked at Banca Fideuram and Sanpaolo Invest 22 23 25

PIER FRANCESCO SAVIOTTI CEO of the Banco is the leader of a cooperative bank that has chosen to abandon the dual governance in 2011 in favor Verona-Lodi-Novara, of the traditional model the trident to the rescue The bank led by Pier Francesco hat of the the Banco Popolare is the assets and relationships with the econom- board, with a parent holding company con- story of the consolidation of about ic-entrepreneurial world. Among the impor- trolling the banks of the territory, all pro- Saviotti was born twenty local banks. Today, it is among tant events, the success of the capital vided with legal independence. Initially it the top five banking groups in Italy, increase by more than 60 billion lire and was considered the best way of ensuring from the union of 20 institutes Tit is the first among the popular ones in involvement in the battle to control the the representation of the territories. In under the guide of the scaligera terms of number of branches, and it is in engaged by the insti- December 2008, the management of the the top 30 European banks, in addition to tute of Novara with Crédit Lyonnais. The bank was entrusted to the banker Pier Franc- Coop Verona. being listed on the Milan Stock Exchange. Creberg however, will pass under the con- esco Saviotti. After the solution of the Ital- An example of the progressive The Bank was founded in 2007, following trol of the French. ease event, a series of actions took place, the merger of the so-called three sister in the late 80s began to adjust the equity, commercial and gov- integration of different realities, banks: Banco Popolare di Verona, Pop to lay the groundwork for future growth. ernance structure to the changes occurred Novara and Banca Popolare Italiana (for- Although still tied to a regional horizon, in in economic and regulatory framework of not without problems, which merly Banca Popolare di Lodi). Its history those years, along with the opening of new the markets. Thus, in July 2011 took-off the progressively have blended to form should be sought in one of the three banks branches, it completed its first major acqui- project of a Cooperative Bank: back to the from which it was born. The first to see the sition: the Banca Industriale Gallaratese, traditional governance, with a board of the fifth Italian banking group light was Banca Popolare di Lodi, the first the so-called Big. Popolare di Lodi’s dimen- directors and a a board of auditors; merg- cooperative to see the light in Italy in 1864, sional shift began in the mid-nineties, serv- er of the banks controlled in the Banco followed by Popolare di Vero- ing as a pole of attraction for Popolare; divisional structure. The bank, BY FRANCESCA VERCESI na, 1867, and Popolare di medium and small banks in which is today led by the president Carlo Novara, in 1871. CARLO FRATTA PASINI accordance with a federal mod- Fratta Pasini and by the CEO Pier Franc- Exactly 25 years ago, the Ban- Chairman of the board el. In those years began the inte- esco Saviotti. Just like many other Italian ca Popolare di Verona in 1989 of directors of the Banco, gration of a group of local banks banks, it is trying to strengthen its assets began a process of territorial former leader in Sicily. But it is in 1999 that in view of the stress tests of ECB. On the expansion: in that year took of the Popolare Verona the institution of Lodi took over agenda now there is the sale of Release, place the incorporation of the e Novara before the control of the three Casse the bad bank born from a rib of the former Popolare di Arzignano, an active the maxi integration del Tirreno from proprietary Italease which is controlled at 80% from institute in the province of Vice- Foundations: the Casse di Ris- the Banco. The sale is now frozen because nza. And it’s always in 1989 that parmio di Lucca, Pisa and Livor- there are no satisfying offers. Impaired Bpv, recently led by the general manager no. In the years immediately after that, the loans, 14.4 billion at the end of March, Federico Pepe, appointed that year, com- bank took control of other co-operative should be transferred in batches, for some pleted the acquisition of some important institutions, including the Popolari di Cre- of them negotiations have already begun. branches in Milan, including branches of ma e Cremona, and later the Banco di Chi- the Chemical Bank, an American giant bank avari and the Riviera . that today is part of JP Morgan Chase group, The Cooperatives of Verona and Novara, BANCA POPOLARE AT THE STOCK EXCHANGE and of Standard Chartered Bank, an inter- the latter one at the time led by Professor Shares in € national group based in London, but mar- Siro Lombardini, brought to completion in 17 ket leader in Asia, the Middle East and Afri- 1997 the merging of the two institutions ca. was the pro- giving rise to Banco Popolare di Verona e 15 tagonist of the first takeover bid launched Novara and creating a very broad arrey- on a bank: in 1993 it acquired control of popular cooperative hub, rooted in some 13 Banco di San Geminiano e San Prospero, of the richest and most productive areas in the historic «Banco dei Santi», named after . On 10 March 2007, the share- 11 the patron of Modena and Reggio Emilia. holders’ meeting of Banco Popolare di Vero- And also the bank of Verona, in 1997, took na e Novara and Banca Popolare di Lodi 9 control of Credito Bergamasco, acquiring voted in favor of the union project; on July 7 the majority from Crédit Lyonnais and bring- 1st of the same year, Banco Popolare soci- ing back its control into Italian hands. età cooperativa began to operate in all 5 was in those respects. The initial governance of Banco GFFMMAAMMGGLASOND GL years the most important among the Ital- Popolare was based on the dual model, 2013 2014 ian banks: in terms of size of the network, with a supervisory board and management GRAFICA MF-MILANO FINANZA 24 25 25 Bcc respond present The cooperative banks have always praised the concept of proximity as a tool for maintaining the social fabric. And they have not given up their role as reference point even in the most difficult stages of the crisis

On the top left, BY CLAUDIA CERVINI Giulio Magagni, president of Iccrea Holding Spa, established in 1995 as parent company of the here are banks that have developed bers has more than tripled, going from 350 President Giulio Magagni. enter in force, which is com- ponent of the Italian economy itate by Pope Benedict XVI in 2011 addressed enterprise system of the over time a deep bond with the terri- thousand to 1 million 200 thousand and that But the network, as an instrument of cohe- pleting in these months the Cooperative Credit Banks. and are living a special relation- to credit unions, defined as «an expression tory. And have interpreted the concept of employees grew by 73% compared to a sion and value creation, has allowed also operational test. On the right, outside of the ship with the public opinion of intelligent love». of proximity as a sealing element of significant decrease for the rest of the bank- other financial innovations, which still mark In recent years, due to the cri- national headquarters of the and with the citizens», said on The real challenge that the Italian commu- Tthe social fabric and participatory tool. They ing industry. Above all, the stock of loans a unique phenomenon in the banking land- sis, the participatory econom- Roman cooperative credit. that occasion, the President of nity banks have to face now is that of con- are the Co-operative Banks (CBs) and the to the real economy has grown seven-fold; scape. It is thanks to the network, for exam- ics model of the CBs due to its the Republic. tinuing to play their dynamic role inside the Italian Casse Rurali, company of people who Also the collection has increased annually ple, that it has been able to set up in 2004, anti-cyclical function, has often Even the Banca d’Italia, with new Unione Bancaria, provided that the are the expression - through its members - at a rate of about two percentage points the Guarantee Fund of the Noteholders of been the subject of debate and discussion. its governor Ignazio Visco – during this experience of the credit cooperation is the of local communities of reference. They are higher than in the rest of the system. Also the Cooperative Credit capable of offering As well as important and significant awards. year’s Bank assembly - has recalled how heritage of all the old continent and an a non-profit organization since they are mutu- the market shares have leavened: the invest- to the holders of bonds issued by the CBs Recently, the President of the Republic Gior- «close relations with the territory of refer- essential element for its development strat- alistic co-operatives. Their profits are des- ments went from 3.4 to 7%; the collections the guarantee of €100 000 additional to that gio Napolitano, during a hearing at the Quir- ence are, for many small and medium banks, egies. It is no coincidence that in Europe tined for at least 70% (but in reality even from 6 to 8. In absolute terms, this means, of the same amount, established by law in inal, encouraged the representatives of the a source of stability that is reflected in the the credit cooperation covers more than 90%) to an indivisible reserve (and thus to today, mediating loans for a total of about favor of depositors. These guarantees will CBs to cultivate the difference of local banks, benefit of the local economy». 20% of the market. And it keeps on being equity) and the remainder goes to the terri- 150 billion and 160 billion for collections. be further extended to protect savings, once mutualistic at the service of the territories. But it must be remembered also the signif- a valuable reference point for the local com- torial support or cooperative development. It’s no coincidence that the CBs have become the new Institutional Guarantee Fund will «The CBs are an original and essential com- icant quote that the Encicilica Caritas in Ver- munities. It is this special legislation, rec- the primary reference banks ognized by the Consolidated for SMEs, as shown by the mar- Bank Act that highlights the ket share of specific segments specific nature of credit unions, alessandro azzi of the Company (the CBs deliv- Cooperation is the present, not a legacy of the past which marks the experience of The president of Federcasse er over 22% of total loans to Although it has been widely recognized, businesses too big to fail. the ultra centenary CBs (the first seeks to safeguard craft enterprises, 18% to small rural bank was established in the historical heritage of the businesses, as well as 13% of since the outbreak of the crisis, the anti- Co-operative banks, the majority of small Italian community banks Loreggia, near Padua, in 1883), non-profit bodies). But the cyclical role played by cooperative banks or medium size, to be capitalized have no that have to be the driving created with the aim of promot- market shares in the corpora- and rural banks and it has been reaffirmed other solution that to set aside profits in force of the economy also in the need to protect that which you can equity and can not, therefore, appeal to ing access to credit by those the new bank Union tions have significantly grown who were permanently exclud- too, gone from less than 3% to define as biodiversity banking, which is the market; they have a lower risk, ed. With, in addition, the great over 7%. Finally, it is worth essential to the development of a balanced do not hold toxic assets, collect practice of participatory eco- highlighting the strong balance and competitive market, it seems that at a the saving of a territory and there nomic democracy, linked to the principle of sheet (today’s consolidated system is more European political level has begun a they reinvest it , triggering circuits of trust one vote. than 20 billion), the coefficient of supervi- Darwinian competition at the expense of and greater social control. Thus, the Italian community banks, such as sion of CBs has always maintained levels cooperation. An economic formula that is And they would like these specificities to the CBs today led by Alessandro Azzi, that much higher than those required by law likely to be relegated to the legacy of the be considered and defended in deeds.​ are inspired by the principles of the Chris- and is almost entirely made up of primary past and ignored, in a Parliament where it This is why the instructions contained in tian social teaching, have accompanied, since capital (the Tier 1 capital ratio and the cap- ever, the territorial development, promoting ital ratio of the CBs are equal, respectively, sits for the first time a significant the first two Directives on deposit the financial inclusion and becoming – to 14.4 and 15.4%). representation of Eurosceptics in its ability protection schemes (DGS) and the because of this – the banks chosen by fam- To strengthen the link with the territory and to accompany a harmonious development management of banking crises (BRR), ilies and small and medium companies. Espe- the network, the co-operative credit has put based on solidarity and participatory published on June 12, 2014 in the Official cially, by maintaining a constant anti-cyclical a strong emphasis, in the last twenty years, elements. The cooperation of credit, and Gazette of the Union, vocation given by the mutualistic formula, to the consolidation of its network with the not just the Italian one, then is asking that which calls for national legislators, when not aimed at profit maximization. goal of keeping intact the values of individ- in the delicate process of creation of the adopting the new rules, to apply Over the past twenty years, since the enact- ual autonomy of each CB and to achieve, bank it must be recognized this essential criteria of proportionality with respect to ment of the new Consolidated Banking Act in parallel, significant economies of scope component of modern financial systems some profiles of national banking systems - that identified in the CBs as brokers ded- and scale. A process which has seen as its (which is exempt from liability in the crisis or their segments, should be regarded with icated to the development of the reference key step the establishment, in 1995, of Iccrea genesis), to avoid homogenization, favor. It is a first important step, to be area and the enhancement of mutualistic Holding SpA, the parent company of the regulatory approvals, indistinct application translated in positive norm, yet certainly exchange - the CBs have really played a enterprise system of the CCBs, called to major role in the domestic banking land- rationalize the supply of products and ser- of rules designed and written for not conclusive. scape. In twenty years the number of mem- vices available to customers, now led by 26 27 25

its vision with the creation of Fabrica, the com- munication research center hosted at Villa Paste- ga, the seventeenth-century villa restored and enlarged by the Japanese architect Tadao Ando. A laboratory of ideas that brings together young Divided in three creatives from around the world by offering them accommodation and an annual scholar- ship to experiment with new forms of commu- nication through design, photography, video, music, slow journalism. In the ‘90s, the group had reached a size of a true multinational: 120 to go back to countries with 5000 stores. In 2006, the epic Benetton celebrated its first forty years and for the occasion chose to show on the catwalk, for the first time, and in Paris, metaphorically the adopted city of the label, its collection. The parade was staged in the prestigious premises of the Centre Pompidou and at the same time, United Colors the Centre Pompidou has presented an exhi- bition entitled «Fab- rica: les yeux BENETTON ON THE ouverts», conceived For the first time in 50 years, the helm of Benetton has been passed to an external CATWALK in collaboration with From left Carlo, Gilberto, Fabrica, to imagine manager. Refocusing the business without sacrificing the tradition is the mission Giuliana and Luciano the future and Benetton. These are the explore the different entrusted to the CEO Airoldi. It all starts with the separation of brands, production four brothers who worlds that make up founded the clothing and real estate company in 1965, starting the background to from a sweater human existence. It BY MILENA BELLO is dated 2011, the birth of the Fondazi- one Unhate, launched with a worldwide cam- paign commissioned and presented at a world- ifty-years ago everything started from the etton has become an wide premier by Alessandro Benetton in Par- color. And from the color, as well as the established brand as united colors is, and anticipates a new beginning: organize DNA of knitwear and Italianess, Benetton a symbol of dressing A historic Benetton practical projects with a strong impact on future advertising campaign full Group now wants to get back to impress young. And it arrived generations by involving NGOs and represent- of colors (in the picture); Fand conquer that part of the world, such as Rus- also the recognition atives of civil society. Out of this rut was born Villa Minelli, the group’s sia, India and the Far East, where the brand still from a financial point headquarters in Ponzano the 2012 campaign, Unemployee of the year, has many cards to play. Benetton’s history has of view with the list- Veneto (below); on the issue of unemployment. In 2012 Ales- its roots in the sixties when Luciano Benetton ing in 1986 at the and the interior sandro Benetton became executive president has the idea of launching a new type of fashion. Milan Stock of a shop (on the right) of the Benetton Group with the mission of Colorful and emotional as the yellow sweater Exchange, to which guiding the de-listing from the Milan Stock that his sister Giuliana had packaged. The basic follows Frankfurt in Exchange and accompany the group transition idea seems revolutionary. The precise identity of 1988 and New York in 1989. In the meantime, from a family business to a purely managerial style, focused on wool and knitwear in general the group becomes also a model of communi- company. with quality products at good prices. And a fast cation; right in this decade in fact is born the Upon completion of this process in 2014, Ales- assortment able to respond quickly to market communication partnership with Oliviero Tos- sandro Benetton has left the presidency (Gian- demands. In addition, a vast network of shops cani, who took care for 18 years, until the year ni Mion took on the role of non-executive chair- in the historic centers of the cities opened one 2000, the brand’s marketing campaigns, it’s man), while the post of managing director and after the other in franchising. impact, with the social intent that was often the chief executive officer has been attributed to Three basic concepts that describe the rapid center of bitter disputes. Marco Airoldi who, as effective leader compa- rise of Benetton in a world of fashion that to From the advertising, the rebellion spread to a ny for the first time outside the family, took still did not have so clear and precise bound- new project, the quarterly magazine Colors over the reins of the business. The three-year aries. The response was immediately much which debuted in 1991 under the supervision plan to refocus the business launched in Novem- more than favorable and quickly proselytizes of Toscani and Tibor Kalman. The publication, ber of 2013 involves the separation of the com- everywhere. This is confirmed by the immedi- with the images as main means to communi- pany into three distinct realities: one focused ate figures. At the end of the seventies exports cate themes of international interest through directly on the brand, one on reached 60% of production. But the eighties local cultures, became a sort of symbol in those and one on real estate management. All three determine the real explosion of the label at all years, so much that the complete Color series will be directly controlled by Edizione. A new latitudes. With over a thousand stores in Italy, has been inserted in the 25/25 gallery show of stage for evolving the business system and 250 in Germany, 280 in France, 100 in England, the Design Museum of London in 2007 who opening, starting from the DNA of Benetton, a and then the Netherlands, Belgium, Spain, Por- has reunited 25 objects of design that have most new cycle of growth, always in the name of tugal, , always pushing the boundaries influenced the last 25 years. the four words that until now have brought of the world to conquer. United Colors of Ben- Three years later, Benetton Group reconfirmed good luck: color, Italy, knitting and just in time. 28 29 25

And for the digital customer Hello Bank is here! Bnl, the sweet «Every day is the future» was the slogan used last year to celebrate the centenary of BNL, founded precisely in 1913. And the bank, which since 2006 is part of the French group BNP Paribas, puts this life of philosophy into practice by adapting itself to a market in full transformation and especially to the changing needs of the customers, who come into the branch for advice and for more complex needs while for ordinary operations they Paribas prefer to operate using mobile services. An evolution of approach that does not just affect BNL but the entire banking Born as the State Bank to finance the work and the large public companies system that is going through a compulsory transformation in this under the control of BNP, guided by CEO Gallia, the Banca Nazionale del direction. For BNL innovation goes Lavoro has returned to life. Second best for corporate loans it is in the front through a mix between focus on the row with Telethon in the social activities most modern technologies and the development of a service model that integrates various channels, from the most traditional ones to the most BY FRANCESCA VERCESI innovative: from agencies – modernized with remote connections, wifi and long- luigi abete distance advice - until the 100% digital President of the Banca Nazionale del Lavoro since bank. On this second front, Hello Bank! is t celebrated it’s 100th birthday during last and its branch network. Luigi Abete was con- per annum. In this way, the cost launched by BNP Paribas, to August 1998, his role the new feature presented by BNL-BNP years Feast of the Assumption (August firmed as President, and in 2008, Fabio Gal- of credit should go down from allow BNL to do a clear jump has been re-confirmed Paribas. Launched in France, Belgium 15th). The birth of the the Banca Nazion- lia was appointed CEO and in December 2009 the 150 base points of the end in quality, they were not the also during the passage and Germany in mid-2013 and Italy from ale del Lavoro, which is today one of the he also became the chairman of Findomes- of 2013 to less than 100 points of the bank into French only phase of profound change Ileading Italian banking groups with 2.5 mil- tic. Since May 1, 2012 Gallia is also responsi- in 2016. Among the objectives hands in 2006. experienced by the bank in its the end of last year, it has immediately lion private customers and 40 thousand among ble for BNP Paribas for Italy. set out by CEO Jean-Laurent century old history. Indeed, it created a remarkable interest, so much institutions and corporations, and controlled The real challenge for BNL is represented by Bonnafé in late March on the was during the years of the Ital- that it already has 11 thousand new by France’s BNP Paribas, is represented by the achievement of a higher level of efficien- occasion of the presentation of the new indus- ian economic miracle where, for example, customers. Hello Bank! is dedicated to the Royal Decree number 1140 dated 15 cy which can go from a reduction in the cost trial plan 2014-2016 of BNP Paribas it is also BNL has climbed the national banks rankings customers with a digital DNA, who August 1913 that established the National Insti- of credit risk (BNL already can boast a better expected an increase in revenues of over 10% with the determination, reaching the summit through smartphones and tablets can tute of Credit for Cooperation. At the begin- position than the average of the Italian cred- and, for what regards the remuneration of the of the Italian system in the 60s and the ninth interact with the bank through a ning of the ‘90s, precisely in 1992, BNL it system); from a policy of containment of shareholders, the application of a payout of raking in the world, backing the development changed skin, going from a public-law bank costs that does not sacrifice investments, espe- at least 45%. of the large public company (steel industry, dedicated app while for the most controlled by the Ministry of Economy to a cially those in technology and innovation; In addition to traditional retail and corpo- mechanical and hydrocarbons). complex needs they request a wide joint stock company. Then, in 1998, follow- from the development of greater synergies rate banking , the institute is one of the main It was in those years that BNL had begun to range of availability of contact with their ing a privatization through public offer sales, between the bank in Via Veneto in Italy and donors and supporters of the film industry support the tradition of public bank essen- manager through video, chat or the BNL bond is placed in the Milan Stock other activities of the French group, so as to and since 1992 it has concentrated its efforts tially engaged in the financing of the public telephone. BNL is developing a new Exchange. Eight years later, in 2006, after the increase the benefits in terms of cost as well in corporate social responsibility with the administration, a new vocation as a corporate format of agency that integrates Bolognese bank Unipol failed to conquer the as on the of revenues. Telethon Foundation: in 22 years of partner- bank, increasing its commitment to private traditional ones: the Open BNL are Roman bank and after having putting away From this point of view BNL will continue ship Banca Nazionale del Lavoro has raised enterprises. In the 80s then the bank increased, locations in which all cash transactions in the drawer the aims of the Banco Bilbao, with the approach adopted in 2013, which € 245 million in support of scientific research through a growing network of subsidiaries the bank became part of the French group includes a renewed focus on large corporate for the treatment of genetic diseases, posi- and investments, the activities in the interna- can be made through Multifunction Bnp Paribas, who chose Italy as its second and export-oriented medium-sized enterpris- tioning itself as the protagonist of one of the tional circuits. It is in those years, under the ATMs placed in a self-banking zone. referral market. Today the giant transalpine es (less linked to the only Italian conjuncture) most important fund-raising projects in guidance of the couple formed by President credit institution operates in the corporate and an offer of credit more selective towards Europe. Nerio Nesi and the General Director Franc- and investment banking, in investment ser- medium-sized companies oriented towards So, if in the 90s , characterized by the trans- esco Bignardi, that the reorganization sup- fabio gallia vices, bankassurance, consumer credit, leas- local and small businesses. This should result formation into a limited liability company in ported by several capital increases and the Since 2008 he is the CEO of Bnl and since ing, factoring and long term rental. The inte- in a maintenance of positions in the corpo- 1992 and by the privatization in 1998, have establishment in 1984 of BNL Holding Italia, May 2012 he has become the manager of gration project with the French group, which rate sector between now and 2016, while in represented a decisive decade and a neces- founded to handle about seventy subsidiar- Bnp Paribas Italy was completed in 18 months, has redesigned the retail and private banking the revenues sary condition, then materialized in the mid- ies of the bank in the non-banking sector, the organizational structure of the Italian bank are expected to increase by an average of 3% twenty-first century with the takeover bid took place. 30 31 25

ital increase up to 300 million, which could increase the shareholder base of approximate- ly 50 thousand units. Thanks to the prompt response times, the sup- ply of services with high added value and a It doesn’t get great ability of “ doing system” with the eco- nomic operators in the territory, result of the recent reorganization of the territorial group, the Vicenza plays an active and decisive role in promoting economic recovery, innovation and the internationalization of small and medi- more popular um companies. The group devotes, in fact, great attention to the banking business with foreign countries, given the strong propensi- ty to internationalization of Italian firms. And for this it has developed a strong presence in the regions with the highest rate of develop- ment. than this The Foreign Structure of Banca Popolare di Vicenza offers companies a valuable support in operations with foreign markets, guaran- teed by the direct presence abroad of an effi- Not quoted on the Stock Exchange to avoid favoring profit, cient network of six representative offices. The instead of members and clients of the area, from Vicenza BPVI has first to open in chronological order has been gianni zonin e samuele sorato the one in Hong Kong in 1987, which coor- expanded in almost all of Italy to show what popular means At the bottom, the inauguration of the representative dinates the activities addressed in 13 coun- officein . With the general manager Sorato (far tries: , , the Philippines, left), the Vice General Managers Andrea Piazzetta, Japan, Hong Kong, Indonesia, Macau, Malay- Adriano Cauduro, Emanuele Giustini and Paolo Marin sia, New Zealand, Singapore , , Tai- BY MANUEL COSTA wan and , all markets of extreme inter- est to Italian companies. Since 2004, Banca Popolare of Vicenza is also present in Shang- t could be defined as the social bank of the ment of its own area of reference. of small size in the Veneto and Friuli Venezia market capitalization, in view of the next tran- hai, the financial and industrial capital of Chi- territories. The Banca popolare di Vicenza On the eve of the important milestone of 150 Giulia region that gave birth to the group Ban- sition of supervision by the ECB by continu- na, and since 2006 in India, in New Delhi. In is a cooperative bank, strongly linked to years since its foundation, which dates back ca Popolare of Vicenza. A fundamental step ing to support businesses through a strong the course of 2011 were, instead, opened rep- the territory, aimed at the welfare of the to 1866, the Banca Popolare di Vicenza is now in this process of growth was also the estab- lending policy. resentative offices in Sao Paulo, Brazil’s finan- Icommunity and careful to the loyalty of cus- the ninth Italian banking entity and has devel- lishment in 2000 of Banca Nuova, which, with Banca Popolare di Vicenza is building a strong cial capital, and New York, the world capital tomers and shareholders. The bank, in fact, is oped a network of branches composed of nearly 100 branches in Sicily, Calabria and asset to strengthen the equity base through of finance. Finally, in October 2013 was inau- based on a banking activity particularly focused about 700 offices throughout Italy. The growth Lazio is one of the most important in south- the opening of the register of shareholders. gurated, the representative office in Moscow, on a policy of lending, in support of the real of the bank, which led to almost tripling the ern Italy, where the group wanted to strong- Already in 2013, with a share capital increase near the Kremlin and a short walk from the economic and social fabric of the territories. approximately 250 branches present in the ly be present in order to encourage econom- of 100 million, the bank has increased by more Bolshoi Theatre, in the most prestigious area This feature is evident, considering that the 80s and 90s, occurred through mergers and ic development. Finally, in 2002, the bank has than 16,000 the number of members. It is of the Russian capital; in this occasion the gen- loans in these seven years of economic crisis acquisitions from 1996 onwards, the year of further expanded its presence on the nation- underway in 2014, and is scheduled for the eral director of the group, Samuele Sorato, have grown at a rate 4 times higher than the appointment of the current chairman Gianni al territory and, in particular, in Tuscany by next three years, an additional dedicated cap- was also present. national average during the same period, Zonin. It goes back, in fact, to 1996 the acqui- acquiring the Cassa di Risparmio di Prato, one recording an average annual increase of 6.8% sition of majority stakes in some popular banks of the oldest Italian savings banks, subsequent- compared to 1.6% of the system. Thanks ly incorporated in late 2010. to the policy of supporting the real econ- Today the bank is ready to face the new A bridge for Italian companies abroad thanks to 71 co-operation agreements omy, the customer base has increased course of banking markets which are Popolare Vicenza is aware of how the internationalization and national territory, moreover BPVI guarantees a widespread presence of steadily from 253 thousand units in the increasingly globalized. Already in 2013, openness of firms to new markets are essential for the recovery of the specialized structures in relations with foreign countries through its last five years, while the number of thanks to an increase in capital, the bank economy. And, thanks to a long and specific experience, it makes sales network, allowing Italian companies to have a point of reference branches has remained unchanged, to brought the Core Tier 1 ratio at 9.21%, available to SMEs in the territory all the tools needed to deal with within easy reach. reach the current 1.3 million customers. well above the minimum requirement of serenity and safety the worldwide markets. Because of this the Bank To further facilitate the process of internationalization, to promote It should be emphasized, moreover, the 8% required by the ECB, further strength- has signed 71 cooperation agreements with major foreign banks in 47 exchanges with these countries and better dialogue with their main about 100 thousand members the the ening an already significant financial different countries. It is important, in fact, to facilitate the export of banks, Banca Popolare di Vicenza has signed also 29 agreements with bank can now count on, a number sig- solidity, which , especially in this time of nificantly increased compared to the 63 continued economic difficulties, is a fun- Italian companies and for this, through the agreements signed, BPVI major institutions and associations in the region by making available thousand in 2010. The bank’s results have damental responsibility to continue to allows the buyer to pay on demand the foreign debt owed to the to the associates credit line loans totaling 955 million that allow to been achieved by the territoriality and provide credit to households and busi- Italian exporter, by going to one of the banks in his country identified support the daily activities of firms abroad. by being a popular bank, which bases nesses in the area. There is, moreover, a by BPVI with the opportunity to ask important extensions of payment. A consulting business in the establishment and administration of legal its guidelines on mutuality and solidari- second capital increase of about 608 mil- Representative offices of Vicenza accompany the Italian companies entities abroad, with services and cross-border financing, is also ty. The bank, in fact, has always operat- lion, which aims to acquire the capital operating in foreign markets and are able to offer customers a system provided by two Irish companies based in Dublin: Bpv Finance, active ed by focusing on services for families resources necessary to seize any oppor- of advisory services and selection of certified partners, market in the field of Prioritary Trading, and Cattolica Life, active in the field of and for the economy and business sec- tunities for growth and to achieve the research, insurance solutions and legal assistance. On the whole Bankassurance. tor, contributing to the social develop- highest standards of Europe in terms of 32 33 25

Branca took over the Distilleria Candolini of Tarcento. 1999 is the year of the tragic death of Pierluigi Branca: the company has continued on family lines and his brother Pino became presi- Fernet or Fernandito, that dent of Fratelli Branca Distillerie, his son Niccolò became the CEO. From this time onwards the strategic and operational decisions that have been taken, have led Distillerie to occupy significant positions in new reference markets and compete with leading multinational companies. It is no magical timeless elixir coincidence that the following year became oper- ational the Branca International SpA, the hold- ing company of the group with Niccolò Branca Since the invention of Fernet, ovare Serbando. Innovating by preserv- wines Chianti Classici Villa Branca, the Bellarco as president and CEO. In that same year in Bue- in the mid-nineteenth century, ing. Improving by respecting the tradition. sparkling wine. And then the last arrival, Carpa- nos Aires opened the This is the motto that has always driven no Dry. Since 2009 the Fratelli Branca Distillerie new plant in Tortugui- niccolò branca considered a drug during the Fratelli Branca in the course of its history. distributes in Italy also the prestious brands of tas while the following Il Conte, the fifth NThat is certainly not a short history. Founded in the French group Rémy-Cointreau like the cognac year entered the portfo- generation Prohibition, Fratelli Branca has had a 1845 by Bernardino Branca in Milan, the name Rémy Martin and Louis XIII, Cointreau, the Mount lio the Borghetti Coffee, to run the company, is closely linked to his creature, the Fernet Bran- Gay rum and the Passoa specialty, the prestig- real espresso liqueur, is the number constant evolution always ca: Branca, as the self-taught Bernardino chem- ious Gin Botanist and Metaxa. Fratelli branca dis- obtained from the one of the under the guidance of the family. ist who patented it, Fernet as his collaborator, tillerie also distributes the Piper-Heidsieck cham- ancient recipe handed Fratelli Branca Distillerie the Swedish doctor. A liquor created in the Cor- pagnes, that are part to the French group Epi and down since 1860, and With a portfolio of twenty brands, it so di establishment in Milan and Tequila Sierra della Borco. The international devel- was completed the total acquisition of former has become a legend from here, distributed throughout Italy. Bernardi- opment of the company dates back to 1907 with competitor Carpano. In 2006, the company has no founded the company Fratelli Branca: the Dino Branca, when the Branca brothers began broadened its horizons to the real estate and in many countries including activity has always been guided by the family to conquer the markets of Europe and America Branca Real Estate came into full operation. Argentina. who, over the years, has worked to make the with new facilities in Buenos Aires ( the Argen- Today Fratelli Branca is present in more than 160 Fernet-Branca liquor one tinean company Fratelli countries in five continents, with a well-organ- Thanks to Fernandito of the most famous in the Branca Destilerias was ized distribution network. It already exports 70% world, which contains herbs founded in 1941), Saint Lou- of its spirits and has more market share abroad and roots from all over the is , Chiasso and a new than in its homeland: Italy has 15% market share BY FRANCO CANEVESIO globe. The eagle that grabs branch office in New York. of the liquors and 80% in Argentina. It has a con- the bottle of Fernet while The following years were solidated 2013 turnover (of Fratelli Branca Dis- flying over the world is the busy ones for the compa- tillerie Italia and Fratelli Branca Destilerias Argen- symbol of this success. The logo, painted on bill- ny’s productivity. In 1965 was launched the Bran- tina) of €301.1 million, increase of 6% over the boards, appeared for the first time in Branca cal- camenta, extension line of Fernet-Branca, a prod- previous year with an EBITDA amounting to endars in 1895. The brand, which over the years uct that will prove to be revolutionary, by com- 105.5 million euro, up 6.5% over the previous has become the symbol of the company, has bining beneficial and digestive qualities to the year. In Argentina, Branca is almost a myth, it important origins: the author is Metlicovitz pleasure of refreshing taste. In 1981, in Milan was produces the Fernet which, mixed with four parts Leopold, born in Trieste in 1868, one of the most created the Centro Studi Branca for quality con- of cola, makes the Branca y cola, called here Fer- important artists of his period. Today, the prod- trol and research in the field of medicinal herbs, nandito. It is the national drink, one of the lead- ucts part of the Fratelli Branca company are Fer- a year later, in 1982, the company acquired 50% ing products that allows the Fratelli Branca Des- net-Branca, Brancamenta, Stravecchio Branca, of the Carpano. In 1985, with Villa Branca, in tilerias Argentina to highlight a turnover in 2013 Caffè Borghetti, Grappa Candolini, Grappa Sen- Mercatale Val di Pesa, in the province of Flor- of 200 million euro, an increase of 9.3% over the sèa, Punt and Mes, Carpano Classico and Bian- ence, the product portfolio was enriched with previous year ( 27.3% in the last five years): last co, Antica Formula, Sambuca Borghetti, premi- the Chianti Classico wine and the Villa Branca year alone, the company sold 47.2 million liters um distillate Magnamater, the Sernova vodka, the extra virgin olive oil. Two years later, in 1987, in Argentina with a volume increase of 20%.

A holding company for financial investments and Real Estate Branca International is the holding company completely estate portfolio and the diversification of investments of international presence and strong output growth had brought owned by Italian Branca family. Operating since 1998, it is the group. The holding company controls Branca Real the Fratelli Branca Distillerie, in the early decades of the based in Milan and controls companies dedicated to the Estate, where the real estate of the group has been merged twentieth century, to invest in production facilities in several production and marketing of spirits: the Italian Fratelli in (industrial and residential, commercial and cultural countries in Europe, North and South America. The Branca Distillerie and the Argentinean F.lli Branca buldings, agricultural estates) and holds a stake in real commitment has always been dedicated to culture and social, Destilerias. Branca International has shares in Italy and estate company Whitestones. In Real Estate there are and this led the family to transform the establishment Fernet abroad: since 2005, it has launched a redesign policy of the industrial buildings, of commercial and residential use in Branca of Saint-Louis, decommissioned in 2000, into a museum. corporate structure, through the reconversion of unused Argentina, Italy and France, land and farms. The company The project was entrusted to the architect Jean-Michel production units , the separation into separate companies has also incorporated the production site, now converted Wilmotte, and was concluded in June 2004, when the Espace of the manufacturing and commercial activities of the real at office use, located in the center of New York. The large d’Art Contemporain Fernet-Branca was opened to the public.

34 35 25 Brunello according Brunello cucinelli. In 2012 he listed the company in the stock exchange. The share demand to St. Augustine exceed by 17 times the offer at maximum price Making work more human, putting man at its center. This is the guiding principle of Cucinelli. According to the king of cashmere money has value only if spent on improving existence. And since the entrepreneur must be more caretaker than owner, here is the trust

BY CHIARA BOTTONI

eauty will save the world». This Etruscan Arch of Perugia in 2011 inaugurat- the development of the fashion house, which famous quote by Fyodor Dos- ing the array of actions undertaken by vari- closed the year 2013 with net revenues of 322.5 toyevsky was chosen by Brunello ous entrepreneurs of the Made in Italy in favor million (+15.5% compared to the previous year), Cucinelli to describe the soul of of the historical monuments of the country. 79.3% of which were generated by exports. «Bhis enterprise, founded in 1978. The first human- Combining ancient and modern, business goals The brand is now distributed internationally in istic company to have been listed on the stock and human needs immediately proves to being 60 countries through 100 mono-brand bou- market by putting more emphasis on ethics the secret of doing a business that will be tiques in major cities and capitals of the world than profit. He is often spoken of in terms of observed worldwide for its innovative capac- and in resort locations, with a presence in wise entrepreneur and it would be reductive ity, which soon becomes a lifestyle model, approximately 700 selected multi-brand stores, to tell the evolutive journey of his company expression of the Italian way of living and including major luxury department stores. In without keeping into consideration its human- working. At the same time, the company’s these years the product offering was also ist characteristics. In 1985 Brunello Cucinelli sales undergo a double-digit increase year enriched with the introduction of new catego- transfers its business in the medieval village of after year, making it necessary the start of a ries, including accessories, and with the strength- Solomeo in Umbria, giving rise to a whole new next step to allow its international develop- ening of the formal segment, following the work dimension based on a specific founda- ment and support a system that today has over acquisition of Avenza Tailoring in September tion: «Making work more human, putting man one thousand employees and a spin-off of 2013. With this project, the company has at its center.» A humanistic company, inspired around 3 thousand operators. expanded its range of services ensuring a high by the thought of St. Augustine. The principle In the spring of 2012, the company Brunello tailoring service dedicated to the manufactur- will accompany the entire path of the design- Cucinelli was listed on the Stock Exchange with ing of men’s suits, also custom-cut. In line with er, innovator in many respects. Cucinelli did a demand whose maximum price had the philosophy of the entrepreneur of not just introduce colored cashmere and revo- been about 17 times the number of being more caretaker than owner of a lutionized the traditional market that was based shares offered, for a total of over 2.6 bil- company, finally, Brunello Cucinelli has on just shades of beige and gray colors, but he lion Euros. A step that helps to support transferred in June of 2014 the control transmitted also a new idea of work. «The cre- package of his com- ation of profit is congenital to this type of activ- pany, so far held by ity», Cucinelli has highlighted many times, «and the financial Fedone, yet for me that is not all. I wouldn’t want to to a trust that will be managed by Banca Espe- live in a world where everything is aridly con- ria (Mediobanca). This has been done to ensure nected only to profit. Money has real value that Carolina and Camilla Cucinelli, the two only when it is spent on improving the exist- daughters of the designer, who will be part of ence and growth of men, and this is our aim». the advisory committee of five experts estab- In accordance with this belief, substantial part lished to assist the trustee, can know that, even of the profits is immediately reinvested in the if in the future they will take different paths company and is partly used for the renovation away from the family business, the corporate and redevelopment of the village which he integrity and the philanthropic component of acquired and renovated over time, with the its industrial vocation can no longer be changed. introduction of room for a Foundation devot- A message that Brunello Cucinelli wanted to ed to the arts, for a theater and a school of convey to its employees and to the territory, crafts. But Cucinelli has not intervened solely far from the common logic of profit. Summa in Solomeo. of what has been done so far by a company In fact, to him goes the credit for having sup- considered internationally one of the Made in ported the funding of the restoration of the Italy jewels.

36 37 25

URBANO CAIRO He can understand better than others the market trends and surf them at his best, but he is also obsessively careful to That very, very Urban expenses. So La7 that was going down at break-neck speed when lead by others, television Channel now has a positive ebitda

It started out without an office ds, newspapers, television and soccer. time it’s a business he still does not believe in The empire of Urbano Cairo, entrepre- because he does not see development nor the in 1995, now it’s one of the most neur with origins from , born possibility of making profit and margins. After settled publishers that, without in 1957, ranges in all these areas. But don’t all, his greatest strength lies in understanding Ayou dare call him a «small Berlusconi» as the the market trends and surfing them at his best. forgetting the ownership of Torino press has done for years, by comparing him to Because he is a decision-maker and he works his first employer. Because the relationship with with a small group of people. A formula that Calcio, has composed a portfolio and his companies are not of has allowed, since the company’s first year in that ranges from newspaper, to a competitive nature. As the owner of Cairo the Stock Exchange Listing, to guarantee to share- Communication, of the La7 channel, Torino Cal- holders a rich dividend. books and especially TV. cio, and last of a multiplex bought for over 30 Moreover, the Piedmont entrepreneur has anoth- By collecting ads and La7 million from the State, besides being an impor- er enviable ability: an obsessive attention for the tant shareholder (3%) of Rcs Mediagroup, likes company expenses. And it is also for this reason is more dynamic than ever to always point out. In fact, since his dismissal that in less than a year he has already brought from the -Mondadori group, back in the ebitda to a positive level for the La7 channel, 1995, Cairo has done everything on his own, which under the Telecom Italia Media manage- BY MANUEL COSTA starting out – as he often loves to tell -from a ment was losing dozen of million euros each year. small table in the elegant Ambroeus Cafe of Cor- It must not be overlooked that since his arrival so Matteotti in Milan (without an office, nor a the ratio between the average cost of a program secretary and not even a partner). Initially, in and its return, meaning commercials, has consid- 1996 he has started out as a dealer of some of erably risen to the point that many cult programs

Rcs Mediagroup’s newspapers, then in 1999 he have been canceled from the schedule while oth- took over Giorgio Mondadori. But the big leap er have been re-confirmed and perhaps they will occurred a year later when he decided to list be broadened and improved. Cairo Communication. From there the escala- And the fact that La7 is now his big industrial tion began, which led him to become today one focus is demonstrated by the fact that he spends of the most settled publishers, (at the end of half of his week in , headquarters of the March in the group’s cash account there were channel, and that he continues investing as over €170 million), which ranges from special- shown by the last acquired TV star, that is Gio- ized newspapers (Bell’Europa, Bell’Italia, Airone, vanni Floris ripped from Rai with a 4 million Gardenia, For Men Magazine, Natural Style) to contract, of three years. The Ballarò host is just weekly latest-news magazines (DiPiù, DiPiù Tv, one of the last TV leaders that hits almost a Giallo, F, Diva e Donna, Settimanale Nuovo) to 4%, like Enrico Mentana, Michel Santoro, Mau- television (La7 and La7D), to books. Cairo is rizio Crozza, Lilli Gruber, Salvo Sottile and Cor- missing only the growth, or actually the land- rado Formigli. So Cairo’s big challenge now is ing, on the web: but as he has already said many to give life to a real all news on the channel 7. 38 39 25

From Palermo to Beijing wearing a shirt here aren’t authentic chain stores of ing China. Homogeneous, included in a range Italian style, manufacturing in shirts around, at international level. But between 25 and 54 years old. High-school Romania, for a Chinese middle class this might soon change. Fabio and Ser- graduate or college graduate . With a mid- gio Candido, president and CEO of the high sociocultural position. The category that is expanding. TFenicia Group, a business with a turnover of includes, duh, many freelancers who want to It is the idea of the two Candido 50 million, which besides Camicissima con- satisfy the needs of man without spending trols also Feni, a formal menswear label, have too much. brothers . a dream. And now they have decided to make The leader of the group has confirmed that After Milan, 400 Camicissima stores it happen. They have decided to take their the operation will, for now, regard only the flagship label, that is celebrating its 10th anni- shirts for men. It’s a first step. Then, we’ll see. in China, so for the third generation versary and which is not part of the luxury It’s that sort of challenge that you have to win world, and make it conquer China. How? By slowly, conquering one inch a time. A victo- of the Palermitan family, for 85 years opening in the Land of the Dragon 440 stores ry that seems possible. After all, what the in the industry, is a life challenge by the end of December 2019. third-generation of the Candido family wants Camicissima, which has its production in to do in China, is not so different from what Romania, has launched its quality low-cost the previous ones have done. In the thirties, stores in 2004, by offering a fine product at at the beginning of Fenicia’s journey, the mar- BY FRANCESCO BISOZZI a competitive price to meet ket was limited to Sicily. the needs of its clientele. Then, in the sixties, it Fenicia has been present in expanded to the rest of Ita- the shirt industry since 1931. ly. Finally, at the end of the The founder is Giovanni eighties, it landed in inter- Candido. 83 years have passed since then and national markets. for the president and CEO of the group it’s But now the rules of the game have changed time make the big step. China represents an once again. According to Fabio Candido the Eldorado impossible to give up on right now, concept of a pure family business was once and they know it very well. Their partner in an advantage, while today it is not enough this adventure, through a distribution license anymore. Now a company has to be run agreement, is together with a management that brings exper- Zhejiang Baoxiniao Garment Co. Ltd, a com- tise, maybe by opening to world. The leader pany with an income of over €600 million is pretty sure about this. His aim is to open listed in the Shenzhen Stock Exchange. 1000 Camicissima stores around the world. The origin of the project, at least from a stra- «We have decided to enter the Chinese mar- SERGIO E FABIO CANDIDO tegic point of view, lies a simple considera- ket with a product in line with the prices, 60% The two brothers from Palermo who, after having tion. Which one? of which will be manufactured in loco, but spread the Camicissima Today, China’s middle class, which is grow- with a care for quality that comes from the brand all around Italy, are ing exponentially, can’t (and perhaps doesn’t fabric, whose importance I understood when now off to conquer China, want) to buy luxury. Theory supported by I found myself looking at a loom. », has with 400 stores that will sell commissioned studies that depict the average announced Fabio Candido when he illustrat- shirts at a moderated price, Camicissima customer in the world, includ- ed the initiative. 60% manufactured in loco. 40 41 25 ‘A Cascia went The historic leader, who made just one mistake Giovanni Dagnino (in the picture), lawyer, out from the long-time politician (from 1970 to 1975 he was the first president of the Region of ), has been chairman of the Cassa di Risparmio di Genova and Imperia from 1981 to 1995. He is remembered as the «President of the turning point», the man alleyways who, in 1991, led the bank’s transformation into a joint stock company, giving life to Banca Carige, and in 1995, the last year of Shaken by the legal proceedings that have invested the previous business as a banker, he has led the stock administration, the Ligurian bank group claims the lead role in the exchange listing in Piazza Affari. The thickness of this old-fashioned banker is industry. And, after the losses of 2013, with an increase of 800 million narrated in a volume by Franco Bovio (Vice- it’s preparing the final relaunch for its 2 million customers and its 1,100 Chairman of Cassa di Risparmio di Genova and Imperia from 1981 to 1995) entitled branches. Under the guidance of the pair Castelbarco-Montan «Banca Carige. From Cassa di Risparmio to LLC: an intuition of Gianni Dagnino.” In a BY FRANCO CANEVESIO private meeting, Bovio writes , «before being inducted into the executive committee, Dagnino told me: the Executive Committee meets twice a rom bank created as an evolution of Mon- interventions intended to reshape the city’s in fact, the consolidated rooting in Western include the acquisition in 1997 of two insur- In 1995, Banca Carige, the first among the week, there’s too much to te di Pietà to Cassa di Risparmio that appearance and the port. Thus, the Cassa di Liguria. By dint of capital increases - more ance companies: Carige Assicurazioni and former savings banks, after an ops which encourages small investors, to the uni- Risparmio progressively expanded its sphere than 2 billion Euros with the last, of 800 mil- Carige Vita Nuova, and , in 2000, of Cassa di involved more than 16000 new shareholders, do, it would be best if you versal bank listed in the Stock Exchange. of action between the Great Genova, the lion euro which left on June 16 - and substan- Risparmio di Savona and Banca del Monte di gets the listing on the Milan stock exchange. took care of it. But when he FThis is, in broad terms, the historical journey Superb (which is so deeply rooted as to give tial allocations of profits, the bank has financed Lucca, and in 2004, of Cassa di Risparmio di This is the year of another turning point, one thought about coming he of Banca Carige, founded with a decree of its name to the long lane that hosts its seat), a process of growth: internally, through the Carrara and Banca Cesare Ponti. that leads to , as members of the share- would call me and tell me, King Carlo Alberto in 1846 as Cassa di Rispar- the Tigullio and the whole western Liguria. In opening of new branches and externally, The result? At the end of the 80s Banca Carige holder of the Genoese bank , the French as if to apologize for mio di Genova, «with the goal of expanding 1967 the institution took the name Cassa di through the acquisition of banks and insur- has 137 branches scattered in85% of the Lig- Groupe des Banques Populaires et des Caiss- interrupting an established the services of the Monte di Pietà founded in Risparmio di Genova e Imperia sanctioning, ance companies and branch networks. These uria region. After the liberalization of branch- es d’Epargne, France’s second largest bank, custom.» Dagnino is also 1483 by Beato Angelo da Chivasso».Because es, in 1989, after development entered with 15%, then fell to remembered for having if it is true, and it is true, that the modern con- plans and counter-of plans, the today’s 9.9%. Piero Montani opened the doors of the cept of banking was born in Genoa and Tus- bank led by the historic presi- e Cesare Castelbarco From 2013 is operating the new leadership of the bank to cany in the fifteenth century, it is even more dent Giovanni Dagnino launch- Banca Carige Italia, which has Respectively CEO Giovanni Berneschi , true that Banca Carige, one of the first Italian es an expansion plan both in the been granted the 353 branches and President, accountant, who joined the banks, has ancient roots. At the origin of its areas of traditional settlement after the legal storm of Banca Carige operating out- history is just the Monte di Pietà of Genoa, and in the northern regions that they took the helm side Liguria. Today Carige has Savings Bank at 20, in 1957 which is like saying that before Christopher are contiguous to the Liguria of the group, of which more than 1,100 branches, with as a clerk. It was Dagnino to Columbus discovered America, the Genoese region. In 1991 it was among the the Swiss giant UBS more than 6000 employees and decide his ascent when, in were already doing the job of the banker. The first banks to take advantage of now has a 4% share has more than 2 million custom- 1989, Giovanni Battista Villa retired, leaving history of the bank unfolds even with the bank the Amato-Carli law and turns ers. The final 2013 budget shows vacant the seat of the general manager. The name changes: Cassa di Risparmio di Geno- into a limited company, under the new name a consolidated net loss of € 1.7 billion and a choice, which according to the president va in 1846, Cassa di Risparmio di Genova e of Banca Carige SpA. In 1992, the bank con- net income from ordinary operations of € had to be internal, fell on Berneschi for Imperia in 1967, Banca Carige in 1991, the tinues to grow and becomes a multi-func- -593 million due to a number of provisions. which Dagnino, however, had coined the first Italian savings bank to become a joint- tional group, forerunner of the subsequent It is no coincidence that in 2014, another piv- Machiavellian epithet «il Bernesco» («the stock company, Banca Carige Italia in 2013. universal bank composed of the parent com- otal year under the leadership of the pair Burlesque,»), to emphasize ingenuity and In all these years, the bank has kept faith with pany Banca Carige SpA, of the Instituto di Cesare Castelbarco (chairman) and Piero Mon- daring, but also open-mindedness. The its real mission, to be the driving force of the Credito Fondiario della Liguria and Medio- tani (CEO), the Swiss UBS enter with 4% story says that of Berneschi, Dagnino economy of Liguria. The role was taken at full credito Ligure, of the financial companies among the shareholders of a revolutionized load since the nineteenth century, when ‘a Columbus Leasing, Columbus Factoring and bank, in the eye of the storm for a series of appreciated the insight and dedication to Cascia, as the Genoeses defined in dialect Columbus Domestic (operating in the non- legal troubles involving the previous leader- work, but feared the impetuosity and their Savings Bank, decides to accompany and banking sectors), of the Center Trustee and ship, starting with Giovanni Berneschi, the aggressive determination. support the major infrastructure and urban three real estate companies. last master father of the Genoese institute. 42 43 25

given birth to a new reality, this time of nation- al importance, becoming part of the Crédit Agricole Group and became the parent com- pany in Italy through the acquisition of 78.69% of Friuladria and 202 branches Intesa Sanpao- Oui, nous sommes lo. Subsequently, after obtaining permission from the competent authorities, the Caripar- ma Crédit Agricole group, now led by CEO Giampiero Maioli, got two other networks of branches from Intesa: 96 branches located pri- marily in Lombardy, Lazio, Tuscany and Vene- aussi italiens to and Cassa di Risparmio della Spezia (Carispe), consisting of a network of 76 agen- cies in Liguria, Tusca- It won national importance with the stablished in 1860, on the eve of the uni- banking (Crédit Agricole Corporate & Invest- ny and Emilia Romag- fication of Italy, it is in 2007 that Caripar- ment Bank) to asset management (Amundi, na. With this transac- GIAMPIERO MAIOLI entry into the French group Crédit ma assumes national importance, when Caceis Investor Services) and, still, to capital tion were added to Is the bank CEO, it joined the Crédit Agricole Group investisment (Crédit Agricole Agro-Alimenta- the Cariparma net- which now has 843 offices, Agricole, Cariparma Ebecoming the parent company of the Italian re e Crédit Agricole Idia Capital Investissment) work over 170 subsid- but if we count also the corporate centers, activities (through the acquisition of control to private banking, sector in which «Banque iaries operating main- has become the eighth Italian bank the private and corporate with over 800 branches and assets in over Friuladria and more than 200 branches Verte» operates through the Crédit Agricole ly in areas adjacent to banking the offices of Intesa) of the big French credit, largest uni- Fiduciaria. As you can see, it is a series of those traditionally sum up to 900. all areas of financial services. versal bank on the transalpine market and a activities that, together, in 2013 generated more covered. The group major bank player in Europe. Relying on its than 3 billion revenues and above all account- thus became the The buzzwords in line cooperative and mutualist foundations, the ed for a 63 billion euro loan to the Italian eighth banking institution in Italy in terms of with the tradition of the Banque Crédit Agricole group, now led by the chief economy. Crédit Agricole is also distinguished number of branches: 843. By adding up this executive officer Jean-Paul Chifflet and chaired by a policy of social and environmental, last figure to corporate centers (25 centers and Verte, are two: balanced growth by Renée Carron, is tra- dynamic and innovative 12 cores), private banking centers (20 markets ditionally characterized responsibility: the group and 11 cores) and those of corporate bank- and supporting the real economy by a balanced growth is in the top three plac- ing (7 areas and 9 cores), more than 900 offic- and serving the real es in the ranking of es in ten regions (Emilia Romagna, Friuli Ven- economy. A solidity with Novethic on responsible ezia Giulia, Veneto, Lombardy, Piedmont, Lig- BY FRANCO CANEVESIO a giant numbers: 49 million customers, 1.2 communication of the 31 largest banks and uria, Tuscany, Lazio, Campania and Umbria), million shareholders, 7.4 million members and European insurance companies on responsi- with approximately 8600 employees and 1.7 150 thousand employees. Again, there are ble communication. million customers through a distribution net- about 70 countries in the world where the For what regards Cariparma, the origin of the work concentrated in regions which together group is present and 11300 branches in France group can be traced back, as mentioned, to represent 71% of the Italian population and and Europe. Italy represents for the Crédit 1860, when (on the initiative also of the duch- 78% of the gross domestic product. Finally, Agricole the second home market, where it ess Luisa Maria of Berry, widow of Charles III with regard to the numbers and the quality of has 12000 employees and in, in addition to of Bourbon) began to operate, each in its own the budget, Cariparma Crédit Agricole in recent Cariparma group which plays the role of a territory, the Cassa di Risparmio di Parma and years has received numerous awards for the commercial bank, it is present in all areas of the Cassa di Risparmio di Piacenza. The two best ratio of capital strength and profitability financial services: from the specialized finan- institutions have operated in parallel in the (cost-income ratio, return on equity, cost of cial services (Agos Ducato, Fga Capital, Crédit two neighboring territories for well over a cen- risk ratio of bad debts and loans) . The year Agricole Leasing, Crédit Agricole Commercial tury, that is, until the merger in 1993. Since 2013 ended with 150 million euro of net prof- Finance) to the bankinsurance (Crédit Agri- then a path of almost uninterrupted growth it, net assets of 4.6 billion, 36.6 billion of depos- cole Vita, Crédit Agricole Assicurazioni, Crédit led the Cassa di Risparmio di Parma and Pia- its, and 36.4 of loans and € 87.5 billion of Agricole Creditor Insurance), to investment cenza until 2007, when the Emilian bank has assets under management in total.

THE BIG NUMBERS OF CARIPARMA The mortgage? Now it is flexible and personalized 31 December 2013 Cariparma Crédit Agricole has recently allocated make the financing customizable and more a maximum of 24 months, or change its duration ◆ Net income 150,4 mln a credit line of 2.5 billion to encourage Italians in sustainable over time. To build a product in line up to five years as a result of major events but ◆ buying a home. The offer, to support families, is with market demands Cariparma Crédit Agricole also economically challenging as a marriage, the Core Tier 1 10,4% characterized by a certain and affordable rate has conducted research on a target group of birth or adoption of children, or in the event of ◆ Net operating income 1.737 mln and a wide flexibility and modular structure: on potential borrowers with different profiles. The changes in income. The decision to focus on a ◆ Equity 4.599 mln these two principles is based the 2014 results have highlighted the need for a high fixed finished rate is a sign of continuity toward promotion loans which shows a finite rate of degree of customization of the product in the appreciation shown by customers, ◆ Clients Oltre 1,7 mln 2.25% for the first 24 months, resetting of the relation to the different stages of life. The offer is appreciation shown by the demand for loans ◆ Loans to customers 36,4 mld first installment and a number of options for focused on flexibility: the customer will have the recorded by the group, which in 2013 registered ◆ flexibility and durability of installments which option to suspend the payment of the loan up to a growth of 50% compared to the previous year. Direct collection 36,6 mld

GRAFICA MF-MILANO FINANZA 44 45 25 If Via Gesù becomes the Men’s Street

Under the guidance of Umberto n just five years Caruso has been able to why he chose Caruso to invest in the made upset the Italian high-quality menswear in Italy. And which finally in 2014, during Angeloni, already author of ’s scene, and was able to fit into the pan- the pre-Expo excitement in Milan, is push- success, Raffaele Caruso is emerging orama of the consolidated fashion brands ing Angeloni in a broader direction, which Iwith a product that focuses, on one hand, could give to the Quadrilatera, and hence as one of the leading national on the best craftsmanship and Italian tailor- to the whole fashion world in Milan, a dif- ing tradition and on the other hand on a ferent look, a small big upgrade: that of brands of menswear. Strengthened new more cosmopolitan and modern vision transforming Via Gesù in the main Europe- by the entry into the ownership of clothing. A result made possible by the an and international high-quality menswear peculiar industrial fundamentals of the man- artery; and to present it to the world in this of the Chinese Fosun Group, the ufacturing company, the Raffaele Caruso di guise in an active and coordinated way. Italian brand, next January, will Soragna (today Fabbrica sartoriale italiana), It is no coincidence that Angeloni strongly a company that since 1958 with its 600 wanted via Gesù to kick off the flagship simultaneously open two new stores employees, has construct- operation of Caruso, an ed its history on the strat- operation that will debut in Milan and New York egy of investing on a in January 2015 with a The Caruso style is a mix between the great tradition of Italian tailoring and a more cosmopolitan clothing, not separate from research on new fabrics and technology unique mix of constant double opening in Milan fabric research and most and New York: in the BY CARLO GIOIA avant-guarde technology, to put them at the American city with a store with the taste of service of the handmade. an art gallery, in Milan with a large store But of course, if almost all of a sudden you that wants to be the calling card of the inter- are imposing a new brand of Italian mens- active Caruso world, but in both cases one wear, which it has been able to be placed step away from the grand hotel Four Sea- in the same view of the historical names sons of the respective cities. in the industry, it is for the vision of the For this clientele, it has been launched dur- entrepreneur who created it, Umberto ing the Milano Moda Uomo edition of June Angeloni, who joined in 2009 the share 2014, the label of excellence CARUSOper- capital of the company founded by the tai- CARUSO which will be sold only in the flag- lor Raffaele Caruso, and then taking in ship stores of the brand. Label that distin- 2013, full control and then be joined in the guishes the most representative dress of sar- fall of 2013, by the Chinese private invest- torial wisdom of the company, example of ment group Fosun. the Italian lifestyle. A vision which, first of all, recalls the voca- A lifestyle where aesthetic and functional tion, the vocation towards the quality mens- use feed off each other, both powered by wear made in Italy. That same vocation which a work of constant and thorough research, had allowed Angeloni, as shareholder and which ranges from the creation of new fab- CEO, to impose the brand Brioni and turn rics to the ongoing improvement of the fit. it into the brand that has dressed the leg- A work of research and development which endary James Bond; which therefore led him Caruso, probably the only Italian clothing to transform Raffaele Caruso in holder of a brand to push this lever with such determi- formidable home-brand with a long-term nation, believes in so much that he destined potential, as Fosun said while explaining to it a team of over 30 experts.

UMBERTO ANGELONI As shareholder and CEO of Brioni he managed to make it the clothing par excellence of James Bond, now he is doing the same with Caruso, brand that he controls since 2009. The secret is the continuous research of fabrics 47 25 The bank that is not a bank that could save Italy

The Deposits and Loans Fund will have a leading role regarding the debts of the public administration, acting as a FRANCO BASSANINI guarantor of the state. And with the Strategic Fund and the Italian Investment Fund it supports companies during E GIOVANNI GORNO TEMPINI They are respectively their development President and CEO of DLF. BY FRANCESCO BISOZZI The Cassa was transformed into an LLC in 2003 in order to better fulfill its mission: rom over 160 at the Country’s service. Loans Fund within a credit line to be decid- blocks the way to the non-repayable grants. to channel the postal This is the calling card of the Depos- ed by DLF itself, while banks will apply a Transformed into an LLC in 2003, the DLF savings towards its and Loans Fund. Which has been discount rate of 1.90% for loans less than now helps companies to open up (as in the investments to support called upon to play a leading role on € 50 thousand and 1.60% for higher case of Ansaldo) and to grow in Europe (as the economy Fthe payment of the debts of the P.A. as last amounts. But that’s not enough. As confir- Snam did). Its public mission, which allows instance buyer to facilitate the immediate mation of the driving role of the economy channel the postal savings into investment transfer of loans to financial intermediar- and catalyst for the participation of other to support the economy, remained ies. The Minister of Economy Pier Carlo operators, the DLF has decided to invest unchanged for over 150 years of activity. Padoan signed the ministerial decree that up to € 350 million in two funds, promot- 80% is owned by the Ministry of Economy, recognizes a public guarantee on loans of ed by the Italian Investment Fund (where shareholder of Terna and Snam, the group companies to the public administrations in DLF has a 12.5% share), which will move operates in favor of territorial development early July. By relying on the public guar- on two tracks, venture capital and mini- financing investments of public administra- antee, companies will be able to sell to bonds. Regarding the first, DLF is ready to tion, supporting the policies of the real estate banks claims against the P.A.. The banks, put on the plate up to €100 million to allow value of the local authorities, investing in in turn, will sell the credits to Deposits and the investment fund to launch a vehicle social housing and supporting energy effi- tailor-made for an amount up to €200 mil- ciency policies. Through corporate finance lion. The tool will intervene and project finance it sup- in support of venture cap- ports the projects, works in ital funds dedicated to the public interest and com- investing in technology panies for investments in the transfers, seed capital, ear- provision of public servic- ly and late stage and expan- es. sion/growth capital. Such role is also played by Alongside, as mentioned, will the assumption of direct be fed another channel, investments in infrastructure again through the Italian Investment Fund, operators and the subscription of shares in which is that of the mini-bond, tools still funds that invest in infrastructure projects today to the pole despite the regulatory nationally and internationally. Founded in changes introduced by the last government. 1850, DLF began in 1875 to use the network Traders are expecting a lot from this initia- of post offices for postal savings deposits, tive. Today, the mini-bond funds on the paper formed initially by just booklets, in 1875. are 23, but only three arrived at the first clos- Approximately 24 million savers rely on this ing. The potential audience of companies form of prudential saving today. Represent- with size and characteristics compatible with ing 10% of of the stock of household sav- the issuance of mini-bonds is significant: ings. There are 13 thousand post offices that about 33 thousand SMEs with revenues place vouchers and booklets. On an inter- between €5 and 250 million answer the call. national level, DLF is committed to the devel- The operation as a whole, constitutes a dou- opment and consolidation of bilateral and ble shot in the arm for companies that in multilateral institutional relationships. The times of crisis seek alternative channels to activity of international relations has among banking. The Cassa today is a financial giant its objectives to foster the exchange of best with 320 million total assets which pursues practices with international partners, to the public interest to support the economy expand long-term operations and consol- through new tools. All this in a long-term idate the role of leading partner for foreign non-speculative and productive vision which investors interested in Italy. 48 49 25 With that name, full of energy it’s all it could be

Edison is the oldest Italian power dison is the oldest power company in role in the hydrocarbon sector through the pur- Europe. It was founded in 1884, thanks to chase of manufacturing plants in Italy, major company. After the liberalization its founder’s intuition, Giuseppe Colombo, gas discoveries in Egypt and agreements for the of the market in 1999, it soon who decided to take advantage of the elec- import of natural gas. During the 90s it success- Etricity in our daily lives, bringing industrial devel- fully developed activities in the gas sector by challenged on the field the former opment and economic growth to the country. increasing the available reserves and by collab- A pioneering vision that runs in the history but orating with leading operators from Russia to monopolists. also in the present of Edison. Over the past 25 North Africa, from the Middle East to Norway. Now, under the control years the company has adopted, the first in Ita- On 19 February 1999, the Bersani Decree ini- ly, a more efficient and environ- tiated the path of liberalization of EDF, it has a market share of 8% mentally friendly technology of of the electricity market, which in electricity and thermoelectric generation. Since contemplated the change of sup- 1992 Edison has become the pro- plier for customers consuming 20% in gas distribution tagonist of a real technological more than 30 GWh or 2 GWh , breakthrough with the introduc- when combined in the consorti- tion of the first gas-fired combined cycle plant, um. Whereas instead, the sales activity for the BY MANUEL COSTA a technology with high efficiency and a reduced utilities not part of the industry were liberal- bruno lescoeur environmental impact. Between 2002 and 2007, ized gradually , starting in 1999, from custom- The French giant EDF has Edison created in Italy, the most significant pro- ers with higher consumption and progressive- acquired all of Edison in gram of capacity expansion ever made in ly affecting customers with lower consump- 2012 after a takeover bid Europe, with approximately 8000 MW of new tion. Edison was the first operator to take advan- that led to the delisting installed capacity, thus contributing to a sub- tage of the potential of liberalization of the of the bond from the Milan stantial renovation of the generative national market with an offer that represented a real stock exchange park. At the same time it has strengthened its alternative to the former monopolists of elec- tricity and gas. The first customer of the free market of Edison was the Isap of Verona who switched supplier on May 1st 1999. One month were crucial to the competitiveness in the coun- later, the Elettra consortium, made up of sev- try, as they have allowed to make use of ener- en companies in Veneto, signed the first col- gy at competitive costs and guaranteed system With Edison Start ,an award for sustainable projects lective purchase contract for companies that security by diversifying sources of supply. Doing business in the name of innovation and and other partners such as universities and did not meet the eligibility threshold individ- Today, Edison, controlled by France’s EDF and progress. This is the spirit of Edison Start, the institutions for the 10 most interesting projects in ually. Edison landed on the residential market led by Bruno Lescoeur, is the second largest competition launched on the occasion of the 130 each category. By September 14th will be in 2008: the sports testimonial of Edison Ros- gas operator in Italy, active in the production years of the company, for the development of presented the final draft and among them the sano Galtarossa (rowing) and Francesca Pic- and sale of electricity and hydrocarbons, with cinini (volleyball) were the first customers of significant growth abroad, especially in the innovative ideas and projects in the field of three winners will be selected, one for each EdisonCasa. With the success in the electric exploration and production of hydrocarbons energy and sustainable development, social category. Up for grabs are € 100 000 for each and power, the offer for the families has been through 58 concessions and exploration per- development and smart community. The award the support of experts from Bocconi University, enriched with the offer for gas. mits in Italy and 37 abroad: Egypt, Norway, involves young people, start-ups, micro and small the Mip Politecnico of Milan and Assolombarda During those same years, Edison has promot- , Algeria, UK and . In the upstream businesses and nonprofit organizations for a total that will help the winners to transform their good ed a major infrastructure of the national ener- sector, the company can rely on hydrocarbon of 841 projects uploaded on the platform ideas into a business reality. Edison Start has also gy system: the Rovigo regasification terminal, reserves by 360 million barrels of oil equiva- edisonstart.it from all over Italy. Thirty finalists a community on the web where all projects the first offshore facility in the world. Opera- lent, including Abu Qir. The Edison’s gas sup- were selected based on the criteria of innovation uploaded on the online platform can be shared, tive since November 2009, it has a regasifica- ply portfolio is equal to 15.8 billion cubic and usefulness related to the need which they evaluated and enriched by the network together tion capacity of 8 billion cubic meters of gas, meters through which it covers about one-fifth intend to the meet, feasibility, economic, social with the Committee Edison. The platform, which about 10% of the national requirement. Both of the total Italian requirement. The electric and environmental sustainability, repeatability is animated by over 60,000 people participating in this case and in that of the Abu Qir offshore power operations can rely on a fleet of 47 and positive impacts that the project is able to in an active way, has become a real storefront to concession, off the coast of Alexandria, Egypt, hydroelectric plants, 22 thermoelectric plants, in which Edison has acquired rights to explo- 32 wind farms, 9 solar farms and 1 biomass generate for the community. The second stage of attract potential developer partners such as ration, production and development in 2009, plant with a total capacity of 7,700 MW. In the competition provides tutoring activity and bodies, companies and institutions that can freely the group Foro Bonaparte was the engine of 2013 it produced 18.7 TWh covering a mar- advice from a team of experts of the company consult the projects and initiatives present. development and progress . The two works ket share of 7.9%. 50 51 25 The Queen of shareholders at the Milan Stock ince Enel has landed on the market, exactly Also on the listing from Piazza Affari Enel has a Privatized exactly 25 years ago, it has not stopped. But the deci- record: it is the Italian company with the highest 25 years ago, Enel from national sive momentum, that led it to take a recogni- number of shareholders, 1.2 million small and insti- zed international status, came more recently, tutional investors, although the main partner champion, has continually grown Sin 2007, with the acquisition of 92% of Endesa, the remains public, the Ministry of Economy and Finan- Iberian subsidiary that has opened the doors of ce, which owns a 31.24% stake. The one with the abroad and is now present in 40 South America to the parent company. Today, Enel Stock Exchange is a tight relationship also in other countries and in four continents. is not only the largest power company in Italy, but countries, if you consider that there are 14 subsi- Europe’s second listed utility in terms of installed diaries also listed on lists from Italy (besides Enel But it is also the Italian company on capacity and a leading operator in the electricity there is also EGP) Spain (Endesa), Russia (OGK5) the stock exchange with the largest and gas industry of Europe and Latin America. The , Argentina, Brazil, Chile and Peru (the various sub- sight that gives the current geography is impressi- sidiaries of Endesa, like Endesa Chile and Ener- number of shareholders, 1.2 million, ve: Enel is present in 40 countries on four conti- sis). The code of ethics, the sustainability report, including small investors and large nents, operating in the field of generation with a environmental policy (more than 46% of the elec- net installed capacity of over 94 GW and distribu- tricity generated by Enel last year has no carbon institutional investors ting electricity and gas to around dioxide emissions) and the adop- FRANCESCO STARACE After building the success 61 million customers through a tion of international best practi- of Enel Green Power, he has network of approximately 1.9 mil- ces in terms of transparency and arrived now at the helm of lion kilometers. With approxima- corporate governance are all the entire group, which in BY ANGELICA ROMANI tely 70000 employees, the group trump cards that allow Enel to the last 9 years has now led by Francesco Starace, boast in the shareholders’ register contributed to runs a diversified fleet of hydro- the major international investment development of the electric, thermoelectric, nuclear, funds, insurance companies, pen- country for about 100 geothermal, wind, and solar power plants and other sion funds and ethical funds. In the past 9 years, billion Euros renewable sources. Enel is focusing on the latter the group has contributed around € 100 billion to sector, combining the business of producing with the development of the country, with a mix of great attention to research and development of grants ranging from € 4 billion resulting from the new environmentally friendly technologies. the privatization process to over 25 billion of divi- Everything finds the ideal location in Enel Green dends (of which 8 are paid directly to the sha- Power (EGP), the subsidiary dedicated to the deve- reholder public), and also including 18 billion from lopment and management of power generation fees paid to tax authorities, €21 billion from sala- from renewable sources which totals approxima- ries and contributions and € 34 billion of orders tely 8.9 GW of installed capacity, from plants on which benefited the armature of Italian compa- hydro, wind, geothermal, solar, biomass and coge- nies. During the same period, the TSR (total sha- neration in Europe and the Americas. reholder return) was approximately 22%. First in the world, Enel proceeded to replace tra- A look at the numbers remains the fastest and ditional electromechanical meters with so-called most effective way to grasp the growth in size: in smart meters, the modern electronic devices that 2013 Enel achieved revenues for about 80.5 bil- allow meter readings in real-time and remote mana- lion euro, EBITDA amounted to approximately € gement of contracts. Today, about 32 million Ita- 17 billion while net ordinary profit was about 3.1 lian retail customers have an electronic meter instal- billion euro. Today, the main target remains the led by Enel. Another 13 million electronic meters reduction of debt, which is expected to drop to are reaching customers in Spain. This innovative 37 billion euros by the end of the year, thanks to measurement system is essential to the development the resignation of assets no longer a core business of smart grids, smart cities and the so-called elec- for the group, such as the nuclear ones of Slovens- tric mobility. ke Elektrarne. 52 53 25

CLAUDIO DE SCALZI After having taken the helm of the group he flew to Hanoi to close a deal of exploration of a huge offshore block. He then continues the strategy that has allowed Eni to discover between 2008 and 2013, reserves of 9.5 billion barrels of oil

last decade. The Perla field, located in the Gulf of Venezuela, 50 kilometers from the coast and Six-legged dog, a water depth of 60 meters, was discovered in 2009. The current estimate of gas reserves in the spot is about 480 billion cubic meters. In South Africa, the six-legged dog has con- cluded with Sasol Petroleum International, a subsidiary of the South African company Sasol which operates in the upstream oil & gas, an all stars and stripes agreement to acquire the 40% stake and ope- rational management of the permit ER236, which guarantees the right of exploration of 15.43 billion euro. The cash flow of € 10.97 holds very high shares. an area of 82 thousand square kilometers off The country’s largest company by billion and the proceeds of the divestment The cash flow per barrel was $ 31.9 in 2013 the eastern coast of the country. In Mozam- revenue and market capitalization program made it possible to fully finance capi- and is expected to rise further in the coming bique has been successfully carried out the tal expenditures of € 12.75 billion and the years due to increasing crude oil production campaign delineation of the discovery of grew from an Italian idea. But the payment of a total dividend of 3.95 billion. (from 52% in 2013 to 57% of the total produc- Agulha, located in Area 4 offshore Mozambi- future is the American model, to Following the appointment of Claudio Descal- tion in 2017). The corporation has a target pro- que. The total resources discovered in Area zi at the helm, it has been defined a new orga- duction growth of 3% in the next three years 4 are estimated at about 2.407 billion cubic retrace the path of the majors nizational structure to maximize the value of and by 4% in the long term. The first results meters. In Europe, the company maintains its the strategy based on growth in the upstre- of the new strategy by Descalzi were not long leadership in the gas sector and initiated a am sector and the recovery of profitability in in coming. Last month, the company has sig- process of profound transformation of its the mid and downstream sectors. The new ned an agreement with PetroVietnam in Hanoi midstream assets, with renegotiation of gas structure involves passing the divisional model, for the exploration of the offshore block 122 contracts with long-term reductions in tran- BY FRANCESCO BISOZZI replacing it with an integrated model, which which extends over an area of nearly 7 thou- sport capacity and focusing on businesses is strongly focused on industrial tar- sand square kilometers in the Phu with greater value (LNG, trading and retail). gets. The objective of this reorga- Khanh Basin, in water depths of up Versalis has instead embarked on major nization, as Descalzi himself explai- to 2 thousand meters. In Kazakhstan, projects for the conversion of the Porto Tor- ned, is to bring together all the Eni will work alongside KazMu- res plant to produce new products of green resources of the six-legged dog, nayGaz to the exploration and pro- chemistry and is expanding its international shortening the lines of contact and duction of offshore oil block Isatay, presence with joint ventures in Asia. For the- avoiding duplications, so as to tran- in the northern part of the Caspian se sectors is expected to return to profitabi- sform the company into an opera- Sea. China has signed a new Pro- lity by the end of 2016 at the most. Eni has ting company. Eni, one of the lar- duction Sharing Contract with CNO- also performed in the last two years dispo- ni changes, coinciding with the begin- gest integrated energy companies in the world, OC for the exploration of a block off the island sals for more than 13 billion euro and has ning of Descalzi. After that, in May, the will become a real oil company, like the Ame- of Hainan in the South China Sea. Eni, present scheduled further sales for € 9 billion with latest financial statement of the oil com- rican majors. From 2008 to 2013, the six-leg- in 85 countries with 82,300 employees, has the sale of residual shares of Snam and Galp. pany was approved, which closed 2013 ged dog has discovered deposits of over 9.5 also recently expressed interest in the deve- With regard to the research and technologi- Ewith an adjusted net income of 4.43 billion billion barrels of oil. Only in 2013 have been lopment in Turkmenistan of new offshore cal development, the commitment is concen- and a dividend of 1.10 per share (for 2014 it found resources for 1.8 billion barrels with exploration activity, where the company has trated mainly in the upstream, where the pri- will be proposed a dividend of 1.12 EUR per new wells in Mozambique, Angola, Norway, demonstrated a proven industrial experience, ority is to develop quickly and efficiently share). The accomplishments of the past year Ghana and Congo. The potential arising from thanks to the work done in the Caspian Sea resources discovered in recent years, to start enabled the company to increase profit by these findings will foster future growth and since 2002. At Caracas were signed strategic the production of big projects, such as the 23% compared to 2012 and launch the share accelerate the generation of cash through the agreements for the exploitation of the reser- Goliat Kashagan reserves and the block 15/06 buybacks by keeping the debt constant at dilution of investments in fields where Eni voir Pearl, one of the largest discoveries in the in Angola. 54 55 25 With the wind now the direction is changing rom oil to renewable energy the step was decade later, in 1980, it was decided to close the Erg is about to become one of the short. It took more than 70 years and three refinery in Genoa and to acquire of a majority top five players in European clean generations to Erg, historical group of refi- stake in ISAB. The goal was to create a center of ning and distribution of petroleum of the Gar- the downstream, meaning the formation of a net- energy, especially in wind power. Frone family, to switch from refining to renewables, work of distributors of fuels of a decent size, and the current core business of the company from it was achieved in the mid-80s with the acquisi- And the Garrone family has already Genoa. The story began in 1938 when the mayor tion of the Italian plants of Elf Italiana and Che- prepared new investments for of Genoa, Marquis Cesare Bombrini granted Edo- vron Oil Italiana. The last 25 years of the history ardo Garrone, grandfather of the current namesa- of Erg start with a turning point: at the center of acquisitions abroad. The crude oil ke president, the license «for the trade of products the core business is put energy, in view of the libe- will be ever more a memory. Even if derived from the processing of petroleum and coal ralization of gas and electricity in Europe. For this tar». This is how the sole proprietorship company reason, in 1993 Erg has signed a partnership agre- everything started from there, at the of Edoardo Garrone was born, ement with Edison Mission Ener- dawn of World War II, due to residues which during the first post-war gy to implement the gasification- period became, in San Quirico, cogeneration ISAB Energy, which on oil tankers in the port of Genoa a suburb to the west of Genoa, came into operation in 2000 with the Edoardo Garrone Refinery, a capacity of 528 megawatts and with the Erg logo, three letters a production of 4 billion kWh, BY FRANCO CANEVESIO protruding above the figure of a 1.5% of the national consumption. dice, dice because it was the In 2002 was formed Erg Raffine- diminutive of the progenitor Edo- rie Mediterranee, one of the three ardo. That name now represents companies (one dedicated to inter- a group that in 2013 recorded a net operating pro- national cargo market) in which the group deci- fit of 278 million and is controlled by the Garro- ded to divide itself in (the other two are Erg Petro- ne and Mondini families through the Italian hol- li and Erg Power & Gas). A year later the owner ding San Quirico (56%) and Polcevera (7%). Riccardo Garrone after 40 years left the presidency, In the early days, the first of Erg petroleum pro- replaced by the eldest son Edoardo, but the real ducts were derived from a raw material at low breakthrough towards renewables is dated 2006, cost: the dregs of fuel oil tankers that docked in when Erg has acquired 51.33% of Enertad, a listed the port of Genoa for cleaning maintenance. A cri- company active in the production of electricity tical step in the history of Erg was 1963; in that from renewable sources. The participation incre- year (during a phase in which the refinery emplo- ased in 2007 to 68.38% and 77.4% in 2008. Rena- yed more than 600 people and had a capacity of ming Enertad as Erg Renew was the seal of the 6.5 million tons) Garrone «invented» the complex choice of the renewable energy sector as a new of Arquata Scrivia, the first in Italy for the oil logi- operational heart of the Genovese group. Erg today stics. But 1963 was also the year of death of the is the first Italian producer from wind power and founder Edoardo Garrone, substituted to the pre- it is among the top ten players in Europe. In this sidency of Erg by the young son Richard, 25 years direction are concentrated plans for growth and old, a newly college-chemistry graduate. development of the company. Another important year was 1971, when in Prio- The change in strategy coincided with a gradual lo Gargallo, in the province of Syracuse, the Isab move away from the business of oil refining, which ALESSANDRO GARRONE project (Industria Siciliana Asfalti e Bitumi) was took place in several stages with the sale of the e LUCA BETTONTE born, the first refinery «with a total ecological con- ISAB refinery to the Russian Lukoil. Erg then mana- Respectively, executive vice tent» of 10 million tonnes per year and immedia- ges, in a joint venture with Total, the fuel distribu- president and CEO tely oriented at the international market. About a tion network TotalErg. of the Erg group 57 25 EULER HERMES AT THE STOCK EXCHANGE GLI AZIONISTI DI EULER HERMES Shares in € Al 31 dicembre 2013 120 Azioni proprie 2,6% 100 The insurer that gives 80 Allianz 67,8% 60

40

20

0 Mercato 29,6% rating to companies 2000 2002 2004 2006 2008 2010 2012 2014 GRAFICA MF-MILANO FINANZA An integrated package of services, uler Hermes Italia is the insurance com- joins the most important German insurance and has an executive office in Milan. The net- pany for the short-term credit, market credit company, which is also controlled by work extends throughout the country with 10 it helps and follows step by step leader in Italy (48%) and in the world Allianz, becoming Euler Hermes SIAC. Since Risk Offices, which verify the performance of (34%). It offers companies financial ser- 2010, the Euler Hermes Group is divided into businesses and market sectors, collecting back- client companies in international Evices for portfolio management, accompany- six macro regions: Euler Hermes Siac is insert- ground information, through direct contacts competition. From risk assessment, ing the Italian companies to the conquest of ed in the Area EH Paesi Mediterranei & Afri- with the local operators. They analyze and international markets. Thanks to a proprie- ca. In 2012, Euler Hermes SIAC, along with evaluate the data, expressing opinions on the with a database of over 40 million tary database and a network of specialists in other entities of the group, joined Euler creditworthiness. A sales network with 26 gen- companies, to the insurance that the area, it analyzes and monitors the daily Hermes Europe based in (Belgium). eral agencies, as well as synergies with the economic and financial performance of the The Region of the Mediterranean countries major banks and brokerage firms constitute covers the loss of credit, up to its debtor companies. It and Africa, one of the the Italian distribution network. was founded in 1927 groupings to which it Euler Hermes Italia offers to corporate clients retrieval. A necessary partner when as the SIAC (Società belongs the Italian an integrated package of services that will access to finance is difficult Italiana Assicurazione branch, encompasses help in national and international competi- Crediti), for initiative the Middle East that tion, by supporting them in all stages of the of the major Italian complements the management of credit risk. From risk assess- companies, including Ina Assitalia, who was name. Also in 2012, all the group companies ment, through the constant monitoring of a then the majority shareholder with 52.65% of renew their visual identity, adopting a single database of over 40 the share capital. In 1998, the French Euler brand: Euler Hermes. Headquartered in Par- million companies, it (a subsidiary of Assurance Generales de is, today the company is present in more than guarantees the prior BY NICOLA BRILLO Michele pignotti France, in Allianz’s orbit) acquires control of 50 countries with over 6000 employees. Eul- assessment of the At the head of the the company. Hence the new name Euler er Hermes is a company of Allianz, listed on business partners of Mediterranean, Africa and SIAC. In 2000, the group Euler is listed the Euronext Paris (ELE.PA) and benefits from the the insured compa- the Middle East Area has Paris stock exchange and it also detects the AA-rating from Standard & Poor’s and Dagong. nies, the insurance decided to focus on remaining part of the capital, controlling 100%. In 2013 it has achieved a consolidated turn- policy, which covers innovation to provide The Euler Group is present in other countries over of 2.5 billion Euros and has covered the risk of permanent businesses with a global with SFAC in France, Trade Indemnity in the transactions for a total amount of 789 billion loss of all or part for security from market risks UK, Cobac in Belgium and the Netherlands, Euros. the credit because of ACI in North America. In 2003, Euler Hermes In Italy Euler Hermes Italia is based in Rome the insolvency of the debtor, until the debt collection, carried out by an extensive network of national and inter- national correspondents. A simple and inno- vative web portal allows you to manage the We will innnovate apps and tools for an increasingly faster policy management. operativity of the policy in real time. «During the past 25 years, Euler Hermes Italia Meanwhile, however, the demands of customers provided.». Insurance coverage in the past was seen as a has faced many changes, both from a legal and have changed. «Growth, savings and credit are As for the future, however, «the credit insurance means of risk transfer, but today the increas- business point of view intended in terms of the the three fundamental drivers to ensure that market should maintain a good momentum of ing difficulties of assessment of the markets evolution of the service offer towards the Italian companies come back to have new growth due to the increased perception of the and the problems of access to finance will potential market ». Michele Pignotti, head of momentum. It is precisely on these variables, service companies and the persistence of the require a different approach: the insurer and Euler Hermes in the Mediterranean, Africa and that in recent years we have based the high risk credit on its domestic market and the client company must share the best cred- the Middle East, talks about his group partnership between EH Italy and its client export. In the period 2010-2013 the credit it risk management from evaluation phases to the last act of legal recovery. Euler Hermes «Over the years», he continues, «we have companies. A relationship based on information insurance sector has shown a growth of thus spreads the culture of the credit insur- strengthened the wealth of information turning sharing, the development of joint strategies insurance premiums by 17% and in the next 4-5 ance through the dissemination of economic it into an excellence and a differentiator in the aimed at ensuring to the client company a long- years, we expect a further acceleration. The new studies and information seminars to increase market, we have worked more on the term growth. Through a tailor made offer EH technological offers (new management tools awareness by entrepreneurs on topics such segmentation of the offer, and then we worked Italia has been able to better meet this needs. and apps) will play a key role, which will allow a as risk protection and improved working cap- on improving the customer experience through The renewal rate over the last three years more agile and fast management of the ital management. Activities that are general- improved internal efficiency ». demonstrates the high quality of the service insurance, saving time and money». ly carried out in partnership with leading trade associations in the country. 58 59 25 Fiat changes history It was and remains the most important Italian industrial group, but Italy is not its principal market anymore. The new Fca’s target is actually the world, in line with the philosophy that Marchionne has managed to convey to the group BY NORBERTO MANASSERO

o group like Fiat represents the evolu- with Rizzoli Corriere della Sera and in the cred- which renewed loans by € 3 billion through the sergio marchionne tion of the Italian industrial system since it with the Nuovo Banco . Not to very well known convertible loan. In January He was the last choice 1989, in a path that led to the wake of mention that Fiat itself had in the historical par- 2003, however, Gianni Agnelli died and a year Umberto Agnelli made, who internationalization of the markets of a ticipation in La Stampa, which still holds. In later, his brother Umberto died too, who had saw in him the right leader Ngrowing number of companies to focus on their short, even in 1989, «what’s good for Fiat is fine taken his place. The Turin family then relied on for the future Fiat. core business by limiting the race to the diver- for Italy» was not only one of the many apho- Luca Cordero di Montezemolo, who became Now the Italian-Canadian manager, by melting the sification sought during the 80s. In 1989 the risms of the Advocate Agnelli, but considering chairman of Fiat and representative of the fam- Lingotto with Chrysler Lingotto was not only, as it is now, the largest the armature of all subsidiaries, it correspond- ily in the markets while the Italian-Canadian has already started to attack manufacturing Italian company, but the Turin- ed to reality. manager Sergio Marchionne was appointed CEO the global market based company represented together with Over the decades, this network of the group. Marchionne, who Mediobanca the architrave of the entire eco- has gradually crumbled. In came from the Swiss subsidi- nomic and financial system of the country. Fiat 1997 Giovannino Agnelli died ary Ifil Sgs (sold in 2013), was at that time, firmly in the hands of the broth- at the age of almost 34, of a the last choice of Umberto ers Giovanni and Umberto Agnelli, managed rare form of bowel cancer, just Agnelli, who shortly before his by Cesare Romiti and which saw Giovannino when the amount of debt used death had indicated the man- Agnelli as future commander, was much more for diversification over the decades was begin- ager with the sweater as the ideal man to revive than just a factory for cars and trucks. Through ning to bite. In 2000 Cuccia advised Agnelli « to the company. However, it was the beginning of the financials Ifi and Ifil the family had inter- sell Mercedes”, but Agnelli did not listen and a new era for Fiat, which first of all with Mar- ests in the insurance system with Toro, in the instead relaunched by signing a share exchange chionne earned $ 2 billion to give up on the put distribution with La Rinascente, in the motor- with General Motors, as well as a put option by option towards GM, while in April a controver- way sector with the Milan-Turin motorway, in selling the remaining 80% between 2004 and sial operation, the swap Ifil , allowed the the construction industry with Unicem and in 2009. Whereas in 2002 another breath of fresh Agnelli family to keep control of Fiat. publishing with Fabbri. Through Gemina, how- air came from a syndicate of banks including In the second part of the second decade 2000- ever, the dynasty had interests in publishing Intesa, Sanpaolo Imi, Unicredit and Capitalia, 2010, thanks to the excellent performance of the sales in the European market and the boom in registrations in Brazil, Fiat marked a signifi- cant recovery in terms of profitability and finan- Goal: 7 million cars. The event is scheduled for 2018 cial results. However Marchionne soon realized A business plan of 55 billion investments within generalist market in South America, Europe and that Italy and Latin America could not long sus- five years, which aims to sell more than 7 million China. In order to get a financial «ambitious and tain the accounts of the Turin area. During those cars in 2018. This is the essence of the strategic plan courageous,» result, as Marchionne explained. The months, the manager realized that the leap was no longer postponable. Nobody back then for 2014-2018 Fiat Chrysler. The objective is to goal, in terms of budget is to get € 5 billion of net could have imagined, but the manager had consolidate the Lingotto among the major global profit by 2018, while revenues at end of the period loaded the chamber: on January 20, 2009, Fiat players in the industry. The maximum stress will be should hoist 32 billion. EBIT to 2018 is estimated to announced an agreement with the U.S. admin- concentrated on the premium brands of the group, be between 8.7 and 9.8 billion euro compared to istration to take a stake in Chrysler. A move who by virtue of their appeal and their history will 3.5 billion in 2013, said the CFO Richard Palmer, with no return. With the acquisition of Chrysler, be able to ensure a greater value per unit of the noting that revenues in the NAFTA (North America) Fiat could hope to carve out a future among vehicle, thereby increasing the profitability of the are estimated to rise to 67 billion (from 46), while the largest in the industry. Especially as Chrysler, automaker. Jeep, , and those in Latin America to 15 billion (from the with the the recovery of North American mar- (as well as Dodge, which will be reserved for the current 10 billion). In Asia Pacific revenues will rise ket, immediately proved to be the goose that performance car niche) will allow Fiat Chrysler to to 11 billion (from 5) and in Europe and the Middle lays the golden eggs, managing to offset the make a further leap forward. But while these East to 26 billion from 17 in 2013. In absolute terms, sales slump that hit the Old Continent. From brands will seek room among BMW, Audi and therefore, the greater market will be the North here Marchionne restarts now with the new business plan unveiled on May 6th in the Unit- Daimler, Chrysler will have, at the same time, to American one. It should also be noted that this ed States. If he’ll fail to achieve the objectives, take advantage of the growth of the North growth will help also Italy. The main effort the manager, which in fact has already earned American mass market and double its will concern Alfa Romeo which will a place in the history of the house of Turin, sales, while the Fiat brand will be the ram of the assault to the will conclude its mandate stating that it has seek to grow on the premium segment. made Fiat a global group capable of compet- ing in the world. 60 61 25 In the Future since ever Finanza & Futuro is one of the three pillars of the strategy of expansion of Private & Business Clients Italy, of Deutsche Bank . With 1,550 promoters, assets under management reached 11 billion. With the goal of reaching 12 at the end of 2014

BY MANUEL COSTA

hat of Finanza & Futuro is a real In 1995, Deutsche Bank acquired Finanza & story. Like a lyric opera. And, like Futuro with the the aim of increasing its ASSETS UNDER MANAGEMENT all authentic narrations, it tells of capacity to collect on the Italian market. Over Figures in billions of € happy moments and achieve- the years, the network has gone through pos- 12 12 «Tments, setbacks and inevitable difficulties. itive times, along with setbacks, until arriv- 11 10 However, in a continuous harmonic grow- ing in 2007 when the group decided to invest 9 ing.» These are the words with which Arman- in the company with the development plan 8 do Escalona, CEO of Finanza & Futuro - the that would lead to continuously grow in network of financial advisors for Deutsche important ways. Bank in Italy - commented the first 25 years Since those years, Finanza & Futuro regis- of the history of the network, celebrated in tered a powerful growth, with the margins 4 2012. Founded in 1986 on the initiative of and potential yet to be developed in terms the Bank of Rome, Shearson Lehman Broth- of the number of promoters, total assets and ers and Cofide, Finanza & Futuro became net assets under management. A growth that 0 operational in 1987, with the acquisition of is fully embedded in the expansion strategy 2011 2012 2013 2014 E Sprind, management company created in of Private & Business Clients Italy - the retail GRAFICA MF-MILANO FINANZA 1984. During those years before privatiza- division of the bank that is owned by Mario tions and before the consolidation of the Cincotto - which, in addition to the network banking sector, few of promoters, is made Deutsche Bank in Italy, starting with a sus- would have imagined up of 340 branches tainable business model, continues to grow that 25 years later , a Deutsche Bank and in search of a dimension, in terms of peo- young company like Deutsche Bank Easy, ple, adequate to compete, a platform of prod- Finanza & Futuro would dedicated at the Con- ucts and services comprehensive and inte- grow, become part of a large international sumer Banking. The past and the present of grated and a quality asset of great value. group and become a major promotion net- Finanza & Futuro show significant invest- Strengths that already characterize Finanza work in Italy with more than 1,550 financial ments in the area: openings and relocation & Futuro and that will enable it to meet the consultants, assets under management of € of offices, technological development, com- challenges of the coming years: accelerat- 11 billion and a target of 12 billion end of munication initiatives aimed at customers, ing profitable growth to gain market share; the year. Finanza & Futuro has been able continuous increase of the distribution mod- attract and develop the best professional tal- then, not only to survive but also to gain a el of open architecture, a distinctive element ents; increase efficiency by simplifying and position of leadership in the Italian asset of success for Finanza & Futuro. improving the operating model; increase management, following a clear and well Today, the company chaired by Flavio Valeri customer satisfaction, developing new invest- defined growth path. who leads - as chief country officer - ment products and expanding the insurance portfolio with focus on supplementary pen- sions; increase the satisfaction of the pro- moters. ARMANDO ESCALONA All of this goes hand in hand with the real- The CEO of Finanza & Private Advisory Unit is coming ization by the market and the customers of Futuro «We’re a true The high level of attention that the market of Futuro), dedicated to the great heritage and the importance of the role of the financial story of successes and financial promotions is placing on the with a team of consultants of high seniority advisor that is becoming more and more an setbacks, but in a promoters of private profile and the need to with portfolios in management from 40 essential and social function. Italians are continuous and harmonious growing» continue to pursue a process of strategic million euro. This facility will complement starting to have trust, looking at their invest- ments in a more long-term perspective. They growth led Deutsche Bank to create the existing distribution network Finanza & seek safety, personalization, reassurance and structures more and more dedicated, Futuro, F & F Sales Network, whose therefore a figure, such as the promoter who, focused and specialized. In this context, responsibility will be entrusted to Dario Di by remaining always at the side of the cus- Finanza & Futuro decided to create a new Muro. The change is part of a journey that tomer, is able to create stable relationships structure called Private Advisory Unit, under sees Finanza & Futuro grow and evolve, with over time based on listening, engagement, the supervision of Massimo Peltretti the goal of overseeing the optimal territory availability and an exclusive attention that (formerly Commercial Director of Finanza & through its strategy and its activities. makes the client feel important, generating confidence. 62 63 25

mauro moretti After having healed and re-launched the Italian State Railways, the new CEO, at the helm of the group A vertical take-off since mid-May, decided to revolutionize the internal The new industrial plan will transform the core companies into divisions of the parent company. The goal is to organization have more efficient structures and interconnected to increase both productivity and strategic coordination

BY FRANCESCO BISOZZI

locomotive which employs 64 thou- products and systems, both from the point of sand employees located in more than view civilian and from the military). Whereas 20 countries. With revenues of approx- in aviation, through Alenia Aermacchi and the imately 16 billion Euros. And orders joint ventures ATR and SuperJet Internation- Afor 17.5 billion. Today, Finmeccanica is the al, Finmeccanica designs and manufactures first Italian industrial group, leader in the field complete medium transport and training air- of high technologies, among the top ten in craft and is a partner in the most advanced the world in the Aerospace, Defense and military and civil programs, as well as hold- Security sector. At the helm there is since ing leadership positions in regional aircraft mid-May, Mauro Moretti, as CEO and gener- and advanced aerostructures. al manager. He announced that he is work- Industry space: through the “Space Alliance”, ing on a new industrial plan that will be in partnership with Thales, the group here is defined on the basis of the biannual current- second in Europe, active over the entire val- ly being processed. It will not be a simple ue chain, manufacturing and satellite servic- upgrade, but a completely new and innova- es added value, with the joint venture Teles- tive plan The recent confirmation by Fitchof pazio and Thales Alenia Space. In the Defence the BB + rating is a sign of confidence in Fin- systems, with OTO Melara, is present in the meccanica which takes into account their terrestrial and naval weapon systems and new business plan under construction. with WASS in the underwater systems. It also The group’s presence at international level has works with MBDA in the missile sector (a grown steadily in recent years due to strate- joint venture with Airbus Group and BAE gic acquisitions, targeted investments and inter- Systems), the second group in the world. In national alliances. The result: Finmeccanica the transport sector the group is present with has now become a multinational and multi- investments through Ansaldo Breda, Ansal- cultural company at 360° whose global suc- do STS, a leader in signaling systems, and cess lies first and foremost into the technolog- in several business sectors. In helicopters, with BredaMenarinibus (bus segment). ical excellence of its products, the result of AgustaWestland, the third company in the The board of directors of the company has substantial investment in research and devel- world and second in the commercial sector. just given the go-ahead to the guidelines for opment amounting to over 11 percent of rev- In the field of defense electronics and securi- the implementation of the new organization- enues on an annual basis. The research involves ty, through Selex ES and DRS Technologies, al and operational model of the group, which more than 4 thousand people. There are about the group stands as the second player in provides for the incorporation of the princi- 14 thousand engineers dedicated to the design. Europe and holds an important position in pal subsidiaries in the holding company and Today, Finmeccanica has a significant position the U.S. market (with a complete portfolio of its transformation into divisions. Facilities equipped with all the necessary functions for the development and management of their business. The technical controls and central Declare war to degradation. The group «adopts» Pompei functions for the coordination and support to the business will then be secured, as well Finmeccanica adopted in April one of the six most famous archaeological sites in the world. Pompeii. as more integrated governance and strategic The holding company has signed an agreement with the MiBact, the Ministry of Heritage and Culture policies, with benefits in terms of industrial and Tourism, for the donation of innovative technologies and services for the monitoring and protection productivity, economies of scale and increased of the archaeological site in Campania. «In this way», the Minister Dario Franceschini explained, the day competitiveness. Basically in this way Fin- when the agreement was signed, «it will be possible to reduce the level of degradation and promote an meccanica is divided into two: on one side understanding of the archaeological site, thanks to scientific insights and technologies by Selex and there will be a company with operational Telespazio. A multidisciplinary team has identified three priority areas: hydro-geological risks, operations divisions and the other will maintain the role of the parent company and corporate cent- management and diagnosis of the site of the artifacts and structures.» The assistance of Finmeccanica er for companies not included in the divi- has been assured for 3 years. The cost that the group will bear amounts to 1.7 million Euros. The sional process, starting with the internation- technological «adoption» will be fully operational by December of the current year. al joint ventures in space (Thales Alenia space and Telespazio). 64 65 25

A wine that can really change a life On the island of Gorgona, the smallest of Producing it for 7 LAMBERTO FRESCOBALDI the Tuscan archipelago, 18 miles west of Member of the thirtieth Livorno, Marchesi de ‘Frescobaldi has generation of the decided to establish a blend of Vermentino Florentine family, took the and Ansonica, varietals now perfectly place of his father Vittorio to guide the company, acclimated on the island. The vines are which he had started cared for and collected by «special centuries, but selling it working in very young, peasants.» The result is ‘Gorgon’, a white after a specialization in wine that is the result of collaboration viticulture at Davis between the winery and the Institute of University in California Pena present in the island. Frescobaldi winemakers and agronomists have worked together with prisoners, by teaching them through social networks important skills that can be reused at the end of the retention period, for an easier reintegration into society. The Gorgona wine comes from a small Tradition and innovation are the hallmark of the ancient family of wine vineyard of about an acre, located in the producers, who preside most modern platforms, from Facebook to YouTube, only area sheltered from strong sea winds, in the heart of an amphitheater which from Pinterest to Instagram, to promote their products, without forgetting overlooks the sea. The vineyard is managed the social networks of the new markets, such as China’s QZone in organic farming by the inmates of the prison. The 2685 bottles and 350 magnums, all numbered, are available for sale at the best restaurants and wine bars in Italy and BY FRANCESCO COLAMARTINO abroad (America, Germany, Asia). The proceeds are reinvested in the project related to the island. Upon presentation of

he Frescobaldi family has in its past 700 uniqueness, that at the beginning of the 1400s rels and they stand out in the same period from Bolgheri to Maremma di Scansano e di commitment,», he said. years of wine history. From thirty gen- the great Renaissance artists such as Donatel- for the introduction of the “specialized vine- Magliano, lands of great value that give to the A 700 year long history, but always keeping erations it is in fact committed to the lo and Michelozzo Michelozzi were famous yard.” wines a unique personality and typicality. up with the times. Hence the decision to focus production of great Tuscan wines. The admirers of. A century later, their wines were In 1989 they purchased the Castelgiocondo Each estate is an independent production on the social web with a specifically planned Tlong history begins around the year one thou- served on the tables of the English Court of farm in Montalcino and in 1990 they found- company, with dedicated agronomists and strategy. Having manned all the channels, from sand with the flourishing of the banking busi- Henry VIII and the Papal Court. ed the Consortium of Olive Growers of Cen- oenologists, with potential tastings and win- Pinterest and Instagram to Facebook and You- ness of medieval . Here the Fresco- They have always been distinguished by tral Tuscany, giving rise to the extra virgin ery tours, in the villa and the castle. Tube, with the ability to create dialogue in the baldi become protagonists of the political and respect for tradition and openness to research olive of Laudemio. Now the Tuscan wine company is led by the reference markets also through local strategic economic life, which has earned them the and experimentation. In 1855, the first ones In 1995 they inaugurated the Luce della Vite president Lamberto Frescobaldi. A member social networks, like in China with the QZone title of treasurers of the British Crown. They in Tuscany, they plant the Cabernet Farm in Montalcino, to which is added in 2000 of the thirtieth generation of the family, born or V Kontakte in Russia. In terms of e-com- write their names in the history of Florence, Sauvignon,the Merlot, the Pinot Noir and the Farm Conti Attems in Friuli. Latest luminous in 1963 in Florence, passion- merce, the company has commissioning large public and architectur- Chardonnay, in the estates of Nipozzano and projects are the control of Ornellaia Farm in ate about agriculture since decided to open itself direct- al works, such as the Ponte Santa Trinità over Pomino. In 1894 they build the first Italian Bolgheri in 2005 and in 2011 the opening of childhood, he started work- ly on the global market and the river Arno and the basilica of the Holy winery in Pomino capable of exploiting the the Flagship modern winery in Maremma. ing very young in the com- have, in terms of visibility, a Spirit, entrusted to Filippo Brunelleschi. Among natural gravity for the transfer from the bar- The estates of the Marchesi de ‘Frescobaldi pany, which has made him positive image return through the most illustrious representa- are located in some of the best grow a true passion for wine. a new sales channel. tives of the family: Dino Fres- and most famous areas in Tus- After graduating in 1987, spe- The wine is accompanied by cobaldi, a poet of the Dolce Stil cany: from Chianti Rufina to cializing in viticulture at Davis the production of Tuscan olive the 2013 harvest even the master Andrea Novo; Girolamo Frescobaldi, Montalcino, from Pomino to Col- University in California, one oil. The Laudemio Frescobaldi Bocelli, wrote a text and signed the wine musician and composer, who is li Fiorentini di Montespertoli, of the best in the world in is produced by Frantoio, Lec- label, combining, he said, «my passions, the still considered one of the most the field of wine, he returned to Florence to cino and Moraiolo varieties, hand-picked and vineyard precisely, but also the Tuscan important exponents of the deal with the renewal of the family vineyards. pressed the same day at a controlled temper- archipelago, paradise of the earth. « The Baroque music. The beginning «I thank those who have created and devel- ature in the mill property. first harvest of Gorgona (2012) was held in of the wine production is doc- For seven hundred years the name oped the company in all these years, my father Marchesi de ‘Frescobaldi recorded in 2013 a «baptism» at the Department of Prison umented in the early 1300s, in of the Frescobaldi family has been Vittorio, who for over 50 years with his entre- turnover of 83.5 million euro, in line with that Administration to the Minister for Justice. the historic Tenuta di Castiglio- linked to the wine. The protagonists preneurship has taught me a love for the land of 2012 but with an increase of 4.3% only in The President of the Italian Republic, ni in Val di Pesa, in the south- of the political, economic and artistic and respect for the work, a special thought the wine sector, a good Italian market growth Giorgio Napolitano received the magnum west of Florence. From the life of Florence, from the Middle Ages to my uncles Ferdinando and Leonardo who despite the loss of , € 3.3 million due to the number 1. beginning, the Frescobaldi to the present, have produced wines have contributed significantly to the success closure of two wine bars in Fiumicino, a small wines are known for quality and praised by artists such as Donatello and of the Marchesi de ‘Frescobaldi, with their increase from abroad (1%). appreciated by monarchs as Henry VIII 66 67 25

An explicit mission for the new vertex With the HS Italy is Privatization is the theme of the year and also for Ferrovie in the future there is a chance of landing in the Stock Exchange. In fact, the possibility of listing part of the group, and in particular the productive high-speed rail, it’s been rumored for years. But this time the project has the imprimatur shorter and cities are of the government, which is 100% shareholder through the Treasury, and therefore the project seems to have a more mario elia tangible foundation. At the moment we can With the former CEO, talk mostly of an hypothesis, which Mauro Moretti, was driving RFI, now as the new head emerged in an official manner at the end of of the entire group he will more modern May, with the passing of the baton for the face the opening of the Unite the country as if it were t was 1989 when for the first time, a Rome-Flo- ti-functional and livable spaces, set in urban rede- helm of group. On the occasion of the market by setting the rence train of Ferrovie dello Stato broke the velopment projects and designed by world-renow- appointment of Mario Elia (CEO of RFI) as conditions for privatization a single city served by a large barrier of 300 km / h. It was only a prototype, ned architects. The main examples of this new Chief Executive Officer of the parent back then, and several years would be needed season of the Italian stations of the Fs are the company and president Marcello Messori, in underground network. For this Ibefore the high-speed became the flagship of the stops of Turin Porta Susa, designed by Jean Marie Italian group, but certainly the last 25 years of the Duthilleul, Etienne Tricaud, Silvio D’Ascia and fact, the Treasury has come out in the open Ferrovie dello Stato not only wants history of Fs have gone hand in hand with the Agostino Magnaghi; Roma Tiburtina designed by by warning that the task entrusted to to extend throughout Italy the evolution of the HS. Back in 2009, with the ope- Paolo Desideri; Bologna Centrale entrusted to the Messori is to give «an impulse to the ning of the Bologna-Florence there were a thou- star architect Arata Isozaki ; Florence Belfiore initiatives linked to the privatization high-speed rail, but also build sand kilometers of high-speed railway connec- designed by Norman Foster; and Naples Afrago- prospect». The minister of Transport, pioneering stations, designed by ting the country and now the next important sta- la, born from a project of Zaha Hadid. Maurizio Lupi, has spoken more in detail, ge, scheduled for 2015, Another element that has talking about a possibility of entering Piazza the big international archistars. will be the expansion of characterized the last Affari, yet he did not indicate a time-frame. Places that are not only spaces of the Trenitalia fleet with years of the development In particular, again during the appointment the new high-speed of the Ferrovie dello Sta- of the new board of directors, the manager transit, but real projects of urban trains, the ETR 1000 seri- to group is also the inter- of Infrastructures, which has the role of es, capable of reaching national development. In supervising Ferrovie, has underlined that redevelopment 360 km / h. Unique in their genre in the world, 2011 Fs has scored two major hits, the entrance there is the chance «to be verified with the BY MAURO ROMANO the 50 new trains will be supplied by the consor- on the German market and the creation of a joint tium formed by the Italian Ansaldo Breda and venture for the French one. In particular with new board of directors of an intelligent Canada’s Bombardier, which won an internatio- regard to Germany (where the group already privatization, not in the sense of privatizing nal competition in 2010 of over 1.5 billion Euros. worked with TX Logistik in freight transport and Ferrovie, but like with Poste, of placing a On the other side of the high speed, which is logistics), the group then led by Mauro Moretti, part of it at the Stock Exchange». developed hand in hand with the expansion and in partnership with Cube Infrastructure acquires upgrading of the network, there are the new sta- Deutsche Bahn Arriva Deutschland, today called tions of the «Italian underground ,» as the Fs like Deutschland Netinera. The German subsidiary the completion of the reorganization process star- to call their super-fast connections. And now (51%) can count on 3,400 employees, a fleet of ted in the 90s. today in major Italian cities, high speed stations around 240 trains and 800 buses, with which they And today the group sees as a realistic prospect are very different from the previous ones, with were produced about 33 million train-km and the landing in the stock market, whose feasibili- attention to form and and not just functionality. about 45 million bus-km, 540 km of railway infra- ty study has been entrusted to the new president In recent years, in fact, Ferrovie is committed to structure and various garages (train and bus) that Marcello Messori and to the new CEO Mario Elia. transform stations from a place of transit to mul- provide maintenance services. A stage that it was possible to put on schedule In France, in the same year, it enters into an joint after the treatment developed by the now former venture with the giant transalpine Veolia Tran- CEO Mauro Moretti, who in the past eight years sportation, to try and enter the difficult local mar- has restored the group , whose accounts have THE FUTURE IS NOW ket by putting into effect a series of connections gone from the maxi loss of over 2 billion in 2006 They will be operational from 2015, and they will be the most modern trains operated with Thello trains. to a profit of 460 million in 2013. Meanwhile, by in the world. The 50 Etr/100 trains, During these 25 years Ferrovie goes from being the end of this year is expected the sale of 60% built by the Ansaldo Breda-Bombardier an independent business to an entity until beco- of a stake of major stations in the hands of Fs. Consortium will travel at 360 miles ming a public company in 1992. Subsequently, The company is managed in partnership with per hour in 2000, in accordance with the dictates of the private parties (groups Pirelli, Caltagirone and Community directives on the liberalization of rail Benetton), to create a new company, which will transport it begins a new profound change that be bring together business activities, while the will lead to the birth of Trenitalia and, the fol- real estate will remain property of Ferrovie. The lowing year, to the constitution of RFI and the anticipated turnover is of approximately 600 mil- parent company Ferrovie dello Stato, leading to lion Euros. 69 25

mario greco At the head of the Generali for the last two years (on the left the The hunter Lion aims headquarters of Trieste), the group CEO has accelerated the business. Among its flagships, the launch of Generali Italia led by Philippe Donnet at the East (on the next page)

he expansion of Generali since their the joint venture with India’s Future Group (GMC), the new international committee that Over the past 25 years, the Generali founding in 1831 in Trieste, is inter- giving rise to Future Generali. In 2008, the brings together ten top executives of the have reopened to the east, twined with the major changes which foundations were laid for the consolidation group: five members of the GMC are foreign- have characterized its history. The World in Central and Eastern Europe, thanks to an ers, in line with the international profile of returning after 1989 to play TWars led to serious consequences for the agreement with the PPF Group which in lat- the group which has more than 70% of the an important role in what were company, which had to face the loss of impor- er years has enabled Generali to obtain a premiums out of Italy. Always with the inten- tant markets. Immediately after the Second leadership position in the various areas of tion making more efficient the structure of some of its historical markets. World War, the expansive force of the group activity, to the point that this area stands out the Company, the territorial organization has But it was the arrival of Mario returned to grow even at international level, today for collecting and profitability, with a been simplified in seven geographical areas and in the last 25 years the range of the Lion combined ratio among the best in the indus- represented by Italy, France, Germany, EEC, Greco that gave the group a truly has expanded greatly, especially in Eastern try. Asia, LatAm and EMEA. At the end of 2012, Europe and Asia. The last quar- But it is especially in the last moreover, was presented the new strategy of international footprint and ter of a century began with a two years, with the arrival of revitalizing the insurance business in Italy, a strong push into markets such historical passage. In 1989, the Mario Greco , that the Gener- based on a multi-channel approach with a Generali returned in fact to ali Group has become a real rationalization of the brands that go from ten as Eastern Europe and Asia do business in Hungary, where international dimension with to three: Generali, Genertel and Alleanza. In it was present continuously the strategy launched in 2013 July 2013 was launched Generali Italia, the from 1832 until the Second which aimed at improving the main insurance player of the country, which World War: it was the first west- return to shareholders and includes the insurance business and the main ern insurance company. In the 90s, the Gen- maximize the value of its business. The action Italian investments. BY MANUEL COSTA erali continued its consolidation process at of the management team led by the CEO In the last year and a half the action of Gen- the international level. In 1997, the Generali group has focused on the core insurance erali focused on the strengthening of the cap- took control of the German Amb and of three business, the strengthening of financial solid- ital, one of the main strategic objectives by French companies, significantly increasing its ity and profitability of a business approach 2015. Since the end of 2012, there have been presence in the two markets in which the customer-driven. The first changes have affect- carried out major divestments of non-core Generali are today the second and third oper- ed the organizational structure, which has assets (the Israeli subsidiary Migdal, the minor- ator. The 2000s have seen the Generali pro- been changed compared to the past, allow- ity in Mexico, reinsurance business in the tagonist especially in Asia and in Central and ing a more integrated organization with a U.S., Fata Danni and 12% of Banca Generali) Eastern Europe: in 2002 it was established strong international profile. In 2012 was estab- with excellent multiples and gains. These dis- Generali China Life and in 2006 was signed lished the Group Management Committee posals have allowed Generali to be well posi- tioned to reach the target Solvency I of more than 160% by 2015 in a stable and structur- al way. But at this stage, the action of the group was also characterized by significant Generali Italia takes off, a single brand with a multi-channel model of excellence acquisitions which made it possible to A single brand with 3000 stores in the area and the its customers and offer a range of products more and A year after its launch, the first in the Italian market, it strengthen the international presence of Gen- same range of products. And an excellence service more innovative and comprehensive for individuals, is launching a project digitization of its networks by erali in areas with high growth potential and for more than 10 thousand customers. This is the families and businesses. Today it operates 500 providing agents and sales associates with tablet for are considered strategic. It was acquired the new big insurance reality represented by Generali thousand pension plans and provides more than 1.5 a customer service more timely, professional and remaining 49% of Gph in Central and East- Italia, the company formed by the merger of Ina- million homes, 200 thousand buildings, 900 modern at the same time, and it continues with the ern Europe, 7% of Generali Deutschland Hold- Assitalia, the Italian businesses and Toro Assicurazioni thousand insured companies and 4 million vehicles innovation of the offer. Thanks to the quality of the ing in Germany and 40% of Generali Asia. Generali and entrusted to Philippe Donnet. Thanks to insured. From 10 to three results already obtained in 2013 And in the Southeast Asia Generali is pursu- ing organic growth initiatives to develop its a multi-channel model, consisting of the traditional brands, products go from 270 and the rapidity with which the business: in the last two years in Vietnam and agency network of Generali Italia, the sales network to 70, IT applications go from operational integration is Indonesia has been brought forward a stra- of Alleanza, the direct channel Genertel and financial 248 to 48, these are some of progressing, Generali Italia can tegic plan characterized by a strong expan- advisors of Banca Generali, Insurance Group is the the numbers to understand be seen positively. It confirms sion of the sales network and the develop- Italian market leader with a share of 15.4%, and the dimensions of the the advertising campaign # ment of the channel bankinsurance thanks premium income of 19.6 billion. The new structure integration process that vediamopositivo. to recent agreements with Saigon - has allowed Generali Italia to reach even more widely Generali Italia is carrying out. (#letstaypositive) cial Bank (Vietnam) and Bank Victoria Inter- national Tbk (Indonesia). 70 71 25 The Patent Whisperer

There are currently four copyright of eox, the group of Montebelluna (Tre- ments such as jackets, coats, and blazers. viso), founded in the mid-nineties There are currently four patents Geox: for Geox: for rubber, leather, sport and by Mario Moretti Polegato, the com- rubber, leather, clothing and sports. For clothing. This is how Moretti Polegato pany’s chairman and largest share- the first, the solution consists of a combi- Gholder with a 71% stake, in twenty years nation of three different elements: the per- has defended his inventions. Brand of history has become an international forated tread, the mid-sole also perforated player in the footwear sector, where the and a porous membrane. The leather pat- recognition, innovative solutions and point of strength are not just numbers. The ent aims at making waterproof the soles a wide range of product are at the research and product innovation are in fact with a similar way of the rubber one. For the real flagships of the company focused clothing, the secret of Geox is the use of base of a success that lasts since the on creating technological solutions that a cavity between the fabric and the body 90s ensure breathability and impermeability. which allows to exploit the natural move- Of shoes and casual wear for men, wom- ment of the hot air from the bottom en and children. It all started with a trip upwards, letting it out from the top of the to Reno, Nevada (USA) to promote the head . Finally the sport, with the patent wines of the family. During a walk, both- Net System technology-based able to expel ered by the overheating of the feet caused sweat. by shoes with rubber soles that Moretti Geox was listed on the Milan Stock Polegato was wearing, he Exchange on December BY MICHELA ZIO instinctively pierced both 1st of 2004, boasting an soles with a knife: he had enviable growth, with rev- found a simple and effec- enues increasing by tive way to let out the almost 20% year after excess heat from his shoes. An intuition year, millions of pairs of shoes produced that had an unexpected in result in the and sold each season and indexes of prof- workshops of a small footwear company itability in constant improvement. These he owned, where the future leader of Geox are the performances that led the group to began working to develop a new technol- a quotation, moreover, welcomed positive- ogy, immediately patented. This is how the ly by the international financial communi- first shoe that breathes was born, proposed, ty, thanks to some distinctive elements that with little success to established footwear make the difference, starting with a con- companies. But Moretti Polegato did not stant focus on the product by the applica- give up and, after passing a test phase of tion of innovative technology solutions, the market with a line of children’s foot- continuing the transverse positioning of a wear, he began producing the footwear wide range of footwear for men, women brand Geox, whose name derives from the and children, specular to the wide price words «geo» (earth in greek), and the «x», range of medium and medium-high mar- a letter-element symbolizing technology. ket. Having established the first successes in Another feature of the success of Geox is Italy, between 2000 and 2003, the group a high brand recognition, conveyed with has expanded its business at an interna- the communication strategy, and its iden- tional level, creating a structure for the tification by the consumer with the con- export sale composed of independent cept of breathing linked to the significant agents, broken down by area. In a few presence on international markets. The MARIO MORETTI POLEGATO years, the company opened Geox shops flexibility of distribution is another win- From the first «shoe in the main shopping streets with grati- ning asset of a delocalized and outsourc- that breathes», the patron fying sales results, so as to be recog- ing business model, able to efficiently man- of Geox has created nized as one of the best success story age the production and logistics cycle, while a brand known worldwide, of the Italian industry. The consents maintaining the supervision of the compa- thanks a winning obtained led the workshop of the group ny, the control of product quality and deliv- communication strategy to study other solutions extended to gar- ery times. 72 73 25 When France smells of Italy The first insurance company that would become the giant Groupama, also a shareholder of Mediobanca, settled in Genoa in 1881. A growing presence, so much that the group obtains in the Bel Paese more than half of its foreign turnover

BY FRANCESCO BISOZZI

e will become more and more tribution of the agency channel and the bank- development of Groupama testifies to its the reference player for the insurance channel, which in 2013 raised € ability to adapt. In Italy it deploys its activ- Italian market.» Word of 75.4 million (+33.8% compared to the pre- ities in every sector of insurance services, Dominique Uzel, Director of vious year). Groupama Assicurazioni has addressing all categories of customers: fam- «WInternational Branches of Groupama, which closed 2013 with a net ilies, professionals and in the Bel Paese counts 1000 agents and profit of 60.8 million euro. businesses. more than 1.8 million customers and is also Groupama is an interna- After France and Italy on a shareholder of Mediobanca. In 2013, the tional group of insurance, the list there are , total premium income has exceeded € 1,483 banking and financial ser- Turkey, Greece, Hungary, million (non-life insurance amounted to vices activities with 36 Romania, Slovakia, Bulgar- 1.2057 billion). In the life sector the premi- thousand employees - in ia, China and Vietnam. um income totaled 277.5 million euro (an Italy they are 830, in addi- The group considers Italy increase of over 10%). Excellent results tion to the 1,000 agents already mentioned a strategic market of primary importance Dominique uzel scored from the collection of Protective Prod- - serving 13 million customers and share- and the contribution of the Stivale to the Director of the international subsidiaries of Groupama. significantly in the Life division and push- ucts, where there has been an 11% increase. holders. Born in France at the beginning of turnover of Groupama is equal to more than So far this year the collection of the Italian branch has grown ing the new production of the non-life busi- Results benefiting from the significant con- the last century as mutual agricultural, the 55% of the turnover outside France. steadily, reaching in the life insurance business an increase of 73% ness, in the sector Non-Auto . For 2014 we Groupama Assicurazioni is in fact the first compared to the same period in 2013 will continue in this direction» announced overseas subsidiary of the Group and the the leaders of the Group in February, on the presence of Groupama Assicurazioni in Ita- occasion of the results of the 2013 financial ly dates back to 1881. That year, a small THE BIG NUMBERS OF GROUPAMA statements. insurance company settled in Genoa: over Indeed it was. The good performance of time it has grown and evolved to become 8th damage insurer in Italy 2013 is showing even in these first six months one of the top players in the Italian market. of 2014, which show a steady growth in the In 2007, Nuova Tirrena joined the group in Non-Life business, particularly in the Resi- Italy and in November 2009 was realized the Turnover: 1,483 million of euro dential sector that since the beginning of merger which led to the present company the year to date has recorded a steady called Groupama Assicurazioni, finally in of which increase of about 8 % and in the Life, with 2011 the inauguration of the new headquar- a collection which has exceeded 190 mil- ters of the Eur sanctioned even symbolical- Damage: 1,205.7 million of euro lion euros, marking an increase of 73% com- ly the completion of the process. pared to the same period of 2013. «In 2013, we achieved what we set out in Life: 277.5million of euro On the supply to customers, the company terms of rebalancing the portfolio, growing continues to invest in a portfolio of prod- ucts characterized by thoroughness and inno- Combined ratio: 91.3% vation, as evidenced by the newborns of this 2014: the product Abitazione Casa Fac- Agents: 1013 ile and the first product multisector Life, extremely innovative and flexible, which The Italian headquarters of Groupama Assicurazioni 1.8 Million customers allows you to choose between 8 investment which closed 2013 with a net profit of €60.8 million, profiles to meet the needs of increasingly while total premiums equaled to 1.483 mln 831 employees demanding and informed customers.

GRAFICA MF-MILANO FINANZA 74 75 25 Novari: next target VINCENZO NOVARI the internet of things According to its CEO the Vincenzo Novari (CEO of 3 Italia), what power of 3 led in the Italian market the entrance of The fourth lies in the ability to anticipate, innovate the telephone operator 3 Italia? and reinvent With our entry we have not only brought market trends innovation, but we have increased the competition by making new technologies accessible to the mass market. Or rather, is ahead of thanks to our shareholder, Hutchison Whampoa, we have made a great contribution to the country with key issues such as investment, the introduction of new technologies, competition ( we have introduced all-inclusive formulas) the game growth and employment ( we employ 9,000 people) but also digital literacy eliminating the digital divide, or the development of new electronic and social media . Not bad for 3 Italia was the last to enter a market dominated by Telecom, the last operator entered the market. How has 3 Italia evolved in years? Vodafone and Wind. But it has been able conquer some room by It has always been known as the most launching the world’s first UMTS services on a commercial scale in 2003. innovative operator in terms of technology and business. We were the first to believe in In the following years it paved the way to innovative solutions. the data and to focus on mobile Internet as With the support of the shareholder Hutchison Whampoa driver of growth. It is our history: to innovate constantly, even at the cost of speeding things who has invested 14 billion up too much. Just like the Skypephone, tv on the phone or the mobile portal of our BY PAOLA VALENTINI videophone, from which you could download and buy video games and music: we anticipated too much, on the same principles, the success of iTunes and the smartphone t entered the Italian market back in the mobile Internet. The same year it also company, the first one in Italy, has complet- layout through the digitization of communi- present day. We have always had a dream in days when it was controlled by the three launched the first Mobile TV in UMTS tech- ed its transformation into an internet proto- THE BIG NUMBERS OF 3 ITALIA cation to customers. Digital tools replace post- mind: to replace the mobile phone of the sisters (Tim, Vodafone-Omnitel and Wind) nology to offer the best of the programming col network and the end of 2012 launched 2003: the debut in the Italian market ers and window decals with the advantage Italians with an object capable of offering TV, when there seemed to be no more room of the most important national and interna- the 4G-LTE services. of providing information in real time and Internet and a world of services at your 9.7 million clients Ifor a new mobile operator. And it revolution- tional broadcasters. 2006 was the year of the Through its shareholder Hutchison Wham- operate according to a model more and more fingertips. And now this dream has become ized it with the first videophones and video TVphone, ie mobile TV broadcasting mode, poa, 3 Italia has invested €14 billion in inno- 2.700 employees inspired by the green economy. reality. calls. In 2003 it was in fact the first operator the first commercial HSPA offer, to access the vation. It is one of the most significant for- The company is also a national digital tele- a turnover of 1.8 billion euros How do you think the phone-market will in the world to launch UMTS services on a web in mobile broadband, and the first pre- eign direct investment in Italy since the war, vision operator with La3, the self-produced develop in the coming years ? commercial scale. Today 3 Italia offers a wide paid Internet key. thanks to which the company is helping to In 2012 it launches the 4G-lte services TV channel broadcast on digital terrestrial TV I think that technology will inevitably be more range of communications services, fast Inter- 3 was also the first operator to focus reduce the digital divide and devel- (ch. 134), on the satellite platform Sky (ch. Fast Internet: 96% of the population and more integrated in the processes that net and TV on the move to 9.7 million cus- on mobile broadband as a driver opment of the country through one 163), Internet (www.la3tv.it) as well as on tomers. With 2,700 employees and a turno- of growth. In the period 2007-2009, of the best fast Internet networks HSPA services at 42 mega: 87% of the Italian population smartphones and tablets. govern our lives: people and objects are ver of € 1.8 billion, the company led in Ita- it presented in fact the first pack- in Italy. This investment has in over 4.400 cities 3 Italy is also one of the examples for the increasingly interconnected. The internet of lia by Vincenzo Novari is part of Hutchison age of Internet services for 3G allowed 3 to extend its speed inter- national attention that focuses on the needs things, meaning networked objects, is It is part of the group Hutchison Whampoa (HWL) Whampoa (HWL), one of the largest indus- mobile phones, as well as several net network to 96% of the popu- and welfare of their workers, a philosophy becoming more and more a reality. And the trial groups listed on the Hong Kong Stock social-phones which integrated into lation, to establish an Italian pri- Present in 52 countries put into practice through a program of cor- people will be the focus of a potentially infinite Exchange. Active in six business areas (ports a single personal pocket item all of macy in term of HSPA services at 260.000 employees porate welfare implemented with a wide range network of connections with other people or and related services, real estate properties the most popular applications of 42 mega, connecting 87% of Ital- of instruments, ranging from medical aid and things due to their mobile device that will A turnover of $53 billion and hotels, retail, infrastructure, energy and the web. In 2010 it introduced a ians in more than 4,400 cities, and pension supplementary to the facilities for accompany every moment of the day. telecommunications), HWL is present in 52 range of wi-fi new generation prod- to activate 4G-LTE services at 100 the co-worker women with young children. GRAFICA MF-MILANO FINANZA Appliances, cars, and video cameras, buildings, countries with 260 000 employees and a turn- ucts and with its competitive offers mega in 132 cities and touristic As stated by Vincenzo Novari, «the biggest smart sensors and even clothing will be over of 53 billion dollars. makes available tablets and smartphones to resorts with a coverage of 28% of the pop- challenge for the company is to continue to connected to communicate with each other Led by Novari, 3 Italia has distinguished itself the mass market. In the 2011-2012 period it ulation. The goal is to be present with the 3 Italia is controlled by the giant Hutchison grow in the relationship with customers, the and give back useful information to improve for its innovative and pioneering approach. was ahead of its time and it launched a plan 4G-LTE in all Italian cities by the end of Whampoa, a conglomerate listed in Hong Kong quality of the service, in the strength of invest- After UMTS, in 2004 it launched the first all to improve its network in terms of coverage, 2014. and active in ports in real estate, ment and business in a market which 3 has our lives. inclusive plan on the Italian market and capacity and performance to meet the expo- 3 Italy also has a sales network of 1,500 sin- in large distribution, always anticipated, helped to innovate and A proper broadband will be essential. brought its customers in the new world of nential growth in mobile data traffic. The gle-brand stores with a completely renewed energy, infrastructure and telecommunications develop and reinvent the interests of all». 76 77 25

The CEO Giordano: So many fans on the social Making a networks! «We are maintaining an upward trend, although at a general level the climate of uncertainty persists and the signs of recovery are still not felt concretely.» The CEO of Ibl, Mario Giordano, claims with fortune with satisfaction the results achieved by the bank. On March 31, Ibl loans had grown by 7%, at countertrend compared to the data recorded in consumer credit, even with a negative sign. «We ended the first quarter of 2014 positioning ourselves as a market the salary- leader in the provision of loans against the salary-backed loan and this result make us hopeful for the future. We have a market share of 16%, and in this perspective we think we can exceed 20%. On funding from retail customers, the increase was equal to backed loan 33%». mario giordano Personal credit to families with a focus on financing against the salary- The CEO Dr. Giordano, is there room for growth? backed loan. IBL has become a market leader in the sector thanks to simple of Ibl Banca is satisfied with Do you intend to strengthen the offer the results: for your account holders? products, favorable conditions and direct advice in the branches. Without «Loans have grown by 7% as of March 31» We are a bank specialized in the salary-backed ever cutting disbursements to customers loans, an Italian product which today also the generalist banks looks at with interest, and By Francesca Vercesi that still offers margin of accessibility to families. The market has recognized this ersonal credit for families, with par- against the salary-backed loan. In 2004, the which have converged in the Family. This managed the company since 1991 and has exceeded one billion Euros, thus confirm- specialization of ours, and there already some ticular focus on financing against the branches were 7, four in Rome, one in has gradually consolidated a direct pres- initiated the project of evolution and trans- ing the growth trend of 2013, which saw operational partnerships with banks that salary-backed loan. Bologna, one in Milan and one in Turin. ence in the territory, at national level, formation into a bank, giving it impulse in an increase in the collection of volumes distribute the salary-backed loan of Ibl Banca. This is the area in which, over the The next step, determinant to give further through the branches and the Financial strategic terms. Since May of 2012, the pres- by 40% compared to the previous year . We intend to develop this channel by Pyears, the Roman group of the credit Ibl impulse to the development, has been the shops of Ibl Family, until reaching today ident is Franco Masera, who has worked The key points of the strategy of Ibl Ban- activating other collaborations. To date we are Banca has specialized in, becoming the transformation into a banking group in 43 units in the major cities. 2009 was also thirty years at KPMG where he continues ca in the savings sector. Simple products, still among the few banks who take charge of market leader. 2008: Ibl Banca becomes a holding com- the year of the launch of the free savings to work as a senior advisor (for over ten convenient conditions and direct consul- It all started in 1927 under the name of Isti- pany with its subsidiary Ibl Family. In 2009 account on the ContoSuIBL, a news on years he held the position of Managing tation in branches. ContoSuIbl continues stamp duty and the account is hence at zero tuto di Credito agli Impiegati SpA, one of Ibl Banca acquired 30 financial stores from the market: it’s the account with zero costs Director of KPMG Advisory). Deposits and to be offered at zero cost and it is the bank cost. We have just launched a prepaid the first companies in Italy in the field of CitiFinancial, with over 100 employees, and high efficiency. In 2010 it was also giv- loans continue to grow, in contrast with that bears the stamp duty, from this year rechargeable card account and also the app consumer credit for the en the opportunity to con- the bad data recorded in consumer credit: amounting to 2‰ . «We are pleased with Ibl E-Bank that allows customers to perform employees. In 1943, it strain the sums, with Conto- the market share that Ibl holds in the field the response from customers who award- transactions with your smartphone or tablet. assumed the name of Ifl, Isti- SuIbl Vincolato. In March of salary-backed loan is ed our choice of focus- The basic logic is: to simplify. And, in terms of tuto Finanziario del Lavoro, 2014, the funding from retail about 16%. The bank ing on a product able to newness, with the newcos Ibl Assicura, we while for the request to the customers of Ibl Banca, intends to continue to guarantee attractive also offer insurance products. Banca d’Italia for permission which employs approximate- consolidate the activities returns, even when com- to carry out foreign exchange ly 450 employees (55% wom- especially the core of pared to other forms of You are very active on social networks. brokerage, it needs to wait en), reached 1.2 billion Euros. personal loans and is proud to say that, in investment. Despite the period still marked How’s it going? 1984. In 1991, the institute is Between 2004 and 2014 there line with the moral suasion of the ECB, it by the volatility of the market, there is room Yes, we started in 2011 to strengthen the inserted, by law in the list of are four securitization trans- has never ceased to extend credit. The for growth. We want to strengthen the range financial intermediaries. Fol- actions made by Ibl Banca group is also active in offering savings of services and products for our deposi- reputation of the brand and, in perspective, to lowing this, in June 2002 IFL and related to claims carry- accounts valued for its competitive terms. tors », says Giordano. maybe get commercial returns. On Facebook, has asked Bankitalia the ing loans against the salary- Founder and key shareholder of Ibl Ban- The medium-term objectives? To consoli- in May 2014, we have exceeded 120 thousand authorization for the trans- backed loan. The operations ca, was Vincenzo Giordano, who died in date the leadership in the field of person- fans. With these activities, we also try to talk formation into a bank and react to a logic of funding to 2012. Under his chairmanship, the bank al loans with the salary-backed loan; to about current news and socially useful topics. so, in 2004, IBL Banca start- strengthen the business in has established and strengthened at nation- further develop the Linea Risparmio by For example, the campaigns against animal ed its own operative activity the field of finance. At the al level and has also distinguished itself in introducing new products and services; to abandoning, in line with our product with the aim of becoming the head of the banking group, the operations of the co-marketing. In Jan- expand the geographical coverage by open- testimonial: the dachshund of RataBassotta for bank dedicated to employ- as managing director, there uary 2014, with an increase in direct fund- ing new branches in areas of strategic inter- fundings and the squirrel for ContoSuIBL! ees and it specializes in loans is Mario Giordano, who has ing equal to 103 million, the group has est; to enhance the multi-channel approach. 78 79 25 Capitalists and philanthropists with a spirit of adventure ntek Group is an equity investment holding, listed the time of value of the businesses in the portfolio. The holding Intek by Vincenzo on the Italian Stock Exchange, with a mission to On the basis of the unit value per share of 1.49 euro acquire and manage industrial, financial and ser- offered, the overall value of the investment held by Manes bases its capital strength vice companies. The company, headed by Vincen- the Intek Group in Cobra amounted to 74.3 million on the processing of copper, activity Izo Manes, reference shareholder, has in the portfolio (calculated on the basis of the offer price). This action, various subsidiaries, the most important of which, is if implemented, would produce a capital gain on the of which it is leader in Europe, that in KME AG, a European leader in the manufac- consolidated financial Intek Group of approximate- but it has also developed successful ture of products and of semi-finished copper and ly 42 million compared to the carrying value as of destined primarily at the construction and industry March 31, 2014, gross of tax and transaction costs. diversification, such as that sector. The company, with consolidated revenues of Significant the impact on the financial position of the in Cobra, which was sold to about 2.5 billion euro in 2013, has approximately 6000 group that would improve by 75.5 million. employees, employed in 13 factories in Europe and Finally, there is an important presence in the philan- Vodafone yielding a capital gain China. The more purely financial arm is instead that thropy sector, where Intek Group has been operat- of i2 Capital, an invest- ing since 2003 with the of dozens of millions. But alongside ment company that man- Dynamo Foundation: the industry and finance there is a ages its own and third one of the first Italian parties funds for €300 foundations of venture charity project with unique features million in private equity, philanthropy, applying in the Italian panorama real estate, non-perform- the model of venture ing loans and also in capital to the non-profit renewable energy by sector. The Foundation operating on the Italian is sponsoring Dynamo territory with the com- Camp, the only national di valerio testi pany Ergycapital, which center for recreational employs about 40 people. therapy that hosts, at no charge, chil- Then there is Cobra AT, a company dren and teenagers, aged seven to 17 founded in 1975, also listed on the years old with chronic and serious ill- Italian Stock Exchange active both in ness, from all over the Italian territo- the field of telematic services for the ry and from foreign countries, pro- prevention and management of risks viding necessary medical care and associated with motorists, both in the the observance of highest standards research, development and produc- of safety. Alongside this there is Dyna- tion of electronic components for high mo Academy Srl, a social enterprise technology for the automotive market. The Cobra operating since 2011, which manages the Camp of VINCENZO MANES Group is present with 900 employees directly or Limestre on the hills of Pistoia, for the periods of the Reference shareholder of through partnerships in more than 36 countries around year in which the Camp does not accommodate chil- the holding company Intek, the world and its consolidated turnover, in 2011, was dren for therapeutic recreation programs. Also note- which controls a number of approximately € 165 million. News of a few weeks worthy is the initiative Alimentare Dynamo, a project companies, also European ago is that the English group of the telephony Voda- by a trade company, which was founded with the ones, but has even a fone has decided to launch a takeover bid on Cobra goal of donating 100% of the profit to Dynamo Camp. financial arm with i2 for €1.49 per share, to which Intek is committed to Alongside these initiatives there is then Dynamo Oasis, Capital, for the management of its own participate with its share, equal to 51.4 % of capital. a project for the conservation and development of funds and third-party As for Intek, the planned transfer enhances its invest- the property Limestre. Concluding quotation for Sif, funds for 300 mln of ment in Cobra, consistent with the strategies of the Chair of the Department of social entrepreneurship activity group, focused on a dynamic management of invest- & technology management at the University Luigi ments, focused on cash generation and on growth in Bocconi. 80 81 25

cally allows to buy a house with a rate of loan How to create the equal to a rental. In a few months this formula has already affected 4,500 purchases. Then the personal loans. Purpose loans, personal, salary-backed loans and other solutions for those in need of cash, including micro enterprises, are taken care by a dedicated company: Intesa San- leading Italian paolo Personal Finance (more than 3 billion ad hoc, responsible and sustainable credits in 2013). And there is the great chapter of Companies. Beginning from Start-Up Initiative, a platform developed five years ago, the first one in Italy, to promote technological entrepreneurship and facil- itate meetings between innovation and capital. bank in 25 years Then the dedicated facilities, in Italy and in more than forty countries, to accompany the medium and large enterprises in the process of interna- tionalization, now that the export is crucial for Exactly in 1989, from the merger between Nuovo Banco Ambrosiano and the growth of the giovanni bazoli made in Italy; and the Banca Cattolica del Veneto, was born the Banco Ambrosiano Veneto. The The President of the structures to support first step towards the construction of the main Italian banking group, Intesa Supervisory Board of at SMEs, especially in Intesa Sanpaolo, the sectors of Italian Sanpaolo. Which has now prepared itself to support the economy with a flanked by the excellence like agro- managers who have industry, tourism or business plan of 200 billion succeeded at the helm, mechanical. has held the reins of the Not to mention that, bank during this quarter By Manuel Costa with Banca IMI, the of a century Group is the Iitalian operator of reference t was the year...» Yes, it was the year A path of continuity underlined by the figure of tral and Eastern Europe and the Middle East and deliver 170 billion of medium-long term credits: more to the creation and distribution of value for all in the sectors of banking investment , structured 1989. Just 25 years ago, by the Nuovo Bazoli who, always with high-profile managers at North Africa, with a total of 8.4 million custom- than 10% of GDP in the service of the projects and stakeholders: shareholders, employees, suppli- finance and capital markets. Banco Ambrosiano (emerged from the his side, has kept, as president, the helm of a com- ers and more than 1,400 branches. It also fea- the future of Italian firms and households. » ers, the public sector. In short, Intesa Sanpaolo These multiple fronts of commitment are all ashes of the Banco Ambrosiano) and pany at the service of families and businesses. tures an international network with presence in A credit to the real economy, then, with an intends to contribute in the next four years with expressions of that possible world, that today Banca«I Cattolica of Veneto was born Banco Intesa Sanpaolo is, today, the leading banking 30 countries to support the activities of corpo- increase in loans well in excess of that required more than 200 billion to the national economy. characterizes the face of the bank also through Ambrosiano Veneto. group in Italy and one of the largest in Europe. rate customers abroad. for the GDP. During the same period, moreo- And the commitment on the market covers sev- communication. It is a matter of pride, confi- It is the beginning of a great story that led to In Italy it boasts over 11 million clients, 4,700 At the end of the first quarter of this year it ver, 1.2 billion will be allocated to medium and eral fronts. The loans, for example. Alongside dence and energy for families and businesses today’s Intesa Sanpaolo Group. A story that, on branches and a leadership position in all sec- showed an assets of 625 billion, loans to cus- long-term credit, to support social enterprises the traditional formulas (Intesa in 2013 alone in the Country. Demonstration of how it is pos- the occasion of the presentation, on the Turin tors: retail, corporate and wealth management. tomers for 339, direct customer deposits of 372 through Banca Prossima, the first one in Italy, has provided a fifth of the total in Italy) it has sible to achieve precisely those which in these Book Fair this year, of the book «An Italian Sto- Through subsidiary banks, it also operates in billion and a direct insurance funding and tech- for funding to the third sector. been designed to facilitate wider ranges, the times, seem to be just dreams. Which can be ry - From the Banco Ambrosiano to the Intesa the retail markets of selected countries of Cen- nical reserves of 99 billion. Intesa Sanpaolo is The Business Plan is oriented, more in general, innovative program Casa Insieme, which basi- turned into a reality. Sanpaolo» by Carlo Bellavite the most liquid bank and with Pellegrini, pushed the president By Intesa over 200 billion of contribution to the economy the strongest capital ratios in of Intesa Sanpaolo, Giovanni Europe; and it is among the five Bazoli, to say: «The book shows Total most capitalized banks in the Not only economy, from the Progetto Cultura here are the Galleries of Italy in Milan, Naples and Vicenza € billion ​Benefits 2014-2017 the courage to plan for the euro area. The Progetto Cultura of Intesa Sanpaolo, strongly the creation of the “Galleries of Italy”, the network of bank, works of great architectural and civil relevance , • €10 billion available for future.» A story not without its Shareholders ​cash dividends consumption/investments «In view of the recovery», said the supported by the president Giovanni Bazoli. It is a museums and cultural poles of the bank present located in the heart of the cities. Formed by valuable difficult passages, but crossed by managing director Carlo Messina • 350000 new financial multi-annual program, which is constantly being within the national territory, which includes Galleria di collections of art (from archaeological findings to the a line of coherence and devel- investments financed; in presenting the Business Plan Families and Companies New medium-long term credit expanded and enriched with activities in the field of Palazzo Leoni Montanari, in Vicenza (open since 1999 testimonies of the twentieth century, about 20,000 opment: the integration between given to the “real” economy • Growth of loans way ​over the 2014-2017 of Intesa Sanpaolo, «the GDP growth arts and culture, aiming in particular to the protection, and renewed in 2014), the Galleria di Piazza Scala in works of which 10,000 of particular historic and Banco Ambroveneto and Cari- role of credit is crucial and Intesa • Over 90000 families enhancement, public use and dissemination of Milan (inaugurated in 2011), which today represent artistic interest) and valuable archival material, this plo in Banca Intesa (1998), then ​Staff costs • Production capacity in ​excess Sanpaolo is ready to do its part. re-absorbable the one between Comit and Ban- Employees From now to 2017 we intend to knowledge of the artistic and cultural assets that the seventh museum of modern and contemporary heritage was inherited by about 250 banking constitute the incomparable richness of Italy. One of art in Italy for the flow of visitors and, ultimately, the institutions of various Italian regions that in time have ca Intesa (2001), until the merg- ​Training • -5 million days of training The Business Plan 2014-2017, the er between Banca Intesa and the most significant directions along which the Gallerie of Palazzo Zevallos Stigliano in Naples, merged into Intesa Sanpaolo. The Galleries are not cornerstone of the strategic activities ​Acquisitions and investments • over 40000 families Project develops is the enhancement of the opened in 2007 but renewed and enriched and only suitable places to promote the interest and the Sanpaolo Imi. A story that, all Suppliers of Intesa Sanpaolo for a four- year things considered, saw the con- prestigious , historical, artistic, architectural and offered to the public during a ceremony, a few weeks combination of public art in its various expressions, • Amount comparable to a ​Law period, provides for the creation and fluence, during this quarter of a Public sector New medium-long term credit of Stability distribution of value for all archival heritage of the group, with the intent to share ago, which was attended by the President of the but also centers destined to host temporary century, of about 250 banking stakeholders, which results in a it with the community. Republic Giorgio Napolitano. exhibitions, cultural and scientific initiatives, musical institutions, from all parts of Ita- New medium-long term credit to • Banca Prossima first in the contribution of 200 billion to the And the most ambitious initiative in this direction was The Galleries are located in historic buildings of the programs and educational workshops. third area support social companies financing of the third ​sector in ly, into Intesa Sanpaolo. Italy economy of the country. 82 83 25

facturing processes, the program agreement of 101 million for the area of upholstered furni- ture of the Murgia (Apulia and ), an economic reality made up of large companies increasingly affected by the industrial and employment crisis, and the development plan Gentlemen, for the area of Merloni crisis, Marche company leader in the field of electrical appliances, in receivership since 2008. To these projects Invitalia has added the bio- mass notice of 115 million to fund the supply chains of biomass in Calabria, Campania, Pug- Invitalia lia and Sicily, and the agreement program of 25 million for the area of Gioia Tauro, in Calabria, for the support of the contracts for the develop- Founded officially in 2008, the National Agency ment of logistics and industrial activities in the Calabrian port. for attracting investments, has allowed to save In 2007 was nominated CEO of the agency 400 million costs to taxpayers. It currently Domenico Arcuri, to domenico Arcuri whom the govern- manages almost all the benefits of the State to enterprises CEO of the public company ment entrusted the since 2007, the manager was responsibility to elab- and start-ups. And recently IT has benefited the settlement reconfirmed by all subsequent orate the plan of reor- and development in the Country of foreign multinationals governments. As of today ganization and revital- Invitalia has accompanied the ization of the compa- settlement of foreign groups ny, a task which was that have enabled later confirmed by the investments for 340 million By Francesco Colamartino Berlusconi and Letta governments. The Finance Act of 2007 also gave the go to plan of nvesting in Italy is convenient».It is not - was established by the D’Alema government were established eight regional companies, one reorganization of the institution by transforming just a slogan, but a reality made of real with the legislative decree dated January 9, 1999, for each region of the South; in the following Sviluppo Italia in Agenzia Nazionale per figures and numbers. Situated in the n. 1, which merged into a single group the activ- years they became 17 regional companies. To Arcuri: to return to grow we aim at the Made in Italy l’Attrazione degli Investimenti e lo Sviluppo heart of the Mediterranean, Italy is a ities of six companies: FINAGRA,Imprenditorialità Italy is also entrusted the task of attracting new «If Italy wants to return to grow, it must start Center-North and Lombardy clearly guides the d’Impresa. In July 2008, finally, was officially «Icrucial crossroads for land, sea and air routes Giovanil, INSUD, Itainvest, Ribs and Spi. The foreign investments and, at the same time, to born Invitalia and, two years later, Giancarlo from an industrial policy that points to the ranking with 46.7% of the total, to which linking the North and South of Europe, North constitution of a new agency for the promotion dab and stop the bleeding of Italian capital to Innocenzi Botti was nominated president. made in Italy». With this wish Domenico Arcuri, follow Lazio (9.5%), Piedmont(8.7%), Veneto (7 Africa and the Middle East, with a basin of 800 of entrepreneurship in depressed other countries. In fact, this activ- Today, with the implementation of the plan of CEO of Invitalia, explains that there are many , 9%) and Emilia-Romagna (7.3%). million consumers in a three hour flight from areas of the Country has been one ity was started only in 2003, with reorganization and divestitures of the agency, tax- Rome, a GDP of more than 1.580 billion in 2011 of the hottest topics in the politi- three CIPE deliberations with excellence on which Italy can bet on, starting The South is unfortunately behind, with only payers have saved a total of 400 million, with the and 19 billion invested in research and devel- cal and economic debate of the which the government confirmed from its high-tech manufacturing districts, with 8% of foreign companies who have chosen costs for external consultants, gone from 70 mil- opment in 2010. late 90s and “Sviluppo Italia” was and potentiated the role of Svi- excellent performance even in the South. the southern regions. lion to 3 million a year. In addition, subsidiaries By relying on these aces up its sleeve, Invitalia, born in order to support industri- luppo Italia as public entity for Question. What are the main obstacles to Q. What is the profile of the foreign and investee companies went from 292 to 5, and the National Agency for attracting investments al development and new entrepre- the attraction of investments, espe- foreign investment? company that comes to invest in Italy? their 492 no executive powers board directors and enterprise development, struggles every day neurs, in collaboration with the local and nation- cially foreign, in favor, particularly of the South. Answer. Some are structural, such as the cost of A. Currently, the United States is the first in (which cost to the State about 6 million a year) to make sure that the Italian and foreign com- al institutions. Among the most important projects of Invitalia, energy, lack of infrastructures and the excessive Italy for investment, with more than 2000 have become 20, all costless because managers panies do not stop believing in Italy and con- In 2000 was completed the process of merger we remember the energy efficiency competition complexity of the bureaucracy; other companies (19.1% of the total) that employ of Invitalia. All 19 regional companies were sold tinue to bet on its resources and potentiality. Svi- of the six companies and Sviluppo Italia became of 100 million aimed at Calabria, Campania, Pug- congiuntural. But it is also true that in Italy, in 246 000 workers (24.3% of the total). Followed to the regions or liquidated, as provided by the luppo Italia- this is the first name of the agency fully operational. In September of the same year lia and Sicily for reducing energy use in manu- recent years, we have dealt mostly with the by Germany, with 18.1% of the companies and 2006 Finance Act, and the employees of the group were almost halved, from 1,700 to 900. problems of the debt than the growth. From 12.4% of jobs generated. France, in third place Invitalia currently manages almost all the ben- 2001 to 2012, the GDP of the EU grew by for number of companies (14.4%), is in second efits of the State to companies and innovative THE FIRST TEN COUNTRIES IN EUROPE FOR ROAD NETWORK EXTENSION 16.3%, that of Italy by 1,6%. Ten times less. From place, ahead of Germany, in terms of start-ups and provides technical and operation- Figures in km 2007 to 2012, in the most difficult period of the generated employment (19.8%). Among al support to the public administration. On the crisis, the EU’s GDP decreased by 0.7%, while emerging countries, there has been a growth, front of attracting investment, in recent months, 1.000.000 998.001 Italy by 6.9%. Again, ten times more. albeit very slow, of China and India, the agency, by using the tool of the develop-

800.000 Q. Which are the geographical areas that respectively, at 13th and 14th place, with a ment contract, has contributed to the establish- attract more foreign investments and cumulative total of 298 companies and 10 000 ment in the national territory of multinational 668.721 644.441 600.000 which are less attractive? jobs created. Retail trade, mechanical companies, such as Rolls Royce, Unilever, Voda- 416.226 A. The foreign-invested enterprises in Italy components, construction, software and fone, Bridgestone, Enterra and Sasol, by activat- 400.000 377.694 (about 11 thousand) guarantee all over the pharmaceutical industries are the main areas ing more than 340 million euro of investment in the aeronautical, food, energy and telecom- 200.000 country just over a million jobs, 48% of which of investment, but in recent years there has 164.139 160.757 148.739 139.847 127.747 munications sectors. Invitalia is also advisor of are in Lombardy. In addition, 92% of foreign been a strong growth in the renewable energy 0 the Ministry of Economic Development and pro- companies is localized in the regions of the sector. France Italy Germany UK Poland Spain Hungary Belgium Sweden Czech Republic vides for the implementation of the program agreements. GRAFICA MF-MILANO FINANZA 84 85 25 Looking out through the Now the concrete has a heart that helps nature The Italian Pavilion will be the beating heart of Expo 2015. The architectural concrete design of the study Nemesis & Partners involves the construction of a complex structure that recalls, in its external appearance and in some interior spaces, From 150 years the pesenti family company has been producing innovative the forms of a forest of branches. The materials that allow constructions that would have been unimaginable in entire outer surface and part of the interior will consist of i.active Biodynamic the past. concrete panels, made with Styl-Comp technology using the new material designed in i.lab, the research and giampiero pesenti innovation center of Italcementi. The ‘bio’ BY MANUEL COSTA e suo figlio carlo A generational relay for a component is given by the photocatalytic group that for a century properties of the new concrete, obtained and a half has been thanks to the TX Active active ingredient talcementi is 150 years old. The roots of the of the brothers Pesenti. The headquarters are of Pier Luigi Nervi. steps are directed towards Eastern Europe (Bul- era (Italy) and Devnya (Bulgaria). In 2014, on accompanying the growth company, now present with 46 cement plants in Bergamo, in Via Madonna della Neve, still At the halfway garia), then the horizon expands to the East, the occasion of the 150th anniversary of the patented by Italcementi . In contact with of the country, but that the sunlight, the active ingredient present in 22 countries and four continents, sink in the headquarters of the Group. has long since consolidated point of the cente- where they acquired new companies in Kazakh- founding of Italcementi, is inaugurated the the second half of the nineteenth century, In 1927, with the title already quoted on the its presence abroad nary, in 1964, Ital- stan and Thailand, and later in India, the sec- renewed cement of Rezzato (BS), built in 1964 in the material allows to «capture» some Iin Scanzo, near Bergamo,where it was estab- Stock Exchange since 1925, the company took cementi occupies ond world cement market. for the centenary of the Group. With an invest- air pollutants, transforming them into lished Società Bergamasca for the manufacture its current name. In the period between the the thirteenth place The development plans will also include the ment of 150 million Euros, the cement plant inert salts and thus helping to rid of smog of cement and hydraulic lime. On February 8, two wars, Italcementi continued is expansion, among the national companies in terms of turn- African continent: alongside the presence in becomes the most efficient and ecological one from the atmosphere. The ‘dynamicity’ is 1864, by grinding in a mill, previously used for also through acquisitions of other companies. over and launches a new collaboration with Morocco comes the entrance to Egypt, where in Europe. instead a characteristic of the material wheat, it is born a hydraulic cement which In the 40s the reins of the group pass to Carlo Nervi, called to the Vatican for the new hall of the Group has set itself in a leadership position. Innovation in the production march goes hand itself, which has a fluidity that allows the shows, for those times, extraordinary proper- Pesenti. The implementation strategy allows public audience of the Pope. Today, the Pao- In 2004, Carlo Pesenti, the son of Giampiero in hand with product innovation, the Italcemen- realization of complex shapes such as the ties. The Scanzo cement is used for the con- the company to maintain its national leader- lo VI hall or Sala Nervi (named in homage to Pesenti, representative of the fifth generation ti Group confirms and strengthens its commit- panels of Palazzo Italia. struction of major works, including, the bridge ship and to position itself as a technologically the designer) is counted among the great mon- of the related Italcementi, was ment in the field of research and Italcementi puts the research, innovation and over the River Adda made with 16 arches, in advanced industry. In the 50s it is intensified uments of architecture and contemporary art. named Managing Director of the sustainability of new materials: over sustainability at the heart of its industrial Rivolta d’Adda, the railway station of Saint Lucia the relationship between Italcementi and the In 1984, at the death of his father Carlo, the Group. 60 patents filed in 10 years and in in Venice, where the effectiveness of the bind- world of architecture and high engineering, a guide is taken by Giampiero Pesenti, who Carlo continues and gives new 2012 the inauguration of i.lab, the strategy, with investments of about € 13 er is decisive even underwater and Suez Canal strong and synergistic bond even today. In 1956 decided to focus the Group on the core busi- impulse to the international growth research and innovation center million a year in activity of R & D, recording an in Egypt. At the beginning of 1900s the man- the Pirelli Tower in Milanis built and designed ness, with a careful program of efficiency and of Italcementi, focusing its industri- designed by U.S. architect Richard incidence on the sales of the most significant agement of the company passed into the hands by Gio Ponti with the structural consultation development in the cement industry. al vision on themes of innovation Meier. The building, thanks to the in the field. This attention to innovation has At the end of the 80s, Italcementi starts an and sustainable development, so architectural solutions of environ- resulted throughout the years to the internationalization strategy through partner- much to hold, twice, the charge of mental sustainability and technolog- development of technologically advanced ships in the United States. But it is in April co-president of the Cement Sustain- ical innovation, has been certified products: the photocatalytic cement based 1992, with the acquisition of Ciments Fran- ability Initiative (CSI), the first for- LEED Platinum, the highest stand- on the active ingredient TX Active, with self- çais - a company two times larger than Ber- mal commitment for the sustaina- ard of evaluation in energy and envi- cleaning and de-polluting properties; the gamask group - that the globalization of the bility, that involves some of the largest cement ronmental matters, concerning construction. Shanghai i.light transparent cement used for company is realized. In 1997, the union between producers in the world. In 2013, the Group launched simultaneously the external walls of the Italian Pavilion of the two realities, Italian and French, is sanc- In the twenty-first century, Italcementi contin- on all international markets i.nova, an innova- Expo 2010 in Shanghai; cement for the tioned by the introduction of the logo Ital- ues in the strategic plan of renewal and adap- tive branding system based on the concept of cementi Group. tation of plants to the Best Available Technol- performance of construction materials. Ital- creativity Effix i.design used by designers to The road towards an international dimension ogies (BAT), in terms of industrial and envi- cementi is the first operator in the sector to create furniture complements; the concrete is now traced. Attention is focused on the devel- ronmental efficiency . After the revamping of embrace a similar approach to the market, drainage i.idro Drain, which allows you to opment of emerging countries, in the logic to the cement of Calusco d’Adda (BG), are which has at its base a new vision of the ‘con- build roads and pavements which respect the diversify the markets in geographical areas brought to the level of excellence the plants crete’ product : from commodity to material natural water cycle. with the greatest growth potential. The first of Martinsburg (USA), Ait Baha (Morocco), Mat- capable of ensuring innovative solutions. 86 87 25

Jewelery and watches from the Liu Jo collection. Since 2006 more than 2 million items have been sold, in the over 1,600 stores, distributed throughout Italy

A split-second partner ship The jewelry company, through its orn from the experience of the Europe, Asia and Africa, through a distri- artistic creativity, sophistication and cul- it represents a real help to the support Assolombarda, the Milan-based business Nardelli family, for over 30 years in bution network of over 220 mono-brand ture that is reflected in its products and of young people in Italy. Specifically, Liu association Confindustria. «Making this partnership with the the world of jewelry, the Nardelli stores and 4,500 multi-brand stores and in its way of life. Chaired by Luisa Tod- Jo Luxury for this first edition will offer scholarship with the Leonardo Commit- Luxury project. Founded in 2006 heavy investment in advertising which ini, the Leonardo Committee today rep- the winner a scholarship worth 3,000 €, tee» he said, in fact « is an important sibling Marchi, Liu Jo Luxury Band led by Bruno Nardelli, the company see as testimonials supermodels like Kate resents the most important Italian com- and aims to reward the research of young opportunity for a company like ours, has sold millions of right away meets the exceptional partners Moss and Dree Hemingway. At the base panies. Suffice it to say that in the last scholars who, taking into account the always attentive to the passions and youth Marco and Vannis Marchi founders of Liu of success of the project there are the Ital- year, and despite the difficult time of the change of the fashion market, deepen trends to invest in the training of young watches. And now it focuses on Jo, with whom it starts a business rela- ian entrepreneurial excellence, an inno- Italian economy, companies that are part consumer styles and the needs of the fast people: the future managers of our busi- young people tionship that goes well beyond the license vative and timeless creativity and also the of the network as a whole fashion customer, identi- nesses. Despite the crisis it is crucial for agreement. From 2006 to the present more ability to communicate effectively and had a turnover of almost fying the levers of com- companies to be at the forefront in the most promising ones in than 2 million watches and jewelry have consistently with the public. Not only € 300 billion, of which 53% munication and marketing addressing the world of education to the been sold by the brand Liu Jo Luxury, through the media but also with impor- abroad. And as part of this that allow companies to needs of the market. We owe it to our world of fashion and design presented at Baselworld, the most impor- tant initiatives such as the participation very prestigious platform remain competitive in the young people first of all which at the tant fair in the world of watchmaking and from 2011 to the Leonardo Committee, an Liu Jo Luxury this year chose to join the market and meet consumer demand in end of the university should be able to BY BARBARA RODESCHINI luxury in scheduled every spring in . association founded in 1993 as joint ini- initiative Degree Awards with the aim of the industry, as Bruno Nardelli himself find companies interested in enhancing The Liu Jo Luxury products reach more tiative of Senator Sergio and enhancing young graduates who have explained, who in addition to his role as their curriculum and to offer job oppor- than 1,600 stores in the Italian market. Senator Gianni Agnelli, of Confindustria, developed theses on topics relevant to CEO of Nardelli Luxury and creative tunities and professional growth». The brand, of which Bruno Nardelli is ICE and a group of entrepreneurs. the success of the made in Italy. Born in director of Liu Jo luxury is also on the The award ceremony will take place at also the creative director, is part of a The goal is to promote Italy as a coun- 1997, Degree Awards sponsored by the board of Assorologi, the association Con- the Quirinal Palace during the awarding detailed development plan for Liu Jo, try system through various initiatives, to Leonardo Committee over the years has fcommercio which represents the world of the Prize Leonardo in the presence of whose brand is present in 44 countries in show the qualities of entrepreneurship, rewarded over 200 college students and of watchmaking and the group’s Fashion the President of the Republic. 88 89 25 That arrow that never sets

he story of the Persol legend begins famous examples, Persol is creativity and The Persol sunglasses have framed in 1917. Thanks to the intuition of the excellence of Italian industry, giving life to the face of great characters: from photographer Giuseppe Ratti who projects such as Labor, protective goggles began making technically advanced for welding, and accompanying athletes in D’Annunzio to Fangio, from Steve Tglasses, designed to meet the needs of com- the most extreme excursions. Suffice it to McQueen to Greta Garbo. But they fort and protection, as well as an ideal view- say that between the 80s and 90s it took part ing for sport pilots and aviators. The suc- in the expedition to Svalbard in northern have also accompanied the most cess was immediate and the icon model Pro- Norway, it has sponsored several editions tector, became the companion of adventures, of the Paris-Dakar and has been part of the extreme sports expeditions. The beloved by the people like D’Annunzio, De equipment of the Russian astronauts in the passage under the sign of Luxottica Pinedo, Ferrarin, Chiron, Nazzaro, Fangio, exercises of survival in Siberia, in Vorkuta Opessi, Bolognini and Ghersi. In 1924 Pro- over the 75th parallel, at 65 degrees below has even improved the quality, while tector imposed itself on the world stage by zero. respecting the style of the brand getting the first of 14 international patents. Internationally recognized and synonymous Created as high-performance glasses, in the of a best Italy in 1991 Persol opened its first 30s, precisely in 1938, it turned into Protec- boutique in Los Angeles on Rodeo Drive in tor Persol, short Per il sole (for the sun), and Beverly Hills; three years later the brand hit BY BARBARA RODESCHINI stood out immediately for its innovative 40 countries worldwide and sold in 3.500 design, the glass lenses, the flexible rods points of sale in Italy and in more than 12 thanks to the Meflecto system and for the thousand in the rest of the world. In 1995, unmistakable Arrow. Which is much more Persol has passed into the hands of Luxot- The construction of a pair of Per- of a decorative frieze. Its aes- tica Group that has made sol glasses is a process that requi- thetics will be modulated and him one of the most impor- res a careful and precise assem- developed over the years, the tant brands in the eyewear bly phase, of the different parts. Victor and Invictor version, world scene, while still The care and meticulousness back then, and today the retaining its roots and its loy- allow the creation of a unique Supreme are an emblem of alty to tradition and quality. product, a status symbol worn by the modern and contempo- Luxottica continued to pro- the biggest stars since the begin- rary design. duce Persol in the historic ning of the last century In 1957 was born the 649 factory of Lauriano (Turin), model, designed to meet the needs of the where they are still made with the same care tram drivers of Turin, who by driving the and attention of the original Persols. old open tram they needed a large pair of Protagonist of a long international filmog- glasses to protect themselves from the air raphy, Persol is a brand that is increasingly and dust. Featuring an innovative design, present in the industry, so much that in 2014 the 649 became a pillar of the Persol world: it launched the Film Noir Edition capsule in 1961 it was worn by Marcello Mastroian- collection to celebrate the heritage of the ni in “Divorzio all’italiana”; in 1992 it was brand’s style by bringing under the spotlight included among the most important Italian a stylish ‘50s version of the Persol Arrow. objects in the book «Qualità: scene d’objets To create this new iconic edition , Persols à l’italienne», in 1995 it was chosen to rep- has embarked on a journey of exploration resent the relationship between fashion, and reinterpretation of this decade particu- design and technology and exhibited at the larly rich in charm and history. The metic- exhibition “Between Fashion and Design ulous archival research have thus proved ,infinite line “ at the Triennale of Milan and that the classic Persol Arrow at the time had in 2004 it participated at the exhibition in various forms, including the Phoenix Arrow Florence Excess. Fashion & Underground in that today, reinterpreted with a contempo- the ‘80s, loved by stars like Steve McQueen rary twist, is reborn exclusively for the glass- and Greta Garbo, just to mention the most es of the Film Noir Edition.

90 91 25

PIER SILVIO BERLUSCONI The executive vice president has found in Telefonica an important partner for the development Ready to rewrite of the Premium Platform the history of TV

After having revolutionized the rules Continent. Afterall the Biscione has come a to exploit the opportunities provided by the long way. Representing, especially, the first switch-off from the analog signal to digital of the generalist TV and real alternative to the state TV and opening terrestrial television (just to mention two having paved the way for digital up the ether to private and commercial broad- successes, the channels and Boing and casters that today provide to the viewer an the newborn “Top Crime” are already among terrestrial television, in the future offer of more than 150 free channels (satel- the leaders in their lines and sectors), and lite surcharge is a separate story). In this time since 2005 it entered in the business of the of Mediaset there is the match of the frame, there were also a couple of events pay TV with the Premium offer, is faced with pay-TV and scouring the immense, abroad : in addition to Spain, where the group some major challenges. Starting right from is the leader, the Berlusconi family, tried the the pay-TV. The project relies principally - and potentially profitable, adventure in France () and Germany as the competitors Sky Italy does - on soc- grasslands of the Internet (TeleFünf business). But only in the contig- cer. And Mediaset has put into the pot a uous, also from the cultural point of view, total of 1.8 billion to win the exclusive 2015- Iberian market the adventure has continued. 2018 Champions League, which is the most The others have been experiments, that have prestige and prestigious European tourna- By Manuel Costa still allowed to the management, to make an ment (230 million per season) and the soc- international experience and to learn about cer games, on the digital, of the top eight other countries. teams of the Series A , including Juventus, Mediaset’s history, a company that since 2008 Roma, Napoli, Milan and Inter, meaning the despite the crisis teams that collect that has afflicted the three-quarters of Italian market, and the basin of the Ital- not only, has a ian fans. A signifi- turnover of 3.4 bil- cant and strategic lion and a gross investment that operating profit of 1.3 billion, is also the his- drew the attention of major foreign networks, tory of Italian television. Not only because starting from the big Telefonica, which, after one of his first showman-testimonial was Mike being consolidated as the first pay TV oper- Bongiorno, the most famous conductors of ator in the Spanish market, has wagered (100 rom the local TV, TeleMilano, to Europe. quiz and shows of the national ether (the TV million for 11%) on the potential of Premi- This is the synthesis of the history of character has remained alongside Silvio Ber- um. Target at which are also looking with Mediaset. It started as a small local broad- lusconi from 1979 to the end of 2008), but interest the French Vivendi and All-News of caster, now the TV group, which refers also because many of its programs have the Emir of , Al Jazeera. Fto the Berlusconi family, dominates, both in changed the concept of television viewing. But there is also another important challenge terms of listeners and in terms of advertising Suffice it to mention the full-blown cases of that the president Fedele Confalonieri and revenues (thanks to the subsidiary Publita- success: the program early evening of infor- the vice president Pier Silvio Berlusconi are lia’90), in Italy and Spain and has recently mation and entertainment “Striscia La Noti- carrying out: that of the web. A vast grass- entered into a strategic alliance with the Ibe- zia” (still on the air with epic views) and the land to be conquered, also because it is still rian telecommunications colossus Telefonica Sunday variety “Drive In”, which has rewrit- not very regulated on a European scale (suf- to develop, maybe on a continental scale, the ten the history of the Italian Cabaret; Maur- fice it to mention the many open positions business of digital pay-TV, the Premium offer. izio Costanzo Show, Studio Aperto, the first against the U.S. giant Google and its subsid- A lot things have happened in 36 years of live-news of a commercial Italian TV (with a iary YouTube), but it can be a big catchment history for the company which has its head- scoop of Emilio Fede on the outbreak of the area especially for the public commercial tar- quarters in Cologno Monzese and that, since Gulf War) and the launch (on 13 January get (15-64), the one dominated by Mediaset. it was listed on 15 July 1996 (after the trans- 2002) of Enrico Mentana’s TG5; the first inter- The Social Networks - Facebook, Twitter and formation into LLC and the entry of blazoned nationally successful reality show “Big Broth- so on - are now one of the main channels of partners such as the German group Kirch and er” to the talent show of Maria De Filippi. fruition of TV programming and the group the prince Al Waleed in addition to Imi, MPS, Programs that have made history and formats of Cologno Monzese is presiding them with Comit, Banca di Roma, Sanpaolo and Cari- which were taken up by other broadcasters, ever greater attention, in a view of an inte- plo) it represents one of the landmarks of national and local. grated and multi-platform offering that has the media and publishing world of the Old Today the group, who was the first in Italy no equals in Italy. 92 93 25

A never The branches CheBanca! were the first in Italy to open from 9.30am to 7pm from Monday to Friday, and until 1pm on Saturdays. Furthermore, their feature is the elimination of bars and turnstiles and any physical barrier before seen between operator and customer bank To disembark in the retail market, Mediobanca has chosen the most innovative formula, by launching in 2008 “CheBanca!”, the first true multichannel institution that integrates web, telephone services and branches without filters with the customer

By Nicola Brillo

hop hours, more than bank counter through the App, or go to the new site, one CheBanca! introduced an element of dis- ROBERTO FERRAI will be built using a diversified portfolio of hours. Services available on PC, smart- of the few in Italy navigable from tablets, continuity in the market, that had always General Director of CheBanca!, The institution that ETFs and risk-controlled and freely config- phones and tablet, but also in the PC or smartphones. Nevertheless, the been dominated by companies with net- continues the line of innovation, with the new urable by customers. There will be availa- branches. Devoid of any real barriers branches still have a key role in the suc- works of financial advisors or by banks that challenge of a policy built on a portfolio of ETFs ble four lines of investment modifiable over Sbetween customer and operator. A super- cess of CheBanca!: since the opening in sell their products. CheBanca! proposed freely configurable by customers time depending on the expectations of risk market of 1,800 funds accessible via web. 2008 they have represented a rupture ele- instead a third way, a mixed model based foreseen by the customer. The product range And now a policy based on ETFs. Cheban- ment in the banking scene. For the unique on an open platform that gives access to will be constructed so as to result not very ca! wants to be the breaking point in the design, without physical barriers, the elim- over 1,800 funds and a mode guided nav- volatile also for those more aggressive con- credit landscape. Established in May 2008, ination of counters and turnstiles in favor igation, which accompanies the customers. figurations, all to ensure the stability of today the retail bank of Mediobanca Group, of transparent windows, sliding doors and The challenge was to make the asset man- customer returns and tax advantages in CheBanca!, has 900 employees, more than work stations where the customer and man- agement simple, accessible and usable even terms of stamp duty, withholding tax on 500 thousand customers and a collection ager work together. But especially for the from the web. Customers can, then, choose interest, unforeclosure and unforfeit. of 12 billion and it is proposed on the mar- hours, more like a if to have free access Innovation is always been the heart of ket as the first true multi-channel bank, store than a bank to all of the offers or the CheBanca! strategy. And it is innova- able to integrate web, telephone customer branch: affiliates Che- whether be guided by tion the main theme of CheFuturo! the service and branches in the territory as well Banca! were the first dedicated tools, such online journal published by CheBanca! as to offer to the customers an efficient and in Italy to open from as video tutorials, dic- born in April 2012, which soon became cost-effective service. Declared for two con- 9.30am to 7 pm from tionary of investor a reference for start-uppers and fans of secutive years the best online bank for cus- Monday to Friday and and a map of the sav- innovation. CheFuturo! collects the post tomer satisfaction , by the German Quali- Saturdays until 1 pm. Today CheBanca! has ings, which allows to choose the more from more than a hundred authors, among ty and Finance, CheBanca! has placed at 46 presences in the major Italian cities. Over appropriate fund as a function of the pro- the most famous people in Italy in terms the center of its strategy, the ability to inter- the years CheBanca! has also reinforced its pensity to risk and time horizon chosen, of innovation, it counts 2 million page pret and grasp market trends and consum- portfolio product, adding to the initial offer- and then the simulator savings plans, which views, more than 1,250 published articles er habits, constantly adapting the offer in ing (Current Account, Deposit Account, helps to know the returns over time of a with an average of about 3 posts a day. terms of services and products. Cheban- Income Pocket, Mortgage) more articulat- fund or portfolio of funds made freely. In addition to creating a successful edi- ca! has expanded over the years the con- ed solutions for savings and investment, But things do not end here. At the end of torial case with CheFuturo! the retail bank tact points from locations at a distance, in like the Yellow account - which combines July CheBanca! plans to launch an innova- Mediobanca wanted to enter concretely line with the evolution towards the digital a remunerated bank account with the secu- tive, unique product developed in collab- in the world of start-ups by launching market and the users. Customers can now rities account - and the Asset Management, oration with Genertellife (General) and CheBanca! Grand Prix, a recognition, and be serviced via phone, chat, social network- with which CheBanca! officially debuted in I-shares (Blackrock), two of the major Euro- a support, to the new Italian most inno- ing (Facebook) and even with the instant the investment world in December 2013. pean players. It is a new type of insurance vative companies in the field of technol- messenger. Or they can operate directly The launch of the Asset Management of policy in which the financial component ogy applied to finance. 94 95 25 From circle to circle

he history of is all in ant. In 2000, Banca Mediolanum came into the Mediolanum is amongst the most ENNIO DORIS the name of innovation. Today the Medi- network, expanding the possibilities of access advanced telematic banks in Italy e massimo doris olanum Group is the leader in the Italian for customers with an important development and MASSIMO DORIS Thanks to the introduction of the financial market. This is demonstrated by in the quality of the service and the implemen- The handover within the Tthe presence in the FTSE MIB (and previously tation of sophisticated trading services: a ser- group Mediolanum between family banker. Today, lighthouse on in the S & P-MIB), the index of the most high- vice always available how, where and when father and son is taking place ly capitalized companies at Piazza Affari. But the customer requires. The figure of the fami- in a progressive manner the project «Italy Recover”, which especially the numbers prove it. At the end of ly banker, man of confidence, the profession- offers financial solutions in the time 2013, the customers were 1.0429 million; the al who «brings the bank to the customer’s home,» family bankers 4.407 and €57 832 million were and helps him in using all the tools at his dis- of crisis. Because, also during the administered. The hallmark of the group is the posal, was minted in 2006: it is the human face passing of the baton from Ennio ability to satisfy the needs of global clients. A of the bank. In 2009 was inaugurated Medio- unique and comprehensive approach, which lanum Corporate University, the educational Doris to his son Massimo, the sees the strategic focus in institute realized to diffuse the the figure of the family bank- financial and corporate cul- customer remains at the heart of the er, in the multi-channel bank ture, a reality that was creat- business and in the products and ser- ed to convey the values of vices offering, which ensure Banca Mediolanum and to By ROBERTA CASTELLARIN a high level of satisfaction through innovative train excellent professionals: in customer rela- and flexible solutions that are always able to tions, in financial counseling and management respond to the customer needs. In this perspec- of household savings. Meanwhile to replicate tive are inserted the new actions aimed at enrich- abroad the successful model of integrated mul- ing the banking offer, the investment services ti-channel and the global consulting, the Medi- From Ennio to Massimo, and the products dedicated to savings, social olanum group has launched in the same year a new face for the security and protection. The history of Medio- the project of European expansion in the Span- lanum Bank starts from far. Established in 1982 ish, German and Austrian market, with the commercial through a partnership between Ennio Doris purchase of banking group Fibanc Gamax Hold- The face of the new television commercial of and the group Fininvest, Programma Italia was ing and Bankhaus August Lenz & Co. the group Mediolanum, which debuted on the the first sales network in Italy and had the spe- From a perspective of the offer, the main inno- small screen last June 15 is that of Massimo cific objective of providing customers global vations occurred in recent years are InMediola- Doris and no more that of the father Ennio. So consulting for all the needs regarding the sav- num, the deposit account whit high remunera-

goodbye to the circles drawn in the salt from ings and retirement planning. To expand the tion and without expenses, born in 2011 and the founder of the group with a stick, a basket of products in the following years have which can be subscribed also online. Even the metaphor for the idea of protection (the capital) been purchased the insurance companies Medi- offer of banking services has been updated with as a corollary of the guessed slogan «the bank olanum Vita and Mediolanum Assicurazioni the Conto Corrente Mediolanum Freedom Più built around you» that accompanied Banca and was created Gestione Fondi Fininvest, a and with the Mediolanum Freedom One, which company that can provide mutual funds. As a in addition to traditional benefits and operation- Mediolanum in recent years. «It’s a decision my holding company for all activities in the sector, al philosophy allows to exploit the stocks through father and I mutually made last year, and since was born, in December 1995, Mediolanum SpA, bonds at 3, 6 and 12 months. With the continu- then the marketing has been working in which in June 1996 was listed in the Stock ing economic crisis Banca Mediolanum wanted creating the commercials,» says Massimo Doris. Exchange of Milan. In 1997 “Programma Italia” to participate actively in the recovery of the Ital- «Under different points of view after my return became Banca Mediolanum, the most innova- ian economy through the project «Italy Recov- from Spain there had been gradually a tive telematic bank of Italy and the first to exploit er» initiative that is realized with financial prod- progressive handover. Only the communication the possibilities of interconnection between the ucts for families at very facilitated rates,which part was missing and we decided that it was phone and the teletext on the Home TV, with- aims to relaunch consumption, in particular in the right time to accomplish even this step.» out using decoders or other equipment, and the field of real estate thanks to the mortgage provide alongside the technology the human Mutuo Mediolanum Riparti Italia and the loan contact through the figure of a global consult- Prestito Mediolanum Riparti Italia. 96 97 25 The three lives of an icon

rom mountain peaks to Piazza San create a series of temporary collaborations From a sports brand, to item of Babila, and then Piazza Affari. These to create a laboratory for experimentation clothing to be worn at all times are three lives of Moncler. Born from on the down jacket: , Chitose Abe for a specific vocation for high altitude Sacai, Hiroki Nakam ura for Visvim, Phar- of the day. Remo Ruffini has Fsportswear, the brand sinks its origins in rell William and Chritopher Raeburn.The transformed the brand of the skiers France when, in 1952, René Ramillon and strategy of upward repositioning has been Andre Vincent founded in Monestier de successful and has enabled Moncler in 2006 before and the paninari then into Clermont the company Moncler. Two years to launch its first exclusive line, the Gamme a symbol of fashion also able to later was created the first down jacket in Rouge, designed first by Alessandra Facchi- nylon and feather, brand Moncler, which netti and then by Giambattista Valli. The increase revenues and profits at soon prevailed in the galaxy of technical Rouge is accompanied, since 2009, by the and has become the official line Gamme Bleu designed by Thom Browne double-digit. And Piazza Affairs clothing supplier for some sporting enter- and dedicated to men, while the following trusts it right from the start prises such as the historic Italian expedi- year saw the debut of Grenoble, collection tion on K2. But the 80s determined the suc- for men and women, dedicated to outdoor cess of the label among a wider and young- sports and inspired by the historical lead- er audience , becoming the icon of the so- ers of the brand. 2009 was the turn of the By Milena Bello called Paninari. The following decade has extension to child. And then the homme seen Moncler at the center of change of Moncler W proposal with the Japanese ownerships: in 1992 it was acquired by the designer White Mountaneering launched in company Pepper and was then passed on, Tokyo in May 2013 and Moncler M with six years later, to the the Greek-born design- group Fin.Part where, er Mary Katrantzou for in 1999, entered Remo a one-shot capsules of Ruffini with the role of coats, down jackets, creative director. With suits and trousers. him departed the repo- Alongside the expan- sitioning process of the sion of the product REMO RUFFINI. Under his leadership and with the idea of global down jacket (at the bottom a runway show), the group Moncler has landed in the stock market on December 16th with a triumphant debut brand that began to range, the other ele- move away from pure ment that leverages sporting context to enter in the fashion seg- Ruffini is the strengthening of the commer- ment with a product diversification and the cial network. Not only in the famous ski development of the retail channel. In 2001, destinations in the world, but directly in the inaugural in Saint Moritz of the first the main streets of the luxury (first city to store of direct management and, from there, be conquered was Paris in 2007) in Italy, the group kicked off a series of openings Europe, Asia, Japan and North America and, in the most exclusive ski resorts in the since January, even Brazil. The interest by world. The year 2003 marked a watershed the financial world for a story so dynamic in the history of the brand: Ruffini bought is logical. The first external entity to believe the brand and decided to give life to the in it was the private equity fund Carlyle strategy of the so-called global down jack- when it detects 48% of the fashion house. et. If until then only a few wore them in In 2011 the IPOs are spoken of for the first the city, from that moment on it had to be time, but the project fades. In reality it is legitimized. And to enter not only in the only postponed. In June, the French invest- wardrobe of managers but also to be cho- ment company Eurazeo entered the capi- sen for social occasions. So they started tal with 45%. Two years later, the dream working on the wearability and on the mate- Piazza Affari is realized . A triumphal entry rials to make it suitable to be worn at all : December 16, 2013 Moncler debuts with times of the day. In 2004, the new owner a share of 14,97 euro, with an increase of of the group asked to Junya Watanabe to approximately 46.8% on the offering price offer his own interpretation of the brand of 10.20 per share. Moreover, the compa- and to create an aesthetic joint where the ny is expanding, with revenues of 580.6 best talent could reinterpret the historical million (+19%) in 2013 and with the pros- brand of outerwear. Since then, Moncler pect - the analysts say – of growing at dou- has teamed up with a bevy of designers to ble-digit in the next four years.

98 99 25

scientific research, which has enabled the bank to transform FABRIZIO VIOLA E education, health itself from a small regional bank into an ALESSANDRO PROFUMO and the arts, espe- important national bank. This acquisition will The managing director cially with referen- mark deeply the future of MPS, and not only and the president of the This is how ce to the city and in a positive sense. It is the purchase of Anton- revival of Rocca Salimbeni. They picked the province of Sie- veneta by Banco Santander, which cost to up a group on edge of na, and is the direct MPS 10 billion Euros, the main focus of the the abyss and brought it extension of the ori- investigation by the Prosecutor of Siena. back on his feet. Today ginal Monte, a One year ago as a result of the judicial inqui- MPS is still the third public institution. ries (including that the derivatives), the bank you get back largest bank in the The second one was considered gone, it was rumored that it country flows into the com- should have been nationalized, which repre- pany bank, Banca sented a risk for the country’s system, that Monte dei Paschi di Siena which heads the even the IMU would have funded the rescue homonym group, which conducts credit, of the bank. financial and insurance activity. Now, after 12 months, the MPS has taken over at the summit A breakthrough year for the institute is repre- the role of the third largest bank in the count- sented by 1999, when on June 25the Parent ry thanks to the work of the management by Company lists its shares in the Stock Exchan- Profumo- Viola and the dedication of its ge of Milan, marking an important milesto- employees. ne on the path of competitive and dimensio- It completed a capital increase of 5 billion, The doomsayers have been proved wrong, and after little more than one nal strengthening. almost an IPO if we think that the pre-cap With the stock exchange listing began an increase was 2.7 billion, which, among other year of the Viola-Profumo treatment, MPS has resumed its place in the intense phase of territorial things, has paid 3 billion national economy, without neutralizing the great growth path made in and operational expansion Monti bonds. which stretches between It has changed, also, its sha- the previous 25 years 2000 and 2005. They range reholding structure. The from the acquisition of equi- Foundation had 51, which By Claudia Cervini ty interests in certain regio- dropped first to 33 and then nal banks with strong local to 2.5, and the capital was roots, including Banca Agri- open to placements of insti- cola Mantovana, the streng- tutional investors with a he last 25 years of the oldest bank in particularly difficult time for the local eco- thening of production struc- strong presence of forei- the world were among the busiest of nomy. Its activities, in an ideal continuation tures in the strategic seg- gners thanks to the aboli- the Italian banking system, even for the of the great commercial and lending tradi- ments of the market, throu- tion of the rule that fixed at events that have characterized its recent tions of the city of Siena, had a rapid evolu- gh the development of the 4% the maximum holding Thistory. To take a snapshot of the last two tion in a typically banking sense, especially company product: Consum. for members outside of the decades of the Monte dei Paschi di Siena, after the reforms of 1568 and 1624. Talking it in the sector of consumer foundation one can not ignore, however, to recount its about a more recent history, it is with the credit, MPS Leasing & Fac- Now it is a clean bank early history: the one derived from the mer- Decree of the Minister of the Treasury dated toring in the non-banking from the point of view of chant and banking Sienese tradition of the 8 August 1995 that two institutions are esta- sectors, MPS Finance in its reputation, which is medieval. The “Monte”, in fact, dates its ori- blished: the” Fondazione Monte dei Paschi investment banking, MPS going back to being attrac- gin back in 1472 as «Monte Pio», at the behest di Siena” and “Banca Monte dei Paschi di Sie- Asset Management SGR in tive to customers, with a of the Magistracy of the Republic of Siena na”. The first entity has for statutory purpo- asset management, MPS slight increase in and was expressly established to give help se the pursuit of welfare and charitable objec- Banca Personale in the employment, as well as to the poorest classes of the population at a tives, as well as social benefit in the areas of financial promotion. commissions and a net inte- Also during this five-year rest income in the first quar- period is recorded the centralization in MPS ter of 2014 which has gone beyond the tar- Banca per l’Impresa of activities in the field of gets set by the business plan. The year 2013 specialized credit to companies and of corpo- ended with a income from banking activities Bragadin (MPS) weaves the bank’s network between the Web and the territory bank through the structuring of new business rate finance services; the development of com- of 3.810,9 billion euro, direct deposits were The commercial network is the center of strategies of new distribution structure with fewer branches and For example, we have strengthened our partnership processes. mercial productivity and consolidation of acti- 129.963 million euro, the net assets of the the restructuring plan by 2017 of the Monte dei more outlets. The bank of the future will be much with Axa in the sale of insurance products and we Q. How will the network approach change the vity in some realities of strategic importance, Group amounted to 6.155 billion euro, with Paschi. Not just for the slimming treatment to which it more technological and will focus on the integration signed an agreement for the distribution of Compass management of impaired loan? such as markets and private banking, as a result a total capital ratio of 15,2. will undergo, but also for the review of the business of services. products. A. We have to provide answers and for this we’re of the pension reform, retirement savings. Regarding the plan 2013-2017 the leaders of The Monte, at same time, launched a plan the the Monte dei Paschi di Siena predict that model developed by Marco Bragadin, manager of the Q. What is the difference between branches and Q. All of this will require a strong investment on trying to create the most appropriate organizational for the implementation of a comprehensive the achievement of sustainable levels of pro- group’s retail and network. outlets? training. structure. We have specialized structures depending program of opening new branches in the fitability (with a target ROE in 2017 equal to A. Today many low value-added transactions no A. We want to support the e-learning training with on the type of credit and credit relationship. In some group, with the aim of achieving a network about 8%) be pursued through targeted Question: Bragadin, which model are you longer take place in the branch office. The more in-classroom updates, by using internal and external cases a specialized team may be created. In any case, of over 2000 branches at the end of 2006. actions both in terms of revenue arising from betting on? electronic money spreads, the more this resources. In addition there was the Regata project we believe that the action on the credit needs an Another step of the expansion plan is the a significant projected increase in producti- Answer. We started working on costs. These cuts are transformation will progress. We also want to expand (operational from this month across the network), organization that combines development and acquisition in 2008 of Banca Antonveneta, vity of structural rationalization of the group not ends in themselves, but oriented to carve out a the distribution agreements with third-party partners. which aimed at improving the performance of the management. reality born from a process of mergers and structure and efficiency of the business and combinations of banks with strong local roots, operational processes. 100 101 25 From Santeramo to Wall Street From the province of to the hat of is an original sofa, a casual style leather sofa, contempo- and unique story in the Italian furniture rary, available in an almost infinite range of NYSE. This is the route of Pasquale industry. An entrepreneur who has models, colors and functions, from the envel- turned his small artisan laboratory into oping and engaging comfort, to live every Natuzzi, the Apulian entrepreneur Tthe largest Italian furniture company (with a day. To achieve his goal Pasquale Natuzzi who has reinvented the concept of turnover of 449.1 million euro in 2013) and completely reinvents the method of produc- a unique global player in the sector, with 7 tion of sofas, it engineers the components, the sofa, building out of nowhere manufacturing plants, 12 sales offices, 4,862 specializing in leather. the largest Italian furniture employees currently in business, manufactur- In the early 80’s the breakthrough: his intui- ing plants in Italy, Romania, China and Bra- tion, to democratize the leather sofa, inter- company. And now it has recently zil and more than 1,200 stores worldwide. A cepts consumers’ tastes of the world’s largest company quoted on the New York Stock market, that of North America. It is the begin- launched a new, revolutionary, Exchange since 1993. ning of an irresistible ascent: Natuzzi con- armchair It all began in 1959 in quests in a few years the , where with world leadership, is list- three collaborators, Pas- ed in Wall Street, quale Natuzzi produces becomes a winning BY MARIA ELENA ZANINI sofas and armchairs for model. the local market. In the early ‘70s, the com- The new millennium is opening under con- pany moved to , in the ditions of globalization. The entrepreneur is heart of the Murgia, where still today are locat- unprepared. According to an independent ed the headquarters of the Group. He takes research (Ipsos / Lagardere) today Natuzzi is care of the development of the internal mar- the best known brand in the furniture indus- ket and of the first contacts with foreign mar- try at the international level among consum- kets (Middle East and Europe). These were ers of . A result achieved in the years of extraordinary creative fertility. last 10 years, when the company has handled The challenge is twofold: on one hand there the challenge of globalization by investing in is the transfer on an industrial scale of a pro- their brand, on openness and development duction typically artisan in order to optimize of the retail network, on the upgrading of cost, time and materials, on the other, to work production plants in Italy, on the opening of on a new product, an absolutely new type of factories and sales offices abroad, their inte- gration, on product innovation and the man- ufacturing process. And all this in a decade marked by an unfavorable macro-economic context. But innovations and revolutions are not finished yet. The final product which has completely trans- formed the concept of the relax armchairs is called Re-vive and was born from a simple, but at the same time, revolutionary idea: to ensure that it is not the body that fits to the sitting, but its the seat that must adapt to the morphological characteristics and movements of the body. Re-vive Natuzzi PASQUALE NATUZZI is produced in Italy, in the Santeramo in Colle The entrepreneur departed from Murgia and now establishment, because this armchair - beyond is at the head of a reality all - is also an investment in the safeguard of with 7 manufacturing jobs in an area hit hard by the economic cri- plants that supply 1,200 sis, to which the Natuzzi Group, for will of stores spread all over the its founder, has given a lot and will continue world and employ to do. almost 5 thousand people 102 103 25

recovery of € 68 million by 2017. Planned among other things, the 10% cut in salaries of managers and top management of the company and re-dimensioning of the ambi- The brave challenge tions and plans for the initial development. Today, NTV is the first private operator on the Italian high-speed rail network and the first operator in the world to use the new Alstom AGV train, record holder for the high-speed rail. It has a fleet of 25 trains. The ultra high- of the Other Speed speed trains, Alstom AGV (Automotrice Grande Vitesse) have the same traction system of the train that on April 3rd 2007 established the Italo has broken for the first time talo opens the doors to the Chinese. NTV tailor-designed, for the summer season. Like world speed record of 574.8 km rail / h. is the first train operator to have received «Dolce metà» for a trip for the couple with a Performance which confirms the high expe- the railway monopoly the official «Welcome Chinese» certification. reduction of 50% on the second passenger. rience level acquired by Alstom in the field of and now it serves as a privileged The carrier has obtained from the Ministry «Italo Famiglia» for groups of 3-5 passengers. high speed: 70% of the trains currently in use, Iof Tourism in Beijing, through the organism The offers continue with the «student card», with speeds exceeding 300 km / h, in the vector for Chinese customers, China Tourism Academy, the brand that attests which is distributed annually to all students world were manufactured by Alstom and have the presence of the requirements judged fun- in secondary schools: it entitles to a 10% reduc- traveled more than 2.8 billion kilometers, car- in view of the large turnout damental to best accommodate the travelers tion in Smart ambient on the Base, Economy rying 1.6 billion passengers. The AGV train, expected for the Expo 2015. It’s the of the Land of the Dragon. On Italo, that sin- and Low Cost offers. designed by Alstom and adopted for the first ce the beginning of the service has transpor- For the more mature customers, Italo launched time in the world by NTV, therefore defines first private company that travels ted 100 thousand Chinese tourists, there will «Italo Senior,» the card reserved to people over the state of the art technology in the high- on the Italian network, it increases be information and instructions in Chinese 65 that offers a 10% reduction on the com- speed rail. language, on electronic displays of the train mercial offers Basic and Economy. With «Salot- The arrival of the the routes and commercial offers, and on the printed material available. In view to Club 3x4» finally, traveling in four at a cost private on Italian LUCA CORDERO of Expo 2015, also, NTV has not only initia- of three, with a full living room reserved in tracks has been actu- cutting even the operating costs by DI MONTEZEMOLO ted contacts with over 200 Chinese tour ope- the Club environment Founder and president alized in 2006. Luca 68 million by 2017 rators but has also launched initiatives dedi- At the halfway point of the second year of life, of the company, Cordero di Mon- cated to online agencies and business travel. on April 28 2014, Italo did a reality check. It has focused on tezemolo and Diego In June Italo cut the ribbon at Rome Termini achieved so far ten million tickets sold. Face- technological innovation Della Valle founded Station in the heart of the capital (until now book has reached 825000 friends, numbers from the beginning to NTV together to the it was present at the station of Rome Tiburti- that make the Italo the first railway operator challenge the public entrepreneurs Gian- BY FRANCESCO BISOZZI na and Ostiense). The most important imme- in the world with so many fans (81 thousand monopoly. But also the ni Punzo and diate innovation regards two pairs of non-stop followers on Twitter). Italo Junior, the service human capital is Giuseppe Sciarrone trains. But from December 15th, the offer of for unaccompanied children, assists each important (in June 2008 were Italo will grow again and the two pairs of month over 50 young travel clients, while the added Intesa San- trains non-stop from Termini will become six, «special guest» on four legs, extra large, have paolo, Alberto Bombassei, Generali Financial for a total of 12 connection, six in the North- now become regular visitors, with 300 pas- Holdings FCP-FIS and SNCF / VFE-P SA and to-South direction and six in the South-to- sages per month. Today, the management is in January 2009 Isabella Seragnoli). From 28 North direction. Basically, from December, all working on the new business plan. A major April 2012 have started the connections along the non-stop Italo trains will arrive and will operation to cut costs in progress. Among the spine of Naples-Rome-Florence-Bologna- One of the trains of Italo, the first private depart from Termini. Different, then, the offers banks, suppliers and efficiency NTV it aims at Milan. Next, the routes have been opened to railway company, that uses Alstom Salerno, Padua-Venice and Turin. On June 9, high-speed trains 2013 Italo reached the Mediopadana Station of Reggio Emilia. From December 15, 2013 Italo also runs on the Adriatic line with new stops in Ancona and Rimini. But the challenge of NTV on the solid monop- oly of the market, until now the prerogative of the Ferrovie dello Stato, not only plays on the technological innovation of the product- train, but especially on human capital. The School of Hospitality of NTV (investment of 18 million euro), which aims at training staff in the new private railway company is the proof. Here, over 40 courses, divided into six months (four of theory and two of practice), revolutionize the traditional formats of trans- port companies, giving breath and air not only to the technical and professional railway skills but also to the actual art of hospitality and welcome. 104 105 25

marco tronchetti provera Thanks to the decision to focus on foreign markets The pneumatic and on the premium segments Pirelli in 2013 recorded a turnover of more than 6 billion euro and EBIT Margin equal aristocracy to 13 percent

ight from the start of its history, it together with the achievement of efficien- A result obtained thanks to the choice of For Marco Tronchetti Provera the was obvious that it was destined to cies, to an improved profitability. management to further open up the mar- internationalization is a dogma since become a multinational company . In the folds of the budget, the internation- ket, leaving that syndicate agreement which When a few years after its founda- al footprint of Pirelli is even more evident: has accompanied the growth for over 20 he took the helm of Pirelli, but now, Rtion it opened its first overseas plant. Just at the end of 2013, 33% of revenues came years. Strengthened by its presence in all after the share agreement with the the beginning of a path of international from Europe and the remaining part from markets of the world, Pirelli has already growth that today allows Pirelli to be pre- the rest of the world, with South America outlined that the guidelines for growth in Rosneft Russia, the development in sent in 160 countries. Thanks to a balanced with 36% of the total due to the presence the future will move from a focus on seg- and diversified geographical presence of Pirelli in Brazil - which just in these ments with higher added value, to an Asian markets is accelerating. And between mature and emerging markets days celebrates his 85th Carioca birthday extract value from selected Medium prod- the group definitely aims and a focus on the Premium - the high- - followed by Nafta with 11%, by Apac ucts, through a selective plan of invest- end tires - Pirelli was able to overcome with 8%, by the area Mea with 8% and Rus- ments (€1.6 billion in four years, from 2014 at the high segments range. A the difficulties of the automotive market sia, the last market the company entered to 2017) and efficiencies, as well as a con- strategic choice that is paying well by focusing on those areas and business in with a manufacturing presence of 4%. tinuous control of working capital. of greater growth. Pirelli today has 21 pro- A strategy, the one on the Premium and All actions that will allow Pirelli to gener- also in the income statement duction plants on internationaliza- ate cash - before dividends - for about € thanks to strong tion, which has 1.6 billion in four years, from 2014 to 2017, impulses to the resulted in a strong bringing the net debt below 500 million internationalization increase in market Euros (1.3 billion in 2013). A solid finan- given by Tronchet- value, where the cial structure, then, that allows Pirelli to by Mattia Franzini ti Provera to whom, capitalization grew ensure to shareholders a flow of dividends when about 25 from 2.1 billion euro representing approximately 40% of profit. years ago took the reins of the group, we in 2009 to the current 6 billion, and which No wonder that, with such numbers, Pire- owe the opening of Pirelli to the markets meets the favor of the majority analysts lli has attracted the attention of investors, of the Far East and Africa, to the recent convinced that the target will be met. as evidenced by the recent agreement in entry into Russia. But which, more importantly, was able to Camfin that led Russia’s Rosneft as share- Also thanks to its worldwide presence, attract the attention of major internation- holder of the holding, which will have 50% Pirelli in 2013 recorded a turnover of more al funds, whose presence in the sharehold- of Camfin, while the remainder will be in than € 6 billion and an EBIT margin of ers has grown exponentially. In 2009, for- the hands of a Newco controlled by the 13%. Positive results have further improved eign institutional funds were equal to 16% Nuove Partecipazioni of Tronchetti Prove- in the first quarter of 2014, thanks to the of the total and now hold a share of the ra and also owned by Unicredit and Inte- focus on the Premium that contributes, Pirelli greater than 43%. sa Sanpaolo. A strategic agreement not only for the solid- ity of the shareholder but also for the future development of Pirelli. Since a few years in Russia, in fact, the company aims to fur- For the quality we must always aim higher, it is the strategy that makes Premium ther expand its presence in that which is Focusing on the high range thanks to a constant the last two years, the component of the worldwide increase expected between 2013 and the winter market par excellence, right thrust on innovation and technological premium revenues of Pirelli car is increased from 2017 equal to 7.3% (+2.4% of non-premium). through the industrial and commercial excellence. This is the strategy Premium that 46% in 2011 to 56% in 2013. But for Pirelli the Premium does not stop at cooperation with Rosneft. With the giant Pirelli, starting in 2009, has taken to position itself Given that, according to the latest industrial plan of product positioning. Today, in fact, Premium is not oilman, Pirelli had already signed, in the in a distinctive way within the tire world, proving Pirelli, it is expected to grow further, from now until just the top of the range, but a new approach past, industrial agreements for research to be able to grasp - before others - the favorable 2016, with a weight of the Premium on car aimed at creating value not only in terms of and development in the field of synthetic trend in this segment. Thanks to the investment revenues expected to grow to 60%. Also in the product, but in terms of a process of growth that in rubber, and also commercial in order to boost sales and gain market share. plan focused on high range, the re-balancing of coming years, as has happened so far, it is the future will go through significant investments By 2019 it is planned to open around production among the rapidly developing expected that the Premium tire segment in research and development, which already 200 outlets across Russia where Pirelli economies and mature markets and a major continues to grow at a rate three times higher than amount to 3% of total revenues each year, and 7% brand products will be sold, leveraging technological upgrade of production sites, in just the non-premium, with an average annual of those resulting from the Premium. the distribution network of Rosneft in the country.

106 107 25

giovanni anzani Together with Alberto and Aldo Spinelli he is leading the group Poliform, company of Orsenigo (Co) with a Three families truly international breath for five continents Poliform is, and will remain, in the hands of its historic shareholders. Unanimous decisions with the support of the management. A choice that has not prevented the group to take on an international dimension with 720 retailers and 70 stores.

By Francesco Colamartino

f a friend invites you to dinner at his loft ing partner companies, Poliform UK and The Poliform strategy is based on decisions people, to its employees and the protection in New York, Moscow or London, you will SPAV, and three controlled foreign commer- taken by unanimity, with the management as of artistic and cultural heritage. Each year it probably enjoy a drink in his company cial companies: Poliform USA, Projecx Con- technical support. The internal governance offers to some students the opportunity to sitting comfortably on a Poliform sofa. tract Limited and Poliform Qatar. The com- requires that the company continues to be do an internship in its structures and sup- IPoliform, the world’s leading group in the pany is present in 86 countries worldwide, guided by three people, one representing ports programs of cultural development and furniture industry, was born in 1970 in Inver- with 720 retailers, of which 350 in Italy, and each founding family, with the goal that Pol- research through publications and notices. igo, in the province of Como, by the evolu- 70 flagship stores. Poliform, whose structure iform retains its family dimension also in the The company has also given a constant sup- tion of a craft enterprise founded in 1942. covers a total area of over 115 thousand future. The focus on the international mar- port to initiatives of sports clubs. The company’s collection includes systems square meters, is in the hands of three his- ket has led the company to develop a true The Brianzolo group has always shown a par- and furnishings for every area of the home, toric partners, Alberto Spinelli, Aldo Spinel- global network, with the aim to be present ticular attention for the issue of environmen- from libraries, to cabinets to beds. In 1996 li and Giovanni Anzani, which have played with stores, flagships and its foreign affiliates tal protection. Its products consist of panels appeared the Varenna brand, dedicated exclu- different but complementary roles within the in an increasing number of countries. In Ita- made of wood particles class EPF-S E0.5, ie sively to the production of kitchens, and 2006 company. ly, the main showroom is in Milan, while in with minimum content and formaldehyde emis- was the year of their first collection of uphol- Europe the brand Poliform can be found at sion. Poliform also uses paint without heavy stered furniture. all latitudes, from Portugal to Russia and from metal and without solvent content, classified At the beginning of the new millennium was Sweden to Greece. Poliform UK, the British in Class I and II of the DPR 203/88 and does born the brand Poliform Contract, which has subsidiary, in 2001 opened a showroom of not use exotic woods from protected forests. contributed to the improvement of the busi- 800 square meters, already named best fur- The packages are made without the use of ness know-how in the field of large supplies, niture store in London in 2002. glues, in order to facilitate the separation, trying to intercept aesthetic and functional The store looks like a huge white box, with recovery and recycling of the material. requirements, different from those proposed a frontage showcase of 25 meters and two Poliform has received approval by the rele- by the market of the product series. Many floors that overlook the central Kings Road vant authorities for the energy recovery pro- famous designers have worked and collabo- in Chelsea. Poliform is also present in the cess of waste and this allows it to enter into rated with the company. Among these are U.S., with flagship stores in New York, Los circulation a smaller number of waste and the names of Marcel Wanders, Rodolfo Dor- Angeles and Miami, but the company has its reduce the consumption of fuel oil. The com- doni, Jean-Marie Massaud, Wanders, Carlo outposts in Mexico, Panama, Canada, Brazil, pany uses only materials with low environ- Colombo, Vincent Van Duysen, Paolo Piva, Venezuela, South Africa, India, Indonesia, mental impact from suppliers certified FSC Paola Navone, Studio Kairos, Riccardo Blum- Kenya, Ghana and Nigeria. Poliform Austral- (Forest Stewardship Council), an internation- er, Matteo Borghi, Emmanuel Gallina, Rodri- ia and New Zealand currently have stores in al association that includes among its mem- go Torres, Matteo Nunziati, Giuseppe Bavu- Sydney and Melbourne. bers, primary industries of processing, trans- so, Soo Chan, Flaviano Capriotti, Bruno Fat- In its 72-year long history, Poliform has organ- formation and marketing of wood and its torini and Giuseppe Viganò. ized a series of initiatives aimed at improv- derivatives. And on the structure of the lab- The company has seven offices, 680 employ- ing the standard of life inside and outside oratory, Poliform has installed a photovolta- ees, including 580 in Italy, two foreign trad- the company, mainly addressed to young ic system composed of 765 panels. 108 109 25 That miracle born in the Gallery

The listing in Hong Kong is an act ew establishments, new stores, an acad- in the capitals of the world and the flagships emy to preserve and grow the extraor- of luxury, namely London, New York, Paris, of respect for the main end dinary know-how that the group Tokyo and Madrid. market. But Prada has not forgotten believed to be the main ingredient of The success was immediate and led the group, Nleadership. These are the directives for action four years later, to debut with two news, its origins and it plans for the next three years of the Prada group, almost simultaneously: the launch of the sec- which therefore has no intention of stopping ond label and collections of cloth- the opening of four new the run started during last three years, deci- ing and footwear for men, the two brands Italian plants for 700 hires. sive for the history of the reality headed by which were then joined, a few years later, by Patrizio Bertelli and . Between a prestigious footwear brand as Church’s and And then the restructuring of the 2011 and 2013, in fact, the group brands (Pra- by another brand of shoes, Car Shoe, the Gallery in Milan da, Miu Miu, Church’s and Car Shoe, but espe- bearer of a unique know-how of excellence cially the flagship brand, that is worth around in the panorama of footwear made in Italy, three-quarters of the sales), have increase which the other group’s activities in the field By Carlo Gioia revenues by 75%, from 2.05 to 3.59 billion, of footwear also benefited from, even if in by achieving a leading position among the the presence of strongly different stylistic Italian groups of fashion and luxury and enter- imprints. ing in the elite of the few big international With these aces up its sleeve, placing, dur- groups with over 3 billion in revenue. The ing the following years some other decisive success of the stock placement of the bond stakes in the take off path of the Prada and the subsequent performance of the Stock brand(in particular the agreement with Lux- Exchange in Hong Kong, ottica in 2003 that within a where it landed on June few seasons has brought miuccia prada e fabrizio bertelli 24, 2011, with a 20% float- Prada to be one of the best- The tandem at the helm (in the picture ing and a market capital- selling brands of fashion on the next page) is the real plus of ization of about € 9 bil- eyewear, as well as the one Prada: the creativity of Miuccia is lion, which two years later became about 14 with Puig for the essences in the same year) accompanied by the entrepreneurial vision of Bertelli billion, shows that the growth prospects out- and, of course, thanks to the tandem of cra- lined by the company are deemed credible ziness, in which the creative geniality of Miuc- by the market. cia Prada and the entrepreneurial vision of Similar performance can not, of course, be Patrizio Bertelili have been able to feed off the result of some improvised expedient but each other, the group was able to reach a respect to what is the main market for the can only find its origins in a historical pro- record that has something special: it is strong- group, and in Hong Kong it opened a sec- gression that has been able to leverage on ly rooted in the made in Italy and in a style ond style office always in touch with the the roots of the brand, one of the emblems that is a clear heir to the Italian culture, but headquarters in Milan, while the office style of elegance and luxury in Milan since, last is also particularly international. of Miu Miu was transferred to Paris. The over- generation, it was “only” the best leather Based on the first profile, the group, which all picture that emerges is therefore that of a goods store in Milan, trademark feature of already has 11 production sites in Italy, has strongly Italian group, and very internation- the center and the one Galleria Vittorio Ema- plans to open four new industrial establish- al, but certainly with a special connection nuele II that the group, at their own expense, ments in Italy, with 700 new hires. In this with the city of Milan, as evidenced by the along with another Milanese fashion house, context it is also inserted the project of Pra- strong investment in the renovation of the has decided to renovate and restore to its the da Academy, which will be built in Tuscany Gallery, after the one of the building that cur- original charm. and will kick off in 2015, to create a pool of rently houses the second store brand, always And to look back at the history of Prada, the young engineers that will guarantee a replace- in Gallery and in which soon other activi- progression catches the eye. The most famous ment of specialized knowledge in the man- ties of the group will be inaugurated, includ- and more appealing piece of the Prada world, ufacturing of luxury and that it constitutes a ing those of the Prada Foundation. And last meaning the runways of women collections, specific and constant reference for the devel- but not least the new headquarters of the right this year celebrates 25 years. Until then, opment of the know-how in the field of leath- confectionery Marchesi, one of the oldest for ten years, there were only collections of er goods, footwear and apparel. pastry shops in Milan, the icing on the cake, women shoes and a handful of shops, one At the same time the group has chosen Hong that the group got as self-gift for the new in the Gallery, the second in Via della Spiga, Kong as a listing market, even as an act of adventure in the Gallery. 110 111 25

HOW AND WHERE PRYSMAN'S TURNOVER IS CREATED HOW AND WHERE PRYSMAN'S TURNOVER IS CREATED

Asia and Oceania 15%Asia and Oceania 15%

Emea Emea (Europe, (Europe, INCOME Middle East, Africa) INCOME Middle East, Africa) 2013 63% 2013 63% Those cables € 7,3 North America 14%€ 7,3 North America 14% FOR billion FOR billion GEOGRAPHICAL GEOGRAPHICAL AREA AREA Center and South America 8%Center and South America 8%

TEI 26% TEI 26%

INCOME at the bottom INCOME 2013 Utilities 2013 Utilities FOR 31% € 7,3 IndustrialFOR 31% 24%€ 7,3 Industrial 24% BUSINESS billion BUSINESS billion AREA AREA

Other 2% TelecommunicationsOther 2% 17%Telecommunications 17% GRAFICA MF-MILANO FINANZA of the ocean GRAFICA MF-MILANO FINANZA

And not just those but also energy and communications systems in the portfolio of the giant, a 7 billion revenue public company And now gone with leader in submarine interconnection projects and links for offshore wind the wind Prysmian wants to go deeper in full sail, and farms, for telecommunications and construction, thanks to an agreement that is why it decided to rely on the wind. In with Petrobras, has placed a heavy foot also in the petrochemical industry recent years, the group has invested in bonds in support to the utilities that want to ensure to their clients a more sustainable and efficient BY FRANCESCO COLAMARTINO transmission and distribution of energy. In the field of green power, the group designs, manufactures and installs cables and systems hat do New York, Buenos Aires, the two companies engaged in campaigns of for high and extra high voltage for the London, St. Petersburg, Singapore acquisitions, followed by a strong restructur- underground and submarine power and Hong Kong have in common? ing process, aimed at expanding the indus- transmission from offshore wind farms to the Prysmian cables. With over 130 trial and commercial activities. In 2005, Pire- primary distribution networks. Among the Wyears of experience, a turnover of around 7 lli Cavi is sold by Pirelli to a private equity solutions offered there are submarine cables billion and a presence in 50 countries, Prys- fund of Goldman Sachs and Prysmian is estab- with installations up to 2000 meters deep, mian is a leading company in the sector of lished, which in 2007 was listed on the stock realized thanks to the Giulio Verne cable- cables and systems for energy and telecom- exchange FTSE MIB index in Milan and three valErio battista laying ship, one of the largest and most munications. At the beginning of the twenti- years later became a public company, mean- for operation and interconnection of wind buildings in the country. Dra- gapore (the most expensive The CEO has led Prysmian technologically advanced in the world. eth century Pirelli Cavi (the current Prysmi- ing a publicly traded firm without a control- turbines to each other and cables for con- ka fibre optics have been cho- casino resort ever made) and to conquer Draka Through Prysmian Powerlink Cable Services an), part of the Italian Pirelli group, emerged ling shareholder. The current organizational nection to the mainland. sen for the construction of the which allowed the new World Trade Center at the international level thanks to major pro- structure of the group is dated 2011, follow- In the field of wind energy, the company has Large Hadron Collider, the the Italian company to in New York. and the cable ship Enterprise, the group also jects such as the laying of a 5,150 km-long ing the acquisition of Draka. Prysmian man- carried out projects throughout Europe in largest particle accelerator at increase the position of For what regards transporta- provides services for the construction of submarine telegraph cable ufactures on behalf of utili- recent years and has recently supplied cables CERN in Geneva, and 1,500 world leadership tion, the Italian group based submarine links for the energy ranging from across the Atlantic to connect ties and electric network for a 50 Hz wind farm in Germany. Prysmi- km of cables installed have in the cable industry at the University of Milano project management to installation, jointing Italy and the American con- operators around the world an works also with the sun, as evidenced by allowed the company to Bicocca has realized the wir- and protection of cables in offshore wind tinent, the link between some of the major sub-sea the provision of technology to the photovol- receive a Golden Hadron, an ing of some of the largest pas- farms, for which Prysmian has technologies North Africa and Brazil and power interconnection pro- taic plant of Ohotnikovo, , and many award dedicated to suppliers who do not senger aircrafts and ships in the world, such that include cables for the operation of wind the installation of the tele- jects. Among these are the installations in southern Italy. only meet the needs and requirements of as the Airbus 380 and the Genesis of the turbines, cables for connection between the phone line between Brazil Westernlink between Scot- But the business of the company led by CEO CERN, but even exceed their contractual obli- Royal Caribbean fleet, as well as those of various turbines and for the connection to the and Italy. In the meantime in 1910, was land and England, the Sicily-Italy and the Valerio Battista also extends to the petro- gations. the ultra-fast trains designed by Alstom and mainland. In the increasingly expanding founded the company Hollandse Draad en SA.PE.I. in Italy and, in the United States, the chemical industry, especially since a strate- In the construction sector, Prysmian cables Siemens and the most advanced metropol- markets of Northern Europe, Prysmian is Kabelfabrieken, which later give birth to Trans Bay, Neptune and Hudson project. The gic technique cooperation agreement with for elevators and fire resistant are woven into itan areas such as London and Istanbul. Final- engaged in projects already completed or still Draka, the most significant acquisition recent- group also contributed to the realization of the Brazilian company Petrobras introduced the heart of the most spectacular and avant- ly, by measuring the thickness of ice which ly brought home by Prysmian. A wider range the electricity networks of some of the great- the group in the field of high-tech flexible garde structures, such as the Burj Khalifa in is located on land and water, the satellites in progress for the interconnection of offshore of products and the opening of new instal- est cities in the world, including New York, pipes for the extraction of oil. The group is Dubai (the tallest building in the world with made by Prysmian cables are able to see wind farms, as Ormonde, Walney I and II, lations in strategic markets such as in Spain, Buenos Aires, London, St. Petersburg, Singa- also the first manufacturer in the world of its 828 meters), the Shard London half the planet by providing detailed imag- Greater Gabbard, Thanet, Gunfleet Sands, the , North America, Argen- pore and Hong Kong. telecommunications cables. Its ribbon cables (the highest of the entire West), the Wim- es of specific places and trends in climate Robin Rigg, Gwynt y Môr and Teesside in the tina and Brazil have resulted in an organic In the renewable energy sector, Prysmian is are helping the Australian Government achiev- bledon tennis stadium, Masdar City in the change. The company is also involved in UK and BorWin2, BorWin3, HelWin1, HelWin2, growth of both companies in the first half of a global leader in the connections for off- ing the goal of creating a network that will (the first city with zero major space projects as partner of the Euro- SylWin1 and 50Hz in Germany. the twentieth century. The nineties have seen shore wind farms, to which it provides cables connect 93% of residential and commercial CO2 emissions), the Marina Bay Sands in Sin- pean Space Agency. 112 113 25 The return of porcelain artists

The new exhibition space in the Palazzo Ginori, in A new life thanks to . So Richard Ginori continues to be synonymous of Via de ‘Rondinelli in Florence, where in 1802 class and beauty, continuing the tradition that has seen the best artists and the Manufacture of Doccia had inaugurated decorators lend their talent to the Florentine fashion house its first store. 500 square meters set up as an elegant house BY BARBARA RODESCHINI

ext year Richard Ginori will turn 280. Able to translate into reality recovery plan. Last June, in Palazzo Ginori, in Via de ‘Ron- This is not a simple anniversary but visions and dreams, Richard Since January 2014, on the occa- dinelli 17 / R in Florence, where the Manu- the celebration of Italian manufacture Ginori, in the course of its sion of the most important inter- facture in 1802 had opened its first store, at 360 °. The world Ginori intimate- history,has collaborated and wel- national events in the field, Rich- was inaugurated its first boutique in the new Nly connected to that of the Manifattura di comed the genius of painters, at ard Ginori has presented the new Richard Ginori era: 500 square meters set Doccia, another emblem of excellence crafts- the beginning of 900s, such as Giuseppe De collections Tableware and Giftware, which up like an elegant house in which their new manship made in Italy, thanks to the Mar- Col, Alfredo Ciulli, Albizzi, Boni, Donnini, combines luxury, contemporary style and collections live in an ad hoc restored con- quess Ginori, who in 1735 founded it in Ses- Giusti and Zoppi and modelers and excellence of craftsmanship. text, to maintain its original characteristics. to Fiorentino. The skill of manufacturing and Contino Contini, Bruno Giachetti and Zuli- the taste of the collections are imposed on mo Aretini. In 1911, the Company is present the market by bringing the porcelain pro- in largest International Exhibition of Fine duction of Doccia among the excellences of Arts in Rome with some polychrome majol- the 18th century. Symbol of beauty, grace ica panels and other works. and artistic expertise unrivaled, the Ginori In 1923, the art direction is entrusted to Gio rules since the early days, becoming the mai- Ponti, who definitely sanctions the role of son reference of the art de la table for the excellence focusing on quality and vision. aristocracy and the bourgeoisie of the new In this period the intensification of collabo- century. rations with the biggest names in contem- At the end of 800s, in 1896 to be exact, with porary avant-garde as Salvatore Saponaro, the merger with the industrial group, Augus- Freddy Brawn, Enzo Ceccherini, Bruno Inno- to Richard, is born the name that still accom- centi, Fausto Melotti, Elena Diana, Germin- panies us: Richard Ginori. Over the years iano Cibau, Mario Lorenzetti, Kurt Lauber, the Tuscan manufacture stands out on the Sandoz, Tommaso Buzzi, Italo Griselli, international scene for its unique ability to Giuseppe Sciolli, Montesi, Radames Bretto- decline styles and influences in the collec- ni, Giovanni Gariboldi, Olimpia Parini and tions of services and decorations for the Giorgio Supino to name just a few. In 2013, house like no one else at the time. Each after a period of crisis and various compli- piece is cataloged and stored to create a his- cations, Richard Ginori has been acquired torical record, the vision is the stylistic evo- by Gucci. The brand that is part of the French lution of a world which referres to Sesto giant Kering gives new life to the Factory Fiorentino for the elegance of the house. which is now the center of a significant

115 25

michele norsa e ferruccio ferragamo They brought the brand Salvatore Ferragamo to the Stock Exchange. Listed on June 29, 2011 at €9, now the bond has been traveling at around €21 since late 2011 and entered by law within the FTSE MIB. Success on the list has allowed an acceleration of the process of international expansion of the group How to invent luxury and elegance, for 87 years

alvatore Ferragamo, in addition to being national dimension is of course obvious, so opened in 2009 with the advent of the new sis in economics. But anyhow, with the trans- ment. To seal the success of the operation Born between the two World one of the most important brands in much that currently 90% of the turnover is website of the brand. formation of the brand from a small tailor- on 19 December 2011, was the same Italian Wars as a shoemaker laboratory, the luxury world, belongs to the same made abroad. It could not be otherwise, since Hand in hand with the opening policy, Fer- ing family into a real structured company, Stock Exchange, which promoted the title unique club of label that can boast of Salvatore Ferragamo was already in the U.S. ragamo has bet more and more on the prod- and billionaires, the Florentine fashion house Salvatore Ferragamo by inserting the index Ferragamo is one of the most Shaving contributed to «inventing fashion.» in the 50s and in Japan in the 70s and has uct both through the style office, from 2010 has played a leading role. June 29, 2011, the of the most highly capitalized companies important brands in the fashion Founded in 1927 and led by the namesake been one of the pioneers of the great Chi- directed by Massimo Giornetti, and through day of its listing on the Milan Stock Exchange, listed on the Milan stock market. «After three founder until his death in 1960,the compa- nese dogma, opening just two decades ago the expansion of the collections; in addition has a precise meaning, both for the world years from the listing we are very happy world. ny already in those years has legitimately its first flagship store in Shanghai. to leather goods and the ready to wear, always of style, confirming its new size, both for the with the choice we made, and if we were joined the history of fashion in two ways. That was the first big step towards the con- the core business of the company, the logo world of finance, who finally understood the to go back, we would make the same deci- And under the leadership of the CEO First, most obviously, through the charm and quest of a world which in the meantime was of Salvatore Ferraga- true importance of the sion», said recently the chairman Ferruccio Norsa, it collects consensus not only quality of its products. The second, even changing the geography of luxury and the mo has won new mar- world of luxury. That Ferragamo. more rare, by mixing creativity with the prin- way to sell exclusivity, abandoning the con- ket segments, from day, in fact the bonds The success also in the stock exchange has on the catwalk and in the studio but ciples of physics, with 350 patents ready to cept of wholesale in favor of retail inves- perfumes to watches, signed by Ferragamo allowed the Tuscan home to accelerate the also on the stock exchange, testify it. But that was only the beginning. tors. And then in the 90s and 2000s the pros- from jewelry to sun- gathered approxi- international growth not only in terms of Today the group (figures from 2013), under pects, such as markets, have expanded. In glasses to furniture projects to interior design. mately € 345 million and generated interest economic investment but also in terms of a where he signed an IPO record the leadership of the managing director 1999 in Mexico City, the Tuscan brand No surprise then that in the history books four times higher than those actually placed vision that transcends the world of fashion Michele Norsa, reached a turnover of almost opened its first store in Latin America, in the name of Salvatore Ferragamo is one of on the market to land, with force, in economic terms. Nor- EUR 1.3 billion generated by the over 620 2006 came the debut in India with the show- the most cited. It happens when you talk Not only: today if you look at the difference sa great ferryman of the group, has demon- BY FABIO GIBELLINO outlets, spread across 103 countries and case of Mumbai, in 2009 it opened the flag- about accessories, clothes and perfumes. between the initial value and the market val- strated that the good performance and the employing a workforce of 3000 employees. ship store in Dubai and in 2011 the known What, if anything, was not expected at the ue of IPO and of the current (as of 1 July conquest of new markets are results that can In short, the small workshop of the Floren- world was finally conquered by anding in beginning of the adventure in 1927, was to 2014), it can be noted that the 9 euro initial be achieved without sacrificing their own tine shoemaker born between the two World Seoul. All this without giving up the last be found, and as a protagonist, even in the offer for the IPO are now over 21 , plus or DNA, which is the creativity, quality and Wars has become great. Very much. The inter- frontier of e-commerce, which Ferragamo manuals of Finance and the graduation the- minus two and a half times the initial invest- craftsmanship typical of the Made in Italy. 116 117 25 Themetropolitans of the global energy

In thirteen years of presence in ccording to a theory with a curious opment and integrated management of the name, called the Dogs of the Dow, natural gas infrastructure, the company Piazza Affari its actions were which translated into Italian means employs 6 thousand people. It operates a revalued by 243%. the hounds of Dow Jones, thanks national network of transport of more than Ato which you can identify at the beginning 32 thousand kilometers long, plus 8 stor- The company of pipelines today of the year the listings that ensure higher age sites, LNG terminal 1 and a local dis- returns on the basis of the dividend paid tribution network that covers a total of is a tempting corporate in the previous year, Snam is part of the about 53 thousand kilometers. Founded to large international groups. ten titles on which it is worth betting in in 1941, Snam has worked for sixty years 2014. The total shareholder return of the an integrated way into the activities of A successful history case, company, calculated by assuming procurement, transportation and sale which shows that the reinvestment of the dividend of natural gas in Italy, creating received in bonds, suggests the the progressive expansion of a you can go far away same: from 6 December 2001, complex system of pipelines, the date of the listing of the as well as build pipelines that without the six-legged Eni company of the pipelines now allow the country to have dif- led by Paolo Mosa, former Ital- ferentiated import lines (from gas, on June 27th 2014, the total Russia, the Netherlands, Algeria, LORENZO BINI SMAGHI return for the Snam shareholder Libya and the North Sea). In 2009 E CARLO MALACARNE BY FRANCESCO BISOZZI was equal to 243%. Who thirteen years the company acquired the business of the privileged position it in the corridors nector, undersea gas pipe- To take advantage of the in early 2013, with a share ago bet a euro on the utility, today can warehousing and distribution industries of the European gas, and thus to adequate- line linking the UK with Bel- privileged position within of 45%, to the consortium claim victory. But the fact that the former and in 2012 it has expanded its reach to ly enhance the Italian assets, Snam today gium and consequently with the European corridors and formed with EDF (20%) and offshoot of the six-legged Dog (the sepa- the European scene. as already said is increasing its attention the most important Europe- to enhance Italian assets at GIC (35%), the sovereign ration from the parent company Eni has In February, the Board of Directors has to the international scene. an gas trading. best, Snam is giving wealth fund of Singapore, to cost 3.5 billion in 2012) offered a safe and approved the consolidated financial state- This is demonstrated by foreign invest- To confirm the role of pro- increased attention to the detect the assets of TIGF profitable dividend is not news. ments and the draft financial statements ment in the last two years. In early 2012, tagonist that the company international scene (transport et Infrastructures Snam today is really loved by the Chinese for 2013, which closed with a net profit Snam has formed a strategic alliance with intends to play in the inter- Gaz France), the operator State Grid Corporation of China, Beijing of respectively 917 and 705 million Euros. Fluxys: with this joint venture with the national context, the group controlled by Total which giant that has long set its sights on CDP The dividend in 2013, reached 0.25 cents Belgian operator has purchased the par- led by CEO Carlo Malacarne, and chaired owns and operates in the Southwest of Networks. European leader in the devel- per share. In order to take advantage of ticipation of 31.50% in the UK Intercon- by Lorenzo Bini Smaghi has participated France a gas transmission network of 5 thousand miles and two storage fields. The transaction was completed on July 30, 2013, for an enterprise value of € 2.4 billion. THE BIG NUMBERS OF SNAM In foreign development Snam has among Transparency and fairness, absolute and certificated values its objectives the completition the project NET INCOME TOTAL INCOME DIVIDENDS of reverse flow at national borders, to Snam blocks the road to corruption. And the NGO Transparency International Italia promotes at maximum In million of euros In million of euros In euros per share increase the safety of the Italian system level. The company owns most of the Italian pipelines and attaches importance to the issues of business 1.200 4.000 3.946 3.848 0,26 and at the same time increase the flow of 1.106 3.508 3.605 ethics, to the point of having submitted itself this year to the Trac evaluation, Transparency in anti- gas to the European markets. With Bel- 1.000 0,25 0,25 917 3.000 corruption reporting, the most severe international project in the field of evaluation. The basic idea is that gian Fluxys, Snam has also signed an 800 790 779 0,24 0,24 the positive practices of a company should be transparent and therefore accessible to the ordinary citizen. agreement to develop the capacity of bi- 600 2.000 0,23 Snam achieved the maximum score (100%) in both sections of the evaluation (anti-corruption program directional flows through the creation of and organizational transparency). There is more. a corridor for the transit of gas bi-direc- 400 0,22 1.000 Snam’s anticorruption procedure has been shown by Transparency International Italy as an example of tionally linking the south to central and 200 excellence. The non-government association which awarded the gas company is the same that in northern Europe (Italy could carve out a role as a hub). Another six billion foreign 0 0 0,20 December of each year publishes the ranking of countries on the basis of perceived corruption. Italy, 69th investment are estimated between now in the ranking of 2013, is still in the queue at the European ranking and of the members of the G20. 2010 2011 2012 2013 2010 2011 2012 2013 2010 2011 2012 2013 and 2017. GRAFICA MF-MILANO FINANZA 118 119

Misure: 216 mm x 62,65 mm Pagina: ?? Nome le: Snam numeri istog_300614.ai 25

1925, the Chrysler Building in 1928. Industrial activity in the United States came to a halt with the crisis of 1929 and turned into real estate business itself, which continues to this day. In Italy, the company led by Sergio Here is the Mainetti (nephew of Francesco Rosi and father Valter Mainetti), recovered its activities in the immediate postwar period, and it concentrat- ed in the construction of large mechanical sys- tems for public and private clients such as the Sincrotrone di Frascati, the Alfa Romeo in Are- beauty se, the Terni steelworks, and Taranto plants Birra Peroni and Chinotto Neri in Rome and Bologna. When Valter Mainetti took over the company, unifying the two Italian and American currents, he carried out significant financial and real estate transactions both in Italy and abroad. In of the brick Rome, from 1975 to 1998, he worked in the field of social housing for a value equivalent today to about 2 billion Euros and built over ith strong roots in Rome and New tional investors. The multinational organization 1,600 residential units and several shopping The company, which launched York, Sorgente Group is an estab- allows it to benefit from regulatory and tax centers, to private and public customers. 34 real estate funds since 2001 lished international financial and real optimizations in the various countries in which In 1999, Mainetti with Sorgente Group, through estate industry, with the prospect of it operates. The real estate assets owned by the the asset management company of the same and has strong real estate assets Whaving a company of the group, Sorgente Res, funds and its subsidiaries, added to that already name, launched the first Italian real estate fund of 4.4 billion between ownership listed by the end of the year in the Milan stock managed, is now around € 4.4 billion ($ 6 bil- for institutional investors, Michelangelo, liqui- exchange. It has operations in several coun- lion) and the human resources are over 500. dated in 2008, which in its portfolio has includ- and management, is going to tries around the world and a business run Sorgente Group, unlike other players in the ed an icon of Manhattan like the Chrysler Build- through more than 60 companies. industry, can count on more than a century of ing, the construction of which had participat- list Sorgente Res by the end of Through the three holdings Sorgente Group history and a lot of qualified experience. The ed in the New York branch of the family. 2014. The investment philosophy SpA (Rome), Sorgente Group of America Cor- origins of the group date back to 1910 in Rome, As the entrepreneurial tradition has always been poration (New York) and Source Group Inter- when Francesco Rosi, great-grandfather of Valter at the forefront of cre- is based on the search of unique national Holding (Lon- Mainetti - today majori- ativity and high quali- and unrepeatable assets with don), the group has ty shareholder and CEO ty, so today, Sorgente made significant acqui- of Sorgente Group - Group’s philosophy is One of the oldest and great attention to architectural sitions of properties in developed an enterprise to invest in unique and certainly one of the areas of income and development, investing specialized in the manufacture of iron with unrepeatable proper- most glamorous refinement and history of assets of New on their own, through real estate funds, along sophisticated machinery for cutting metal. A ties, with a focus on York, completed in with other public and private investors (Club few years later, in 1919 in New York, the Ital- architectural refine- 1902,is the flagship of BY NICOLA BRILLO Deal) and through SPV (Special Purpose Vehi- ian-American branch of the family, under the ment and history of Sorgente Group and its cle). guidance of Luigi Binda, began to develop a assets. funds, specialized Since 1999, the institution of the Italian real business for the assembly of iron structures of Location, architecture, in trophy building estate funds, Sorgente Group has specialized multi-storey buildings, which will then be the history, tenants, part- in the development and management of real first skyscrapers of the Manhattan skyline. ners, income, and estate funds (the group has launched 34 of From 1910 to 1943, in Italy, the production of green, are the seven basic values that have them) underwritten primarily by large institu- the Italian branch of the company is focused marked the major acquisitions of the Group. on metallic carpentry, light, medium and heavy Since 2006 it holds the majority in New York’s carpentry, always keeping in homage to the Flatiron Building, since 2009 in Rome’s histor- tradition, a department of fine craft artistic pro- ic Galleria Alberto Sordi, already Column, since ductions. This phase can be traced in histori- 2010 in Milan Palace Square Cordusio. cal works of Rome, as the gate to the Vittori- Recently, the group took over in London the ano in Square Venezia and some parts of the famous and central Queensberry House, in Los Palace of the Interior Ministry carried out by Angeles the Fine Arts Building and the Clock the architect Manfredo Manfredi. The compa- Tower in Santa Monica. The Group’s head office ny, later experienced a setback in ‘43, when all in Italy at Street of Tritone in Rome, in a liber- the equipment was seized by the SS and tak- ty building dated 1910, subject to a fine resto- en to Germany. ration project. On the inside, since 2012 the Meanwhile, from 1919 to 1929 the New York Fondazione Sorgente Group, under the super- branch of the family had made numerous iron vision of the Vice President Paola Mainetti, The Galleria Alberto Sordi, already Column, belongs to one structures of some multi-storey buildings, which organized in a dedicated space, thematic exhi- of the real estate funds of have become part of the history of American bitions such as the one on Art Nouveau and Sorgente Group, led by Valter architecture: the New York Stock Exchange in Nike and Greek marbles, with the aim also to Mainetti (pictured above) 1923, the American Standard Building-1924, the promote and enhance its own collections of New York Telephone Company Building of archeology and ancient paintings. 120 121 25 The phone-call

giuseppe recchi then the following year the control pack- Since last April he is the president of et of Telecom has gone from Pirelli to a Telecom Italia alongside the confirmed new pool of shareholders which met in a gets super chief executive officer, Marco Patuano. They new company called Telco, owned by Tel- will be the directors of the development of efonica at 42%, Generali at 28%, Intesa and the company, which has now assumed the Mediobanca at 11% and Sintonia at 8%. The characteristics of a public company presidency passed to Gabriele Galateri of Genola and Franco Bernabè has assumed the position of CEO. technological During the 2000s the pace of technological innovations introduced and launched by Telecom was high: it was launched the broadband wireless technology wi-fi, it was With the new balances between shareholders, a new president and a launched the wi-fi in public areas and the wlan service on the mobile network, it was more modern governance, Telecom is ready to accelerate investment in the launched the mobile network edge broad- ultrabroadband that represents the real challenge of the future for all band for high-speed data transmission, it was launched the mobile ultra-broadband telephone operators. Away from Argentina, remains the focus on Brazil up to 7 mega, it was started in Milan the project of development of the next gener- ation network for the progressive broad- band coverage of the country, mobile pay- BY MARIA ELENA ZANINI ment solutions were introduced and final- ly it started in Turin global technology LTE experimentation( the ultra-broadband Mobile network called 4G). In 2008, we also set up Fondazione Tele- 014 is a year of anniversaries for Tel- er of Sip, Iritel, Italcable, Telespazio and The transaction was financed with debt and com Italia, active in the fields of education ecom Italia, which celebrates 50 years Sirm gave birth to the new entity that became Roberto Colaninno became president of Tel- and scientific research, as well as the pro- since the merger of the previous SIP the sole operator of the Italian TLC: Tele- ecom. On the technology front, 1999 marked The importance of being a public company tection of the historical and artistic heritage telephone companies and 20 years com Italia. on the other hand, the adoption of ADSL If a public company is a company that is Telco to abandon the game of tlc. On April and environment of the country. 2from the processing of the same SIP in Tel- A year later, in an act of partial division, technology for fast browsing on the Inter- Recent developments in the history of Tel- open to the market, Telecom has been n this 16, 2014 during the meeting of Telecom, the ecom Italia. Tim was born and a few months after, the net. Two years later, the chain of control of category since 1997. If, however, public list presented by Assogestioni took more ecom, as said earlier, have seen the grad- But 2014 may be decisive also on another first in the world prepaid and rechargeable Telecom Italia has passed into the hands of ual withdrawal of Italian shareholders of company means a company that does not votes than the one presented by Telco, front, the shareholder one: Telecom started calling card for the GSM network: is the Marco Tronchetti Provera and Benetton Telco (Generali, Mediobanca and Intesa have a controlling shareholder that largely hence defining a turning historical point for in April of this year a path towards a new boom of cell phones, which sees the intro- through the financial Olimpia, having as Sanpaolo) who in September 2013 reached governance with a new chairman, Giuseppe duction of new services such as text mes- partners Pirelli (60%), Edizione Holding of determines strategies and destinies, then the the company. an agreement with Telefonica for the sale Recchi, while in June, the Board of Direc- saging. In 1995 were founded the activities Benetton, Banca Intesa, Unicredit and Hopa. Italian telecommunications giant only The partners have established a new board of shares in the holding company. The man- tors of Telco have approved the project split- of Telecom Italia Mobile in Brazil, known The new management team is headed by recently embarked on the road that will take of directors composed mostly of ager brought to 66% its stake in Telco, but ting, whereby Telefonica will directly hold today under the brand Tim Brasil. Marco Tronchetti Provera and its registered him to this result. In the past, in fact independent directors with Giuseppe Recchi, has also been sanctioned by the Brazilian a stake of 14.7% in Telecom, making it the In 1997 another important step, even more- office moved from Turin to Milan. Telecom has always had a majority who assumed the presidency. On June 16th Antitrust. On October 3, 2013 Franco Bern- largest shareholder of the group which decisive for the future balances of the To shorten the chain of control, in 2003 shareholder (the State first, the hard pit that 2014 Generali, Mediobanca and Intesa abà has resigned as president and all the thanks to this operation now presents itself group: the privatization of the company occurred the merger of parent company was created at the time of privatization then, Sanpaolo announced their intention to leave powers were entrusted to the CEO Marco to the market as a public company in all on the sale of the shares held by the Treas- Olivetti and Telecom Italy, while in Janu- and then Olivetti, Olimpia and eventually the of control of the holding company Telco Patuano under whose guidance was sold respects. ury through a takeover bid with which 35% ary 2005 Telecom launched a takeover bid Telco) that has always determined the and ten days after the council approved Telecom Argentina (the operation is still But the history of the main Italian telecom- of the capital was alienated. Telecom Ita- for Tim, who has been thus incorporated industrial choices. Since the end of 2013, Telco’s splitting project, whereby Telefonica being refined and has suffered some delays munications company is very long and full ly has thus become the first Italian public in Telecom Italia, which subsequently also related to sealing problems of the South however, the shareholding of Telecom is in will directly hold a 14.7% stake in Telecom of twists. Telecom has its roots in 1925, when company. incorporated the subsidiary Telecom Italia American country) and the group has accel- turmoil, on one hand stimulated by the Italia, becoming the largest shareholder of the Società Telefonica Interregionale Pie- Then came the takeover bid. At the begin- Media. In September 2006 Tronchetti Pro- erated further in the ultra-broadband invest- montese e Lombarda (Stipel) was born, ning of 1999, the Olivetti Group, through vera, after a failed attempt of a deal with recommendations for a new corporate the TLC group, but no longer able to make ments: at the end of 2013, the optical fib- which along with four other companies Tecnost (already operating in the telecom- Rupert Murdoch to create a media compa- governance more open to minorities and on choices or to influence the appointment of er was present in 42 cities, while Tim had brought the phone to Italians until 1964, munications sector with Omnitel and Infos- ny, has resigned as chairman of Telecom. the other hand shaken by the evident managers. This opened a new era for reached with the 4G LTE service a 50% when the union of regional dealerships trada), launched a takeover bid for Telecom Guido Rossi and Pasquale Pistorio succeed- willingness on the part of Italian members of Telecom Italia, now a real public company. coverage (651 municipalities), the most established Sip. After 30 years from the merg- managing to gain control of the company. ed to the presidency for short periods, and extensive in the country.

122 123 25

increase of 139%. In recent years, Terna has gen- Matteo Del fante erated profits of over 4 billion Euros distribut- A past as a bankers of ing dividends to € 3.2 billion. €1.3 billion of net JP Morgan, proceeds have been obtained thanks to the non- Since May he is at the helm traditional activities, which represent one of the of the company, which he The high voltage that two legs of the development of the company, already followed as shareholder, together with regulated activities. The share price as general manager of rose from € 1.70 to € 4,068 on 10 June this year, Cassa Depositi e Prestiti the highest point so far touched on the Stock Exchange by Terna. Meanwhile, the company has put a foot in the export of electricity. But to shocks the price list win this bet there are common rules and (of course) a system of interconnections to par with other European countries. With the bond, which went from t was the 200th anniversary of the invention power lines and 89 power stations all over the For this reason, the company headed by Mat- of the battery. There was Massimo D’Alema country. In the hands of Cassa Depositi e Pres- teo Del Fante has invested since 2005 approx- €1.7 to over € 4, Terna at Palazzo Chigi. Pierluigi Bersani, then Min- titi, which became majority shareholder in 2005, imately EUR 8 billion for the development of is one of the paladin of investors. ister of Industry, liberalizing the electricity taking over from Enel, is part of the group of the national network, as well as abroad. The Isector. It was 1999. Nowadays instead of companies in which the government now seeks results are beginning to show. 1.3bn of profits come D’Alema sits Matteo Renzi. Bersani, a former to raise cash by means of privatization. Strong Of the 81 initiatives that have become part of secretary of the Democratic Party, has taken a interest by State Grid Corporation of China for the list of PCI (Projects of common interest), from non-regulated activities. step back. And Terna, grid operator for elec- the company of Del Fante: the colossus of Bei- 11 are related to Terna. These include the con- No longer a simple network tricity transmission, in the meantime, has jing wants 49% of CDP networks (but has to struction of approximately 23 thousand km of become the first independent network in Europe deal with Australians of Ifm Investors, at the manager but an infrastructure and the sixth in the world. Yes, Terna. Since moment) to get their hands on the shares of company that invests 1.2 billion per 1999, the company led by Matteo Del Fante, Snam and Terna. CEO, and presided by Catia Bastioli, whose his- Terna’s turning point, whose structure is made year. In this way the value tory began on May 31 of up of the holding Terna assets rose from 5 to 12 billion fifteen years ago has come SpA, who leads the com- a long way. Over 63.5 thou- pany’s strategies and sand km (there were 39 defines the investment plan, thousand in 2005) of high and two wholly-owned BY FRANCESCO BISOZZI and very high voltage lines operating companies (Ital- on the whole Italian territory and more than ian Terna and Terna Rete Plus), dates back to 3,500 professionals engaged daily in the secu- 2010: the commitment of annual expenditure rity of the national electricity system: these num- reached EUR 1.2 billion and the company over- bers clearly indicate the growth of a company comes the major continental network opera- lines and will generate investments of 54 bil- that does not ceases to expand its sphere of tors in terms of acceleration on infrastructure lion Euros. influence. development, while generating savings for the 22 interconnection lines already active along Listed on the stock market (its debut on the system markedly higher than investments, with- the Italian border, but in order to increase the lists dates to 2004), Terna today can be defined out being a burden on state coffers and with a electrical interconnection with Europe, are com- in all respects as a society of infrastructure, cost premium of about 3%, the lowest in Europe. ing in the other three energy highways. Terna thanks to € 8 billion of investments that have Terna’s commitment is reflected in the large elec- is building new electrical connections with allowed to build 2,500 km of new high-voltage trical infrastructure built or under construction. France, Montenegro and Austria. By the modernization of electricity networks And in the meantime the company is also work- subways, power lines, until new power stations ing to interconnect with Tunisia. Objective: To TERNA BEATS THE EU UTILITY AND THE FTSE MIB for the collectionGRAZIE of renewable A UNAenergy sourc CREACITA- COSTANTE give birth to a super smart grid to solve the con- es in the South Works destined to change the gestion of the electricity market and deliver sig- Shares in € - November 2005 = base 100 face of the national electricity grid and allowedDati in euro 4,14 nificant renewable energy production that is con- 250 TOTAL RETURN* 10.000to reduce, to the AZIONARIATOpoint of eliminating the so- 4,0centrated in the South Italy, reserve to be enhanced. Terna (+223%) Terna (+89%) called hillsOltre bottle il 70 %today del capitalein almost al all mercato areas of A European super grid, in fact. Highly meshed, 200 Frankfurt (+88%) Dax 30 - Francoforte (+131%) the8.000 Italian Oltreelectricity il 40 %market a investitori prices are ester recordi - +90% 3,5flexible, intelligent and interconnected. ed in line with or lower than the national sin- It closed 2013 with revenues of € 1.9 billion Milan (-11%) (al top delle blue chip) 3,2 Utilities EU (+55%) gle price. (an increase of 5% on 2012) and a net profit 150 B6.000ut there is more. Thanks to investments made, 3,0of 541 million share (+10.8%), a value more Terna has doubled the value of the network, than doubled compared to the one recorded 100 which4.000 has gone from about $ 5 billion in 2005 2,5in 2004 (236 million). The profitability stood to over 12 billion today, thereby canceling the Massimo storico above 78%, a record for Terna. In May, brokers distance from his French counterpart in terms 18/03/2014 and analysts have welcomed the arrival of Mat- 50 2.000 2,0 Ftse Mib - Milano (-29,3%) of value of assets. 4,14 € teo Del Fante, first appreciated manager and The company2 has generated benefits for the then general manager JP Morgan in the CDP, DJ Stoxx Utilities - Ue (-1,12%) * Total Shareholder Return (Performance + dividends) electricity system for the benefit of citizens and and at the head of a company that in the com- 0 0 4.082 5.140 5.517 4.672 6.003 6.334 5.234 6.078 7.300 8.321 1,5 businesses for 5.5 billion euro (but is estimated ing years expected 3.6 billion euro investment 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 to become2005 19 billion2006 with2007 future2008 investments).2009 2010 2011 2012 2013 2014 in traditional activities and 1.3 billion in non- Since the listing, today the title has had an traditional. GRAFICA MF-MILANO FINANZA 124 125 25 And those rubbers became high fashion

From the first moccasin with the een through the eyes of today, we do not a style, a philosophy adopted by a broad audi- DIEGO DELLA VALLE even notice it anymore. But looking back ence of elites but also wide, because planetari- The owner of Tod’s sole made with 133 rubber balls, over the years, one immediately realizes um, which found in the timeless chic of Tod’s, has changed contemporary Tod’s has become an icon of that the lever on which Diego Della Valle not ostentatious, essential and natural but real- elegance, never Shas built the success of Tod’s has something ly refined and well-kept, a style in which to iden- understated and fit for every occasion footwear and leather goods. epochal: he amended contemporary elegance, tify itself. the everyday elegance, by introducing a new Of course, a so strong sign hardly rises by just Thanks to refined and handmade declination of the concept of luxury . The idea taking up a pen, even if the wielder is particu- products. And with Schiaparelli behind the Tod’s brand was born in the late 70s. larly brilliant and driven by an ingenious intui- Della Valle was convinced that there was the tion: it is the industrial tradition that makes a dif- there is a new challenge, always need to invent a beautiful shoe, of quality, that ference, being a carrier of a historic manufactur- with exclusivity could be worn at any occasion. The result was ing company with deep roots and strong values. a lightweight moccasin, flat and soft, which was Diego Della Valle and his brother Andrew, who characterized by the sole made with 133 rub- joined him, found themselves in a situation that ber balls. The the gasket was born , which was has been, and continues to be common to many BY GIANNI RISI soon adopted in other interpretations of the third generation of industrial dynasties, in front classical models of footwear, from the of the classical trivium among collapse, low high-laced boots to the boots, takeoff, or the transfer of control. always inspired by the same Behind them were Filippo philosophy of refined ele- Della Valle, the expert crafts- gance but loose, natural; and man who in early 900s had that was flanked by flat-bot- founded a laboratory of foot- tomed moccasins. wear of great quality; and then But a new way of interpreting and the father Dorino, which since the 40s living the shoe was also born, which it is had given the family business an industrial size known as the most characteristic component while maintaining the soul of craftsmanship. In of every human look, the piece of clothing that the 70s it was the turn of Diego, who in front of best conveys the essence of the style of the the three options opted for take-off, sensing that wearer. In other words, Diego Della Valle in a crucial ingredient for success was to apply this the dark end of the 70s he realized that the philosophy of new elegance to a collection of current interpretation of elegance and luxury products that are always updated but which lev- handmade footwear, dictated by the Anglo- eraged on iconic pieces: hence in 1997 was born, Saxon style right in the area of highest excel- in the wake of the success of the footwear, the lence of Made in Italy, was too stiff, too for- D bag, founder of a diversification in the leath- mal , and too inconvenient. er, which has ever since come to represent near- So he developed the formula for the mix of ingre- ly one-fifth of the turnover of Tod’s (967.5 mil- dients that were the distinguishing mark of the lion in 2013) and entered into the lives of a large brand: understated elegance and functionality number of international celebrities. In the mean- in every object, translated into products made time, it was born a cadet footwear brand, Hogan, with fine leather and according to the binding which can be fully considered the father of urban principle of handmade. A winning idea became sneaker. The acquisition of brand Elsa Schiaparelli in 2007 opened, to Tod’s, the gates of the high fashion. In last two seasons, the new bet has pushed Del- la Valle to entrust the creative direction of the collections for women and men to Alessandra Facchinetti and Andrea Incontri, called to trans- pose the refined elegance and casual, timeless yet modern of Tod’s clothes. Intended for a few boutiques, to emphasize a particular word to its brand, exclusivity. 126 127 25 The Union is strength Ubi was developed by the aggregation of many banks in every part of Italy, that have put together the history and traditions. The result? An institute, local and national at the same time, well-capitalized and in perfect line with the European ratio

BY CLAUDIA CERVINI

he UBI Banca Group (acronym for tural stability as a basis for stability and over- thanks to the adoption of the model of pure Union of Italian banks) was officially all future development. In terms of capitali- commercial bank dedicated to the collection founded in 2007, but its history is root- zation, the Core Tier 1, index that measures of savings and the provision of loans to cus- ed in times far more remote. Ubi is the the financial strength, increased from 6.86% tomers, as evidenced by the study of the Tresult of the merger of the group with the in 2007 to 12.6% in 2013. The figure for the European Commission (so-called «Liikanen BPU Banca Lombarda, in turn, actually result- first quarter of 2014 confirms this trend: the report» of October 2012) that Ubi is the first ing from the integration processes of ancient Common Equity Tier 1 Ratio «phased in» is bank in Europe in terms of «net loans to cus- institutions such as the Banca popolare di 12.2%. Half due to an increase in the capital tomers / Total assets» ratio. Bergamo, the Credito Agrario Bresciano, Ban- increase of €1 billion in 2011 and the rest These strategic and operational choices have ca San Paolo di Brescia, Banca Popolare Com- comes from self-financing, the allowed the group to have a mercio e Industria, the Banca Regionale Euro- optimization of activities and positive profitability and a pea, PBanca popolare di Ancona, the Banca transition to advanced com- strong balance sheet that di Valle Camonica and Banca Carime. From putational methods for corpo- would enable every year a this marriage was born a multiregional group rate credit risk and operation- payment of a dividend, unlike present in the most developed and industri- al risk. what happened to the other alized areas of the Country, with a popular In terms of cash - the main major Italian banks. identity, a federal model and usability pre- cause of the great banking cri- The current head of the group, dominantly retail (3.7 million customers), but sis from Northern Rock to Leh- which has adopted the mod- with a traditional presence in the small-and man Brothers - the UBI Ban- el of dual governance, is com- medium-sized enterprises. Ubi is the third ca Group, in addition to posi- posed of Andrea Moltrasio largest banking group by market capitaliza- tion itself to meet all the (Chairman of the Superviso- tion, with a market share of more than 5%, requirements dictated by cur- ry Board), Mario Cera (Dep- it has more than 1,700 branches and 18,000 rent and future conduct of its uty Chairman of the Supervi- employees. The name and symbol character- business, has been able to sory Board), Franco Polotti izing the constituent and fondamental ele- provide high reserves (more (Chairman of the Board of ments of the group: union, partnership and than € 30 billion at present) Management) Victor Massiah continuity of different subjects in a federal that would enable it to cope (CEO) and Francesco Iorio bank. with any extraordinary needs (General Manager). The group has € 90.8 billion of direct fund- with immediacy. Credit rating In 2014, UBI Banca has intro- ing, with € 87.1 billion of loans, 73.4 billion agencies should place the group in third place duced some amendments to the bylaws that of indirect deposits, 124 billion of total assets after the two big national of price perfor- have appropriate governance arrangements and has realized a profit of 58.1 million in mance of the CDS (Credit Default Swap mar- of the group with the most recent guidelines the first quarter of 2014 . ket, indexes that measure the level of credit set out several times publicly by the Banca The period of crisis, and the knowledge to risk), among the lowest in the system and d’Italia and introduced the integrated bank- operate in a context of high market volatili- therefore more favorable for Ubi. The group ing model able to encourage a balanced rep- ty, has led Ubi, in recent years, to focus on has continued to generate profits even in resentation on the boards of all components strengthening the balance sheet and struc- these tough economic years (including 2013) of the social structure.

The revolution of social bonds, when the finance meets the company and the non-profit UBI Banca in Italy has introduced the model of million workers welfare, cultural organizations and Saint Ambrose of Milan. social bonds, bank bonds, which in the field of religious institutions and allocated 19.5 million in The purpose of the ethical obligations is, however, VICTOR MASSIAH care, health and culture provide that part of the loans for funds. Among the non-profit also to create a ceiling through which to provide It is the operative guide of amount collected by the underwriters will be organizations and non-profit recipients of funding for initiatives of institutions active in the the bank. Along with the donated to social initiatives. Ubi since April 2012 donations we remember the Community of welfare of the third sector. The bonds issued Chairman of the Board of placed 50 social bonds exceeding a 500 thousand Sant’Egidio, the Fondazione Umberto Veronesi, belong to five different types: surveillance, Andrea Moltrasio, he has Euros collection in two years. They have been paid the Cri, the San Patrignano, the University of Pavia zero coupon, fixed-rate, fixed-rate step-up, recently renewed the by way of donation in favor of more than 2.5 and Udine, Caritas and the Lombard Basilica of fixed-rate step-down, variable rate. governance of the bank 128 129 25 The Tower that looks at Europe From the new headquarters, Unicredit controls an international network deployed in 50 markets. The bank operates directly in 17 European countries with a strategic position both in the core countries of the continent and in those of the Cee di manuel costa

nicredit, born in 1998 from the merger of ny or China. This is a particularly impressive fig- ing of Italian activities, but also for its customers, the Credito Italiano, Rolo Banca and the ure when you consider that the economies of starting from the Italian companies of those coun- savings banks of Verona, Turin and Cas- these countries, only ten years ago, accounted tries that have made their own markets or that samarca, to which are subsequently add- for about half of the German economy. are directly present with their own manufactur- Ued the German HVB (and its subsidiary Bank Aus- In recent years Unicredit has demonstrated its ing facilities. tria) and, lastly, Capitalia, which is the Italian com- ability to integrate EEC banks which became part The presence of the Milan bank in the markets mercial leader bank in Europe distributed through of the group. The market position of Unicredit in of Central and Eastern Europe is therefore an an international network in 50 markets, with over these countries guarantees to local banks com- important asset for the Italian system. Proven by 7,900 branches and over 131 thousand employ- petitive advantages, includ- the fact that the banks of the ees. The group, chaired by Giuseppe Vita and led ing strong brand recognition EEC Division of UniCredit by CEO Federico Ghizzoni, whose headquarters in the market, the sharing of can count on approximately have recently been moved from the historic Square best practices, access to inter- 3000 active accounts opened of Cordusio in Milan, to the brand new, ultra-mod- national markets and signifi- by Italian companies operat- ern Unicredit Tower (designed by Argentine archi- cant economies of scale. In addition, the diversi- ing in various fields to which the major Italian tect Cesar Pelli), operates in 17 countries in Europe fied portfolio of the group in this region enables bank is able to offer all kinds of products, from and is characterized by a strong European iden- modular growth and promotes the penetration commercial banking to investment banking, treas- tity, extensive international presence and broad of the various markets of its global product plants. ury management up to leasing and factoring. customer base. The strategic position, both in This large presence of international banks has And the demand by Italian companies to be assist- Western Europe (especially in Italy, Germany and resulted (and continues to result) in an important ed in their business in those markets is constant- Austria) and in the Central and Eastern Europe competitive advantage not only for Unicredit, ly growing, since in the last two years Unicredit (the so-called EEC), allows the group to have one which could benefit from the positive results has activated 450 new activities and relationships. of the highest market share in the area. achieved in central and eastern Europe in the On the other hand in the region, there are mar- A record that the Italian institute has built up over time when it was undergoing a major restructur- kets that, while Western Europe and Italy in par- time, at the beginning thanks to acquisitions made ticular suffer from the impacts of the crisis on the before the late 90s and the early years of the new real economy of sovereign debt, are growing at century (after the purchase of the Polish Pekao, a rate of 4-5% per year. the group entered the Slovak Pol’nobanka, the In Russia, for example, where Square Cordusio Bulgarian Bulbank, the Croatian Zagrebacka Demir- has a network of 105 branches with the Uni- bank Zivnostenska in Romania and the Czech creditBank brand and is present in all the admin- Republic) and then by integrating its network with istrative regions of the Federation, there are that of HVB and , which have allowed about 350 Italian companies of of which about to settle in those markets even further. 250 are customers of Square Cordusio: 70 fol- Today, thanks to the strong position in Central lowed directly by the International Desk of Mos- and Eastern Europe, Unicredit can benefit from cow, the rest distributed between large, mid- the process of economic convergence that is gen- corporate and retail sectors. But there is not erating in the countries of the former USSR, high- only Russia among the countries that are driv- er standard of living and an environment more ing the growth in the East of Unicredit and it’s conducive to entrepreneurial activity. where even the most dynamic Italian compa- The economies of the EEC countries - which nies are looking at. In Turkey, for example, federico ghizzoni include two of the five biggest emerging markets where Square Cordusio operates a joint ven- The CEO of Unicredit in the world, Russia and Turkey, and one of the ture with the Koç family, under the brand of under the ultramodern most stable and promising markets of Europe, Yapi Kredi, and can rely on a network of around Unicredit Tower, the new Poland – which currently represent a large share 1,000 branches, the group has reached the mile- headquarters of the world economy of similar size to Germa- stone of 6.8 million customers. of the bank in Milan 130 131 25

From cooperative And on the black box it is a leader in Europe Fully operational from January 6, 2014, UnipolSai Insurance is the multi-branch company of the Unipol Group born as a result of the merger of the historic to corporation Fondiaria-Sai and Milano Assicurazioni Unipol Assicurazioni. Italian leader in Damage field, particularly in civil liability motor insurance, and relying on a position of absolute dominance of the The acquisition of Fondiaria-Sai has projected Unipol at second best among Life business, the company boasts the Italian companies and leader in the Danni sector with a premium income largest agency network in Italy, which supports the bankassurance channel of 16.8 billion Euros in 2013. A transaction that crowned a growth strategy through an agreement with Unipol Banca that has progressively consolidated itself over time and joint-ventures with leading Italian banking groups. The competitive position of the Company hinges on the services and security, along with the convenience, which are the key points on which BY MAURO ROMANO UnipolSai focuses its offerings. The approach to innovation is a hallmark of the company, both on the commercial front, as evidenced by the premium car installments at zero interest to respond positively to the loss of purchasing power of households as a result of the ongoing he Unipol Group is one of the lead- take on an increasingly national dimension in 2004, was born Assicurazioni, Uni- the group chose to go back and re-evaluate which has exposed it to a real risk of fail- crisis, both in terms of telematics offering ing insurance companies in Italy and and to face a new stage of development, pol Assicurazioni which thus becomes the the historical Unipol. And it is with the 2010- ure. It was proposed a business and finan- that continues to find favor with in Europe. Since 1963, the foundation the group has opted for the listing of pref- third largest Italian insurance group. 2012 industrial plan that took shape the reviv- cial plan that had the support of the bank- customers increasingly oriented to use year at the behest of a group of erence shares in 1986 and in 1990 of the The year 2007 was marked by a major cor- al of the Unipol Group, its renewed focus ing system. In July, it assumed control of the tools provided by new technologies. TBolognese and Lombard cooperatives will- ordinary shares, which have gained big hit porate reorganization that led to the birth on the insurance industry, with a strong Premafin, also the majority shareholder of Since 2003 Unipol began as an ing to give life to an insurance company that with investors. of Unipol Gruppo Finanziario, the holding recovery in operating efficiency and profit- Fondiaria-Sai, which controls Milano Assi- would manage their portfolios, what was In the 90s Unipol has established itself in company listed in the Stock Exchange, and ability. They have been paved the way to curazioni. Two major capital increases were experiment to combine their can then a small company, has grown and devel- the market, since already back then it separated from the operating subsidiaries, achieve what appears as the most important launched, Unipol and Fondiaria-Sai, who insurance contracts with the black box. oped in parallel with the economic and social appeared in the top ten Italian insurance an operation which was followed in the next operation to rescue the insurance system. have been successful. It began the integra- Following the acquisition in 2013 of growth of the country together with the groups. From Damage the two years by the merger of Two years ago, in fact, Unipol has inter- tion activities with acquired companies that Fondiaria-Sai, the customer portfolio with appearance of a large and modern insur- activity was extended to the Aurora Assicurazioni into Uni- vened in the crisis that hit Fondiaria-Sai and led to the birth in January 6, 2014 of Uni- car insurance and a black box widened ance system. System to which Unipol has Life insurance sector and, pol Assicurazioni. In 2009 was polSai Assicurazioni, a public- further, so that today UnipolSai is the been able to make a significant contribu- above all, the company begins carlo cimbri launched a strategic partner- ly traded company like the par- The CEO of Unipol was European leader in the industry with over tion, but also and above all, original. to take care of supplementa- ship in bank-assurance Life UNIPOLSAI AT THE STOCK EXCHANGE ent company Unipol Gruppo a million and a half of contracts in Until it became, in 2012, protagonist as the ry pensions, with the pension the main architect of the and Damages activities Finanziario, with a market cap- acquisition of Shares in € conjunction with a satellite device. The rescuer of a large group as Fondiaria-Sai fund management. They were between Unipol Banca Popo- 3,0 italization of over € 6 billion. Fondiaria-Sai who has customer benefits are considerable: in and, in this way, take a leadership role in born first UniSalute, special- lare dell’Emilia Romagna and completed a long journey addition to a significant discount to those the industry, with the birth of UnipolSai izing in health insurance and of external growth Banca Popolare di Sondrio, 2,5 Insurance, the multibranch insurance com- supplementary, then Linear, which has led the group to the who accept the installation, in case of accident UnipolSai devices record the pany part of the Unipol Group, born as a to propose car insurance pol- majority of the Gruppo Assi- 2,0 result of the merger into Fondiaria-Sai of the icies through direct channels curativo Arca and a ten-year date and time of the event, the GPS historic Milano Assicurazioni and Unipol (telephone and internet). At the end of the distribution agreement. position and speed of the vehicle. It is Assicurazioni. 90s, itentered the banking industry with Uni- In 2010 Unipol Gruppo Finanziario also 1,5 therefore very useful in case of disputes The birth of UnipolSai - that has allowed pol Banca. announced the incorporation of the activi- or if fines are not due, as the data the group to become the second player in From the year 2000 started the strategy of ties of the Naval activity and the sharehold- 1,0 collected from the device can be used for the Italian insurance market, the first in the external growth through the acquisition of ers meeting has confirmed Pierluigi Stefani- UnipolSai was the best bond the benefit of the customer. In case of Damage business, with a total sales of 16.8 other companies in the market such as Auro- ni as president and appointed Carlo Cimbri 0,5 Of Ftse Mib of 2013: theft of the vehicle, the black box also billion euro in 2013 - is just the latest step ra Assicurazioni, Navale Assicurazioni and managing director and chief executive offic- its value has more than doubled. GFFMMAAMMGGLASOND GL facilitates its finding. in an intense path of growth taking place Meie Assicurazioni, finally Winterthur Italia er, positions held today by both of them. In 2013 2014 And even in 2014 particularly in the last 25 years when, to will be acquired in 2003. With their merger, 2011, in an articulated rebranding project, The positive trend continues GRAFICA MF-MILANO FINANZA 132 133 25 Knowledge at your tablet Among the 11 online universities recognized by the Ministry, the online university is increasingly liked by students who have grown up with digital technologies. For 2014 are expected 30 million in revenue. And then. Perhaps, the listing on the Milan Stock Exchange

BY MARIA ELENA ZANINI

elematic universities, a reality deeply offered by the network, while maintaining path that goes towards development and inno- rooted in America, a sector still expand- high standards. This also thanks to the inter- vation through the creation of a new shared ing in Italy, which often meets a resist- vention of the Ministry of Education that with learning paradigm, designed to awaken the ance more ideological than of substance. the decree of 15 April 2005 gave the OK to intelligence, “to drag the liveliest minds, to TBut things are changing: every year the num- the official creation of telematic universities, convince the inveterate habit to forget about ber of online students rises of approximately ensuring a constant by its supervisory role in the usual daily interests. “To quote the words 16% and the quality of teaching is becoming order to dispel the concerns of this sector for of Iervolino, “the only thing that really mat- increasingly high. “In this area, in Italy there regarding the quality and seriousness of the ters and what motivates us is the common is still a lot of ignorance: it was mistreated ide- teachings. dream of creating a new amphitheater of ologically, many considered and still consid- A positive trend which is also reflected in turn- knowledge that, in tune with the territory, er telematic universities easier.” The speaker over: in 2013 it was 25 million, compared with knows how to train men capable of changing is Danilo Iervolino, president Pegaso Telem- 15 in 2012. And the forecasts for 2014 are more and improving the community.” atic University, which he founded, at the age than 30. “We have a healthy balance sheet,” Nine undergraduate programs, 65 master’s of 28, in 2006. Facts and numbers prove he’s says Iervolino. At the point of becoming attrac- degree, 10 courses and 122 advanced train- right. Its university is one of 11 universities tive even for some foreign investment funds ing, and more recently a Master in Real Estate recognized by the Ministry of telematics and who said they were interested in buying the Management and Finance, in collaboration the number of students is increasing year after shares in Pegasus. But not enough. “We are with Assoimmobiliare. Among the strengths year. “For the 2012-2013 school year students evaluating the stock-exchange listing: we asked of the University there is no doubt, in fact, the enrolled in undergraduate courses were 6 to subscribe to the Elite segment, supported ability to create routes that meet the favor of thousand and 20 thousand those enrolled in by various banks. A clear and well-defined thousands of students, with the end result of post-graduate courses. For this academic bringing to the world of work as many year (2013/2014) we had 10 thousand in graduates and improve the skill set of DANILO IERVOLINO the first sector and 25 thousand enrolled those who are already working. “ Freshmen from all over Italy President and founder of in the latter. This result makes us proud”. This strategic vision has led Pegasus to a the University Pegasus (he What they have noticed at Pegasus was Lombardy balanced development of all sectors: in was only 28 years old a change not only in the perception of tandem with the growth in size, with the at the time of telematic universities, but also in the type technological development and the establishment, in 2006). of students who decide to enroll. If in fact improvement of teaching, it moved even Now he leads the activity of telematic universities ini- scientific research at national and inter- a university with 9 tially was directed almost exclusively to national levels. A ceaseless work to shape under-graduate courses, 10 working adults, and people with disabil- Campania a university actually connected to the of develp and 122 ities, including students with mobility social and productive life of the country: of high training issues, these groups, today, are adding “Pegasus is projected towards the inter- (and will do so even more in the future) Lazio nationalization because bilingualism and the digital natives, who demand educa- integration among the countries form the tion solutions in line with the tools at their basis of academic paths, because the congenial (PCs, tablets, smartphones, future is bound to the establishment of etc.).. The trump card is having been able strong relationships with leading univer- to value the most of the technologies Puglia sities in the world, because the interna- tional exchange of students and teachers The geographical distribution of students is one of the best resources available and that turn to Pegasus shows that demand is greater why it is imperative to be able to create from the South and the Centre, but there is also a Sicily a scientific research that generates self- strong presence of members from the North sufficient strands”. 134 135 Other regions 25 La maison of the Red is so timeless

Under the leadership style of Maria ed Valetino. Few maisons have associat- characterized by the studs, new iconic element ed in a so iconic manner their name to a of the brand. To complete the Red Valentino Grazia Chiuri and Pierpaolo Piccioli, color. This alone would be enough to offer, the label dedicated to a younger and non- the house, today in frame a retail brand that has written and conventional target distributed in more than Rcontinues to write important chapters in the his- 100 stores worldwide. In addition to clothing Qatar’s Fund, Mayhoola, since 2009 tory of fashion and costume, accompanying this and accessories, branded Valentino, there is on heritage style in a business which grew and the market a line of fragrances, the result of a has gradually renewed evolved over time. Founded in 1960 by fashion license agreement signed with Puig in 2010, for its image, hand in hand with the designer Valentino Garavani and his partner an eyewear collection, created in 2011 along Giancarlo Giammetti, Valentino fashion house with Marchon. The brand is now distributed in gradual expansion into the perfume quickly became a symbol of Italian style. Valen- more than 90 countries through an extensive market and eyewear It is present tino’s creations have captivated several genera- retail network developed over the decades, which tions of women. includes 160 stores Valentino in the most ele- today in over 90 countries This style evolution over the years has been gant streets of international shopping, and more accompanied by a widening of the brand’s busi- than 1,300 wholesale outlets. BY CHIARA BOTTONI ness, which was acquired in 2007 by the Permi- The Maison, which in recent years has seen a ra fund. It’s in the same year that Valentino Gar- steady growth, in July 2012 was indeed detect- avani announced his departure from the style, ed by Mayhoola for Investments, a company on the sidelines of the celebrations marking the owned by a major investor in Qatar. Mayhoola 45th anniversary of the founding of the fashion concluded the purchase agreement with Red & house. Black Lux (indirectly controlled by the Permira Today, to take forward the creative legacy, are fund together with the Marzotto family) for the Maria Grazia Chiuri and Pierpaolo Piccioli pre- entire stake in the Valentino Fashion Group SpA. viously at the helm of Conquering new inves- the accessories of the tors was the result of brand and for ten years both the work carried alongside Valentino, out by the two creative who succeeded to the directors and the strate- brief style of Alessandra Facchinetti. A choice gic commitment of the management team led that has proved successful. The creative duo is by Stefano Sassi. In February 2012, Chiuri and in fact able to rejuvenate the image of the fash- Piccioli have revealed among other things, the ion house with fashion shows of great success, new concept of the Valentino boutique, a col- well received by critics. Having remained faith- laboration with the British architect David Chip- ful to the heritage of the Maison, they have been perfield. The project, which debuted in the store able to renew the aesthetic style with feminine of Via Montenapoleone in Milan, was born from creations, and at the same time very contempo- the desire to preserve the elegance that distin- rary. Stefano Sassi’s management, CEO of Val- guishes the Maison, speaking to today’s public. entino SpA since 2006, has been fundamental Chipperfield’s signature has been placed subse- in enhancing the relevance and future potential quently on other stores including the renewed of the brand. It is under his direction, in fact, store on Avenue Montaigne in Paris dedicated that the Maison has initiated a process of wid- to women and the new opening on rue Sainte- ening and strengthening its international image Honoré of a showcase, the first in the world distribution, which has led to the next step of dedicated entirely to men’s collections. evolution, the acquisition in 2012 by Mayhoola Finally, the concept has also led to the opening for Investments. of the boutiques of 790 square meters on three The Valentino brand is now A creative level, the brand now boasts a collec- floors inaugurated in 2013 in Shanghai, in the distributed in more than tion Haute Couture, with which Chiuri and Pic- mall Iapm. Event celebrated with a parade of a 90 countries through a cioli have debuted in Paris in January 2009, a collection created ad hoc, unseasonal and a retail network of collection of ready-to-wear for men and wom- fusion of ready-to-wear and Haute Couture. A 160 directly operated stores en and Valentino Garavani’s accessories, marked sign of the path of constant renewal and adap- and over 1,300 wholesale by the huge success of the must-have Rockstud, tation to the contemporary world of Valentino. stores 136 137 25

Always in the name of Gianni

True to his style, during epic times and tragic times, Versace now becomes stronger with Blackstone’s support

After the tragic death of , the sister became BY FABIO GIBELLINO creative director of the group

f there is a fashion house that over the nomenon of the supermodel. then had taken care of the baby collection 2007 she returned flying, this time with the acterized by ad hoc events. But it is not the past 25 years of history has run at the Always close to the entertainment world in (1993) and Versus, became creative director private helicopters produced by Augusta. only label to be concerned, because in 2010 speed of light, breaking all kinds of bar- 1992 Versace designs the costumes for the of the group, while Santo Versace continues Over the next twelve months there is time for are born the new lines Versace Collection riers, bouncing from Olympus of success world tour of Elton John, but especially brings to deal with the administration. Four years go the launch of the Home couture for private women and men’s underwear, while in 2012, toI despair of tragedy, to re-emerge with force his own label collection in the world of home by, and with the advent of the new millenni- residences at the New York Plaza Hotel. And after eight years of absence, even the haute while remaining true to itself and the concept thanks to the license agreement signed with um, the Milanese brand made its debut in the still on the subject of interior design, Versace couture returns to he catwalks of Paris. A rev- of glamor, this is Versace. But let’s start from Rosenthal. A year later he won the Oscar for world of tourism with its Palazzo Versace, a in 2008 signed an agreement with Attie to olution that Donatella continues to bring for- the year 1989, which is a symbol, because American fashion assigned by the CFDA and six-star hotel in the gold coast of Australia. A obtain the furnishings of Vita Tower, which ward thanks to Gian Giacomo , chief after eleven years of activity, Gianni Versace in 1994 he also creates a collec- project which will be replicated opened in 2010 in Panama, and for The Clock executive in office since 2009, who is leading decided to take the big leap. Double. Because tion of watches made with Frank in 2008 in Dubai. tower in New York. In the meantime, Versus, the maison into a new dimension. on one hand it founded the Atelier Versace Muller, who will also handle the In between, in 2003, there is time which is involved in the IT-Holding affair in For a path that culminates with a stake in haute couture line that would debut in Janu- production of a line of jewelry to sign a license for eyewear with 2009, comes back in the spotlight thanks to a Blackstone, the American private equity fund ary 1990 in Paris. for a liaison that lives until 2005, Luxottica. Meanwhile, the first productive agreement Facchini Group and a that will become associate of Versace with a On the other hand, it brings to the stage in when it is then replaced by step toward diversification is capsule collection created by the young Brit- share of 20% paid 210 million: 150 in a reserved Milan his young Versus line drawn by his sis- Timex. accomplished. So in 2006 the ish designer Christopher Kane. capital increase of Gianni Versace SpA (resourc- ter Donatella Versace. It is just the beginning. In 1995, having become increas- logo of the jellyfish arrives also It is the beginning of a new project that es that will feed the expansion of the house), Two years later, we are in 1991, it was the turn ingly subject to international cult, on board of private jets in col- revolves around the young medusa line ori- while 60 million will be paid in exchange for of the perfumes, with the arrival of the fra- Versace brings its Versus on the catwalks of laboration with Tag, while in the same year it ented, who engages, in the meantime, first JW existing shares of Gianni Versace spA, the Givi grance Versus, but more than anything else, New York. This is his last big action, because opened, the first ever, boutique in India, in Anderson and then Anthony Vaccarello (debut- Holding, the parent company of the group with its autumn-winter 1991/92 runway, Gian- on July 15, 1997, in Miami, he is assassinated Mumbai, and the Teatro in Milan with its wom- ing soon), which led to a metamorphosis of controlled 50% by Allegra Beck (daughter of ni Versace shows how his size goes beyond in front of his villa. But the fashion world is an fashion show spring-summer 2007. Ver- Versus to abandon the concept of seasonali- Donatella), 30% by Santo Versace and 20% the gown influencing the world with the phe- running fast. So Donatella Versace, who until sace has started to march relentlessly and in ty of its collections, which will always be char- from Donatella Versace herself. 138 25

ALDO BISIO He’s the CEO of Vodafone Italy since 2013, before So much Italy he led Ariston Thermo. The big world leader, Vittorio Colao, anyway, knows him pretty well, sinc they were colleague in that global at McKinsey and RCS giant

Vodafone has decided to invest 3.6 billion to make the 4G mobile network available to 90% of the citizens. A huge figure from the only multinational led by an Italian and which has always had Italy in its DNA

BY FRANCESCO BISOZZI

taly is one of the countries most affected There are more than 21 million visits per was also the first mobile operator to bring by the investment plan of Vodafone, which month to the site Vodafone.it, with 14 mil- large-scale mobile payment services through will double in the next two years reach- lion pages of selfcare displayed. On the smartphone. From April 30 is there is an active ing a total of 3.6 billion euro. The goal is mobile front, in constant growth thanks to application through which Vodafone Wallet Ito bring the next generation 4G mobile net- the My Vodafone app, contacts are reaching NFC SmartPass, the phone built-in recharge- work to 90% of the Italian population by a total of 8 million. The total revenue of the able payment card made with MasterCard and 2016. It will be also enhanced the HSPA + group in Italy amounted to 5.79 billion. The Maestro, allows you to make purchases with 3G network, reaching 95% coverage of the direct and indirect contribution to the coun- your phone using NFC technology (Near Field population, and the offer of ultra-wideband try of Vodafone is worth 6.6 billion euro (5.9 Communication). The new solution takes fixed network, accelerating the roll-out that billion direct contribution). advantage of the technology platform for con- will bring fiber-optic network Vodafone to 7 Vodafone Italy occupies a total of 37 thou- tactless payments made by SIA. million Italian households and businesses. sand people and is part of one of the largest Vodafone is also distinguished for services to Starting from June, Vodafone telecommunications groups in businesses. Vodafone Experience Center is an Italy, now led by Aldo Bisio, the world with over 430 million interactive workshop of 700 square meters an engineer who had previ- customers. The Vodafone Group designed to develop, together with compa- ously worked with the big is present in 30 countries (and in nies, solutions and tailored services able to boss of the entire group, Vit- 50 other countries with network increase productivity. In the laboratory, busi- torio Colao at McKinsey and partnership agreements). nesses are accompanied along a path that then RCSMediaGroup, will At the end of 2012 Vodafone Ita- goes from the analysis of the strategic and cover every month 100 new ly has launched the first commer- competitive priorities, to the design of solu- Italian municipalities with 4G cial for the 4G network (in 2011 tions built on individual needs and potential, technology. Thanks to the acceleration by it participated in the auction held by the Min- with the opportunity to see first hand the ben- Vodafone municipalities with the next-gen- istry of Economic Development for the allo- efits of the services for their business. services in Vodafone markets. The latter, select- municate with each other via the mobile net- eration mobile network will become more cation of frequencies, winning lots in the spec- Vodafone aims to be a strong and reliable ed with venture capitalists and incubators are work thanks to their Sims , which has a mar- than a thousand by year-end and 1500 by trum of 800, 1800 and 2600 MHz). In 2004 the partner for every business, from SMEs to mul- complemented by a Vodafone team, and have ket value of 900 million euro. The research March 2015. Today there are 29 million cus- company opened the UMTS network and in tinationals. Through an integrated approach the opportunity to take advantage of the tech- firm Analysys Mason, in a recent report, report- tomers using the mobile network of Voda- 2006 was launched the mobile broadband it provides the customer with an end-to-end, nical expertise, resources and distribution ed the Vodafone group as the top global pro- fone. Tens of millions of smartphone and tab- (HSDPA). In February 2014, Vodafone has relying on a portfolio of services and solu- channels of the company who becomes a vider for M2M communication services in let active. Approximately 2.5 million custom- experienced for the first time in Italy LTE- tions that includes domestic and internation- technology and business enabler. 2013. As for LTE-Advanced, currently only ers in the fixed network. The company offers Advanced (Long Term Evolution) 4G network, al fixed data, security, cloud solutions for the Until now up to 18 start-ups have been accel- available on an experimental basis, it will be an innovative customer service. Each month reaching a connection speed of over 250 Mbps core business, mobile apps and solutions for erated at international level. These include used on a large scale with the introduction The futuristic Milan headquarters of the group. It there are 2 million calls to the contact cent- in download. smart cities . On the other hand, Vodafone the Italian Beintoo. And again, the Vodafone of the first mobile terminals that support the was opened in June 2012. It’s almost 67,000 square er of 190, 7 million requests go through the In 2008, the services of fixed telephony and Xone is the accelerator of the start-up com- Group has been active since 2009 in the M2M, contextual use of more frequency bands, meters, and 3000 employees work there IVR auto responder and 1 million via SMS. broadband were launched. Vodafone Italy panies that offers the opportunity to bring its the world of interconnected objects that com- expected at the beginning of 2015. 140 141 25

facturer of luxury leather clothing, has seen the light Zefer joint venture for foot- wear and the leather with the Salvatore Ferragamo brand and which has been The tireless pioneers completely absorbed by Zegna in 2013. Zegna in 2004 debuted on the catwalk with the Z Zegna, while in its shops arrived the tailored shoe. Without miss- ing a beat, in 2005, the year of the first fragrance with the Z Zegna brand, the of luxury protagonist was the license agreement with De Rigo to launch eyewear. Not eve twelve months go by and the policy of In 1991, Zegna opened tarting in 1910 from Trivero, a small ble signs of the attention of the family for diversification of Paolo and Gildo Zegna, town in the , with a wool the world that surrounds it. Sensitivity who in the meantime have become pres- its first store of men’s fashion factory to become, a century later, that is subsequently confirmed in 1997, ident and CEO, have filled another piece in China inside the a symbol of luxury, never flashy but when they set up scholarships for young of the global mosaic. This time with Per- Sof very high quality. Here’s what Erme- talents in collaboration with Valery Ger- ofil for the launch of the underwear. Also Beijing Palace Hotel, sensing in negildo Zegna looked like in the late 80s giev theater of St. Petersburg; in 2000, during this year came the liaison for the when he began to plan a future for diver- when Fondazione Zegna debuted, for production of men’s line, including acces- advance the enormous sification and expansion. The goal was to charitable causes; in 2007, when Casa sories and footwear, with one of the sym- potential of that market become a global brand. The first step is Zegna opened its doors to the public; and bols of fashion designers of the millenni- dated 1990, when in 2012 when it um: . And that of the web thanks the boutique in was launched Zeg- The operation that anticipated of one to a site operating since 1996 New York was nArt for contem- year the the debut of the Z Zegna on the opened. But the porary art. catwalks of New York and the beginning real big shot of the Piedmont maison came Getting back to business, Ermenegildo of the openings of a year later, when in the Beijing Palace Zegna ahead of its time on the web, when the global stores, BY FABIO GIBELLINO Hotel it lit up the windows of the first in 1996 he opened his own website, while the first of which store of men’s fashion in China, making two years later he founded the EZ by Zeg- in Milan and re- gildo zegna Zegna a precursor yesterday and actor na, a young line for the Japanese market. proposed in the He is the CEO of the Zegna today of the most coveted market of the Also in 1998 came the generational hand- most important Group while his cousin Paolo is the president. moment. Two years later it was the turn over, with Gildo Zegna and Paul as co- cities of the Stefano Pilati is instead the of the first Zegna fragrance that accom- CEOs of the group. A year later it was the world. In 2009, Creative Director panied the birth of the Oasis, a park of turn of the baptism of the Zegna Sport however, it was the fashion house about 100 square kilometers on the Biel- and the acquisition of Agnona, and in the main line, la Alps devoted entirely to nature. Tangi- 2002, after purchasing Longhi, a manu- Ermengildo Zeg- na, to tread the catwalk for the first time: that of Milan. So in 2010, the year of the centenary, cel- ebrated with a series of ad hoc events and, a sign of the years, with the open- ing of the e-commerce site. But not only, because the brand of Trivero, by signing a ten-year pact with the Sowind, it entered the world of watchmaking. 2011 was instead devoted to the agreement with Estée Lauder for perfumery and in 2012 it was the turn of the big announcement at the office style with the arrival of Ste- fano Pilati, the creative director. Coming to the present, the 2014 ten-year long agreement, with Marcolin for the production and distribution of eyewear, the appointment of Alessandra Carra in the role of CEO of Agnona and of the alli- ace under the sign made in Italy by Maserati for a limited edition version of the flagship Quattroporte. Today, Erme- negildo Zegna, which in 2013 closed with a turnover of 1.27 billion Euros and with a 116.3 million net profit, can rely on 555 outlets in 80 countries, including 311 directly managed. 142 143 Since 1989 an open window on the Milan Stock Exchange 1999 2003 2000 2004 2001 2005 2006 2002 Since 1989 an open window on the Milan Stock Exchange

Anno XXIII n. 117 Giovedì 16 Giugno 2011 Anno XXIII n. 220 Mercoledì 9 Novembre 2011 Anno XXIII n. 160 Mercoledì 17 Agosto 2011 Anno XXIII n. 245 Mercoledì 14 Dicembre 2011 BORSA -2,16% VALUTE-TASSI BORSA +0,74% VALUTE-TASSI

,50 3,00) € + BORSA -0,31% VALUTE-TASSI Ftse Mib 19.918,52 Euro-Dollaro 1,4292 BORSA -0,87% VALUTE-TASSI Ftse Mib 15.664,06 Euro-Dollaro 1,3788 ÿ QUOTIDIANO ECONO  MICO, GI URIDICO Indice Ftse Mib (scala dx) il quoti E POLITIC Indice Ftse Mib (scala dx) Ftse Mib 14.851,25 Euro-Dollaro 1,3181 dei mercat diano O Ftse Mib 15.750,6 i finanzia Valore scambi (scala sx) Euro-Dollaro 1,4360 ÿ ri Euro-Sterlina 0,8797  Valore scambi (scala sx) Euro-Sterlina 0,8581 ÿ Indice Ftse Mib (scala dx) 6000 20400 Indice Ftse Mib (scala dx)  GENTENTLEN LEME AN 6000 16000 PIÙ  LLADI Valore scambi (scala sx) Euro-Sterlina 0,8463  A ES 0 Valore scambi (scala sx)  Euro-Sterlina 0,8785 8

ÿ LJ Euro-Yen 115,54 $ 4000 15800   Euro-Yen 107,51 '

0 5000 7000 16500  ÿ Gj  5000  o 20200 D



$



15600 Euro-Yen 102,60   Euro-Yen 110,12 ' 15500 0 #

0 Euro-Fr.Sv. 1,2164 6000  ÿ  4000 Euro-Fr.Sv. 1,2382 15400 f:8E  4000 i l 3000 \   20000 15500 ' ,

.# 5000 Euro-Fr.Sv. 1,2345  ; Euro-Fr.Sv. 1,1195 15200  Serie f$ SerieS ÿ i e Eonia Overn. 1,19 l r \ i 3000   e 3000 15000 Eonia Overn. 0,89 *' E l # d \ i f  ÿ - oro ( * (   $  E X k 15000 < X c \    4000  ) ' ( ( 

19800 ™$ Eonia Overn. 0,70  2000 '

/ 14500 Eonia Overn. 0,89 # , ÿ  L 2000 i Bi Euribor 3M 1,51  2000 14800 B% ngbing, 35 an L% ni, Euribor 3M 1,49  at 3000 Li Bingbing trice cinese na f$ ta sott  i o l il seg  \ no del 14500  ' ne.

14600 * 19600 Euribor 3M 1,56 Euribor 3M 1,45 # 1000 K%- E

ÿ F Un regalo 2000 1000 1000 : T. Stato T. Fisso 4,80   13500 < T. Stato T. Fisso 6,04 14400 K dall’ G

%

 '

 #,

f*

T. Stato T. Fisso 6,70 i 19400 1000 l 0 T. Stato T. Fisso 5,12 14200 \ 

0 14000 X  ÿ j Classifiche 1gg 2gg 3gg 4gg 5gg \

T. Stato Indic. 2,85  [` 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 5,90 X C



\ 14000  ÿ 0 e 12500  0 dX O La 1gg 2gg 3gg 4gg 5gg \ T. Stato Indic. 6,56 kc riente 100 1gg 2gg 3gg 4gg 5gg e STAR D T. Stato Indic. 3,91 \ EL CINE MA  e`> i INTERNAZIONAL  `f TOP `^ E AM E DEI BORSE ESTERE FUTURE ki BASCIA VINI R

BORSE ESTERE FUTURE `Xc T O c CE DE RI- SSI k`^ L k GR EE N l k  P e E R I @ T BORSE ESTERE FUTURE  O ALIANI % N U E BORSE ESTERE FUTURE '

) W # WF, I ( NCARNA Dow Jones 11.876 Euro-Bund 126,17 '" * L Dow Jones 12.099 Euro-Bund 138,01 # E DUE NU )

 OVE ÿ  ' R I V QUOTIDIANO   #, OL * U  Z I O ECONOMICO, GIURIDICO f N I Dow Jones 12.128 Euro-Bund 136,68 i E POLITICO l CIN Dow Jones 11.377 Euro-Bund 133,54 \ ES  I: IL X V il quotidiano  ER-

 ÿ [` DE E dei mercati finanziari   ` LA Q ^ UA Nasdaq 2.633 US T-Bond 125,31 ^ LITÀ Nasdaq 2.711 US T-Bond 141,75 F X `

Xc

XXXXXXk ÿ  QUAN   DO I L L fe@ USS A RICHIESTA Z O Nasdaq 2.621 US T-Bond 141,53 PA f RL denar Nasdaq 2.517 US T-Bond 136,09 c A o f M  ÿ ANDA RI- t IN EDICOLAN empo i\j O: DA libero Y on MFL Magazine for Living n. 23 a € 4,50 1,50 + € 3,00) (€   SHANG d Tokyo 9.574 Ftse Mib 19.982 economia Tokyo 8.656 Ftse Mib 15.582 \ TAN HAI [`Z G A  O cost IN EDICOLA * M AS u XXXXXXXX(  ÿ me , DA   ‰ QEELIN A

\[ Nu L’ATLANTE DELLE Tokyo 8.553 Ftse Mib 14.852 k SHANG XIA mer o 376 Tokyo 9.107 Ftse Mib 15.695 Xi (Nuova d serie) 2 ÿ ÿ   ' )

# Francoforte 7.115 D.Jones Cbot 11.880 GIUGNO GENTLEMAN( 2011 Francoforte 5.961 D.Jones Cbot 12.005 '" IL NUOVO NUMERO *

)# ÿ ÿ XXXXXXXX € 4    '

, Francoforte 5.995 D.Jones Cbot 11.285 ASSICURAZIONI Francoforte 5.774 D.Jones Cbot 12.065 # Eld\if()$;`Z\dYi\)'(( f*

i

l

ÿ  \    X

`

Zurigo 6.198 Nasdaq 100 2.209,5 Xi ` Zurigo 5.683 Nasdaq 100 2.369 q

DEL MENSILE SERIE OROXe ÿ ÿ   XXXXXXXXXe ChristmasC k`=` hhri i Zurigo 5.760 Nasdaq 100 2.288 X i Zurigo 5.373 Nasdaq 100 2.165 Z Lavoro LEADER 2011 i \

D  ÿ 

  fe Z Edition LE TOP Londra 5.743 Petrolio - Brent 115,73 f Londra 5.567 Petrolio - Brent 113,31 fc MANAGER DEL CAPITAL i\j ÿ ÿ XXXXXY Speciale   d Londra 5.490 Petrolio - Brent 108,97 + LADIES\ regali

Londra 5.358 Petrolio - Brent 109,07 [`Z Diventare u  150 IDEE   ‰0 NO PROFIT [ PER   i n manager \ da un e RENDE Parigi 3.807 Oro - Fixing $ 1.529,75 m\  RE m Parigi 3.143 Oro - Fixing $ 1.795,00 1 FE ilione di euro k` LI X UN CE Z ` A DONNA

ÿ  [

  e ` Parigi 3.079 Oro - Fixing $ 1.672,50  Parigi 3.231 Oro - Fixing $ 1.782,50 ` Speciale

Paradi `fie ÿ  ^ Shopping solid si esc `   \ L’arte della lusivi, e

\ fars k COMP ale Gioielli e i un’isola s \ RAR d E u X PER m `m SA isura j LVARE CAPOLAVORI

Zcl IL j MOND Tavola \ Inve  O di natura APPARECCHIARE stimenti, il vento \[ \

k

\e come in dell d X ’Est porta u ` RIFLESSI i UN QUADRO $ f

k tili X ^ ` Uk £ 1,40 - Ch fr. 3,40 00 c , in oro bianco Y

8

fY di 1 VERMEER Sedutt Uk £ 1,40 - Ch fr. 3,40 i\ p eX ag. 115 Francia € 2,50 SA ivi e vin Uk £ 1,40 - Ch fr. 3,40 ` Lond IL TESORO cen Uk £ 1,40 - Ch fr. 3,40 XYY o ★ ti  n liv ing con il g X Puntare sulla nuova City alateo erotico ; Francia € 2,50 Dolomi ★ , 00 €; U ti A casa di Liz Taylor € 150 9, Francia € 2,50 Francia € 2,50 sugli sci

Milano ia € 1,50 menù di Spec

an iale nau Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano CB € 1,50 Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano , D m tica,

, € 150 novi er tà e mode del

04 G Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano / Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano

€; Natale 2011 .46 LE RICETTE L 50

,

6.

t firmate dalle

on

C BLOGGER

art.1 c.1

.-

PT

o DEL GUSTO l A.P

.

ped togal MODA SOTTO L'ALBERO S

or

INP EDICOLA ne

,

lia

na

g

Ita Abito bustier di lino a con ampia gonna te Sp di seta, . os €;

P

- 50

.

7 FESTEGGIARE IL NUOVO

11 o

0 c

2 Expo sempre più vicino a Formigoni na Ghizzoni incontra Merkel L’ira di Passera contro Eba O

N

Mo G

i

d

GIU o

at e) Punt IN LUNGO NUMERO a

p il tuo sm ri i art e p La manovra manda in tilt Terna e Snam e gui hone ❧ SEXY, DA GRAN SERA ❧ ACCESSORI HOT ❧ GLI 8 STILI DEL SECOLO s Tra Italia e Cina è matrimonio di lusso da la Po a rs rinc che 911 P GS

:

tero

s

e

’ DELl MENSILE Con MFF Magazine for Fashion a € 4,50 1,50 + € 3,00) n. 61 (€ - Con MFL Magazine for Living a € 4,50 1,50 n. + € 3,00) 21 (€ LUC al A Malpensa, vettori contro la terza pista i DE z sui piani di Unicredit-Hvb e l’asse Francia-Germania MEO RE z , SPONSABI Costa 4 miliardi eliminare la supertassa sui redditi. Cresce il partito dell’Iva al 21% LE MAR re KETIN Il Milano Fashion Global Summit 2011 celebra un’alleanza sempre più stretta G P MONDO D EL GRUPPO V (Follis e Ricciardi a pag. 8) CAPITAL OLKSWAGEN (Di Biase e Sommella a pag. 10) (Bussi a pag. 4) Cambiare azienda (e lavoro) (Castagneto, Leone, Satta e Zoppo alle pagg. 4, 6 e 9) (servizi in MF Fashion) Tutto quelquellolo ch che si deve sapere e vita. Con i e si deve saper 33 pa e priprimama ddi una rametri per misurarei una scientificamssceltceltata dec decisiva per carriera isiva per carrierara ,50 + € 1,30) - Con MFF Magazine for Fashion n. 63 a € 4,50 1,50 + € 3,00) (€ - Con MFL Magazine for Living n. 24 a € 4,50 1 (€ EUROCAOS L’AGENZIA HA MESSO SOTTO OSSERVAZIONE IL RATING DELLE TRE PRINCIPALI BANCHEente pro e contro FRANCESI EUROCAOS LA COPPIA MERKEL-SARKOZY DETTA LEGGE AI PARTNER MA DELUDE LE ATTESE DEI MERCATI LA SVOLTA DI BERLUSCONI LE DIMISSIONI POST DATATE DEL GOVERNO APRONO SCENARI IMPREVEDIBILI MANOVRA ALLA FINE MONTI SI È CONVINTO: ARRIVA LA PATRIMONIALE. MA NESSUNA MISURA PER LA CRESCITA Asse Moody’s-Bce su Atene Sotto il tallone di Merkozy Berlino vuole Monti dopo il Cav Così la recessione è sicura Borse ko dopo il faro acceso su Bnp, Agricole e SocGen per l’esposizione al debito greco. Il numero due Il premier preannuncia l’addio dopo l’approvazione della legge di Stabilità. E prepara l’arrivo di Alfano Dossier titoli, conti correnti all’estero, capitali scudati e immobili oltre frontiera: nessuno si salva dell’Eurotower, Constancio, mette all’angolo la Germania: la linea dura porta solo crolli sui mercati • No agli Eurobond e all’incremento del fondo salva-Stati, sì a governo economico Ue a Palazzo Chigi in alternativa alle elezioni. Ma le cancellerie europee premono per un governo tecnico dal decreto salva-Italia varato dal governo. Ici più cara in banca. Sempre meno fondi all’editoria Con la Guida all’università 1,50 + € 6,00) (€ a € 7,50 2012 - Con MFF Magazine for Fashion n. a € 4,50 62 1,50 + € 3,00) (€ - C • Ma la locomotiva tedesca è quasi ferma (pil +0,1%) e per la Francia è crescita zero

E IL REGNO UNITO METTE ALL’ASTA NORTHERN ROCK • Segnali più distensivi dagli Usa: sale la produzione e Fitch conferma il rating tripla A INTANTO BRUXELLES CHIEDE AL TESORO UNA N UOVA MANOVRA Con delle l’Atlante assicurazioni leader a € 2,80 1,50 + € 1,30) - Con 2011 (€ MFF Magazine for Fashion n. 63 a € 4,50 1,50 + € 3,00) (€ - Con MFL Magazine for Living n. 24 a € 4,50 1,50 + € 3,00) (€ MERKEL GELA DI NUOVO I MERCATI SUL FONDO SA LVA-STATI (Bussi, De Mattia, Di Biase, Gualtieri, Sarno e Sommella alle pagg. 2, 3, 20 e 21) (Bassi, De Mattia, Satta e Sommella alle pagg. 2, 3 e 9) (Bassi, Bussi, Messia e Sommella alle pagg. 4, 5 e 7)

I COMMISSARI DELL’AGCOM SULLA PIRATERIA INTERNET: METTE A RISCHIO MIGLIAIA DI POSTI DI LAVORO IL DECRETO ATTUATIVO IN RAMPA DI LANCIO PREVEDE UNA SFORBICIATA DI ALMENO IL 15% DAL 2013 INTANTO IL MINISTRO PASSERA È SCESO IN CAMPO E POTREBBE COSTRINGERE I FRANCESI A UN’OPA COSTOSA FOCUS OGGI E BUFFETT FA INCETTA DI BANCHE A WALL STREET FOCUS OGGI QUELL’UNIONE PERVERSA Ipo Ferragamo Web gratis non significa democrazia (Bussi, Corvi e Ninfole alle pagg. 2, 3 e 9) Mediaset frena Gli incentivi verdi diventano mini , replica di fuoco a Edf su Edison TRA ROMA E BRUXELLES (Mannoni e Martusciello a pag. 11) (Leone a pag. 7) (Mondellini a pag. 2) già coperta e si prepara di Guido Salerno Aletta in soli tre giorni al taglio costi e Roberto Sommella FISCO Da Azimut un fondo che investe sulla valuta cinese FOCUS OGGI M&A Il boss di AirAsia rileva il Qpr da Ecclestone INTESA Il marchio di prêt-à-porter Brioni passa a Ppr FOCUS OGGI Le Fiamme Gialle si disfano di furgoni e imbarcazioni (Gualtieri a pag. 13) (Montanari a pag. 16) è una strana perversione che acco- Contro l’evasione La 500 in Usa Google-Motorola, Mezzo miliardo Terna blocca muna lo spirito del decreto salva- Tiro al volo Fiorino svalutato Italia all’esito del vertice europeo Per il Monte Giuliyuan ingolfa Pirelli ringrazia Je m’appelle Bond i cantieri C’ aumento freno al contante i titoli della Fiat parte la guerra le gomme di utile in 3 mesi dell’Immacolata: la garanzia di comincia- Con delle l’Atlante assicurazioni leader a € 2,80 1,50 + € 1,30) - Con 2011 delle (€ l’Atlante banche leader a € 2,80 1 2011 (€ per le tariffe re il 2012 in piena recessione. Perché si 2007 più leggero di alta gamma stia perdendo anche solo la speranza di 2011 e alle partite Iva (Follis a pag. 14) dei brevetti tablet Cedola confermata (Leone a pag. 17) farcela comincia a diventare francamente (Massaro a pag. 16) (Bassi a pag. 4) (Fumagalli e Narduzzi a pag. 12) (Follis a pag. 14) (Di Biase a pag. 11) inspiegabile. Pur conoscendo le difficoltà Eni anticipa Giovanni Burani in cui si dibattono il governo Monti e le Scaroni alla Ue, i tempi Pramac-Renova istituzioni dell’Eurozona, si fatica a in- IPO torna in pista travedere nella manovra in discussione in Libia siamo CASSE a Baghdad via ai meeting BPM come consulente alla Camera - come nell’accordo comu- pronti a ripartire (Zoppo a pag. 17) con le banche nitario - la benché minima prospettiva Enasarco chiude Il Manchester Bonomi rassicura, (Montanari a pag. 14) di sviluppo: manca la consapevolezza, a (Gorla a pag. 14) (Leone a pag. 15) Roma come a Bruxelles, che il problema l’esercizio 2010 Percassi atterra fa rotta l’aumento Bpm Ntv presenta Italo e numero uno (per tutti) è ridurre struttu- a Linate ralmente i debiti sovrani. Questi auspici Sarmi cambia con maxicentro verso Singapore Sulla Robin tax sfi da alle Ferrovie di Stato in Italia rimangono ancora lettera morta e con 75 mln di utili farà tutto esaurito se sulle pensioni sembra che si stia un po’ idea, niente (Ricciardi a pag. 18) Egp paga (Zapponini a pag. 9) (Zapponini a pag. 7) (Follis a pag. 16) (Hookway a pag. 18) (Gualtieri a pag. 10) (Zapponini a pag. 9) correggendo la rotta, le norme che di fatto causa a Ibm (Messia a pag. 17) dazio in Italia (Carollo in MF Fashion) acuiscono il prelievo fiscale su conto titoli, COMMENTI (Zoppo a pag. 18) COMMENTI buoni postali, patrimoni e immobili pos- (Messia a pag. 7) COMMENTI Domani in ufficio, Primavera 2012, COMMENTI Domani in ufficio, Fondiaria-Sai, spunta seduti all’estero danno l’impressione che Al nuovo capo Zara macchina o motorino? L’oro macchina o motorino? l’esecutivo abbia imboccato la strada sen- Su E Polis Cara Fed Poste, Vodafone alza Crescita Perché za ritorno delle tasse. Su tutto. La parola spettro subito 13,7 milioni fi ori protagonisti le stime grazie torna in famiglia CHI RISPARMIA un altro socio occulto ripresa economica più che sparita sembra l’esempio (Chebunina in MF Fashion) Bernanke (Di Biase a pag. 14) bandita dal vocabolario dell’esecutivo dei adesso (Risi in MF Fashion) alla banda larga prima (Wagner in MF Fashion) bancarotta VE LO DICE VE LO DICE AMA l’Italia. professori; le liberalizzazioni segnano il ® americano ® ormai è passo attorno ai desideri di caste e casti- (Montanari a pag. 19) scordati (Fumagalli a pag. 17) di tutto ne, la sempre più invocata riduzione dei e la lezione Per la Saks di Della Valle un’anatra La cinese Shandong prende trattamenti economici dei parlamentari e L’arresto di Bisignani l’exit Edison fi nirà ai francesi La burocrazia impantana Bce impari Pittella (Ue), fi nalmente Anima Sgr delle pulviscolari emanazioni di comuni tedesca un semestre scoppiettante zoppa il timone di Ferretti Yachts e province trova posto solo nelle dichia- congela le cessioni Rcs strategy Solo il nome sarà italiano classmeteo.com il salvataggio Livingston dalla Boe la riforma dei rating classmeteo.com www.chirisparmiaama.it razioni di principio. C’è ancora tempo per (Narduzzi a pag. 10) (Ninfole a pag. 16) (Twsj a pag. 6) (Montanari a pag. 15) (Romano a pag. 18) (a pagina 10) (Mondellini a pag. 15) PER 27.000 LOCALITÀ ITALIANE (Gualtieri a pag. 13) (Narduzzi a pag. 8) (Ninfole a pag. 4) PER 27.000 LOCALITÀ ITALIANE (CONTINUA A PAG. 13) E 170.000 CITTÀ DEL MONDO E 170.000 CITTÀ DEL MONDO Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli

Anno XXIV n. 241 Venerdì 7 Dicembre 2012 Anno XXIII n. 4 Venerdì 6 Gennaio 2012 Anno XXIV n. 91 Giovedì 10 Maggio 2012 BORSA -0,75% VALUTE-TASSI 80930 Anno XXIII n. 18 Giovedì 26 Gennaio 2012 BORSA -3,65% VALUTE-TASSI Ftse Mib 15.835,22 Euro-Dollaro 1,3072  BORSA -1,18% VALUTE-TASSI Indice Ftse Mib (scala dx) Ftse Mib 14.767,22 Euro-Dollaro 1,2832 BORSA -0,56% VALUTE-TASSI Valore scambi (scala sx) Euro-Sterlina 0,8114 ÿ Ftse Mib 13.771,82 Euro-Dollaro 1,2950 ÿ 5000 16100  Anno XX n. 194 Martedì 30 Settembre 2008 Indice Ftse Mib (scala dx) Ftse Mib 15.840,24 Euro-Dollaro 1,2942 Indice Ftse Mib (scala dx) Euro-Yen 107,66 Valore scambi (scala sx) Euro-Sterlina 0,8268  9 771594 677008 ÿ ÿ Valore scambi (scala sx) Euro-Sterlina 0,8050 4000 3000 16000 Indice Ftse Mib (scala dx) ÿ 15900 4000 14400 Euro-Fr.Sv. 1,2114 BORSA -4,74% VALUTE-TASSI Euro-Yen 98,67 Valore scambi (scala sx) Euro-Sterlina 0,8321 ÿ Euro-Yen 102,99  ÿ 6000 16000 14200 ÿ 3000 Euro-Yen 101,02 15700 Eonia Overn. 0,07 Indice Mibtel 19.622 Euro-Dollaro 1,4349 Euro-Fr.Sv. 1,2187 14000  5000  Euro-Fr.Sv. 1,2010 2000 15000 ÿ 3000 ÿ ÿ 2000 Euro-Fr.Sv. 1,2075 13800 Euribor 3M 0,19 Indice Mibtel (scala dx) Euro-Sterlina 0,7959 Eonia Overn. 0,40 4000 15500   12000 21000  ÿ Eonia Overn. 0,34 15500 Valore scambi (scala sx) ÿ 1000 13600 T. Stato T. Fisso 4,29 14 14 14 3000 Eonia Overn. 0,38 10000 Euro-Yen 152,30 1000 14000 Euribor 3M 1,32   2000 20600 ÿ Euribor 3M 0,70 ÿ 13400 ÿ 0 15300 Servizio Clienti 2000 15000 Euribor 3M 1,17 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 3,73 8000 Euro-Fr.Sv. 1,5845 T. Stato T. Fisso 5,90 ÿ  13200 T. Stato T. Fisso 4,94 20200 ÿ Ÿ  6000 1000 Eonia Overn. 4,03 0 13000 T. Stato T. Fisso 5,61 1000 13000 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 6,15  BORSE ESTERE FUTURE ÿ 1gg 2gg 3gg 4gg 5gg 19800 ÿ T. Stato Indic. 4,75 14500  4000 0 Euribor 3M 5,31  1gg 2gg 3gg 4gg 5gg T. Stato Indic. 5,18 ÿ Dow Jones 13.047 Euro-Bund 145,66 19400 2000 BORSE ESTERE FUTURE BORSE ESTERE FUTURE   T. Stato T. Fisso 5,32  BORSE ESTERE FUTURE agazine for Living n. 27 a € 4,50 1,50 + € 3,00) (€ Nasdaq 2.989 US T-Bond - 0 19000 Dow Jones 12.415 Euro-Bund 138,71 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 5,94 ÿ  Dow Jones 12.885 ÿ Euro-Bund 142,74     IN EDICOLA Dow Jones 12.712  Euro-Bund 138,36  Tokyo 9.545 Ftse Mib 15.849 Nasdaq 2.668  US T-Bond 142,47 ÿ Nasdaq 2.942 ÿ US T-Bond 144,59    BORSE ESTERE FUTURE Nasdaq 2.813  US T-Bond 142,72  Francoforte 7.535 D.Jones Cbot 13.013 Tokyo 8.489 ÿ Ftse Mib 14.783 ÿ IL NUOVO Tokyo 9.045 ÿ Ftse Mib 13.517 ÿ   Dow Jones 10.675 ÿ Euro-Bund 115,38  Tokyo 8.884 Ftse Mib 15.856 Zurigo 6.912 Nasdaq 100 2.650 Francoforte 6.096 D.Jones Cbot 12.335 NUMERO DI  ÿ Francoforte 6.475 D.Jones Cbot 12.780   Nasdaq 2.056 ÿ US T-Bond 119,48  ÿ ÿ Francoforte 6.422 D.Jones Cbot 12.635  ÿ Zurigo 6.027 Nasdaq 100 2.339   Londra 5.901  Petrolio - Brent 106,17  Tokyo 11.744 S&P-Mib 26.140 ÿ  GENTLEMAN Zurigo 5.936 ÿ Nasdaq 100 2.617 ÿ ÿ ÿ Zurigo 6.073 ÿ Nasdaq 100 2.454  Parigi 3.602 Oro - Fixing $ - Francoforte 5.807 D.Jones Cbot 10.880 Londra 5.624 ÿ Petrolio - Brent 113,43  Londra 5.530 ÿ Petrolio - Brent 111,96    ÿ ÿ Londra 5.723 ÿ Petrolio - Brent 110,77  Zurigo 6.500 Nasdaq 100 1.589 Parigi 3.145 ÿ Oro - Fixing $ 1.599,00 ÿ Parigi 3.119 Oro - Fixing $ 1.582,50 ÿ ÿ Parigi 3.312 ÿ Oro - Fixing $ 1.650,00 ÿ ÿ ÿ Londra 4.819 ÿ Petrolio - Brent 97,35 ÿ unicredit.it/liberidioffrire Uk £ 1,40 - Ch fr. 3,40 Parigi 3.953 Oro - Fixing $ 905,00 Francia € 2,50 ÿ  Uk £ 1,40 - Ch fr. 3,00 € 1,50 Uk £ 1,40 - Ch fr. 3,40 , Francia € 2,50 Uk £ 1,40 - Ch fr. 3,40 Francia € 2,50 Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano € 150 € 1,50 Francia € 2,50 € 1,50 Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano Uk £ 1,40 - Ch fr. 3,00 Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano € 1,20 Francia € 1,90 SCOSSONE IL PDL SI ASTIENE SULLA LEGGE DI STABILITÀ E AVVIA LA CAMPAGNA ELETTORALE Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano zine for Fashion n. 65 a € 4,50 1,50 + € 3,00) (€ - Con MFL Magazine for Living n. 26 a € 4,50 1,50 + € 3,00) (€ Risanamento, oggi In Finanziaria In edicola con Monti a Bruxelles cerca alleati sul debito Sui bond sovrani la Ue Tod’s cresce anche nel 2011 Casta sconfi tta, Bondi super-commissario Con MFF Magazine for Fashion n. 63 a € 4,50 1,50 + € 3,00) (€ - Con MFL Magazine for Living n. 25 a € 4,50 1,50 + € 3,00) (€ incontro decisivo fallisce Milano Finanza Intanto Catricalà prepara il decreto-legge sulle liberalizzazioni in 40 articoli Con MFF Magazine for Fashion n. 63 a € 4,50 1,50 + € 3,00) (€ - Con MFL Magazine for Living n. 25 a € 4,50 1,50 + € 3,00) (€ rischia un nuovo autogol grazie ad Asia e pelletteria Monti rassicura, ma lo spread si impenna. E Berlino scarica la Grecia Monti zoppo, spread in volo (Satta e Sommella a pag. 2) (Ninfole a pag. 12) (Bottoni in MF Fashion) Con MFF Magazine for Fashion n. 49 a € 4,20 1,20 + € 3,00) (€ - Con MFL Magazine for living n. a € 4,20 12 1,20 + € 3,00) (€ con banche creditrici il blitz su Ortis Patrimoni (Bussi, De Mattia, Sironi e Sommella alle pagg. 4, 6, 8, 10 e 20)) (Montanari a pag. 12) (Santamaria a pag. 8) • Il divario di rendimento tra Btp e Bund balza da 300 a 330 punti base EUROFOLLIE L’AUMENTO DI CAPITALE UNICREDIT MASSACRA TUTTE LE AZIONI DEL CREDITO A PIAZZA AFFARI L’ITALIA C’È OGGI AL CONVEGNO DI CLASS EDITORI IN PIAZZA AFFARI TUTTE LE PROPOSTE SUI CONTI PUBBLICI MPS SOTTO INCHIESTA DOPO LA POPOLARE DI LODI E ABN AMRO, ORA I GUAI TOCCANO A SIENA PANICO SUI MERCATI IL DOW PERDE QUASI IL 7% IL NASDAQ OLTRE IL 9%. CRACK ANCHE IN EUROPA, MILANO -5% • Il rebus politico pesa anche su Piazza Affari, unica in perdita (-0,75%) • Salta la delega fi scale e torna lo spettro di una richiesta di aiuti all’Italia Porca Eba, le banche crollano Adesso va tagliato il debito La maledizione di Antonveneta • Con la crisi Berlusconi riesce ad affossare la vendita delle frequenze tv Raffi ca di perquisizioni nelle sedi del Montepaschi e della Fondazione. Ipotesi di manipolazione Uragano America Il titolo di Piazza Cordusio perde un altro 17,2% e affossa indice di settore (-9%) e Ftse Mib (-3,6%) È l’unica strada percorribile per fare vero sviluppo. Perché è impossibile raddrizzare le fi nanze del Paese ) - Con I Miei Risparmi 1,50 a € 3,50 + € 2,00) (€ - Con MFF Magazine for Fashion n. a € 4,50 1,50 67 + € 3,00) (€ - Con MFL M • Ma il Consiglio dei ministri approva la norma sui Monti bond per Mps L’assurdo diktat dell’authority europea allarga i suoi effetti a macchia d’olio. Allarme di Nomura solo attraverso liberalizzazioni e tasse. La ricchezza privata può fi nanziare l’acquisto dei beni pubblici del mercato e ostacolo alla vigilanza. Nel mirino le operazioni per l’acquisto della banca padovana • Intanto Draghi (Bce) apre a un taglio dei tassi d’interesse a inizio 2013 • La Camera Usa boccia il piano Paulson e Wall Street cade a picco ORSI TORI • Bufera anche sulle banche europee, il Benelux nazionalizza Fortis & E LA UE S’INVENTA UN’ALTRA STRETTA SUI TITOLI DI STATO DA MERKEL UN ALTRO NO ALL’AUMENTO DEL FONDO SA LVA-STATI ACCORDO UNI-FONSAI. A VUOTO L’ULTIMO BLITZ DI ARPE (Gualtieri, Ninfole, Satta, Sironi e Sommella alle pagg. 2, 3, 5 e 9) Draghi: niente panico, nel sistema-Italia la liquidità è suffi ciente di Paolo Panerai (De Mattia, Di Biase, Ninfole e Sironi alle pagg. 5, 10 e 14) (Bussi, De Mattia e Salerno Aletta alle pagg. 2, 3 e 4) (Di Biase e Gualtieri alle pagg. 2 e 13) • RISCOPPIA LA GUERRA Rolex nuovo cronometrista uffi ciale della F1 IL GRUPPO SAN DONATO RILANCIA E OFFRE 405 MILIONI PER L’OSPEDALE. NESSUN SEGNALE DAI ROCCA DECRETO LEGGE È LA LIQUIDITÀ CHE GLI ENTI LOCALI TRASFERIRANNO ALLA TESORERIA CENTRALE LA LEGGE PER LA COMPENSAZIONE CON I CREDITI ESISTE GIÀ. MA NON È MAI STATA ATTUATA FOCUS OGGI • Il petrolio crolla sotto quota 100 dollari. Corsa agli acquisti sull’oro ignori, allacciate le cinture di si- Istituti di credito curezza ma non perdete la fiducia, FOCUS OGGI FOCUS OGGI FOCUS OGGI Impregilo fi ssa perché alla fine l’atterraggio avve- San Raffaele, Rotelli spiazza tutti Le banche perdono solo 9 miliardi payout al 40% contro le Poste sui Secondi preziosi UNICREDIT AFFONDA, PROFUMO RASSICURA Srà. Due aspetti importanti vanno Fiat stringe Per Unicredit Perricone Tutti i bluff sui debiti della Pa (Bussi, De Mattia, Di Biase, Fiano, Ninfole e Sommella da pag. 2 a pag. 5) sottolineati per non farsi prendere dal pa- la presa (Ricciardi a pag. 9) dai bond (Satta a pag. 6) verso (Bassi a pag. 7) e ricavi a 3,3 mld portalettere che nico: 1) anche quando si stava annuncian- do la bocciatura del piano Paulson, ieri il su Chrysler 490 mln di utile il vertice Ntv (Leone a pag. 13) La M&C di De Benedetti compra il lanifi cio biellese A Generali la copertura di tutte le spedizioni di Poste AMERICA Generali assicura le forze armate spagnole Con «Il mio commercialista 1,50 » a € 3,50 + € 2,00) (€ - Con il Codice civile - Con MFF 1,50 + € 11,90) a € 13,40 2012 (€ Maga La Sardegna vuole dare in concessione 15 fari fanno i promotori FOCUS OGGI Dow Jones non è sprofondato e sebbene ENERGIA (Montanari a pag. 15) TRIMESTRE abbia subìto una caduta verticale di ben (Mondellini a pag. 12) (Di Biase a pag. 13) La Fiat cerca (Messia a pag. 7) Nuova Alitalia, 700 punti, si è subito ripreso con una vo- Mossa di Terna La Fed congela Per Banca Imi nuovo partner latilità fra il 3 e il 5% mentre, date le cir- Mi General Telecom Italia niente fretta Piccolo Botto FonSai paga Che assicurata! Gli analisti Cielo terra con luci per il Brasile LO DICE CATTANEO costanze, avrebbe potuto perdere subito ripensano i tassi avvia scorporo per il partner ben oltre il 10%; 2) ieri mattina, quando il tiramolla nella guerra bilancio (Mondellini a pag. 15) ancora si pensava che il piano Paulson Fiat Industrial e vendita La7 Le banche del 2012 2008 avrebbe superato il voto del Congresso, dei Ligresti fi no al 2014 (Romano a pag. 10) per le batterie (Follis a pag. 18) da record Il caso Algeria collocamento Sea sia pure tra difficoltà, in Europa molti (Di Biase a pag. 11) (Mondellini a pag. 17) (Fiano a pag. 8) indici borsistici avevano fatto peggio del (Leone a pag. 13) (Ninfole a pag. 14) manda ko Fiat, alla borsa responsabili Dow Jones: che cosa significa questa di- Granarolo L’ E n i t e n t a (-6,7%) non basta varicazione? La risposta non può che Vandelli in pole il rilancio per il fl op dell’ipo essere una: mentre gli Stati Uniti han- TELEVISIONI si butta nel DOPO 31 ANNI INCENTIVI (Sironi a pag. 11) l’affare Zastava no imboccato la strada della verità sulle per il vertice della chimica (Follis a pag. 14) perdite effettive del sistema bancario, fa- della Pop Emilia baby food (Mondellini a pag. 9) Stop al regno L’auto torna Con delle l’Atlante assicurazioni leader a € 2,90 + € 1,40) - Con (€1,50 delle l’Atlante banche leader a € 2,90 + € 1,40 (€1,50 (Migliore a pag. 15) cendo fallire chi può non essere salvato e Pasticcio in vista (Montanari a pag. 16) (Zoppo a pag. 19) consolidando invece le istituzioni cardine (Gualtieri a pag. 10) dell’export QUOTATI I TITOLI PER IL RIMBORSO DEI CREDITI VERSO LA PUBBLICA AMMINISTRAZIONE Milano prepara la causa (non a caso e Goldman nella gara San Marino fi nisce a battere cassa per il bubbone derivati Sachs sono riuscite a mobilitare sul mer- Pieno di debiti cato, in poche ore, alcune decine di mi- Bpm in allerta giapponese sotto la lente del Fmi liardi dollari), in Europa sembra quasi per le frequenze il barile al governo (Baldini a pag. 15) (Bigozzi in MF Fashion) sui misteri (servizio a pag. 8) Via ai Cct per i pagamenti della Pa non si voglia prendere atto della realtà. (Leone a pag. 3) di Chavez (Messia a pag. 13) (Ninfole a pag. 9) (Mondellini a pag. 5) di Mincione (Messia a pag. 10) (Caboni a pag. 12) ANALISI Con ciò contribuendo a far salire il pathos (Peveraro a pag. 6) e a vanificare le tempestive iniziative dei (Zoppo a pag. 14) COMMENTI governi e delle istituzioni private. Detto (Gualtieri a pag. 10) COMMENTO Domani in ufficio, Intek ridà vita DOMANI CON COMMENTI L’ospedale privato in chiaro: in Europa ci sono ancora gravi La moda maschile macchina o motorino? Alitalia mangia Cucinelli matricola sofferenze da far emergere, negli Stati I beni confi scati La Bce Prada fa boom di ricavi Uniti sono già tutte in emersione. Ecco Niente WindJet al marchio Breda Cantoni, può far bene anche alla mafi a O con conti sprint perché, nonostante il piano Paulson ab- mostra i muscoli e Blu Panorama cambierà (Gualtieri a pag. 17) DRIVING INNOVATIO bia traballato violentemente mettendo a B un raffi nato (Bottoni in MF Fashion) e insidia il leader Gucci a Pantalone. Purché vanno in malora ripresa (Damato in MF Fashion) VE LO DICE ONE LEADER, TWO IB nudo le pesanti contraddizioni della po- (Zoppo a pag. 18) ma non SSIBILITIES APPLYING OUR EXPERI (Wagner in MF Fashion) litica americana (roba da far pensare al (Zapponini a pag. 9) se Pechino ® col gusto Berlusconi mantenga lunedì nero dell’ottobre 1987, quando in LINKING THE FUTURE nei tempi Compagnia San Paolo, PPASSION FOR INNOVATION CABLE SOLUTIONN IL ROMPISPREAD le promesse sulla sanità poche ore Wall Street lasciò sul campo il imita L’Ungheria chiede aiuto Savona rivoluziona CCOMMITTED TO THE PLANET della L’autostrada Serravalle 23% del suo valore), l’indice Dow Jones Kodak va verso il crack il project sui porti di Monti Salza torna in prima fi la Telecom chiama Monti non ha più la maggioranza, (a pag. 7) è crollato ma non tracollato. e tracolla a Wall Street classmeteo.com politica a un passo dal fallimento il Pdl si spacca, Alfano va al Colle, Berlino al Fondo Monetario (Follis a pag. 18) (De Mattia a pag. 11) (Di Biase a pag. 13) Bersani cerca di capire cosa vuole Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli (Cardi a pag. 13) (Salerno a pag. 7) (Bussi a pag. 4) PER 27.000 LOCALITÀ ITALIANE (Follis a pag. 11) (Follis a pag. 12) Cdp per la rete Berlusconi. Provate a spiegare E 170.000 CITTÀ DEL MONDO Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli (Follis a pag. 10) la situazione a Goldman Sachs Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli

Anno XXIV n. 040 Martedì 26 Febbraio 2013 BORSA +0,73% VALUTE-TASSI Ftse Mib 16.351,99 Euro-Dollaro 1,3304  Indice Ftse Mib (scala dx) Anno XXIV n. 052 Giovedì 14 Marzo 2013 Anno XXIV n. 075 Mercoledì 17 Aprile 2013 Anno XXV n. 140 Giovedì 18 Luglio 2013 Valore scambi (scala sx) Euro-Sterlina 0,8789 90120 6000 16700  Euro-Yen 125,00 BORSA -1,74% VALUTE-TASSI BORSA -0,61% VALUTE-TASSI BORSA +1,06% VALUTE-TASSI 5000 16500  Ftse Mib 15.745,34 Ftse Mib 15.533,04 Ftse Mib 15.695,03 16300 Euro-Dollaro 1,2981 Euro-Dollaro 1,3129 Euro-Dollaro 1,3136 Euro-Fr.Sv. 1,2305 ÿ   4000  Indice Ftse Mib (scala dx) Indice Ftse Mib (scala dx) Indice Ftse Mib (scala dx) Anno XX n. 13 Martedì 20 Gennaio 2009 Anno XX n. 138 Giovedì 16 Luglio 2009 Anno XX n. 218 Giovedì 5 Novembre 2009 Anno XX n. 241 Martedì 8 Dicembre 2009 16100 Valore scambi (scala sx) Euro-Sterlina 0,8678 Valore scambi (scala sx) Euro-Sterlina 0,8569 Valore scambi (scala sx) Euro-Sterlina 0,8632 5000 16300 4000 16100 4000 15800 Eonia Overn. 0,07 ÿ ,50 + € 3,00)   3000  9 771594 677008 15900 Euro-Yen 124,59 Euro-Yen 128,37 Euro-Yen 131,15 ÿ 15900   BORSA -1,35% VALUTE-TASSI BORSA +3,68% VALUTE-TASSI BORSA +2,00% VALUTE-TASSI BORSA -0,60% VALUTE-TASSI 2000 Euribor 3M 0,22 4000 16100 15700  Euro-Fr.Sv. 1,2319 3000 Euro-Fr.Sv. 1,2163 3000 15600 Euro-Fr.Sv. 1,2340 ÿ 15700   Indice Mibtel 14.535 Euro-Dollaro 1,3182 Ftse Mib 19.130 Euro-Dollaro 1,4089 Ftse Mib 22.385,73 Euro-Dollaro 1,4761 Ftse Mib 22.788,52 Euro-Dollaro 1,4787 1000 T. Stato T. Fisso 4,06 3000 15900 ÿ   ÿ 15500  Eonia Overn. 0,07 Eonia Overn. 0,08 Eonia Overn. 0,08 Indice Ftse Mib (scala dx) Indice Ftse Mib (scala dx) Indice Ftse Mib (scala dx)  2000 15500  2000 15400  Indice Mibtel (scala dx) Valore scambi (scala sx) Valore scambi (scala sx) 0 15300 Euro-Sterlina 0,9047 Valore scambi (scala sx) Euro-Sterlina 0,8576 Euro-Sterlina 0,8936 Euro-Sterlina 0,9051 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 3,62 2000 15700 3000 17000  6000 19500  7000 23000  6000 23000  Valore scambi (scala sx)  Euribor 3M 0,21  15300 Euribor 3M 0,21  Euribor 3M 0,22  Euro-Yen 119,16 5000 Euro-Yen 131,57 6000 Euro-Yen 134,30 Euro-Yen 133,24 1000 1000 15200 2400 ÿ 19000  22500   1000 15500 22800 BORSE ESTERE FUTURE T. Stato T. Fisso 4,17 15100 T. Stato T. Fisso 4,03 T. Stato T. Fisso 4,15 5000    16000 Euro-Fr.Sv. 1,4812 4000 Euro-Fr.Sv. 1,5179 Euro-Fr.Sv. 1,5113 4000 Euro-Fr.Sv. 1,5123 ine for Living n. 28 a € 4,50 1,50 + € 3,00) (€ 1800 ÿ 18500  22000   0 0 0 22600 15300 14900 15000 4000 Dow Jones 13.905 Euro-Bund 143,9 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 3,69 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 3,49 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 3,34 Eonia Overn. 2,11 3000 Eonia Overn. 0,36 Eonia Overn. 0,32 Eonia Overn. 0,43      ÿ  3000   1200 18000 21500 22400 A RICHIESTA 15000 2000 2000 Nasdaq 3.156 US T-Bond 144,75 BORSE ESTERE FUTURE BORSE ESTERE FUTURE BORSE ESTERE FUTURE Euribor 3M 2,44 ÿ Euribor 3M 0,99  2000 Euribor 3M 0,73  Euribor 3M 0,73 ÿ   600 17500 21000 22200 T. Stato T. Fisso 4,43  1000 T. Stato T. Fisso 4,00  1000 T. Stato T. Fisso 4,04  T. Stato T. Fisso 4,01 ÿ Tokyo 11.663  Ftse Mib 16.341  IL NUOVO Dow Jones 14.448 ÿ Euro-Bund 143,15  Dow Jones 14.720  Euro-Bund 145,61  Dow Jones 15.466  Euro-Bund 143,86  0 14000 0 17000 0 20500 0 22000 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 3,41 ÿ 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 2,14  1gg 2gg 3gg 4gg 5gg T. Stato Indic. 1,70  1gg 2gg 3gg 4gg 5gg T. Stato Indic. 1,69 ÿ Francoforte 7.773  D.Jones Cbot 13.983  NUMERO DI Nasdaq 3.246  US T-Bond 143 ÿ IN EDICOLA Nasdaq 3.258  US T-Bond 147,44  Nasdaq 3.609  US T-Bond 135,5  IN EDICOLA BORSE ESTERE FUTURE BORSE ESTERE FUTURE BORSE ESTERE FUTURE BORSE ESTERE FUTURE Zurigo 7.594  Nasdaq 100 2.736  MFF-MAGAZINE Tokyo 12.240 ÿ Ftse Mib 15.760 ÿ IL NUOVO Tokyo 13.221  Ftse Mib 15.229  Tokyo 14.615  Ftse Mib 15.687  Francoforte 7.971 D.Jones Cbot 14.469 Francoforte 7.683 D.Jones Cbot 14.583 on MFL Magazine for Living n. 30 a € 4,50 1,50 + € 3,00) (€ Francoforte 8.255 D.Jones Cbot 15.387 IL NUOVO scale a cura Studio Uckmar» 1,20 a € 9,00 + € 7,80) (€ Dow Jones 8.281 Ÿ Euro-Bund 125,14 ÿ Dow Jones 8.570  Euro-Bund 121,25  scale a cura Studio Uckmar» 1,20 a € 9,00 + € 7,80) (€ Dow Jones 9.873  Euro-Bund 121,26  Dow Jones 10.427  Euro-Bund 122,98  Londra 6.355  Petrolio - Brent 114,54        IN EDICOLA FOR FASHION Zurigo 7.781 Nasdaq 100 2.807 NUMERO Zurigo 7.718 Nasdaq 100 2.834 Zurigo 7.928 Nasdaq 100 3.076 NUMERO Nasdaq 1.529 Ÿ US T-Bond 136,22 Ÿ Nasdaq 1.854  US T-Bond 117,06  Nasdaq 2.068  US T-Bond 118,84  Nasdaq 2.195  US T-Bond 119,34  Parigi 3.721  Oro - Fixing $ 1.586,25  ÿ      IL NUOVO Londra 6.482 Petrolio - Brent 107,94 DI CAPITAL Londra 6.305 Petrolio - Brent 99,71 Londra 6.572 Petrolio - Brent 108,42 Tokyo 8.257  S&P-Mib 18.410 ÿ Tokyo 9.269  Ftse Mib 19.105  Tokyo 9.844  Ftse Mib 22.355  Tokyo 10.168  Ftse Mib 22.810 ÿ ÿ ÿ     DI CAPITAL Parigi 3.836 Oro - Fixing $ 1.589,25 Parigi 3.686 Oro - Fixing $ 1.380,00 Parigi 3.872 Oro - Fixing $ 1.297,25 Francoforte 4.316 ÿ D.Jones Cbot 8.243 Ÿ NUMERO Francoforte 4.928  D.Jones Cbot 8.498  Francoforte 5.444  D.Jones Cbot 9.850  Francoforte 5.785 ÿ D.Jones Cbot 10.428  ÿ ÿ     DEL MENSILE Uk £ 1,40 - Ch fr. 3,40 Zurigo 5.381 ÿ Nasdaq 100 1.197 Ÿ Zurigo 5.473  Nasdaq 100 1.489,5  Zurigo 6.267  Nasdaq 100 1.691  Zurigo 6.471 ÿ Nasdaq 100 1.789 ÿ € 1,50 Francia € 2,50 Londra 4.108 Petrolio - Brent 44,5 CAPITAL Londra 4.346 Petrolio - Brent 63,62 Londra 5.108 Petrolio - Brent 78,47 Londra 5.310 Petrolio - Brent 77,99 ÿ ÿ     ÿ  Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano Uk £ 1,40 - Ch fr. 3,40 Uk £ 1,40 - Ch fr. 3,40 Uk £ 1,40 - Ch fr. 3,40 Parigi 2.990 ÿ Oro - Fixing $ 833,00 ÿ Parigi 3.171  Oro - Fixing $ 938,00  Parigi 3.670  Oro - Fixing $ 1.090,00  Parigi 3.840 ÿ Oro - Fixing $ 1.142,50 ÿ a € 4,50 1,50 + € 3,00) (€ - Con MFL Magazine for Living n. 28 a € 4,50 1,50 + € 3,00) (€ 1,50 Francia € 2,50 € 1,50 Francia € 2,50 € 1,50 Francia € 2,50 Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano TRIONFA GRILLO, NON SFONDA IL PD, TIENE IL CAV, BATOSTA PER MONTI Uk £ 1,40 - Ch fr. 3,00 Uk £ 1,40 - Ch fr. 3,00 Uk £ 1,40 - Ch fr. 3,00 Uk £ 1,40 - Ch fr. 3,40 PAESE INGOVERNABILE SVOLTE LA GDF SEQUESTRA 1,8 MLD ALLA BANCA PER LA RISTRUTTURAZIONE DEL DERIVATO ALEXANDRIA € 1,20 Francia € 1,90 € 1,20 Francia € 1,90 € 1,20 Francia € 1,90 € 1,20 Francia € 1,90 FUMATA BIANCA IL NUOVO PONTEFICE È L’ARGENTINO JORGE MARIO BERGOGLIO. SARÀ FRANCESCO Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano 90716 Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano 91105 Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano 91208 FONSAI SALVATORE AI DOMICILIARI, GIULIA E JONELLA IN CARCERE, PAOLO RICERCATO

OGGI scale» a € 11,10 (€ 1,20 - Con + € 9,90) (€ guida scale» «Lo a € 11,10 scudo fi scale» a € 11,10 (€ 1,20 - Con + € 9,90) (€ guida scale» «Lo a € 11,10 scudo fi A RICHIESTA Aumenti di capitale, Il brand Gucci A RICHIESTA

IN REGALO 677008 677008 677008 Eurolandia prevede Milano Moda Uomo Intel, Fed e auto danno gas alle borse Marchionne svela new Chrysler L’ATLANTE DELLE LA SESTA MFL MAGAZINE ASSICURAZIONI altra cantonata va in India Nomura incastrata sul Monte E la Fiat sfonda quota 8% in Europa PUNTATA DEL FOR LIVING L’Italia perde le elezioni Con MFF Magazine for Fashion a € 4,20 n. 1,20 53 + € 3.00) (€ - Con MFL Magazine for living n. a € 4,20 15 1,20 + € 3.00) (€ LEADER 2009 Vince il Papa dei poveri In manette tutti i Ligresti un 2009 da brivido Speciale di 28 pagine DIZIONARIO L’ira di Merkel e Putin sulla GM (Bolis e Ninfole alle pagg. 4 e 9) in borsa su Italease con una newco Ipotesi di usura e truffa aggravata per il presidente del colosso giapponese Sayeed, ora indagato 9 771594 9 771594 9 771594

(De Mattia e Sarno alle pagg. 2 e 3) (servizi in MF Fashion) (Fiano, Mondellini e Monti alle pagg. 2 e 3) ,50 + € 2,50) - Con MFF Magazine for Fashion n. 69 a € 4,50 1,50 + € 3,00) (€ - Con MFL Magazine for Living n. 28 a € 4,50 1 (€ (Sironi a pag. 13) (Manzoni in MF Fashion) • Borsa sulle montagne russe: sale del 3%, passa in rosso e poi chiude a +0,7% • Voto di rottura: è il primo americano e il primo gesuita a salire sul soglio di Pietro Spuntano commissioni occulte per 88 milioni. Si fa strada l’ipotesi di nullità dell’operazione •

3,00) - Con il cd «Lo scudo fi Misure cautelari anche nei confronti dei manager Erbetta, Marchionni e Talarico ALLA CONQUISTA DEGLI USA IL LINGOTTO APRE LA TRATTATIVA PER L’INGRESSO NEL CAPITALE DEL COLOSSO MANOVRE PRESENTATO IERI DA TREMONTI IL PROVVEDIMENTO DI RIMPATRIO DEI CAPITALI ALL’ESTERO FEDERAL RESERVE NEGLI STATI UNITI SI PREVEDONO TASSI ZERO ANCORA PER UN LUNGO PERIODO ENERGIA LA MAPPA TOP SECRET DEI CINQUE NUOVI REATTORI CHE VERRANNO GESTITI DALL’ENEL • Ma nel mercato serale i principali titoli, specie le banche, perdono fi no al 5% • Condannò la fi nanza cattiva, a suo dire principale colpevole del crack dell’Argentina (Gualtieri a pag. 2) • L’accusa dei pm di Torino è falso in bilancio aggravato e manipolazione del mercato • Lo spread si riavvicina a 300 punti e le sue sorti tornano in mano a Draghi • Nei suoi scritti strali contro il terrorismo economico che ha stroncato le classi deboli FOCUS OGGI DOPO I 9 MILIARDI DI EURO DI ORDINI RACCOLTI LUNEDÌ, NE SONO ARRIVATI ALTRI 8 IERI • Il gip sottolinea il pericolo di fuga dopo i movimenti sulle holding lussemburghesi

Fiat fa rotta sulla Chrysler Scudo fi scale anche per le case Bernanke dà la carica al Toro Ecco i siti del nucleare italiano Con MF Brasile Italia a € 4,00 + € 2,50) (€1,50 - Con MFF Magazine for Fashion n. a € 4,50 1,50 67 + € 3,00) (€ - Con MFL Magaz • Riformatore, progressista e attento al sociale, dovrà gestire la patata bollente Ior Kairos Partners • Buco nelle riserve stimato a 538 mln, per la compagnia danno da circa 300 mln • Mediaset vola col Pd in vantaggio e fa marcia indietro col recupero del Pdl vale più Btp Italia, exploit da 17 mld Torino porterà in dote le piattaforme per la produzione di vetture medio-piccole in cambio del 35% Un’aliquota del 5% per le attività fi nanziarie mentre per immobili, yacht e altri beni è prevista La banca centrale americana allontana l’ipotesi di una stretta monetaria per non soffocare Le centrali atomiche saranno realizzate nelle stesse zone di 20 anni fa: Trino, Caorso, Latina, Montalto di 200 milioni • Il boom Cinque Stelle regala una grande occasione ai titoli green economy DALLA FINE DEL MONDO PER RILANCIARE IL SUDAMERICA Con MF International Golfo - Italia a €4,00 + €2,50) (€1,50 - Con MFF Magazine for Fashion n. 69 a € 4,50 1,50 + € 3,00) (€ - C della società in crisi. Il network di Detroit per vendere la 500 in America. La Consob chiede lumi una speciale dichiarazione. Nessun reato societario verrà sanato. Ma all’opposizione non basta la debole ripresa in atto. Wall Street reagisce bene nonostante il super-petrolio. Oggi la Bce e Garigliano. Conti attende le direttive del governo di inizio 2010 e l’avvio dell’Agenzia della sicurezza (Giacobino a pag. 14) Chiuso il collocamento, cedola ex infl azione confermata al 2,25% COSÌ LA CONSOB HA DATO IMPULSO ALL’INDAGINE • (Satta e Sommella a pag. 2) (Peveraro a pag. 8) (Bodini, Lamonica, Messia e Montanari alle pagg. 2 e 3) n L’Atlante delle societàn L’Atlante Leader 2008 € 2.50 - Con 1.20 + € 1.30) MFF (€ Magazine for Fashion 1.20 a € 4.20 + € 3.00) n. - Con (€ 51 MFL Magazine for living 1.20 a € 4.20 n. + € 3.00) 13 (€ Sonora bocciatura per il premier uscente e per il rigore voluto dalla Merkel ORPRESA L UROPA PIÙ VERDE SCEGLIE LE CENTRALI A CARBONE Atlantia-Gemina BROWN CORRE IN SOCCORSO MA RBS SPROFONDA ALLA CITY (- 67%) INTANTO BRUXELLES BOCCIA LA TASSA SULL’ORO DI DRAGHI IL GOVERNO PREPARA LO SCONTO BIS PER GLI AUMENTI DELLE PMI S , ’E CON IL SUO DECENNALE vale 3 miliardi RAZZOLANO MALE (Mondellini e Ninfole alle pagg. 7 e 9) (Adriano e Sommella alle pag. 2) (Ninfole, Sommella, Spignesi e Van Tiggelen alle pagg. 4 e 5) (Leone e Zoppo alle pagg. 2 e 3) • Il futuro governo deve chiedere tempo a Bruxelles per evitare una manovra FOCUS OGGI Nike nuovo sponsor della Roma Impregilo in pole per realizzare FOCUS OGGI L’Anas vuole trasformarsi da L’Irlanda torna di ebitda nel 2013 Anche i grandi gruppi L’Italia c’è. LA COMMISSIONE INVITA L’ITALIA A USARE CON CAUTELA I TREMONTI BOND PER NON MANDARE IN TILT IL DEBITO COFIDE ESCE DA BANCA INTERMOBILIARE VENDENDO IL 4%. STALLO SULL’IPOTESI DI ADDIO DEI SEGRE ARMISTIZIO TRA MARCHIONNE E SCAJOLA CHE ANNUNCIA LA PROROGA DELLA MISURA PER IL SETTORE AUTO Safe Bag conquista GIOVANNI LASCIA LA GUIDA DEL GRUPPO. OGGI SUMMIT IN MEDIOBANCA. ANCHE KPMG AL LAVORO Con La mia Auto a € 4,00 + €2,50) (€1,50 - Con MF Brasile Italia a € 4,00 + € 2,50) (€1,50 - Con MFF Magazine for Fashion n. 68 Il trading riporta sul mercato dei bond a partire dalla stagione 2014-2015 (Leone a pag. 11) tedeschi prendono la nuova metropolitana di Doha Saipem, parte concedente a concessionario FOCUS OGGI FOCUS OGGI FOCUS OGGI FOCUS OGGI CONNOLLY AL WSJ: PERCHÉ L’EUROCRISI NON È FINITA al profi tto la resa Miami e prepara Assist di Bruxelles alle banche De Benedetti dice addio alla Bim Ubi Banca e paga meno di Grilli Green Power la scorciatoia dei conti interna l’atterraggio Meliorbanca, Un piano di Pwc Terremoto in casa Mariella Burani Tutto pronto Macché croste, Nuovi incentivi in arrivo per Fiat (Bussi, Follis, Leone, Montanari, Satta, Sironi e Sommella da pag. 2 a pag. 8 e a pag. 17) si gioca spezzatino (Contrarian e Sommella alle pagg. 3 e 4) per rimborsare (Wagner in MF Fashion) per Alitalia (Montanari a pag. 10) vere blue chip (Mondellini e Santamaria a pag. 6) (servizi a pag. 11) Domanda boom dei paradisi fi scali (Leone a pag. 15) sul listino dell’Aim dopo opa Bper i clienti Lehman i quadri di Tanzi NUOVA SOLUZIONE A RCS la carta Africa Alemanno stoppa la costruzione del palazzo Istat Sistema Moda Italia torna alla carica col premier versione maxi Polizze Milano Ass. per i vaporetti di Venezia Corsa all’oro Intesa e Unicredit salvano i rubinetti Teorema (Bussi a pag. 5) (Giardina a pag. 4) (Cervini a pag. 9) ORSI TORI UNUN OTTIMISTA AL GIORNO RATING FOCUS OGGI Il gruppo Barilla lascia la Germania Accelerano (Zoppo a pag. 10) Tutto pronto (Massaro a pag. 10) & (Ninfole a pag. 4) (Leone a pag. 17) (Massaro a pag. 15) Per il Corriere ipotesi utili e ricavi per Mps 2.0 DI AOLO ANERAI Record per il lingotto Ricucci prende P P Standard & Poor’s Banca Carige doppio aumento: vendendo il pane Lieken ai cechi della Tod’s IMMOBILIARE COMPORTAMENTI SOSPETTI Oggi assemblea DOSSIER ILLECITI Entrecanales, Vade retro ruspa ignor Presidente del Consiglio, Lei I divani Natuzzi Rottamazione abiti DARIO BUCCI Trimestrale Enel Canal Ligresti a un passo da 1.100 $ Formigoni mette Idraulici liquidi si rafforza le redini inevitabile sa che non parlo per questione di (Bottoni in MF Fashion) La retroattività di Lekythos Scatta giro di vite (Gualtieri a pag. 11) Tronchetti condannato cercano più forte del calo 876 milioni conferma 400 milioni subito, 2013 parte, poiché non sono milanista, ma on solo risultati migliori delle attese  Nuovo record per l’oro, a 1.096,5 dolla- con 800 milioni Con MF Fashion Anni 15 a € 8,00 + €6,50) (€1,50 - Con La mia Auto a € 4,00 + €2,50) (€1,50 - Con MF Brasile Italia a € 4,00 (€1 l’offerta Enel S la via del rilancio della domanda in strade e metrò delle leggi italiane (Montanari a pag. 11) di Bankitalia a 1 anno e 8 mesi 2009 partecipe al progetto Fiorentina. Le scrivo per Intel, ma anche più fiducia sui - Con 1.30) MFF Magazine for Fashion a € 4,20 n. 1,20 55 + € 3,00) (€ - Con MFL Magazine for Living a € 4,20 1,20 n. + € 16 (€ ri l’oncia, sulla scia della vendita all’India, il voto dell’Italia (Montanari a pag. 12) 300 milioni nel 2013 Strasburgo Rcs, anche Hines (Mondellini a pag. 13) perciò come cittadino e come giornalista (Gualtieri a pag. 12) prossimi mesi. I segnali di ripresa ar- annunciata due giorni fa, di 200 tonnellate (Gualtieri a pag. 7) respinge ha fatto scappare sulle scommesse: vuole il palazzo I legali: sentenza N (servizi alle pagg. 8 e 9) (Bussi a pag. 4) (Montanari a pag. 10) Zucchi, è il momento che segue l’economia e la politica. Onore- rivano dal mercato dei personal computer, di metallo giallo da parte del Fmi, che così il bilancio Ue di Via San Marco I fondi comuni vole Berlusconi, se Lei dovesse decidere di nonostante il segmento delle imprese sten- ha incassato 6,7 miliardi di dollari. New Mps, scontro i grandi fondi esteri del rilancio a 360 gradi rischio riciclaggio fuori dalla logica vendere Kakà, come sembra di capire dal- Swap Impregilo ti a ripartire. Il gruppo per la prima volta ridisegna Delhi ha spiegato la sua mossa sostenendo L’Immobiliare sullo statuto (Ninfole a pag. 4) (Montanari a pag. 14) a lezione le ultime indiscrezioni (che pubblichiamo a costa 26 milioni dall’inizio della crisi fornisce una stima sul che l’oro è destinato ad apprezzarsi più del di Ligresti L’IDEA DEI SINDACATI (Caputi a pag. 18) (Wagner in MF Fashion) (Zapponini a pag. 6) (Follis a pag. 12) pag. 2), commetterebbe non tanto un errore futuro. Non nasconde la soddisfazione Da- la prima linea dollaro. E poiché la Federal Reserve ieri BANCHE in Fondazione (Romano a pag. 15) (Leone a pag. 12) (Leone a pag. 8) da John Elkann MF fashion mercoledì 17 aprile 2013il pri alla holding Igli va al restyling mo quotidianodella moda e del l tecnico per la Sua squadra quanto un grave rio Bucci, country manager di Intel per Italia Bandiera lascia ha dichiarato che i tassi di interesse Usa ussoMF fashion Direttore ed editore La trasformazione Paolo Panerai Sofferenze boom (Gualtieri a pag. 13) 17.04.13I (Messia a pag. 15) errore politico. Infatti, non è immorale solo e Svizzera: «L’ultimo trimestre è stato supe- rimarranno molto bassi per un lungo pe- LA BORSA CEDE L’1,7% PER LO SCIVOLONE DEL TITOLO, I CUI UTILI SONO CALATI DEL 79% SUL NUOVO SITO MFFA AZIONI PER 300 MLN, CONVERTIBILE DA ALTRI 300 E 100 MLN RISERVATI A NUOVI SOCI CONTINUA LA POLITICA MONETARIA SUPER ACCOMODANTE DELLA FED. MERCATI SU IL PRIMO D S (Leone a pag. 14) (Leone a pag. 19) EI CINQUE VOLUMIHION.COM DIGITA DEDICATI A (Giuffrè a pag. 16) I 15 ANNI DI MFFA LI fare offerte come quelle che sono arrivate riore alle previsioni su tutta la linea, grazie riodo di tempo, è probabile che il dollaro si DEBUTTA ON-LINE SHION: della Pop Milano MODA & SHOOTING AF entra in Alitalia dal Manchester City ma anche accettarle. soprattutto al forte trascinamento dei merca- indebolirà ancora, dando ulteriore slancio In un anno Fitch taglia

O

I

R

ON Se dovesse dire sì il beneficio economico ti consumer. Pc e portatili per uso domestico alle quotazioni dell’oro. Per la stessa ragio- I

H L’opa del Banco Il gruppo Seat in spa può passare S Da Bankitalia FA

A

il rating O e cambia i vertici T

A

T che il Milan otterrebbe (e di conseguenza continuano ad andare molto bene». ne, ieri il petrolio è salito dell’1,8% a 79,6 N Enel (-6%) schiaccia Piazza Affari E Pop Vicenza, aumento da 600 mln Bernanke rassicura Obama e borse S

E

10 miliardi in più R

P su Italease perde colpi

OR Con MF Fashion 5 anni di Design & Living € 8.00 1.20 + € 6.80) (€ - Con la guida Arte & Finanza 1,20 + € 6,00) (€ a € 7,20 - Co stop a cessione O L

F la Sua holding Fininvest) sarebbe com- dollari al barile. Fiat a BB- D attraverso le primarie N 2

(Follis a pag. 8) (CONTINUA A PAG. 11) (Sarno a pag. 16) (Landau, Sironi e Zoppo alle pagg. 8 e 19) K (Gorla a pag. 13) (Giuffrè e Ninfole alle pagg. 4 e 17) OO

L

sfi ora il traguardo anche a Berlino Il N pletamente annullato dal grave errore di della Sia-Ssb Brasile U (Montanari a pag. 8) (Wagner in MF Fashion) (Gualtieri a pag. 15) (Gualtieri a pag. 16) (Mondellini a pag. 15) (Gualtieri a pag. 13) punta su sport

elevare il tetto delle follie del calcio a un delle AssicurazioniCon L’Atlante Leader 2009 € 2.50 1.20+ - Con € 1.30) (€ MFF Magazine for Fashion a € 4,20 n. 1,20 55 + € 3,00) (€ - Con MFL Magazine for Living a € 4,20 1,20 n. + € 3,00) 17 (€ - Con il cd «Lo scudo fi (Massaro a pag. 16) (Bonelli a pag. 11) COMMENTI livello doppio di quello, già folle, che fu COMMENTI (Peveraro a pag. 11) COMMENTI COMMENTI (servizio a pag. 12) e tecnologia Mentre il settore tessile segna un calo Slim punta 250 mln $ fissato con la vendita per 58 milioni di euro nella produzion

Biella, stato di crisi Sciarrone (Ntv): Italo verso di categor e locale, le associaz Attenzione, l’Imu Affondo di Unicredit Ora la City si affi da JP Morgan scarica ia svelano uno scena ioni sviluppolegato ad accordi p rio di di Zidane da parte della Juventus al Real hi-tech e alla s er importare Interpump cerca Torna il rischio pinta di segmenti Il giudice congela quello ag onistico, trainati da event, come Banche Madrid. Vorrebbe dire, con il suo sì, non Gli aiuti D’Alema Il caso Coppa del mondo i come sul New York Times ai corporate bond un settore che nel e 2011Olimpiadi. ha r Per

presentazione piattaforme per la capitale del tessile un turnov 100 milioni di maxi-multe la Telecom di Bernabè la borsa ad Alta Velocità aggiunto ci sarà per sempre per rilanciare il mattone porre un limite alla decenza e al senso di i diritti di Sky D&G e Giorgio er di 67 miliardi di dollari nnovazione tecnologica. Maggiore valore al prodot tizione int ernazionale. Grandi eventi sportivi in arrivoto per fr classe di consumatori. onteggiarel a compe (Guevarra e Shah a pag. 11) fashio Il Brasil . La nascita di una nuova- (Fiano a pag. 17) n e del te e si sta muovendo a più velocità e il mondo del per lo shopping per le nuove slot ssil responsabilità sociale, per di più in un mo- (Di Biase a pag. 11) (Calosso a pag. 16) I e sta mettendo a punto strat (Sommella a pag. 6) (Campo pag. 10) un calo della produzione locale. Ch italiane, on: della Fed non basta, Grecia eg (Bello in ) ie a in collaborazione c MF Fashion più liv per la Serie A settimana della moda cari e i elli anche in risposta a n questi oca, giorni va in scena con FashionRio, la Paolo rappresentano le punte che di diamanteinsieme alla Spfw-São Paulo fashion wee moda». E che è p di un mercato che k di Sa mento di grave crisi come quello attuale. che v ronto a scendere in campo con nuovi steps embraper la «affamaton di anta un turnover 2011 di 67 scaldano la fashion week Cervone, ceo di Texbrasil p miliardi di dollari, come ha detto fashion a industry, lu rogram (B ppato dall’associazione di tess razilian fashion industry exporMFF Rafael (Simonelli a pag. 13) (Bassi a pag. 17) Siete vicin ile ca i al nuovo doc tegoria, l’Abit con Apex-Brasil.t program) svi- Non vi è dubbio che il calcio ormai sia lo scorso esercizio umento per l’anno 2012. Come verrà (Montanari a pag. 18) de l tes conto rischiano più peso monito IL ROMPISPREAD La produzione tessile brasilianasile è scesabrasiliano? del 4, chiuso IL ROMPISPREAD IL ROMPISPREAD abbigliamento è calata del 10,5%. 3% n (speciale di 16 pagine in MF Fashion) C’è qualche settore da el 2012. Mentre la produzione di In questo m tenere sotto osservazione? show business, ma anche nello show bu- omento, son fruibili qu o gli unici dati dispon ando pubblicheremo il nostro reportibili. Informazioni annuale di più dettagliat

Grillo all’Handelsblatt: s e saranno Btp Italia da record, 17 miliardi in ettore, all’inizio del prossimo

Il caso Hansenet scalda Telecom con Adesso Bernabè ridisegna tinua a recessione 28 gennaio 2009 siness simili transazioni, anche per un di ingessare Nel Dpef il Tesoro blinda all’Italia per tutta Abu Dhabi verso opa su Dubai Cattolica torna pag. II Exor, giù l’utile Telecom, ora Letta: per il governo non vedo nubi Rating, il fondo Calpers Ripartono i big del lusso Pitti, a giugno a Draghi commissaria «Noi siamo la rivoluzione francese, rrivano Kolor e Da soli due giorni. Ma non è che grande attore da una major all’altra, non IL ROMPISPREAD Due guest designer d mir Doma i ricerca all’orizzonte. Perché guarda Firenze dal 1 per la pr 8 al 21 giugno pros ossima edizione di Rag & Bone sf magine uomo simi. Ad accende Pitti immagine ilerà a Londra senza ghigliottina». Mica scemo, me numero 84 sarà re la mani in programma a mostrare tanto entusiasmo al Tesoro SIGNA (FI) ntre a giocare il ru Junichi Abe, d festazione maschil Il calendario Parola di Bofa-Merrill esigner gia fa causa alle agenzie olo di pro da pponese e di Pitti di Lo toccano mai questi livelli. E comunque lo MFF (vedere il nu tagonista della dietro il marchio im- Rag & B ndon collection la quota di Cdp in Enel mero del 12ª edizi one. Il ma s: men Pop Magna Grecia si e la vendita Sparkle va in soffi tta sentano one di Kolor la seconda linea Telecom 20 rch amplia co due stor marzo Pitti W , io fonda n così lontano? Le nuvole sono Fassino nel luglio 2009 sfidò ) M Citi cerca soldi per i bonus ie e d Damir Doma sarà arcus Wainwr to , come a dai designer la stess ue culturemolto div . «Kolor e D nticipato ight e britann da 10 mld l’economia in Europa l’Europa a determinazione nello s erse tra amir Doma collezione menswe David Neville ici rettor loro, ma rappr presenterà la pr al dividendo visto la fine che hanno fatto e comunicazione viluppare il propr a nostro avviso con e- rante la ter ar per la primavera- opria Non la cedola è come far vedere al topo quanto è focus sui conti ed eventi d io bran divido termini comme i Pitti im d», ha spiegato no za edizione della rasse estate 2014 du show business tradizionale non coinvolge rciali sulla b magine, «nel cos Lapo Cianchi all’uomo, in calendari gna lon - dinese dedi ta a rincorrere i main ase di un’ispirazione c truire un’espe , di- terz o dal 16 al 1 cata stream moda d reativa m rienza solida in a new entry dello s 8 giugno. Si tr proprio sopra la sua testa Alitalia, poteri olto person el momento». ale, p ciata lo sc chedule della m atta della Grillo invitandolo a scendere oco interessa orso anno anifestazione (Fiano a pag. 5) (Ninfole a pag. 16) (Bussi e Narduzzi a pag. 4) - dal (Bassi a pag. 3) Jimmy Choo Bfc-british fas lan- (Bassi a pag. 15) (Follis a pag. 12) hion counci (Comana a pag. 4) (Kessler a pag. 6) (De Mattia a pag. 8) (De Mattia a pag. 8) Danton, Robespierre e Saint-Just e Burberry l dopo ricca di formaggio la dispensa? (Gualtieri a pag. 15) re , che han Milano mo no deciso di (Messia a pag. 10) da uomo per il d abbandon (Mondellini a pag. 9) (Follis a pag. 13) (CONTINUA A PAG. 4) ebutto maschile in a- in politica per vedere patria. Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli delle AssocurazioniCon L’Atlante Leader 2009 € 2.50 1.20+ delle -Con € 1.30) (€ Banche L’Atlante Leader 2009 € 2.50 1.20+ € (€ Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli a Colaninno quanti voti avrebbe preso. Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli (Zoppo a pag. 11) Accontentato

Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli

01001 Domani in ufficio, Ferragamo Nuova Fiat, Expo, Milano Rcs tratta su Sky prepara Va ai cinesi Corsa a due Descalzi Anno XX n. 14 Venerdì 22 Gennaio 2010 Anno XXII n. 88 Venerdì 7 Maggio 2010 macchina o motorino? vola anche i broker fa le prove buonuscita la sfi da il 40% di sul brand svela Anno XXI n. 72 Giovedì 15 Aprile 2010 Anno XXII n. 193 Venerdì 1 Ottobre 2010 BORSA -1,08% VALUTE-TASSI BORSA -4,27% VALUTE-TASSI 9 771594 677008 col profumo si scontrano IDEE EVOLUTE con il Salone di de Bortoli ai Mondiali Ansaldo En. Tacchini la sua Eni Ftse Mib 22.876,46 Euro-Dollaro 1,4064 BORSA +1,23% VALUTE-TASSI BORSA +0,65% VALUTE-TASSI IDEE EVOLUTE IDEE EVOLUTE ÿ Ftse Mib 19.483,93 Euro-Dollaro 1,2727 ÿ Ricavi 2013 in crescita Analisti divisi sulle PER AFFRONTARE Il sindaco Pisapia Il direttore del Corriere PER AFFRONTARE Nel primo trimestre Shanghai Electric PER AFFRONTARE Il fondatore vuole Parte il modello Indice Ftse Mib (scala dx) Ftse Mib 23.480,42 Indice Ftse Mib (scala dx) Ftse Mib 20.505,2 Euro-Dollaro 1,3648 I MERCATI DI OGGI Valore scambi (scala sx) Euro-Dollaro 1,3615  I MERCATI DI OGGI I MERCATI DI OGGI Euro-Sterlina 0,8700  Valore scambi (scala sx) Euro-Sterlina 0,8430 a 1,25 miliardi grazie ad prospettive del titolo. e il presidente della della Sera ai ferri corti 680 mln di fatturato pagherà 400 mln riprendersi il marchio, integrato diviso per 6000 24000  Indice Ftse MibIndice (scala Ftse dx) Mib (scala dx) Indice Ftse Mib (scala dx) 10000 22000 ÿ Valore scambi (scala sx) Euro-Sterlina 0,8814 Valore scambiValore (scala scambisx) (scala sx) Euro-Sterlina 0,8600 VE LO DICE 7000 21500  accessori e fragranze Che recupera il 3% Lombardia Maroni con i vertici della casa e 4,75 mln di clienti al Fondo di Cdp ma spunta un altro target industriali. Euro-Yen 129,14 6000 23600  Euro-Yen 119,34 7000 20600 5000  ÿ 8000 6000 Euro-Yen 113,68 editrice milanese Euro-Yen 127,42 € 12,00 1,20 + € 10,80) (€ ® inaugurano pretendente Befera nella vigilanza 6000 20500  Bottoni Gerosa e Mondellini Montanari Capuzzo 4000 23000 Euro-Fr.Sv. 1,4723 5000  Euro-Fr.Sv. 1,4132 ÿ 20000 21000 23200

€ 12,00 1,20 + € 10,80) (€ ÿ Euro-Fr.Sv. 1,4368 6000 5000 Euro-Fr.Sv. 1,3287 in MF Fashion a pag. 9 il Salone del Mobile Montanari a pag. 9 a pag. 14 a pag. 4 Bello in MF Fashion Zoppo a pag. 13 3000 Eonia Overn. 0,34 4000  Eonia Overn. 0,34 20400  ÿ  4000 Gioia 3000 22800 Eonia Overn. 0,66 4000 2030020500 Eonia Overn. 0,41 2000 22000 18000  Euribor 3M 0,68  3000 Euribor 3M 0,69 3000 TROVA SU DURABLEPORTFOLIOS.IT LE NOSTRE ÿ  Anno XXV n. 022 Venerdì 31 Gennaio 2014 in MF Fashion Anno XXV n. 070 Mercoledì 9 Aprile 2014 Anno XXVI n. 090 Venerdì 9 Maggio 2014 Anno XXVI n. 104 Giovedì 29 Maggio 2014 1000 2000 2000 2000 20200 Euribor 3M 0,90 SOLUZIONI PER RIMANERE PROTAGONISTA TROVA SU DURABLEPORTFOLIOS.IT LE NOSTRE TROVA SU DURABLEPORTFOLIOS.IT LE NOSTRE Euribor 3M 0,65 2000 20000  T. Stato T. Fisso 4,19 22400   T. Stato T. Fisso 4,36  Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano DELLE TUE SCELTE D’INVESTIMENTO DI LUNGO PERIODO. Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano SOLUZIONI PER RIMANERE PROTAGONISTA Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano SOLUZIONI PER RIMANERE PROTAGONISTA Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano 1000 1000 20100 classmeteo.com 0 21000 T. Stato T. Fisso 4,07 0 16000 1000 T. Stato T. Fisso 3,97 DELLE TUE SCELTE D’INVESTIMENTO DI LUNGO PERIODO. DELLE TUE SCELTE D’INVESTIMENTO DI LUNGO PERIODO. 1gg 2gg 3gg 4gg 5gg  NUMERO VERDE: 800 131 866. T. Stato Indic. 1,50  1gg 2gg 3gg 4gg 5gg T. Stato Indic. 1,87  0 22000  0 2000019500 NUMERO VERDE: 800 131 866. NUMERO VERDE: 800 131 866. 1gg 2gg 3gg 4gg 5gg * 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 1,67 1gg 2gg 3gg 4gg 5gg T. Stato Indic. 2,31  BORSE ESTERE FUTURE  BORSE ESTERE FUTURE €3,50 €1,50 €1,50 €1,50 BORSE ESTERE FUTURE BORSE ESTERE FUTURE PER 27.000 Uk £ 1,40 - Ch fr. 3,40 *Costruzione di Portafogli Durevoli Uk £ 1,40 - Ch fr. 3,40 Uk £ 1,40 - Ch fr. 3,40 Uk £ 1,40 - Ch fr. 3,40 Dow Jones 10.426 ÿ Euro-Bund 123,28  Dow Jones 10.715 Euro-Bund 126,98 Francia € 2,50 IN ALLEGATO Natixis Global Asset Management è la società capogruppo di Francia € 2,50 *Costruzione di Portafogli Durevoli Francia € 2,50 *Costruzione di Portafogli Durevoli Francia € 2,50 Dow Jones 11.085 Euro-Bund 123,14 ÿ  Dow Jones 10.804 Euro-Bund 131,39 LOCALITÀ ITALIANE una serie di società specializzate nella gestione e distribuzione Natixis Global Asset Management è la società capogruppo di Natixis Global Asset Management è la società capogruppo di     a livello mondiale. Nasdaq 2.270 ÿ US T-Bond 118,63  Nasdaq 2.357 ÿ US T-Bond 121,75  IL NUOVO una serie di società specializzate nella gestione e distribuzione una serie di società specializzate nella gestione e distribuzione Nasdaq 2.495  US T-Bond 116,28  Nasdaq 2.372  US T-Bond 133,63  E 170.000 NUMERO PRIMA DELL’ADESIONE, LEGGERE IL PROSPETTO A a livello mondiale. a livello mondiale. Tokyo 10.868  Ftse Mib 22.905 ÿ Tokyo 10.696 Ftse Mib 18.920 IN EDICOLA DISPOSIZIONE PRESSO I COLLOCATORI. ADINT396-0314 PRIMA DELL’ADESIONE, LEGGERE IL PROSPETTO A PRIMA DELL’ADESIONE, LEGGERE IL PROSPETTO A Tokyo 11.205 Ftse Mib 23.010 ÿ ÿ Tokyo 9.369 Ftse Mib 20.525 CITTÀ DEL MONDO DI LADIES Francoforte 5.743 D.Jones Cbot 10.346   Francoforte 5.924 D.Jones Cbot 10.740   DISPOSIZIONE PRESSO I COLLOCATORI. ADINT396-0314 DISPOSIZIONE PRESSO I COLLOCATORI. ADINT396-0314 ÿ ÿ 00415 Francoforte 6.278 D.Jones Cbot 11.023 ÿ ÿ Francoforte 6.229  D.Jones Cbot 10.745  GENTLEMAN Zurigo 6.579 Nasdaq 100 1.844,5   Zurigo 6.388 Nasdaq 100 1.938,5 ÿ ÿ ÿ ÿ Con MF International Africa-Italia a €6,00 (€3,50 + €2,50) - Con MFF Magazine for Fashion n. 70 a € 6,50 (€ 3,50 + € 3,00) - Con MFL Magazine for Living n. 31 a € 6,50 (€ 3,50 + € 3,00) - Con L’Atlante delle Società Leader 2014 a Euro 4.90 (euro 3,50+ euro 1,40) *In abbinamento obbligatorio ed esclusivo con Ladies a €3.50 Con MF International China-Italy a €4,00 (€1,50 + €2,50) - Con MFF Magazine for Fashion n. 71 a € 4,50 (€ 1,50 + € 3,00) - Con MFL Magazine for Living n. 31 a € 4,50 (€ 1,50 + € 3,00) Con MFF Magazine for Fashion n. 73 a € 4,50 (€ 1,50 + € 3,00) - Con MFL Magazine for Living n. 33 a € 4,50 (€ 1,50 + € 3,00) Con MFF Magazine for Fashion n. 73 a € 4,50 (€ 1,50 + € 3,00) - Con MFL Magazine for Living n. 33 a € 4,50 (€ 1,50 + € 3,00) - con MF International Brasile – Italia a € 6,50 (€ 1,50 + € 5,00) Zurigo 6.917  Nasdaq 100 2.018,75  Zurigo 6.296  Nasdaq 100 1.999,5  + LADIES Londra 5.336 ÿ Petrolio - Brent 74,84 ÿ Londra 5.261 ÿ Petrolio - Brent 82,18 ÿ € 3,00) - Con MFFashion anni 10 di Accessori&Finanza € 8,00 1,20+ (€ € 6,80) Londra 5.796 Petrolio - Brent 87,05 Londra 5.559  Petrolio - Brent 82,05  Ftse Mib 19.411,55 BANCHE AL VIA L’ESAME CHE HA L’OBIETTIVO DI RIPORTARE FIDUCIA SUL SETTORE DEL CREDITO Ftse Mib 21.667,05 PRIVATIZZAZIONI NELLA VERSIONE DEFINITIVA DEL DECRETO SPUNTANO ALCUNI INCENTIVI PER I CLIENTI DEL GRUPPO Ftse Mib 21.586,01 Parigi 3.863 Oro - Fixing $ 1.108,25   Parigi 3.573 Oro - Fixing $ 1.185,25 GOVERNO LA RIVALUTAZIONE DI BANKITALIA TASSATA AL 26% PER COPRIRE IL BONUS IRPEF MATRICOLE SISAL CHIEDE L’AMMISSIONE. I SOCI DI FAVINI DICONO OK. OVS IN RAMPA DI LANCIO ÿ ÿ ÿ  Indice Ftse Mib (scala dx) Indice Ftse Mib (scala dx) Indice Ftse Mib (scala dx) Parigi 4.058 Oro - Fixing $ 1.153,75 Parigi 3.715 Oro - Fixing $ 1.307,00 Valore scambi (scala sx) Valore scambi (scala sx) Valore scambi (scala sx)   677008   7000 19500 8000 22200 7000 21500

6000 19400 6000 6000 21000 Uk £ 1,40 - Ch fr. 3,40 Uk £ 1,40 - Ch fr. 3,40 5000 5000 Francia € 1,90 Uk £ 1,40 - Ch fr. 3,40 Francia € 2,50 Uk £ 1,40 - Ch fr. 3,40 19300 21800 € 1,20 Francia € 2,50 € 1,20 Francia € 2,50 4000 4000 , € 1,50 19200 4000 20500

00122 € 120 Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano IN EDICOLA 3000 3000 Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano 00507 Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano Ecco le regole degli stress test Spedizione in A.P. art. 1 c.1 L. 46/04, DCB Milano 9 771594 Ipo Poste con regalo ai correntisti 19100 21400 2000 2000 Piazza Affari torna a far gola 2000 Siluro da 1 mld sulle banche 20000 IL NUOVO 1000 19000 Oggi l’Eba comunica i criteri metodologici, a partire dalla defi nizione di capitale e dalle soglie patrimoniali Corsia preferenziale per i titolari di un conto: tra le ipotesi allo studio una bonus share maggiorata e priorità di assegnazione 1000 NUMERO 0 18900 0 21000 0 19500 La società di scommesse valutata tra 1,5 e 1,7 miliardi, previsto un fl ottante tra il 35 e il 40%. La cartiera DOMANI 1gg 2gg 3gg 4gg 5gg 1gg 2gg 3gg 4gg 5gg • L’Abi: mossa inaspettata, illogica e ingiusta anche perché non tiene conto dell’anticipo Ires 1gg 2gg 3gg 4gg 5gg Giallo sul summit L’uomo Vuitton DEL MENSILE richieste in caso di crisi che potrebbero essere inferiori al 6%. Ieri prima riunione del super board della Bce delle azioni. Confermati i vantaggi per i dipendenti. Sul mercato fi nirà il 40% del capitale. Oggi il Consiglio dei ministri decide controllata dal fondo Orlando punta all’ipo in autunno. Lo spin-off di Coin piazzerà il 30% a fi ne anno

677008 CON MILANO DOMANI Il pm: coi derivati Comuni e Regioni 677008 BORSA +0,38%J 1€ = $1,3574 BORSA -1,46% n 1€ = $1,3774 • Il Def mantiene il defi cit/pil al 2,6% nel 2014, al di sotto del tetto del 3% fi ssato dalla Ue BORSA +0,85%J 1€ = $1,3608 CAPITAL La lite tra Berlino e Bruxelles Eni abbandona Teheran Si scatenano rumor di opa (Ninfole a pag. 4) (Leone a pag. 4) (Bello, Montanari e Peveraro a pag. 9 e in ) FINANZA BORSE ESTERE Eonia Overn. 0,16 t BORSE ESTERE BORSE ESTERE Eonia Overn. 0,43 s MF Fashion tra le fondazioni riscopre CON MF Eonia Overn. 0,21 E Dow Jones 15.823 Euribor 3M 0,30 Dow Jones 16.256 Dow Jones 16.667 Euribor 3M 0,32 s E s Euribor 3M 0,33 E • Le stime sul pil di quest’anno tagliate allo 0,8%, ma restano più alte di quelle del Fmi t t IL MENSILE Nasdaq 4.129 T. Stato T. Fisso 4,15 Nasdaq 4.118 Ftse Mib 21.729,64 Nasdaq 4.234 T. Stato T. Fisso 3,24 s t s T. Stato T. Fisso 3,34 t t GENTLEMAN + rischiano di diventare un’altra Grecia Con MFF Magazine for Fashion n. a € 4,50 58 1,50 + € 3,00) (€ - Con MFL Magazine for Living n. 20 a € 4,50 1,50 + € 3.00) (€ IN GERMANIA A GENNAIO PREZZI IN CALO DELLO 0,7%. MA LA BUNDESBANK IGNORA IL PERICOLO E INGESSA LA BCE t L’ASSENZA DI MR TOD’S ALL’ASSEMBLEA DI IERI INTERPRETATA COME SEGNALE DI DISTENSIONE PER FITCH IL TRIONFO ELETTORALE FORNIRÀ UNA SPINTA ALLE RIFORME ECONOMICHE ed esce da black list Usa E Burberry prende il volo Tokyo 15.007 t T. Stato Indic. 2,36 t Tokyo 14.607 t Indice Ftse Mib (scala dx) Tokyo 14.671 s T. Stato Indic. 1,94 t ricaccia la Grecia nel tunnel T. Stato Indic. 2,14 ARRESTI EXPO di Intesa Sanpaolo il culture club PATRIMONI s Valore scambi (scala sx) Btg Pactual crea Francoforte 9.373 s Francoforte 9.491 t • Da privatizzazioni e tagli alla spesa pubblica arrivano 16,5 mld. Altri 13 mld per i debiti Pa Francoforte 9.939 t (Massaro a pag. 6) FUTURE 7000 22000 FUTURE

9 771594 LADIES (Bussi a pag. 4) 9 771594 Zurigo 8.205 Zurigo 8.423 FUTURE Zurigo 8.707 (Di Biase a pag. 11) (in MF Fashion) (Zoppo a pag. 10) (Gioia in MF Fashion) s Euro-Bund 143,25 s t Euro-Bund 147,04 Londra 6.538 s Londra 6.591 Euro-Bund 143,53 t 6000 Londra 6.851 s la newco italiana t US T-Bond 133,13 t 21600 L’ad Sala pronto s US T-Bond 138,53 Parigi 4.180 s Parigi 4.425 US T-Bond 133,59 s Parigi 4.532 s s Ftse Mib 19.412 t • Il Senato approva risoluzione per impedire il terzo mandato ai manager delle spa di Stato 5000 s Ftse Mib 21.590 s Ftse Mib 21.413 t s e si attrezza per VALUTE-TASSI D.Jones Cbot 15.724 La defl azione abbassa la cresta ai tedeschi VALUTE-TASSI 4000 21200 Elkann-Della Valle, pace a Rcs al passo indietro VALUTE-TASSI D.Jones Cbot 16.680 Renzi strega anche il rating t D.Jones Cbot 16.214 t s NUOVE REGOLE LA CASA BIANCA VUOLE LIMITARE DIMENSIONI E ATTIVITÀ DELLE GRANDI AZIENDE DI CREDITO ATTACCO IL CARROCCIO VUOLE ESSERE RAPPRESENTATO A TUTTI I LIVELLI NEL CREDITO E NELLE FONDAZIONI EUROKAOS DOPO ATENE, MADRID E LISBONA, LA SPECULAZIONE METTE IN GINOCCHIO PIAZZA AFFARI (-4,3%) Euro-Dollaro 1,3574 t Nasdaq 100 3.534 s Euro-Dollaro 1,3774 s Euro-Dollaro 1,3608 t Nasdaq 100 3.720 t UNICREDIT NOMINATO IERI IL NUOVO AMMINISTRATORE DELEGATO CHE PRENDE IL POSTO DI PROFUMO Nasdaq 100 3.533 s 3000 20800 nuovi investimenti Euro-Sterlina 0,8238 Petrolio - Brent 107,98 Euro-Sterlina 0,8242 Euro-Sterlina 0,8125 Petrolio - Brent 109,73 s s t Petrolio - Brent 107,21 ma il governo s t ving a € 4,20 1,20 n. + € 3,00) 17 (€ - Con il Codice Civile - Con 1,20 a € 13,00 il + € 11,80) Codice (€ di procedura Civile a s 2000 ving a € 4,20 1,20 n. + € 3,00) 17 (€ - Con il Codice Civile - Con 1,20 a € 13,00 il + € 11,80) Codice (€ di procedura Civile a Euro-Yen 139,28 t Oro - Fixing $ 1.242,50 t Intanto gli emergenti lottano contro la stretta Fed. Mosca: pronti a tutto per sostenere il rublo Euro-Yen 140,90 t Nessun ribaltone tra azionisti. E ora si tratta sulla nuova governance Euro-Yen 138,73 t Oro - Fixing $ 1.263,50 t L’Italia più stabile potrebbe essere promossa. Si attendono S&P e Moody’s (Gualtieri a pag. 11) Oro - Fixing $ 1.309,50 s ANCHE PADOAN IN PRESSING SULLA BCE: DEVE INTERVENIRE 20400 Euro-Fr.Sv. 1,2233 t Euro-Fr.Sv. 1,2200 t 1000 Euro-Fr.Sv. 1,2225 s (Bussi alle pagg. 2 e 3) (Montanari a pag. 15) fa quadrato (Bussi a pag. 3) (Bussi, De Mattia, Leone, Salerno e Satta alle pagg. 2, 4, 5 e 7) 0 20000 FOCUS OGGI FOCUS OGGI 1gg 2gg 3gg 4gg 5gg (Follis a pag. 6) FOCUS OGGI Mediolanum, anche PIANO INDUSTRIALE PARADOSSI BORSA +2,30% J 1€ = $1,3953 IL CASO ECOTASSA I reali inglesi lasciano la Rolls per la Bentley DESTINAZIONE ITALIA Salini conquista ITALCEMENTI Emirates inaugura sala vip a Fiumicino OGGI ALL’ICBPI Dolce & Gabbana griffano il Magnum La Fondazione Mps Arriva Google Car, l’auto che si guida da sola Drs batte un colpo grazie BORSE ESTERE la capogruppo Eonia Overn. 0,11 t rafforza il patrimonio Dow Jones 16.549 Obama, basta superbanche il Brennero Madrid alza s Euribor 3M 0,34 Bossi, a noi le banche del Nord ai droni Usa e a Selex Es Rampl impone Ghizzoni La Mondadori E Agguato di Moody’s all’Italia Il Parlamento dà Nasdaq 4.074 Le deputazioni avrebbero approvato la Alla fi ne a Parigi chiede a Visco Pesenti fi uta s T. Stato T. Fisso 3,42 s All’assemblea SVOLTE La controllata di Finmeccanica cerca di Al general contractor Tokyo 14.164 riduzione di circa 60 milioni del fondo le barricate s T. Stato Indic. 2,04 t Il presidente adotta la linea dura: nessun istituto potrà detenere più del 10% dei depositi del Paese né Dichiarazione di fuoco del ministro delle Riforme, subito placcato da Guzzetti. Si scalda la partita intercettare parte delle spese del Pentagono taglia il budget l’assalto agli sconti italiano e all’austriaca l’affare Francoforte 9.607 s delle popolari stabilizzazioni ed erogazioni. Il 9 giugno vince Atlantia di diventare banca Strabag commessa da Zurigo 8.466 FUTURE L’agenzia di rating inserisce gli istituti tricolore tra quelli a rischio e scatena Passa il candidato spinto dai tedeschi, che in banca stanno assumendo sempre più potere. Ma la scelta risparmiate dalla scure di Obama e di s Federlegno ingloba l’esame del bilancio 2013 dell’ente (Messia a pag. 10) dei periodici per per difendere Londra 6.839 Euro-Bund 144,86 s per la Cariverona. Benessia sceglie Siniscalco per la presidenza del consiglio di gestione di Intesa ottenere sinergie con la società cugina sulla Rc Auto con 380 milioni per il nuovo che si nasconde s monta la fronda Gualtieri a pag. 11 Il Senato francese gestire hedge fund e attività di private equity. Il settore ko a Wall St. nonostante i buoni conti di Goldman Una mascalzonata tunnel ferroviario Parigi 4.507 s US T-Bond 136,06 t rischia di scatenare nuove tensioni e di provocare altre uscite di peso. A partire dal dg in pectore Nicastro Zoppo a pag. 15 i prossimi due anni l’olio italiano Ftse Mib 21.441 s Cosmit, la società le vendite sul mercato. Tremonti e Draghi insorgono. L’euro fi nisce a 1,26 $ 100 emendamenti VALUTE-TASSI sblocca Ecomouv Colamartino a pag. 14 dietro alla fusione D.Jones Cbot 16.479 s su statuti Euro-Dollaro 1,3953 Il bancario vuole (Montanari a pag. 13) s Nasdaq 100 3.569 s (Leone a pag. 6) dalle mire di Cdp Euro-Sterlina 0,8233 che organizza (Leone a pag.12) Carige, si aggrava da class action Alitalia bussa Anche Carige colpita s Petrolio - Brent 108,05 s 175 euro in più Lafarge-Holcim Euro-Yen 141,95 s e governance SSIST DI RICHET A REMONTI IMPOSTE INDIRETTE PIÙ ALTE ONSORTE E NOI FINITI IN CROCE PER UNA SEMPLICE FRASE ancora in banca (Cervini a pag. 13) Oro - Fixing $ 1.287,00 t il Salone del Mobile la posizione A T T , C , SUL PATTO DI STABILITÀ BRACCIO DI FERRO ROMA-BRUXELLES per l’abuso di diritto Euro-Fr.Sv. 1,2178 t Ma l’Abi non ne vuole IL DOW JONES PIOMBA A -9%, POI RISALE A -3% eri la borsa italiana in poco meno di Mancano 200 milioni per (Scagliarini a pag. 15) (Gualtieri a pag. 11) sapere e replica: per due (De Mattia, Fiano, Rove e Santamaria alle pagg. 3 e 4) (De Mattia, Di Biase e Massaro alle pagg. 2, 3 e 11) (Di Biase, Massaro e Ninfole alle pagg. 2 e 4) Il gruppo bancario ligure chiude i conti con il (Follis a pag. 6) di Berneschi (Bussi, De Mattia, Fiano, Ninfole, Sarno, Sironi e Sommella alle pagg. 2, 3, 4, 11 e 32) Imezz’ora ha bruciato quasi 20 miliar- completare la manovra BIG IN MANOVRA TELECOM ITALIA Fisco e, sulla base del controverso principio FOCUS OGGI anni sarà impossibile CASA D’ASTE di. L’origine di questo disastro è la dif- di ricapitalizzazione. E dell’abuso di diritto, ha versato 51 milioni di aumentare i salari Gdf in Fondazione LA POLITICA VALUTI SE LASCIARE ALLA BORSA SEMPRE PIÙ INGLESE LA DECISIONE SULLE AMMISSIONI Del Torchio rivedrà Etihad euro all’Agenzia delle Entrate a fronte di un CENTRALI ALL’ASTA Satta a pag. 4 LA SOCIETÀ ROMANA PRONTA A GESTIRE IL SERVIZIO PUBBLICO CHE RILEVERÀ LE ASSENZE A SCUOLA BAZOLI PUNTA ALLA NOMINA DEL CDG GIÀ OGGI. MA NEL COMITATO NOMINE NON C’È ANCORA UNANIMITÀ fusione di una report irresponsabile e chi DOPO IL RIAVVICINAMENTO TRA FERRARA E BERLUSCONI, MONDADORI LAVORA A UNA PROPOSTA SUL 38% Google si libera già Letta frena sullo CONTRARIAN Intesa fa il pieno GRUPPO FIAT Dopo due anni (Montanari a pag. 14) Zoppo a pag. 11 rischio sanzionatorio fino a 244 milioni di fondi esteri PROPOSTA RC AUTO FOCUS OGGI FOCUS OGGI lo ha scritto merita di essere chiamato a FOCUS OGGI di Motorola e affi da scorporo della rete Montanari a pag. 11 Il ceo Antonanzas Fondi pensione e casse il marchio Finarte Offerte basse per Digital+ Ok al nuovo Ior Gli investitori Cnh si conferma in soccorso delle pmi IL ROMPISPREAD risponderne in tribunale. Noi intendiamo OGLIO a Marchon l’affare Sawiris pronto a certifi ca l’addio: internazionali superano Tariffe uguali per risorge con sei A Braggiotti Brunetta chiama Acotel per sms-spia Bond e analisti Cardia, Consob torni a gestire la borsa Intesa, sfida finale su Beltratti portarcerlo e speriamo di non essere i In dirittura Marina nel F al posto di Veronica E Prisa non vende più ma il Vaticano le Fondazioni in una macchina Cdp, sindacati e Confi ndustria sono al Ieri sono scaduti i termini concessi ai degli occhiali-web investire nel gruppo IL ROMPISPREAD E.On è pronta assemblea. Messina chi non fa incidenti lavoro per predisporre uno strumento in nuovi azionisti A Berlusconi il divorzio da Seedorf costa (Bassi a pag. 8) mettono (Romano a pag. 11) (Di Biase a pag. 12) soli a farlo. Anzi, ci proponiamo quali il progetto (Montanari a pag. 16) prretendenti dal gruppo spagnolo dei ha comunque contro le banche estere da dividendi, grado di raccogliere risorse per fi nanziare 10 mln. Rispetto a quello da Veronica, il dossier Bersani si scontra con Renzi: aneurisma promotori di una grande class action che media. Il potenziale introito è molto (a pag. 16 e in MF Fashion) (Follis a pag. 12) a vendere Di Biase a pag. 12 per cinque anni le piccole e medie imprese italiane (Giacobino a pag. 15) praticamente è regalato della Burani il turbo a Saras Sea-Orio inferiore al previsto. Tutto rinviato cerebrale. Casaleggio attacca bisogno di girerà ai soci Messia a pag. 7 Gruppo italiano realizzerà il Gardaland di New York La Pop di Vicenza rifi nanzia i costumi della Kickoff in gara per i blindati dell’esercito spagnolo coinvolga il maggior numero possibile Enel mette la sordina a impianto geotermico negli Usa (Colamartino a pag. 9) il premier: edema cerebrale. Fossi gli asset italiani da Aosta a Napoli (Scagliarini a pag. 12) INTERNET ENERGIA Montanari a pag. 13 in Grillo passerei dal neurologo una legge bancaria I profi tti di Mediobanca il 30% degli utili (servizio a pag. 10) (Gerosa a pag. 12) FOCUS OGGI di risparmiatori. Ieri, ribadiamo, è stato (Follis a pag. 14) CI VORREBBE UN PO’ (Mondellini a pag. 12) sfi orano 400 milioni commesso uno degli atti peggiori che si B. Leonardo, I NEGOZI D’ARREDAMENTO FRANCESI DI ALTA GAMMA (a pag. 18) (Mondellini a pag. 13) (Messia a pag. 7) Diventa fl essibile (servizio a pag. 16) Il risultato legato alle plusvalenze e al contri- (Damato in MF Fashion) Hillary si schiera Beni Stabili Tirreno Power possono perpetrare ai danni del merca- Ughi (Snai) apre DI MODERAZIONE cedola da 32 mln buto di Generali. Ma manca ancora l’ok di Il primo bond Spaghetti park Baywatch Zonin Viva Zapatero to e questo atto ha un nome: aggiotag- Abbassa, Fulvio! L’istituto guidato da Bankitalia sulla contabilizzazione a patrimonio colloca il 7% sul tavolo alla Sisal Braggiotti chiude il 2013 ENTROE FINE PRIMAVERA UN NUOVO FINANZIAMENTO DELL’AZIONISTA AL CLUB. SULLO SFONDO LA RICERCA DEL PARTNER della quota nel Leone LA BCE SI PREPARA AD AGIRE A GIUGNO. IL DIFFERENZIALE BTP-BUND SCENDE A 148, PIAZZA AFFARI SALE DEL 2,3% Mediaset fa con Google il tetto gio. A MF-Milano Finanza siamo soliti di Antonio Satta con ricavi per 152 mln Tamburi sale al 30% Di Biase a pag. 12 di Acea-Gdf e 9 milioni di utile. 2010 tutto esaurito Arriva la Siiq calibrare i termini e se abbiamo deciso e attacca Aams 2014 al gas dell’Eni di usare l’espressione «aggiotaggio» lo he Silvio Berlusconi abbia un’elevata Di Biase a pag. 8 Ue verso il sorpasso sugli nella guerra cinese (Campo a pag. 19) (Bassi a pag. 16) (Bassi a pag. 13) opinione di sé è noto. Così come si sa di Roche Bobois Usa nel risparmio gestito (Montanari a pag. 9) abbiamo fatto con la piena consapevo- Assicurazioni di Roma Fininvest soccorre il Milan con altri 50 mln Draghi tira giù lo spread e gasa le borse nanziario a € 6,20 1,20 + € 5,00) (€ - Con MFF Magazine for Fashion n. a € 4,20 57 1,20 + € 3,00) (€ - Con MFL Magazine for Li (Bassi a pag. 9) che non ama che si mettano in discus- Il gap con gli Stati Uniti nell’asset mana- (Bussi a pag. 2) nanziario a € 6,20 1,20 + € 5,00) (€ - Con MFF Magazine for Fashion n. a € 4,20 57 1,20 + € 3,00) (€ - Con MFL Magazine for Li lezza della gravità di un atto del genere. C cede il Vita a Tecnocasa gement è quasi colmato (30.300 miliardi sione le sue doti di statista internazionale. (Sironi a pag. 12) (Montanari a pag. 16) (Bussi, De Mattia e Sironi alle pagg. 2 e 17) A San Marino Si risvegliano Il codice civile all’articolo 2637 chiari- Lo stop dei Tir Anche in seguito ai solleciti dell’Ivass contro 24.900). Guadagneranno patrimo- L’Uganda alza sce che compie questo reato «chiunque Ieri, infatti, il premier non le ha mandate la compagnia partecipata dal Comune nio i prodotti obbligazionari a scapito dei spunta Gatti per i profi tti in Argentina certo a dire al vice capogruppo del Pd al capitolino vende Adir Vita LINEA DI CREDITO bilanciati la voce, MILANO diffonde notizie false, ovvero pone in es- Valentini a pag. 3 ESPLODE IL PIL il dopo-Reggia zavorra Techint Senato, Luigi Zanda. Questi nel suo inter- all’intermediario immobiliare SCONTRO CON BANKITALIA? REPORT DI MEDIOBANCA L’ULTIMO BILANCIO DI CONTI L’ULTIMA ASSEMBLEA DI SCARONI vogliamo l’Eni della Telecom sere operazioni simulate o altri arti zi servizio a pag. 17 Per sostenere concretamente idonei a provocare una vento in aula ha fatto l’elenco delle brutte Con guida Il consulente fi (Sommella a pag. 11) Cerami (Cariplo), (Gualtieri a pag. 11) figure subite a Bruxelles, dove i candidati In un vicolo cieco IL ROMPISPREAD (servizio a pag. 15) Pechino vorrebbe Con guida Il consulente fi (Gerosa a pag. 15) sensibile alterazione del prezzo di stru- l’occupazione dei Il cda di Veneto Banca Finisce in pareggio 4 a 4 Enel, trimestre da record Eni, no dei fondi azionisti menti  nanziari (…) ovvero a incidere italiani sono stati battuti nella corsa per la la riforma dei porti giovani, Bei gira Scajola dava consigli al telefono risorse per 2,6 mld presidenza del Parlamento europeo, la cari- Come per gli scali aeroportuali, è polemica sulla latitanza di Matacena. Quasi rivalutare lo yuan Sempre più tedesche in modo signi cativo sull’af damento All’interno il mensile sul piano di riordino proposto dal prende ancora tempo il derby Intesa-Unicredit quasi ci credo che gli avevano ma debito sale a 41,5 mld ai paletti sull’onorabilità La derelitta Serie A Acciaio e greggio ca di ministro degli Esteri dell’Unione e la 240 mln a Intesa comprato casa a sua insaputa le merci Ferrovie Nord che il pubblico ripone nella sta- ministro Lupi. Che non fa cenno al fondo (Gualtieri a pag. 11) (Gorla a pag. 10) (Zoppo a pag. 9) (Zoppo a pag. 8) rende poco allo sponsor se si sblocca il Pgt mettono un freno DirCredito-FD presidenza dell’Eurogruppo, e ha attribuito d’investimento e a possibili coinvolgimenti (Cervini a pag. 17) per evitare la bolla bilità patrimoniale di banche o di della Cassa Depositi e Prestiti (Gualtieri a pag. 10) (Follis a pag. 10) agli utili di (da pag. 21) (CONTINUA A PAG. 3) MF Shipping & Logistica a pag. 21 (Mondellini a pag. 16) (Ninfole a pag. 2) (Gualtieri a pag. 15) (CONTINUA A PAG. 11) (Zoppo a pag. 9) (Fiano a pag. 12) (Zoppo a pag. 16) POP MILANO (Gualtieri a pag. 17)

Con L’Atlante delle SocietàCon L’Atlante Leader 2009 delle € 2.50 1.20+ Assicurazioni - Con € 1.30) (€ L’Atlante Leader 2009 € 2.50 1.20+ - Con € 1.30) (€ MFF Magazine for Fashion a € 4,20 n. 1,20 55 + € 3,00) (€ - Con MFL Magazine for Living a € 4,20 1,20 n. + 17 (€ BORSE I sindacati vogliono COMMENTI REPORTAGE COMMENTI Ralph Lauren, store Ultimatum di Fiat lock up per i soci Malacalza vicino al Tutto pronto Versace lascia Mosca PAOLO PANERAI I fi nancial Ondata con ristorante a Parigi per le offerte L’industria Così fforti per evitare altri 16,8% di Prysmian e incassa 20 milioni su Fabbrica Italia ccasi Investindustrial di fi ducia (Bottoni in MF Fashion) su Mv Agusta Istanbul si (Mondellini a pag. 9) gigolò (Follis a pag. 13) è il motore (Bigozzi in MF Fashion) LAMPI (Gualtieri a pag. 8) in azienda dai conti (Peveraro a pag. 15) Ma ci vuole NEL trasforma trimestrali I revisori accendono faro Obama perde Emanuel CONTRARIAN IL ROMPISPREAD Ad aprile i fondi comuni Beretta: per Palazzo Marino www.librimondadori.it nella nuova servono Milano, l’inchiesta derivati la benzina NelN caso delle Poste Dopo la rissa di mercoledì sera su Dmail, Gabetti e Cobra restano al palo BUIO alla Camera si aggiorna l’elenco in America Dubai Defi cit irlandese al 32% llo Stato non si limiti delle riforme istituzionali: a poco si salva dal processo breve Raccolta netta a 76 mln delle regole nel 2010 solo entrate sicure I RETROSCENA DELLA FINANZA E DELL’ECONOMIA ITALIANA (Ninfole a pag. 22) (Gerosa a pag. 14) (Wsj a pag. 17) (Bussi e Fiano alle pagg. 2 e 3) a passare alla cassa introduzione della moviola (Follis a pag. 8) DAL DOPOGUERRA A OGGI e dell’arbitro di porta (Bochicchio a pag. 5) (Follis a pag. 7) (Messia a pag. 21) (Roth a pag. 10) (a pag. 18) Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli Su www.milanofi nanza.it, le news di MF e Milano Finanza, il personal journal, la borsa in diretta e il portafoglio titoli • Alias • Allianz • Anima • Atlantia • Azimut • Banca Generali • Banco Popolare • Banche di credito coo- perativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicenza • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caruso • Cassa Depositi e Prestiti • Edi- son • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Fer- rovie dello Stato • Generali • Geox • Groupama • H3G - 3 Italia • Ibl Banca • Intek Group • Intesa San- paolo • Invitalia • Italcementi • Liu Jo • Luxottica - Persol • Mediaset • Mediobanca - Che Banca! • Medio- lanum • Moncler • Monte dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • Prysmian Group • Richard Ginori • Salvatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • Tod’s • Ubi Banca • Unicredit • Unipol • Università Pegaso • Valentino • Versace • Vodafone • Zegna • Alias • Allianz • Ani- ma • Atlantia • Azimut • Banca Generali • Banco Popolare • Banche di credito cooperativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicenza • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caruso • Cassa Depositi e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Ferrovie dello Stato • Gene- rali • Geox • Groupama • H3G - 3 Italia • Ibl Banca • Intek Group • Intesa Sanpaolo • Invitalia • Italce- menti • Liu Jo • Luxottica - Persol • Mediaset • Mediobanca - Che Banca! • Mediolanum • Moncler • Mon- te dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • Prysmian Group • Richard Ginori • Sal- vatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • Tod’s • Ubi Banca • Unicredit • Unipol • Università Pegaso • Valentino • Versace • Vodafone • Zegna • Alias • Allianz • Anima • Atlantia • Azimut • Banca Generali • Banco Popolare • Banche di credito cooperativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicenza • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caruso • Cassa Depositi e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Ferrovie dello Stato • Generali • Geox • Grou- pama • H3G - 3 Italia • Ibl Banca • Intek Group • Intesa Sanpaolo • Invitalia • Italcementi • Liu Jo • Luxot- tica - Persol • Mediaset • Mediobanca - Che Banca! • Mediolanum • Moncler • Monte dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • Prysmian Group • Richard Ginori • Salvatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • Tod’s • Ubi Banca • Unicredit • Unipol • Università Pegaso • Valen- tino • Versace • Vodafone • Zegna • Alias • Allianz • Anima • Atlantia • Azimut • Banca Generali • Ban- co Popolare • Banche di credito cooperativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicen- za • Branca • Brunello Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caru- so • Cassa Depositi e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Ferrovie dello Stato • Generali • Geox • Groupama • H3G - 3 Italia • Ibl Banca • Intek Group • Intesa Sanpaolo • Invitalia • Italcementi • Liu Jo • Luxottica - Persol • Mediaset • Mediobanca - Che Banca! • Mediolanum • Moncler • Monte dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • Prysmian Group • Richard Ginori • Salvatore Ferragamo • Snam • Sorgente Group • Telecom • Terna • Tod’s • Ubi Banca • Unicredit • Unipol • Università Pegaso • Valentino • Versace • Voda- fone • Zegna • Alias • Allianz • Anima • Atlantia • Azimut • Banca Generali • Banco Popolare • Banche di credito cooperativo • Benetton • Bnl - Gruppo Paribas • Banca Popolare di Vicenza • Branca • Brunel- lo Cucinelli • Cairo Comunication • Camicissima • Carige • Cariparma • Raffaele Caruso • Cassa Depositi e Prestiti • Edison • Enel • Eni • Erg • Euler Hermes • Fiat • Finanza & Futuro Banca • Finmeccanica • Frescobaldi • Ferrovie dello Stato • Generali • Geox • Groupama • H3G - 3 Italia • Ibl Banca • Intek Group Free insert with today’s issue of MF/Milano Finanza. Shipping in A.P. art.1. c. 1. L. 46/04, DCB Milan • Intesa Sanpaolo • Invitalia • Italcementi • Liu Jo • Luxottica - Persol • Mediaset • Mediobanca - Che Ban- ca! • Mediolanum • Moncler • Monte dei Paschi di Siena • Natuzzi • Ntv • Pirelli • Poliform • Prada • Prysmian Group • Richard Ginori • Salvatore Ferragamo • Snam • Sorgente Group • Telecom • Terna •