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Annual Report 2003

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Annual Report 2003 Istituto Finanziario Industriale IFI GROUP ANNUAL REPORT 2003 Capital stock € 163,251,460, fully paid-in Registered office in Turin, Corso Matteotti 26 – Turin Company Register No. 00470400011 ANNUAL REPORT 2003 Table of contents DIRECTORS’ REPORT ON OPERATIONS Board of Directors, General Manager, Board of Statutory Auditors and Independent Auditors 3 IFI Group profile 4 Chairman’s letter to the stockholders 10 Major events in 2003 12 Analysis of IFI Group condensed consolidated results 14 Analysis of IFI Group consolidated results 18 Analysis of IFI S.p.A. statutory results 20 Other information 24 Significant subsequent events 27 Business outlook 27 Operating performance of IFIL and Exor Group Holdings 28 Motion for approval of the financial statements, increase in the legal reserve to one-fifth of capital stock and appropriation of net income for the year 34 IFI GROUP – CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2003 Consolidated balance sheet 36 Consolidated statement of operations 40 Notes to the consolidated financial statements 42 IFI S.p.A. – STATUTORY FINANCIAL STATEMENTS AT DECEMBER 31, 2003 Balance sheet 112 Statement of operations 115 Notes to the statutory financial statements 116 Annexes 135 BOARD OF STATUTORY AUDITORS’ REPORT 147 REPORTS OF THE INDEPENDENT AUDITORS 150 IFI GROUP’S COMPANIES 152 This is an English translation of the Italian original document “Relazioni e Bilanci 2003” approved by the IFI Board of Directors on March 30, 2004, which has been prepared solely for the convenience of the reader. The version in Italian takes precedence and for complete information about IFI S.p.A. and the Group, reference should be made to the full original report in Italian “Relazioni e Bilanci 2003” containing the Directors’ Report on operations and the Consolidated and Statutory financial statements also available on the corporate website: http://www.gruppoifi.com. The Chairman of the Company, Mr. Umberto Agnelli, deceased on May 27, 2004. We wish to recall his extraordinary human and professional gifts as well as the great enthusiasm that distinguished him and his sense of responsibility shown in the Relaunch process of the Group. His death has left a void in all the persons who have known and highly esteemed him. Board of Directors Chairman Gianluigi Gabetti Deputy Chairman Pio Teodorani-Fabbri Directors Annibale Avogadro di Collobiano John Philip Elkann Luca Ferrero Ventimiglia (co-opted on June 11, 2004) Gabriele Galateri di Genola Secretary to the Board Franzo Grande Stevens Andrea Nasi Lupo Rattazzi General Manager Virgilio Marrone Board of Statutory Auditors Chairman Cesare Ferrero Standing Auditors Giorgio Giorgi Lionello Jona Celesia Alternate Auditors Giorgio Ferrino Paolo Piccatti Independent Auditors Deloitte & Touche S.p.A. Expiry of term of office The three-year terms of office of the Board of Directors and the Board of Statutory Auditors, elected by the Stockholders’ Meeting on May 29, 2003, expire concurrently with the Stockholders’ Meeting for the approval of the financial statements for the year ending December 31, 2005. The Independent Auditors are appointed for the three-year period 2003-2005. Corporate Governance The Chairman, according to the by-laws (art. 21), may represent the Company, also before a court of law, and has signature powers. Specific operating powers have been conferred to the Deputy Chairman and the General Manager. REPORT ON OPERATIONS 3 BOARD OF DIRECTORS, GENERAL MANAGER, BOARD OF STATUTORY AUDITORS AND INDEPENDENT AUDITORS IFI GROUP PROFILE THE INVESTMENT PORTFOLIO IFI – Istituto Finanziario Industriale S.p.A. – is the controlling financial holding company of the Group led by Giovanni Agnelli e C. S.a.p.az. The Company’s assets are represented by investments in IFIL - Finanziaria di Partecipazioni S.p.A. (62.03% of ordinary capital stock) and in Exor Group (29.3% of capital stock). IFIL is the operating holding company of the Group commanding two distinctive areas of operations: the active management of the controlling investment in Fiat and the dynamic management of the other holdings. Fiat, controlled with a holding of more than 30% of ordinary and preferred capital stock, operates in the national and international automotive market as a manufacturer and distributor of automobiles (Fiat Auto, Ferrari and Maserati), commercial vehicles (Iveco), agricultural and construction equipment (CNH Global), automotive components for these vehicles (Magneti Marelli) and the supply of related services, as well as publishing and communications (Itedi) and services for corporations (Business Solutions). The other holdings which comprise the dynamically managed diversified portfolio are listed below. Worms & Cie (53.07% holding in capital stock) is a French-listed holding company with a portfolio comprising the following major investments: - ArjoWiggins (100% holding), the world leader in the manufacture of high value-added paper products and, in Europe, leader in the manufacture of carbonless paper (Carbonless Europe was absorbed by ArjoWiggins as from January 1, 2004); - Antalis (100% holding), the leading group in Europe in the distribution of paper products for printing and writing; - Permal Group (100% holding), one of the leaders in the management of investment funds; - SGS (23.8% holding in capital stock), a company listed on the Swiss stock exchange and leader in the verification, inspection and certification of product and service quality. La Rinascente (jointly controlled with the Auchan Group, through Eurofind, which holds more than 99% of the ordinary capital stock) is one of the largest Italian retailers operating throughout Italy with roughly 1,850 points of sale (direct, affiliates and associates) and over 31,000 employees. SANPAOLO IMI (4.86% holding in ordinary capital stock) is a leading national banking group with over 3,000 branches throughout Italy. Alpitour (100% holding through NHT New Holding for Tourism) is a leading company in Italian tourism. Club Méditerranée (7.2% holding in capital stock) is a company in which the Agnelli Group also holds an equity interest through Exor Group (16.72% holding in capital stock). Juventus Football Club (62.01% holding in capital stock) is a company with more than one hundred years of history and an enviable record gained at various national and international sports events. Exor Group is a Luxembourg holding company; its principal investments are the 16.7% stake in Club Méditerranée, the 17.2% interest in Graphic Packaging Corporation (a U.S.A. company in the packaging sector that emerged in 2003 from the merger of Riverwood and Graphic Packaging, listed on the New York stock exchange), the 10.1% holding in Société Foncière Lyonnaise (one of the most important real estate companies listed on the Paris stock exchange), the 100% holding in Domaines Codem (a French wine company) and the 7.1% stake in Distacom (a company headquartered in Hong Kong operating in the telecommunications sector). REPORT ON OPERATIONS 4 IFI GROUP PROFILE The following chart is updated to the end of February 2004 and presents the simplified structure of the investment portfolio. Percentage holdings refer to ordinary capital stock. 62.03% 29.3% 30.06 (a) DIVERSIFIED PORTFOLIO FIAT AUTO HOLDINGS WORMS & Cie SOCIETE FONCIERE 90% 53.07% LYONNAISE 10.1% CNH GLOBAL 84.09% RINASCENTE GROUP 99.21% (b) IVECO GRAPHIC 100% PACKAGING CORP. (c) SANPAOLO IMI 17.2% FERRARI AND MASERATI 4.86% 56% MAGNETI MARELLI DOMAINES CODEM 100% JUVENTUS FOOTBALL 100% CLUB COMAU 62.01% 100% TEKSID ALPITOUR DISTACOM 80.48% GROUP 7.14% 100% BUSINESS SOLUTIONS 100% ITEDI CLUB MEDITERRANEE CLUB MEDITERRANEE 100% 7.2% 16.72% (a) IFIL also holds 30.09% of preferred capital stock. (b) Control is exercised jointly by the Auchan Group through Eurofind (50% by FIL and 50% by Auchan). (c) Company emerging from the merger of Riverwood and Graphic Packaging. REPORT ON OPERATIONS 5 IFI GROUP PROFILE STOCKHOLDERS AND THE STOCK MARKET Capital stock At December 31, 2003, IFI’s capital stock, fully subscribed to and paid-in, amounted to € 163,251,460 and was composed of 86,450,000 ordinary shares and 76,801,460 preferred shares all with a par value of € 1 each. The directors have the right, for a period of five years from the resolution passed on April 22, 2003, to increase, at one or more times, also in divisible form, the capital stock up to a maximum of € 561,750,000. The ordinary shares are 100% held by the parent company Giovanni Agnelli e C. S.a.p.az. The preferred shares are listed on the Mercato Telematico Azionario (Electronic Trading Market) of Borsa Italiana S.p.A. In accordance with art. 10 of the by-laws, preferred shares have voting rights only for the resolutions set forth in art. 2365 of the Italian Civil Code. Pursuant to art. 26 of the by-laws, preferred shares have the right to a preference dividend, which is not cumulative from one year to the next, equal to 5.17% of par value (€ 1). Treasury stock At the end of February 2004, IFI holds 5,360,300 preferred treasury stock (6.98% of the class of stock). On March 30, 2004 the Board of Directors voted to present a motion to the Ordinary Stockholders’ Meeting for renewal of the resolution for the authorization of the buyback of treasury stock for a maximum of 16 million IFI ordinary shares and/or preferred shares, setting aside a total of € 120 million. Information and charts depicting IFI preferred share performance are presented in the following tables. 2004 2003 2002 2001 (January/February) Market price per preferred share (€) . year-end -6.708 7.951 20.283 . high 7.030 9.466 21.451 33.113 . low 6.235 5.003 7.762 18.631 Quantities traded during the year . preferred shares (millions of shares) 8.4 60.9 14.9 20 Equivalent annual volumes traded on stock market (€ in millions) .
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