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Edizione Group Profile 2018

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Edizione Group Profile 2018 GROUP 2018 PROFILE EDIZIONE CONTENTS 4 Profile 5 Group Organization Chart 6 Consolidated FInancial Highlights 8 Net Asset Value 9 Gross Asset Value 10 Investments Portfolio Transport Infrastructure 11 Atlantia Digital Infrastructure 12 Cellnex Food and Beverage 13 Autogrill Clothing and Textiles 14 United Colors of Benetton 15 Olimpias Real Estate and Agriculture 16 Edizione Property 17 Maccarese 18 Compañia De Tierras Sud Argentino 19 Financial institutions Generali Mediobanca 20 Other unlisted Verde Sport Benetton Rugby 21 Fondazione Benetton Studi Ricerche 22 Investment Criteria 22 Board of DIrectors 23 Management 24 History PROFILE Established in 1981, Edizione S.r.l. The philosophy which guides and In 2017 Edizione generated is one of Europe’s main holding supports investments at Edizione is consolidated revenue of Euro 12.1 companies. Now in its third generation, based on a virtuous combination of billion, 44.5% of which came from it is entirely controlled by the Benetton ownership and management, aimed outside Italy, with an EBITDA of family. The four branches of the at increasing the value of net assets, Euro 4.1 billion (34% of consolidated family control the capital through with long-term commitments. sales) and a net profit at Group four family holding companies. level of Euro 234 million. As at 30 June 2018 our investment portfolio amount to Euro 12.1 billion. Edizione pursues its objectives Edizione, with 67,000 employees in accordance with the rules and spread across six areas of activity, principles laid down in the Code pursues an investment policy that of Ethics, which establish the goes beyond the merely financial, with values and guidelines of all our an international growth strategy. behaviour and investments. Our Strategy The Portfolio Shareholders of Holdings and Management Edizione is an active investor, which The main sectors in which Edizione Edizione is owned by the four combines an entrepreneurial approach operates are: transport infrastructure, branches of the Benetton family with rigorous financial discipline, through a holding in Atlantia (acquired (equal stakes) through the supporting its companies strategically in 2000), digital infrastructure through following companies: Evoluzione, and financially to improve their a holding in Cellnex (acquired in Proposta, Regia and Ricerca. competitive positioning and returns. 2018), food and beverage through Edizione seeks to grow the value of its Autogrill (acquired in 1995) and The Board of Directors of the company investments over time and reinforce manufacturing, through the historic is made up of 8 members: Fabio their presence in the various sectors to brand Benetton (founded in 1965). Cerchiai (Chairman), Gilberto Benetton which they belong. This objective may (Vice-Chairman), Marco Patuano also be achieved through acquisitions, Edizione also has a presence in (Managing Director), Alessandro thanks to the network of contacts and the real estate sector (through the Benetton, Christian Benetton, relationships built up by the Group subsidiary Edizione Property), and Franca Bertagnin Benetton, Fabio over the course of many years. the agriculture and hotel sectors. Buttignon and Giovanni Costa. Edizione holds a portfolio of shares in the financial sector, represented by its holdings in Assicurazioni Generali and Mediobanca. EDIZIONE 4 GROUP ORGANIZATION CHART Transport 50% Abertis +1 share1 Infrastructure 88,1% Autostrade per l’Italia 99,4% Aeroporti di Roma 30,25% Atlantia 100% Sintonia 40% Aeroport Nice Cote D'Azur 15,49%2 Eurotunnel 24%1 Hochtief Digital 60% ConnecT 29,9% Cellnex Infrastructure Food 100% Schema34 50,1% Autogrill and Beverage Clothing 100% United Colors EDIZIONE Srl and Textiles of Benetton 100% Benetton 100% Olimpias Real Estate 100% Edizione Alberghi and Agriculture 100% Compañia de Tierras 100% Edizione Property Sud Argentino 100% Ganadera Condor 100% Maccarese Financial 3,05% Generali institutions 100% Schema33 2,1% Mediobanca Other 32,7% Eurostazioni 40% GS Immobiliare unlisted 1 Closing expected later in 2018 2 Voting rights 100% Quaestio Opportunity Fund equal to 26.66% EDIZIONE 5 CONSOLIDATED FINANCIAL HIGHLIGHTS Millions of Euro 2017 % on 2016 % on 2015 % on revenue revenue revenue Revenues 12,113 11,670 11,412 Ebitda 4,111 33.9 % 3,857 33.1 % 3,763 33.0 % Operating result 2,624 21.7 % 2,495 21.4 % 2,490 21.8 % Net income, Group 234 1.9 % 388 3.3 % 1,598 14.0 % Total shareholders’ equity 16,696 14,834 13,137 Net financial indebtedness 8,726 11,086 10,122 Cash Flow 1 2,861 2,715 3,628 Employees 2 67,115 64,192 64,997 1 Calculated as Net income before minority interests plus depreciation, amortisation, impairment and provisions. 2 Full time equivalent EDIZIONE 6 Revenues Revenues by sectors by geographies 2016 2017 2016 2017 Total revenues: +3.8% Total revenues: Total revenues: +3.8% Total revenues: 11,670 €Mn 12,113 €Mn 11,670 €Mn 12,113 €Mn 53 423 56 –5.4% 421 +0.5% 1,366 –6.4% 3,037 1,460 +3.3% 10,000 4,990 10,000 2,939 4,941 +1.0% 1,662 +16.3% 1,933 6,648 +1.1% 6,720 5,000 5,704 5,000 5,213 +9.4% Transport Infrastructure — Food and Beverage Italy — Rest of Europe — Americas — Clothing and Textiles — Other — Rest of World 2017 2017 2017 2017 ricavi settore ricavi paesi 1 Other 4 Rest of World 11 Clothing Transport 47 and Textiles Infrastructure 25 Americas % % Italy 55 41 Food and Beverage 16 Rest of Europe EDIZIONE 7 NET ASSET VALUE Millions of Euro — 30.06.20181 Listed investments2 9,921 Atlantia 6,159 Cellnex 1,489 Autogrill 1,395 Assicurazioni Generali 727 Mediobanca 151 Unlisted investments 2,208 Financial investments 258 Gross Asset Value 12,387 Net financial indebtedness (247) Net Asset Value 12,140 1 Includes the acquisition of 29.9% of Cellnex in July 2018 at transaction values. 2 Arithmetic mean of 20 trading days of stock exchange closing prices prior to the reference date. EDIZIONE 8 GROSS ASSET VALUE Breakdown by Sector Breakdown by correlation to Interest Rates <1 Other unlisted GAV GAV 2 Financials Suddivisione per settore % del GAV / interesse investments 5 Clothing and Textiles Transport 50 38 Other Negative 62 Infrastructure investments correlation 7 Financials to interest Institutions rates 11 Food % % and Beverage 12 Digital Infrastructure 13 Real Estate and Agriculture Breakdown by Breakdown by region listed/unlisted assets GAV GAV Asset quotati e non area geograca 18 Non listed Listed 82 16 Rest Italy 68 assets assets of World 16 Rest % of Europe % EDIZIONE 9 INVESTMENTS PORTFOLIO The corporate mission of Atlantia, the main asset of Edizione, ATLANTIA reflects the holding company’s drive towards globalisation including through international partnerships that share the same strategies: high growth trends with a view to developing personal mobility. Atlantia, through constant investments in motorways and airports, affirms the Edizione philosophy, based on maximising long-term portfolio value. Transport Infrastructure www.atlantia.it year 2000 of acquisition 15 countries stake km 30.25 % held 14,095 of motorway airport 7.1 mld eur EBITDA * 60+ mln passengers EBITDA by Region EBITDA by concession Atlantia Atlantia geo conc 3 other 3 Aumar 4 Sapn 9 Chile 6 Acesa 9 Brazil 8 AdR % Italy 45 % other 35 16 Spain 12 Sanef 18 France Aspi 32 * Pro-forma data 2017 with Abertis assets included EDIZIONE 11 In 2018, Edizione decided to invest in Cellnex, the leading CELLNEX infrastructure provider for wireless telecommunications and broadcasting in Europe. In accordance with the Group’s values, this investment was inspired by confidence in global macro-trends, with the purpose of guaranteeing interesting prospects at international level. Digital Infrastructures www.cellnextelecom.com year 2018 of acquisition 28,000 towers stake 29.9 % held 6 countries 792 mln eur 2017 turnover Turnover by channel 2017 Turnover by Region 2017 Cellnex Cellnex canale geo 10 other 11 rest of Europe % telephony 60 % Spain 58 30 audiovisual 31 Italy EDIZIONE 12 Autogrill is the world’s leading operator of food and AUTOGRILL beverage services for travellers. Edizione invests in human-centric, and future-oriented macro-trends: the constant challenge is to tackle the rapid and radical changes in consumer habits, to ensure sustainability, tradition and innovation at global level. It is thanks to Autogrill that Edizione was able to launch its first major internationalisation process in 1999, in accordance with its original philosophy: to be an active majority shareholder to create value and success stories Food and Beverage www.autogrill.com year 1995 of acquisition 57,000+ employees 31 countries stake 50.10 % held 4,000+ stores 4,595 mln eur 2017 turnover 1,000+ locations Turnover by channel 2017 Turnover by Region 2017 Autogrill Autogrill canale geo 7 other 11 International 14 Europe % airports 56 % North 52 37 motorways America 23 Italy EDIZIONE 13 The story of the Benetton family begins with the BENETTON BENETTON brand in the 1950s. World famous, it has been synonymous for decades with the success of so-called made in Italy products, representing values of sustainability, tradition and innovation, an international outlook and creation of value. A global vision and significant entrepreneurial capabilities, these are the foundations of the Benetton family’s success. Clothing and Textiles www.benettongroup.com year 1955 of acquisition 7,70 0+ employees stake 100 % held 5,000 stores 1,280 mln eur 2017 turnover 90+ countries Turnover by channel 2017 Turnover by Region 2017 Benetton Benetton canale geo 24 other countries 49 direct % indirect 51 % Italy 39 37 Europe EDIZIONE 14 Created from the union of a number of industrial OLIMPIAS firms, Olimpias is now an important group in the European textiles sector. With its two main business, textiles and clothing, Olimpias combines respect for the environment and for sustainability with research and the use of the most advanced technologies, in line with the Group’s philosophy.
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