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1 Informeanual & 1 annual report 07 Executive summary Portfolio as of December 31/12/2007 Services Valuation Financial Valuation Energy % stake MM Intl Banking % stake MM Gas Natural 35.53% 6,366 Banco BPI 25.02% 1,019 Repsol YPF 12.67% 3,770 Boursorama 20.44% 143 Infrastructure The Bank of East Asia 8.89% 683 Otros – 147 Abertis 21.12% 2,972 Insurance Services CaiFor 100% 2,210 Agbar 27.67% 1,140 GDS-Correduría 67% 40 + Desembolso OPA 16.44% 680 Telefónica 5.48% 5,540 Specialized Financial Services BME 3.53% 138 InverCaixa Gestión 100% 224 Leisure CaixaRenting 100% 70 Finconsum 100% 100 Grupo Port Aventura 97.12% 854 GestiCaixa 100% 22 Otros 100% 75 21,535 4,658 82% 18% 26,193 Performance of asset value Performance of Criteria CaixaCorp’s listed €milion portfolio vs. benchmark indices 26,104 801 (712) 26,193 130 120 19.1% Net Charge in investment value 10.9% GAV 110 10.4% Gross asset value 100 Net (4,708) IPO proceeds + Green Shoe (1,264) = 3,848 debt 90 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Dec-07 NAV 21,396 24,929 Net asset CriteriaCaixaCorp Replicated Replicated June 30 December 31 Listed Portfolio investments investments value Ibex35 Eurostox50 Share price performance Non-consolidated results 3,287 million 3,363 million shares Dividend Net Net profit shares income extraordinary profit +26% 9.0 +43% 2,316 NAV per share 8.0 1,833 +1.6% +4% 7.0 1,696 1,187 -28.1% -33.9% -30.4% Discount -30.3% 6.0 599 578 69 5.0 -1.5% 117 530 Share price 461 4.0 2006 2007 2006 2007 2006 2007 3.0 Dividends: same Dividends Dividends consolidation from new from divested 10-10-07 25-10-07 09-11-07 24-11-07 09-12-07 24-12-07 31-12-07 scope acquisitions stakes > On December 13, 2007 an interim dividend of €0.03/share was paid with a charge to net recurring profit for October and November 2007, equivalent to an annual yield of c.4%. > On March 6, 2008 the Board of Directors approved the proposed final dividend €0.02/share for 2007, to be submitted to the Annual General Meeting for approval. > The total dividend with a charge to 2007 paid since October 10, 2007 is €0.05/share, which on an annualized basis and indexed to the flotation price of €5.25/share, would imply a yield of 4.28%. annual report 07 contents 07 Letter from the Chairman 04 1. An introduction to Criteria CaixaCorp 08 2. Economic context and market performance 12 annual report 3. Highlights for the year 16 a. IPO 18 b. Development of corporate governance 21 c. Positive Net Asset Value performance 22 d. Strong portfolio returns 22 Criteria CaixaCorp e. Growing results 23 f. Dividend yield of 4.28% 24 g. Boosting communication with shareholders 26 4. Capital structure 30 a. Shareholder structure 32 b. “la Caixa”, core shareholder 34 c. Share price analysis 40 5. The company 44 a.Mission statement. Vision. Business lines 46 b.Dividend policy 49 c.Organizational structure 50 i. Corporate Governance 50 ii. Human resources 60 iii. Key procedures 64 Decision making: investment-divestment 64 Main risk factors and risk control 66 iv. Corporate Social Responsibility 66 6. Portfolio of investees 74 a. Investment portfolio 76 b. Portfolio description 78 c. Active management of the portfolio 82 d. Portfolio returns 86 e. Our investments 88 7. Financial analysis 130 a. Highlights 132 b. Financial information 136 c. Non-consolidated financial statements 138 d. Consolidated financial statements 147 e. Risk factors 157 f. Tax matters 161 03 Letter from the Chairman Dear Shareholder, The IPO of Criteria CaixaCorp was the highlight of 2007. The process got underway in November 2006, when the Board of Directors of Caja de Ahorros y Pensiones de Barcelona, “la Caixa”, the company’s sole shareholder at that time, approved an analysis for the flotation of its investment portfolio. The objective of the operation was to establish a market benchmark for portfolio management, increasing the independence of this management from “la Caixa”, and taking advantage of the opportunities for growth and development offered by the capital markets. On June 7, 2007, in the “la Caixa” Annual General Assembly the Criteria CaixaCorp IPO was formally approved. 360,000 new shareholders After the CNMV (National Commission of Stock Markets) approved the offering prospectus, Criteria CaixaCorp was successfully listed on October 10. Its shares began trading at €5.25 per share. Following the IPO, Criteria CaixaCorp’s free float stood at 22% and its shares are now in the hands of over 360,000 new investors. It is worth highlighting that both tranches of the offering were heavily oversubscribed. The success of the operation is even more significant if we consider that it is one of the largest placements ever made in Spain carried out at a difficult time for the financial markets, particularly the real estate and financial sectors. 04 Criteria CaixaCorp’s shares dropped 1.5% from the listing price between October 10 and December 07 31, 2007, closing the year at €5.17. This fall in the share price contrasted with 1.6% increase in the net asset value per share of Criteria CaixaCorp’s portfolio over the same period. The company has not been immune from the sharp equity market correction seen at the beginning of 2008. annual report annual report Substantial upside potential Bearing in mind that Criteria CaixaCorp’s shares are trading at a discount to net asset value (30.3% at December 31, 2007), which is smaller than the discount shown by other similar companies, it would appear that the shares have significant upside potential, notwithstanding the extreme financial market volatility seen since mid January 2008. Criteria CaixaCorp I would also point out that following a favorable ruling by the CNMV’s technical advisory committee, Criteria CaixaCorp joined the Ibex35 on February 4. Joining Spain’s benchmark index, the yardstick by which the major equity portfolio managers measure their performance, will give greater visibility to the company and increase its liquidity. A drive towards international expansion Criteria CaixaCorp’s goal is to become an investment benchmark in financial companies which are able to create value, with a focus on international expansion. It is an ambitious project but Criteria CaixaCorp has an important factor in its favor: “la Caixa”’s experience in retail banking and its ability to create value and synergies from new acquisitions. Criteria CaixaCorp will prioritize investments in the financial sector to strike a medium-term balance vis-à-vis its services industry investment portfolio, without neglecting its presence in strategic sectors of the economy such as telecommunications, energy, infrastructure management, basic services and the leisure industry. Criteria CaixaCorp expects to continue to create value at all its investees, shaping each company’s strategic direction through direct involvement in their corresponding governing bodies. This strategy is what gives our hard-to-replicate portfolio of investees the characteristics that make it an attractive investment vehicle for the general public. Sucess and sustainable development Sustainable development is part of Criteria CaixaCorp’s business philosophy and an integral part of its business model. We consider this to be a voluntary commitment that goes beyond legal requirements and bylaw stipulations. Therefore, it is our job to ensure that our employees are aware of and responsibly and correctly adhere to these business ethics in all our undertakings. As shareholders, we will ensure that the companies we invest in work responsibly and ethically. It is essential for Criteria CaixaCorp to obtain an economic profit to be able to carry on this important social function. Main operations in 2007 In line with the company’s stated objectives, in the second half of 2007 several transactions were carried out which have strengthened our portfolio. 05 Letter from the Chairman Acquisition of 50% of CaiFor An agreement was reached with the group’s former partner Fortis to acquire 50% of the CaiFor Group for €950 million. The transaction was completed on November 12, 2007. The CaiFor Group is the leading provider of life insurance in Spain. Its current positioning, combined with the potential for growth in other segments of the insurance industry in Spain and abroad, provide the strategic rationale for its full integration into the Criteria CaixaCorp project. Acquisition of 8.89% of Bank of East Asia The first step in our expansion into international financial institutions is the acquisition of an 8.89% stake in The Bank of East Asia (BEA). Based in Hong Kong with a network of more than 50 branches in China, specialist magazine “The Asian Banker” named it the best foreign retail bank in China in 2006. The acquisition was made in two stages. The first block was taken by purchasing shares in the organized market. The second stake was taken by subscribing to a capital increase. The total investment was 628 million. We see enormous potential in the Chinese market due to both its economic growth and the relatively low penetration of banking services. Agbar takeover Following the acquisition of a 6.67% of Agbar’s share capital in November 2007, the takeover bid for Sociedad General de Aguas de Barcelona (or Agbar) launched jointly with our historic partner Suez Environnement in 2007, was successfully completed in January 2008, with acceptances totaling 50,205,817 shares, representing 33.55% of Agbar’s share capital. Criteria CaixaCorp invested €852 million in Agbar. Now the transaction has been settled and Criteria CaixaCorp and Suez Environnment jointly control 90% of Agbar’s share capital.
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