GROUP 2019 PROFILE
CONTENTS
4 Profile
5 Group Organization Chart
6 Consolidated Financial Highlights
8 Net 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 Benetton Foundation
22 Investment Criteria
22 Board of Directors
23 Management
24 History
EDIZIONE GROUP PROFILE 3 PROFILE
Established in 1981, Edizione The philosophy which guides and In 2018 Edizione generated S.r.l. is one of Europe’s main supports investments at Edizione is consolidated revenue of Euro 13.1 holding companies. Now in its based on a virtuous combination of billion, 47.6% of which came from third generation, it is entirely ownership and management, aimed outside Italy, with an EBITDA of Euro controlled by the Benetton family. at increasing the value of net assets, 4.2 billion (32% of consolidated The four branches of the family with long-term commitments. sales) and a net profit at Group control the capital through four level of Euro 197 million. As at 31 family holding companies. December 2018 our investment portfolio amounts to Euro 10.2 billion. Edizione pursues its objectives in accordance with the rules and Edizione, with 82,000 employees principles, laid down in the Code spread across six areas of activity, of Ethics, which establish the pursues an investment policy that values and guidelines of all its goes beyond the merely financial, behaviour and investments. with an international growth strategy.
Our Strategy The Portfolio Shareholders of Holdings and Management
Edizione is an active investor, which The main sectors in which Edizione is owned by the four combines an entrepreneurial Edizione operates are: transport branches of the Benetton family approach with rigorous financial infrastructure, through a holding (equal stakes) through the discipline, supporting its companies in Atlantia (acquired in 2000), following companies: Evoluzione, strategically and financially digital infrastructure through a Proposta, Regia and Ricerca. to improve their competitive holding in Cellnex (acquired in positioning and returns. Edizione 2018), food and beverage through The Board of Directors of the seeks to grow the value of its Autogrill (acquired in 1995) and company is made up of 8 members: investments over time and reinforce manufacturing, through the historic Gianni Mion (Chairman), Alessandro their presence in the various brand Benetton (founded in 1965). Benetton, Christian Benetton, sectors to which they belong. This Franca Bertagnin Benetton, Sabrina objective may also be achieved Edizione also has a presence in Benetton, Carlo Bertazzo, Fabio through acquisitions, thanks the real estate sector (through the Cerchiai and Giovanni Costa. to the network of contacts and subsidiary Edizione Property), and relationships built up by the Group the agriculture and hotel sectors. over the course of many years. Edizione holds a portfolio of shares in the financial sector, represented by its holdings in Assicurazioni Generali and Mediobanca.
EDIZIONE GROUP PROFILE 4 GROUP ORGANIZATION CHART
EDIZIONE 100% 30.25% 88.06% Transport Sintonia Atlantia 1 Autostrade per l’Italia Infrastructure
100% Autostrade dell’Atlantico
50% + 1 share Abertis
99.38% Aeroporti di Roma
62.50% 64% Azzurra Aéroports Aeroporti de la Côte d’Azur
100% Telepass
23.86% Hochtief
15.49% Getlink
60% 29.9% Digital ConnecT Cellnex Telecom Infrastructure
100% 50.10% Food and Schematrentaquattro Autogrill Beverage
100% 100% Clothing Benetton Benetton Group and Textiles
100% Olimpias Group
100% 100% Real Edizione Property Compañia de Tierras Sud Argentino Estate and Agriculture 100% Maccarese
100% 3.33% Financial Schematrentatre Assicurazioni Generali Institutions
2.10% Mediobanca
Listed company 1 At December 31, 2018 Atlantia holds 0.95% of treasury shares
EDIZIONE GROUP PROFILE 5 CONSOLIDATED FINANCIAL HIGHLIGHTS
(Millions of Euro) 2018 % on 2017 % on 2016 % on revenue revenue revenue
Revenues 13,119 12,106 11,670
Ebitda 4,203 32.0 % 4,170 34.5 % 3,857 33.1 %
Operating result 2,301 17.5 % 2,624 21.7 % 2,495 21.4 %
Net income, Group 197 1.5 % 234 1.9 % 388 3.3 %
Total shareholders’ equity 21,799 16,696 14,834
Net financial indebtedness 38,402 8,726 11,086
Cash Flow 1 3,389 2,861 2,715
Employees 2 82,100 67,115 64,192
1 Calculated as Net income before minority interests plus depreciation, amortisation, impairment and provisions 2 Full time equivalent
EDIZIONE GROUP PROFILE 6 Revenues Revenues by sectors by geographies
≥ Transport Infrastructure ≥ Italy ≥ Food and Beverage ≥ Rest of Europe ≥ Clothing and Textiles ≥ Americas ≥ Other ≥ Rest of World
(Millions (Millions of Euro) 2017 2018 of Euro) 2017 2018
Total +8.4% Total Total +8.4% Total revenues revenues revenues revenues 12,106 13,119 12,106 13,119
15,000 15,000
50 459 -5.7% +8.5% 53 1,325 423 3,241 1,366 -3.0% 5,113 3,037 +6.7% 10,000 10,000 4,990 +2.5% 2,539 1,933 +31.4%
6,631 6,713 +2.5% 6,880 5,000 5,000 5,697 +16.4%
2018 2018
2017 2017 ricavi settore ricavi paesi 0.4 Other 3.5 Rest of World 10.1 Clothing Transport 50.5 and Textiles Infrastructure 24.7 Americas
Italy 52.4
39 Food and Beverage 19.4 Rest of Europe
EDIZIONE GROUP PROFILE 7 NET ASSET VALUE
(Millions of Euro — 12.31.2018) Value % / GAV
Atlantia 4,495 46.2%
Cellnex 977 10.0%
Autogrill 987 10.1%
Assicurazioni Generali 757 7.8%
Mediobanca 141 1.4%
Prysmian 19 0.2%
Listed investments 1 7,376 75.8%
Real Estate and Agriculture 1,748 18.0%
Clothing and Textiles 561 5.8%
Other 43 0.4%
Unlisted investments 2,352 24.2%
Gross Asset Value 9,728 100.0%
Net financial indebtedness 498
Net Asset Value 10,226
1 Arithmetic mean of 20 trading days of stock exchange closing prices prior to the reference date
EDIZIONE GROUP PROFILE 8 EDIZIONE GROUP PROFILE 9 INVESTMENTS PORTFOLIO
EDIZIONE GROUP PROFILE 10 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 23 countries
stake km 30.25 % held 14,000 of motorway
airport 7.3 bn eur EBITDA * 63+ mln passengers
EBITDA by region EBITDA by concession
Atlantia Atlantia geo conc 5 other 4 Aumar 4 Sapn 6 Brazil 6 Acesa
9 Chile 8 AdR
Italy 46 other 34 16 Spain 12 Sanef
18 France Aspi 32
* Pro-forma data 2018 with Abertis assets included
EDIZIONE GROUP PROFILE 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 Infrastructure www.cellnextelecom.com<