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SAVE Group Consolidated Financial Statements and SAVE S.P.A

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SAVE Group Consolidated Financial Statements and SAVE S.P.A SAVE Group Consolidated Financial Statements and SAVE S.p.A. Financial Statements as at 31 December 2006 SAVE GROUP CONSOLIDATED FINANCIAL STATEMENTS AND SAVE SPA FINANCIAL STATEMENTS AS AT 31 DECEMBER 2006 The (consolidated) financial statements have been translated from those issued in Italy, from the Italian into the English language solely for the convenience of international readers 1 SAVE Group Consolidated Financial Statements and SAVE S.p.A. Financial Statements as at 31 December 2006 C O N T E N T S ______________________________________________________________________ Page 3 Letter to the Chairman SAVE SpA Board of Directors SAVE SpA Board of Auditors Composizione Societaria SAVE S.p.A. Page 9 SAVE Group Consolidated Financial Statements and Financial Statements as at 31 December 2006 Directors’ Report Page 64 Consolidated financial statements as at 31 December, 2006 • Consolidated Balance Sheet • Consolidated Income Statement • Cash Flow Statement • Changes in Net Equity Page 69 Notes to the Consolidated Financial Statements Page 128 Additional Schedules • Statement of changes in Intangible Fixed Assets • Statement of changes in Tangible Fixed Assets • Statements of dealings with related parties Page 133 Report of the Auditing Firm Page 135 SAVE SpA Financial Statements as at 31 December, 2006 • Balance Sheet • Income Statement • Cash Flow Statement • Changes in Net Equity Page 140 Notes to the Financial Statements Page 180 Additional Schedules • Statement of changes in Intangible Fixed Assets • Statement of changes in Tangible Fixed Assets • List of direct or indirect subsidiaries and affiliates • Statements of dealings with related parties • Statement of availability and possible distribution of net equity Page 188 Report of the Auditing Firm Page 190 Appendix • Save SpA Transition to IAS/IFRS international accounting standards – IFRS reconciliations statements explaining the transition effects to International Financial Reporting Standards (IFRS) 2 SAVE Group Consolidated Financial Statements and SAVE S.p.A. Financial Statements as at 31 December 2006 LETTER TO THE CHAIRMAN Dear Shareholders, In 2006, SAVE continued along its path of solid development after the impressive achievement of being listed in the Stock Exchange in 2005. The extremely positive results once again confirm the validity of the ideas, projects and strategies that have led the SAVE Group to be recognised as a leader in its sector, in terms of growth, quality and capacity of innovation, year after year. The Group successfully took part in international tenders in partnership with operators, advisors and financial institutions of international standing that acknowledged Save Group's professionalism and know-how and its ability to operate successfully also on highly competitive international markets More specifically, over the course of the year, the business unit operating in the Food & Beverage and Retail sector finalised the acquisitions of Airest Group and Ristop S.r.l., thereby following through with the Group’s strategy for domestic and foreign expansion and expansion of licence channels to motorways and other sectors. Moreover, in October, SAVE organised a session at the Venice airport (“Gli Stati Generali”), presenting a project and conducting a useful session with the main financial, social, and cultural stakeholders, in order to shed light on prospective development for the airport, including the complex junction of various means of transit. The airport’s future is expected to bring the transformation from a “simple airport” to “Marco Polo City”: a real live city, with all of the related airport services and other complementary services, making Venice airport a gateway to every type of transit, through corridor no. 5. From “Marco Polo City,” intercontinental flight connections will be more easily combined with local, regional, and European railway and motorway transfers. The Group’s financial statements as at 31 December, 2006 closed with € 16.6 million in net profits, and a net equity of € 316.9 million. The Group will be counting on over 2,246 motivated professionals who will work together to implement strategies and complete stages of development. They will also be handling customer relations on a daily basis and ensuring travellers’ utmost satisfaction. The Group is active in three main business areas: airport management, transportation infrastructures (railway stations), and the management of businesses and food services intended to meet travellers’ needs. In 2006, each of these areas recorded improved figures compared to FY 2005, in terms of both turnover and profitability. In 2006, airport management results surpassed the goals that had been established 3 SAVE Group Consolidated Financial Statements and SAVE S.p.A. Financial Statements as at 31 December 2006 for turnover and margins; and this was even during a period marked by constant crisis for certain airlines. There were 7.7 million passengers travelling through airports managed by SAVE Group, which shows a 7.8% increase over the previous year. Venice, in particular, experienced an 8.9% growth. The airport management business unit’s financial status continues to be impacted by the lack of adjustment in fares, which has been delayed for several years now, and for which the company took specific action in communicating with relevant organisations, as well as in the jurisdictions of Italy and Europe. Italy's airports are still at risk of being weakened by the application of regulations that the government issued over the course of 2005, contrary to CIPE resolution 2000, which aimed at adapting Italy’s fares to those of the rest of Europe, which are now considerably higher than the national fares. These regulations (also defined as “system requirements and urgent measures regarding airports”) lead to a potential decrease in fares, thus widening the gap between Italian and European prices, slowing down the process of development for Italy's infrastructures, and making it more difficult to formulate investment plans due to the uncertainty of profitability and the plans’ turn-around time. Opposed to these measures, SAVE continues to complain to the European Commission and Antitrust Authority, along with other major management companies. In 2006, transportation infrastructure management continued its efforts in reconstructing and expanding railway stations, through its holding in Centostazioni S.p.a. More specifically, the unit has continued its several-year investment programme this year, in optimising business, updating for regulations/functionality, and the extraordinary maintenance of real estate complexes for the stations that bring in the most business out of the entire network. The unit is making progress in following through with executive plans, highly publicised calls for tenders, and other operations. During this period, 39 stations will be under construction, and some projects have already been completed, such as those at the stations Milan Porta Garibaldi, Brescia, Rovereto, Monza, Pavia, Parma, Treviso, Udine, Modena, Caserta, and Piacenza. In 2006, management of shops and food services for travellers demonstrated impressive results in the expansion of both personnel and outside product lines. With the acquisitions of Ristop and Airest, the company is now active in all types of transportation infrastructures. Through these acquisitions and the opening of 5 businesses at the stations of Brescia, Novara, Catania, and Milan Garibaldi, the company now directly manages 123 stores, 75 of which are located in airports, 10 in railway stations, 3 at ports, 21 along motorways, and 14 in shopping centres and other urban locations. The Group is now operating in 4 European countries (Italy, Austria, Slovenia, and Slovakia). Revenue has more than tripled on a year-to-year basis, making Airport Elite the number two operator in the country for this sector, and putting it among the major players in international runnings. The business unit’s development for the next few years can be divided into two main areas: 4 SAVE Group Consolidated Financial Statements and SAVE S.p.A. Financial Statements as at 31 December 2006 • expansion of Food&Beverage line, domestically and abroad, through the brands Bricco and Culto • optimising new business by taking part in sub-licence tenders, mainly through the brands in the Retail line (Travel retail, Hub, and Bottega dei Sapori) and Food & Beverage (Bricco, Culto, and De Canto) The Group still has many more opportunities for growth and we look to the future with confidence and optimism, knowing that the positive results accomplished so far can only provide further incentive for future challenges. This is precisely why SAVE S.p.a. holds a strategic position for both the market and its shareholders and will continue to create value in the upcoming years. Finally, I am pleased to confirm the company’s ability to carry out the payment of a dividend totalling 94% of the distributable net profit (after allocations to legal reserve), as proposed by the Board of Directors at the Shareholders' Meeting. My Sincerest Regards, Enrico Marchi 5 SAVE Group Consolidated Financial Statements and SAVE S.p.A. Financial Statements as at 31 December 2006 STRATEGY The main factors on which the SAVE Group bases its strategy are as follows: - Group’s Corporate Mission: • To be a leader in the sector of traveller services, by successfully handling the three main business areas: o Airport management o Transport infrastructure management o Food & beverage and retail services
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