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New York, April 2005
Italian Investor Conference
1
Disclaimer
Statements contained in this document, particularly the ones regarding any RCS MediaGroup possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties.
RCS MediaGroup actual results and developments may differ materially from the ones expressed or implied by the following statements depending on a variety of factors.Any reference to past performance of RCS MediaGroup shall not be taken as an indication of future performance.
This communication does not constitute an offer or solicitation for the sale, purchase or acquisition of securities of any of the companies mentioned in any jurisdiction and is directed to professionals of the financial community.
For further information, please contact our Investor Relations Department
Federica De Medici +39 02 25845508 [email protected]
2
Meeting agenda
• Who we are
• 2004 Financial Results
• Plan 05-07
3
RCS MediaGroup - Who we are The Leading Italian Publishing GroupThe Leading Italian Publishing Group
Traditional Press Free Press
NEWSPAPERS
7 weekly and 23 monthly (including 10 in JV)MAGAZINES
BOOKS
BROADCAST
ADVERTISING
INTERNET/TV
Fiction and non fiction / Educational
Fiction and non fiction
Partworks
National Radio Syndication Press Agency
Adv house Outdoor adv Adv on foreign mediaIGPIGPDECAUXDECAUX
MEDIA SECTOR COUNTRY
Web sites DTT TV licenceTV content prod.
TITLES / PRODUCTS
(JV)
(JV)DISTRIBUTION
4
Group Structure
GrupoGrupo UnedisaUnedisa
100% 100% 99,99% 98,99% 100% 45%
95% 100%
DARPDARP
50%
100% 51%
34,5%
IGPIGPDECAUXDECAUX
(2)(1)
(3)
(1) Joint-venture RCS (50%), De Agostini (50%)Starting from 2004 FY the JVs areconsolidated with Equity method
(2) Joint-venture RCS (34,5%), JCDecaux (32,3%), Publitransport (33,2%)(3) Joint-venture RCS (45%), De Agostini (45%), Hachette (10%)
5
Newspapers
ITALY market share 20%20% SPAIN market share 7%7%
Traditional Press
Circ. 678.000 avg. daily copies
Read. 2.899.000 per day
1 copies and readership
Circ. 425.000 avg. daily copies
Read. 3.359.000 per day
Free Press
11°° NationalNational
NewspaperNewspaper
11°°SportSport
NewspaperNewspaper
22°°NationalNational
TitleTitle
Traditional Press22°° NationalNational
NewspaperNewspaper
1 1
Circ. 308.000 avg. daily copiesRead. 1.314.000 per day
Read. 750.000 per day
Source: Market shares are updated with latest available market data
6
Corriere della Sera – Brand Extension
MAGAZINES / SUPPLEMENTS
ADD-ONS
WOMEN:WOMEN: CIRC. 521,000521,000 avg. copies
MAGAZINE:MAGAZINE: CIRC. 647,000647,000 avg. copies
ENCYCLOPAEDIAENCYCLOPAEDIA
HISTORY BOOKSHISTORY BOOKS
ART BOOKS ART BOOKS
COOK BOOKSCOOK BOOKS
ECONOMYECONOMYCorriere Economia
REAL ESTATEREAL ESTATETrovo Casa
LEISURE/ENTERT.LEISURE/ENTERT.Vivi Milano/Roma
RECRUITMENTRECRUITMENTCorriere Lavoro
HEALTHHEALTHCorriere Salute
7
Gazzetta dello Sport – Brand Extension
MAGAZINES / SUPPLEMENTS
ADD-ONSMAGAZINEMAGAZINE
399,000 avg. copies
FIGURINE PANINIFIGURINE PANINIFootball Players
Stickers Collection
TOUR OF TOUR OF ITALYITALY
(cycling)(cycling)
MARATHONMARATHONBEACH BEACH
VOLLEYVOLLEY
SNOWBOARDSNOWBOARD
EVENTSDVDsDVDs/BOOK/BOOKFootball Team
DVDsDVDs/VHS /VHS SeriesSeriesWorld wide sport key
events
8
El Mundo – Brand Extension
MAGAZINES / SUPPLEMENTS
ADD-ONS
GRAN ENCICLOPEDIA UNIVERSALGRAN ENCICLOPEDIA UNIVERSAL
ECONOMYECONOMY
AUTOMOTIVEAUTOMOTIVE
RECRUITMENTRECRUITMENT
HEALTHHEALTH
HISTORY BOOKSHISTORY BOOKSMAGAZINEMAGAZINE
9
On line: main web sites
3,13,1 mn monthly unique users;105105 mn monthly pageviews
22°° InfoInfoWeb SiteWeb Site
InfoInfoWeb Site in EuropeWeb Site in Europe
Spanish language Spanish language site in the worldsite in the world
5,4 mn monthly unique users;204 mn monthly pageviews
2 mn monthly unique users;51 mn monthly pageviews
11°° Sport Sport Web SiteWeb Site
11°°
11°°Source: Market shares are updated with latest available market data
10
Magazines
ITALY market share 21%21%2nd player with strong titles in the following sectors2nd player with strong titles in the following sectors
1
Women Family Infancy Home furnishings Business
WeeklyCirc. 521,000
WeeklyCirc. 261,000
MonthlyCirc. 202,000
WeeklyCirc. 675,000
MonthlyCirc.223,000
MonthlyCirc. 511,000
MonthlyCirc. 203,000
WeeklyCirc. 91,000
1 copies
WeeklyCirc. 171,000
WeeklyCirc. 163,000
MonthlyCirc.101,000
MonthlyCirc.122,000
Source: Market shares are updated with latest available market data
11
Books
ITALY market share 14%14%
EDUCATION FICTION ANDNON-FICTION
11°° PublisherPublisher
FRANCE market share 4%4% ITALY, FRANCE & UK
FICTION ANDNON-FICTION
PARTWORKS
20% 20% Market Market shareshare
44°° PublisherPublisher 11°° PlayerPlayerIn In ItalyItaly
22°° PublisherPublisher
2424Bestsellers Bestsellers
RCS RCS in top 100 in top 100 sellers listsellers list
DISTRIBUTION
UD UD -- Union Union Distribution Distribution
35%35%Market Market
share in share in ItalyItaly
Source: Market shares are updated with latest available market data
12
Broadcast
11°°SyndicationSyndication
7,3 7,3 mnmn combined listeners between broadcast station and syndicationcombined listeners between broadcast station and syndication
NATIONALCOMMERCIAL RADIO
1,3 mn daily listeners ~ 6 mn daily listeners of news & adv services
PRESS AGENCY
News services production for own &
third parties
ITALY
SYNDICATION OF LOCAL RADIOS
Source: Market shares are updated with latest available market data
13
Advertising
Leader of press advertisingLeader of press advertisingITALY
FOREIGN MEDIA ADV
PRESS ADVERTISING
Sales for Group and third parties titles
Advertising broker for foreign media in Italy
and italian media abroad18% 18% Market Market shareshare
11°°PlayerPlayer
Source: Market shares are updated with latest available market data
14
Joint Ventures and other activities
DISTRIBUTION MAGAZINESOUTDOOR
ADVERTISING
Street furniture, billboard, transport advertising, airport
advertising
45% 45%
DARP DARP IGPIGPDECAUXDECAUX
% % ownown 34,5% 34,5% 50% 50%
JCDecauxpartnerspartners De Agostini, Hachette De Agostini
Distribution to newsstands
10 monthly titles in special segment: lifestyle,
yachting, classical music, archaeology
15
Meeting agenda
• Who we are
• 2004 Financial Results
• Plan 05-07
16
Consolidation area
2004 Annual Report reflects changes in consolidation area for joint-venture companies (from Proportional method to Equity method) in line with IAS principles
At revenues and EBIT level, m-Dis, IGP-Decaux and Darp will no longer be included in consolidation area
All 2003 consolidated and Business Unit results will be presented pro-forma
17
2004 Full Year Results - SummaryMillion Euro
2004 2003 1 YoY
TOTAL REVENUES 2.150,5 1.945,0 10,6%
EBITDA 211,1 143,8 46,8%% margin 9,8% 7,4%
EBIT 135,3 77,4 74,8%
% margin 6,3% 4,0%
NET PROFIT 77,4 46,1 67,9%% margin 3,6% 2,4%
NFP (167,8) (220,8)
Dividends 2 - Ord. €0,04 + 1/100 share € 0,07 - Sav. €0,06 + 1/100 share € 0,09
1 Pro-forma, 2 Subject to AGM approval
18
Profit & Loss (1/2)Million Euro
YoY
Circulation 1.370,5 63,7% 1.199,5 61,7% 14,3%Advertising 688,5 32,0% 666,7 34,3% 3,3%Other 91,5 4,3% 78,8 4,1% 16,1%
TOTAL REVENUES 2.150,5 100,0% 1.945,0 100,0% 10,6%
Cost of goods sold (1.531,8) -71,2% (1.407,0) -72,3%
Labour costs (385,8) -17,9% (370,4) -19,0%
Provisions (21,8) -1,0% (23,8) -1,2%
( ) ( )
EBITDA 211,1 9,8% 143,8 7,4% 46,8%
D&A of which: (75,8) -3,5% (66,4) -3,4%
- Goodwill Amortisation (38,1) (27,4)
EBIT 135,3 6,3% 77,4 4,0% 74,8%
2004 2003 1
1 Pro-forma
19
Profit & Loss (2/2)Million Euro
YoY
EBIT 135,3 6,3% 77,4 4,0% 74,8%
Net financial incomes (Charges) (4,9) -0,2% (8,7) -0,4%
Incomes (Charges) from equity invest. and adj to value of financial assets 9,3 0,4% 52,9 2,7%
Net extraord. Income (charges) (34,7) -1,6% (47,7) -2,5%
PRE-TAX PROFIT 105,0 4,9% 73,9 3,8% 42,1%
Taxes (21,9) -1,0% (19,5) -1,0%
Tax rate 20,9% 26,4%
Minorities (5,7) -0,3% (8,3) -0,4%
NET PROFIT 77,4 3,6% 46,1 2,4% 67,9%
2004 2003 1
1 Pro-forma
20
Revenues Breakdown by BUMillion Euro
1.945,0
2.150,5
627,2
257,5 284,2
631,3
518
23,4
716,5
311,4272,6
704,4
548,8
26,4
NewspNewsp. It.. It.
Unedisa
Unedisa
Magazines
Magazines
BooksBooks
Advertising
Advertising 11
Broadcast
Broadcast
+10,6%
+20,9%
-4,1%
+10,5%
+5,9%
+12,8%
+14,2%
Consolidated Revenues … … by Business UnitYoY growth
2004 FY
2003 FY Pro-forma
1 Includes RCS Pubblicità (group advertising house), Blei (advertising broker for foreign media), RCS Dada Advertising (Internet advertising broker)
21
EBITDA Breakdown by BUMillion Euro
YoY growth
2004 FY EBITDA Consolidated …(EBITDA margin)
… by Business Unit 2003 FY Pro-forma
7,4%
143,8
9,8%
211,1 13,0%81,6
9,6%24,8
8,4%23,8
7,5%47,6
0,8%4,3
5,6%1,3
9,5%25,9
16,5%51,5
14,1%100,8
7,3%51,5
1,2%6,8 4,5%
1,2
NewspNewsp. It.. It.
Unedisa
Unedisa
Magazines
Magazines
BooksBooks
Broadcast
Broadcast
Advertising
Advertising 11
1 Includes RCS Pubblicità (group advertising house), Blei (advertising broker for foreign media), RCS Dada Advertising (Internet advertising broker)
22
2004 CAPEX, net capital employed and ROIMillion Euro
Net capital employed (1)
CAPEX 2004
100%=120,1
664,4 767,2
ROI (2)
2003Pro-forma
2004
2003Pro-forma
2004
Full Colour ItalyICT
Broadcastfrequencies
67%
1%
18%
Facilities14%
17,6%
11,6%
(1)(2)
Capital employed net of financial shareholdingsEBIT on capital employed net of financial shareholdings
23
Cash flow StatementMillion Euro
Net Financial Position 31/12/2003 pro-forma (220,8)EBIT 135,3 D&A 75,8 Financial charges (4,9)Taxes (21,9) ∆ NWC 93,0 ∆ Funds (46,8) Free Cash Flow 230,5 CAPEX (120,1) Cash Flow (including CAPEX) 110,4 Dividends (55,0) Cashed-in dividends 16,8 Equity investments (130,8) Equity disposals 172,8 Other (61,2) Cash Flow 53,0
Net Financial Position 31/12/2004 (167,8)
24
Balance SheetMillion Euro
31.12.2003 pro-forma
Net fixed assets 1.134,0 92% 1.127,3 88%
Tangible & Intangible fixed assets 661,9 53% 514,5 40%
Financial fixed assets 472,1 38% 612,8 48%
Net working capital 348,3 28% 441,4 35%
Reserve for risks and charges (140,2) (11%) (187,0) (15%)
Employee termination indemnity (102,8) (8%) (104,5) (8%)
CAPITAL EMPLOYED 1.239,3 100% 1.277,2 100%
Net financial debt 167,8 13% 220,8 17%
Equity 1.071,5 86% 1.056,4 83%
EQUITY & NFD 1.239,3 100% 1.277,2 100%
31.12.2004
25
Meeting agenda
• Who we are
• 2004 Financial Results
• Plan 05-07
26
Group vision
The leading integrated publisher, able to develop and manage content, achieving commercial synergies in all
available current and future media
27
Summary of expected market trends 2004-07
2,5%2,5% CAGR of press vs 5,7%5,7% total marketITALIAN MEDIA MARKET
SPANISH ADVERTISING
BOOKS ITALY & FRANCE
PARTWORKS Slight market decline ( -- 1%1% per year) due to saturation of magazines and newspapers add-ons in Italy
4,3%4,3% total market, with newspapers at 3,2%3,2%, magazine 1,8%1,8% and radio 7,7%
ADVERTISING7,7%
Continuing decline of paid dailies newspapers, with copies loss more than compensated by free press. Magazines flat Contribution from add-ons declining from 2004 peak
CIRCULATION
6,4%6,4% total market, with newspapers at 4,5%4,5%, magazine 5,0%5,0% and radio 5,1%5,1%
Expected 2%2% grow per year for Fiction and Non fiction both in Italy and France; 1%1% for Education Italy
28
Strategic guidelines: business portfolio
Non Core Value management :Profitability improvement and monitoring of market evolution
Core: Investment and profitability improvement
Evolution monitoring
Marketattractiveness
High
Low
Low
Medium High
Radio
Magazines
Partworks
Exploitation potential for RCS
German Magazines
Books
Daily Newspapers
Outdoor adv.
TV
MediumInternet
Free Press
: Sold in early 2005
29
Strategic guidelines: directions for growth
- Acquisition of “related businesses” in countries of RCS presence Italy, France and Spain
- Strengthening of business portfolio if desirable through asset swaps
- Development in audio/video if and when available
- Improvement of profitability: increase in market share and reduction in costs
- Strengthening of product portfolio
- Brand exploitation
- Streamlining of corporate structure and organizational model
Organic growth
External growth
1
2
30
Three year plan main assumptions
Market RCS
CAGR 04 – 07
AdvertisingDaily Newspapers ItalyMagazines ItalyDaily Newspapers Spain
Circulation
3 - 3,5%2 - 2,5%4,5 - 5%
3 - 3,5%3 - 3,5%*6 - 6,5%
+10 cents during the three yearsSteady
~ (7)%~ (11)%
~ 3,5%
~ 3,5%
PricesDaily NewspapersMagazines
Add-ons (Revenues)Daily Newspapers ItalyUnedisa
Paper cost
Labor cost
Generally steady
* New projects not included
31
Economic targets (consolidated)
2004 F 2007 E CAGR 04-07
2.315 2.670
215 345
9,3% 12,9%
5%
17%
2.100 2.325 3,5%
135 250
5,8% 9,4%
23%
more than 50%
+ 85%
In three years
EBITDA
EBITDA %
Operating costs
EBIT
Million Euro, JV consolidated with Proportional method
Figures as approved on December by BoDJVs consolidated with Proportional methodRevenues
EBIT %
32
Economic targets (consolidated)Million Euro, JV consolidated with Equity method
2004 A 2007 E CAGR 04-07
2.151 2.360
211 325
9,8% 13,8%
3%
15,5%
1.940 2.035 1,6%
135 237
6,3% 10,0%
20,5%
more than 50%
In three years
EBITDA
EBITDA %
Operating costs
EBIT
JVs consolidated with Equity method
+ 75%
Revenues
EBIT %
33
EBITDA varianceMillion Euro, JV consolidated with Equity method
∆ = 114
211
325
EBITDA 2004 A
EBITDA 2007 E
Efficiencies net of labor cost increase
20-25%
Advertising increase net of paper cost increment
35-40%
Market growth and increase of market share by volume
20-25%
New Projects net of start-up investments
15-20%
Price increase net of add-on decrease
0%
-
-
-
-
-
Drivers
34
Cumulated CAPEX, net capital employed and ROIMillion Euro, JV consolidated with Equity method
Net capital employed (1)
Cumulated CAPEX 2005-2007 per BU
100%=300
Daily Newspapers Italy
Daily newspapers Spain
Magazines Italy 2%
ICT & facilities
Broadcast
Books
40%
26%
8%
18%
ROI (2)
2004 A 2007 E
2004 A 2007 E
6%
767 793
17,6%
29,9%
Capital employed net of financial shareholdingsEBIT on capital employed net of financial shareholdings
(1)(2)
35
Cash flow management
- Cumulated technical investments of approximately €300 million (€170 million for full-colour in Italy and Spain)
- Regular pay-out for each financial year
- Cumulated Free Cash Flow (before CAPEX) of about € 650 millionFree Cash Flow
Investments
Dividends
- Shareholdings in Banca Intesa, Pirelli & C. and others not strategic: to be gradually disposed of, in compliance with the existing commitments, in order to finance growth opportunities and optimize capital structure
Shareholding
36
BU target summaryMillion Euro, JV consolidated with Equity method
2004 A 2007 E
EBITDA margin
Daily newspapers Italy
Unedisa
Magazines Italy
Advertising
Broadcast
Consolidated Total
Books
14,1%19,3%
16,5%19%
9,5%11,2%
10,3%
1,2%1,0%
4,5%
23,2%
9,8%
7,3%
13,8%
37
Summary
From “group of publishing companies” to “integrated publisher”
Improvement of profitability, implementation of initiatives in “core” businesses and value management of other activities
Growth by acquisition with priority in Spain, France and Italy. Evaluation of growth in other countries on a case by case basis
Targets: EBITDA + 50%EBIT + 75%Regular dividend pay out
38
• Back-up slides
− 2004 P&L by Business Units
− 2004 P&L and BS of Parent Company
− Shareholders Structure
39
Newspapers Italy – P&L
YoY
Circulation/Other 239,8 33% 249,7 40% (4,0%)Advertising 277,7 39% 266,7 43% 4,1%Add-ons 199,0 28% 110,8 18% 79,6%
TOTAL REVENUES 716,5 100% 627,2 100% 14,2%
EBITDA 100,8 14,1% 81,6 13,0% 23,5%
2004 2003 1
Circ. 678.000 avg. daily copies
Read. 2.899.000 per day
Circ. 425.000 avg. daily copies
Read. 3.359.000 per day ADS, Audipress and EuriskoRead. 747.000 per day
Million Euro
1 Pro-forma
40
Unedisa - P&L
Euro mn YoY
Circulation/Other 114,4 37% 106,5 41% 7,4%Advertising 109,2 35% 100,5 39% 8,7%Add-ons 87,8 28% 50,5 20% 73,9%
TOTAL REVENUES 311,4 100% 257,5 100% 20,9%
EBITDA 51,5 16,5% 24,8 9,6% 107,7%
2004 2003 1
Circ. 308.000 avg. daily copiesRead. 1.314.000 per day OJD, Infoadex
Million Euro
1 Pro-forma
41
Magazines - P&L
(100%)
7 7 weeklyweekly13 13 monthlymonthly
(100%)
Million Euro
YoY
Circulation 116,5 43% 122,0 43% (4,5%)Advertising 140,8 52% 146,9 52% (4,2%)Other 15,3 6% 15,3 5% 0,0%
TOTAL REVENUES 272,6 100% 284,2 100% (4,1%)
EBITDA 25,9 9,5% 23,8 8,4% 8,8%
2004 2003 1
1 Pro-forma
42
Advertising - P&L
Rcs Dada Advertising Rcs Dada Advertising (51%) 2 (51%)
Million Euro
YoY
Adv. House 507,8 93% 489,6 95% 3,7%
International Adv. 36,3 7% 26,9 5% 34,9%
Web Adv. 4,7 1% 1,5 0% >100%
TOTAL REVENUES 548,8 100% 518,0 100% 5,9%
EBITDA 6,8 1,2% 4,3 0,8% 58,1%
2004 2003 1
1 Pro-forma2 Starting from Jan 2005: 100% owned and will be merged in RCS Pubblicità
43
Books - P&L
Million Euro
YoY
Fiction & non-Fic. Italy 123,1 17% 108,3 17% 13,7%Education 94,1 13% 92,3 15% 2,0%Flammarion 229,9 33% 226,1 36% 1,7%Partworks 228,9 32% 189,7 30% 20,7%
Other 2 28,4 4% 14,9 2% 90,6%
TOTAL REVENUES 704,4 100% 631,3 100% 11,6%
EBITDA 51,5 7,3% 47,6 7,5% 8,2%
2004 2003 1
1 Pro-forma2 Includes Rizzoli International Publications
44
Broadcast - P&L
RIN Radio Italia NetworkRIN Radio Italia Network SyndicationSyndication of of LocalLocal RadioRadio Press Press AgencyAgency
Million Euro
YoY
Advertising 22,7 86% 20,0 85% 13,5%
Broadcasting 2 2,9 11% 2,1 9% 38,1%Others 0,8 3% 1,3 6% (38,5%)
TOTAL REVENUES 26,4 100% 23,4 100% 12,8%
EBITDA 1,2 4,5% 1,3 5,6% (7,7%)
2004 2003 1
1 Pro-forma2 Includes AGR press services
45
Main Joint-VenturesMillion Euro, legal entities data, 100%
IGPIGPDECAUXDECAUX
JV (RCS - JCDecaux - Publitrasport)JV (RCS - DeA - Hachette-Rusconi)
Revenues
Net profit (loss)
2003restated
20032004 2004
101,8 154,1183,0 169,1
9,7 4,74,1 2,8
46
RCS MediaGroup S.p.A. - P&LMillion Euro
YoY
Dividends 58,0 65,3% 61,5 65,6% (3,6)
Net financial income (charges) 3,1 3,5% 10,4 11,1% (7,3)
Revenues from sales and services 27,7 31,2% 21,9 23,3% 5,8
TOTAL REVENUES 88,8 100,0% 93,8 100,0% (5,1)
Dep., Am. & write down (2,5) (2,8%) (0,4) (0,4%) (2,1)
Operating costs (43,4) (48,9%) (42,0) (44,8%) (1,4)
Adjustments to value of fin. assets (14,3) n.s. 30,8 n.s. (45,1)
Net extraord. income (charges) (6,4) (7,2%) (27,4) (29,2%) 21,0
PRE-TAX PROFIT 22,2 25,0% 54,8 58,4% (32,6)
Taxes 36,0 40,5% (3,3) (3,5%) 39,3
NET PROFIT 58,2 65,5% 51,5 54,9% 6,6
2004 2003
1
1 Includes tax-credit for 19,6 mln Euro
47
RCS MediaGroup S.p.A. – Balance Sheet
Million Euro
Total Fixed Assets 938,9 92,6% 934,7 95,4%
Net Working Capital 96,2 9,5% 94,2 9,6%
Reserve for risks and charges (19,1) (1,9%) (44,7) (4,6%)
Employee Termination Idemnity (2,4) (0,2%) (4,0) (0,4%)
NET CAPITAL EMPLOYED 1.013,5 100,0% 980,2 100,0%
Net Financial Debt (115,3) (11,4%) (145,4) (14,8%)
Equity 1.128,9 111,4% 1.125,6 114,8%
EQUITY & NFD 1.013,5 100,0% 980,2 100,0%
31.12.200331.12.2004
48
Shareholders’ Structure
Shareholders Pact *57,476%
Own Shares
3,655%Significant Shareholders
7,031%
Free Float
31,838%
* Held by 15 Shareholders
Expiry date: July 2007
Pre-emption right: 18 months
13,13%10,19%7,00%5,00%3,56%3,00%2,91%2,91%2,00%1,88%1,50%1,23%1,18%1,00%1,00%57,48%
EdisonGeminaTotale
Sinpar (Lucchini)Merloni InvestMittel Er.Fin. (Bertazzoni)
Dorint Holding (Della Valle)Pirelli & C.Banca IntesaCapitalia
Fondiaria SAIGenerali Ass. Vie
Mediobanca Fiat PartecipazioniGruppo Italmobiliare
COMPANY % on ord. share
Tot. Ordinary Shares: 732.669.457Tot. Savings Shares: 29.349.593