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DeA CapitalDeA Capital
Company overview
DeA Capital Investments portfolio
Alternative Asset management
Key financialsKey financials
Key messages
2
DeA Capital at a glanceDeA Capital at a glance
Diversified private equity, permanent capital investor with two lines ofbusiness:
Private Equity investments
Direct: - Exposure to defensive sectorsp- International footprint (Western and emerging Europe)
Indirect - Private equity Funds and funds of funds, for diversificationpurposes and as a “seed” for Group’s management companies
Alternative asset management business: >5.0 bln € under mgmt Private equity (2.1 bln € AuM) and real estate funds (3.0 bln € ):
- Stable cash flow generation
DeA Capital is De Agostini Group’s vehicle for alternative investments.Stock exchange listing allows greater size of investments,diversification, flexibility. “The ability to have permanent capital is a realadvantage in any world but especially in today's world ” George Robertsadvantage in any world, but especially in today's world…”, George Roberts –KKR founder.
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A balanced business model: investments and asset management
MGMT OF PRIVATE EQUITY FUNDS, FoFs,REAL ESTATE FUNDS RE SERVICES
DIRECT INVESTMENTS
Private Equity Investment Alternative Asset Mgmt
REAL ESTATE FUNDS, RE SERVICES
INDIRECT INVESTMENTS (PE FUNDS) Managed by the Group’s companies
€ 2.1 bn AuM € 3.0 bn AuM
2009 Revenues and fees: € 60 mln
Contribution to DeA Capital’s shareholder returns
( ) g y p p
Capital gains, distributions Management feesPerformance fees/Carried interest
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I de e de t Bo d e be 3 t f 9
DeA Capital: shareholder structure and corporate governance
De Agostini SpA
58,3%
D. Buaron
Free float29,7%
Independent Board members: 3 out of 9
Remuneration Committee (2/3 independent)
Audit Committee (2/3 independent)
Investments for 100+ mln need to be approved by the
Treasury
Mediobanca4,8%
1,9% Investments for 100+ mln need to be approved by the BoD. All investments are preliminarly reviewed by an internal committee.
Voting system: slate system. Slates can be presented by shareholders that own at least 2,5% of the share y
stock5,3%
by shareholders that own at least 2,5% of the share capital and entitle the 2nd largest slate to appoint one Board member
Star segment listing: commitment to open and constant communication, stock liquidity
Only ordinary shares outstanding (306.6 mln), no special categories or privileges , q y
Top Management:
Lorenzo Pellicioli – Chairman: CEO of De Agostini, Chairman of Lottomatica, President of Zodiak Entertainment, vice-Chairman of GdS, member of the Executive Committee of Assicurazioni Generali
Paolo Ceretti – CEO: General Manager of De Agostini, Board Member of DeA Editore, Lottomatica, GdS, Migros, Zodiak Ent.
Experienced and qualified non-executive Board members:
Lino Benassi: Banca Italease Chairman, member of the Executive Committee of De Agostini SpA, former CEO of Intesa/BCI and INA
Rosario Bifulco: past President/CEO and current Board member of Lottomatica, founder/vice Chairman of Humanitas (hospital), now Rosario Bifulco: past President/CEO and current Board member of Lottomatica, founder/vice Chairman of Humanitas (hospital), now Chairman of Pierrel (pharma)
Claudio Costamagna: former head of EMEA Investment banking of Goldman Sachs, previously at Citigroup and Montedison
Alberto Dessy: professor of business management and corporate finance at Università L. Bocconi in Milan
Andrea Guerra: CEO of Luxottica Group, former CEO of Merloni Elettrodomestici (now Indesit)p, ( )
Daniel Buaron: CEO and founder of First Atlantic Real Estate
Included in LPX50 IndexIncluded in LPX50 Index
• Since December 2008 Dea capital was included in the LPX50 Index.p
• LPX 50 is the most widely used global listed private equity stock index. Its geographical composition is: 35% Europe ex-UK, 32% North America, 15% UK, 7% Asia, 2% South America.
• Among the main index components are: Eurazeo, Wendel, Ratos, Partners Group, Onex 3i Apollo Jafco Blackstone GIMV China Merchants Electra SVG Onex, 3i, Apollo, Jafco, Blackstone, GIMV, China Merchants, Electra, SVG, Pantheon, Ares Capital, Gladstone Capital.
• LPX GmbH is a provider of Private Equity Research and a family of indices p q y yrepresenting the Listed Private Equity (LPE) universe. Due to the liquidity of the underlying constituents LPX indices are the foremost investable, tradable and transparent benchmarks for the Private Equity asset class. Based on profound
d h d h k G b dacademic research and a comprehensive network in practice, LPX GmbH provides services in the following areas: Benchmarking, Asset Allocation, Research and Financial Products. www.lpx.ch
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De Agostini
D A ti i i f il d fi i l l t ti i 66 t i ld id ith 2009 De Agostini is a family-owned financial conglomerate active in 66 countries worldwide with 2009 revenues of over € 4 bln. The Group is focused on 4 key sectors
Drago familiesBoroli families
~2.4% stake in Generali
Publishing Media&Communications
DeA Communications(100%)
Gaming and services
Lottomatica (59.8%)
Finance
DeA Capital (58.3%)DeA Editore (100%)
GTECH (100%) IDeA Alternative Investments (44.4%)
Magnolia, Marathon, RDFEditions Atlas (100%)
First Atlantic Real Estate(70%)
Zodiak Entertainment (71%)
UTET, Ed. Scolastiche, Partworks
Editorial Planeta De Agostini (50%) (*)
Antena 3 (22.3%) (*)
(*) DeA actual exposure. Stakes held through a joint venture with Spanish Grupo Planeta
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De Agostini financial investment track record
10-year track record in PE investment (Seat, Toro, Eutelsat, funds). Alternative investments, PE in particular, traditionally contributed to the optimal allocation of the Group’s resources, enhancing shareholder returns and created a valuable network of relationships with major
sector players.
Seat (yellow pages, info services) 1997-99 ~€ 285 mln 2000 235%
Main direct investments Exit IRRInvestmentYear
(y p g ) 235%
Matrix (web portal, services) 1999-03 ~€ 50 mln 2004 104%
E telsat 2003 € 200 l 2004 31%Eutelsat (satellite) 2003 ~€ 200 mln 2004 31%
Limoni (retail) 2000 ~€ 30 mln 2006 13%
Toro (insurance) 2003 ~€ 800 mln 2006 37%
Indirect investments InvestmentPeriod
PE funds and F. of Funds 2001-current >€ 400 mln
Indirect investments InvestmentPeriod
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A strong network of relationships
Links with Private Equity Funds
Strategic presence in key sectors
High-profile senior management and Board members
•High-quality deal flow
•No need to rely solely o eed to e y so e yon competitive bidding
De Agostini has traditionally acted as an
De Agostini holds controlling or significant traditionally acted as an
investor in global private equity funds and as a coinvestor along with them
controlling or significant stakes in companies operating in key sectors in Southern Europe
Strong relationship with major commercial and investment banks
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investment banks
DeA CapitalDeA Capital
Company overview
DeA Capital Investments portfolio
Alternative Asset management
Key financialsKey financials
Key messages
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Generale de Santé: leader in French private healthcare
The largest French network of private healthcare clinics:
Santé Holdings S.r.l.
Mr. Antonino Ligresti
DeA CapitalMediobanca
47 00 %
The largest French network of private healthcare clinics:91 clinics and radiotherapy centres in total, located in France; 26 psychiatric clinics; 19 rehabilitation centres; 20 medical imaging centres wide coverage of France with a marked concentration in i i
Santé SA9.99 %
100.00 %Santé Développement Europe
SAS(“Bidco”)
Market
47.00 %43.01 %nine regions
a capacity of around 16,000 beds and places 5,500 independent doctors specialising in all fields
Covering a wide range of hospital care services:
Générale de Santé 24.2%
( Bidco )
59.8%16.0 %
Healthcare services including acute care (>80% of revenues), oncology/dialysis, psychiatry, rehabilitation.
Total leverage (incl. Holdcos)
5 4 EBITDA
2009 GDS key figures
Revenues ’09
€ 2 046 l 3 1%
EBITDA
€ 23 l
Net Debt
886 l
Organic revenue growth
+3 6% ~5.4x EBITDA€ 2,046 mln +3.1% € 237 mln 886 mln+3.6%
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Investment attractions Value drivers
Generale de Santé: refocusing the growth model
Safe sector: ~100% social security coverage;systematic use of additional healthcare insurancepolicies (ca. 80% of French pop.)
Investment attractions Value drivers Disposal of non core hospitals, restructuring
(disposal of 6 clinics in Italy following strategy tomodernise network in France by setting up “medicalexcellence” centres)
Healthy growth: ~4% growth p.a. in past 5 yrs,due to medical progress, ageing population
Barriers to entry: due to heavy regulations, costof new hospitals
excellence centres)
Regrouping of structures to achieve economies ofscale and grow revenues. 6 projects underway
Efficiency improvement in purchases/ overheads(mainly for acute care) and in capexof new hospitals
Increasing importance of role of privatesector (but still only slightly over 20% of hospitalcare expenditure)
(mainly for acute care), and in capex
Real estate ‘sale and rental’: second large dealsigned in July ‘08, worth ~200 mln €
Revenue growth: market share, capacity increases,i l i i GDS strong market position (~16% private mkt
share) and influential status vs public bodies
Further sector consolidation expected: 80%of structures have less than 100 beds.
regroupings; annual price increases
Management: New Chairman/CEO (Frederic Rostand,45 – Chase, CFO at Worms & Cie, DG and Chairman ofSaint-Louis). Key management remained loyal
Long term potential organic revenue growth and EBITDA margin
improvement free cash flow, real estate and facilities can be
used to fund focused expansion
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p
Migros Turk: Turkey’s largest food retail chain
Turkey’s largest food retailer:1,566 stores in Turkey at the end of 09 (from 938 YE 07), of which over 60% are discount stores and the rest are supermarkets Market share at ~23% or organized retail sales
Deal structure: DeA Capital has a 17% stake in a consortium led by BC Partners that acquired a 50.83% stake in Migros Turk from Koc Holding in May 2008 at a price of 21 24 TRY Market share at ~23% or organized retail sales
Selling area: ca 822k sqm Presence (20) in other neighbouring countries (Azerbaijan, Kazakhstan, Macedonia, Kyrgyzistan)
M k t
a price of 21.24 TRY In October, the consortium completed a PTO on Migros Turk, and together with shares acquired in the market, it reached 97.9%DeA Capital equity investment: 175 mln €Leverage: Debt/EBITDA ca 3 3xMarket:
Organized retail market expected to grow strongly in the next 3-4 years Share of organized retail on total grocery sales ca. 40% vs >80% in the main Western European
Leverage: Debt/EBITDA ca. 3.3x
Strategy: Through new store openings, maintain and strengthen its leading position among supermarket chains strengthen its discount countries
Turkish economy still has a significant growth potential, in spite of current global crisis
supermarket chains, strengthen its discount chain and enter the hypermarkets segment. Revenue target: over 10 bln YTL by 2013.
2009 Migros Turk financials (TRY IFRS)2009 Migros Turk financials (TRY, IFRS)
Sales
5,711 YTL mln +12.6%
EBIT
265 mln
Net Fin. Position
-1.3 bln (debt)
EBITDA
397 mln
Shops
~1600
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Sigla: a new player in the Italian consumer credit market
A still undeveloped market*: Italian consumer credit market at € 109 bln, or
6.9% of GDP vs over 16% in the UK. Outstanding personal loans and salary
guaranteed loans up by over 20% per annum
DeA Capital has a 41% stake in Sigla, with anet book value of around € 21 mln.
Management team one of the key strengths:CEO Vi i B i i (6 t M Ki ) Ri kguaranteed loans up by over 20% per annum
on average in 2002-08. Sigla’s “niche” is worth 41 bln In 2009 total consumer credit market (new
production) down 11%, but salary guaranteed
CEO Vieri Bencini (6 yrs at McKinsey); RiskManager Martin Jackson (6 yrs at Equifax, UK);the CFO Mauro Tartaglia (14 years at Fiat Fidis)and other managers from Ducato, Neos, Amex.
loans up 4%. 2010 remains tough.
New focus is on salary guaranteed loans,rather than personal loans. New credit lines havebeen obtained, leading funds available to 458 mln.
A proprietary, sophisticated, highlydiscriminating credit scoring system. Fullydeveloped internally, it gives a competitiveadvantage in terms of speed and performance.
* Assofin, Eurofinas data.
Outstanding personal loans: ~ 120 mln
Main drivers
Changing distribution channels’ mix by increasing
Key 2009 figures
g p Salary guaranteed loans: ~100 mln Revenues: 21 mln Pretax profit: 2.1 mln
g g y gown brokers’ network to 100 shops
Increasing volumes on salary guaranteed loans:agreement with Banca UBI on new line worth € 329mln
2010 target: € 130 mln new SGL (+30%) Balancing acquisition costs and tight management
of credit losses. Improving cost control Enhancing the product range, including insurance
on loans
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DeA CapitalDeA Capital
Company overview
DeA Capital Investments portfolio
Alternative Asset management
Key financialsKey financials
Key messages
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IDeA Alternative Investments: developing the asset mgmt business
IDeA Alternative Investments is a holding for independent management companies, active in theIDeA Alternative Investments is a holding for independent management companies, active in themanagement of private equity and alternative investment funds, each with a distinctive focus
With around €2.1 bn under management in aggregate, it is now the largest private equity investment
group in Italy. 2009: 34 mln € revenues, 12 mln € net profit.
Wise SGR PartnersInvestitori Associati Senior Partners Private InvestorsIDeA Capital Funds
Senior management
44 4% 44 4% 6 4% 1 2% 3 6%
European ServicesLBO
44,4% 44,4% 6,4% 1,2% 3,6%
65%
4,9%/ 60% of mgmt fees
Blue Skye Special Opport. Fund
100%100%*80%*
Absolute return funds
Small-mid sizedItalian LBO
Mid-large sizedItalian LBO
Global Funds of Funds,Co-Investment Fund
Distressed assetsSpecial opportunities SIM
65%
Advisory
DeA Capital acts as an investor in products managed by IDeA Capital Funds and as a shareholder,
through Idea AI, in the mgmt companies, thus benefiting from AuM growth
DeA Capital proportionately consolidates IDeA Alternative Investments (44.4% of revenues and costs)
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* Economic rights
All mgmt companies remain independent and their managers receive carried interest on funds’ realizations
First Atlantic Real Estate: a further step in the asset mgmt business
On 12 december 2008 DeA finalised the acquisition of a 70% stake in First Atlantic Real Estate Holding
S.p.A.. The First Atlantic Real Estate Group, (“FARE”), founded in 1998, is the fourth largest operator in Italy
in terms of managed assets (FARE SGR), and comprises:
100% 100%
Manages five real estate funds, two of
which are listed, Atlantic 1 and Atlantic 2 -
Berenice (formerly the Berenice fund)
Is specialized in asset management,
property management, project
management and agency services for Berenice (formerly the Berenice fund).
Total assets under management as of 31
Dec. 2009 are ~€ 3.0 billion
management and agency services for
funds managed by the Group and large
international funds.
In 2009, First Atlantic RE SGR and First Atlantic Real Estate S.p.A. recorded record a profit of over € 10
million, on around 18 mln management fees and 8 mln service revenues. Since 2009 DeA Capital fully
consolidates FARE line by line
FARE has a medium-long term expansion program, driven by the launch of new funds, on both the
domestic and international markets
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DeA CapitalDeA Capital
Company overview
DeA Capital Investments portfolio
Alternative Asset management
Key financialsKey financials
Key messages
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Key financials
(°) (°)
NAV ps as of 31 Dec. ‘09 - reported: € 2.65 (€ 2.68 as of 31 March 2010)
Available liquid assets + committed credit lines: ~ 180 mln €
€ mln 2009 2008 2007
Net equity (NAV) 780.2 763.6 853.0
Other0%
Investments 828.4 758.8 433.2
Net financial position (34.9) 17.2 415.9
Net fees and income - Asset management 9 8 4 0 0
Healthcare36%Alternative
AM38%
management 9.8 4.0 0Result from private equity investments (30.8) (40.4) (4.8)Net financial income/(expenses) (4.7) 12.3 14.3Operating expenses (6.5) (6.9) (4.1)Pre-tax profit (32.2) (31.1) 5.4Result from discontinued operations 0.0 0.0 1.5Taxes 3 1 (7 1) 3 8
NAV breakdown by sector – Dec. ‘09
Taxes 3.1 (7.1) 3.8Group Net profit (29.1) (38.2) 10.7Group Statement of performance (IAS 1) 23.7 (72.4) 5.6
Food retail26%
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+7.7 mln in 1Q 2010
Healthcare: GdS results and outlook
€ mln 2008 2009 % chg YoY Keynotes:
Revenues 1,984 2,046 +3.1%Pressure on tariffs continues, but better mix/volume. 3.6% organic growth
EBITDAR 347 372 7 1%EBITDAR 347 372 +7.1%
EBITDA 230 237 +3.2%
Net profit 87 42 -51.4%
Before rentals (+15% due to RE lease back) margin increases by 0.7pp. Further efficiency measures to be implemented, plus disposal of non core assets and unprofitable/low margin MSO clinics
Net fin. debt 913 886 -3.0%Net debt falls, thanks to disposals more than compensating for dividends/working capital
2009 results confirm sector’s resilient profile and sound business model. EBITDAR margin up in spite of low tariff increases
Disposal of Labs and Home care business completed in January 2010, for a total value of around € 230 mln (o/w 60 mln in 2010)value of around € 230 mln (o/w 60 mln in 2010)
Objectives: achieving maximum efficiency, exiting non core businesses, rationalising the clinics’ network, exploiting the potential from regroupings, benefiting from sector g g g gconsolidation
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Food retail: Migros results and outlook
YTL mln 2008 2009E % chg YoY Keynotes:
Sales 5,074 5,680 +11.9% >400 new openings boost growth, stable LFL sales
EBITDA 376 395 5 2% M i ff d b h i '09EBITDA 376 395 +5.2% Margins: affected by new shop startups in '09
Net profit 262 130 -50.5% NP affected by financial charges
fNet debt at around YTL 1.3 bln after 2.5 bln extraordinary
2009 results to confirm: the resilience of Migros business vs a weak Turkish economy;
Net fin. position 996 -1,268 nmNet debt at around YTL 1.3 bln after 2.5 bln extraordinary dividend (August)
g y;the huge potential of the Turkish market - >70 mln people and low penetration of modern retail (40%)
Turkish economy seen recovering in 2010: +4% GDP growth estimatedTurkish economy seen recovering in 2010: +4% GDP growth estimated
Objectives: maintaining a fast pace in network expansion and strengthening Migros’ leading position in the Turkish market. 2012E sales > 10 bln YTL
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The value of two unique assets
Generale de Santè Migros
Market position Largest private healthcare operator (17% share)
Largest modern retail operator(23% share)p ( ) ( )
Market structure Dominated by public hospitals (ca 70-75%), private still fragmented.
Regulated sector: very high barriers to entry
60% of sales still made via traditional retail; few international operators with a significant presence
(Carrefour Tesco)to entry (Carrefour, Tesco)
Main competitors Largest competitor’s size is less than half GdS (Vitalia)
Carrefour (hypermarkets), Tesco (supermarkets), BIM (discount)
Main attractions of the asset
Only private healthcare operator in France managed as a single-brand group; main entry point for large investors sector players Non-
Largest modern retail chain in a fast growing market; blend of different
formats with growing focus on discount; main entry point for large investors, sector players. Non-
replicable asset: valuation premium justifiable on an
industrial basis
discount; main entry point for large investors, sector players. Non-replicable asset: valuation premium justifiable on an
industrial basis
DeA Capital position Major shareholder in Santè SA with 43% stake (same rights aslargest shareholder - 47% stake)
Co-investor in 100% stake.Corporate governance, tag-along,
drag-along rights.
Asset management: outlook and objectives
€ mln 2008 2009 % change € mln 2008 2009 % changeAuM € bln EOP 2 9 3 0 +4 2% AuM € bln EOP 1 8 2 2 +20 3%AuM - € bln, EOP 2.9 3.0 +4.2% AuM - € bln, EOP 1.8 2.2 +20.3%
Management fees 15.0 18.1 +20.7% Management fees 26.1 33.6 +28.7%
Service revenues 10.2 8.2 -19.6% Cost/income ~50%
Net result 9.4 10.5 +11.7% Net result 9.3 12.4 +33.3%
2009 was a difficult year for fundraising. Buyout affected by lower availability of f di R l t t li d b t ti ffunding, Real estate penalised by transaction freeze
In such context, IDeA and FARE are launching new, focused initiatives and laying grounds for future growth
2009 results show double-digit growth on a like-for-like basis, with a growing contribution to DeA Capital’s consolidated bottom line: from 3 mln in 2008 to 14 mln in 2009, before PPA.
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Asset management: seed investment in own funds Asset management: seed investment in own funds -- IDeA 1 FoFIDeA 1 FoF
Banks/Fin. Instit. 33%
HNWI22%
IDEA I FUND OF FUNDS has reached a final closing of €681 million at April 2008
Largest Italian fund of funds
LP Breakdown after final closing Current Asset Allocation by Type
Mid buyout 30%
Small buyout 17%
Family office13%
Largest Italian fund of funds program, subscribed by banks, insurance companies, foundations, family offices, HNWI
Large buyout 15%
17%
Asset-based PE
3%
Expansion Venture Special Foundations
12%Insurance co. 21% The fund has already subscribed
commitments in 44 funds worth around €600 mln. Exposure to 312 companies with wide Access to top-performing private equity funds
Expansion 12%
Venture Cap. 6%
Special situations
17%
312 companies with wide sector/country diversification
Roughly half of the funds have been acquired on the secondary
European Private Equity US Private Equity
Access to top-performing private equity funds
q ymarket
Capital calls at ~50% of commitments. >€ 80 mln distributions already received by fund since launch, and >30 mln distributions made to LPs
Net IRR (end ’09) -6 75%
Rest of the World Private Equity/VC
Net IRR (end 09) -6.75%
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Asset management: seed investment in own funds Asset management: seed investment in own funds -- IDeA CoIDeA Co--inv. Fundinv. Fund
Élite partnerships: IDEA CO-INVESTMENT FUND I makes minority private equity co-investments alongside
top-tier professional investors
Type of deal: mainly medium/large LBOs including expansion capital, change of control, refinancings,
follow-on investments, corporate re-organizations and build-ups
Target Companies Industry/Geo Diversification
leaders in their particular market segment orl d hi
diversified across a wide spectrum of industries
near leadership
strong recurring revenues and proven ability togenerate strong cash flows
t t t d hi hl lifi d
limited investments in early stage
no investments in pure real estate
international geographic focus mainly in strong management team and highly qualified
CEOEuropean countries. Particular focus on Italy, France, Spain and Greece
No overlap with DeA Capital’s direct co-investments, based on :
Size – max 50 mln € vs generally larger for DeA Capital.
Existing investments: 5% stake in Giochi Preziosi (other investors: Clessidra, Intesa Sanpaolo); 4% stake
in Manutencoop Facility Management (other investors: PEP 21 Partners MPS Venture); 20 1% stake in in Manutencoop Facility Management (other investors: PEP, 21 Partners, MPS Venture); 20.1% stake in
Grandi Navi Veloci (other investors: Investitori Associati IV, Charme)
Authorized by Banca d’Italia on 3rd January 2008. July ‘09: 3rd and final closing at € 217 mln (capital calls at
38% of commitments) Management team: IDeA Capital Funds38% of commitments). Management team: IDeA Capital Funds.
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DeADeA Capital’s Capital’s seedseed investmentinvestment in in ownown fundsfunds: : IDeAIDeA ICF 2ICF 2
ICF 2 is a global fund of private equity funds, managed by IDeA Capital Funds. The Fund targets both the
primary and the secondary market.
Target geo breakdown Target Asset Allocation
Europe 33%RoW 33%- Credit- Distressed- Special Situations- Asset based- Expansion
50%
Mid buyout 50%
50%
Existing commitments: Levine Leichtmann Capital Partners IV (US); 21 Centrale Partners IV (France)
US 33%50%
Existing commitments: Levine Leichtmann Capital Partners IV (US); 21 Centrale Partners IV (France),
Apollo Overseas Partners VII, Affinity Asia Pacific III, Oaktree Principal V.
Authorized by Banca d’Italia on 24th February 2009. Nov. ‘09: 3rd closing at € 190 mln; target at € 300
mln. Capital calls at ca. 11% of commitmentsmln. Capital calls at ca. 11% of commitments
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Safe funding position Safe funding position –– as of 31 Dec 2009as of 31 Dec 2009
INVESTMENTS* 2010-2012E AVAILABLE RESOURCES
Expected fund distributions€ 80 140 l
~ € 177 mln ~ € 179 mln
€ 80 - 140 mln
FARE funds* ~ € 17 mln
FARE acquisition ~ € 19 mln
Idea Funds*
5-year senior term loan facility€ 150 mln
Idea Funds* (FoF I, CoIF, ICF II)
~ € 141 mln
Liquid assets**~ € 29 mln
* Internal estimates of maximum capital calls expected, based on total commitments (197 mln)
** Net of 2010-12 payments for acquisition of 70% of FARE
DeA CapitalDeA Capital
Company overview
DeA Capital Investments portfolio
Alternative Asset management
Key financialsKey financials
Key messages
28
Key messagesKey messages
DeA Capital has completed its investment phase and is nowfocusing on extracting value from its assets and strengtheningfocusing on extracting value from its assets and strengtheningits asset management business
DeA Capital’s main investments should report satisfactory ‘09 DeA Capital s main investments should report satisfactory 09results, thanks to the exposure to defensive sectors and tosuccessful implementation of development and efficiency plans
DeA Capital has a balanced business model: stable cash flowsfrom alternative asset management (~5 bln AuM)
It maintains a safe liquidity position: ~€180 mln available atthe end of 2009, to be invested mainly on PE funds managed bythe Group and opportunities in the asset management business
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Disclaimer
This presentation contains statements that constitute forward-looking statements regarding the intent, belief or
current expectations of the DeA Capital (“the Company”) with respect to the financial results and other aspects of
the Company's activities and strategies.
Such forward looking statements are not guarantees of future performance and involve risks and uncertainties,
and actual results may differ materially from those in the forward looking statements as a result of various
factors.factors.
Analysts and investors are cautioned not to place undue reliance on those forward looking statements, which
speak only as of the date of this presentation. DeA Capital Spa undertakes no obligation to release publicly the
results of any revisions to these forward looking statements which may be made to reflect events and
i t ft th d t f thi t ti i l di ith t li it ti h i th C ’circumstances after the date of this presentation, including, without limitation, changes in the Company’s
business or investment strategy or to reflect the occurrence of unanticipated events.
Analysts and investors are encouraged to consult the Company's Annual Report as well as periodic filings, press
releases and all documentation made publicly available on the website www.deacapital.it.
The Manager responsible for the preparation of company accounting statements Manolo Santilli declares inThe Manager responsible for the preparation of company accounting statements, Manolo Santilli, declares in
accordance with paragraph 2 of article 154 of the Consolidated Finance Act that the accounting information on
DeA Capital included in this document corresponds to registered company accounts, books and records.
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