COMPANY PRESENTATION November 2010
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- Edward Hill
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1 COMPANY PRESENTATION November 2010
2 Agenda Prelios snapshot 4 9M 2010 Results 11 Portfolio Data 26 Strategic Guidelines for Annex 31 2
3 Prelios 9M 2010 KEY MESSAGE Separation process complited. Shares Assigned Real Estate Market shows signs of stability Fixed cost savings target for 2010 already achieved NFP increasing confidence on a further deleverage versus last year 3
4 Prelios Key figures as of September 2010 A leading real estate asset manager focused on third party services with a fully integrated business model of specialistic services (agency, property and development management) and management activities (fund & asset management). Total Asset under Management 15.4 bn Italy 7.3 bn in Fund and Asset management Germany and Poland 6.7 bn in the residential and commercial segment Real Estate Net Asset Value Pro Quota ~ 1.2 bn Total Net Capital Invested ~ 1.15 bn Net Financial Position ~ 480 mln, gearing 0.7x market capitalization ~ 370 mln 4
5 Business model description Asset under Management (AuM) Financial Impact Target Property SPVs Property Investment Funds NPL SPVs Co-Investments Service Platform Fund & Asset management Agency Property Credit Servicing Income from investments (50%) Recurring income (50%) Recurring income 5
6 Business model by geography SERVICE PLATFORM CO-INVESTMENTS SERVICES NPLs REAL ESTATE FUNDS and ASSETS MGMT AGENCY PROPERTY FACILITY CREDIT SERVICING FUND MGMT (SGR) OTHER ASSET MGMT * EBIT including income from equity participations before restructuring costs, writedowns/revaluations and including interest income from participations 6
7 Steps paving the way for the turnaround today REFOCUS REBALANCE EFFICIENCY On core business; disposal of non-core assets Capital structure rebalance Structure optimization We are repositioning the company through clear strategic guidelines to regain market confidence and capture future sustainable growth as proven by 2009 achievements 7
8 Prelios historical picture ( m) Asset & Fund Management 59,5 73,4 74,7 81,5 73,5 61,2 Property 68,2 56,2 60,2 50,8 67,3 55,6 Agency 105,6 115,9 115,0 66,9 29,7 32,5 Credit servicing 35,0 27,3 17,1 Facility (Germany & Poland) 4,1 18,3 15,9 Recurring revenues 233,3 245,5 249,9 238,3 216,1 182,4 Promote/Success Fees 13,5 22,7 17,7 24,5 17,3 0,0 Total Revenues 252,9 272,3 269,6 274,2 235,0 195,8 Total Costs 201,2 192,3 213,3 244,8 265,2 188,0 Ebit Services platform A 51,7 80,0 56,3 29,4-30,2 7,8 20/30 Ebit Investment platform B 110,9 105,7 164,6 99,8-6,4-14,4 =/+ Total Ebit (A+B) 162,6 185,7 220,9 129,2-36,6-6,6 Real estate rev/devaluation C 67,5-135,8-31,4 Total A+B+C 162,6 185,7 220,9 196,7-172,4-38,0 NIC 813,4 883,3 1199,1 1596,5 1294,5 1173,4 NFP 245,2 292,5 430,5 816,1 861,8 445,8 stable Equity 520,0 552,1 708,7 720,1 366,4 663,1 Gearing 0,5 0,5 0,6 1,1 2,4 0,7 Headcounts
9 Prelios Strategy Optimising the portfolio through active asset management and disposals on non strategic assets Playing an active role in the consolidating Fund Management sector in Italy without additional co-investments Boosting service activities increasing third parties market Continuing a de-risking approach in the Germany & Poland actively managing the portfolio while seeking for partners Maintaining financial discipline 9
10 Agenda Prelios snapshot 4 9M 2010 Results 11 Portfolio Data 26 Strategic Guidelines for Annex 31 10
11 Results and Targets /mln FY 2010 target FY 2009 Real Estate Assets Sales ,300-1,500 1,031 Service Platform incl. G&A (0.5) +20/ ) 2) Fixed Cost Saving (versus previous year) / NFP (excluding shareholders's loan) (480.6) (447.4) stable (445.8) 1) Including 7.9 mln related to 5% Prelios SGR (6.1 mln) and 20% Credit Servicing shares disposals (1.8 mln) 2) Including 13.5 mln related to 10% Prelios SGR ( 11.7 mln) and 20% Credit Servicing shares disposals (1.8 mln) 11
12 Consolidated Profit and Loss /mln ACTUAL SEPTEMBER 2010 ACTUAL JUNE 2010 ACTUAL MARCH 2010 ACTUAL SEPTEMBER 2009 Revenues of which service activities of which other revenues EBIT services (8.4) Income from equity participations services Service platform/g&a (0.5) EBIT consolidated investment activities (4.3) (4.0) (1.2) 7.2 Income from equity participations (4.4) (2.2) (0.1) (36.8) Interest income from Shareholders' loans Investments (8.4) EBIT incl. income from equity part. & interest income from shareholders' loans (8.9) Restructuring costs (13.2) Real estate writedowns/revaluations (25.8) (18.3) 0.0 (11.9) EBIT incl. inc. from equity part.after restr. costs, writedown/ reval. (0.9) (0.4) 10.3 (34.0) Financial charges (17.3) (11.9) (5.2) (19.5) Profit before taxes (18.2) (12.3) 5.1 (53.5) Income taxes (10.8) (8.1) (4.1) (5.2) Net income (29.0) (20.4) 1.0 (58.7) Minority interests (0.6) (0.5) (0.6) 0.8 Net income after minority interests (29.6) (20.9) 0.4 (57.9) 12
13 Segment Report /mln Italy GermanyTotal Poland NPL G&A Service platform Vehicles & funds EBIT including income and interest income SH Loans 1) (0.9) (1.1) (2.0) (5.2) (9.8) (15.9) 14.1 (0.5) 6.4 (15.1) 3.4 (2.6) (8.4) (0.4) (1.9) 2.1 (9.8) (15.9) 24.9 (8.9) of which Italy Asset mgmt / Fund mgmt Agency Property Total service platform 1) Service platform (3.7) Total Investment Total Investment Vehicles & funds 6.4 (15.1) 6.4 (15.1) Ebit including income and interest income SH Loans (3.7) ) It includes 6.1 mln from disposal of 5% of Prelios SGR 13
14 Real Estate Writedowns and Revaluations P&L Impact /mln Writedowns Revaluations Sept 2010 Sept 2009 (25.8) (57.4) 45.5 Sept 2009 Revaluations Total impact (25.8) (11.9) 45.2 Sept (25.8) (11.9) (25.8) (19.2) Italy (57.4) Writedowns (6.6) Germany Writedowns 14
15 Sales trend /mln 1,300/1,500 Italy Germany Poland Gross margin on sales is approx. +4.7% as of 1) September 2010 ~ 1,050 Sales price of real estate assets is in line with market value ~ ~ ) Target 2010 Sept 2010 June 2010 Sept ) Excluding assets contributions in Anastasia real estate fund 2) Included 164 mln for sale of Mercado shopping center 15
16 Fund Management New business for third parties /bln Expected new assets under Management Effective from Progetto Mida 0.6 Jan 2010 Fondo Anastasia Fondo Fedora 0.1 / / 2012 Enasarco 0.6 / / 2012 Total 1.6 / / /
17 Update on Cost Saving 2010 vs 2009 /mln Consulting costs ) Others fixed costs IT & Communication +1.3 Depreciation /+30 Fixed Costs Saving 9/2010 Labour costs Labour costs Headquarter +2.0 Marketing +0.9 Travel +1.7 Target 2010 vs 2009 Actual Sept 2010 Other ) 1) Includes Directors cost 2) Includes provisions, consumptions material and other 17
18 NFP excl. Shareholders Loans 41.0 /mln (68.6) NFP Dec NFP Sept (25.2) NFP Jun 2010 Sales / distributions Equity contrib. to funds and SPV Investments Restructuring costs Interests and other financial expenses Capex on completed projects and other NFP Sept
19 Consolidated Net Cash Flow /mln ACTUAL SEPTEMBER 2010 ACTUAL SEPTEMBER 2009 Ebit before restructuring costs, reval./deval. 9.3 (1.3) Depreciation Change in investments (17.9) (36.8) Change in other fixed assets Chenge in NWC, Funds and Other (36.3) (0.9) Free cash flow (40.4) (33.5) Restructuring costs (9.9) (31.9) Interest income/expenses and taxes 3.4 (1.0) Cash flow before dividens (47.0) (66.3) Capital Increase Net cash flow (47.0) Change in Shareholders' loans Net cash flow with shareholders' loans (34.8)
20 Consolidated Balance Sheet /mln ACTUAL SEPTEMBER 2010 ACTUAL JUNE 2010 ACTUAL DECEMBER 2009 ACTUAL SEPTEMBER Fixed assets of which participations of which goodwill Net working capital Net invested capital Net equity of which group net equity Funds Net financial position (43.5) of which shareholders' loan (392.3) (390.5) (404.4) (490.9) 7 Total sources NFP excluding shareholders' loan CNI excluding shareholders' loan 1, , , ,189.8 Gearing
21 Group Corporate Lines /k Present situation Bank Commitment Expiry Ante Spin off Bank Commitment Expiry CLUB DEAL (*) 320,000 jul-12 WEST LB 50,000 may-11 UNICREDIT 25,000 feb-11 POP MILANO 10,000 jul-11 RBS 25,000 feb-11 PIRELLI & C. (**) 150,000 jul-12 TOTAL 580,000 AVERAGE RESIDUAL LIFE 19 months CLUB DEAL (*) 320,000 jul-12 WEST LB 50,000 may-11 UNICREDIT 25,000 dec-10 POP MILANO 10,000 jul-11 RBS 25,000 feb-11 TOTAL 430,000 AVERAGE RESIDUAL LIFE 18 months Average spread on present situation 268 bps (*) Club Deal Partecipants: Unicredit 100M Banca Popolare Sondrio 20M Intesa SanPaolo 50M Banca Popolare Emilia Romagna 20M Monte Paschi Siena 50M Banca Carige 20M Banca Popolare Milano 50M UBI - Centrobanca 10M (**) Previously it was a not committed line; 21
22 Prelios Debt Structure as of September 2010 Net Financial Position mln Maturity % 81% Gross Debt Liquidity NFP Total Commitment
23 Financial situation of partecipated vehicles/funds /bln AUM 1) 14.0 Net debt as of Sep 2010 Refinancing 2) at December AuM 100% Net Debt 100% Net Debt proquota NPL Real Estate Beyond 1) Market value pro-forma at September 2010 of participated Real Estate+ NPL 2) Due to maturity 23
24 Financial situation of partecipated vehicles/funds Bank Loan characteristics 1) LTV 67% : Italy 56%, Germany 79% and Poland 41% Average Duration: close to 3.0 years (pro-quota Pre 2,8): Italy 2,6, Germany 3,4, Poland 1.5 Average Spread : 158 bps (pro-quota Pre 149 bps) 81% interest rate risk hedged (pro-quota Pre 75%) Recourse guarantees pro-quota for approx 29 mln 1) Excluded NPL and subsidized loans 24
25 Agenda Prelios snapshot 4 9M 2010 Results 11 Portfolio Data 26 Strategic Guidelines for Annex 31 25
26 Asset Allocation by Country (Market Value) /bln AuM Real Estate Participated AuM Real Estate not participated 14.4 Dec Capex, acquisitions & other Sales Writedowns June Highstreet 2) 13.1 Capex, acquisitions & other Sales NPL (book value) Sept ) Total AuM Total AuM Total AuM 15.4 o/w Real Estate Poland 1% 1) September market value is a pro-forma calculated on the basis of 2010 half year external valuations used for June 2010 Financial Statements increased by capex and acquisitions and decreased by disposals o/w Real Estate Poland 1% Germany 49% Italy 50% 2) Highstreet s real estate market value has been conventionally estimated consistently with the expectations of recovery of the remaining net invested capital equal to approx mln Germany 47% Italy 52% 26
27 Real Estate Portfolio Key Data as of September 2010 /mln Mkt. Value 100% ) Mkt. Value quota Prelios (27% average) Book Value Quota Prelios UCG Quota Prelios Net Debt Quota Prelios LTV NAV Quota Prelios NIC Quota Prelios IAS 40% ITALY 5,973 1,701 1, % % GERMANY 6,581 1,654 1, ,312 79% % POLAND % % TOTAL REAL ESTATE 12,727 3,420 3, ,289 67% 1, % NPL (investment) 111 SERVICES 230 1) AUM participated (market value pro-forma) NOTE: The difference between NAV and UCG+NIC (equal to 149 mln) is due to other asset and liabilities not included into the calculation of NAV real estate TOTAL PRELIOS 1,176 27
28 Agenda Prelios snapshot 4 9M 2010 Results 11 Portfolio Data 26 Strategic Guidelines for Annex 31 28
29 Economic and Financial Targets for 2010 Real Estate Assets sales 1.3 / 1.5 /bln Stable AUM with a shift in geographical distribution (increase in Italy and continuous reduction abroad) Co-investments to 22-23% Continued disposal effort of low yield Soho and Trading assets (~200 mln) EBIT Service platform incl. G&A 20 / 30 /mln Back to profitability at operating level by increasing recurring returns and leveraging on further cost reduction Focus on Fund Management (SGR) exploiting both organic and external growth In NPLs increase credits collections and get services back to profitability Fixed Cost Saving 25 / 30 /mln 60% effect of actions implemented in 2009 NFP Substantially stable Financial discipline 29
30 Agenda Prelios snapshot 4 9M 2010 Results 11 Portfolio Data 26 Strategic Guidelines for Annex 31 30
31 Annexes A guide to better understand our numbers 32 Details by Country 36 9M 2010 Economic Results details by Country 47 Additional Information 56 31
32 A guide to better understand our numbers Revenues INDICATORS DRIVERS Sales of consolidated assets Offer of specialised services (listed below) Ebit from services platform Asset & Fund Mgmt.: Active Management. Blended average fee 0.5 % on Book Value. Additional fees in case of Success fees in case of performances exceeding targets Agency: Blended avg. fees 1.5-2% on Assets rotations. Expected ROS 20-25% Property: Various Service related to the portfolio. ~ 2%of total rents collected. ROS approx. 15% Credit Servicing: 5% Gross Fees on credit collections Ebit from consolidated investment activities Disposal of consolidated assets/activities Income from equity participations Pro Quota net income from sales of minority investments (funds/ vehicles) Capital gain on participation disposals 32
33 A distinctive and refocused business model A lower risk profile approach - based on increasing recurring income from the service platform - for more predictable results Trend: growth Recurring income Income from equity participations Trend: reduction SERVICE PLATFORM Funds and assets management Agency Property Management Development Management Credit Servicing SERVICES CO-INVESTED PORTFOLIO (CAPTIVE) Real Estate Funds Real Estate SPVs NPLs THIRD PARTIES PORTFOLIO (NON CAPTIVE) 33
34 Prelios services: overview COMMERCIAL SERVICES TECHNICAL SERVICES ACTIVITIES PROPERTY Valuations Due Diligence Lease contract administration Document Management ITALY GERMANY DEVELOPMENT MANAGEMENT AGENCY Integrated valuation: From feasibility study to completion From technical, economical, financial to environmental aspects ITALY GERMANY POLAND Acquisitions Sales Leasing Financial Services ITALY GERMANY POLAND 34 CREDIT SERVICING NPL Management Loan Portfolio Enhancement Monitoring of legal actions Property auctions ITALY
35 Annexes A guide to better understand our numbers 32 Details by Country 36 9M 2010 Economic Results details by Country 47 Additional Information 56 35
36 Italy: Real Estate Portfolio Key Data as of September 2010 /mln Mkt. Value Mkt. Value 100% 1) quota Prelios ) Book Value Quota Prelios UCG Quota Prelios Net Debt Quota Prelios LTV NAV Quota Prelios NIC Quota Prelios COMMERCIAL YIELDING & CORE % TRADING & SOHO % DEVELOPMENT % TOTAL ITALY % Development 21% 1) AUM participated (market value pro-forma) Italian participated portfolio 6.0 mln Trading & Soho 16% Commercial Yielding & Core 63% 36 NOTE: The difference between NAV and UCG+NIC (equal to 54 mln) is due to other asset and liabilities not included into the calculation of NAV real estate
37 Prelios SGR: leader in the Italian fund management industry Italian leader with 18% market share Strategic partnership with Intesa San Paolo bank to exploit market opportunities Track record in the performance of the funds under management and in product innovation Fully integrated offer: From Fund Mgmt to specialised services (agency, property) Fund Mgmt market only segment in the real estate market expected to growth 1) Source: Our analysis on half year report Fondi Immobiliari Italiani Assogestiioni June
38 Prelios Service Platform will capture internal and external growth opportunities Structural room for growth (NAV of RE funds and REITs / Value of the existing RE stock)* and short-medium term growth possibilities ( bn, AuM) 37.3% result in a consolidation opportunity 120% 48-64% % 100% 23 smaller SGRs Total 100% 80% % 61% 60% 12.3% 40% 42% 20% 19% (PRE) 0% France Germany Italy *All data exclude residential assets (2007 data) Source: Scenari Immobiliari, Cushman Wakefield AuM 31-Dec-08 Expected AuM increase propelled by the launch of new products AuM 31-Dec-11 Top 5 SGRs 42% includes: Investire Immobiliare SGR BNP REIM SGR Fimit SGR First Atlantic SGR Source: Assogestioni Capture third party AuM without additional equity investment through leveraging on leading market position and the development of new investment products Consolidation opportunities offered by highly fragmented Italian SGR market Source: analysis and estimations of Value Partners based on data from Prometeia, Scenari Immobiliari, Inrev, AIFI, Prelios 38
39 Organic growth new business from existing funds and development of new products Funds Casse and Enti di Previdenza Funds for Public Entities and Pension Funds Government Programs Other Public Entities (INAIL, INPS, etc.) First Generation Pension Funds New Generation Pension Funds Description Development of new Funds (through contribution of assets and blind pools of equity) in order to rationalize and efficiently manage the real estate assets of Public Entities and Savings Associations (so called Casse). Funds which can invest up to 20% of the total assets in RE. The other real estate assets in these funds can be transferred to specialized real estate funds through contribution. The 2006 pension fund reform gives the possibility to allocate to investment funds the Severance Indemnity Fund (TFR); the reform has unlocked the potential for significant flows into real estate funds. Sales programs from public entities Social housing Funds targeting disposals by national and local / public entities. Funds targeting social housing developments with high standards and energy saving in urban areas with a high population density. Transfer to Funds of distressed assets Funds which target distressed assets: use of speculative reserved real estate fund as a tool for executing debt restructurings among: i) debtor, owner of a real estate portfolio with high debt level; ii) banks, owners of real estate financing mortgages; iii) SGR with mandate for management and creation of the fund. Distressed Portfolios Equity restructuring in distressed Funds through issue of new privileged units Specialized Funds International Investors Family officers Funds created through contribution of existing assets and/or blind pools of equity targeting value added and opportunistic investments Core Funds and Foreign Investors Foreign Investors Sovereign Wealth Funds German Open-Ended Funds Funds investing in core assets with a hold strategy (i.e. Trophy Fund), in primary locations and leased to tenants of high credit standing on long-term contracts. Funds which gain real estate exposure through investments in mezzanine financing. New Products Fund of funds Alternative funds (distressed debt) Mezzanine funds Alternative energy funds (i.e. photovoltaic) Senior housing Funds which target opportunities dedicated to the senior/retired people (over 65) through direct acquisition of residential real estate and conversion or development of senior housing facilities which is later leased to the target market generating an yield. 39
40 Germany & Poland: Real Estate Portfolio Key Data as of September 2010 Mkt. Value Mkt. Value 100% 1) quota Prelios ) Book Value Quota Prelios UCG Quota Prelios Net Debt Quota Prelios LTV NAV Quota Prelios NIC Quota Prelios DGAG (Residential) % BAUBECON (Residential) 1, % HIGHSTREET (Commercial) 3, % Other (Ger) % Development (Poland) % TOTAL GERMANY 6,581 1,654 1, ,312 79% TOTAL POLAND % EBIT+IEP+IIP 1) AUM participated (market value pro-forma) NOTE: The difference between NAV and UCG+NIC (equal to 95 mln) is due to other asset and liabilities not included into the calculation of NAV real estate 40
41 Prelios in Germany : snapshot Germany AuM 6.6 /Bln (*) Portfolio Main Characteristics Limited net invested capital in real estate 233m ( total 866m) Exposure in residential and retail sectors Approx units managed ( m²) o/w approx owned (in joint venture) and of third parties Commercial Portfolio: Assets with 3.3 mln m² Gross Leasable Area 6 Commercial development projects: m² (Hamburg & Dresden) Shopping center management: Property Management of 6 centers in Hamburg, Konstanz, Mülheim and Krefeld (*) Development areas are areas where a buyer has already being identified and signed a preliminary contract 41
42 Residential Portfolio: a snapshot (FY 2009) Total Asset Under Management at Market Value of 2.8 /bln The portfolio in JV focused in North (59%) followed by Middle (19%) and East (18%) Units under management Overall Vacancy rate 4,2% Annual estimated net contracted rent 185 /mln Yield on MV approx. 6.7% Hannover 14% Kiel 24% Sudwest 4% Magdeburg 5% Berlin 18% Hamburg 20% Lubeck 15% The figures are estimated at December 31,
43 Residential Portfolio key data BauBecon Starting date: 2007 Numbers of units: 25,900 (of which resricted) Rented SQM: 1.6 mln Main cities: Berlin, Hannover Magdeburg NCR Monthly: 8.3 mln Vacancy (units): 5.0% Yield on MV app. 6.4% DGAG Starting date: 2007 Numbers of units: (of which 7,600 restricted) Rented SQM: 1.1 mln Vacancy - DGAG 4.0% Main cities (Kiel, Lubeck) NCR Monthly: 5.5 mln Vacancy (units): 2.4% Yield on MV app. 7.3% 3.5% 3.3% 3.6% 2.9% 3.0% 3.0% 2.5% 2.4% 2.0% Dec-07 SMALL DEALS Starting date: 2006 Numbers of units: 4,500 (of which 400 restricted) Rented SQM: 0.3 mln Jun-08 Dec-08 Jun-09 Dec-09 Vacancy - SMALL DEAL 9.0% Main cities Berlin, Rostock, Dresden, Dusseldorf NCR Monthly: 1.6 mln Vacancy (units): 4.9% Yield on MV app: 6.4% 8.0% 8.3% 8.2% 7.0% 7.2% 7.0% 6.0% 5.0% 5.0% 4.0% The figures are estimated at December 31, 2009 Dec Jun-08 Dec-08 Jun-09 Dec-09
44 Commercial Portfolio: Key data (FY 2009) Total Asset Under Management at Market Value 4.1 bln Total annual passing rent ca 277 mln Highstreet n.157 assets almost fully let to Karstadt and passing rent 271 mln Mistral: 6 trading assets and 4 development projects to be completed in 2010 MISTRAL Development HIGHSTREET Sale and lease back year lease N. 4 Development project in Hamburg Starting date: 2008 Starting date: 2007 Assets:ca 157 throughout Germany Surface: SQM Lettable area SQM 2.1 mln Potential rent: 8.1 mln Main assets: KaDeWe Berlin, Munchen Oberpollinger Passing rent (estimated): 6.7 mln Portfolio almost fully let to Karstadt Vacancy Rate: 16.0% Gross yearly rents ca 269 mil Breakdown of total area by use Sporting goods stores 2,5% Logistics 3,4% Office 2,5% Parking 5,7% MISTRAL Trading Other 2,2% N. 6 Trading assets Starting date: 2007 Surface: SQM Department Stores 83,7% Potential rent: 7.3 Passing rent 6.6 mln Vacancy Rate: 11.5% The figures are estimated at December 31,
45 Prelios NPLs: snapshot Breakdown by Geography(*) Total porfolio AUM 1.5 /bln Net Book Value Secured 63% Strategy PRE has been selected by Calyon (**) as a preferred partner in Italy Pirelli Re investments are done thought minority stake (***) Major Partner: Calyon Other partners: Morgan Stanley / General Electric Total invested capital 104 mln in 12 portfolios Net Book Value(****) 1.5bln, Gross Book Value 9.5bln Investments Improving the performance of the existing PRE Credit Servicing (PRECS) received from Standard & Poor s an evaluation of strong reaching the top of the ranking Leading Company with approx. 200 employees and 6 branches across Italy Services Investments Partially Secured 21% Unsecured 16% Key Information Services Breakdown by typology(*) (*) Based on Gross Book Value corresponding to the nominal face value of the loans (**) In June 2009 Calyon acquired 20% stake in Pirelli Re Credit Servicing (PCRS) (***) CFT portfolio is the only investment done at 100% by PRE (****) Net Book Value is the residual purchase price of the loans 45 portfolios to maximize the return on invested capital No further co-investments in new portfolios Targeting yearly /mln collections Efficiently managing the existing portfolio Acquiring third parties mandates thanks to: Strong partners Unique skills in managing the entire process (from acquisition to financial and operating structuring)
46 Annexes A guide to better understand our numbers 32 Details by Country 36 9M 2010 Economic Results details by Country 47 Additional Information 56 46
47 Economic Results Total Prelios /mln SEPTEMBER 2009 SEPTEMBER 2010 JUNE 2010 Revenues Service Platform/G&A Result (0.5) Result from vehicles & funds of which Real estate of which NPL Int. Inc. from shareholders' loans (8.7) (6.9) (1.8) 19.5 (6.2) (3.4) (2.8) 12.9 (29.7) (35.6) Vehicle & Funds Result (*) (8.4) (8.9) Service platform & G&A Vehicles & funds TOTAL RESULT (*) (*) Result' represents EBIT including income from equity participations including interest income from shareholders loans 47
48 Economic Results Italy /mln SEPTEMBER 2010 JUNE 2010 SEPTEMBER 2009 Revenues Result Italy (21.0) 5.9 (15.1) Service platform ITALY Vehicles & funds Result from vehicles & funds Int. Inc. from shareholders' loans Result (*) Total Italy (*) (*) Result' represents EBIT including income from equity participations including interest income from shareholders loans 48
49 Economic Results Service Platform Italy /mln SEPTEMBER 2010 JUNE 2010 SEPTEMBER 2009 Revenues Result Fund & AM Fee Revenues Result Agency (3.7) Revenues Result Property Fund & AM Fee Agency Property Service platform ITALY Revenues Result Italy 1) It includes 6.1 mln from disposal of 5% of Prelios SGR 49 1)
50 Economic Results Germany /mln SEPTEMBER 2010 JUNE 2010 SEPTEMBER 2009 Revenues Result Result from vehicles & funds Int. Inc. from shareholders' loans Result (*) (8.6) (3.6) (14.9) 12.3 (2.6) (0.4) Service platform Vehicles & funds Total Germany (*) (**) (*) Result' represents EBIT including income from equity participations including interest income from shareholders loans 50
51 Economic Results Service Platform Germany /mln SEPTEMBER 2010 JUNE 2010 SEPTEMBER 2009 Revenues Result Fund & AM Fee Revenues Result Agency Revenues Result Property (1.2) Revenues Result Facility (0.1) Revenues Result Fund & AM Fee Agency Property Facility Service platform 51
52 Economic Results Poland /mln SEPTEMBER 2009 SEPTEMBER 2010 JUNE (0.9) (0.9) (1.1) (0.5) Result (*) Total Poland (*) Service platform Revenues Result Vehicles & funds Result from vehicles & funds Int. Inc. from shareholders' loans (*) 'Result' represents EBIT including income from equity participations including interest income from shareholders loans 52
53 Economic Results Service Platform Poland /mln SEPTEMBER 2010 JUNE 2010 SEPTEMBER (0.2) 0.9 (0.2) 1.6 (0.9) Revenues Result Agency 0.4 (0.1) 0.3 (0.1) 0.7 (0.4) Revenues Result Facility 0.5 (0.6) 0.3 (0.5) (0.9) (0.9) (1.1) Fund & AM Fee Consolidated revenues Other (*) Revenues Result Fund & AM Fee Agency Facility Service platform Revenues Result 53
54 Economic Results NPL /mln SEPTEMBER 2010 JUNE 2010 SEPTEMBER (2.0) (0.6) (5.2) (1.8) 1.9 (2.8) (1.5) 7.3 (1.9) (2.1) 2.1 Service platform Revenues Result Vehicles & funds Result from vehicles & funds Int. Inc. from shareholders' loans Result (*) Total NPL (*) (*) Result' represents EBIT including income from equity participations including interest income from shareholders loans 54
55 Annexes A guide to better understand our numbers 32 Details by Country 36 9M 2010 Economic Results details by Country 47 Additional Information 56 55
56 Real Estate Writedowns and Revaluations (FY 2009) P&L Impact /mln Revaluations Italy Revaluations Total Regione Sicilia Fund 8.6 Trophy assets Fund R&E 27.2 (16.5) (52.3) Various investment 67.4 Writedowns (31.4) Germany and Poland Revaluations Small Deal DGAG 1) (14.9) Writedowns (46.6) Highstreet for (40.8) Writedowns 1) Includes -0.2 /mln related to Baubecon Investment as the difference between revaluations and writedowns (IAS 40/IAS2) 56
57 Participated Real Estate Assets under Management 1H % Quota PRE Passing Rent Vacancy Book Value Market Value Net Debt Passing Yield /000 Commercial Core Italy Fondo TECLA Fondo Cloe FONDO RETAIL & ENTERTAINMENT 44.8% 18.1% 31.6% Commercial Yieding Italy Fondo FIRPS TIGLIO 1 Fondo Raissa Fondo Olinda Dolcetto Tre S.r.l. PROGETTO PERUGIAsrl Fondo Armilla FONDO SPAZIO INDUSTRIALE FONDO HOSPITALITY & LEASURE 22.0% 12.9% 35.0% 11.3% 33.0% 100.0% 2.0% 22.1% 35.0% TOTAL Italy Commercial Germany Mistral Properties 35.0% Residential Yielding Germany DGAG - Residential+Special Properties BIB Small Deal TOTAL Germany 40.0% 40.0% 49.9% 2) TOTAL YIELDING PORTFOLIO Residential Small Office House Office ITA Development ITA Highstreet Germany Development Germany Development Poland OTHER PORTFOLIO GRAND TOTAL REAL ESTATE 3) 95, % 7.7% 1,612,607 1,738,160 1,082,738 40,073 30,511 24, % 6.8% 5.1% 8.1% 10.7% 688, , , , , , , , , , % 8.5% 2,153,269 2,274,540 1,108,842 20,390 13,413 21,046 32,570 1,426 1,984 16,878 34,876 9, % 7.7% 6.8% 6.3% 10.4% 6.1% 7.5% 7.2% 8.5% 286, , , ,103 13,675 32, , , , , , , ,010 19,100 34, , , , , , , ,411 9, , ,581 77, , % 8.4% 3,765,876 4,012,700 2,191,581 6, % 9.1% 104, ,910 65,878 6, % 9.1% 104, ,910 65, , % 2,728,803 2,762,449 2,154,861 66, ,651 18, % 6.7% 6.6% 2.4% 4.8% 5.4% 904,335 1,540, , ,151 1,552, , ,270 1,302, , , % 4.6% 2,833,795 2,869,359 2,220, , % 6.4% 6,599,671 6,882,059 4,412,319 14,791 2,401 n.m. n.m. n.m. n.m. 822,470 1,217, ,017 1,296, , , ,166 5,364 n.m. n.m. n.m. n.m. 3,650, ,986 4) 3,650, ,430 3,279,625 65, n.m. n.m. 130, ,297 60, % 4.0% 1.7% 3.1% 4.1% 1) 293,930 5,932,313 6,187,548 4,750, ,211 12,531,983 13,069,607 9,162,529 1) Vacancy calculated on units 2) Excluding Highstreet 3) Passing rents not including potential changes related with the current negotiation on the restructuring of Karlstadt group 4) Pending finalization of the negotiations aimed at restructuring the Karstdat group, the Highstreet s real estate market value has been conventionally estimated consistently with the expectations of recovery of the remaining net invested capital equal to approx mln 57
58 Pro-quota Real Estate Assets under Management 1H 2010 Quota PRE /000 Passing Rent pro-quota Passing Yield Vacancy 31, % 7.5% 540, , ,529 17,953 5,523 7, % 6.8% 5.1% 8.1% 10.7% 308,570 80, , ,330 99, , ,732 49, ,218 30, % 5.6% 439, , ,335 4,478 1,729 7,366 3, , ,715 3, % 7.7% 6.8% 6.3% 10.4% 6.1% 7.6% 7.2% 8.5% 62,969 22, ,315 58,546 4,513 32,737 4, ,506 37,375 63,646 27, ,844 64,185 6,303 34,200 4, ,826 37,884 46,443 15,344 40,557 27,392 3,208 2,716 51,434 27,241 62, % 6.2% 979,258 1,023, ,864 2, % 10.1% 44,556 45,234 27,790 2, % 10.1% 44,556 45,234 27,790 76, % 4.1% 1,112,301 1,125, ,333 26,614 41,060 8, % 6.7% 6.6% 2.4% 4.8% 5.4% 370, , , , , , , ,816 88,678 78, % 4.7% 1,156,857 1,171, , , % 5.2% 2,136,114 2,194,727 1,485,987 5, n.m n.m n.m n.m 290, , , , , ,873 32,811 2,302 n.m n.m n.m n.m 441,650 45, ,650 51, ,223 29, n.m n.m Commercial Core Italy Fondo TECLA Fondo Cloe FONDO RETAIL & ENTERTAINMENT 44.8% 18.1% 31.6% Commercial Yieding Italy Fondo FIRPS TIGLIO 1 Fondo Raissa Fondo Olinda Dolcetto Tre S.r.l. PROGETTO PERUGIAsrl Fondo Armilla FONDO SPAZIO INDUSTRIALE FONDO HOSPITALITY & LEASURE 22.0% 12.9% 35.0% 11.3% 33.0% 100.0% 2.0% 22.1% 35.0% TOTAL Italy Commercial Germany 35.0% Mistral Properties Residential Yielding Germany DGAG - Residential+Special Properties BIB Small Deal TOTAL Germany 40.0% 40.0% 49.9% 2) TOTAL YIELDING PORTFOLIO Residential Small Office House Office ITA Development ITA Highstreet Germany Development Germany Development Poland OTHER PORTFOLIO GRAND TOTAL REAL ESTATE 3) Book Value quota PRE 45.9% 4.0% 1.7% 3.1% 1) Market Value Pro-quota 4) Net Debt Pro-quota 49,560 64,827 24,485 40,865 1,210,723 1,308, , ,713 3,346,837 3,503,494 2,347,758 1) Vacancy calculated on units 2) Excluding Highstreet 3) Passing rents not including potential changes related with the current negotiation on the restructuring of Karlstadt group 4) Pending finalization of the negotiations aimed at restructuring the Karstdat group, the Highstreet s real estate market value has been conventionally estimated consistently with the expectations of recovery of the remaining net invested capital equal to approx mln 58
59 Gerardo Benuzzi, Pirelli Re s Financial Reporting Officer, declares, pursuant to article 154-bis of the Uniform Financial Act (Decree 58/1998) that the accounting information contained in this presentation, corresponds to the underlying documentary records, books of accounts and accounting entries.
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