investor relations cr firenze group merrill lynch european midcap financial conference london, 12...
TRANSCRIPT
INVESTOR RELATIONS
CR FIRENZE GROUP
Merrill LynchEuropean Midcap Financial Conference
London, 12 December 2001
Lino MoscatelliChief Executive Officer
2
INVESTOR RELATIONS
REGIONAL PRESENCE & MARKET SHARE
Strong regional presence (413 branches at 30.09.01)
High market share
Tuscany market share* by deposit 15.1% by branches 14.3%
800,000 customers
Overs 60,000 on-line customers
Euro 24.8 bln total deposits
Euro 11.2 bln customer loans**
Net NPL ratio 1.7%
2001 1H ROE 10.5%
* As at 30 June 2001 ** As at 30 September 2001
3
INVESTOR RELATIONS
NETWORK
Full range product portfolio
SERVICE COMPANIES
FINDOMESTIC BANCAFINDOMESTIC BANCA
CENTROVITACENTROVITA
CR Firenze GESTION Int.lCR Firenze GESTION Int.l
ARVAL ITALIAARVAL ITALIA
CENTRO LEASINGCENTRO LEASING
CENTRO FACTORINGCENTRO FACTORING
EPTACONSORSEPTACONSORS
InfogroupInfogroup
Data CentroData Centro
Centro TelemarketingCentro Telemarketing
CFT FinanziariaCFT Finanziaria
City LifeCity Life
Perseo FinancePerseo Finance
Pro. Du. SerPro. Du. Ser
C.R. PISTOIA e PESCIA C.R. PISTOIA e PESCIA
C.R. ORVIETOC.R. ORVIETO
C.R. CIVITAVECCHIAC.R. CIVITAVECCHIA
C.R. MIRANDOLAC.R. MIRANDOLA
269269
6363
3333
2525
2323
C.R. FIRENZEC.R. FIRENZE
Total n. of branchesTotal n. of branches 413413
PRODUCT COMPANIES
4
INVESTOR RELATIONS
19%
6%
7%
26%
42%
CR Firenze Foundation
Market
Others
BNP Paribas Sanpaolo IMI
C. R. FIRENZE Spa
No. of shares 1,086,236,393
No. of floating shares 290,000,000
Shareholders’ agreement CR Firenze Foundation 22%
Sanpaolo IMI 15%
BNP Paribas 7%
Capital structure Shareholders’ pie
5
INVESTOR RELATIONS
RELATIVE SHARE PRICE PERFORMANCE
As at 15 Nov. 2001 - Source : Datastream
Since its IPO, CR Firenze has been one of the best performers amongst the Italian Financial Institutions
J A S O N D J F M A M J J A S O N50
60
70
80
90
100
110
120
CR Firenze
Comparables Index
Italian Banking Index
6
INVESTOR RELATIONS
STOCK TRADING AT DISCOUNT
*Source : Prometeia Calcolo and CRF **Source : Reuter
0
1
2
3
0.00% 10.00% 20.00%
C.R. FirenzeB. Pop. Bergamo
B. Pop. Verona
MPS
B. Lombarda
B. Pop. Novara
B. Pop. Milano
BPCI
B. Pop. Lodi
Banca Carige
B. Pop. Em. Romagna
B. Pop. Sondrio
2001E ROE*
P/B
VS
**
As at 28 Sept.2001 - Data average as axis origination
High ROELow P/BVS
Low ROEHigh P/BVS
High ROEHigh P/BVS
Low ROELow P/BVS
UNDERVALUED
7
INVESTOR RELATIONS
VALUE CREATION
0.062
0.031
0.065
0.036
0.089
0.052
1998 1999 2000
49.6%
55.8%58.0% K = DPS/EPS
DPSEPS
Eu
ro
Public status strengthened the commitment to improve profitability (EPS) and increase the DPS ratio.
Higher pay-out ratio (DPS grew more than EPS).
8
INVESTOR RELATIONS
CUSTOMER BASE Segmentation & specialized distribution
Integrated Multichannel Bank : home banking, GSM, call center, B2B website together with a personal approach reserved for high-net worth customers.
ACTION PLAN
•Product s streamlining•Centralized marketing
•Innovation•One 2 One marketing•Dedicated channels
•Innovation•Packaging•Multichanneling
•Offer development•Advisory services•Multichanneling
CHANNELS&
TOOLS
Corporate
Retail
Affluent /Private Bkg.
Small Business
85%
15%
87%
13%
90%
10%
9
INVESTOR RELATIONS
AUM - High quality proprietary funds & Multibranding
Total AUM* Euro 7.49 bn
GP + GPF 31.1%Mutual Fund 47.9%Insurance Prod. 21.0%
Portfolio Managers nr. 1,060
*As at 30 September 2001
GP + GPF
(Discretional accs./Mutual Funds discretional accs.)
MUTUAL FUNDS
INSURANCEPRODUCTS
1 Manager / 1,000 customers
1 Manager / 200 customers
1 Manager / 150 customers
1 Manager / 65 customers
Retail
AffluentSmall. Buss.
Corporate.
10
INVESTOR RELATIONS
C.R. FIRENZE GESTION INTERNATIONALE S.A.
** Source : Assogestioni
Since April 2001Luxembourg based Umbrella Fund
35 sub-funds
GIOTTO LUX FUND
* Stock value at market price
20%
80%CR FIRENZE
SANPAOLO IMI
The proprietary mutual fund factory
(1,170.0)
41.7
597.2728.6
277.288.5
(125.8)
1,552*
(1,600.0)
0.0
1,600.0
EPTAFUND
Apr.M
ayJu
neJu
lyAug
Sept.
Oct
.
Eu
ro m
n
20
01
Ne
t in
flo
ws
**
Profitable shift from Eptafund to Giotto Lux
25.6
11
INVESTOR RELATIONS
AUM INFLOWS
Target track 31 Dec. Stock + net inflows
8,500
7,770
7,000
31/12/2000 30/03/2001 30/06/2001 30/09/2001 31/12/2001
+11 %
TARGET 2001
+ 22%
+15 %
Stock at market value
Eu
ro m
n
Increasing the Business Mix will be a solid starting point when the equity market recovers.
Market deterioration keeps the total stock value under pressure
8,045
Net inflows were on track at 30 June
Slightly below the target trend lineat 30 September
12
INVESTOR RELATIONS
Arval Service Lease Italia - Vehicle leaseCentrovita Assicurazioni - InsuranceFindomestic Banca - Consumer credit
Centro Factoring - FactoringCentro Leasing - LeasingEptaconsors - Asset management
STRATEGIC INVESTMENTS
*Group - 31 Dec. 2000
62.4
11.9
68.9
25.8
94.6
38.9
0
130
Eu
ro m
n
1998 1999 2000
20.60%
18.60%
8.30%
Consolidated net profit
Profit of companies at equity
Return on shareholdings
Remarkable return on shareholdings
Shareholdings at book value*
22%
78%
13
INVESTOR RELATIONS
FINDOMESTIC BANCA - Shareholders’ structure
35% 43%
22%
C.R. Firenze Group
Cetelem
BNP Paribas Group
Banco Sardegna
15% 7%
43%35%
50%50%
Sept. 1984
June 2001 - Shareholders’ agreement between C.R. Firenze and Cetelem S.A. in order to exercise joint control over the Company
Sept. 2001 - B. di Sardegna resolved to accept the offer from C. R. Firenze and Cetelem.