帕玛拉特债务危机株连花旗银行

....................................................................................................................................2...............................................................................................................................................2.........................................................................................................................................3.......................................................................................................4.................................................................................612-13...........................................................612-22“”.......................612-25100...................812-26....................................912-297..............1112-30.................1212-30...............................1212-30....................1312-31..............1301-028...........1401-0385.............................................................151301001995()1200150082493.04303.5752001765352002150020035Thegiftoflifeisthemostprecious.That’swhyatParmalatwe’vechosentoNourishit.Nourishingmeanssupporting,protectingandmakingitflourish.Thankstoexpertise,constantresearchandinnovation,allParmalatproductsmeetthesimplestandmostnaturalnutritionalrequirements,sotopqualityisalwaysguaranteed.AtParmalatwedothisforthewell-beingofourconsumers,sothateverydaytheycangetthebestoutoflife.2TheParmalatgrouphasalwaysbeenaninnovatorinthemilk-foodmarket.Parmalat’sfundamentalgoalistoproducemilkandfoodsofhighquality.Thegoalofqualityisattainedthroughresearchandinnovation,therebypursuingtheneedsofdiverseconsumersandpresentingtothemarketwithnewsolutionsofproductinasocietywhererapidchangeisaconstant.Awareoftheroleoftheimage,Parmalatisalsofocusedonthequalityofcommunication.Qualityexistsonlyasmuchasitisperceived.AndsotheroleofthebrandarisesinParmalat’smission.Qualitymustbecommunicatedandmustfinditsidentityinthebrand.“growtocompete”isthephilosophyoftheParmalatgroup.32002keyfinancialfigures2002(millionsEuro)Ch20022001Turnoverofwhich:7,5907,802-organicgrowth-volume+2.5%+3.2%-organicgrowth-price/mix+5.6%+2.6%-acquisitions+4,6%+0.8%-foreignexchangeimpact-4.2%-11.6%EBITDA931951EBITDAMargin12.3%12.2%EBIT613597EBITMargin8.1%7.7%NetFinancialCharges(157)(122)ExtraordinaryIncome/(Expenses)(58)(42)Pre-taxearnings373414Taxrate28%37%Earningsfortheyear269262Netearningsfortheyear252218EPS0.3130.274Dividend0.0200.020OperatingCash-Flow(EBITDA-netfin.charges)7748284CAPEX184163Investmentsinacquisitions/shareholdingsincrease85179Groupshareholders'equity1,5411,874Totalshareholders'equity2,2502,835Netfinancialdebt1,8621,956Netfinancialdebt/totalshareholders'equity%0.83%0.69%TurnoverandEBITbygeographicalareaTurnoverandEBITbyproductdivision512-131.51.8334520103.562.5%85%19991.172001DynegyInc.930421.51285EnricoBondiBondi4,0002003121312-22“”:612201219Bonlat2002123139.51215170191966%926%6010012202323751993.04303.575200176535200215002003512-251002510:311225401008893.090.1195%200240803.6()212-262003-12-2613:58:3091225246241939.5100303.612.3230.11401012-2972003122911:33122927(28)4019481.2(1.5)3.5391205(GrantThornton)1112-302003123009:381230282948276512-3012302728201027601212012-302003123010:1629987770029270012-312003123109:15131231295(3.5)193901-0282004010209:3912(1)808-141219Bonlat46Dpa(Collecchio)DpaDpa--(GrantThornton)--BonlatCurcustleZilpaBonlat:01-0385132815856.2276.265101528406191550851513130GrantThornton::16