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GAVIO GROUP. AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI. SEPTEMBER 2009. KEY FACTS. 1H 2009. TRAFFIC VOLUMES DOWN BY 4%. MAY 1, 2009: TARIFF INCREASES (1). TOLL REVENUES: - € 7.0 MIL. (2).

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Autostrada torino milano societa iniziative autostradali e servizi

GAVIOGROUP

AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI

SEPTEMBER 2009


Autostrada torino milano societa iniziative autostradali e servizi

KEY FACTS

1H 2009

TRAFFIC VOLUMES DOWN BY 4%

MAY 1, 2009: TARIFF INCREASES(1)

TOLL REVENUES: - € 7.0 MIL.(2)

JUNE 30, 2009: COMPLETED THE ACQUISITION OF 3 ADDITIONAL CHILEAN MOTORWAYS (JOINTLY WITH ATLANTIA)

SEPTEMBER 2, 2009

SIGNED THE “NEW” CONCESSION SCHEMES FOR SALT, ADF AND SAV

  • Estimated lack of revenues for the period 1/1-30/4/09: € 16.3 mil.

  • - Traffic volumes:- € 18.7 mil

  • - Asti-Cuneo stretch:+ € 4.0 mil

  • - Tariff increase:+ € 7.7 mil

  • Change in Toll revenues - € 7.0 mil

2


Autostrada torino milano societa iniziative autostradali e servizi

SIAS

ASTM

1H 08

1H 09

1H 08

1H 09

Revenues from motorway sector

Other sectors’ revenues

Total Revenues

EBITDA

EBIT

Profit before taxes

Net profit (after minorities)

Operating cash flow

Additional Capex (Motorway sector)

344

33

377

207

120

99

68

140

93

351

39

390

227

132

96

34

156

156

344

39

383

211

122

104

38

142

93

351

35

386

223

128

89

56

151

156

1H09 ASTM-SIAS

FINANCIAL RESULTS - HIGHLIGHTS

(Eu mn unless otherwise stated)

3


Autostrada torino milano societa iniziative autostradali e servizi

Net of extraordinary events, we expect that traffic trends will fall by 2.5-3.0% in 2009

TRAFFIC BY QUARTER

1Q 2008

4Q 2008

2Q 2008

3Q 2008

1Q 2009

1Q 2009

2Q 2009

+2,90%

(2)

-0,65%

-1,74%

-2,41%

-3,13%

-8,33%

(1)

FY 2008: - 1,21%

1H 2009: - 4,2%

(1) Inclusive of the “leap year” effect

(2) Light traffic: +3,61%

4


Autostrada torino milano societa iniziative autostradali e servizi

Table of Contents

  • GROUP STRUCTURE

  • FINANCIAL RESULTS

  • TARIFF INCREASES AND INVESTMENT PLAN

  • INTERNATIONAL DEVELOPMENT – CHILE

  • CONCLUSION

5


Autostrada torino milano societa iniziative autostradali e servizi

  • GROUP STRUCTURE

  • FINANCIAL RESULTS

  • TARIFF INCREASES AND INVESTMENT PLAN

  • INTERNATIONAL DEVELOPMENT – CHILE

  • CONCLUSION

6


Autostrada torino milano societa iniziative autostradali e servizi

Motorway Concessions

Motorway Concessions

Technological and tlc services towards motorway concession companies

Technological and tlc services towards motorway concession companies

Engineering, planning and infrastructure/maintenance

Engineering, planning and infrastructure/maintenance

Holding Companies

Holding Companies

Costruction, planning, services, other (Non consolidated)

Costruction, planning, services, other (Non consolidated)

Current Group Structure

Aurelia S.p.A. /

Argo Finanziaria S.p.A.

9,90%

51,00%

ASTM S.p.A.

Market

ASTM S.p.A.

Market

63,42%

(SINA 1,72%)

99,5%

82,0%

26,68%

SIAS S.p.A.

SIAS S.p.A.

18,0%

0,5%

SINA

SINECO

99,9%

99,9%

45,0%

84,4%

84,4%

87,4%

87,4%

58,05%

100%

20,0%

65,0%

(ITINERA 5%)

Holding

ASA - ApC

Piemonte e

Road Link

SATAP

SATAP

CISA

CISA

SALT

SALT

SINELEC

Valle d'Aosta

(Chile)

+ ARGO

(39,01%)

Asti-Cuneo

0,08%

60,8%

60,8%

40,3%

41,2%

36,5%

65,1%

65,1%

ITINERA

ADF

ADF

SAV

SAV

SITAF

SITAF

ATIVA

ATIVA

59,7%

6,2%

1,4%

1,1%

33,58%

36,5%

26,45%

28,1%

50,0%

+ FPI

SITRASB

SITRASB

ABC

(16,42%)

CODELFA

CODELFA

Pavimental

32,4%

25,4%

14,1%

7


Autostrada torino milano societa iniziative autostradali e servizi

TREASURY STOCKS

2,85%

3,63%

ASSICURAZIONI

GENERALI GROUP

FONDAZIONE CR-TO

2,59%

ASSICURAZIONI GENERALI

GROUP

4,99%

4,99%

LAZARD ASSET MANAGEMENT LLC

LAZARD ASSET

MANAGEMENT LLC.

9,98%

18,06%

FREE FLOAT

FREE FLOAT

28,59%

51,00%

GAVIOGROUP

73,32%

GAVIO GROUP

OWNERSHIP STRUCTUREHolding companies

8


Autostrada torino milano societa iniziative autostradali e servizi

0,13

6

5

4

-

22

50

55

41

11

-

AUTOCISA

Società Autostrada Asti-Cuneo S.p.A.

OWNERSHIP STRUCTUREMain motorway companies

PUBLIC AUTHORITIES

%

MUNICIPALITIES

PROVINCES

REGIONS

GROUP

OTHER

ANAS

OTHER

TOTAL

SUBSIDIARIES

-

4

9

-

-

6

-

-

18

9

-

-

-

-

28

-

-

-

-

-

-

64

100

100

100

100

100

100

100

100

100

100

100

-

2

2

-

-

5

-

-

-

11

-

-

-

-

-

35

-

-

-

-

32

-

-

1

-

-

-

6

-

-

-

-

-

99,87

87

84

68

65

61

50

45

41

37

36

LxL

A.p.Cile

(VS, LC, NO)

E.M.

PROP.

E.M.

9


Autostrada torino milano societa iniziative autostradali e servizi

S. BERNARDO

AOSTA

M. BIANCO

IVREA

TORINO

MILANO

PARMA

ASTI

ALESSANDRIA

FREJUS

PIACENZA

VOLTRI

SESTRI L.

CUNEO

SAVONA

LA SPEZIA

VIAREGGIO

VENTIMIGLIA

PISA

LUCCA

LIVORNO

ROSIGNANO M.

Current network managed by the SIAS Group

CONCESSIONAIRE LENGHT KM

SUBSIDIARIES

SATAP [A4]130,3

SATAP [A21]167,7

SALT154,9

CISA 182,0(1)

SAV 59,5

AT-CN 90 (2)

ADF113,2

ATIVA155,8

EQUITY INVESTMENTS

SITAF [A32, T4] 94

SITRASB 12,8

ROAD LINK (A69) – UK 84

COSTANERA NORTE – CHILE (THROUGH ASA) 43

VESPUCIO SUR / LITORAL CENTRAL / NORORIENTE – CHILE (THROUGH A.p.Cile)125

1.412,2

SIGNIFICANT INVESTMENTS

MILANO SERRAVALLE – MILANO TANGENZIALI

SOCIETA’ AUTOSTRADA TIRRENICA

(1)

(2)

Inclusive of the planned 81 km stretch linking Parma to the Autostrada del Brennero

Under construction

10


Autostrada torino milano societa iniziative autostradali e servizi

SIAS Group: Italian motorway concessions

Status of the

Concession/Financial Plan

Concessionexpiry

Approved

SATAP S.p.A. Torino-Milano 2026

SATAP S.p.A. Torino-Piacenza2017

a

a

a

(1)

SAV S.p.A. Quincinetto-Aosta2032

ATIVA S.p.A. Torino ringroad, Torino-Quincinetto,

Ivrea-Santhià e Torino-Pinerolo2016

a

SALT S.p.A. Sestri Levante-Livorno, Viareggio-Lucca e

Fornola-La Spezia 2019

a

(1)

ADF S.p.A. Savona-Ventimiglia2021

a

(1)

CISA S.p.A. La Spezia-Parma (and junction to

the Brennero motorway)2031

a

(2)

a

(3)

ASTI-CUNEO

(1) Concession schemes signed on September 2, 2009 (to date, the effectiveness of the concessions are subject to the authorisation procedure of the Law no. 286/06)

(2) An EU infringement procedure was opened upon the extension of the concession to 2031 (final resolution is expected soon).

(3) 23,5 years starting from the completion of the infrastructure

11


Autostrada torino milano societa iniziative autostradali e servizi

  • GROUP STRUCTURE

  • FINANCIAL RESULTS

  • TARIFF INCREASES AND INVESTMENT PLAN

  • INTERNATIONAL DEVELOPMENT – CHILE

  • CONCLUSION

12


Autostrada torino milano societa iniziative autostradali e servizi

ASTM – 1H09 EBITDA BY SECTOR

1H 09

EBITDA 211

EBITDA margin 55%

MOTORWAY SECTOR

94%

ENGINEERING SECTOR

2%

CONSTRUCTION SECTOR

TECHNOLOGICAL SECTOR

2%

2%

13


Autostrada torino milano societa iniziative autostradali e servizi

ASTM – NET FINANCIAL INDEBTEDNESS

(Eu mn)

30/6/2009

31/12/2008

208

-

(210)

(1.387)

221

30

(294)

(1.338)

Cash and cash equivalents

Financial receivables

Short-term indebtedness

Long-term indebtedness

(1.381)

(1.389)

NET FINANCIAL INDEBTEDNESS

(1.741)

(1.740)

Including the NPV

OF THE “CENTRAL GUARANTEE FUND” DEBT

Short-term indebtedness

18,0%

Long-term indebtedness

82,0%

30/6/2009

14


Autostrada torino milano societa iniziative autostradali e servizi

AUTOCISA

SIAS 1H09 EBITDA BY SECTOR

A4 Stretch

18,5%

16,7%

9,5%

A21 Stretch

15,7%

CONSTRUCTION SECTOR

2%

24,1%

5,8%

96%

MOTORWAY SECTOR

5,7%

(1)

TECHNOLOGICAL SECTOR

2%

1H 09

EBITDA 207

EBITDA margin 55%

(1) ATIVA is consolidated on a “proportionate basis” (41,17%)

15


Autostrada torino milano societa iniziative autostradali e servizi

SIAS – NET FINANCIAL INDEBTEDNESS

(Eu mn)

30/6/2009

31/12/2008

192

-

(212)

(1.478)

201

30

(295)

(1.429)

Cash and cash equivalents

Financial receivables

Short-term indebtedness

Long-term indebtedness

(1.493)

(1.498)

NET FINANCIAL INDEBTEDNESS

(1.854)

(1.849)

Including the NPV

OF THE “CENTRAL GUARANTEE FUND” DEBT

Short-term indebtedness

17,1%

Long-term indebtedness

82,9%

30/6/2009

16


Autostrada torino milano societa iniziative autostradali e servizi

SIAS – DEBT ANALYSIS BY MATURITY

2010

9,8%

2011- 2014

21%

2015-onward

69,2%

. Debt at fixed rate/hedges: 77% of consolidated debt (approx. 3.8%)

. Debt at floating rate : 23% of consolidated debt (Euribor +35b.p.115b.p.)

17


Autostrada torino milano societa iniziative autostradali e servizi

ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds)

BONDS HELD BY THE GAVIO GROUP: N° 9,8 millions (31%)

PAR VALUE: 10,50 Eu

DURATION: 12 yrs (2005 – 2017)

INTEREST: 2,625%

CONVERSION RIGHT:

  • FROM THE END OF THE 5TH YEAR

  • 1:1 AT PAR

SIAS - BOND

18


Autostrada torino milano societa iniziative autostradali e servizi

  • GROUP STRUCTURE

  • FINANCIAL RESULTS

  • TARIFF INCREASES AND INVESTMENT PLAN

  • INTERNATIONAL DEVELOPMENT – CHILE

  • CONCLUSION

19


Autostrada torino milano societa iniziative autostradali e servizi

SIAS GROUP – TARIFF INCREASES (2009)

A) CONCESSION AGREEMENTS RENEGOTIATED IN PREVIOUS YEARS

(%)

(1)

  • Refers to “Productivity factor”

20


Autostrada torino milano societa iniziative autostradali e servizi

SIAS GROUP – TARIFF INCREASES (2009) cont’d

(1)

(1)

B) CONCESSION AGREEMENTS RECENTLY RENEGOTIATED

(%)

(2)

  • 2009 Group average tariff increase : +5%

  • Concession schemes have been signed on September 2, 2009 (to date, the effectiveness of the concessions

  • are subject to the authorisation procedure of the Law no. 286/06)

  • (2)Based on 1/5 – 31/12/2009 period (+7.5%: full year)

21


Autostrada torino milano societa iniziative autostradali e servizi

SIAS GROUP – TARIFF INCREASES – KEY COMPONENTS (2010 – ONWARD)

A) CONCESSION AGREEMENTS RENEGOTIATED IN PREVIOUS YEARS

(%)

22


Autostrada torino milano societa iniziative autostradali e servizi

SIAS GROUP – TARIFF INCREASES – KEY COMPONENTS (2010 – ONWARD) cont’d

(1)

B) CONCESSION AGREEMENTS RECENTLY RENEGOTIATED

(%)

Until the expiry of the concession agreements, has been agreed a “price cap” formula linking the minimum annual rate of toll increased to 70% of the “actual” inflation rate

  • Concession schemes have been signed on September 2, 2009 (to date, the effectiveness of the concessions are subject to the authorisation procedure of the Law no. 286/06)

23


Autostrada torino milano societa iniziative autostradali e servizi

SIAS GROUP - INVESTMENT PLAN

(1)

(1)

(1)

(2)

(3) (4)

Open talks with EIB and Cassa Depositi e Prestiti for financing part the above investment programme

(1) Concession schemes have been signed on September 2, 2009;

(2) The financial plan and the final amount of the investment will be reviewed upon approval of the “executive project”;

terminal value of 1,6 bn is granted at the end of the concession (2031)

(3) Inclusive of additional 0,5 bn currently under discussion with ANAS; the financial plan and the final amount of the

investment will be reviewed upon approval of the “executive project”.

(4) Gross of Government grants by € 0.2 bn.

24


Autostrada torino milano societa iniziative autostradali e servizi

  • GROUP STRUCTURE

  • FINANCIAL RESULTS

  • TARIFF INCREASES AND INVESTMENT PLAN

  • INTERNATIONAL DEVELOPMENT – CHILE

  • CONCLUSION

25


Autostrada torino milano societa iniziative autostradali e servizi

BUSINESS CONSOLIDATION OPPORTUNITIES

ACHIEVED CRITICAL MASS

PARTNERSHIP/CO-INVESTMENTS

TO MINIMIZE BUSINESS RISK

ACQUISITION OF 3 CHILEAN MOTORWAYS HAS BEEN COMPLETED ON JUNE 30, 2009

INTERNATIONAL DEVELOPMENT: CHILE

JOINT ACQUISITION WITH ATLANTIA

IN SANTIAGO AREA

26


Autostrada torino milano societa iniziative autostradali e servizi

I

II

Metropolitan Area of Santiago

Transaction Highlights

III

SIAS has contibuted assets of Santiago area in a new vehicle equally controlled with Atlantia indicatively financed with 50% equity/50% debt

Equity contribution: SIAS (approx. € 68 mil., inclusive of a share premium by € 41mil.) and Atlantia (approx. € 27 mil)

SIASand Atlantiaalready hold a 45% interest each in Autostrade Sud America (ASA), which controls Costanera Norte, a 43 Km toll road in Santiago

The new vehicle will merge with ASA

IV

V

RM

VI

V

VII

RM

Santiago

VIII

VI

IX

VII

X

Nogales

Puchuncavi

Los Andes

XI

Rationale

Viña del Mar

Valparaiso

Colina

Algarrobo

Synergies in the Santiago area leveraging on the existing operating platform

Santiago

San Antonio

XII

Melipilla

Area V

INTERNATIONAL DEVELOPMENT: CHILE

27


Autostrada torino milano societa iniziative autostradali e servizi

INTERNATIONAL DEVELOPMENT: CHILE

EBITDA

2008

Equity value pre-leverage

Net debt

2008

Net debt/

EBITDA

Asset

Remarks

Stake

Assets in Santiago contributed in APC (a new vehicle equally controlled by SIAS and Atlantia)

Combined EV/EBITDA 22.4x

New vehicle to merge with Costanera (2)

Vespucio Sur 50% 25 201 8.0x

Red Vial Litoral Central 50% 4 62 15.5.x 262

Nororiente 100% n.a.(1) 125 n.m. (1)

Joint vehicle

SIAS / Atlantia

(3)

Costanera Norte 90%(4) 38 330 8.7x

  • Opened to traffic beginning of March 2009

  • 24.2x EV/EBITDA for Costanera Norte (EV/EBITDA multiple implied in the acquisition of the call option held by Impregilo Group on 10% of the share capital of Costanera Norte’s parent company, Autopista do Pacifico)

  • Inclusive of transaction costs

  • 45% stake held by SIAS and 45% stake held by Atlantia

28


Autostrada torino milano societa iniziative autostradali e servizi

Concession

start-end

Remarks

Tariff formula

Km

Vespucio Sur

Red Vial Litoral Central

Nororiente

  • Committed Governement subsidies

  • Possible 8 year concession extension (1)

  • Congestion pricing (2)

24

80

21

2002-2032

2001-2031

2009-2044

100% CPI + 3.5%

100% CPI

100% CPI + 3.5%

  • Minimum guaranteed income

  • Committed Governement subsidies

  • Minimum guaranteed income

  • Committed Governement subsidies

INTERNATIONAL DEVELOPMENT: CHILE

  • Alternative to the reimbursement by the Ministry of Public Works at the end of the concession (with matured interests) of the extra cost incurred during construction

  • Tariffs may double when average speed is below 70 km/hour and may triple when average speed is below 50 km/hour

29


Autostrada torino milano societa iniziative autostradali e servizi

  • GROUP STRUCTURE

  • FINANCIAL RESULTS

  • TARIFF INCREASES AND INVESTMENT PLAN

  • INTERNATIONAL DEVELOPMENT – CHILE

  • CONCLUSION

30


Autostrada torino milano societa iniziative autostradali e servizi

TRAFFIC RELATIVELY RESILIENT TO ECONOMIC SLOWDOWN

TARIFF INCREASES LINKED TO THE SIGNIFICANT ONGOING INVESTMENT PLAN (AND TO 70% OF THE “ACTUAL” INFLATION RATE FOR THE RECENTLY RENEGOTIATED CONCESSION AGREEMENTS)

OPERATIONS

FINALLY, THE “NEW” CONCESSION AGREEMENTS FULLY DISPLAYED THE EFFECTS [e.g. TARIFF INCREASES]

NO LONGER COMPULSORY TO TENDER OUT WORKS UP TO 60% OF TOTAL VALUE (ART. 29 OF LAW DECREE NO. 207/2008)

REGULATION

FOCUS ON FEW SELECTED OPPORTUNITIES WITH LIMITED EQUITY COMMITMENT

INVOLVEMENT OF OTHER PARTNERS IN ACQUISITIONS OF NON MATURE OR HIGHLY LEVERED ASSETS

INTERNATIONAL

DEVELOPMENT

STABLE PAY-OUT DESPITE INVESTMENTS’ PEAK

DIVIDEND POLICY

FINANCIAL

STRATEGY

LARGE SAFETY MARGIN IN TERM OF RE-FINANCING

ACCESS TO LONG-TERM SOURCES OF FUNDING [e.g. EIB and CDP]

CONCLUSION

31


Autostrada torino milano societa iniziative autostradali e servizi

Disclaimer

THIS DOCUMENT HAS BEEN PREPARED BY ASTM S.P.A. AND SIAS S.P.A. (THE “COMPANIES”) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES.

THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANIES NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT. THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON.

THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE PRESENTATION MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANIES’ BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES AND PROJECTIONS, AND PROJECTS. HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANIES’ ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. THEREFORE, YOU SHOUD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS.

32


Autostrada torino milano societa iniziative autostradali e servizi

www.autostradatomi.it

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