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GAVIO GROUP. AUTOSTRADA TORINO – MILANO GROUP SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI GROUP. June 2006. AGENDA. GROUP STRUCTURE. FINANCIAL RESULTS. REGULATION. GROWTH STRATEGY & VALUE DRIVERS. CONCLUSION. 2. GROUP STRUCTURE. FINANCIAL RESULTS. REGULATION.

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June 2006

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June 2006

GAVIO GROUP

AUTOSTRADA TORINO – MILANO GROUPSOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI GROUP

June 2006


June 2006

AGENDA

GROUP STRUCTURE

FINANCIAL RESULTS

REGULATION

GROWTH STRATEGY & VALUE DRIVERS

CONCLUSION

2


June 2006

GROUP STRUCTURE

FINANCIAL RESULTS

REGULATION

GROWTH STRATEGY & VALUE DRIVERS

CONCLUSION

3


June 2006

34,59%

56%

87,39%

96,17%

60,77%

5,56%

85,92%

84,36%

AUTOCISA

GROUP STRUCTURE

100%

99,87%

67,63%

95%

12,59%

36,5%

65%

36,98%

41,17%

Società Autostrada Asti-Cuneo S.p.A.

ABC Costruzioni

20,0%

70%

45% (*)

4

(*) Through ASA


June 2006

OWNERSHIP STRUCTUREHolding companies

0,11%

TREASURY STOCKS

2,13%

ADELPHI CAPITAL LLP

2,01%

LAZARD ASSET MANAGEMENT LLC.

3,17%

JP MORGAN CHASE & CO. CORPORATION

4,00%

FONDAZIONE CR-TO

5,53%

ASSICURAZIONI GENERALI GROUP

4,95%

ASSICURAZIONI GENERALI GROUP

FREE FLOAT

38,08%

36,13%

FREE FLOAT

50,85%

GAVIO GROUP

53,04%

GAVIO GROUP

5


June 2006

99,87

68

41

37

36

87

61

84

65

0,13

4

41

11

-

6

22

5

-

-

-

-

11

-

2

5

2

-

-

-

18

9

-

4

6

9

-

-

28

-

-

64

-

-

-

-

-

-

-

32

-

-

-

-

35

-

-

-

-

-

1

6

-

-

100

100

100

100

100

100

100

100

100

AUTOCISA

OWNERSHIP STRUCTUREMain motorway companies

PUBLIC AUTHORITIES

%

MUNICIPALITIES

PROVINCES

REGIONS

GROUP

OTHER

ANAS

OTHER

TOTAL

SUBSIDIARIES

Società Autostrada Asti-Cuneo S.p.A.

6


June 2006

S. BERNARDO

AOSTA

M. BIANCO

IVREA

MILANO

FREJUS

PIACENZA

TORINO

PARMA

ASTI

ALESSANDRIA

VOLTRI

SESTRI L.

CUNEO

SAVONA

LA SPEZIA

VIAREGGIO

VENTIMIGLIA

PISA

LUCCA

LIVORNO

ROSIGNANO M.

NETWORK MANAGED

Km.

SALT

ADF

CISA

ASTI-CUNEO

154,9

113,2

182,0

90,0

(1)

(2)

540,1

TOTAL

SUBSIDIARIES

EQUITY INVESTMENTS

Costanera Norte S.A. (through ASA) - Chile

Autostrada dei Fiori S.p.A.

Autostrada Ligure Toscana S.p.A.

Autocamionale della Cisa S.p.A.

Autostrada Asti-Cuneo S.p.A.

SIGNIFICANT INVESTMENTS

Milano Serravalle – Milano Tangenziali S.p.A.

Società Autostrada Tirrenica S.p.A.

(1)

(2)

Inclusive of 81 km stretch linking Parma to the Autostrada del Brennero (under construction)

Under construction

7


June 2006

S. BERNARDO

AOSTA

M. BIANCO

IVREA

MILANO

FREJUS

PIACENZA

TORINO

PARMA

ASTI

ALESSANDRIA

VOLTRI

SESTRI L.

CUNEO

SAVONA

LA SPEZIA

VIAREGGIO

VENTIMIGLIA

PISA

LUCCA

LIVORNO

ROSIGNANO M.

NETWORK MANAGED

Km.

SATAP

- Torino-Milano stretch

- Torino-Piacenza stretch

ATIVA

SAV

SITAF

127,0

167,7

163,7

59,5

94,0

611,9

TOTAL

SUBSIDIARIES

EQUITY INVESTMENTS

Autostrada Torino-Alessandria-Piacenza S.p.A

Autostrade Valdostane S.p.A.

Autostrada Torino-Ivrea-Valle d’Aosta S.p.A.

Società Italiana Traforo Autostradale del Frejus p. A.

Società Italiana Traforo del Gr.S.Bernardo S.p.A.

Road Link (A69) Holding Ltd (UK)

SIGNIFICANT INVESTMENTS

Milano Serravalle – Milano Tangenziali S.p.A.

8


June 2006

MILANO

FREJUS

PIACENZA

ROSIGNANO M.

NETWORK MANAGED

S. BERNARDO

SALT

ADF

CISA

ASTI-CUNEO

154,9

113,2

182,0

90,0

AOSTA

M. BIANCO

IVREA

(1)

(2)

TORINO

TOTAL (a)

540,1

PARMA

ASTI

ALESSANDRIA

Km.

VOLTRI

SESTRI L.

SATAP

- Torino-Milano stretch

- Torino-Piacenza stretch

ATIVA

SAV

SITAF

127,0

167,7

163,7

59,5

94,0

CUNEO

SAVONA

LA SPEZIA

VIAREGGIO

VENTIMIGLIA

PISA

LUCCA

LIVORNO

611,9

TOTAL (b)

TOTAL (a) + (b)

1.152

EQUITY INVESTMENTS

SUBSIDIARIES

Società Italiana Traforo Autostradale del Frejus p. A.

Società Italiana Traforo del Gr.S.Bernardo S.p.A.

Road Link (A69) Holding Ltd (UK)

Costanera Norte S.A. (through ASA) - Chile

Autostrada Torino-Alessandria-Piacenza S.p.A

Autostrade Valdostane S.p.A.

Autostrada Torino-Ivrea-Valle d’Aosta S.p.A.

Autostrada dei Fiori S.p.A.

Autostrada Ligure Toscana S.p.A.

Autocamionale della Cisa S.p.A.

SIGNIFICANT INVESTMENTS

Milano Serravalle – Milano Tangenziali S.p.A.

Società Autostrada Tirrenica S.p.A.

(1)

(2)

Inclusive of 81 km stretch linking Parma to the Autostrada del Brennero (under construction)

Under construction

9


June 2006

ASTM Group Subsidiaries

Concession expiry

SATAP (A 4 stretch)

SATAP (A 21 stretch)

ATIVA

SAV

SITAF

SITRASB

ROAD LINK HOLDING Ltd. (UK)

2026

2017

2016

2032

2050

2034

2026

GROUP MOTORWAY CONCESSIONS

10


June 2006

GROUP MOTORWAY CONCESSIONS

SIAS Group Subsidiaries

Concession expiry

SALT

ADF

CISA

ASTI CUNEO

COSTANERA NORTE (Chile)

2019

2021

2010

2033

2033

(1)

(1)The BoD of ANAS, on 20 February 2006, approved an extension to 2044

11


June 2006

FINANCIAL RESULTS

GROUP STRUCTURE

REGULATION

GROWTH STRATEGY & VALUE DRIVERS

CONCLUSION

12


June 2006

ASTM 2006 & 2005 - Q1 RESULTS - (IAS/IFRS)

(

Eu

mn

)

Q1 2006

Q1 2005

REVENUES:

73

18

5

6

- TOLL REVENUES

67

23

7

6

- REVENUES FROM CONSTRUCTION SECTOR

- REVENUES FROM ENGINEERING SECTOR

- OTHER REVENUES

TOTAL REVENUES

102

103

OPERATING COSTS

(83)

(77)

CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS

29

23

48

EBITDA

49

504

632

489

615

NET FINANCIAL INDEBTEDNESS

NET FINANCIAL INDEBTEDNESS

(Including the NPV of the “Central Guarantee Fund” debt)

(1)

(1)

(2)

(2)

(1)

(2)

Loans guaranteed by the Government: 31 Eu mn

As at 31/12/2005

13


June 2006

MOTORWAY SECTOR

89%

6%

5%

ENGINEERING & PLANNING

SECTOR

MAINTENANCE & CONSTRUCTIONSECTOR

ASTM – Q1 2006 EBITDA BY SECTOR

28%

A21 STRETCH

14%

11%

(1)

36%

A4 STRETCH

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

14


June 2006

450

400

350

300

2,41

2,36

2,34

250

2,15

200

150

0,68

0,68

100

0,63

0,57

50

0

DEBT / EQUITY (x)

NET FINANCIAL INDEBTEDNESS (Eu mn)

ASTM - NET FINANCIAL INDEBTEDNESS & LEVERAGE

(1)

489

3

410

372

2,5

321

1,2

0,8

0,4

0

31/12/2003

31/12/2004

31/12/2005

31/12/2002Pro forma

DEBT / EBITDA (x)

(1) Loans guaranteed by the Government: 58 Eu mn

15


June 2006

CAGR+ 67,3%

CAGR+ 4,3%

CAGR+ 13%

ASTM - FINANCIAL RESULTS(3 YEARS PERIOD)

(Eu mn)

Toll

Revenues

273

267

251

2004

2003

2005

203

E.B.I.T.D.A

191

159

2004

2005

2003

Operating

Cash - Flow

291

111

104

2004

2003

2005

16


June 2006

CAGR+ 60%

CAGR+ 30,8%

99

ASTM GROUP RESULTS (CONT’D)

(Eu mn)

Net ProfitGroup

254

100

2004

2003

2005

53

DividendsPaid

35

31

2003

2005

2004

17


June 2006

SIAS 2006 & 2005 - Q1 RESULTS - (IAS/IFRS)

(

Eu

mn

)

Q1 2006

Q1 2005

REVENUES:

77

6

1

7

- TOLL REVENUES

75

6

2

6

- REVENUES FROM TECHNICAL SECTOR

- REVENUES FROM CONSTRUCTION SECTOR

- OTHER REVENUES

TOTAL REVENUES

92

89

OPERATING COSTS

(61)

(56)

CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS

19

14

EBITDA

50

47

337

646

NET FINANCIAL INDEBTEDNESS

NET FINANCIAL INDEBTEDNESS

(Including the NPV of the “Central Guarantee Fund” debt)

287

600

(1)

(1)

(2)

(2)

(1)

(2)

Loans guaranteed by the Government: 43 Eu mn

As at 31/12/2005

18


June 2006

MOTORWAY SECTOR

92%

AUTOCISA

SIAS – Q1 2005 EBITDA BY SECTOR

32%

42%

18%

MAINTENANCE &

CONSTRUCTION SECTOR

TECHNOLOGICAL SECTOR

5%

3%

19


June 2006

2

1,6

1,21

1,2

1,16

1,14

0,8

0,75

0,4

0,37

0,66

0,37

0,20

0

31/12/2002

31/12/2003

31/12/2004

31/12/2005

NET FINANCIAL INDEBTEDNESS (Eu mn)

DEBT / EQUITY (x)

SIAS - NET FINANCIAL INDEBTEDNESS & LEVERAGE

(1)

400

337

300

287

230

200

129

100

0

DEBT / EBITDA (x)

(1) Loans guaranteed by the Government 56 Eu mn

20


June 2006

SIAS - BOND

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

BONDS HELD BY THE GAVIO GROUP: N° 20,3 millions (64%)

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

21


June 2006

CAGR+ 21,9%

CAGR+ 3,7%

CAGR+ 16,9%

SIAS - FINANCIAL RESULTS(3 YEARS PERIOD)

(Eu mn)

Toll

Revenues

345

338

321

2004

2003

2005

279

E.B.I.T.D.A

247

204

2004

2005

2003

Operating

Cash - Flow

229

154

149

2004

2003

2005

22


June 2006

CAGR+ 51,4%

CAGR+ 73,2%

SIAS - GROUP RESULTS (CONT’D)

(Eu mn)

133

Net ProfitGroup

69

58

2004

2003

2005

51

DividendsPaid

33

17

2003

2005

2004

23


June 2006

REGULATION

GROUP STRUCTURE

FINANCIAL RESULTS

GROWTH STRATEGY & VALUE DRIVERS

CONCLUSION

24


June 2006

(1) Calculated as a weighted average on 2005 “toll revenues”

(2) X factor was granted to SAV to cover both the previous and new investiments

(3) X factor related to the “new investments” would apply from January 1, 2007

ASTM GROUP - ANNUAL TARIFF CHANGE (1)

2006

2005

(%)

FORECASTED INFLATION RATE

FORECASTED INFLATION RATE

1,70

1,60

SAV INVESTMENTS(2)

1,43

1,43

NEW INVESTMENTS

-

- (3)

-0,90

-0,89

PRODUCTIVITY

QUALITY FACTOR

0,33

0,30

2,44

ANNUAL TARIFFCHANGE

2,56

25


June 2006

(1) Calculated as a weighted average on 2005 “toll revenues”

(2) X factor related to the “new investments” would apply from January 1,2007

SIAS GROUP - ANNUAL TARIFF CHANGE (1)

2006

2005

(%)

FORECASTED INFLATION RATE

1,70

1,60

NEW INVESTMENTS

-

- (2)

-0,89

-0,90

PRODUCTIVITY

QUALITY FACTOR

0,65

0,78

1,58

1,36

ANNUAL TARIFFCHANGE

26


June 2006

ASTM GROUP - INVESTMENT PLAN

Status of the Plan

Investments Plan (1)

Terminal value (2)

To be approved by ANAS

Approved

by

ANAS

(Eu mn)

635

259

SATAP: A4 Stretch

A21 Stretch

894

350

a

a

194

218

ATIVA

50

-

a

SAV

(1) Expected amount from 2006 until the end of the concession agreements

(2) Terminal value on investments garanted - by the incoming concessionaire - upon expiry of the concession

agreement

27


June 2006

SIAS GROUP - INVESTMENT PLAN

Status of the Plan

Investments Plan (1)

Terminal value (2)

(Eu mn)

Approved by

ANAS

SALT

510

290

a

ADF

-

190

a

800

a

2.000

CISA

-

a

800

ASTI-CUNEO

(1) Expected amount from 2006 until the end of the concession agreements

(2) Terminal value on investments garanted - by the incoming concessionaire - upon expiry of the concession

agreement

28


June 2006

GROWTH STRATEGY & VALUE DRIVERS

GROUP STRUCTURE

FINANCIAL RESULTS

REGULATION

CONCLUSION

29


June 2006

POSITIVE TRACK RECORD OF MANAGEMENT IN IMPLEMENTING ITS STRATEGY

STRATEGY: WHAT WE HAVE DONE

OVER THE PAST SEVEN YEARS, THE GROUP:

became the second biggest motorway player in Italy

expanded the network from 127 km to 1.152 km

strengthened the Group network in the highly industrialised north of Italy

bidden - successfully - for new concessions abroad (i.e. Costanera-Chile)

30


June 2006

BID FOR THE “BRONI-PAVIA-MORTARA” STRETCH

CONCLUDE THE RENEGOTIATION OF THE “NEW” FINANCIAL PLANS

CARRY OUT THE “PARMA – BRENNERO MOTORWAY” PROJECT & “ASTI-CUNEO”

REDUCE MINORITIES THROUGH ACQUISITIONS(MAINLY FROM LOCAL PUBLIC AUTHORITIES)

STRATEGY: WHAT WE FORESEE

MOTORWAY SECTOR

31


June 2006

DEVELOP ENGINEERING & PLANNING ACTIVITIES(i.e. "HIGH SPEED TRAIN" PROJECT)

WIDEN TELECOM SERVICES (BY USING THE approx. 1000 KM FIBRE-OPTIC MODERN BACKBONE AND TRANSMITTERS FOR MOBILE TELEPHONE OPERATORS)

STRATEGY: WHAT WE FORESEE

OTHER SECTORS

...WITHOUT FORGETTING POTENTIAL FROM DIVERSIFICATION IN OTHER "SIDE" BUSINESS AREAS (i.e. LOGISTICS, HARBOURS)

32


June 2006

4.5%

3.5%

2.5%

1.5%

0.5%

-0.5%

-1.5%

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

GDP

TOTAL TRAFFIC ON MOTORWAYS

VALUE DRIVERS: TRAFFIC GROWTH

TRAFFIC TREND HISTORICALLY OUTPERFORMED GDP GROWTH EVEN IN RECESSION YEARS

2006

33


June 2006

ENVISAGED SITUATION( within 4 yrs )

CURRENT SITUATION

VIACARDS & TELEPASS

CASH

60%

CASH

15-20%

30%

2%

8%

80-85%

FAST PAY

CREDIT CARDS

AUTOMATED TOLLPAYMENTS

AUTOMATED TOLL PAYMENTS

70%

VALUE DRIVERS: AUTOMATED TOLL PAYMENT SYSTEMS

34


June 2006

7,0

33,0

6,0

29,0

2006(forecast)

4,0

19,5

2005

2004

VALUE DRIVERS: SUB - CONCESSION AGREEMENTS (Eu mn)

EBITDAincreases withoutadditional costs

ROYALTIES FROM PETROL STATIONS & RESTAURANTS

OTHER ROYALTIES (TELECOMS, ADVERTISING, … )

35


June 2006

CONCLUSION

GROUP STRUCTURE

FINANCIAL RESULTS

REGULATION

GROWTH STRATEGY & VALUE DRIVERS

36


June 2006

CONCLUSION

Long term viewof the business,dedicatedmanagement

Value creation through lasting, experienced motorway know-how and operating efficiency

Conservative financial profile and balancedgrowth strategy (also abroad)

No competition from other transportation systems

Growing opportunities arising from the “new” stretches

Substainableprofitabilitygrowth rates

37


June 2006

www.autostradatomi.it

www.grupposias.it

38


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