slide1 n.
Skip this Video
Loading SlideShow in 5 Seconds..
June 2006 PowerPoint Presentation
Download Presentation
June 2006

Loading in 2 Seconds...

  share
play fullscreen
1 / 38
Download Presentation

June 2006 - PowerPoint PPT Presentation

rance
148 Views
Download Presentation

June 2006

- - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

  1. GAVIO GROUP AUTOSTRADA TORINO – MILANO GROUPSOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI GROUP June 2006

  2. AGENDA GROUP STRUCTURE FINANCIAL RESULTS REGULATION GROWTH STRATEGY & VALUE DRIVERS CONCLUSION 2

  3. GROUP STRUCTURE FINANCIAL RESULTS REGULATION GROWTH STRATEGY & VALUE DRIVERS CONCLUSION 3

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. FINANCIAL RESULTS GROUP STRUCTURE REGULATION GROWTH STRATEGY & VALUE DRIVERS CONCLUSION 12

  13. 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

  14. 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

  15. 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

  16. 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

  17. 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

  18. 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

  19. MOTORWAY SECTOR 92% AUTOCISA SIAS – Q1 2005 EBITDA BY SECTOR 32% 42% 18% MAINTENANCE & CONSTRUCTION SECTOR TECHNOLOGICAL SECTOR 5% 3% 19

  20. 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

  21. 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

  22. 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

  23. 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

  24. REGULATION GROUP STRUCTURE FINANCIAL RESULTS GROWTH STRATEGY & VALUE DRIVERS CONCLUSION 24

  25. (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

  26. (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

  27. 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

  28. 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

  29. GROWTH STRATEGY & VALUE DRIVERS GROUP STRUCTURE FINANCIAL RESULTS REGULATION CONCLUSION 29

  30. 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

  31. 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

  32. 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

  33. 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

  34. 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

  35. 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

  36. CONCLUSION GROUP STRUCTURE FINANCIAL RESULTS REGULATION GROWTH STRATEGY & VALUE DRIVERS 36

  37. 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

  38. www.autostradatomi.it www.grupposias.it 38