september 2008 autostrada torino – milano societa iniziative autostradali e servizi gavio group
TRANSCRIPT
September 2008September 2008
AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI
GAVIO GROUPGAVIO GROUP
2
AGENDA
REGULATION
GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
3
REGULATION
GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
4
Current Group Structure (after the Re-organization)
Motorway Concessions Technological and tlc services towards motorway concession companies
Holding Companies Engineering, planning and infrastructure/maintenance
Costruction, planning, services, other (Non consolidated)
ASTM S.p.A.
Aurelia S.p.A. / Argo Finanziaria S.p.A.
53,14%
SIAS S.p.A.
SATAP
SAVATIVA
Road Link Holdings (UK)
65,1%41,2%
99,9%
ITINERA+Grassetto
Lavori
40,3%
Holding Piemonte e
Valle d'Aosta
20,0%
SITRASB
36,5%
SALTCISA
ADF
84,4% 87,4%
60,8%(40,0%)
CODELFA
50,0%
SITAF
36,5%
6,2%
1,1%
59,7%
100%
Pavimental
ASA(Costanera Norte - Cile)
45,0%
Market
Motorway Concessions Technological and tlc services towards motorway concession companies
Holding Companies Engineering, planning and infrastructure/maintenance
Costruction, planning, services, other (Non consolidated)
ASTM S.p.A.
Argo Finanziaria S.p.A.
SIAS S.p.A.
63,42%(SINA 1,72%)
SATAP
SAVATIVA
Road Link
65,1%41,2%
99,9%
Itinera
SINECOSINA
82,0%
Piemonte e
20,0%
99,5%
SITRASB
36,5%
SALTCISA
ADF
84,4% 87,4%
60,8%
SSAT
60,0%
+ ARGO
CODELFA
50,0%
SITAF
6,2%59,7%
0,08%
100%
0,5%
Pavimental
26,45%
18,0%
10,11%
SINELEC
96,2%
(Costanera
45,0%
26,47%
2,17%
Market
Asti-CuneoAsti-Cuneo
65,0%(ITINERA 5%)
OWNERSHIP STRUCTUREHolding companies
5
TREASURY STOCKS
ASSICURAZIONI GENERALI GROUP
FREE FLOAT
GAVIO GROUP53,14%
21,94%
10,09%
2,66%
5,01%
FONDAZIONE CR-TO
2,04%
LAZARD ASSETMANAGEMENT LLC.
ASSICURAZIONI GENERALI GROUP
5,59%
FREE FLOAT17,20%
GAVIO GROUP73,53%
3,68%
LAZARD ASSET MANAGEMENT LLC
2,59%2,53% GOLDMAN SACHS INTERN. LTD
HSBC BANK PERNSION TRUST LTD
OWNERSHIP STRUCTUREMain motorway companies
AUTOCISA
%
PUBLIC AUTHORITIES
GROUP
MUNICIP
ALITIE
S
OTHER
PROVINCES
REGIONS
ANAS
OTHER
TOTAL
6
99,87
68
41
37
36
87
61
84
65
-
-
-
11
-
2
5
2
-
-
-
18
9
-
4
6
9
-
-
28
-
-
64
-
-
-
-
-
-
-
32
-
-
-
-
35
-
-
-
-
-
1
6
-
-
100
100
100
100
100
100
100
100
100
0,13
4
41
11
-
6
22
5
-
SUBSIDIARIES
Società Autostrada Asti-Cuneo S.p.A.
Group Re-organization - Effects
7
IMPROVED VISIBILITY OF EACH OF THE BUSINESS LINES RUN BY THE GROUP
CONCENTRATED THE MOTORWAY BUSINESS IN SIAS TO FAVOUR THE OPTIMAL MANAGEMENT OF THE FINANCIAL RESOURCES AMONG THE VARIOUS CONCESSIONS
INCREASED THE CRITICAL MASS OF THE MOTORWAY BUSINESS
GOT A BOOK VALUE OF THE INVESTED CAPITAL CLOSER TO MARKET VALUE
OPTIMISED FINANCIAL RATIOS (ALSO IN VIEW OF BEING RATED BY AN INTERNATIONAL RATING AGENCIES)
INCREASED THE SIAS’ PERSPECTIVE FREE-FLOAT AND LIQUIDITY
8
Group Re-organization – Key points
Following the completion of the 1st phase of the Reorganization, the Group structure features:
a listed holding company (ASTM) - diversified and geared towards growth in the engineering, planning and infrastructure/maintenance sectors, as well as, in the future, in other related sectors to be identified on the basis of market opportunities - with a straightforward valuation as SIAS’s upside will be easily reflected in ASTM’s NAV;
a listed sub-holding company (SIAS), that became a stronger motorway player (approx. 1,200 km network managed), freshly poised to exploit growth opportunities both in Italy and on the international arena (also via JV). The financial structure of the “new” SIAS leaves scope for further value-enhancing re-leverage.
SAVONASAVONA
VENTIMIGLIA
M. BIANCOIVREAIVREA
TORINOTORINO
VOLTRIVOLTRI SESTRI L.SESTRI L.
PARMAPARMA
LA SPEZIAVIAREGGIO
PISA LUCCALUCCALIVORNO
ASTIASTI
CUNEOCUNEO
AOSTAAOSTA
S. BERNARDO
MILANOMILANO
FREJUSPIACENZAPIACENZA
ROSIGNANO M.
ALESSANDRIAALESSANDRIA
TOTAL TOTAL 1.287,21.287,2
(1)(2)(3)
Inclusive of the planned 81 km stretch linking Parma to the Autostrada del BrenneroUnder constructionCostanera Norte S.A. (through ASA) - Chile
Società Italiana Traforo Autostradale del Frejus p. A.Società Italiana Traforo del Gr.S.Bernardo S.p.A.Road Link (A69) Holding Ltd - UKCostanera Norte S.A. - Chile (through ASA)
EQUITY INVESTMENTSAutostrada Torino-Alessandria-Piacenza S.p.A Autostrade Valdostane S.p.A.Autostrada Torino-Ivrea-Valle d’Aosta S.p.A.
SUBSIDIARIES
SIGNIFICANT INVESTMENTSMilano Serravalle – Milano Tangenziali S.p.A.
Autostrada dei Fiori S.p.A.Autostrada Ligure Toscana S.p.A.Autocamionale della Cisa S.p.A.
Società Autostrada Tirrenica S.p.A.
9
Km.Km.
130,3130,3167,7167,7155,8155,8
59,559,594,094,012,812,884,084,0
SATAPSATAP - Torino-Milano stretch- Torino-Milano stretch - Torino-Piacenza stretch- Torino-Piacenza stretchATIVAATIVASAVSAVSITAFSITAFSITRASBSITRASBROAD LINK (A69)ROAD LINK (A69)
154,9154,9113,2113,2182,0182,0
90,090,043,043,0
SALTSALTADFADFCISACISAASTI-CUNEOASTI-CUNEOCOSTANERA NORTE S.A.COSTANERA NORTE S.A.
Current network managed by the SIAS Group
(1)
(2)
(3)
SIAS Group motorway concessions
10
SATAP (A 4 stretch)
SATAP (A 21 stretch)
ATIVA
SAV
SITAF
SITRASB
ROAD LINK HOLDING Ltd. (UK)
Concession expiryConcession expiry
2026
2017
2016
2032
2050
2034
2026
11(1) 23,5 yrs. starting from the completion of the infrastructure
SALT
ADF
CISA
ASTI CUNEO
COSTANERA NORTE (Chile)
Concession expiryConcession expiry
2019
2021
2031
-
2033
SIAS Group motorway concessions (cont’d)
(1)
12
SIAS GROUP: comparison with main European players
SIAS Atlantia Abertis
2026 2037 2026
1.287 3.413 3.350
386 1.673 1.777 516
223 1.043 1.111 58% 62,4% 62,5%
128 822 717 33% 49,1% 40,3%
48 367 331 (51) 12% 22% 18,6%
1.475 4.110 5.007 1.534 1.400 9.375 12.999 9.497
Average expiry of the motorway concessions
Network managed (km)
Key consolidated figures 1H 2008
(€/mln):
Revenues
Ebitda % on Revenues
Ebit % on Revenues
Net Income% on Revenues
EquityNet debt
D/E 0,9x 2,3x 2,6x
Cintra
2040
2.481
346 67,1%
253 49%
n.s.
n.av.
n.av.
BRISA
2032
1.063
319
217 68%
118 37%
52 16%
3.640
2,4x
(1) Source: Equity research, Factset as of May 2008 13
SIAS GROUP: comparison with main European players(1) (cont’d)
SIAS Atlantia Abertis Cintra BRISA
2.017
3.802
11.411 13.017 4.744 5.415
6,1X
20.842 23.825 13.513
14,8X
7.768
Equity value (€/mn)
Enterprise value – EV (€/mn)
EV/EBITDA (2008 E) 9,1X 9,2X 14,7X
14
SIAS GROUP: comparison with main European players (cont’d)
3.802
20.842
23.825
13.513
7.768
0
5.000
10.000
15.000
20.000
25.000
30.000
SIAS ATLANTIA ABERTIS CINTRA BRISA
5,0x
9,0x
11,0x
13,0x
15,0x
7,0x
Enterprise Value (EV)
EV/EBITDA 2008E
Source: Equity Research, Factset as of March 2008
14,8x14,7x
9,2x9,1x
6,1x
3.802
20.842
23.825
13.513
7.768
0
5.000
10.000
15.000
20.000
25.000
30.000
SIAS ATLANTIA ABERTIS CINTRA BRISA
5,0x
9,0x
11,0x
13,0x
15,0x
7,0x
14,8x14,7x
9,2x9,1x
6,1x
15
REGULATION
GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
ASTM - 6 MONTHS RESULTS 2008 & 2007 “Pro-forma” (IAS/IFRS)
(Eu mn)
16
REVENUES:
30/06/2008
- REVENUES FROM ENGINEERING SECTOR
TOTAL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
351
1
4
7
27
390390(205)(205)
4242
403403(215)(215)
54
1.2941.6611.2941.661
NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
- REVENUES FROM CONSTRUCTION SECTOR
- OTHER REVENUES
- TOLL REVENUES
OPERATING COSTS
346
6
6
15
30
EBITDAEBITDA
30/06/2007
227227 242242
“Pro-forma”
- REVENUES FROM TECHNOLOGICAL SECTOR
1.1481.5651.1481.565
30/06/2008 31/12/2007
17
CONSTRUCTION SECTOR
95%95%
MOTORWAY SECTOR
ASTM – 1st HALF 2008 EBITDA BY SECTOR
1%1% 2%2%TECHNOLOGICAL SECTOR
ENGINEERING SECTOR 2%2%
18
ASTM - BALANCE SHEET(Eu mn)
LIABILITIES
1.171 1.107
1.294
1.666 1.649
1.148
Shareholders'Equity
Net FinancialIndebtedness
Other liabilities
ASSETS
401 425
451
3.116 3.174
468
Tangible &Intangible Assets
Non currentFinancial Assets
Other Assets
2%
12,7%
2007 20071H 2008 1H 2008
DEBT/EQUITY
31/12/2007 30/06/2008
0,7 0,8
SIAS - 6 MONTHS RESULTS 2008 & 2007 “Pro-forma” (IAS/IFRS) (Eu mn)
19
REVENUES:
- REVENUES FROM TECHNOLOGICAL SECTOR
TOTAL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
351
1
7
27
386386
(190)(190)
2727
397397
(200)(200)
30
1.4001.7681.4001.768
NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
- REVENUES FROM CONSTRUCTION and ENGINEERING SECTORS
- OTHER REVENUES
- TOLL REVENUES
OPERATING COSTS
346
6
15
30
EBITDAEBITDA 223223 237237
“Pro-forma”
1.3231.7401.3231.740
30/06/2008 30/06/2007
30/06/2008 31/12/2007
20
CONSTRUCTION & ENGINEERING SECTORS
97%97%MOTORWAY
SECTOR
SIAS 1st HALF 2008 EBITDA BY SECTOR
AUTOCISA
1%1%TECHNOLOGICAL SECTOR
17%
7%6%
17%18%
10%
25%
2%2%
(1)
(1) ATIVA is consolidated on a “proportional basis” (41,17%)
A4 Stretch
A21 Stretch
21
SIAS - BALANCE SHEET(Eu mn)
LIABILITIES
1.124 1.099
1.408
1.478 1.475
1.323
Shareholders'Equity
Net FinancialIndebtedness
Other liabilities
ASSETS
390 407
424
3.089 3.143
446
Tangible &Intangible Assets
Non currentFinancial Assets
Other Assets5,8%
2007 20071H 2008 1H 2008
DEBT/EQUITY
31/12/2007 30/06/2008
0,9 0,9
ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds)
SIAS - BOND
INTEREST: 2,625%
CONVERSION RIGHT:
22
PAR VALUE: 10,50 Eu
DURATION: 12 yrs (2005 – 2017)
• FROM THE END OF THE 5TH YEAR
• 1:1 AT PAR
BONDS HELD BY THE GAVIO GROUP: N° 9,9 millions (31%)
23
REGULATION
GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
24
ASTM & SIAS GROUP - INVESTMENT PLAN
ATIVA 0,15
(1) Expected amount from 2008 onwards
The amont of additional investments on SAV are negligible
(1) Expected amount from 2008 onwards
The amont of additional investments on SAV are negligible
Investments Plan (1)
SATAP: A4 Stretch A21 Stretch
0,80,2
(Eu bn)
1,0
Status of the Concession/Financial Plan
ApprovedCurrently
under negotiation
25
ASTM & SIAS GROUP - INVESTMENT PLAN
CISA 2,0
ASTI-CUNEO 1,0
Investments Plan (1)
ADF
(Eu bn)
0,2
0,3SALT
(1) Expected amount from 2008 onwards(2) Expected Government contribution by 0,2 bn
(2)
ApprovedCurrently
under negotiation
Status of the Concession/Financial Plan
26
VALUE DRIVERS: TRAFFIC GROWTH
TOTAL TRAFFIC ON MOTORWAYSTOTAL TRAFFIC ON MOTORWAYS
2003200319971997 19981998 20042004 20052005 2006200619991999 20002000 20012001 20022002 20072007-1.5%
-0.5%
0.5%
1.5%
2.5%
3.5%
4.5%
TRAFFIC TREND HISTORICALLY OUTPERFORMED GDP GROWTH EVEN IN RECESSION YEARSTRAFFIC TREND HISTORICALLY OUTPERFORMED GDP GROWTH EVEN IN RECESSION YEARS
ITALIAN GDPITALIAN GDP
04/200804/2008
27
REGULATION
GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
CONCLUSION
28
Long term viewof the business,
dedicatedmanagement
No competition from other transportation
systems
Growing opportunities arising from the “new” stretches
Substainableprofitabilitygrowth rates
Conservative financial profile and balanced
growth strategy (also abroad)
Value creation through lasting,
experienced motorway know-how
and operating efficiency
29
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