April 2008 AUTOSTRADA TORINO – MILANO SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI GAVIO GROUP.
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Transcript of April 2008 AUTOSTRADA TORINO – MILANO SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI GAVIO GROUP.
April 2008April 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.
51,15%
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%
0,07%
100%
0,5%
Pavimental
26,45%
18,0%
11,14%
SINELEC
96,2%
(Costanera
45,0%
25,44%
2,17%
Market
Asti-CuneoAsti-Cuneo
65,0%(ITINERA 5%)
OWNERSHIP STRUCTUREHolding companies
5
TREASURY STOCKS
ASSICURAZIONI GENERALI GROUP
FREE FLOAT
GAVIO GROUP51,15%
29,01%
10,05%
0,78%
5,01%
FONDAZIONE CR-TO4,00%
LAZARD ASSET MANAGEMENT LLC.
ASSICURAZIONI GENERALI GROUP
5,59%
FREE FLOAT16,52%
GAVIO GROUP74,56%
3,33%
LAZARD ASSET MANAGEMENT LLC
SIAS’ ownership structure is calculated on the “new” share capital (227,5 million shares)
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
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64
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32
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35
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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 1.295,11.295,1
(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.
130,3130,3167,7167,7163,7163,7
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) According to the agreement signed, the concession has been extended to 2031(2) 23,5 yrs. starting from the completion of the infrastructure
SALT
ADF
CISA
ASTI CUNEO
COSTANERA NORTE (Chile)
Concession expiryConcession expiry
2019
2021
2010
-
2033
(1)
SIAS Group motorway concessions (cont’d)
(2)
(1) For the SIAS Group, the financial results refer to the “pro-forma” consolidated financial statements as at 31 December 2007
12
SIAS GROUP: comparison with main European players
SIAS Atlantia Abertis
2026 2037 2026
1.295 3.408 3.350
812 3.272 3.620 1.025
477 2.068 2.269 59% 63,2% 62,7%
315 1.643 n.av. 39,0% 50,2% n.av.
170 694 682 (26) 21,0% 2,1% 18,8%
1.478 4.010 5.020 1.691 1.323 9.241 12.873 9.572
2,8x 4,5x 5,7x
Average expiry of the motorway concessions
Network managed (km)
Key consolidated figures 2007
(€/mln )(1):
Revenues
Ebitda % on Revenues
Ebit % on Revenues
Net Income% on Revenues
EquityNet debt
D/EbitdaD/E 0,9x 2,3x 2,6x
Cintra
2040
2.481
694 67,7%
508 49,6%
n.a.
1.280
13,8x 7,5x
BRISA
2032
1.063
647
460 71,1%
289 43,4%
259 40,0%
3.208
7,0x 1,9x
(1) Source: Equity research, Factset as of March 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
REVENUES:
31/12/2007“Pro-forma
ASTM 2007 & 2006 – “PRO-FORMA” RESULTSASTM 2007 & 2006 – “PRO-FORMA” RESULTS
TOTAL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
71410132759
823
(445)112
49060%
4494
(167)327(14)
(112)(89)112
3361.1481.565
3361.1481.565
(Eu mn)
16
OPERATING CASH-FLOWNET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
OPERATING CASH-FLOWNET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
(1)(1)
(1) Loans guaranteed by the Government: 25 Eu mn
- REVENUES FROM MOTORWAYS SECTOR - REVENUES FROM CONSTRUCTION SECTOR - REVENUES FROM ENGINEERING SECTOR - REVENUES FROM TECHNOLOGICAL SECTOR - OTHER REVENUES
OPERATING COSTS
EBITDAEBITDA margin
EBITDA “adjusted”
EBIT
NET INCOME
NON RECURRING ITEM
AMORTISATION & DEPRECIATION
FINANCIAL RESULTINCOME TAXESMINORITY INTERESTS
31/12/2006“Pro-forma
69310121758
787
(430)122
47961%
2481
(150)331(16)
(120)(86)109
3321.000 1.431
3321.000 1.431
17
CONSTRUCTION SECTOR
92%92%
MOTORWAY SECTOR
ASTM – 2007 “PRO-FORMA”EBITDA BY SECTOR
3%3% 3%3%TECHNOLOGICAL SECTOR
ENGINEERING SECTOR 2%2%
18
ASTM 2007 & 2006 “PRO-FORMA” BALANCE SHEET(Eu mn)
LIABILITIES
1.239 1.171
1.148
1.560 1.666
1.000
Shareholders'Equity
Net FinancialIndebtedness
Other liabilities
ASSETS
392 401
468
2.882 3.116
525
Tangible &Intangible Assets
Non currentFinancial Assets
Other Assets
8%
15%
7%
2006Pro-forma
2006Pro-forma20072007 2007
DEBT/EQUITY
DEBT/EBITDA
31/12/2006 31/12/2007
0,6
2,1
0,7
2,3
REVENUES:
31/12/2007“Pro-forma
SIAS 2007 & 2006 – “PRO-FORMA” RESULTSSIAS 2007 & 2006 – “PRO-FORMA” RESULTS
TOTAL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
71411
-2760
812
(417)82
47759%
3480
(165)315(13)
(104)(28)170
3321.3231.740
3321.3231.740
(Eu mn)
19
OPERATING CASH-FLOWNET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
OPERATING CASH-FLOWNET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
(1)(1)
(1) Loans guaranteed by the Government: 25 Eu mn
- REVENUES FROM MOTORWAYS SECTOR - REVENUES FROM CONSTRUCTION SECTOR - REVENUES FROM ENGINEERING SECTOR - REVENUES FROM TECHNOLOGICAL SECTOR - OTHER REVENUES
OPERATING COSTS
EBITDAEBITDA margin
EBITDA “adjusted”
EBIT
NET INCOME
NON RECURRING ITEM
AMORTISATION & DEPRECIATION
FINANCIAL RESULTINCOME TAXESMINORITY INTERESTS
31/12/2006“Pro-forma
6936-
1859
776
(402)92
46660%
1467
(149)318(22)
(111)(30)155
3211.171 1.602
3211.171 1.602
20
CONSTRUCTION SECTOR
94%94%
MOTORWAY SECTOR
SIAS 2007 “PRO-FORMA” EBITDA BY SECTOR
AUTOCISA
3%3%TECHNOLOGICAL SECTOR
15,6
5,6
5,6
14,818,1
11
23,7
3%3%
(1)
(1) ATIVA is consolidated on a “proportional basis” (41,17%)
A4 Stretch
A21 Stretch
21
SIAS 2007 & 2006 “PRO-FORMA” BALANCE SHEET(Eu mn)
LIABILITIES
1.180 1.124
1.323
1.376 1.478
1.171
Shareholders'Equity
Net FinancialIndebtedness
Other liabilities
ASSETS
376 390
446
2.854 3.089
497
Tangible &Intangible Assets
Non currentFinancial Assets
Other Assets
8%
13%
7%
2006Pro-forma
2006Pro-forma20072007 2007
DEBT/EQUITY
DEBT/EBITDA
31/12/2006 31/12/2007
0,9
2,5
0,9
2,8
22
SIAS ANALIYSIS OF THE 2007 “PRO-FORMA” CONSOLIDATED RESULTS
EBITDA 2007 FCF 1Net CF
2007 FCF 2Financial expenses,
taxes
Maintenance Capex Dividends
€ 477m
(€ 117m)
€ 360m
(€ 78m)
€ 282m
(€ 75m)
€ 207m
Strong cash flow generation
+8,1% VS. 2006
ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds)
SIAS - BOND
INTEREST: 2,625%
CONVERSION RIGHT:
23
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%)
24
REGULATION
GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
25
ASTM & SIAS GROUP - INVESTMENT PLAN
ATIVA 0,15
(1) Expected amount from 2008 onwards(2) The effectiveness of the concession agreements is subject to the completion of the “authorization process”, still in progress
The amont of additional investments on SAV are negligible
(1) Expected amount from 2008 onwards(2) The effectiveness of the concession agreements is subject to the completion of the “authorization process”, still in progress
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 Plan
Approvedby
ANAS
To be approved by ANAS
(2)
(2)
Status of the Plan
Approvedby
ANAS
To be approved by ANAS
26
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) The effectiveness of the concession agreements is subject to the completion of the “authorization process”, still in progress(3) The concession is effective from 11 February, 2008(4) Expected Government contribution by 0,2 bn
Status of the Plan
Approvedby
ANAS
To be approved by ANAS
(2)
(3)(4)
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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