The Italian Highway System:A Public/Private Partnership
SIAS’ Highway Network
SAVONASAVONA
VENTIMIGLIA
M. BIANCOIVREAIVREA
TORINOTORINO
VOLTRIVOLTRI SESTRI L.SESTRI L.
LA SPEZIAVIAREGGIO
PISA LUCCALUCCALIVORNO
ASTIASTI
CUNEOCUNEO
AOSTAAOSTA
S. BERNARDO
MILANOMILANOFREJUS
PIACENZAPIACENZA
ROSIGNANO M.
Autostrada dei Fiori S.p.A. (ADF)Autostrada Ligure Toscana S.p.A. (SALT)
ALESSANDRIAALESSANDRIA PARMAPARMA
CIVITAVECCHIA
The SALT Highway General characteristics:
– Kms. 158
– 24 double tunnels + 5 single tunnel
– 214 bridges
– 10 service stations
– 12 toll stations
– 8 restaurants and recreational areas
– 2 tourist points
– 2 highway police stations
Concession: expires in July 2019
The AdF Highway General characteristics:
– Kms. 113
– 67 double tunnels
– 90 bridges
– 10 service stations
– 3 rest and recreational areas
– 1 tourist point
– 1 Highways Police station
– 14 toll stations
Concession: expires in November 2021
AdF Highway Toll Cost
car = 12.10 euros= $18.62
large truck = 34.50 euros = $53.08
Distance: Kms. 113
SALT’s Shareholders’ Structure SIAS: 84.03%
• Provincial Administration of Lucca: 3.00%
• City Council of Lucca: 3.00%
• SINA S.p.A.: 2.14%
• City Council of La Spezia: 1.80%
• Patroncini Giorgio Franco 1.27%
• Provincial Adminisration of La Spezia 1.00%
• Banca Monte dei Paschi di Siena S.p.A.: 0.94%
• Cassa di Risparmio di S. Miniato S.p.A.: 0.77%
• Chamber of Commerce of Genoa: 0.77%• GE.FI.MO. - A.B.P. SIM S.p.A. 0.42%
• Chamber of Commerce of La Spezia: 0.29%
• Chamber of Commerce of Lucca 0.23%
• Chamber of Commerce of Livorno: 0.20%
• Chamber of Commerce of Firenze: 0.07%
• Chamber of Commerce of Pisa: 0.03%
• Chamber of Commerce of Massa Carrara: 0.01%
• Chamber of Commerce of Arezzo: 0.01%
• Chamber of Commerce of Pistoia: 0.01%
• Chamber of Commerce of Grosseto: 0.01%
• Total: 100.00%
AdF Shareholders’ Structure SIAS: 59.113%
• Banca Carige S.p.A.: 16.620%
• Cassa di Risparmio di Savona S.p.A. 4.000%
• Provincial Administration of Imperia:3.735%
• Chamber of Commerce of Imperia: 2.819%
• Autostrada Albenga-Garessio-Ceva: 2.563%
• Provincial Administration of Savona: 1.945%
• Chamber of Commerce of Savona: 1.945%
• City Council of Savona: 1.725%
• City Council of Imperia: 1.426%
• Chamber of Commerce of Genova: 1.426%
• City Council of Sanremo: 1.362%
• Fondazione Cassa di Risparmio Cuneo: 0.900%
• Cassa di Risparmio di Asti S.p.A.: 0.400%
• City Council of Ventimiglia: 0.021%
• Total: 100.00%
SIAS Ownership Structure
Aurelia Group (Gavio family)
Assicurazioni Generali Group
Lazard Asset Management
Float (on the Italian stock exchange)
StakeStake
%
%
%
%
73.1
3.6
5.0
18.5
Concessionaries’ ObligationsOperate the highways under the terms established by ANAS—the governmental
roadway authority. These terms include:
• Undertake all needed expansions and improvements indicated in the concession agreement
• Ensure good maintenance of the highways, meet required safety standards and provide road-side assistance
• Adhere to the terms of the financial plan included in the concession agreement
• Provide periodical reporting to ANAS
• Pay 1% of the tolls collected to the Ministry of Economy and Finance, and 2% of royalties from services (e.g. restaurants, gas stations, etc.) to ANAS
• At the end of the concession agreement, return the highways to ANAS
in good operating condition and state of repair.
Concessionaries’ Rights
• Collect tolls calculated according to a price cap formula regulated by ANAS– the governmental roadway authority
• Collect royalties from sub-concessions for the use and operation of certain areas of the highways (such as service areas)
• Collect revenues from limited roadside advertising, in accordance with the terms of the law
The “Price Cap” Toll FormulaThe Price Cap formula has the following form:
T P - X + * Q
Where:
T = tariff
P = measure of price inflation (estimated by Ministry of Finance)
X = measure of cost-saving technological improvement (e.g. automation)
Β = quality adjustment factor (between 0 and 0.5)
Q = index which measures the quality of the highway services in terms the number of accidents, congestion, response time, services to users, visual appeal.
Trend of Traffic on Italian Highways1975-2000
Vehicles Km(billion)
Calculated on Km 5,371 of highways in operation
Source: www.aiscat.it
Traffic and GDP Growth, 1992-2002
1999199919921992 19931993 19941994 20002000 20012001 2002200219951995 19961996 19971997 19981998
TOTAL TRAFFICIN ITALY
TOTAL TRAFFICIN ITALY
GDPGDP TOTAL TRAFFIC ON SIAS NETWORK
TOTAL TRAFFIC ON SIAS NETWORK
-1.5%
-0.5%
0.5%
1.5%
2.5%
3.5%
4.5%
5.5%
SIAS Stock Market Performance
SIAS S.p.A. MIB 30 (Italian Stock Index)
Italian highway data 2001-2009:http://www.aiscat.it/pubblicazioni/downloads/aiscat-cifre-2009.pdfpages 8-9
SIAS and MIB stock data 2006-2011:http://www.borsaitaliana.it/borsa/azioni/grafico.html?isin=IT0003201198&lang=it
Recent Highway and SIAS Data
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