january 2007 autostrada torino – milano group societa iniziative autostradali e servizi group...
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January 2007January 2007
AUTOSTRADA TORINO – MILANO GROUPSOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI GROUPAUTOSTRADA TORINO – MILANO GROUPSOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI GROUP
GAVIO GROUPGAVIO GROUP
2
AGENDA
GROUP STRUCTURE & RE-ORGANIZATION PROGRAMME
FINANCIAL RESULTS
GROWTH STRATEGY & VALUE DRIVERS
CONCLUSION
3
GROUP STRUCTURE & RE-ORGANIZATION PROGRAMME
FINANCIAL RESULTS
GROWTH STRATEGY & VALUE DRIVERS
CONCLUSION
4
CURRENT GROUP STRUCTURE
Motorway Concessions
Holding Companies
Construction, planning, services, other (Non consolidated)
Technological and tlc services towards motorway concession companies
Engineering, planning and infrastructure/maintenance
ASTM S.p.A.
50,5%
SIAS S.p.A.
18,3%
34,7%
SITRASB
SAV ATIVASITAF
65,1% 41,2%36,5% 99,9%
ITINERA + GRASSETTO
LAVORI
40,3%
SINASINECO
94,4%
- SATAP (27%)- SAV (9%)- SALT (5%)- ADF (5%)
Road LinkHoldings (UK)
20,0%
36,0%
SATAP
36,5%
SALT CISA
ADF
84,4%87,4%
60,8%
SSAT
56,0%
- ARGO (40,0%)
CODELFA
50,0%
6,2% 1,1%
5,1%
0,03%
Pavimental25,9%
18,0% 59,7%
Aurelia S.p.A. / Argo Finanziaria S.p.A.
SINELEC
96,2%
ASA(Costanera Norte - Cile)
45,0%
GROUP RE-ORGANIZATIONMain Transactions
5
(1)(2)
(3)
Dedicated share capital increase of SIAS to fund the dealA separate newco (HPVdA) will be established – in SIAS – to concentrate the motorway companies located in the North-Western Piedmont and Aosta ValleySALT and ADF
ENGINEERING AND INFRASTRUCTURE/MAINTENANCE SECTORS TO STAY IN ENGINEERING AND INFRASTRUCTURE/MAINTENANCE SECTORS TO STAY IN ASTM:ASTM:
ASTM TO TRANSFERS MOTORWAY CONCESSIONS TO SIAS:ASTM TO TRANSFERS MOTORWAY CONCESSIONS TO SIAS:
ASTM SIAS
Transfers: 99,9% SATAP
20,0% Road Link
Sells: 41,2% ATIVA 36,5% SITAF (+ No.228,273 convertible bonds)
65,1% SAV
(1)
(2)
ASTM
Sells: 9% SINECOSAV
(3)
Sells: 10% SINECOSIAS
SATAP Sells: 5,1% SINA 27% SINECO
No. 9,8 millions SIAS’s convertible bonds (31%)
6
GROUP STRUCTURE AFTER THE RE-ORGANIZATION
*To the extent that the present referring shareholder could mantain – directly and/or indirectly – the control of the share capital majority
Motorway Concessions Technological and tlc services towards motorway concession companies
Holding Companies Engineering, planning and infrastructure/maintenance
Costruction, planning, services, other (Non consolidated) Other activities
ASTM S.p.A.
Aurelia S.p.A. / Argo Finanziaria S.p.A.
50,5%
SIAS S.p.A.
To be defined *
SATAP
SAVATIVA
Road Link Holdings (UK)
65,1%41,2%
99,9%
ITINERA+Grassetto
Lavori
40,3%
SINASINECO
99,5%
Holding Piemonte e
Valle d'Aosta
20,0% 82,0%
SITRASB
36,5%
SALTCISA
ADF
84,4% 87,4%
60,8%
SSAT
56,0%
- ARGO (40,0%)
CODELFA
50,0%
SITAF
36,5%
6,2%1,1%
59,7%
0,03%
100%
- SIAS (0,5%)
Pavimental
25,9%
18,0%
To be defined *
SINELEC
96,2%
ASA(Costanera Norte - Cile)
45,0%
Other activities
Market
40-45%
To the extent that the present referring shareholder could mantain – directly and/or indirectly – the control of the share capital majority
Motorway Concessions Technological and tlc services towards motorway concession companies
Holding Companies Engineering, planning and infrastructure/maintenance
Costruction, planning, services, other (Non consolidated) Other activities
ASTM S.p.A.
Argo Finanziaria S.p.A.
SIAS S.p.A.
To be defined *
SATAP
SAVATIVA
Road Link
65,1%41,2%
99,9%
Grassetto
40,3%
SINASINECO
99,5%
Piemonte e
20,0% 82,0%
SITRASB
36,5%
SALTCISA
ADF
84,4% 87,4%
60,8%
SSAT
56,0%
- ARGO
CODELFA
50,0%
SITAF
36,5%
6,2%1,1%
59,7%
0,03%
100%
(0,5%)
Pavimental
25,9%
18,0%
To be defined *
SINELEC
96,2%
(Costanera
45,0%
Other activities
Market
40-45%
GROUP RE-ORGANIZATION - RATIONALE
7
IMPROVING VISIBILITY OF EACH OF THE BUSINESS LINES RUN BY THE GROUP
CONCENTRATING THE MOTORWAY BUSINESS IN SIAS TO FAVOUR THE OPTIMAL MANAGEMENT OF THE FINANCIAL RESOURCES RESOURCES AMONG THE VARIOUS CONCESSIONS
INCREASING THE CRITICAL MASS OF THE MOTORWAY BUSINESS
GETTING A BOOK VALUE OF THE INVESTED CAPITAL CLOSER TO MARKET VALUE
OPTIMISING FINANCIAL RATIOS (ALSO IN VIEW OF BEING RATED BY INTERNATIONAL RATING AGENCIES)
INCREASING SIAS’ FREE-FLOAT AND LIQUIDITY
8
GROUP RE-ORGANIZATION - KEY POINTS
Following the completion of the Reorganization, scheduled by the 1st half of 2007, the Group structure will feature:
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 will become 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 in addition to the initiatives already announced ( e.g. “AT-CN” and “CISA 2”).
As the re-organization is in line with the existing missions of both SIAS and ASTM, no changes will occur in their respective corporate objects.
9
by the end of May 2007
Extraordinary shareholders’
meeting of SIAS to approve the share capital
increase Effectiveness
of the asset transferral to
SIAS
by the end of June 2007
by the end of March 2007
22 Dec. 2006
The BoD of both ASTM & SIAS approved the guidelines for
the “re-organization programme”
5 Jan. 2007
The Court of Turin appointed an Indipendent Advisor for the valuation of the
assets to be transferred
to SIAS
Filing of the valuations carried out by the Indipendent Advisor
Filing of the fairness opinions
BoD of ASTM to examine the above valuations
BoD of SIAS to examine the above valuations and determine the amount of the dedicated share capital increase
GROUP RE-ORGANIZATION - TIMETABLE
CURRENT OWNERSHIP STRUCTUREHolding companies
10
ASSICURAZIONI GENERALI GROUP
5,53%
FREE FLOAT37,22%
GAVIO GROUP53,04%
ADELPHI CAPITAL LLP
2,08%FIDELITY INTERN. LIMITED
ASSICURAZIONI GENERALI GROUP
FREE FLOAT
GAVIO GROUP50,53%
36,59%
5,01%
2,03%
3,04%FONDAZIONE CR-TO2,80%
LAZARD ASSET MANAGEMENT LLC2,13%
LAZARD ASSET MANAGEMENT LLC
OWNERSHIP STRUCTUREMain motorway companies
AUTOCISA
%
PUBLIC AUTHORITIES
GAVIO
GROUP
MUNICIP
ALITIE
S
OTHER
PROVINCES
REGIONS
ANAS
OTHER
TOTAL
11
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.
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
Km.Km.154,9154,9113,2113,2182,0182,0
90,090,043,043,0
SALTSALTADFADFCISACISAASTI-CUNEOASTI-CUNEOCOSTANERA NORTE S.A.COSTANERA NORTE S.A.
TOTAL 583,1
(1)(2)(3)
Inclusive of the planned 81 km stretch linking Parma to the Autostrada del BrenneroUnder constructionEquity Investments Costanera Norte S.A. – Chile (through ASA)
Autostrada dei Fiori S.p.A.Autostrada Ligure Toscana S.p.A.Autocamionale della Cisa S.p.A.Autostrada Asti-Cuneo S.p.A.
SUBSIDIARIES
SIGNIFICANT INVESTMENTSMilano Serravalle – Milano Tangenziali S.p.A.Società Autostrada Tirrenica S.p.A.
12
(1)(1)
NETWORK MANAGED
(2)(2)
EQUITY INVESTMENTSCostanera Norte S.A. (through ASA) - Chile
(3)(3)
13
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
Km.Km.
130,3130,3167,7167,7163,7163,7
59,559,594,094,012,812,8
SATAPSATAP - Torino-Milano stretch- Torino-Milano stretch - Torino-Piacenza stretch- Torino-Piacenza stretchATIVAATIVASAVSAVSITAFSITAFSITRASBSITRASB
TOTAL 628,0
Società Italiana Traforo Autostradale del Frejus p. A.Società Italiana Traforo del Gr.S.Bernardo S.p.A.Road Link (A69) Holding Ltd - UK
EQUITY INVESTMENTSAutostrada Torino-Alessandria-Piacenza S.p.A Autostrade Valdostane S.p.A.Autostrada Torino-Ivrea-Valle d’Aosta S.p.A.
SUBSIDIARIES
CURRENT NETWORK MANAGED
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 1.211,11.211,1
(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.
14
Km.Km.
130,3130,3167,7167,7163,7163,7
59,559,594,094,012,812,8
SATAPSATAP - Torino-Milano stretch- Torino-Milano stretch - Torino-Piacenza stretch- Torino-Piacenza stretchATIVAATIVASAVSAVSITAFSITAFSITRASBSITRASB
154,9154,9113,2113,2182,0182,0
90,090,043,043,0
SALTSALTADFADFCISACISAASTI-CUNEOASTI-CUNEOCOSTANERA NORTE S.A.COSTANERA NORTE S.A.
NETWORK MANAGED AFTER THE RE-ORGANIZATION
(1)
(2)
(3)
GROUP MOTORWAY CONCESSIONS
15
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
Current ASTM Group SubsidiariesCurrent ASTM Group Subsidiaries
GROUP MOTORWAY CONCESSIONS
16
(1) According to ANAS BoD resolution (20 february 2006), the concession has been extended to 2044
SALT
ADF
CISA
ASTI CUNEO
COSTANERA NORTE (Chile)
Concession expiryConcession expiry
2019
2021
2010
2033
2033
SIAS Group SubsidiariesSIAS Group Subsidiaries
(1)
17
GROUP STRUCTURE & RE-ORGANIZATION PROGRAMME
FINANCIAL RESULTS
GROWTH STRATEGY & VALUE DRIVERS
CONCLUSION
REVENUES:
30 Sept. 2006
ASTM - 9 MONTHS RESULTS 2006 & 2005 ASTM - 9 MONTHS RESULTS 2006 & 2005 (IAS/IFRS) (IAS/IFRS)
- REVENUES FROM ENGINEERING SECTOR
TOTAL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
235
4,5
23
22,5
285285
(146)(146)
1515
277277
(154)(154)
1717
8 13
566698566698
572708572708
(Eu mn)
18
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)
(1)
(1)
(1)(2)
Loans guaranteed by the Government: 31 Eu mnAs at 30/6/2006
- REVENUES FROM CONSTRUCTION SECTOR
- OTHER REVENUES
- TOLL REVENUES
OPERATING COSTS
216
3
19
39
(2)
(2)
EBITDAEBITDA
30 Sept. 2005
CONSTRUCTION SECTOR (ITINERA S.p.A.)
154154 140140
EBITDA “adjusted”EBITDA “adjusted” 162162 153153
REVENUES:
30 Sept. 2006
SIAS - 9 MONTHS RESULTS 2006 & 2005 SIAS - 9 MONTHS RESULTS 2006 & 2005 (IAS/IFRS) (IAS/IFRS)
- REVENUES FROM ENGINEERING SECTOR
TOTAL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
294
24
4
19
341341
(178)(178)
5454
330330
(179)(179)
52
- 23,5
361681361681
409726409726
(Eu mn)
19
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)
(1)
(1)
(1)(2)
Loans guaranteed by the Government: 41 Eu mnAs at 30/6/2006
- REVENUES FROM CONSTRUCTION SECTOR
- OTHER REVENUES
- TOLL REVENUES
OPERATING COSTS
282
23
6
19
(2)
(2)
EBITDAEBITDA
30 Sept. 2005
NON RECURRING INCOME
217217 203203
EBITDA “adjusted”EBITDA “adjusted” 217217 226,5226,5
20
ASTM – “PRO-FORMA” EBITDA BY SECTOR AS AT 30 SEPTEMBER 2006
MOTORWAY SECTOR92%92%
TECHNOLOGICAL SECTOR
2%2%
MAINTENANCE & CONSTRUCTIONSECTOR
ENGINEERING & PLANNING SECTOR
2%2%
4%4%
SATAP S.p.A.
SAV S.p.A.
ATIVA S.p.A.
CISA S.p.A.
ADF S.p.A.
SALT S.p.A.
602
697
826
927(1)
0
0,50
21
ASTM – “PRO-FORMA” NET FINANCIAL INDEBTEDNESS
DEBT / EBITDA SIAS ASTM – “PRO-FORMA” NET FINANCIAL INDEBTEDNESS (Eu mn)
31/12/200331/12/2003 31/12/200431/12/2004 31/12/200531/12/2005 30/9/200630/9/2006
(1) Loans guaranteed by the Government: 72 Eu mn
0
200
400
600
800
1,14 1,16 1,21
1000
2,34 2,15 2,41
DEBT / EBITDA ASTM DEBT / EBITDA ASTM “Pro-forma”
1,00
1,50
2,00
2,50
1,67 1,591,71
3,00
(Eu mn) (x)
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° 12,6 millions (39,6%)
23
GROUP STRUCTURE & RE-ORGANIZATION PROGRAMME
FINANCIAL RESULTS
GROWTH STRATEGY & VALUE DRIVERS
CONCLUSION
STRATEGY: WHAT WE HAVE DONE
POSITIVE TRACK RECORD OF MANAGEMENT IN IMPLEMENTING ITS STRATEGY
OVER THE PAST SEVEN YEARS, THE GROUP:
became the second biggest motorway player in Italy
expanded the network from 127 km to 1.211,1 km
strengthened the Group network in the highly industrialised north of Italy
bidden - successfully - for new concessions abroad (i.e. Costanera-Chile)
24
STRATEGY: WHAT WE FORESEE
SIAS GROUP (MOTORWAY SECTOR): SIAS GROUP (MOTORWAY SECTOR):
25
CARRY OUT THE “PARMA – BRENNERO MOTORWAY” PROJECT & “ASTI-CUNEO”
BID FOR THE “BRONI-PAVIA-MORTARA” STRETCH
REDUCE MINORITIES THROUGH ACQUISITIONS(MAINLY FROM LOCAL PUBLIC AUTHORITIES)
CONCLUDE THE RENEGOTIATION OF THE “NEW” FINANCIAL PLANS
STRATEGY: WHAT WE FORESEE
ASTM (“OTHER” SECTORS): ASTM (“OTHER” SECTORS):
26
DEVELOPMENT OF THE ENGINEERING & PLANNING ACTIVITIES (i.e. "HIGH SPEED TRAIN" PROJECT)
DIVERSIFICATION IN “OTHER” BUSINESS AREAS (i.e. CONSTRUCTION, LOGISTICS, HARBOURS) WITH THE POTENTIAL ARISING FROM THE RE-ORGANIZATION
VALUE DRIVERS: TRAFFIC GROWTH
TOTAL TRAFFIC ON MOTORWAYSTOTAL TRAFFIC ON MOTORWAYS
27
2001200119951995 19961996 20022002 20032003 2004200419971997 19981998 19991999 20002000 2005 2005 -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
GDPGDP
20062006
VALUE DRIVERS: AUTOMATED TOLL PAYMENT SYSTEMS
28
CURRENT SITUATIONCURRENT SITUATION
8%8%
CREDIT CARDS
2%2%
FAST PAY
30%30%
CASH60%60%
AUTOMATED TOLL PAYMENTS
VIACARDS & TELEPASS
70%70%
ENVISAGED SITUATION( within 4 yrs )
ENVISAGED SITUATION( within 4 yrs )
15-20%15-20%
CASH
AUTOMATED TOLLPAYMENTS
80-85%80-85%
29
ROYALTIES FROM PETROL STATIONS & RESTAURANTS
OTHER ROYALTIES (TELECOMS, ADVERTISING, … )
VALUE DRIVERS: SUB - CONCESSION AGREEMENTS (Eu mn)
19,519,5
20042004
4,04,0
6,06,0
20052005
29,029,0
7,07,0
2006(forecast)
2006(forecast)
32,032,0
EBITDA
increases without
additional costsEBITDA
increases without
additional costs
30
GROUP STRUCTURE & RE-ORGANIZATION PROGRAMME
FINANCIAL RESULTS
GROWTH STRATEGY & VALUE DRIVERS
CONCLUSION
CONCLUSION
31
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 the Group
re-organization (both for ASTM & SIAS)
32
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