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December 2007December 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 AFTER THE RE-ORGANIZATION
FINANCIAL RESULTS
3
FINANCIAL RESULTS
GROUP STRUCTURE AFTER THE RE-ORGANIZATION
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.
50,6%
SIAS S.p.A.
SATAP
SAVATIVA
Road Link Holdings (UK)
65,1%41,2%
99,9%
ITINERA+Grassetto
Lavori
40,3%
SINECO
Holding Piemonte e
Valle d'Aosta
20,0%
SITRASB
36,5%
SALTCISA
ADF
84,4% 87,4%
60,8%
SSAT
(40,0%)
CODELFA
50,0%
SITAF
36,5%
6,2%
1,1%
59,7%
100%
Pavimental
SINELEC
96,2%
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
5
Summary of transaction values
Based on the valuations carried out by the indipendent expert and the
contents of the fairness opinions, the reorganization programme has been
carried out on the following values:
Contributions in kind (Capital increase at SIAS level) Value n. of SIAS new shares €/mln.
ASTM SIAS 99,9% SATAP 1.007,120% Road Link Holding Ltd. 12,0
Total 1.019,1 100.073.328Rounded down 100.000.000
6
Summary of transaction values (cont’d)
€/mln. €/mln.SIAS ---> ASTM
SATAP ASTM 5,1% SINA (4,4) 4,427% SINECO (7,5) 7,5n. 9.792.264 SIAS convertible bond (108,1) 108,1
SAV ASTM 9% SINECO (2,5) 2,5
SALT ASTM 5% SINECO (1,4) 1,4ADF ASTM 5% SINECO (1,4) 1,4
Sub-total (125,3) 125,3
ASTM ---> SIAS
ASTM HPVdA 41,2% ATIVA 113,8 (113,8)36,5% SITAF 134,1 (134,1)65,1% SAV 95,7 (95,7)n. 228.273 SITAF convertible bond 3,9 (3,9)
Sub-total 347,5 (347,5)
Total 222,2 (222,2)
Purchases (cash) ASTM Group SIAS Group
Current ownership structureHolding companies
7
ASSICURAZIONI GENERALI GROUP
5,59%
FREE FLOAT16,52%
GAVIO GROUP74,56%
3,33%
ASSICURAZIONI GENERALI GROUP
FREE FLOAT
GAVIO GROUP50,60%
31,62%
10,05%
5,01%
FONDAZIONE CR-TO2,72%
LAZARD ASSET MANAGEMENT LLC
LAZARD ASSET MANAGEMENT LLC
SIAS’ ownership structure is calculated on the “new” share capital (227,5 million shares)
Ownership structureMain motorway companies
8
AUTOCISA
%
PUBLIC AUTHORITIES
GAVIO
GROUP
MUNICIP
ALITIE
S
OTHER
PROVINCES
REGIONS
ANAS
OTHER
TOTAL
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
9
IMPROVES VISIBILITY OF EACH OF THE BUSINESS LINES RUN BY THE GROUP
CONCENTRATES THE MOTORWAY BUSINESS IN SIAS TO FAVOUR THE OPTIMAL MANAGEMENT OF THE FINANCIAL RESOURCES AMONG THE VARIOUS CONCESSIONS
INCREASES THE CRITICAL MASS OF THE MOTORWAY BUSINESS
GET A BOOK VALUE OF THE INVESTED CAPITAL CLOSER TO MARKET VALUE
OPTIMISES FINANCIAL RATIOS (ALSO IN VIEW OF BEING RATED BY AN INTERNATIONAL RATING AGENCIES)
INCREASES THE SIAS’ PERSPECTIVE FREE-FLOAT AND LIQUIDITY
10
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 1.211,11.211,1
(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.
11
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.
Current network managed by the SIAS Group
(1)
(2)
(3)
SIAS Group motorway concessions
12
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
13
(1) According to the concession scheme signed, the concession has been extended to 2031
SALT
ADF
CISA
ASTI CUNEO
COSTANERA NORTE (Chile)
Concession expiryConcession expiry
2019
2021
2010
2033
2033
(1)
SIAS Group motorway concessions (cont’d)
(1) No longer listed (2) For the SIAS Group, the financial results refer to the “pro-forma” consolidated financial statements as at 31 December 2006.
14
SIAS GROUP: comparison with main European players
SIAS Atlantia Abertis Cintra ASF APRR BRISA
2026 2037 2026 2040 2032 2032 2032
1.287 3.408 3.350 2.481 3.026 2.215 1.063
781 2.686 3.335 885 2.625 1.670 560
468 1.989 2.099 581 2.057 1.305 418 66% 74,1% 62,9% 65,6% 78,4% 78,1% 74,6%
318 1.606 1.343 360 1.164 744 294 40,8% 59,8% 40,3% 40,7% 44,3% 44,6% 52,5%
185 672 530 156 476 263 168 23,6% 25,0% 15,9% 17,6% 18,1% 15,7% 30,0%
1.376 3.863 3.453 1.532 3.808 440 1.566 1.171 8.946 11.842 8.390 7.355 6.436 2.364
2,5 4,5 5,6 14,4 3,6 4,9 5,7
Average expiry of the motorway concessions
Network managed (km)
Key consolidated figures 2006
(€/mln )(2):
Revenues
Ebitda % on Revenues
Ebit % on Revenues
Net Income% on Revenues
EquityNet debt
D/EbitdaD/E 0,8 2,3 3,4 5,5 1,9 14,6 1,5
(1)
(1) Source: Equity research, Factset as of 30 November 2007 15
SIAS GROUP: comparison with main European players(1) (cont’d)
SIAS Atlantia Abertis Cintra BRISA
2.281
4.066
14.847 13.735 5.626 6.092
7,8X
23.943 23.679 14.395
16,7X
7.947
Equity value (€/mn)
Enterprise value – EV (€/mn)
EV/EBITDA (2007 E) 11,3X 10,2X 19,8X
16
FINANCIAL RESULTS
GROUP STRUCTURE AFTER THE RE-ORGANIZATION
ASTM - 9 MONTHS RESULTS 2007 & 2006 (IAS/IFRS)
(Eu mn)
17(1) Loans guaranteed by the Government: 34 Eu mn
REVENUES:
30 Sept. 2007
- REVENUES FROM ENGINEERING SECTOR
TOTAL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
548
9
11
20
44
632632(322)(322)
7878
598598(311)(311)
84
4 -
1.0701.4551.0701.455
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)
- REVENUES FROM CONSTRUCTION SECTOR
- OTHER REVENUES
- TOLL REVENUES
OPERATING COSTS
529
5
12
11
41
EBITDAEBITDA
30 Sept. 2006
NON RECURRING ITEM
388388 371371
EBITDA “adjusted”EBITDA “adjusted” 392392 371371
Pro-forma Pro-forma
- REVENUES FROM TECHNOLOGICAL SECTOR
SIAS - 9 MONTHS RESULTS 2007 & 2006 (IAS/IFRS) (Eu mn)
18
(1)(2)
Loans guaranteed by the Government: 34 Eu mnAs at 30/6/2007
REVENUES:
30 Sept. 2007
- REVENUES FROM TECHNOLOGICAL SECTOR
TOTAL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
548
10
20
44
622622
(300)(300)
5757
586586
(292)(292)
67
3 -
1.1831.6311.1831.631
442442NET 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)
- REVENUES FROM CONSTRUCTION SECTOR
- OTHER REVENUES
- TOLL REVENUES
OPERATING COSTS
529
5
11
41
(2)
EBITDAEBITDA
30 Sept. 2006
NON RECURRING ITEM
379379 361361
EBITDA “adjusted”EBITDA “adjusted” 382382 361361
Pro-forma Pro-forma
(Eu mn)
19
(1)
(2)
Refer to slide n. 6Net financial indebtedness referred to SATAP, SAV and ATIVA
RE-ORGANIZATION PROGRAMME: Changes in the SIAS Group net financial position
SIAS GROUP NET FINANCIAL POSITION, AS AT 30 JUNE 2007
SIAS NET FINANCIAL POSITION, AS AT 30 JUNE 2007 (after the re-organization)
Changes occurred in 3Q 07:- Sales/purchases of financial assets (net effects)- Increase in fixed assets (motorway sector)- Operating cash-flow
Re-organization programme:
- Intercompany transactions (sales/purchases of investments) (1) - Changes in the consolidation area(2)
(222)(605)(827)
(442)
(827)
38 (84)132
SIAS GROUP NET FINANCIAL POSITION, AS AT 30 SEPTEMBER 2007
(1.269)
(1.183)
20
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