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June 2006June 2006
AUTOSTRADA TORINO – MILANO GROUPSOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI GROUPAUTOSTRADA TORINO – MILANO GROUPSOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI GROUP
GAVIO GROUPGAVIO GROUP
2
AGENDA
REGULATION
GROUP STRUCTURE
FINANCIAL RESULTS
GROWTH STRATEGY & VALUE DRIVERS
CONCLUSION
3
REGULATION
GROUP STRUCTURE
FINANCIAL RESULTS
GROWTH STRATEGY & VALUE DRIVERS
CONCLUSION
34,59%
AUTOCISA
84,36%
5,56%60,77%
85,92%
56% 87,39%
96,17%
GROUP STRUCTURE
4
36,98% 41,17%
99,87% 67,63%
20,0% 70%
36,5%95%
100%
12,59%
ABC CostruzioniABC Costruzioni Società Autostrada Asti-Cuneo S.p.A.
65%
45% (*)
(*) Through ASA
OWNERSHIP STRUCTUREHolding companies
5
ASSICURAZIONI GENERALI GROUP
5,53%
FREE FLOAT36,13%
GAVIO GROUP53,04%
ADELPHI CAPITAL LLP2,13%TREASURY STOCKS
ASSICURAZIONI GENERALI GROUP
FREE FLOAT
GAVIO GROUP50,85%
38,08%
4,95%
0,11%
4,00% FONDAZIONE CR-TO
2,01% LAZARD ASSET MANAGEMENT LLC. 3,17% JP MORGAN CHASE & CO. CORPORATION
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.
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
90,090,0
SALTSALTADFADFCISACISAASTI-CUNEOASTI-CUNEO
TOTAL 540,1
(1)(2)
Inclusive of 81 km stretch linking Parma to the Autostrada del Brennero (under construction)Under construction
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.
7
(1)(1)
NETWORK MANAGED
(2)(2)
EQUITY INVESTMENTSCostanera Norte S.A. (through ASA) - Chile
8
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.
127,0127,0167,7167,7163,7163,7
59,559,594,094,0
SATAPSATAP - Torino-Milano stretch- Torino-Milano stretch - Torino-Piacenza stretch- Torino-Piacenza stretchATIVAATIVASAVSAVSITAFSITAF
TOTAL 611,9
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
SIGNIFICANT INVESTMENTSMilano Serravalle – Milano Tangenziali S.p.A.
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 (a) + (b)TOTAL (a) + (b) 1.1521.152
(1)(2)
Inclusive of 81 km stretch linking Parma to the Autostrada del Brennero (under construction)Under construction
Società Italiana Traforo Autostradale del Frejus p. A.Società Italiana Traforo del Gr.S.Bernardo S.p.A.Road Link (A69) Holding Ltd (UK)Costanera Norte S.A. (through ASA) - Chile
EQUITY INVESTMENTS
Autostrada 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.
127,0127,0167,7167,7163,7163,7
59,559,594,094,0
SATAPSATAP - Torino-Milano stretch- Torino-Milano stretch - Torino-Piacenza stretch- Torino-Piacenza stretchATIVAATIVASAVSAVSITAFSITAF
TOTAL (b) 611,9
154,9154,9113,2113,2182,0182,0
90,090,0
SALTSALTADFADFCISACISAASTI-CUNEOASTI-CUNEO
TOTAL (a) 540,1
NETWORK MANAGED
(1)
(2)
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
ASTM Group SubsidiariesASTM Group Subsidiaries
GROUP MOTORWAY CONCESSIONS
11
(1)The BoD of ANAS, on 20 February 2006, approved an extension to 2044
SALT
ADF
CISA
ASTI CUNEO
COSTANERA NORTE (Chile)
Concession expiryConcession expiry
2019
2021
2010
2033
2033
SIAS Group SubsidiariesSIAS Group Subsidiaries
(1)
12
REGULATION
GROUP STRUCTURE
FINANCIAL RESULTS
GROWTH STRATEGY & VALUE DRIVERS
CONCLUSION
REVENUES:
Q1 2006 Q1 2005
ASTM 2006 & 2005 - Q1 RESULTS - (IAS/IFRS)ASTM 2006 & 2005 - Q1 RESULTS - (IAS/IFRS)
- REVENUES FROM ENGINEERING SECTOR
TOTAL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
73
18
5
6
102102
(83)(83)
29
103103
(77)(77)
23
4848 4949
504
632
504
632
489
615
489
615
(Eu mn)
13
NET FINANCIAL INDEBTEDNESS
NET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
NET FINANCIAL INDEBTEDNESS
NET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
(1)
(1)
(1)(2)
Loans guaranteed by the Government: 31 Eu mnAs at 31/12/2005
- REVENUES FROM CONSTRUCTION SECTOR
- OTHER REVENUES
- TOLL REVENUES
OPERATING COSTS
67
23
7
6
(2)
(2)
EBITDAEBITDA
14
ASTM – Q1 2006 EBITDA BY SECTOR
6%6%5%5%ENGINEERING & PLANNING
SECTORMAINTENANCE & CONSTRUCTIONSECTOR
89%89%
MOTORWAY SECTOR
(1) ATIVA is consolidated on a “proportionate basis” (41%)
11%36%
28%
14%
(1)
A21 STRETCH
A4 STRETCH
321
372
410 489 (1)
0
0,4
0,8
1,2
2,5
3
15
ASTM - NET FINANCIAL INDEBTEDNESS & LEVERAGE
DEBT / EQUITY (x)DEBT / EQUITY (x)NET FINANCIAL INDEBTEDNESS (Eu mn)NET FINANCIAL INDEBTEDNESS (Eu mn)
31/12/2002Pro forma31/12/2002Pro forma
31/12/200331/12/2003 31/12/200431/12/2004 31/12/200531/12/2005
(1) Loans guaranteed by the Government: 58 Eu mn
0
100
200
300
450
50
150
250
350
400
0,630,68 0,68
0,57
DEBT / EBITDA (x)DEBT / EBITDA (x)
2,36 2,342,15
2,41
CAGR+ 4,3%CAGR+ 4,3%
CAGRCAGR+ 13%+ 13%CAGRCAGR+ 13%+ 13%
CAGR+ 67,3%CAGR
+ 67,3%
ASTM - FINANCIAL RESULTS (3 YEARS PERIOD)ASTM - FINANCIAL RESULTS (3 YEARS PERIOD)
TollRevenues
E.B.I.T.D.A
OperatingCash - Flow
2003 2004 2005
(Eu mn)
16
2003 2004 2005
2003 2004
2005
251267 273
159191 203
104 111291
CAGR+ 60%CAGR+ 60%
CAGR+ 30,8%CAGR+ 30,8%
Net ProfitGroup
DividendsPaid
ASTM GROUP RESULTS (CONT’D)
17
(Eu mn)
2003 2004 2005
2003 2004 2005
99100
254
31 3553
REVENUES:
Q1 2006 Q1 2005
SIAS 2006 & 2005 - Q1 RESULTS - (IAS/IFRS)SIAS 2006 & 2005 - Q1 RESULTS - (IAS/IFRS)
EBITDAEBITDA
- REVENUES FROM CONSTRUCTION SECTOR
TOTAL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
77
6
1
7
9292
(61)(61)
19
8989
(56)(56)
14
5050 4747
287
600
287
600
337
646
337
646
(Eu mn)
18
(1)
(1)
(1)(2)
Loans guaranteed by the Government: 43 Eu mnAs at 31/12/2005
- REVENUES FROM TECHNICAL SECTOR
- OTHER REVENUES
- TOLL REVENUES
OPERATING COSTS
75
6
2
6
(2)
(2)
NET FINANCIAL INDEBTEDNESS
NET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
NET FINANCIAL INDEBTEDNESS
NET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)
19
MAINTENANCE & CONSTRUCTION SECTOR
92%92%
MOTORWAY SECTOR
SIAS – Q1 2005 EBITDA BY SECTOR
AUTOCISA
18%42%
32%
3%3%5%5%
TECHNOLOGICAL SECTOR
NET FINANCIAL INDEBTEDNESS (Eu mn)NET FINANCIAL INDEBTEDNESS (Eu mn) DEBT / EQUITY (x)DEBT / EQUITY (x)
0
0,4
0,8
1,2
1,6
2
20
SIAS - NET FINANCIAL INDEBTEDNESS & LEVERAGE
0
100
200
300
(1) Loans guaranteed by the Government 56 Eu mn
31/12/200231/12/2002 31/12/200531/12/200531/12/200431/12/200431/12/200331/12/2003
129
287
230
337
0,66 0,37 0,20
0,37
400
DEBT / EBITDA (x)DEBT / EBITDA (x)
0,75
1,141,16
1,21
(1)
ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds)
SIAS - BOND
INTEREST: 2,625%
CONVERSION RIGHT:
21
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° 20,3 millions (64%)
CAGR+ 3,7%CAGR+ 3,7%
CAGRCAGR+ 16,9%+ 16,9%CAGRCAGR+ 16,9%+ 16,9%
CAGR+ 21,9%CAGR
+ 21,9%
SIAS - FINANCIAL RESULTS (3 YEARS PERIOD)SIAS - FINANCIAL RESULTS (3 YEARS PERIOD)
TollRevenues
E.B.I.T.D.A
OperatingCash - Flow
2003 2004 2005
(Eu mn)
22
2003 2004 2005
2003 2004
2005
321 338 345
204247
279
154 149229
CAGR+ 51,4%CAGR+ 51,4%
CAGR+ 73,2%CAGR+ 73,2%
Net ProfitGroup
DividendsPaid
SIAS - GROUP RESULTS (CONT’D)
23
(Eu mn)
2003 2004 2005
2003 2004 2005
5869
133
1733
51
24
REGULATION
GROUP STRUCTURE
FINANCIAL RESULTS
GROWTH STRATEGY & VALUE DRIVERS
CONCLUSION
25
ASTM GROUP - ANNUAL TARIFF CHANGE (1)
ANNUAL TARIFFCHANGEANNUAL TARIFFCHANGE 2,442,44
PRODUCTIVITY -0,89 -0,90
(1) Calculated as a weighted average on 2005 “toll revenues”(1) Calculated as a weighted average on 2005 “toll revenues”(2) X factor was granted to SAV to cover both the previous and new investiments(3) X factor related to the “new investments” would apply from January 1, 2007(2) X factor was granted to SAV to cover both the previous and new investiments(3) X factor related to the “new investments” would apply from January 1, 2007
NEW INVESTMENTS
QUALITY FACTOR 0,30
2005
FORECASTED INFLATION RATE
2006
FORECASTED INFLATION RATE 1,60
(%)
SAV INVESTMENTS(2) 1,43 1,43
- - (3)
0,33
1,70
2,562,56
26
SIAS GROUP - ANNUAL TARIFF CHANGE (1)
ANNUAL TARIFFCHANGEANNUAL TARIFFCHANGE 1,361,36
PRODUCTIVITY -0,89 -0,90
(1) Calculated as a weighted average on 2005 “toll revenues”(2) X factor related to the “new investments” would apply from January 1,2007(1) Calculated as a weighted average on 2005 “toll revenues”(2) X factor related to the “new investments” would apply from January 1,2007
NEW INVESTMENTS
FORECASTED INFLATION RATE 1,60
2006(%)
QUALITY FACTOR 0,65 0,78
1,581,58
1,70
- (2)-
2005
27
ASTM GROUP - INVESTMENT PLAN
ATIVA 194 218
(1) Expected amount from 2006 until the end of the concession agreements(2) Terminal value on investments garanted - by the incoming concessionaire - upon expiry of the concession agreement
(1) Expected amount from 2006 until the end of the concession agreements(2) Terminal value on investments garanted - by the incoming concessionaire - upon expiry of the concession agreement
SAV 50
Investments Plan (1)
Terminal value (2)
SATAP: A4 Stretch A21 Stretch
635259
(Eu mn)
894 350
-
Status of the Plan
Approvedby
ANAS
To be approved by ANAS
28
SIAS GROUP - INVESTMENT PLAN
CISA 2.000 800
ASTI-CUNEO 800
Investments Plan (1)
ADF
(Eu mn)
190 -
-
Status of the Plan
Approved by ANAS
290510SALT
Terminal value (2)
(1) Expected amount from 2006 until the end of the concession agreements(2) Terminal value on investments garanted - by the incoming concessionaire - upon expiry of the concession agreement
(1) Expected amount from 2006 until the end of the concession agreements(2) Terminal value on investments garanted - by the incoming concessionaire - upon expiry of the concession agreement
29
REGULATION
GROUP STRUCTURE
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 1.152 km
strengthened the Group network in the highly industrialised north of Italy
bidden - successfully - for new concessions abroad (i.e. Costanera-Chile)
30
STRATEGY: WHAT WE FORESEE
MOTORWAY SECTOR MOTORWAY SECTOR
31
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
OTHER SECTORS OTHER SECTORS
32
DEVELOP ENGINEERING & PLANNING ACTIVITIES(i.e. "HIGH SPEED TRAIN" PROJECT)
WIDEN TELECOM SERVICES (BY USING THE approx. 1000 KM FIBRE-OPTIC MODERN BACKBONE AND TRANSMITTERS FOR MOBILE TELEPHONE OPERATORS)
...WITHOUT FORGETTING POTENTIAL FROM DIVERSIFICATION IN OTHER "SIDE" BUSINESS AREAS (i.e. LOGISTICS, HARBOURS)
VALUE DRIVERS: TRAFFIC GROWTH
TOTAL TRAFFIC ON MOTORWAYSTOTAL TRAFFIC ON MOTORWAYS
33
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
34
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%
35
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)
33,033,0
EBITDA
increases without
additional costsEBITDA
increases without
additional costs
36
REGULATION
GROUP STRUCTURE
FINANCIAL RESULTS
GROWTH STRATEGY & VALUE DRIVERS
CONCLUSION
CONCLUSION
37
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
38
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