Transcript AGENDA

GAVIO GROUP
AUTOSTRADA TORINO – MILANO
SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI
April 2008
AGENDA
GROUP STRUCTURE
FINANCIAL RESULTS
REGULATION
CONCLUSION
2
GROUP STRUCTURE
FINANCIAL RESULTS
REGULATION
CONCLUSION
3
Current Group Structure
(after the Re-organization)
Aurelia S.p.A. /
Argo Finanziaria S.p.A.
11,14%
51,15%
Market
Market
ASTM S.p.A.
63,42%
(SINA 1,72%)
25,44%
82,0%
99,5
%
SIAS S.p.A.
18,0%
0,5%
99,9%
ASA
(Costanera
Norte - Cile)
SATAP
40,3%
59,7%
100%
45,0%
41,2%
ITINERA+
Grassetto
Itinera
Lavori
Holding
Piemonte e
Valle d'Aosta
65,1%
SAV
ATIVA
20,0%
Pavimental
87,4%
60,0%
RoadLink
Link
Road
Holdings (UK)
36,5%
SITAF
CISA
0,07%
SALT
SALT
60,8%
(ITINERA 5%)
SSAT
Asti-Cuneo
+ ARGO
(40,0%)
ADF
CODELFA
96,2%
SINELEC
6,2%
50,0%
SINECO
65,0%
1,1%
26,45%
84,4%
SIN
A
2,17%
36,5%
SITRASB
Motorway Concessions
Technological and tlc services towards motorway concession companies
Holding Companies
Engineering, planning and infrastructure/maintenance
Costruction, planning, services, other (Non consolidated)
4
OWNERSHIP STRUCTURE
Holding companies
0,78% TREASURY STOCKS
4,00% FONDAZIONE CR-TO
5,01% ASSICURAZIONI GENERALI GROUP
10,05% LAZARD ASSET MANAGEMENT
LLC.
3,33% ASSICURAZIONI
GENERALI GROUP
5,59% LAZARD ASSET
MANAGEMENT LLC
16,52% FREE FLOAT
29,01% FREE FLOAT
51,15% GAVIO GROUP
74,56% GAVIO GROUP
SIAS’ ownership structure is calculated on the “new” share
capital (227,5 million shares)
5
OWNERSHIP STRUCTURE
Main motorway companies
PUBLIC AUTHORITIES
%
SUBSIDIARIES
AUTOCISA
Società Autostrada
Asti-Cuneo S.p.A.
99,87
0,13
-
-
-
-
-
100
68
4
-
-
28
-
-
100
41
41
-
18
-
-
-
100
37
11
11
9
-
32
-
100
36
-
-
-
64
-
-
100
87
6
2
4
-
-
1
100
61
22
5
6
-
-
6
100
84
5
2
9
-
-
-
100
65
-
-
-
-
35
-
100
6
Group Re-organization - Effects
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
INCREASED THE SIAS’ PERSPECTIVE FREE-FLOAT AND LIQUIDITY
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)
7
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.
8
Current network managed by the
SIAS Group
Km.
S. BERNARDO
SALT
ADF
CISA
ASTI-CUNEO
COSTANERA NORTE S.A.
SATAP
- Torino-Milano stretch
- Torino-Piacenza stretch
ATIVA
SAV
SITAF
SITRASB
ROAD LINK (A69)
AOSTA
M. BIANCO
IVREA
MILANO
FREJUS
PIACENZA
TORINO
PARMA
ASTI
ALESSANDRIA
VOLTRI
SESTRI L.
CUNEO
VENTIMIGLIA
SAVONA
LA SPEZIA
VIAREGGIO
PISA
LUCCA
154,9
113,2
182,0 (1)
90,0 (2)
43,0 (3)
130,3
167,7
163,7
59,5
94,0
12,8
84,0
LIVORNO
TOTAL
ROSIGNANO M.
SUBSIDIARIES
Autostrada Torino-Alessandria-Piacenza S.p.A
Autostrade Valdostane S.p.A.
Autostrada Torino-Ivrea-Valle d’Aosta S.p.A.
Autostrada dei Fiori S.p.A.
Autostrada Ligure Toscana S.p.A.
Autocamionale della Cisa S.p.A.
1.295,1
EQUITY INVESTMENTS
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. - Chile (through ASA)
SIGNIFICANT INVESTMENTS
Milano Serravalle – Milano Tangenziali S.p.A.
Società Autostrada Tirrenica S.p.A.
(1) Inclusive of the planned 81 km stretch linking Parma to the Autostrada del Brennero
(2) Under construction
(3) Costanera Norte S.A. (through ASA) - Chile
9
SIAS Group motorway concessions
Concession expiry
SATAP (A 4 stretch)
2026
SATAP (A 21 stretch)
2017
ATIVA
2016
SAV
2032
SITAF
2050
SITRASB
2034
ROAD LINK HOLDING Ltd. (UK)
2026
10
SIAS Group motorway concessions
(cont’d)
Concession expiry
SALT
2019
ADF
2021
CISA
2010(1)
ASTI CUNEO
COSTANERA NORTE (Chile)
(1)
(2)
According to the agreement signed, the concession has been extended to 2031
23,5 yrs. starting from the completion of the infrastructure
-
(2)
2033
11
SIAS GROUP: comparison with main
European players
SIAS
Atlantia
Abertis
Cintra
BRISA
Average expiry of the motorway
concessions
2026
2037
2026
2040
2032
Network managed (km)
1.295
3.408
3.350
2.481
1.063
Key consolidated figures 2007
(€/mln )(1):
Revenues
Ebitda
% on Revenues
Ebit
% on Revenues
812
3.272
3.620
647
1.025
2.068
2.269
694
460
63,2%
62,7%
67,7%
71,1%
315
1.643
n.av.
39,0%
50,2%
n.av.
477
59%
508
289
49,6%
43,4%
259
170
694
682
% on Revenues
21,0%
2,1%
18,8%
Equity
Net debt
1.478
1.323
4.010
9.241
5.020
12.873
1.280
9.572
1.691
3.208
D/Ebitda
D/E
2,8x
0,9x
4,5x
2,3x
5,7x
2,6x
13,8x
7,5x
7,0x
1,9x
Net Income
(26)
40,0%
n.a.
(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(1) (cont’d)
SIAS
Atlantia
Abertis
Equity value (€/mn)
2.017
11.411
13.017
Enterprise value – EV (€/mn)
3.802
20.842
23.825
6,1X
9,1X
9,2X
EV/EBITDA (2008 E)
(1) Source: Equity research, Factset as of March 2008
Cintra
4.744
BRISA
5.415
13.513
7.768
14,7X
14,8X
13
SIAS GROUP: comparison with main
European players (cont’d)
Enterprise
Value (EV)
EV/EBITDA
2008E
30.000
14,7x
14,8x
23.825
25.000
20.842
13,0x
20.000
15.000
11,0x
13.513
9,2x
9,1x
9,0x
10.000
5.000
15,0x
7.768
7,0x
3.802
6,1x
5,0x
0
SIAS
ATLANTIA
ABERTIS
Source: Equity Research, Factset as of March 2008
CINTRA
BRISA
14
GROUP STRUCTURE
FINANCIAL RESULTS
REGULATION
CONCLUSION
15
ASTM 2007 & 2006 – “PRO-FORMA” RESULTS
(Eu mn)
31/12/2007 31/12/2006
“Pro-forma “Pro-forma
REVENUES:
- REVENUES FROM MOTORWAYS SECTOR
- REVENUES FROM CONSTRUCTION SECTOR
- REVENUES FROM ENGINEERING SECTOR
- REVENUES FROM TECHNOLOGICAL SECTOR
- OTHER REVENUES
714
10
13
27
59
823
693
10
12
17
58
787
(445)
112
(430)
122
490
60%
479
61%
EBITDA “adjusted”
4
2
494
481
EBIT
(167)
327
(150)
331
NET INCOME
(14)
(112)
(89)
112
(16)
(120)
(86)
109
TOTAL REVENUES
OPERATING COSTS
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
EBITDA
EBITDA margin
NON RECURRING ITEM
AMORTISATION & DEPRECIATION
FINANCIAL RESULT
INCOME TAXES
MINORITY INTERESTS
OPERATING CASH-FLOW
NET FINANCIAL INDEBTEDNESS
NET FINANCIAL INDEBTEDNESS
(Including the NPV of the “Central Guarantee Fund” debt)
(1) Loans guaranteed by the Government: 25 Eu mn
336
1.148
1.565
(1)
(1)
332
1.000
1.431
16
ASTM – 2007 “PRO-FORMA”
EBITDA BY SECTOR
MOTORWAY SECTOR
92%
ENGINEERING SECTOR
3%
CONSTRUCTION SECTOR
TECHNOLOGICAL SECTOR
2%
3%
17
ASTM 2007 & 2006 “PRO-FORMA”
BALANCE SHEET
(Eu mn)
ASSETS
Tangible &
Intangible Assets
Non current
Financial Assets
Other Assets
LIABILITIES
7%
1.666
15%
1.148
1.560
8%
2.882
3.116
1.000
525
468
392
401
2006
Pro-forma
2007
1.239
1.171
2006
Pro-forma
2007
31/12/2006
Shareholders'
Equity
Net Financial
Indebtedness
Other liabilities
31/12/2007
DEBT/EQUITY
0,6
0,7
DEBT/EBITDA
2,1
2,3
18
SIAS 2007 & 2006 – “PRO-FORMA” RESULTS
(Eu mn)
31/12/2007 31/12/2006
“Pro-forma “Pro-forma
REVENUES:
- REVENUES FROM MOTORWAYS SECTOR
- REVENUES FROM CONSTRUCTION SECTOR
- REVENUES FROM ENGINEERING SECTOR
- REVENUES FROM TECHNOLOGICAL SECTOR
- OTHER REVENUES
714
11
27
60
812
693
6
18
59
776
(417)
82
(402)
92
477
59%
466
60%
EBITDA “adjusted”
3
1
480
467
EBIT
(165)
315
(149)
318
NET INCOME
(13)
(104)
(28)
170
(22)
(111)
(30)
155
TOTAL REVENUES
OPERATING COSTS
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
EBITDA
EBITDA margin
NON RECURRING ITEM
AMORTISATION & DEPRECIATION
FINANCIAL RESULT
INCOME TAXES
MINORITY INTERESTS
OPERATING CASH-FLOW
NET FINANCIAL INDEBTEDNESS
NET FINANCIAL INDEBTEDNESS
(Including the NPV of the “Central Guarantee Fund” debt)
(1) Loans guaranteed by the Government: 25 Eu mn
332
1.323
1.740
(1)
(1)
321
1.171
1.602
19
SIAS 2007 “PRO-FORMA” EBITDA BY
SECTOR
CONSTRUCTION SECTOR
3%
MOTORWAY SECTOR
A4 Stretch
18,1
14,8
94%
11
A21 Stretch
AUTOCISA
15,6
23,7
TECHNOLOGICAL SECTOR
5,6
(1)
5,6
3%
20
SIAS 2007 & 2006 “PRO-FORMA”
BALANCE SHEET
(Eu mn)
ASSETS
Tangible &
Intangible Assets
Non current
Financial Assets
Other Assets
LIABILITIES
7%
1.478
13%
1.323
1.376
8%
2.854
3.089
1.171
497
376
2006
Pro-forma
446
390
1.180
1.124
2007
2006
Pro-forma
2007
31/12/2006
Shareholders'
Equity
Net Financial
Indebtedness
Other liabilities
31/12/2007
DEBT/EQUITY
0,9
0,9
DEBT/EBITDA
2,5
2,8
21
SIAS ANALIYSIS OF THE 2007
“PRO-FORMA” CONSOLIDATED RESULTS
Strong cash flow generation
€ 477m
+8,1%
VS. 2006
€ 360m
€ 282m
(€ 117m)
(€ 78m)
€ 207m
(€ 75m)
EBITDA
2007
Financial
expenses,
taxes
Net CF
2007
Maintenance
Capex
FCF 1
Dividends
FCF 2
22
SIAS - BOND
ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds)
BONDS HELD BY THE GAVIO GROUP: N° 9,9 millions (31%)
PAR VALUE: 10,50 Eu
DURATION: 12 yrs (2005 – 2017)
INTEREST: 2,625%
CONVERSION RIGHT: • FROM THE END OF THE 5TH YEAR
• 1:1 AT PAR
23
GROUP STRUCTURE
FINANCIAL RESULTS
REGULATION
CONCLUSION
24
ASTM & SIAS GROUP - INVESTMENT PLAN
Status of the Plan
(Eu bn)
SATAP: A4 Stretch
A21 Stretch
ATIVA
Investments
Plan (1)
0,8
0,2
1,0
0,15
Approved
by
ANAS
a
a
To be
approved
by ANAS
(2)
(2)
(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
25
ASTM & SIAS GROUP - INVESTMENT PLAN
Status of the Plan
(Eu bn)
Investments
Plan (1)
SALT
0,3
a
ADF
0,2
a
CISA
2,0
ASTI-CUNEO
1,0
(4)
Approved
by
ANAS
a
(2)
a
(3)
To be
approved
by ANAS
(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
26
GROUP STRUCTURE
FINANCIAL RESULTS
REGULATION
CONCLUSION
27
CONCLUSION
Long term view
of the business,
dedicated
management
Conservative financial
profile and balanced
growth strategy
(also abroad)
Value creation
through lasting,
experienced
motorway know-how
and operating
efficiency
No competition from
other transportation
systems
Growing opportunities
arising from the
“new” stretches
Substainable
profitability
growth rates
28
www.autostradatomi.it
www.grupposias.it
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