Transcript AGENDA

GAVIO GROUP
AUTOSTRADA TORINO – MILANO
SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI
September 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.
10,11%
53,14%
Market
Market
ASTM S.p.A.
63,42%
(SINA 1,72%)
26,47%
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
0,08%
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
2,66% TREASURY STOCKS
2,04% HSBC BANK PERNSION TRUST LTD
2,53% GOLDMAN SACHS INTERN. LTD
2,59% FONDAZIONE CR-TO
5,01% ASSICURAZIONI GENERALI
GROUP
10,09% LAZARD ASSET
MANAGEMENT LLC.
3,68% ASSICURAZIONI
GENERALI GROUP
5,59% LAZARD ASSET
MANAGEMENT LLC
17,20% FREE FLOAT
21,94% FREE FLOAT
53,14% GAVIO GROUP
73,53% GAVIO GROUP
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
155,8
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.
1.287,2
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
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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
2031
ASTI CUNEO
COSTANERA NORTE (Chile)
(1)
23,5 yrs. starting from the completion of the infrastructure
-
(1)
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)
1.287
3.413
3.350
2.481
1.063
Key consolidated figures 1H 2008
(€/mln):
Revenues
Ebitda
% on Revenues
Ebit
% on Revenues
Net Income
% on Revenues
Equity
Net debt
D/E
386
223
58%
516
319
1.673
1.777
1.043
1.111
346
217
62,4%
62,5%
67,1%
68%
128
822
717
253
118
33%
49,1%
40,3%
49%
37%
(51)
52
48
367
331
12%
22%
18,6%
1.475
1.400
4.110
9.375
5.007
12.999
n.av.
9.497
1.534
3.640
0,9x
2,3x
2,6x
n.av.
2,4x
n.s.
16%
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 May 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
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GROUP STRUCTURE
FINANCIAL RESULTS
REGULATION
CONCLUSION
15
ASTM - 6 MONTHS RESULTS 2008 & 2007
“Pro-forma” (IAS/IFRS)
(Eu mn)
30/06/2008
REVENUES:
30/06/2007
“Pro-forma”
351
346
- REVENUES FROM CONSTRUCTION SECTOR
1
6
- REVENUES FROM ENGINEERING SECTOR
4
6
- REVENUES FROM TECHNOLOGICAL SECTOR
7
15
27
30
- TOLL REVENUES
- OTHER REVENUES
TOTAL REVENUES
390
(205)
OPERATING COSTS
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 42
EBITDA
227
30/06/2008
NET FINANCIAL INDEBTEDNESS
NET FINANCIAL INDEBTEDNESS
(Including the NPV of the “Central Guarantee Fund” debt)
1.294
1.661
403
(215)
54
242
31/12/2007
1.148
1.565
16
ASTM – 1st HALF 2008
EBITDA BY SECTOR
MOTORWAY SECTOR
95%
ENGINEERING SECTOR
1%
CONSTRUCTION SECTOR
TECHNOLOGICAL SECTOR
2%
2%
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ASTM - BALANCE SHEET
(Eu mn)
ASSETS
Tangible &
Intangible Assets
Non current
Financial Assets
Other Assets
LIABILITIES
1.649
1.666
2%
3.116
3.174
1.148 12,7%
468
451
401
425
2007
1H 2008
31/12/2007
DEBT/EQUITY
0,7
1.294
1.171
1.107
2007
1H 2008
Shareholders'
Equity
Net Financial
Indebtedness
Other liabilities
30/06/2008
0,8
18
SIAS - 6 MONTHS RESULTS 2008 & 2007
“Pro-forma” (IAS/IFRS)
(Eu mn)
30/06/2008
30/06/2007
“Pro-forma”
REVENUES:
351
346
- REVENUES FROM CONSTRUCTION and ENGINEERING SECTORS
1
6
- REVENUES FROM TECHNOLOGICAL SECTOR
7
15
- OTHER REVENUES
27
30
TOTAL REVENUES
386
397
OPERATING COSTS
(190)
(200)
- TOLL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
EBITDA
27
30
223
237
30/06/2008
NET FINANCIAL INDEBTEDNESS
NET FINANCIAL INDEBTEDNESS
(Including the NPV of the “Central Guarantee Fund” debt)
1.400
1.768
31/12/2007
1.323
1.740
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SIAS 1st HALF 2008
EBITDA BY SECTOR
CONSTRUCTION &
ENGINEERING SECTORS
2%
18%
MOTORWAY SECTOR
17%
97%
A4 Stretch
10%
AUTOCISA
17%
25%
A21 Stretch
7%
6%
(1)
TECHNOLOGICAL SECTOR
1%
20
SIAS - BALANCE SHEET
(Eu mn)
ASSETS
Tangible &
Intangible Assets
Non current
Financial Assets
Other Assets
LIABILITIES
1.475
1.478
3.089
3.143
1.323
446
390
2007
424
407
1H 2008
31/12/2007
DEBT/EQUITY
0,9
5,8%
1.408
1.124
1.099
2007
1H 2008
Shareholders'
Equity
Net Financial
Indebtedness
Other liabilities
30/06/2008
0,9
21
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
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GROUP STRUCTURE
FINANCIAL RESULTS
REGULATION
CONCLUSION
23
ASTM & SIAS GROUP - INVESTMENT PLAN
(Eu bn)
SATAP: A4 Stretch
A21 Stretch
ATIVA
Investments
Plan (1)
0,8
0,2
1,0
0,15
Status of the
Concession/Financial Plan
Currently
under
Approved
negotiation
a
a
(1) Expected amount from 2008 onwards
The amont of additional investments on SAV are negligible
24
ASTM & SIAS GROUP - INVESTMENT PLAN
Status of the
Concession/Financial Plan
Currently
under
Approved
negotiation
(Eu bn)
Investments
Plan (1)
SALT
0,3
a
ADF
0,2
a
CISA
2,0
ASTI-CUNEO
1,0
a
(2)
a
(1) Expected amount from 2008 onwards
(2) Expected Government contribution by 0,2 bn
25
VALUE DRIVERS: TRAFFIC GROWTH
TRAFFIC TREND HISTORICALLY OUTPERFORMED GDP GROWTH EVEN IN RECESSION YEARS
4.5%
3.5%
2.5%
1.5%
0.5%
-0.5%
-1.5%
1997
1998
1999
2000
ITALIAN GDP
2001
2002
2003
2004
2005
2006
2007 04/2008
TOTAL TRAFFIC ON MOTORWAYS
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
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www.autostradatomi.it
www.grupposias.it
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