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April 2008 AUTOSTRADA TORINO – MILANO SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI GAVIO GROUP.

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Presentation on theme: "April 2008 AUTOSTRADA TORINO – MILANO SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI GAVIO GROUP."— Presentation transcript:

1 April 2008 AUTOSTRADA TORINO – MILANO SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI GAVIO GROUP

2 2 AGENDA REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION

3 3 REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION

4 4 Current Group Structure (after the Re-organization)

5 OWNERSHIP STRUCTURE Holding companies 5 TREASURY STOCKS ASSICURAZIONI GENERALI GROUP FREE FLOAT GAVIO GROUP51,15% 29,01% 10,05% 0,78% 5,01% FONDAZIONE CR-TO 4,00% LAZARD ASSET MANAGEMENT LLC. ASSICURAZIONI GENERALI GROUP 5,59% FREE FLOAT16,52% GAVIO GROUP74,56% 3,33% LAZARD ASSET MANAGEMENT LLC SIAS ownership structure is calculated on the new share capital (227,5 million shares)

6 OWNERSHIP STRUCTURE Main motorway companies AUTOCISA % PUBLIC AUTHORITIES GROUP MUNICIPALITIES OTHER PROVINCES REGIONS ANASOTHERTOTAL 6 99, , SUBSIDIARIES Società Autostrada Asti-Cuneo S.p.A.

7 Group Re-organization - Effects 7 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 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) INCREASED THE SIAS PERSPECTIVE FREE-FLOAT AND LIQUIDITY

8 8 Group Re-organization – Key points Following the completion of the 1 st 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 SIASs upside will be easily reflected in ASTMs 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.

9 SAVONA VENTIMIGLIA M. BIANCO IVREA TORINO VOLTRI SESTRI L. PARMA LA SPEZIA VIAREGGIO PISA LUCCA LIVORNO ASTI CUNEO AOSTA S. BERNARDOMILANO FREJUS PIACENZA ROSIGNANO M. ALESSANDRIA TOTAL 1.295,1 (1) (2) (3) Inclusive of the planned 81 km stretch linking Parma to the Autostrada del Brennero Under construction Costanera 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 - UK Costanera Norte S.A. - Chile (through ASA) EQUITY INVESTMENTS Autostrada Torino-Alessandria-Piacenza S.p.A Autostrade Valdostane S.p.A. Autostrada Torino-Ivrea-Valle dAosta S.p.A. SUBSIDIARIES SIGNIFICANT INVESTMENTS Milano 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. 130,3167,7163,759,594,012,884,0 SATAP - Torino-Milano stretch - Torino-Milano stretch - Torino-Piacenza stretch - Torino-Piacenza stretchATIVASAVSITAFSITRASB ROAD LINK (A69) 154,9113,2182,090,043,0SALTADFCISAASTI-CUNEO COSTANERA NORTE S.A. Current network managed by the SIAS Group (1) (2) (3)

10 SIAS Group motorway concessions 10 SATAP (A 4 stretch) SATAP (A 21 stretch) ATIVA SAV SITAF SITRASB ROAD LINK HOLDING Ltd. (UK) Concession expiry

11 11 (1)According to the agreement signed, the concession has been extended to 2031 (2)23,5 yrs. starting from the completion of the infrastructure SALT ADF CISA ASTI CUNEO COSTANERA NORTE (Chile) Concession expiry (1) SIAS Group motorway concessions (contd) (2)

12 (1) For the SIAS Group, the financial results refer to the pro-forma consolidated financial statements as at 31 December SIAS GROUP: comparison with main European players SIASAtlantiaAbertis %63,2%62,7% n.av. 39,0%50,2%n.av (26) 21,0%2,1%18,8% ,8x4,5x 5,7x Average expiry of the motorway concessions Network managed (km) Key consolidated figures 2007 (/mln ) (1) : Revenues Ebitda % on Revenues Ebit % on Revenues Net Income % on Revenues Equity Net debt D/Ebitda D/E 0,9x2,3x2,6x Cintra ,7% ,6% n.a ,8x 7,5x BRISA ,1% ,4% ,0% ,0x 1,9x

13 (1) Source: Equity research, Factset as of March SIAS GROUP: comparison with main European players (1) (contd) SIASAtlantiaAbertis Cintra BRISA ,1 X ,8 X Equity value (/mn) Enterprise value – EV (/mn) EV/EBITDA (2008 E) 9,1 X 9,2 X 14,7 X

14 14 SIAS GROUP: comparison with main European players (contd) 5,0x 9,0x 11,0x 13,0x 15,0x 7,0x Enterprise Value (EV) EV/EBITDA 2008E Source: Equity Research, Factset as of March ,8x14,7x 9,2x 9,1x 6,1x 5,0x 9,0x 11,0x 13,0x 15,0x 7,0x 14,8x14,7x 9,2x 9,1x 6,1x

15 15 REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION

16 REVENUES: 31/12/2007 Pro-forma ASTM 2007 & 2006 – PRO-FORMA RESULTS TOTAL REVENUES CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS (445) % (167) 327 (14) (112) (89) (Eumn) 16 OPERATING CASH-FLOW NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) OPERATING CASH-FLOW NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) (1) Loans guaranteed by the Government: 25 Eu mn - REVENUES FROM MOTORWAYS SECTOR - REVENUES FROM CONSTRUCTION SECTOR - REVENUES FROM ENGINEERING SECTOR - REVENUES FROM TECHNOLOGICAL SECTOR - OTHER REVENUES OPERATING COSTS EBITDA EBITDA margin EBITDA adjusted EBIT NET INCOME NON RECURRING ITEM AMORTISATION & DEPRECIATION FINANCIAL RESULT INCOME TAXES MINORITY INTERESTS 31/12/2006 Pro-forma (430) % (150) 331 (16) (120) (86)

17 17 CONSTRUCTION SECTOR 92% MOTORWAY SECTOR ASTM – 2007 PRO-FORMA EBITDA BY SECTOR 3% TECHNOLOGICAL SECTOR ENGINEERING SECTOR 2%

18 18 ASTM 2007 & 2006 PRO-FORMA BALANCE SHEET (Eumn) 8% 15% 7% 2006 Pro-forma 2006 Pro-forma 2007 DEBT/EQUITY DEBT/EBITDA 31/12/ /12/2007 0,6 2,1 0,7 2,3

19 REVENUES: 31/12/2007 Pro-forma SIAS 2007 & 2006 – PRO-FORMA RESULTS TOTAL REVENUES CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS (417) % (165) 315 (13) (104) (28) (Eumn) 19 OPERATING CASH-FLOW NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) OPERATING CASH-FLOW NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) (1) Loans guaranteed by the Government: 25 Eu mn - REVENUES FROM MOTORWAYS SECTOR - REVENUES FROM CONSTRUCTION SECTOR - REVENUES FROM ENGINEERING SECTOR - REVENUES FROM TECHNOLOGICAL SECTOR - OTHER REVENUES OPERATING COSTS EBITDA EBITDA margin EBITDA adjusted EBIT NET INCOME NON RECURRING ITEM AMORTISATION & DEPRECIATION FINANCIAL RESULT INCOME TAXES MINORITY INTERESTS 31/12/2006 Pro-forma (402) % (149) 318 (22) (111) (30)

20 20 CONSTRUCTION SECTOR 94% MOTORWAY SECTOR SIAS 2007 PRO-FORMA EBITDA BY SECTOR AUTOCISA 3% TECHNOLOGICAL SECTOR 3% (1) (1) ATIVA is consolidated on a proportional basis (41,17%) A4 Stretch A21 Stretch

21 21 SIAS 2007 & 2006 PRO-FORMA BALANCE SHEET (Eumn) 8% 13% 7% 2006 Pro-forma 2006 Pro-forma 2007 DEBT/EQUITY DEBT/EBITDA 31/12/ /12/2007 0,9 2,5 0,9 2,8

22 22 SIAS ANALIYSIS OF THE 2007 PRO-FORMA CONSOLIDATED RESULTS EBITDA 2007 FCF 1 Net CF 2007 FCF 2 Financial expenses, taxes Maintenance Capex Dividends 477m ( 117m) 360m ( 78m) 282m ( 75m) 207m Strong cash flow generation +8,1% VS. 2006

23 ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds) SIAS - BOND INTEREST: 2,625% CONVERSION RIGHT: 23 PAR VALUE: 10,50 Eu DURATION: 12 yrs (2005 – 2017) FROM THE END OF THE 5 TH YEAR 1:1 AT PAR BONDS HELD BY THE GAVIO GROUP: N° 9,9 millions (31%)

24 24 REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION

25 25 ASTM & SIAS GROUP - INVESTMENT PLAN ATIVA 0,15 ( 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 ( 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 Investments Plan (1) SATAP: A4 Stretch A21 Stretch 0,8 0,2 (Eu bn) 1,0 Status of the Plan Approved by ANAS To be approved by ANAS (2) Status of the Plan Approved by ANAS To be approved by ANAS

26 26 ASTM & SIAS GROUP - INVESTMENT PLAN CISA 2,0 ASTI-CUNEO 1,0 Investments Plan (1) ADF (Eu bn) 0,2 0,3 SALT (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 Status of the Plan Approved by ANAS To be approved by ANAS (2) (3) (4)

27 27 REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION

28 28 Long term view of the business, dedicated management No competition from other transportation systems Growing opportunities arising from the new stretches Substainable profitability growth rates Conservative financial profile and balanced growth strategy (also abroad) Value creation through lasting, experienced motorway know-how and operating efficiency

29 29


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