GAVIO GROUP
AUTOSTRADA TORINO – MILANO GROUP
SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI GROUP
December 2007
AGENDA
GROUP STRUCTURE AFTER THE RE-ORGANIZATION
FINANCIAL RESULTS
2
GROUP STRUCTURE AFTER THE RE-ORGANIZATION
FINANCIAL RESULTS
3
Current Group Structure
(after the Re-organization)
Aurelia S.p.A. /
Argo Finanziaria S.p.A.
11,14%
50,6%
Market
Market
25,44%
99,9%
100%
45,0%
ASA
(Costanera
Norte - Cile)
SATAP
ASTM S.p.A.
63,42%
(SINA 1,72%)
Holding
Piemonte e
Valle d'Aosta
SIAS S.p.A.
20,0%
RoadLink
Link
Road
Holdings (UK)
84,4%
CISA
0,5%
60,0%
87,4%
SALT
SSAT
99,5%
82,0%
SINECO
SINA 18,0% SINECO
+ ARGO
(40,0%)
40,3%
59,7%
41,2%
ITINERA+
Grassetto
Itinera
Lavori
65,1%
SAV
ATIVA
36,5%
SITAF
50,0%
Pavimental
96,2%
60,8%
ADF
SINELEC
6,2%
1,1%
26,45%
0,07%
CODELFA
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
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
Total
Rounded down
SIAS
99,9% SATAP
20% Road Link Holding Ltd.
1.007,1
12,0
1.019,1
100.073.328
100.000.000
5
Summary of transaction values
(cont’d)
Purchases (cash)
ASTM Group
€/mln.
SIAS Group
€/mln.
SIAS ---> ASTM
SATAP
ASTM
5,1% SINA
27% SINECO
n. 9.792.264 SIAS convertible bond
SAV
ASTM
SALT
ADF
Sub-total
ASTM
ASTM
(4,4)
(7,5)
(108,1)
4,4
7,5
108,1
9% SINECO
(2,5)
2,5
5% SINECO
5% SINECO
(1,4)
(1,4)
(125,3)
1,4
1,4
125,3
113,8
134,1
95,7
3,9
347,5
(113,8)
(134,1)
(95,7)
(3,9)
(347,5)
222,2
(222,2)
ASTM ---> SIAS
ASTM
Sub-total
Total
HPVdA 41,2% ATIVA
36,5% SITAF
65,1% SAV
n. 228.273 SITAF convertible bond
6
Current ownership structure
Holding companies
2,72% 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
31,62% FREE FLOAT
50,60% GAVIO GROUP
74,56% GAVIO GROUP
SIAS’ ownership structure is calculated on the “new” share
capital (227,5 million shares)
7
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
8
Group Re-organization - Effects
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
INCREASES THE SIAS’ PERSPECTIVE FREE-FLOAT AND LIQUIDITY
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)
9
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.
10
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
AOSTA
M. BIANCO
IVREA
MILANO
FREJUS
PIACENZA
TORINO
PARMA
ASTI
ALESSANDRIA
VOLTRI
SESTRI L.
CUNEO
VENTIMIGLIA
SAVONA
LA SPEZIA
VIAREGGIO
PISA
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
LUCCA
LIVORNO
TOTAL
1.211,1
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.
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
11
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
12
SIAS Group motorway concessions
(cont’d)
Concession expiry
SALT
2019
ADF
2021
CISA
2010(1)
ASTI CUNEO
2033
COSTANERA NORTE (Chile)
2033
(1) According to the concession scheme signed, the concession has been extended to 2031
13
SIAS GROUP: comparison with main
European players
(1)
SIAS
Atlantia
Abertis
Cintra
ASF
APRR
BRISA
Average expiry of the motorway
concessions
2026
2037
2026
2040
2032
2032
2032
Network managed (km)
1.287
3.408
3.350
2.481
3.026
2.215
1.063
Key consolidated figures 2006
(€/mln )(2):
Revenues
Ebitda
% on Revenues
Ebit
% on Revenues
781
2.686
3.335
468
1.989
74,1%
318
1.606
40,8%
59,8%
66%
885
2.625
2.099
581
2.057
1.305
418
62,9%
65,6%
78,4%
78,1%
74,6%
1.343
360
1.164
744
294
40,3%
40,7%
44,3%
44,6%
52,5%
1.670
560
185
672
530
156
476
263
168
% on Revenues
23,6%
25,0%
15,9%
17,6%
18,1%
15,7%
30,0%
Equity
Net debt
1.376
1.171
3.863
8.946
3.453
11.842
1.532
8.390
3.808
7.355
440
6.436
1.566
2.364
D/Ebitda
D/E
2,5
0,8
4,5
2,3
5,6
3,4
14,4
5,5
3,6
1,9
4,9
14,6
5,7
1,5
Net Income
(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(1) (cont’d)
SIAS
Atlantia
Abertis
Cintra
BRISA
Equity value (€/mn)
2.281
14.847
13.735
Enterprise value – EV (€/mn)
4.066
23.943
23.679
14.395
7.947
7,8X
11,3X
10,2X
19,8X
16,7X
EV/EBITDA (2007 E)
(1) Source: Equity research, Factset as of 30 November 2007
5.626
6.092
15
GROUP STRUCTURE AFTER THE RE-ORGANIZATION
FINANCIAL RESULTS
16
ASTM - 9 MONTHS RESULTS 2007 & 2006
(IAS/IFRS)
(Eu mn)
REVENUES:
30 Sept. 2007
30 Sept. 2006
Pro-forma
Pro-forma
548
529
9
5
- REVENUES FROM ENGINEERING SECTOR
11
12
- REVENUES FROM TECHNOLOGICAL SECTOR
20
11
- OTHER REVENUES
44
41
- TOLL REVENUES
- REVENUES FROM CONSTRUCTION SECTOR
TOTAL REVENUES
632
(322)
OPERATING COSTS
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 78
EBITDA
NON RECURRING ITEM
388
371
371
4
EBITDA “adjusted” 392
NET FINANCIAL INDEBTEDNESS
NET FINANCIAL INDEBTEDNESS
(Including the NPV of the “Central Guarantee Fund” debt)
(1) Loans guaranteed by the Government: 34 Eu mn
1.070
1.455
598
(311)
84
(1)
(1)
17
SIAS - 9 MONTHS RESULTS 2007 & 2006
(IAS/IFRS)
(Eu mn)
30 Sept. 2007
30 Sept. 2006
Pro-forma
Pro-forma
REVENUES:
548
529
- REVENUES FROM CONSTRUCTION SECTOR
10
5
- REVENUES FROM TECHNOLOGICAL SECTOR
20
11
- OTHER REVENUES
44
41
TOTAL REVENUES
622
586
OPERATING COSTS
(300)
(292)
57
67
- TOLL REVENUES
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
EBITDA
NON RECURRING ITEM
379
3
EBITDA “adjusted” 382
NET FINANCIAL INDEBTEDNESS
NET FINANCIAL INDEBTEDNESS
(Including the NPV of the “Central Guarantee Fund” debt)
(1) Loans guaranteed by the Government: 34 Eu mn
(2) As at 30/6/2007
1.183 (1)
(1)
1.631
361
361
442 (2)
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RE-ORGANIZATION PROGRAMME: Changes
in the SIAS Group net financial position
(Eu mn)
SIAS GROUP NET FINANCIAL POSITION, AS AT 30 JUNE 2007
(442)
Re-organization programme:
- Intercompany transactions (sales/purchases of investments)
- Changes in the consolidation area(2)
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
SIAS GROUP NET FINANCIAL POSITION,
AS AT 30 SEPTEMBER 2007
(1)
(2)
Refer to slide n. 6
Net financial indebtedness referred to SATAP, SAV and ATIVA
(1)
(222)
(605)
(827)
(827)
(1.269)
38
(84)
132
(1.183)
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