ANAS Italian Infrastructure Day 2014

Transcription

1 ANAS Italian Infrastructure Day 2014 Borsa Italiana Milan, September 9 th 2014

2 Key milestones ANAS Group structure A.A.S.S. (National Autonomous Agency for roads) was established to develop and manage the national road system as part of the Ministry of Public Works. A.A.S.S. was transformed into A.N.A.S. to speed up the reconstruction of roads and bridges damaged/ destroyed during the Second World War. ANAS GROUP* ANAS was span off as Ente Nazionale per le Strade, a separate entity under the control of the Ministry of Public Works. ANAS was transformed into a joint-stock company fully owned by Ministry of Finance. Over half of its road network was transferred to some Regions (approx. 25,000 km). Autostrade del Lazio (50%) Autostrada Asti Cuneo (35%) ANAS Int. Enterprise (100%) Autostrada del Molise (50%) Soc. Italiana Traforo Monte Bianco (32.1%) Concessioni Aut. Lombarde (50%) Quadrilatero Marche Umbria (92.4%) Concessioni Aut. Piemontesi (50%) Soc. Italiana Traforo Aut. Frejus (31.7%) Stretto di Messina in liq. (81.8%) Concessioni Aut. Venete - CAV (50%) ANAS establishes joint ventures with Regione Veneto, Lazio, Lombardia, Molise and Piemonte, to build and operate new infrastructures of joint national-regional interest. * Excluding minor shareholdings -2-

3 Mission The mission of ANAS is to manage, operate and maintain the motorway and road system of national interest, to provide extraordinary maintenance services and to build new motorways and roads. ANAS therefore plays a primary role in the modernization and development of the Italian infrastructures. To date the whole 25,000 km road network managed by the Company is toll free. In 2002 ANAS was granted a concession expiring in 2032, covering the entire motorway and road system of national interest and was transformed in a joint-stock company entirely owned by Ministry of Finance. ANAS is subject to the technical and operational supervision and control of the Ministry of Infrastructure and Transport ( MIT ). Over the past three years the regulatory framework for ANAS has undergone significant changes due to the enactment of new laws. The legislative provisions modified the mission and scope of operations of ANAS transferring the activities related to the supervision and control over the toll motorway concessionaires (25 private operators managing motorways and tunnels with an aggregate length of approx. 5,900 Km) to a specific department of MIT. -3-

4 Main business areas Motorways and roads operation & management Motorways and roads construction & maintenance Research and development International business and other activities ANAS operates and manages the non-toll motorway and road network of national interest with an aggregate length of more than 25,000 Km, including 1,310 Km of motorway sections. ANAS builds new motorways and roads, and provide extraordinary maintenance services to the motorway and road network under management. ANAS invests in research and technology to develop new solutions aimed at improving safety standards and operational efficiency, at reducing road construction and maintenance costs as well as at reducing and mitigating environmental impacts. ANAS is expanding its international business in the engineering services sector by serving foreign entities and companies. ANAS established Concessioni Autostradali Venete CAV, a joint venture with Regione Veneto, to operate, manage and maintain a network of 4 motorway sections (including the Passante di Mestre in Venice) with an aggregate length of 74 km. According to specific legislative provisions ANAS established joint ventures with Regione Lazio, Lombardia, Molise and Piemonte, with concession granting powers in relation to the construction and operation of new infrastructures of joint national-regional interest. -4-

5 Sources of funding Motorways and roads operation & management costs From 2011 onwards ANAS in no longer entitled to receive service fees from the State. All operation, management and ordinary maintenance costs are financed through the surcharges, which are included in the tariffs applied to the toll motorway network under concession. Motorways and roads construction & maintenance investments ANAS doesn t receive any compensation from users/market for new investments and extraordinary maintenance activities. Investments carried out by ANAS are still financed by public funds (State, Regional, EU). -5-

6 Motorways and roads operation & management key figures Motorways and roads under management Key figures (2013) ANAS network Technical features Aggregate Km Motorways 1,310 4-lane roads 3,219 2-lane roads 16,269 Other 4,235 Total 25,033 Network breakdown by geographical area 18% 34% South Islands 19% Total 25,033 Km 29% North Centre -6-

7 Motorways and roads operation & management main services Safety Adoption of all necessary measures to guarantee traffic safety. Road asset management. Surveillance and emergency response Monitoring of motorways and roads operational efficiency. Real time data gathering concerning accidents, snowfalls, displacement etc. and assessment of asset damages, casualties, traffic congestions. Traffic / accidents data management Mobility monitoring and analysis through an integrated system of sensors and software. Transport and mobility planning (i.e. during summer exodus). Winter activities Snow removal and ice formation prevention. Infomobility and emergency operation coordination Multichannel infomobility (web, mobile apps, call center, web-tv). Emergency operation coordination (20 regional operation centers). -7-

8 Web/mobile communication mln hits in 1st half % vs 1st half k hits in % vs 2012 Vai Anas Plus (Infomobility app for apple& android devices) 110,000 downloads -8-

9 TV / Radio communication 2014 audience 8.6 million of tv viewers (169 tv broadcast stations) 12 million of radio listeners (82 radio broadcast stations) -9-

10 Social networks 29,400 followers 1.15 billion contacts in billion contacts from January to June ,866 like -10-

11 Construction & maintenance works Main construction sites Construction & extraordinary maint. investments ( /bln) Tunnel del Tenda Piano Infrastrutture Viarie Ancona ,3 19,8 Annual amount (sx) Cumulative Amount (dx; since 2003) 2,3 22,1 24,3 2,2 2,1 26, Sassari Olbia Perugia New A A 2012A 2013A 2014E In 2013 ANAS modernized approx. 140 km of new roads and motorways throughout the Country. 18 Olbia Taranto Main construction works underway Sassari Salerno New A3 S.S. 106 Route Total investment ( /bln) Length (Km) New A3 Salerno Reggio Calabria Strada Statale 106 Jonica (*) S.S. 640 Reggio Calabria Piano Infrastrutture Viarie (Quadrilatero Marche Umbria) S. S. 640 di Porto Empedocle Sassari Olbia Porto Empedocle Tunnel del Tenda (*) Includes works already completed, under construction or to be started in a short time. -11-

12 The NEW A3 motorway Salerno Reggio Calabria (1/2) The NEW A3 Salerno Reggio Calabria motorway is arguably the most challenging engineering work carried out in Italy in the last 40 years. The works encompass the construction of a completely new motorway. They are not the usual modernization of the old A3 motorway build in 60 s - 70 s. It includes the construction of 183 tunnels and 499 viaducts and bridges, with an aggregate length of approx. 221 Km. 341 Km have already been completed, while 44 Km are currently under construction and 6 Km are ready to start. The remaining 52 Km are awaiting funding. Technical features 100% 80% 60% Key figures Total Length (Km) 6-lane (+ emerg. lane) motorway section 53 4-lane (+ emerg. lane) motorway section 390 Total 443 Status of the new A3 work Awaiting funding Ready to start Under construction Completed 40% 20% % Investment ( /mln) Km -12-

13 The NEW A3 motorway Salerno Reggio Calabria (2/2) -13-

14 Research and Development Data Acquisition and Data Analyses Technologies for Maintenance and Construction International Research Projects Development of high speed data acquisition technologies (lighting levels in galleries, pavement acoustic performance, detailed 3D geometric surface characteristics of the entire infrastructure and the surrounding environment). Design and development of systems for bridge maintenance management. Drafting of the National Plan for noise reduction and rehabilitation of critical areas. Research on low-noise bituminous mixtures. Development of new test methods for construction materials. Research aimed at increasing road safety standards. Updating ANAS technical standards to state-of-the-art materials, construction and maintenance technologies. Participation in research projects funded by the European Union. Participation in working groups for advanced researches promoted by international institutions (i. e. the Conference of European Directors of Road, the Forum of European National Highway Research Laboratories, The World Road Association) and cooperation with universities and research centers. -14-

15 International activities Key figures 2013 Revenues breakdown 19% Maghreb 44% Total: 26 mln 37% Gulf Countries Latin America Tenders in progress Contracts in progress Commercial Activities Works portfolio as of Dec. 31 st % 31% Total: 121 mln 61% Maghreb Gulf Countries Latin America Since 2005 ANAS operates on foreign markets offering engineering services to Ministries, Road Authorities and private companies as consultant or potential partner for planning, design, maintenance, supervision and control over road networks. In 2012 ANAS established a subsidiary (ANAS International Enterprise, AIE ) 100% controlled in order to develop new business opportunities. AIE is consolidating its business in Algeria, Qatar, Colombia, etc. and is committed to expanding its activities in new developing markets. -15-

16 Concessioni Autostradali Venete CAV at a glance CAV is a motorway operator established in 2008 by ANAS (50%) and Regione Veneto (50%). CAV was granted a concession expiring in 2032, covering a motorway network of 74.1 km located in the Venice area, which comprises some of the most strategic sections of the Italian motorway system. CAV network is a crucial intersection for the commercial exchanges between Eastern / Western and Northern / Southern Europe and is part of two of main Trans-European corridors: the MEDITERRANEAN, from Algeciras (Spain) to Ukraine border, and the BALTIC-ADRIATIC connecting Gdynia (Poland) to Ravenna (Italy). The construction of part of the network under management (Passante di Mestre) was paid for by ANAS in , with CAV taking charge of the operations at the beginning of CAV is preparing to refinance its outstanding debt in due course through a project bond issue. The bond s credit profile is expected to be enhanced via the European Investment Bank s PBCE scheme. A A4 Passante di Mestre B A57 Tangenziale di Mestre C D A57 Tangenziale di Mestre (open system) Marco Polo Airport motorway link Motorways under management Key performance Revenues EBITDA Net debt

17 Financial highlights The transformation of ANAS into a joint-stock company started in So far ANAS hasn t charged any tolls on its own motorway and road network. Ordinary maintenance, management and operation activities fully funded by "surcharges", which are included in the tariffs applied to the toll motorway network under concession. Significant goals and improvements have been already achieved: steady financial and economic equilibrium; dividend distribution to the shareholder. -17-

18 Net Income ( /mln)

19 Revenues ( /mln) Service Fees (paid by the State) Other Revenues from operations

20 Investments ( /bln) 3,5 3,0 3,3 2,5 2,0 1,5 2,2 2,1 2,3 2,5 2,2 2,7 2,3 2,2 1,0 0,5 0,

21 Equity & Net Debt ( /bln) Equity* Net Debt 2,8 1,8 2,5 2,2 2,6 2,6 2,7 2,7 2,7 2,7 2,8 0,8 0,70 0,50 0,30 0,60 0,20-0,2 (0,90) (0,20) -1,2 (1,80) (1,90) -2, * reclassified figures -21-

22 CONCLUSIONS ANAS is a joint-stock company efficiently managed, in line with the sector best practices, taking into account the present regulatory framework. ANAS, in each of the last 7 years, has posted net profits and distributed dividends to its sole shareholder (Ministry of Finance). ANAS is ready to implement new strategies, to be finalized by the Government, in order to increasingly evolve towards a market concessionaire model. Consequently it can be envisaged a future participation of private investors (debt and/or equity) increasing the investments and maintenance activities of the Company with a reasonable return on investment. -22-