Business Entities - Italian Motorways

Transcription

1 7 March FY Results

2 2013 Group Highlights Integration of ADR Well established motorway business in Italy International Presence Drivers Creation of a leading motorway and airport infrastructure group with global reach Resilient business model Efficiency measures Increasing contribution from high growth markets > > > Disciplined Advanced pre-funding > Financial Strategy Time to market Dividend Shift to a pay-out ratio > Policy dividend policy 2013 Results Merger completed ADR consolidated from 1 Dec % EBITDA vs traffic reduction of 1.6% Traffic increased 5.6% in LatAm EBITDA reaches 490m (1) notwithstanding FX impact No short term refinancing needs ( 8.5bn available funding) 1.4bn institutional bond issuances with 3.0%-3.3%YTM Total dividend from 484m to 606m to serve newly issue shares (1) Including guaranteed income which under IFRIC 12 are accounted for as financial income 2

3 2013 Financial Highlights Italian Motorways International Motorways Airports (1) Other Total 2,965km in Italy ~2,000km in Brazil, Chile and Poland Fiumicino and Ciampino airports Technology, Engineering, other (2) ( m) Reported Adj. (3) Reported Adj. (3) Reported Adj. (3) Revenues 3, ,917 EBITDA 2, ,976 FFO 1, ,940 Capex ,363 4,998 3,056 1,935 1,363 (1) ADR, Pro-forma 12-month (2) Includes Technology, Engineering, Atlantia (holding) and consolidation adjustments (3) Includes guaranteed income which under IFRIC 12 are accounted for as financial income 3

4 2013 EBITDA Profile Reported Pro-forma Adjusted ( m) 2, % for the main concession -1.6% traffic performance Lower Service area margin Merger Costs Lower in-house margin Other one-off items Higher winter operations in 2012 Efficiencies 2, Grupo Costanera (Chile) Colinas and Nascentes das Gerais (Brazil) ADR FX Effect (1) 2, , ,056 Italian Business 2012 Actual Tariff Traffic Other Overseas 2013 revenues/ Organic (like for like) costs Growth Change in scope of consolidation & FX Effect (2) (1) FX Effect calculated on the basis of the comparison between 2012 average foreign exchange rates (CLP/ and BR/ 2.51) vs 2013 average foreign exchange rates (CLP/ and BR/ 2.87) (2) Includes the 3-month contribution of Grupo Costanera (IQ2013) and the 6-month contribution of Colinas and Nascentes das Gerais (1H2013) totalling 89m, the 1-month contribution of ADR ( 27m) and the FX Effect (- 29m). (3) For further details, see appendix 2013 Actual Pro-forma ADR 11 months 2013 Pro-forma IFRIC Adjustments (3) Pro-forma Adjusted 4

5 Traffic Trend: Italy 1Q13 2Q13 3Q13 4Q13 2 FY Traffic performance by quarter (Km travelled) Total -2.4% -2.7% -0.8% LV -2.0% -2.5% -0.8% HGV -4.7% -3.5% -1.4% -0.6% -0.7% 0.1% -1.6% -1.5% -2.4% Rate of decline reduced during Traffic performance by month (1) 2.6% 0.5% 1.0% 0.7% 2014 YTD traffic up 0.7% (3) -3.4% -3.9% -2.0% -2.0% -2.7% -1.3% -1.1% -1.8% -5.8% Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec YTD (1) Km travelled on the network operated by Autostrade per l Italia (2)Preliminary data (3)Preliminary figures for the first nine weeks of

6 Strong Growth in Int l Concessions FY2013 Main Concession Traffic growth Revenues Reported Adj. (1) Like-for-like Growth (2) EBITDA (Km travelled) ( m) ( m) (%) ( m) ( m) (%) Reported Adj. (1) Like-for-like Growth (2) Chile Los Lagos Vespucio Sur 7.0% 9.8% % 8.0% % 12.5% Costanera Norte 4.4% % % Triangulo do Sol 6.2% % % Brazil Colinas 6.0% % % Nascentes das Gerais 2.9% % % Poland Stalexport 10.2% % % (1) Adjusted Revenues and EBITDA include revenues which are accounted for as financial income under IFRIC12. For further details, see appendix (2) Based on constant foreign exchange rates 6

7 Motorway Capital Expenditure ( m) 1,800 1,600 1,400 1,200 1, ,630 1, m Italian Business Foreign Business 1997 Plan Ecomouv 2002 Plan Overseas Other Italian Subsidiaries (1) Other Capex (2) Remarks Italian capex down c. 400m reflecting: the nearcompletion of works on the Bologna Florence doubling (Variante di Valico) the completion of a significant portion of works on the Adriatic corridor (36km of new lanes opened in 2013) Difficulties regarding authorization/litigation LatAm concessionaires total 63m, mainly related to Chilean concession ( 42m) and the remainder to Stalexport in Poland, ETC in US and non motorway investments Completion of the construction phase of the Ecotax Project in France ( 287m) (1) Includes Italian smaller concessions (2)Includes ongoing capex, capitalized costs, noise reduction plan and non motorway investments 7

8 ADR: 2013 Traffic Overview Weak domestic traffic offset by growth in more profitable long haul passengers Traffic split FCO/CIA (Mpax) Traffic YTD(Mpax) -1.3% CIA % % Ex EU % FCO % 2.2 EU % DOM % Traffic split by Region (Mpax) Jan-Feb 2013 Jan-Feb 2014* Alitalia (Mpax) Ex EU % % Ex EU % 19.3 EU % EU +5.1% 12.9 DOM % DOM -5.3% (*) Preliminary data

9 ADR Capital Expenditure ( m) Remarks Strong increase in capex ( 2.5x vs 2012) Main projects: Upgrading of taxiways and apron Upgrading of runway no. 2 Terminal maintenance Restructuring FCO South (New layout Terminal 3 arrivals, new security check area, new passport control area) Boarding Area E/F FCO Capex on flight infrastructure and facilities Capex on FCO South Terminal Other Capex CIA Ciampino 9

10 Change in Consolidated Net Debt ( m) Net Debt (1) Change in net Debt 10,769 10, , Dec Dec , FFO (Net Income +/- non cash items) -1,212 Net Infrastructure works Net Investment (2) NWC and other -551 Dividends (3) 358 Financial assets as per IFRIC12 (4) -843 Net Debt from the consolidation of ADR at Dec. 1, 2013 Atlantia Net Debt of ADR (1) Excluding financial assets accounted under IFRIC12, 2013 Net Debt amounted to 12,579m (11,651m in 2012). For further details, see appendix (2) Includes investments in Alitalia and Tangenziali Esterne di Milano (3) Includes 2013 interim dividend (4) Related to investment completed but not subject to amortization under Autostrade Meridionali concession agreement and to investment made by Ecomouv and Costanera Norte 10

11 Solid and Stable Credit Quality Italian Business continue to represent the vast majority of the new group's Net Debt (86%) Toll roads and airport businesses will be funded separately on a no recourse basis Gross debt Maturity Schedule ( m, ) Gross debt and available sources of funding ( m, ) 3,500 Pre-funded 3,000 2,500 2,000 Bonds Bank loans EIB Total Gross Debt 17.3bn 1,500 Cassa Depositi e Prestiti 1, Bank deposits Committed lines of credit Total Available funding 8.5bn ,000 4,000 6,000 8,000 10,000 12,000 14,000 Italian Motorway Business Int l Motorway Business ADR 11

12 Proven Access to Capital Markets year Italian BTP Yield Atlantia Average Cost of Debt 1 Atlantia Debt Issuances 2 ADR Debt Issuances year Bond 1,500m 4.680% 7-year Bond 1,000m 3.464% 15-year Bond 500m 4.433% 7-year Bond 1,000m 4.669% 8-year Bond 750m 4.468% 6-year Retail Bond 1,000m % 7-year Bond 750m 3.000% 7-year ADR Bond 600m 3.28% 2.5 1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014 (1) Excluding Foreign Debt (2) Guaranteed by Autostrade per l Italia 12

13 Main Debt Features Positive impact on key credit metrics from the integration with ADR 2013 Net Debt breakdown (1) Net Debt/Ebitda (2) 6% 12% Italian business (excluding ADR) 4.6x 4.5x ADR non included 82% Int l business ADR 4.1x ADR included (3) 2012 (2) 2013 Italy ADR Ratings Atlantia ASPI ADR Avg. Maturity Debt at fixed rate/hedges Avg. Cost of debt 6.1-year 100% 4.7% 4.8-year 70% 4.3% Moody s Fitch S&P Baa1 A- BBB+ Baa1 A- BBB+ Baa3 (4) BBB+ BBB+ (1) Adjusted figures. Net Debt excludes financial assets accounted under IFRIC 12, and EBITDA include revenues which are accounted for as financial income under IFRIC12 IFRIC (2) Pro-forma, includes the contribution of Chilean and Brazilian assets for 12 months; (3) Pro-forma, includes the contribution of ADR for 12 months (4) Baa2 on senior Romolus 13

14 Closing Remarks Resilient motorway business in Italy Resilient business model albeit challenging Italian traffic > Lower capex in the short-medium term to anticipate free cash generation Solid platform for growth Growing presence in new and high growth markets/sector Balanced mix of revenue sources and long dated maturity > Development in Chile (debottleneck Costanera) and Brasil (SPMAR/Rodoanel) Integration of ADR New projects also in the airport concession business Disciplined financial strategy Strong credit ratings Long maturities > Decreasing cost of funding Advanced pre-funding 14

15 Disclaimer This presentation has been prepared by and is the sole responsibility of Atlantia S.p.A. (the Company ) for the sole purpose described herein. In no case may it or any other statement (oral or otherwise) made at any time in connection herewith be interpreted as an offer or invitation to sell or purchase any security issued by the Company or its subsidiaries, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. This presentation is not for distribution in, nor does it constitute an offer of securities for sale in Canada, Australia, Japan or in any jurisdiction where such distribution or offer is unlawful. Neither the presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any U.S. person as defined in Regulation S under the US Securities Act The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this presentation. The Company is under no obligation to update or keep current the information contained in this presentation and any opinions expressed herein are subject to change without notice. This document is strictly confidential to the recipient and may not be reproduced or redistributed, in whole or in part, or otherwise disseminated, directly or indirectly, to any other person. The information contained herein and other material discussed at the presentation may include forward-looking statements that are not historical facts, including statements about the Company s beliefs and current expectations. These statements are based on current plans, estimates and projections, and projects that the Company currently believes are reasonable but could prove to be wrong. However, forward-looking statements involve inherent risks and uncertainties. We caution you that a number of factors could cause the Company s actual results to differ materially from those contained or implied in any forward-looking statement. Such factors include, but are not limited to: trends in company s business, its ability to implement cost-cutting plans, changes in the regulatory environment, its ability to successfully diversify and the expected level of future capital expenditures. Therefore, you should not place undue reliance on such forward-looking statements. Past performance of the Company cannot be relied on as a guide to future performance. No representation is made that any of the statements or forecasts will come to pass or that any forecast results will be achieved. By attending this presentation or otherwise accessing these materials, you agree to be bound by the foregoing limitations.

16 Appendix: IFRIC 12 Adjustments ( m) EBITDA Net Debt Reported 2,398 2,582 10,109 10,769 Guaranteed minimum revenue - Los Lagos Grupo Costanera Ecomouv Financial rights Takeover rights Autostrade Meridionali Grants for motorway maintenance - Los Lagos Other Grants - Litoral Central 1 1 IFRIC 12 Adjustments ,542 1,810 Adjusted 2,463 2,662 11,651 12,579 16