7 March 2014
2013 FY Results
2013 Group Highlights
Drivers
Integration
of ADR
•
Creation of a leading motorway and
airport infrastructure group with
global reach
Well established
motorway
business in Italy
•
•
Resilient business model
Efficiency measures
International
Presence
•
Increasing contribution from
high growth markets
Disciplined
Financial Strategy
•
•
Advanced pre-funding
Time to market
Dividend
Policy
•
Shift to a pay-out ratio
dividend policy
2013 Results
•
•
>
•
>
•
>•
•
>•
>
•
Merger completed
ADR consolidated from 1 Dec.2013
+2.6% 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
FY 2013 Results
7 March 2014
2
2013 Financial Highlights
Italian
Motorways
2,965km in
Italy
(€m)
International
Motorways
~2,000km in
Brazil, Chile
and Poland
Reported
Airports(1)
Fiumicino and
Ciampino
airports
Other
Total
Technology,
Engineering,
other(2)
Reported Adj.(3)
Adj.(3)
Reported
Adj.(3)
Revenues
3,423
557
638
727
210
4,917
4,998
EBITDA
2,041
410
490
421
104
2,976
3,056
FFO
1,237
309
328
295
99
1,940
1,935
841
78
128
316
1,363
1,363
Capex
75
(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
FY 2013 Results
7 March 2014
3
2013 EBITDA Profile
Reported
Pro-forma
80
394
2,976
(€m)
87
2,398
• 3.54%
for the main
concession
46
2,494
• -1.6% traffic • Lower Service
performance
3,056
88
72
17
Adjusted
area margin
• Merger Costs
• Lower in-house
margin
• Other one-off
items
• Higher winter
operations in
2012
• Efficiencies
• Grupo
2,582
Costanera
(Chile)
• Colinas and
Nascentes
das Gerais
(Brazil)
• ADR
• FX Effect(1)
Italian Business
2012
Actual
(1)
(2)
(3)
Tariff
Traffic
Other
revenues/
costs
Overseas
2013
Change in
2013
Organic (like for like) scope of
Actual
Growth
consolidation
& FX Effect(2)
2013
IFRIC 12
2013
Pro-forma
(3)
Pro-forma Adjustments Pro-forma
ADR
Adjusted
11 months
FX Effect calculated on the basis of the comparison between 2012 average foreign exchange rates (CLP/€ 624.80 and BR/€2.51) vs 2013 average foreign exchange rates
(CLP/€ 658.32 and BR/€2.87)
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).
For further details, see appendix
FY 2013 Results
7 March 2014
4
Traffic Trend: Italy
2013 Traffic
performance
by quarter
Total
LV
HGV
1Q13
2Q13
3Q13
4Q132
FY132
-2.4%
-2.7%
-0.8%
-0.6%
-1.6%
-2.0%
-4.7%
-2.5%
-3.5%
-0.8%
-1.4%
-0.7%
0.1%
-1.5%
-2.4%
•
Rate of decline reduced
during 2013
•
2014 YTD traffic up 0.7%(3)
(Km travelled)
2.6%
2013 Traffic
performance
by month(1)
1.0%
0.5%
-1.3% -1.1%
-2.0% -2.0%
0.7%
-1.8%
-2.7%
-3.4%
-3.9%
-5.8%
2013
Jan
Feb
Mar
Apr
May
June
July
2014
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 2014
FY 2013 Results
7 March 2014
5
Strong Growth in Int’l Concessions
FY2013
Main Concession
Traffic growth
‘12-’13
(Km travelled)
Reported
Adj.(1)
(€m)
(€m)
Like-for-like
Growth(2)
(%)
Reported
Adj.(1) Like-for-like Growth(2)
(€m)
(€m)
(%)
Los Lagos
7.0%
20.5
42.0
8.4%
13.5
35.0
20.5%
Vespucio Sur
9.8%
71.0
71.0
8.0%
60.0
60.0
12.5%
Costanera Norte
4.4%
81.1
116.9
14.5%
59.7
95.5
14.4%
Triangulo do Sol
6.2%
137.3
137.3
12.5%
102.4
102.4
15.2%
Colinas
6.0%
149.3
149.3
11.2%
112.0
112.0
30.7%
Nascentes das Gerais
2.9%
31.1
31.1
5.5%
20.7
20.7
6.8%
10.2%
50.4
50.4
12.4%
38.9
38.9
17.4%
Chile
Brazil
EBITDA
Revenues
Stalexport
Poland
(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
FY 2013 Results
7 March 2014
6
Motorway Capital Expenditure
(€m)
Remarks
1,800
1,630
1,600
1,400
•
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)
1,235
1,200
-400m
1,000
800
600
400
200
0
2012
Italian Business
2013
Foreign Business
1997 Plan
Ecomouv
2002 Plan
Overseas
Other Italian Subsidiaries(1)
Other Capex(2)
(1) Includes Italian smaller concessions
(2)Includes ongoing capex, capitalized costs, noise reduction plan and non motorway investments
FY 2013 Results
7 March 2014
7
ADR: 2013 Traffic Overview
•
Weak domestic traffic offset by growth in more profitable long haul passengers
Traffic YTD(Mpax)
Traffic split FCO/CIA (Mpax)
41.6
4.5
-1.3%
CIA
41.0
4.8
4.8%
+5.6%
5.2
4.9
1.1
37.1
FCO
36.3
-2.1%
2.2
1.6
2012
Traffic split by Region (Mpax)
+5.3%
EU
2.3
+7.9%
DOM
1.7
+0.3%
9.7
+3.3%
19.3
EU
19.4
+0.4%
12.9
DOM
12.0
Jan-Feb 2014*
Alitalia (Mpax)
16.7
41.0
Ex EU
9.4
1.2
Jan-Feb 2013
2013
41.6
Ex EU
3.7
3.7
-1.1%
Ex EU
EU
9.3
2012
3.9
3.9
+3.3%
+5.1%
8.8
DOM
-7.1%
2013
16.6
2012
-5.3%
2013
(*) Preliminary data
FY 2013 Results
7 March 2014
8
ADR Capital Expenditure
(€m)
Remarks
140
128
120
100
80
52
60
40
20
0
2012
FCO
2013
•
•
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
Capex on flight infrastructure and facilities
Capex on FCO South Terminal
Other Capex
CIA
Ciampino
FY 2013 Results
7 March 2014
9
Change in Consolidated Net Debt
Net Debt(1)
Change in net Debt
(€m)
10,769
10,109
759
10,010
31 Dec-2012
Atlantia
31 Dec-2013
Net Debt of ADR
2000
1900
1800
1700
1600
1500
1400
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
0
-100
-200
-300
-400
-500
-600
-700
-800
-900
-1000
-1100
-1200
-1300
-1400
-1500
-1600
-1700
-1800
1,663
358
-56
-19
-551
-843
-1,212
FFO
Net
NWC
Net
(Net Income Infrastru- Investment(2) and
+/- non cash cture works
other
items)
Dividends(3)
Financial
Net Debt
assets
from the
as per
consolidation
IFRIC12(4) of ADR at
Dec. 1, 2013
(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
FY 2013 Results
7 March 2014
10
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
3,500
Gross debt Maturity Schedule
Gross debt and available sources of funding
(€ m, 31.12.2013)
(€ m, 31.12.2013)
Pre-funded
Bonds
3,000
Bank loans
Total
Gross Debt
€17.3bn
2,500
EIB
2,000
Cassa Depositi e Prestiti
1,500
1,000
Bank deposits
500
Committed lines of credit
Total
Available
funding
€8.5bn
0
0
14
15
16
17
18
19
20
21
22
23
24
2,000
4,000
6,000
8,000
10,000
12,000
14,000
25 26-38
Italian Motorway Business
Int’l Motorway Business
FY 2013 Results
ADR
7 March 2014
11
Proven Access to Capital Markets
10-year Italian BTP Yield
7.5
Atlantia Average Cost of Debt1
Atlantia Debt Issuances2
7.0
ADR Debt Issuances
6.5
6.0
5.5
5.0
4.5
4.0
15-year
Bond
€500m
4.433%
7-year Bond
€1,500m
4.680%
3.5
7-year Bond
€1,000m
4.669%
7-year Bond
€1,000m
3.464%
3.0
2.5
1/1/2008
1/1/2009
1/1/2010
8-year Bond
€750m
4.468%
6-year Retail Bond
€1,000m
3.7038%
1/1/2011
1/1/2012
1/1/2013
7-year Bond
€750m
3.000%
7-year ADR Bond
€600m
3.28%
1/1/2014
(1) Excluding Foreign Debt
(2) Guaranteed by Autostrade per l’Italia
FY 2013 Results
7 March 2014
12
Main Debt Features
•
Positive impact on key credit metrics from the integration with ADR
2013 Net Debt breakdown (1)
Net Debt/Ebitda(2)
4.6x
6%
Italian business
(excluding ADR)
12%
Int’l business
82%
4.5x
ADR
non included
4.1x
ADR
included (3)
ADR
2012(2)
Italy
6.1-year
Avg. Maturity
Debt at fixed rate/hedges 100%
4.7%
Avg. Cost of debt
2013
ADR
Ratings
Atlantia
ASPI
ADR
4.8-year
70%
4.3%
Moody’s
Fitch
S&P
Baa1
ABBB+
Baa1
ABBB+
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
FY 2013 Results
7 March 2014
13
Closing Remarks
Resilient motorway
business in Italy
Solid platform
for growth
Disciplined
financial strategy
•
Resilient business model albeit
challenging Italian traffic
•
Growing presence in new and
high growth markets/sector
Balanced mix of revenue sources
and long dated maturity
•
•
•
Strong credit ratings
Long maturities
FY 2013 Results
>
>
>
•
Lower capex in the short-medium
term to anticipate free cash
generation
•
Development in Chile (debottleneck
Costanera) and Brasil
(SPMAR/Rodoanel)
Integration of ADR
New projects also in the airport
concession business
•
•
•
•
Decreasing cost of funding
Advanced pre-funding
7 March 2014
14
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 1933.
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.
FY 2013 Results
7 March 2014
Appendix: IFRIC 12 Adjustments
(€ m)
EBITDA
Net Debt
2012
2013
2012
2013
2,398
2,582
10,109
10,769
- Los Lagos
8
8
77
66
- Grupo Costanera
43
57
649
601
Ecomouv Financial rights
341
652
Takeover rights Autostrade Meridionali
358
390
117
100
Reported
Guaranteed minimum revenue
Grants for motorway maintenance
- Los Lagos
13
14
1
1
65
80
1,542
1,810
2,463
2,662
11,651
12,579
Other Grants
- Litoral Central
IFRIC 12 Adjustments
Adjusted
FY 2013 Results
7 March 2014
16