Pro Forma Consolidated Financial Statements - PowerPoint

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					   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. /
                                                                                             11,14%                Argo Finanziaria S.p.A.




                                                                                                                                     50,6%


                             Market
                             Market                                                                                      ASTM S.p.A.
                                                                                           63,42%
                                                                                         (SINA 1,72%)

                                                     25,44%
                                                                        SIAS S.p.A.



                                                   100%                                                                                 0,5%        99,5%       82,0%
          99,9%                45,0%                                 20,0%           84,4%           87,4%              60,0%
                                   ASA                 Holding
                 SATAP          (Costanera           Piemonte e       Road Link
                                                                      Road Link            CISA             SALT              SSAT              SINA
                                                                                                                                               SINECO 18,0% SINECO
                                Norte - Cile)       Valle d'Aosta    Holdings (UK)

                                                                                                                       + ARGO
                                                                                                                       (40,0%)

            40,3%                                                    36,5%              0,07%         60,8%                       96,2%
                              41,2%               65,1%
               ITINERA+
               Grassetto
                Itinera            ATIVA                 SAV             SITAF                               ADF            SINELEC
  59,7%          Lavori                       6,2%
                                                                      1,1%                                             2,17%

26,45%                            50,0%           36,5%


  Pavimental              CODELFA                     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                    SIAS   99,9% SATAP                       1.007,1
                                  20% Road Link Holding Ltd.           12,0
    Total                                                           1.019,1               100.073.328
Rounded down                                                                              100.000.000




                                                                                                        5
       Summary of transaction values
       (cont’d)



Purchases (cash)                                                ASTM Group           SIAS Group
                                                                    €/mln.             €/mln.
  SIAS ---> ASTM
       SATAP       ASTM    5,1% SINA                                       (4,4)                     4,4
                           27% SINECO                                      (7,5)                     7,5
                           n. 9.792.264 SIAS convertible bond            (108,1)                   108,1
        SAV        ASTM    9% SINECO                                         (2,5)                   2,5
       SALT        ASTM    5% SINECO                                       (1,4)                     1,4
        ADF        ASTM    5% SINECO                                       (1,4)                     1,4
Sub-total                                                                (125,3)                   125,3

  ASTM ---> SIAS
       ASTM        HPVdA 41,2% ATIVA                                         113,8                (113,8)
                         36,5% SITAF                                         134,1                (134,1)
                         65,1% SAV                                            95,7                 (95,7)
                         n. 228.273 SITAF convertible bond                     3,9                  (3,9)
Sub-total                                                                    347,5                (347,5)

        Total                                                                222,2                (222,2)




                                                                                                            6
Current ownership structure
Holding companies
        2,72% FONDAZIONE CR-TO
                                                                    3,33% ASSICURAZIONI
                                                                          GENERALI GROUP
        5,01% ASSICURAZIONI GENERALI GROUP
                                                                    5,59% LAZARD ASSET
        10,05%LAZARD ASSET MANAGEMENT                                     MANAGEMENT LLC
              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

                          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

 AUTOCISA
                           84      5     2      9     -     -      -   100

 Società Autostrada        65      -     -      -     -     35     -   100
 Asti-Cuneo S.p.A.

                                                                             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 GroupS. BERNARDO                                                                                              Km.
                                                                                                  SALT                         154,9
                                  AOSTA                                                           ADF                          113,2
                M. BIANCO
                                                   MILANO
                                                                                                  CISA                         182,0 (1)
                                          IVREA
                 FREJUS
                                                                                                  ASTI-CUNEO                    90,0 (2)
                                                          PIACENZA                                COSTANERA NORTE S.A.          43,0 (3)
                                     TORINO
                                                              PARMA                               SATAP
                                   ASTI     ALESSANDRIA                                            - Torino-Milano stretch     130,3
                                                                                                   - Torino-Piacenza stretch   167,7
                                     VOLTRI       SESTRI L.                                       ATIVA                        163,7
                          CUNEO                                                                   SAV                           59,5
                                              SAVONA                                                                            94,0
                                                  LA SPEZIA                                       SITAF
                                                  VIAREGGIO                                       SITRASB                       12,8
                 VENTIMIGLIA                             PISA        LUCCA
                                                     LIVORNO
                                                                                                  TOTAL                   1.211,1
                                                   ROSIGNANO M.




     SUBSIDIARIES                                                            EQUITY INVESTMENTS
    Autostrada Torino-Alessandria-Piacenza S.p.A                             Società Italiana Traforo Autostradale del Frejus p. A.
    Autostrade Valdostane S.p.A.                                             Società Italiana Traforo del Gr.S.Bernardo S.p.A.
    Autostrada Torino-Ivrea-Valle d’Aosta S.p.A.                             Road Link (A69) Holding Ltd - UK
    Autostrada dei Fiori S.p.A.                                              Costanera Norte S.A. - Chile (through ASA)
    Autostrada Ligure Toscana S.p.A.
    Autocamionale della Cisa S.p.A.                                          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
                                             2026                     2037             2026             2040            2032             2032       2032
concessions

Network managed (km)                        1.287                     3.408            3.350           2.481            3.026            2.215      1.063

Key consolidated figures 2006
(€/mln )(2):

Revenues                                            781                  2.686            3.335             885            2.625           1.670        560

Ebitda                                              468                  1.989            2.099             581            2.057           1.305        418
% on Revenues                                    66%                     74,1%            62,9%           65,6%            78,4%           78,1%      74,6%

Ebit                                               318                   1.606            1.343             360            1.164             744        294
% on Revenues                                   40,8%                    59,8%            40,3%           40,7%            44,3%            44,6%     52,5%

Net Income                                         185                     672              530             156              476             263        168
% on Revenues                                   23,6%                    25,0%            15,9%           17,6%            18,1%           15,7%      30,0%

Equity                                          1.376                    3.863            3.453            1.532           3.808             440      1.566
Net debt                                        1.171                    8.946           11.842            8.390           7.355           6.436      2.364

D/Ebitda                                            2,5                    4,5                5,6           14,4               3,6           4,9        5,7
D/E                                                 0,8                    2,3                3,4            5,5               1,9          14,6        1,5




(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        5.626      6.092




Enterprise value – EV (€/mn)                   4.066            23.943     23.679       14.395        7.947




EV/EBITDA (2007 E)                                7,8X           11,3X       10,2X      19,8X         16,7X




(1) Source: Equity research, Factset as of 30 November 2007
                                                                                                              15
GROUP STRUCTURE AFTER THE RE-ORGANIZATION


      FINANCIAL RESULTS




                                            16
       ASTM - 9 MONTHS RESULTS 2007 & 2006
       (IAS/IFRS)
       (Eu mn)
                                                             30 Sept. 2007     30 Sept. 2006
                                                                 Pro-forma         Pro-forma
    REVENUES:
     - TOLL REVENUES                                                 548              529
     - REVENUES FROM CONSTRUCTION SECTOR                                9                5
    - REVENUES FROM ENGINEERING SECTOR                                 11              12
     - REVENUES FROM TECHNOLOGICAL SECTOR                              20              11
     - OTHER REVENUES                                                  44              41
    TOTAL REVENUES                                632                                 598
    OPERATING COSTS                              (322)                               (311)
    CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 78                                   84
                                          EBITDA                     388              371
    NON RECURRING ITEM                                        4                        -
                                          EBITDA “adjusted” 392                       371
                                                                             (1)
  NET FINANCIAL INDEBTEDNESS                                       1.070
                                                                             (1)
  NET FINANCIAL INDEBTEDNESS                                       1.455
  (Including the NPV of the “Central Guarantee Fund” debt)

(1) Loans guaranteed by the Government: 34 Eu mn                                               17
       SIAS - 9 MONTHS RESULTS 2007 & 2006
       (IAS/IFRS)
       (Eu mn)
                                                             30 Sept. 2007   30 Sept. 2006
                                                                Pro-forma       Pro-forma
    REVENUES:
    - TOLL 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)
    CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS                      57            67
                                          EBITDA                     379            361
    NON RECURRING ITEM                                        3                       -
                                          EBITDA “adjusted” 382                     361
  NET FINANCIAL INDEBTEDNESS                                       1.183 (1)        442 (2)
                                                                         (1)
  NET FINANCIAL INDEBTEDNESS                                       1.631
  (Including the NPV of the “Central Guarantee Fund” debt)
(1) Loans guaranteed by the Government: 34 Eu mn
(2) As at 30/6/2007                                                                           18
          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)   (1)   (222)
                                                                           (605)
      - Changes in the consolidation area(2)
                                                                           (827)     (827)
       SIAS NET FINANCIAL POSITION, AS AT 30 JUNE 2007                             (1.269)
       (after the re-organization)


       Changes occurred in 3Q 07:
       - Sales/purchases of financial assets (net effects)                              38
       - Increase in fixed assets (motorway sector)                                    (84)
       - Operating cash-flow                                                           132


      SIAS GROUP NET FINANCIAL POSITION,
      AS AT 30 SEPTEMBER 2007                                                      (1.183)



(1)    Refer to slide n. 6
(2)
       Net financial indebtedness referred to SATAP, SAV and ATIVA
                                                                                              19
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Description: Pro Forma Consolidated Financial Statements document sample