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Save Group – September 2011 Results Nov 11Th, 2011

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Save Group – September 2011 Results Nov 11Th, 2011 Save Group – September 2011 Results Nov 11th, 2011 1 Table of contents Section 1 Group overview Section 2 Airport Management (SBU1) Section 3 Infrastructure Management (SBU2) Section 4 Food & Beverage and Retail (SBU3) Section 5 Appendix 2 Section 1 Group overview 3 Group Overview - Save recent history SAVE GROUP IMPLEMENTS NEW STRATEGIES SAVE Group exits ground handling activities in Venice Airport; New air terminal as well as cargo warehouse are opened in Venice Airport ; 2001 - 2002 SAVE Group enters the food & beverage and retail business through its new subsidiary Airport Elite. SAVE Group acquires 40% stake in Centostazioni (a company managing 103 medium size Italian railway stations) SAVE GROUP IS LISTED IN THE ITALIAN STOCK EXCHANGE MARKET (MTA) 2005 IPO in the Milan Stock Exchange (SAVE.MI), trough an increase of capital of € 160 mln; SAVE Group acquires more than 10% of Gemina Spa share capital, an Italian Company that owns 51% of ADR (Aeroporti di Roma) share capital. SAVE GROUP CONSOLIDATES ITS GROWTH STRATEGY SAVE Group acquires 100% of AIREST share capital from Austrian Airlines (2006) and then sells its Catering divisions focusing only on the F&B and Retail activities (2007) SAVE Group acquires 100% of RISTOP share capital from Autostrada Brescia – Padova (2006) ; 2006-2008 SAVE Group sells its 10% stake of Gemina Spa share capital to Morgan Stanley giving a pre-tax capital gain of € 31,5 mln New air terminal is opened in Treviso Airport (2007) and Save Group acquires additional 35% of Aertre (i.e. Treviso Airport) capital share funded through Save shares SAVE Group acquires 100% of FFS and ITPS share capital, two companies based in Czech Rep. both operating F&B outlets in Prague Airport. A TOP FINANCIAL INSTITUTION JOINS THE MAJOR SHAREHOLDER OF SAVE GROUP Morgan Stanley joins Finanziaria Internazionale and Generali Insurance in the shareholders’ agreement of Marco Polo 2008 Holding (the major shareholder of Save Group), with the aim to participate jointly in the acquisition of airport assets with less than 10 mln pax located in Italy, Europe, Turkey and Middle East; AIRPORT MANAGEMENT EXPANDS ABROAD Save Group acquires 27,65% of Charleroi Airport (BSCA) capital share in partnership with Holding Communal 2009 Save Group obtains the approval of the Treviso Airport 40 year concession extension by ENAC AIREST GROUP STRENGHTENED THE PRESENCE IN AIRPORT CHANNEL Key commercial agreement with McArthurGlen Group and creation of “Airest collezioni ”, JV operating in airport retail 2011 segment 4 Group Overview: Save Group Save Group: three diversified businesses portfolio for successful growth SAVE SpA Airport Infrastructure Food & Beverage Management Management and Retail 7,5 million passengers in 9M 2011 103 railway 163 shops directly (+8,6% YoY) station properties managed as of 30th Sep 30 years of remaining in exclusive 2011; management of concession period for the Venice Airports, Railway commercial and real Marco Polo Airport (until 2041); Stations , Motorways estate areas; 40 years of remaining are the main targets for concession for the Treviso 31 years of Food and Beverage and Airport; remaining Retail services; concession period The recent acquisitions Present in airport car parking , (until 2042); airport security , engineering etc. in Italy and abroad Business model upgrade Airest Group Expanding abroad : Save SpA is the characterized by among one of the most first Italian airport management high return after a important Italian company, investing in foreign short ramp up of companies in F&B and Airport (BSCA – Charleroi, commercial Retail business under Belgium). operations. concession. 5 Group Overview: Group Consolidated P/L Group 9M11 EBITDA (+ €7,4m or +14,1%) guided by the increase in traveler traffic and grip on costs Financial Oveview change% change% € million 2009* 2010 9M10 9M11 9M11/9M10 3Q2010 3Q2011 3Q11/3Q10 Revenues 340,1 337,3 255,5 265,5 3,9% 98,0 100,0 2,1% EBITDA 60,1 66,9 52,1 59,5 14,1% 27,1 28,3 4,3% EBIT 34,7 40,8 33,6 39,4 17,4% 20,6 21,1 2,5% Profit before taxes 31,3 42,0 34,5 41,1 19,3% 21,7 22,3 2,8% Net Profit 17,8 29,3 n/a n/a n/a n/a n/a n/a * 2009 Restated based on IFRIC 12 and IFRS3 revised 9M11 vs 9M10 : Key Rationales • Revenues: +3,9% (Airport management+8,6%, Infrastructure management -0,6% and F&B and Retail +1,8%) • EBITDA: +14,1% (or+€7,4m) continuous strong margin improvement, driven by positive performances of Airport Management (+€4,4m)and F&B and Retail (+€3,8m) • EBIT: +17,4% (+€5,8m) driven by increase in EBITDA, partially offset by accruals for risks provisions • Profit before taxes: +c. €6,6m thanks to the higher EBIT and the positive effect of equity valuation of BSCA investment 6 Group Overview: financial results by business unit Significant positive operating performances during the 9M 2011 Save Group Revenues by SBU Save Group EBITDA by SBU change% change% change% change% € million 9M10 9M11 9M11/9M10 3Q10 3Q11 3Q11/3Q10 € million 9M10 9M11 9M11/9M10 3Q10 3Q11 3Q11/3Q10 ** ** Consolidated Revenues 255,5 265,5 3,9% 98,0 100,0 2,1% Consolidated EBITDA 52,1 59,5 14,1% 27,1 28,3 4,3% Airport Management* 89,3 96,9 8,6% 35,3 37,4 6,0% Airport Management* 35,7 40,1 12,4% 17,6 18,4 4,6% Infrastructure Management* 21,8 21,7 (0,6%) 7,1 7,4 3,7% Infrastructure Management* 5,5 4,7 (15,3%) 1,8 1,8 1,8% F&B and Retail* 152,4 155,1 1,8% 58,7 58,4 (0,5%) F&B and Retail* 11,0 14,7 34,6% 7,8 8,1 3,8% * Gross of Intercompany Results and non allocated costs Revenues Breakdown per SBU 2010 Ebitda breakdown per SBU 2010 F&B and Retail Airport 20,7% Management 33% Infrastructure F&B and Retail management 58% 11,6% Airport Infrastrucutre management Management 67,7% 9% 7 Group Overview: Group Consolidated B/S and CF * Balance Sheet (consolidated) € million 30 Sep 2011 30 Sep 2010 31 Dec 2010 NWC (33,3) (23,9) (39,5) Fixed Assets 480,8 457,6 467,0 Long Term Provisions (48,2) (48,5) (46,5) Assets and Liabilities held for sale 0,5 (0,4) 0,1 Capital employed 399,8 384,8 381,1 Total Shareholders' Equity 333,0 325,6 319,7 Net indebtedness 66,8 59,2 61,4 D / E 0,20 0,18 0,19 Cash Flow as at 30 Sept 2011 and Capex by SBU 9M 11vs 9M 10 Consolidated Cash Flow 30 September 2011 (€/mln ) 9M11 Capex details by SBU 20,0 18,4 60 45,8 40 15,0 20 9,2 (22,3) 10,0 (9,8) (1,0) 6,2 6,9 € € millions in 0 € in € milioni 5,0 (18,0) (0,2) (5,4) -20 0,7 0,2 Gross Cash Capex net Acquisition of Company's Dividends Others ∆ (increase) 0,0 flow + ∆ NWC Airest minority own shares reduction Net 9M10 9M11 Indebtedness SBU1 SBU2 SBU3 8 Group overview: Group debt structure Debt repayment – Principal ( € Mln) * Net indebtedness / Ebitda (€ Mln) 25,0 20,9 140 3,0 20,0 125,3 120 2,5 15,0 100 2,4 2,0 11,7 12,2 10,7 80 65,8 68,4 10,0 7,8 61,4 1,5 60 6,5 € in millions €millions in 1,2 1,0 40 1,1 0,9 5,0 31,1 0,5 EBITDA INDEBTEDNESS/ NET 1,4 1,5 20 0,6 0,4 0,0 0 0,0 4Q2011 2011 2012 2013 2014 2015 2016 2017 2018 2019 2006 2007 2008 2009 2010 NET INDEBTEDNESS NET INDEBTEDNESS /EBITDA * As of 30 Sep 2011 9 Section 2 Airport Management (SBU1) 10 Airport Management: financials Airport management performances sequentially improving in 2011. During the 9M 11, Revenues and EBITDA increase +8,6% and +12,4% YoY , respectively 150,0 Financial Oveview SBU1* change% change% 100,0 € million 3Q10 3Q11 3Q11/3Q10 9M10 9M11 9M11/9M10 +4,1% € mln € Revenues 35,3 37,4 6,0% 89,3 96,9 8,6% 50,0 EBITDA 17,6 18,4 4,6% 35,7 40,1 12,4% +3,5% EBIT 14,3 15,0 4,8% 26,6 30,2 13,5% 0,0 Revenues EBITDA * Gross of Intercompany Results 2009 restated based on IFRIC 12 and IFRS 3 revised 2006 2007 2008 2009 2010 x% = CAGR 2006-2010 9M11vs 9M 10 Key Rationales 9M11 Revenues post an increase (+8,6%) due to the increase of both aeronautical revenue (+9,8%), primarily driven by increase in passengers (+8,6% YoY Venice airport system), of non aviation revenues (+6,4% YoY), led by parking (+9,7%) and commercial activities (+8,4%), and of other revenues increase (+6,4% YoY). 9M 11 EBITDA (high increase YoY +12,4%) driven by revenues, partially offset by the higher labor cost (+7,4%YoY) and operating cost. Aviation management Revenues breakdown (FY data) 100% CAGR: +3,8% 28,4% 29,3% 29,1% 28,9% 29,1% 28,7% 75% Other revenues mainly include CAGR: +4,7% Airport management 50% intercompany recharges to third 62,3%62,3% 61,1% 60,8% 61,7% 62,7% parties and other business units 25% 9,3% 8,4% 9,8% 10,3% 9,2% 8,5% 0% 2006 2007 2008 2009 2010 9M 11 Other revenues Aviation Revenues Non aviation revenues 11 Airport Management: Venice Airport System Key figures Aviation (9M 11 data) Key figures Aviation (Venice airport System 9M 11 data) Italian airport Passengers Passengers % chg.
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