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Annual Report 2012

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Annual Report 2012 2012 ANNUAL REPORT www.autostrade.it L REPORT A NNU A 2012 CONTENTS 1. Highlights and overview 3 2. 3. 4. Introduction Report on operations Financial statements and notes 11 17 77 5. 6. 7. Reports Key indicators extracted Shareholders’ resolutions from the most recent financial statements of subsidiaries, principal associates and joint ven- tures, according to art. 2497, paragraphs 3 and 4 of the Italian Civil Code 185 193 205 HIGHLIGHTS 1. AND OVERVIEW 1.1 Corporate bodies 4 1.2 Financial and operating highlights 5 1.3 Group structure 6 1.4 Key performance indicators for Autostrade per l’Italia’s principal subsidiaries 7 1.5 Map of planned upgrades and modernisation of the network operated under concession in Italy 8 3 3 1.1 Corporate bodies BOARD OF DIRECTORS IN OFFICE UNTIL APPROVAL OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012 CHAIRMAN Fabio Cerchiai CEO Giovanni Castellucci DIRECTORS Valerio Bellamoli Stefano Cao Giuseppe Piaggio Roberto Pistorelli Giovanni Quaglia (*) Antonino Turicchi (**) SECRETARY Andrea Grillo BOARD OF STATUTORY AUDITORS ELECTED FOR THE THREE-YEAR PERIOD 2012-2014 CHAIRMAN Alessandro Trotter AUDITORS Gaetana Celico Giandomenico Genta Antonio Mastrapasqua Stefano Meroi ALTERNATE AUDITORS Salvatore Benedetto Francesco Mariano Bonifacio INDEPENDENT AUDITORS FOR THE PERIOD 2012-2020 Deloitte & Touche SpA (*) Prof. Giovanni Quaglia resigned with effect from 31 December 2012. (**) Antonino Turicchi was co-opted on to the Board of Directors on 18 January 2013. 4 1. Highlights and overview 1.2 Financial and operating highlights Financial highlights (€m) 2012 2011 Revenue 3,180 3,329 Net toll revenue 2,782 2,926 Other operating income 398 403 Gross operating profit (EBITDA) 1,879 2,002 EBITDA margin 59.1% 60.1% Operating profit (EBIT) 1,377 1,551 EBIT margin 43.3% 46.6% Profit from continuing operations 867 1,058 Profit margin from continuing operations 27.2% 31.8% Profit for the year 645 727 Capital expenditure 1,195 1,351 Operating cash flow (1) 1,206 1,487 Equity (2) 2,099 2,099 Net debt (2) 10,802 9,250 Operating highlights 2012 2011 Workforce (no. of staff) Average workforce 5,646 5,710 Workforce at 31 December (3) 5,832 5,956 Traffic volumes (million km) Vehicles with 2 axles 38,752 41,928 Vehicles with 3 or more axles 5,718 6,214 Total vehicles 44,470 48,142 Average Theoretical Vehicles per Day (ATVD) 42,564 46,205 Safety Global accident rate (accidents per 100m km travelled) (4) 32.3 33.7 Death rate (deaths per 100m km travelled) (4) 0.34 0.28 Draining pavement (km of total network - %) 83.9% 82.7% Toll collection methods (% of total vehicles) Manual cash payments 19% 20% Automated cash payments 9% 9% Viacard and other cards 13% 12% Telepass 59% 59% Total 100% 100% (1) Operating cash flow is calculated as profit + amortisation/depreciation + provisions/releases of provisions + financial expenses from discounting of provisions +/- impairments/reversals of impairments of assets +/- impairments/reversals of impairments of investments +/- (losses)/gains on sale of assets +/- other non-cash items +/- portion of deferred tax assets/liabilities recognised in the income statement. (2) As at 31 December. (3) Includes both temporary and permanent staff. (4) Figures refer to Autostrade per l’Italia and its Italian motorway operators. Strada dei Parchi and Società Autostrada Tirrenica have been excluded from the figures for 2011; Autostrada Torino- Savona has been excluded from the figures for 2012. Financial and operating highlights 5 1.3 Group structure TowerCo SpA 100% Pune-Solapur Expressways Private Ltd 50% (1) Alitalia - Compagnia Aerea Italiana SpA 8.85% (1) 100% 100% Italian motorway operations International operations Other activities Tangenziale di Napoli SpA 100% Ecomouv’ Sas 70% EsseDiEsse Società di Servizi SpA 100% Autostrade Meridionali SpA 58.98% Ecomouv’ D&B Sas 75% Pavimental SpA 99.40% Società Italiana pA Traforo del Monte Bianco 51% Tech Solutions Integrators Sas 100% • Pavimental Polska Spzoo 100% (2) • Raccordo Autostradale Valle d’Aosta SpA 58% Autostrade Indian Infrastructure Development Private Spea Ingegneria Europea SpA 100% (5) Ltd 100% • Spea do Brasil Ltda 99.99% Autostrade dell’Atlantico Srl 100% AD Moving SpA 100% • Electronic Transaction Consultants Co. 61.41% Newpass SpA 51% • Autostrade Portugal SA 100% Giove Clear Srl 100% > Autostrade Concessões e Participações Brasil Ltda 30.31% (3) Autostrade Tech SpA 100% - Atlantia Bertin Participações SA 50% (1) Telepass SpA 96.15% (6) • Rodovias do Tiete SA 50% (1) • Telepass France Sas 100% - Infra Bertin Participacões SA 50% Infoblu SpA 75% • Triangulo do Sol Participações SA 100% (1) - Atlantia Bertin Concessões SA 100% Società Infrastrutture Toscane SpA 46.60% • Rodovias das Colinas SA 100% Tangenziali Esterne di Milano SpA 26.40% (1) • Concessionaria da Rodovia MG 050 SA 100% • Triangulo do Sol Auto-Estradas SA 100% > Lusoponte - Concessionaria para a travessia do Tejo SA 17.21% (1) (4) • Autostrade Holding do Sur SA 100% > Sociedad Concesionaria de Los Lagos SA 100% Autostrade Sud America Srl 100% • Grupo Costanera SpA 50.01% > Sociedad Concesionaria Costanera Norte SA 100% > Sociedad Concesionaria AMB SA 100% > Sociedad Concesionaria Autopista Nororiente SA 100% > Sociedad Gestion Vial SA 100% > Sociedad Concesionaria Litoral Central SA 100% > Sociedad Operacion y Logistica de Infraestructuras SA 100% > Sociedad Concesionaria Autopista Nueva Vespucio Sur SA 100% - Sociedad Concesionaria Autopista Vespucio Sur SA 100% Stalexport Autostrady SA 61.20% • Biuro Centrum Spzoo 40.63% (1) • Stalexport Autostrada Dolnośląska SA 100% • Stalexport Autoroute Sàrl 100% > Stalexport Autostrada Malopolska SA 100% > Via4 SA 55% As at 31 December 2012. (1) Unconsolidated company. (2) The percentage refers to ordinary shares representing the issued capital. (3) The remaining shares are held by Autostrade dell’Atlantico Srl (47.91%) and Autostrade Holding do Sur SA (21.78%). (4) Company held for sale. (5) The remaining 0.01% is held by Autostrade Concessões e Participações Brasil Ltda. (6) The remaining 3.85% is held by Autostrade Tech SpA. 6 1. Highlights and overview Civilistico ENG ok.indd 6 01/08/13 09.06 1.4 Key performance indicators for Autostrade per l’Italia’s principal subsidiaries Revenue EBITDA Net funds/(Net debt) Inc./(Dec.) Inc./(Dec.) Inc./(Dec.) (€m) 2012 2011 Total % 2012 2011 Total % 2012 2011 Total % Italian operators Società Italiana per il Traforo del Monte Bianco 56.3 57. 3 -1.0 -1.8% 37. 2 38.3 -1.1 -2.9% 73.4 61.0 12.4 20.3% Raccordo Autostradale Valle d’Aosta 16.3 14.9 1.4 9.4% 3.8 - 3.8 n.a. 73.3 66.7 6.6 9.9% Tangenziale di Napoli 70.1 70.5 -0.4 -0.6% 22.3 20.1 2.2 10.9% -59.1 -60.0 0.9 1.5% Autostrade Meridionali 88.2 91.2 -3.0 -3.3% 31.4 36.7 -5.3 -14.4% 131.9 157. 6 -25.7 -16.3% Overseas operators Stalexport Autostrady 45.0 44.8 0.2 0.4% 33.2 32.0 1.2 3.8% -11.6 -12.2 0.6 4.9% Triangulo do Sol (**) 139.5 71.6 67. 9 94.8% 101.7 51.8 49.9 96.3% 3.1 -20.8 23.9 n.a. Rodovias das Colinas (***) 78.9 n.a. n.a. n.a. 49.3 n.a. n.a. n.a. -65.6 n.a. n.a. n.a. Rodovia MG 050 (Nascentes das Gerais)(***) 16.7 n.a. n.a. n.a. 11.6 n.a. n.a. n.a. -34.4 n.a. n.a. n.a. Sociedad Concesionaria de Los Lagos 19.6 15.2 4.4 28.9% 9.3 8.0 1.3 16.3% 214.9 177. 8 37.1 20.9% Costanera Norte (****) 56.9 n.a. n.a. n.a. 41.1 n.a. n.a. n.a. -13.1 n.a. n.a. n.a. Autopista Nororiente (****) 3.2 n.a. n.a. n.a. -0.1 n.a. n.a. n.a. 11.0 n.a. n.a. n.a. Vespucio Sur (****) 52.9 n.a. n.a. n.a. 42.6 n.a. n.a. n.a. -142.7 n.a. n.a. n.a. Litoral Central (****) 1.7 n.a. n.a. n.a. -0.3 n.a. n.a. n.a. 92.5 n.a. n.a. n.a. AMB (****) 0.9 n.a. n.a. n.a. 0.1 n.a. n.a. n.a. -2.2 n.a. n.a. n.a. Other subsidiaries Pavimental 511.4 655.7 -144.3 -22.0% 2.7 20.0 -17. 3 -86.5% -41.5 -83.1 41.6 -50.1% Spea Ingegneria Europea 116.7 147. 5 -30.8 -20.9% 40.8 54.5 -13.7 -25.1% 0.8 17. 2 -16.4 -95.3% EsseDiEsse Società di Servizi 27. 4 28.9 -1.5 -5.2% 1.4 2.7 -1.3 -48.1% 8.7 11.3 -2.6 -23.0% Infoblu 5.2 5.2 - - 1.2 1.1 0.1 9.1% 2.6 1.8 0.8 44.4% AD Moving 9.5 13.0 -3.5 -26.9% 0.9 - 0.9 n.s. -1.1 -1.7 0.6 35.3% Telepass 136.1 130.8 5.3 4.1% 79.9 72.4 7. 5 10.4% -198.8 -181.8 -17. 0 -9.3% Newpass 0.7 0.6 0.1 16.7% 0.3 - 0.3 n.s. 1.8 0.6 1.2 n.s. Giove Clear 8.8 2.1 6.7 n.s. 1.6 0.7 0.9 n.s.
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