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Diapositiva 1 Save Group Q1 2013 Results Venice, 14th May 2013 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 Group A diversified strategy SAVE SpA Airport Infrastructure Food & Beverage Management Management and Retail . 1,9 millions passengers in Q1 ‘13 . 103 railway station . 217 shops as of March 31st (+4,7% YoY); Venice Airport +8,8% properties in 2013; YoY, Treviso Airport -7,4%; exclusive . Airports, Railway Stations, management of . 28years of remaining concession Motorways are the main commercial and real period for the Venice Marco Polo targets for Food and Beverage estate areas; Airport (until 2041); and Retail services; . 29 years of . Airest Group is one of the . 40 years of remaining concession remaining for the Treviso Airport; most important Italian concession period companies in F&B and . Present in airport car parking, (until 2042); Retail business under airport security, engineering etc.; . Business model concession. Expanding abroad: Save SpA is the characterized by first Italian airport management high return after a company, investing in foreign short ramp up of Airport (BSCA – Charleroi, commercial Belgium). operations. 4 Group Overview: Group Consolidated P/L Group Q1 ‘13 revenues increase by 4,9% YoY, although the severe condition of global economic environment. Financial Overview change% change% € million 2012 2011 2012/2011 Q1 2013 Q1 2012 Q1'13/Q1'12 Revenues 352,5 347,2 1,5% 76,1 72,5 4,9% EBITDA 71,4 73,6 -3,0% 7,9 8,3 -5,3% EBIT 42,9 46,2 -7,2% 0,4 1,5 -72,4% Unusual income* 0,0 0,0 0,0% 10,1 0,0 na EBIT including unusual income 42,9 46,2 -7,2% 10,5 1,5 na Profit before taxes 45,5 47,9 -5,1% 10,8 1,1 na Net Profit 33,3 41,8 -20,4% nd nd nd * Unusual income as a result related to the fair value re-measurement of the 75% ownership interest held in Airest Collezioni prior to the acquisition of control, according IFRS3. Save Group Revenues by SBU Save Group EBITDA by SBU change% change% change% change% € million Q1 2013 Q1 2012 Q113/Q112 2012 2011 2012/2011 € million Q1 2013 Q1 2012 Q113/Q112 2012 2011 2012/2011 Consolidated Revenues 76,1 72,5 4,9% 352,5 347,2 1,5% Consolidated EBITDA 7,9 8,3 -5,3% 71,4 73,6 -3,0% Airport Management* 27,4 25,9 5,8% 133,5 126,6 5,5% Airport Management* 7,4 7,2 2,7% 53,0 49,8 6,3% Infrastructure Management* 7,4 7,2 3,7% 32,3 31,1 3,9% Infrastructure Management* 1,3 1,2 11,9% 7,3 7,2 1,5% F&B and Retail* 43,9 41,7 5,3% 198,4 200,5 -1,0% F&B and Retail* (0,9) (0,1) n.a. 11,1 16,6 -32,9% * Gross of Intercompany results and non allocated costs 5 Group Overview: Group Consolidated B/S and CF * Save Group solid financial structure Balance Sheet (consolidated) € million 31 Mar 2013 31 Dec 2012 NWC (38,6) (46,6) Fixed Assets 535,9 521,9 Long Term Provisions (47,2) (46,3) Assets and Liabilities held for sale 0,0 0,0 Capital employed 450,1 429,0 Total Shareholders' Equity 360,4 347,4 Net indebtedness 89,6 81,6 D / E 0,25 0,23 6 Group Overview: Group Consolidated B/S and CF * Cash flow and Gross capex details Consolidated Cash Flow March 31st 2013 (€/mln) Q1 ‘13 Gross Capex details by SBU € mln 4,5 4,1 4,0 3,5 3,0 2,5 2,1 2,0 1,8 in milioniin 1,5 1,1 € 1,0 7,1 (9,2) 0,5 0,2 0,1 0,0 3M2013 3M2012 (6,0) (8,3) 3,0 (3,0) (0,2) 0,2* SBU1 SBU2 SBU3 (8,1) Gross Δ nwc Net capex Airest Airest Other Cash Flow capital collezioni (increase) increase minority Reduction purchase Net Financial Position * From variation of consolidation area 7 SECTION 2 AIRPORT MANAGEMENT (SBU1) 8 Airport Management: financials Revenues and EBITDA increase up +5,8% and +2,7% YoY thanks to the increase in passengers, driven by the incisive commercial strategy Financial Overview SBU1* change% change% € million Q1 13 Q1Q110 12 2013/2012 2012 2011 2012/2011 Revenues 27,4 25,9 5,8% 133,5 126,6 5,5% EBITDA 7,4 7,2 2,7% 53,0 49,8 6,3% EBIT 3,8 3,6 4,3% 39,0 36,0 8,1% * Gross of Intercompany Results Q1 2013 vs Q1 2012 Key Rationales . Q1 ‘13 Revenues up YoY (+5,8% or c. +€ 1,5m): aviation revenues (+6,9% YoY or c. +€1,1m) driven by passengers trend; non aviation up (+3,4% YoY or + €0,3m), led by increase of royalties (+2,6%) and advertising (+26,6%); . Q1 ‘13 EBITDA (YoY +2,7% or + c. €0,2m), in line with management expectation; increase in revenues had been primarily absorbed by i) higher commercial costs (+€ 0,4m) ii) higher labor cost (+€ 0,2m YoY), iii) higher concession fee due to Contratto di Programma rules (+ €0,3m ) and by iv) higher operating cost, specifically utilities (+€ 0,2m) due to different monthly accounting of heating costs; 150,0 + 6,3% 100,0 mln € + 8,2% 50,0 0,0 Revenues EBITDA CAGR % 2010 2012 2010 2011 2012 9 Airport Management: Venice Airport System Venice airport system is the first Italian system for growth during the Q1 ’13 (+4,7% vs Avg Italian airports -5,5% YoY) Italian airport Passengers Passengers % chg. Q1 2013 Q1 2012 . Venice airport system recorded an increase about 4,7% YoY against national average of -5,5%: c. 1,9 million passengers in Q1’13, nearly 20 thousand movements. Roma FCO 7.146.689 7.427.734 -3,8% . European accumulated traffic January to March 2013: totally flat “reflecting the state Milano MXP 3.875.356 4.058.228 -4,5% Milano LIN 1.942.834 2.050.837 -5,3% of EU economy”, according to ACI Europe data. (UE airports -2,1%, non UE airports Bergamo 1.740.974 1.800.521 -3,3% +8,9%) Venezia 1.519.879 1.396.527 8,8% . Venice Airport System, with 1,9 million passengers, confirms its 3rd position after Bologna 1.204.356 1.206.359 -0,2% Rome and Milan, and one of three Italian intercontinental gateway; Catania 1.119.777 1.149.887 -2,6% Napoli 932.160 1.067.991 -12,7% . 45 scheduled carriers connecting Venice to 92 domestic, European and Roma CIA 855.713 1.059.686 -19,2% Torino 792.449 881.853 -10,1% intercontinental destinations and 2 home based carriers ; 3 scheduled carriers Palermo 746.087 831.546 -10,3% operating at Treviso airport with 39 domestic and European destinations Pisa 704.209 775.637 -9,2% Bari 700.464 756.174 -7,4% . Intercontinental network Cagliari 562.025 662.356 -15,1% . 3 daily scheduled long-haul flights to the U.S.: New York & Atlanta by Delta Air Verona 541.531 594.067 -8,8% Lines; Philadelphia by US Airways Treviso 442.214 477.672 -7,4% Lamezia T. 375.750 413.177 -9,1% . 3 daily services to the Middle East: Dubai by Emirates with 2 daily frequencies Brindisi 372.152 397.605 -6,4% Firenze 350.209 363.854 -3,8% & Doha by Qatar Airways. Emirates operates a second daily flight to Dubai Trapani 251.932 288.668 -12,7% since Summer 2012 Genova 242.713 288.668 -15,9% Alghero 218.470 224.157 -2,5% . 3 services to Canada : Toronto & Montreal by Air Transat with 3 weekly Trieste 153.030 151.966 0,7% frequencies (1 additional frequency to Montreal since Summer 2013); Toronto Olbia 124.903 123.814 0,9% by Air Canada Rouge, with 3 weekly frequencies since July 2013 Altri 526.115 582.020 -9,6% . Venice Passengers on international destination: 78% (Italy: 58%, data referred to Jan TOTAL ITALY 27.441.991 29.031.004 -5,5% – Mar 2013). Source Assaeroporti 10 Airport Management: key figures aviation In Q1 2013 Venice Airport system passenger trend shows a persisting increase , +4,7% YoY Venice Airport system passenger trend Q1 13vs Q1 12 YoY change 12,0 9,0 + 8,8% + 4,7% 6,0 - 7,4% millions 3,0 1,40 1,52 1,87 1,96 0,48 0,44 0,0 Venice Treviso Airport system 3M 12 3M 13 11 O&D traffic flows between Venice to the world – Q1 2013 Europe 888,267 +11% Note: Comparison with the same period of previous year - Source: Save database 12 Airport Management: Venice Airport strategy Venice Airport traffic 4 points strategy: diversified carriers to reduce risks and extend offer (1/2) Home base carrier Link with hubs Point to point Intercontinentals DOH JFK & ATL PHL DXB YYZ & YUL Capillarity in the immediate Guarantee the catchment Non-stop access to high Penetration of further afield territory area accessibility to the passenger volume territories through world destinations intercontinental hubs 13 Airport Management - Venice airport system Venice Airport traffic 4 points strategy: diversified carriers to reduce risks and extend offer (2/2) Venice Airport Treviso Airport Q1 2013 Scheduled traffic by carrier* Q1 2013 Scheduled traffic by carrier* EASYJET ALTRI 22% 25% WIZZ AIR 18% IBERIA ALITALIA / 3% AIRONE 14% GERMANWINGS KLM 2% 3% RYANAIR 77% TURKISH ALTRI AIRLINES 3% 3% VOLOTEA AIRLINES AIR FRANCE 4% EMIRATES 9% 5% BRITISH LUFTHANSA AIRWAYS 7% 5% * General aviation traffic excluded 14 Airport Management: Charleroi airport growth Q1 2013 1,2 mln passengers, (+0,7 YoY) Airport overview Key numbers .
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