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Annual Report 2008 Annual Report 2008 www.atlantia.it Annual Report 2008 Annual Report 2008 Annual Report 2008 ATLANTIA SpA Issued capital: €571,711,557.00, fully paid-up. Tax code, VAT number and Rome Companies’ Register no. 03731380261 Registered office in Rome, Via Antonio Nibby, 20 Contents 1.Introduction........................................................................................................... 5 Corporate bodies .......................................................................................................6 Consolidated financial highlights ....................................................................................8 Consolidated financial highlights restated on a like-for-like basis ............................................9 Key market data ........................................................................................................ 10 Shareholder structure and share price performance .............................................................11 Group structure ........................................................................................................ 12 Statement to shareholders ............................................................................................ 13 Profile, history and mission .......................................................................................... 16 2..Report.on.operations ............................................................................................. 19 Consolidated financial review ....................................................................................... 21 Atlantia SpA: financial review and related party transactions .................................................. 45 Operating performance of subsidiaries ............................................................................ 62 Key performance indicators for the main Group companies ............................................. 62 Traffic ................................................................................................................ 65 Toll charges .......................................................................................................... 67 Investments .......................................................................................................... 69 Service areas ......................................................................................................... 79 Innovation, research and development ........................................................................ 81 International activities ............................................................................................ 83 Other events ............................................................................................................ 87 Workforce ............................................................................................................... 89 Corporate Governance ............................................................................................... 97 Sustainability ........................................................................................................... 100 Significant regulatory aspects ....................................................................................... 107 Other information ....................................................................................................116 Events after 31 December 2008 .....................................................................................118 Outlook and risks or uncertainties .................................................................................121 Proposed resolutions for the Annual General Meeting of Atlantia SpA.....................................122 3..Atlantia.Group:.consolidated.financial.statements.and.notes......................................... 125 4..Atlantia.SpA:.separate.financial.statements.and.notes................................................... 221 5..Reports............................................................................................................... 279 6..Summary.of.the.principal.investments,.associates.and.companies.under.joint.control......... 295 7..Shareholders'.resolutions....................................................................................... 301 3 1. Introduction Corporate bodies Corporate bodies Board.of.Directors Chairman Gian Maria GROS-PIETRO for the three-year period CEO Giovanni CASTELLUCCI 2006-2008 Directors Salvador ALEMANY MAS (1) Gilberto BENETTON Alberto BOMBASSEI (independent) Amerigo BORRINI (2) Roberto CERA Alberto CLÔ (independent) Claudio COMINELLI (3) Sergio DE SIMOI (4) Piero DI SALVO (independent) Antonio FASSONE Guido FERRARINI (independent) Francesco Paolo MATTIOLI(3) (independent) Gianni MION Giuseppe PIAGGIO Luisa TORCHIA Secretary Andrea GRILLO Executive.Committee Chairman Gian Maria GROS-PIETRO Directors Alberto BOMBASSEI (independent) Giovanni CASTELLUCCI Gianni MION Giuseppe PIAGGIO Internal.Control.and.Corporate Chairman Giuseppe PIAGGIO Governance.Committee Members Piero DI SALVO (independent) Guido FERRARINI (independent) 6 Corporate bodies Human.Resources.Committee Chairman Alberto BOMBASSEI (independent) Members Amerigo BORRINI (2) Alberto CLÔ (independent) Francesco Paolo MATTIOLI (5) (independent) Gianni MION Giuseppe PIAGGIO Supervisory.Board Chairman Renato GRANATA Members Simone BONTEMPO Pietro FRATTA Board.of.Statutory.Auditors Chairman Marco SPADACINI for the three-year period Auditors Tommaso DI TANNO 2006-2008 Raffaello LUPI Angelo MIGLIETTA Alessandro TROTTER Alternate Auditors Giuseppe Maria CIPOLLA Giandomenico GENTA Independent.Auditors for the period 2006-2011 KPMG SpA (1) Resigned with effect 25.06.2008. (2) Resigned with effect 23.04.2008. (3) Co-opted on to the Board of Directors at the meeting of 09.05.2008. (4) Resigned with effect 29.04.2008. (5) Appointed a member of the Human Resources Committee at the Board of Directors’ meeting of 12.06.2008. 7 1. Introduction Consolidated financial highlights (Em) 2008 2007 Revenue 3,477 3,272 Net toll revenue 2,853 2,767 Contract revenue and other operating income 624 505 Gross operating profit (EBITDA) 2,115 2,068 EBITDA margin 60.8% 63.2% Operating profit (EBIT) 1,616 1,643 EBIT margin 46.5% 50.2% Profit/(Loss) from continuing operations 721 376 Profit margin from continuing operations 20.7% 11.5% Profit for the year (including minority interest) 740 392 Profit for the year attributable to equity holders of the parent 735 381 Operating cash flow * 1,379 1,249 Capital expenditure 1,139 1,249 Equity ** 3,986 4,011 Net debt ** 9,755 9,241 * Operating cash flow is calculated as profit + amortisation/depreciation + provisions +/- profit/loss from discontinued operations/assets held for sale +/- share of (loss)/profit of associates +/- revaluations (impairment losses on) of financial assets + tax expense driving from change in tax rates + portion of deferred tax liabilities on transfers of assets + deferred income deriving from specific tariff increases relating to works under construction less the accrued portion recognised in the income statement. ** At 31.12. 8 Consolidated financial highlights Consolidated financial highlights restated on a like-for-like basis Consolidated financial highlights restated on a like-for-like basis The following schedule compares consolidated financial highlights on a like-for-like basis to take account of changes in the basis of consolidation and non-recurring items included in the income statements. A list and description of these non-recurring items for 2007 and 2008 is included in the following "Consolidated financial review". (Em) 2008 2007 Revenue 3,421 3,247 Net toll revenue 2,834 2,767 Contract revenue and other operating income 588 480 Gross operating profit (EBITDA) 2,098 2,021 EBITDA margin 61.3% 62.3% Operating profit (EBIT) 1,610 1,566 EBIT margin 47.1% 48.2% Profit/(Loss) from continuing operations 700 696 Profit margin from continuing operations 20.5% 21.4% Profit for the year (including minority interest) 720 712 Profit for the year attributable to equity holders of the parent 719 710 9 1. Introduction Key market data (Em) 2008 2007 Issued capital (at 31 December) (€) 571,711,557 571,711,557 Number of shares (unit par value €1) 571,711,557 571,711,557 Market capitalisation (€m)* 7,489 14,824 Earnings per share (€) 1.29 0.67 (1.21)** Operating cash flow per share (€) 2.41 2.19 Dividend per share (€) 0.71 0.68 Interim 0.34 0.31 Final 0.37 0.37 Pay out ratio (%) 54% ** 102% (56%)** Dividend yield* 5.4% 2.6% Year-end price (€) 13.09 25.93 High (€) 25.62 27.22 Low (€) 11.42 21.66 Share price/Earnings per share (P/E)* 10.2 38.9 (21.4)** Share price/Cash flow per share* 5.4 11.8 Market to book value* 1.9 3.7 Atlantia as % of stock market capitalisation* 1.95% 1.97% Atlantia as % of S&P Mib index* 1.89% 1.59% Group's rating Standard & Poor's A - negative outlook A - negative outlook Moody's A3 - stable outlook A3 - stable outlook * Based on year-end price. ** Consolidated profit in 2007 was adversely affected by non-recurring items, the most important of which was the non-cash item relating to the adjustment of deferred tax assets and liabilities to new rates of taxation (€313.6 million). The percentages in brackets indicate the gross amount of that effect. The payout ratio calculated on Atlantia SpA's profit for the year was 72%. 10 Key market data Shareholder structure and share price performance Shareholder structure and share price performance Rest of Rest of the world Europe 4% 13% United Kingdom Abertis
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