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Annual Report 2013 2013 ANNUAL REPORT www.autostrade.it 2013 ANNUAL REPORT CONTENTS 1. Highlights and overview 3 2. 3. 4. Introduction Report on operations Financial statements and notes 13 17 73 5. 6. 7. Reports Key indicators extracted Shareholders’ resolutions from the most recent financial statements of subsidiaries, principal associates and joint ventures, according to art. 2429, paragraphs 3 and 4 of the Italian Civil Code 181 187 199 HIGHLIGHTS 1. AND OVERVIEW 1.1 Corporate bodies 4 1.2 Financial and operating highlights 5 1.3 Group structure 7 1.4 Key performance indicators for Autostrade per l’Italia’s principal subsidiaries 8 1.5 Map of planned upgrades and modernisation of the network operated under concession in Italy 10 3 1.1 Corporate bodies BOARD OF DIRECTORS IN OFFICE FOR THE THREE-YEAR PERIOD 2013-2015 CHAIRMAN Fabio Cerchiai CEO Giovanni Castellucci DIRECTORS Valerio Bellamoli Stefano Cao Giuseppe Piaggio Roberto Pistorelli 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 4 1. Highlights and overview 1.2 Financial and operating highlights FINANCIAL HIGHLIGHTS (Em) 2013 2012 Revenue 3,190 3,180 Toll revenue 2,816 2,782 Other operating income 374 398 Gross operating profit (EBITDA) 1,931 1,879 EBITDA margin 60.5% 59.1% Operating profit (EBIT) 1,441 1,377 EBIT margin 45.2% 43.3% Profit before tax from continuing operations 1,108 867 Profit margin from continuing operations 34.6% 27.2% Profit for the year 810 645 Capital expenditure 795 1,195 Operating cash flow (1) 1,464 1,199 Equity (2) 2,304 2,099 Net debt (2) 10,650 10,802 (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 profit or loss. (2) As at 31 December. 1.2 Financial and operating highlights 5 OPERATING HIGHLIGHTS (Em) 2013 2012 Workforce (no. of staff) Average workforce 5,531 5,646 Workforce at 31 December (1) 5,767 5,832 Traffic volumes (million km) Vehicles with 2 axles 38,135 38,752 Vehicles with 3 or more axles 5,580 5,718 Total vehicles 43,715 44,470 Average Theoretical Vehicles per Day (ATVD) 41,956 42,564 Safety Global accident rate (accidents per 100m km travelled) (2) 33.6 32.2 Death rate (deaths per 100m km travelled) (2) 0.35 0.35 Draining pavement (% of total network in km) 84.8% 83.9% Toll collection methods (% of total vehicles) Manual cash payments 18% 19% Automated cash payments 9% 9% Viacard and other cards 13% 13% Telepass 60% 59% Total 100% 100% (1) Includes both temporary and permanent staff. (2) Figures refer to Autostrade per l’Italia and its Italian motorway operators. 6 1. Highlights and overview 1.3 Group structure Italian motorway operations Overseas motorway operations Design and construction Tangenziale di Napoli 100% (1) Brazil Spea Ingegneria Europea 100% (1) Autostrade Meridionali 58.98% (1) Atlantia Bertin Concessões 50% +1 share (*) Pavimental 99.40% (1) Traforo del Monte Bianco 51% (1) • Triangulo do Sol Auto-Estradas 100% • Rodovias das Colinas 100% • Raccordo Autostradale Valle d’Aosta 47.97% • Concessionaria da Rodovias MG050 100% AD Moving 100% (1) • Concessionaria Rodovias do Tietê 50% Autostrade dell’Atlantico 100% (1) Chile Technology Grupo Costanera 50,01% • Costanera Norte 100% Telepass 96.15% (1) • AMB 100% • Litoral Central 100% Ecomouv 70% (1) • Autopista Nororiente 100% Ecomouv D&B 75% (1) • Autopista Vespucio Sur 100% ETCC 61.41% Autostrade Holding do Sur 100% • Los Lagos 100% Autostrade Tech 100% (1) Poland Stalexport Autostrady 61.20% (1) • Stalexport Autostrada Małopolska 100% (1) Directly held investments. (*) Through the holding company, Infra Bertin Participações. 1.2 Financial and operating highlights 7 1.4 Key performance indicators for Autostrade per l’Italia’s principal subsidiaries (1) (Em) Revenue EBITDA EBIT Capex Net funds/(Net debt) 2013 2012 Inc./(Dec.) 2013 2012 Inc./(Dec.) 2013 2012 Inc./(Dec.) 2013 2012 Inc./(Dec.) 2013 2012 Inc./(Dec.) Total % Total % Total % Total % Total % Italian motorways Società Italiana per il Traforo del Monte Bianco 55.4 56.3 -0.9 -1.6% 35.7 37.2 -1.5 -4.0% 21.2 25.9 -4.7 -18.1% 1.3 3.1 -1.8 -58.1% 85.3 73.4 11.9 16.2% Raccordo Autostradale Valle d’Aosta 17.3 16.3 1.0 6.1% 5.3 3.8 1.5 39.5% -5.9 -9.9 4.0 -40.4% 3.0 2.4 0.6 25.0% 81.5 73.3 8.2 11.2% Tangenziale di Napoli 69.5 70.1 -0.6 -0.9% 24.2 22.3 1.9 8.5% 14.5 10.4 4.1 39.4% 6.3 5.8 0.5 8.6% -39.6 -59.1 19.5 -33.0% Autostrade Meridionali 75.1 88.2 -13.1 -14.9% 27.4 31.4 -4.0 -12.7% 16.5 8.3 8.2 98.8% 32.8 35.3 -2.5 -7.1% 138.2 131.9 6.3 4.8% AD Moving 9.0 9.5 -0.5 -5.3% 0.5 0.9 -0.4 -44.4% 0.2 0.7 -0.5 -71.4% 0.1 0.3 -0.2 -66.7% -0.8 -1.1 0.3 -27.3% Overseas motorways Stalexport Autostrady 50.4 45.0 5.4 12.0% 38.9 33.2 5.7 17.2% 21.8 10.3 11.5 n.s. 6.9 19.4 -12.5 -64.4% 11.0 -11.6 22.6 n.s. Triangulo do Sol 137.3 139.5 -2.2 -1.6% 102.4 101.7 0.7 0.7% 57.8 47.5 10.3 21.7% 2.9 6.9 -4.0 -58.0% 15.7 3.1 12.6 n.s. Rodovias das Colinas (2) 149.3 78.9 n.s. n.s. 112.0 49.3 n.s. n.s. 82.8 21.8 n.s. n.s. 7.1 10.0 n.s. n.s. -20.5 -65.6 n.s. n.s. Rodovia MG 050 (2) (Nascentes das Gerais) 31.1 16.7 n.s. n.s. 20.7 11.6 n.s. n.s. 12.6 5.9 n.s. n.s. 20.3 11.7 n.s. n.s. -36.1 -34.4 n.s. n.s. Sociedad Concesionaria de Los Lagos 20.5 19.6 0.9 4.6% 13.5 9.3 4.2 45.2% 9.2 8.4 0.8 9.5% 0.1 0.2 -0.1 -50.0% 213.5 214.9 -1.4 -0.7% Costanera Norte (3) 81.1 56.9 n.s. n.s. 59.7 41.1 n.s. n.s. 41.6 26.0 n.s. n.s. 38.4 0.2 n.s. n.s. 45.4 -13.1 n.s. n.s. Autopista Nororiente (3) 4.2 3.2 n.s. n.s. -0.7 -0.1 n.s. n.s. -0.7 -0.5 n.s. n.s. - - n.s. n.s. 16.0 11.0 n.s. n.s. Vespucio Sur (3) 71.0 52.9 n.s. n.s. 60.0 42.6 n.s. n.s. 42.5 22.5 n.s. n.s. - 0.8 n.s. n.s. -113.9 -142.7 n.s. n.s. Litoral Central (3) 2.5 1.7 n.s. n.s. -0.2 -0.3 n.s. n.s. -0.9 -0.6 n.s. n.s. - - n.s. n.s. 87.9 92.5 n.s. n.s. AMB (3) 1.4 0.9 n.s. n.s. 0.2 0.1 n.s. n.s. 0.2 0.1 n.s. n.s. 0.2 0.6 n.s. n.s. 3.3 -2.2 n.s. n.s. Design and construction Pavimental 356.7 511.4 -154.7 -30.3% 17.3 2.7 14.6 n.s. 4.2 -9.8 14.0 n.s. 6.3 7.7 -1.4 -18.2% -145.0 -41.5 -103.5 n.s. Spea Ingegneria Europea 89.7 116.7 -27.0 -23.1% 25.1 40.8 -15.7 -38.5% 22.0 38.3 -16.3 -42.6% 2.9 2.0 0.9 45.0% -20.4 0.8 -21.2 n.s. Technology Infoblu 5.1 5.2 -0.1 -1.9% 1.3 1.2 0.1 8.3% 0.5 0.6 -0.1 -16.7% 0.5 0.4 0.1 25.0% 1.8 2.6 -0.8 -30.8% Telepass 141.1 136.1 5.0 3.7% 85.6 79.9 5.7 7.1% 70.8 62.0 8.8 14.2% 13.4 13.3 0.1 0.8% -268.8 -198.8 -70.0 35.2% Newpass 0.5 0.7 -0.2 -28.6% 0.1 0.3 -0.2 -66.7% 0.1 0.2 -0.1 -50.0% - - - n.a. 1.9 1.8 0.1 5.6% Autostrade Tech 62.4 77.2 -14.8 -19.2% 6.8 23.9 -17.1 -71.5% 3.3 21.0 -17.7 -84.3% 3.0 2.3 0.7 30.4% -10.2 14.5 -24.7 n.s.
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