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Annual Report 2010

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Annual Report 2010 Annual Report 2010 Annual Report 2010 Contents 1. Introduction ............................................................................................................. 5 Milestones ................................................................................................................. 6 Who we are ................................................................................................................. 8 Consolidated financial highlights ...................................................................................... 9 Shareholder structure and share price performance ............................................................... 10 Key market data ........................................................................................................... 11 Group structure ........................................................................................................... 12 Geographical presence ................................................................................................... 13 Statement to shareholders ............................................................................................... 17 Corporate bodies ......................................................................................................... 20 2. Report on operations .................................................................................................. 23 Consolidated financial review .......................................................................................... 25 Financial review for Atlantia SpA ..................................................................................... 49 Operating review for Group companies .............................................................................. 62 Key performance indicators for the main Group companies ................................................ 62 Operating performance of the Group’s motorway operators ................................................ 64 Operating performance of other main subsidiaries ........................................................... 86 Innovation, research and development ........................................................................... 88 Operating performance of the Group’s main investee companies .............................................. 90 Workforce .................................................................................................................. 94 Corporate Governance .................................................................................................. 103 Sustainability .............................................................................................................. 105 Significant regulatory aspects ........................................................................................... 115 Related party transactions ............................................................................................... 122 Other information ....................................................................................................... 124 Events after 31 December 2010 ........................................................................................ 126 Outlook and risks or uncertainties .................................................................................... 128 Proposed resolutions for the Annual General Meeting of Atlantia SpA’s shareholders .................... 129 3. Atlantia Group’s consolidated financial statements and notes .............................................. 131 4. Atlantia SpA’s separate financial statements and notes ........................................................ 239 5. Reports ..................................................................................................................... 297 6. Key performance indicators for subsidiaries, associates and joint ventures .............................. 313 7. Shareholders’ resolutions ............................................................................................. 319 3 1. Introduction 1 Introduction 1. Introduction Milestones The Italian government establishes Autostrade-Concessioni e Costruzioni Autostrade SpA in 1950 Autostrade is privatised in 1999 and the place of the State is taken by a stable core of shareholders Autostrade per l’Italia SpA, a wholly owned subsidiary of Autostrade SpA, is incorporated in 2003, following the demerger of the motorway concession business 1999 Autostrade privatisation the world’s biggest in the Autostrade SpA becomes Atlantia SpA in 2007 motorway sector 1995 Construction of the Dulles Greenway, the first ever privately-owned toll motorway in the USA 1990 Telepass, the world’s first free-flow toll collection system, enters service 1963 First Eurobond issue in the history of the capital markets 1958/64 Construction and opening of the 800-km long Autostrade del Sole motorway 1956 Autostrade enters into agreement with ANAS to co-finance, build and operate the Autostrada del Sole between Milan and Naples 1924/25 World’s first ever toll motorway between Milan and Varese opens, and is later transferred to the Group in 1962 6 2011 Autostrade per l’Italia is chosen to implement and operate a satellite-based toll system for heavy vehicles using France’s 15,000 km road network 2006 2009 Acquisition of the 61 km Acquisition of investments Katowice-Krakow motorway in motorway operators responsible 2004 (Poland) for 700 km of network in World’s first free-flow Chile and Brazil toll collection system enters 2005 service on over 2,000 km of Acquisition of Costanera Award of the concession, in motorway network in Austria Norte (Chile), the operator partnership with the Tata group, 43 km of motorway in to operate the 110-km motorway 2003 Santiago in Chile linking Pune and Solapur in India Opening of the M6 Toll, the UK’s first ever toll motorway 1. Introduction Who we are 4,100 km of motorways in Italy, Brazil, Chile, India and Poland More than 5 million customers a day Turnover of E3.8 billion, EBITDA of E2.3 billion and annual capital expenditure of E1.5 billion Market capitalisation of E9,2 billion Europe’s biggest investor, with E20 billion currently being invested World number one in free-flow toll systems Leader in motorway design and widening, toll collection, safety and energy saving technologies Excellent credit ratings from S&P: A-, Moody’s: A3, Fitch: A- A member of the Dow Jones Sustainability World Index 8 Consolidated financial highlights Consolidated financial highlights (Em) 2010 2009 (a)(b) Revenue 3,750 3,488 Toll revenue 3,119 2,845 Contract revenue and other operating income 631 643 Gross operating profit (EBITDA) 2,285 2,139 EBITDA margin 60.9% 61.3% Operating profit (EBIT) 1,767 1,667 EBITDA margin 47.1% 47.8% Profit/(loss) from continuing operations 708 582 EBITDA margin 18.8% 16.7% Profit for the year (including non–controlling interests) 701 562 Profit for the year attributable to owners of the parent 683 563 Operating Cash Flow (FFO) (c) 1,428 1,300 Capital expenditure 1,525 1,275 Equity (attributable to owners of the parent and non–controlling interests) (d) 3,587 3,197 Net debt (d) 9,657 9,755 (a) Compared with previously published amounts, figures in the consolidated statement of financial position and income statement as at and for the year ended 31 December 2009 have been restated to take account of the impact of adoption of IFRIC 12. (b) In view of the fact that consolidation of Strada dei Parchi’s contribution to the income statement for 2010 was conducted in accordance with IFRS 5, thus recognising the contribution to profit for the year in “Profit/(Loss) from discontinued operations/assets held for sale”, Strada dei Parchi’s contribution to the comparative consolidated income statement for 2009 has also been reclassified. Income statement amounts for 2009 are therefore also different from those published in the annual report as at and for the year ended 31 December 2009 due to this reason, as well as due to the adoption of IFRIC 12. (c) Operating cash flow is calculated as profit + amortisation/depreciation + provisions + financial expenses from discounting of provisions +/– impairment losses/reversals of impairment losses on assets +/– share of profit/(loss) of investments accounted for using equity method +/– (losses)/gains on sale of assets +/– other non–cash items +/– portion of deferred tax assets/liabilities recognised in the income statement. Partly due to the impact of application of IFRIC 12, as described below, the composition of the components of operating cash flow has been modified. As a result, the figure for 2009 has also been restated compared with previously published amounts. (d) As at 31 December. 9 1. Introduction Shareholder structure and share price performance Rest of the world 11% United Kingdom 42.25% Rest of Europe 30% Abertis 6.68% (1) 14% Fondazione CRT 6.76% Free float 38.96% (2) France Assicurazioni Generali 3.35% 11% Italy 9% (4) Norway 8% USA 17% (1) Investment dismissed on 14 January 2011. Geographical breakdown (2) Excludes Atlantia SpA’s treasury shares. of institutional investors (3) (3) Source: Consob. Thomson Reuters (figures at 31 December 2010). (4) Includes retail investors. Atlantia share — 2010 Price (E) (*) Volumes (000) 22 40,000 20 30,000 18 16 20,000 14 12 10,000 10 8 0 Jan. Feb. Mar. Apr. May Jun Jul Aug. Sep. Oct. Nov. Dec. Atlantia share FTSE/MIB rebased Volumes (*) Prices per share adjusted to take account of bonus issue carried out on 7 June 2010. 10 Key market data Key market data 2010
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