Annual Report 2015 Annual Report
Total Page:16
File Type:pdf, Size:1020Kb
Annual Report Annual Report 2015 www.atlantia.it Annual Report 2015 This page intentionally left blank Contents Contents 1. Introduction ............................................................................................................. 5 Consolidated financial highlights ..................................................................................... 6 Key market data for Atlantia ........................................................................................... 7 Ownership structure ..................................................................................................... 8 Share price performance ............................................................................................... 9 Group structure .......................................................................................................... 10 The Group around the world .......................................................................................... 11 Corporate bodies ......................................................................................................... 12 Statement to Shareholders ............................................................................................. 14 2. Report on operations .................................................................................................. 19 Group financial review .................................................................................................. 21 Financial review for Atlantia S.p.A. .................................................................................. 48 Key performance indicators by operating segment ................................................................ 58 Key performance indicators for the Group’s principal subsidiaries ........................................... 60 Italian motorways ......................................................................................................... 62 Overseas motorways ...................................................................................................... 72 Italian airports ............................................................................................................ 76 Other activities ........................................................................................................... 80 Innovation, research and development .............................................................................. 82 Workforce .................................................................................................................. 84 Corporate governance ................................................................................................... 89 Sustainability .............................................................................................................. 91 Related party transactions .............................................................................................. 99 Significant regulatory aspects .......................................................................................... 100 Other information ....................................................................................................... 108 Events after 31 December 2015 ........................................................................................ 109 Outlook and risks or uncertainties ................................................................................... 110 Proposed resolutions for the Annual General Meeting of Atlantia S.p.A.’s shareholders ................. 111 3. Atlantia’s Group consolidated financial statements as at and for the year ended 31 December 2015 and notes ................................................................................. 113 4. Atlantia S.p.A. separate financial statements as at and for the year ended 31 December 2014 and notes ................................................................................ 233 5. Reports .................................................................................................................... 311 6. Key indicators extracted from the financial statements of subsidiaries, associates and joint ventures, as defined by paragraphs 3 and 4 of art. 2429 of the Italian Civil Code ................. 329 7. Shareholders’ resolutions ............................................................................................. 335 Annual Report 2015 3 Introduction 1 1. Introduction Consolidated financial highlights (EM) 2015 (a) 2014 Revenue 5,304 5,083 Toll revenue 3,836 3,678 Aviation revenue 565 520 Other operating income and contract revenue 903 885 Gross operating profit (EBITDA) 3,215 3,169 Adjusted gross operating profit (EBITDA) (b) 3,301 3,246 Operating profit (EBIT) 2,212 1,933 Profit/(Loss) from continuing operations 1,438 1,262 Profit for the year 975 773 Profit attributable to owners of the parent 853 740 Operating cash flow (c) 2,105 2,079 Adjusted operating cash flow (b) 2,138 2,181 Capital expenditure (d) 1,488 1,100 (EM) 31.12.2015 (a) 31.12.2014 Equity (including non-controlling interests) 8,483 8,263 Equity attributable to owners of the parent 6,800 6,519 Net debt 10,387 10,528 Adjusted net debt (b) 11,490 11,666 (a) The figures for 2015 reflect the accounting effects of a number of non-recurring financial transactions carried out during the year, as described in detail in the section, “Group financial review”, and the notes to the consolidated financial statements. (b) Adjusted amounts have been presented with the aim of enabling analysts and the rating agencies to assess the Group’s results of operations and financial position using the basis of presentation normally adopted by them. Information on the nature of the adjustments and on differences between the reported and adjusted amounts is provided in the section, “Adjusted consolidated results of operations and financial position and reconciliation with reported consolidated amounts”, in the “Group financial review”. (c) Operating cash flow is calculated as profit for the year + amortisation/depreciation +/- impairments/reversals of impairments of assets +/- provisions/ releases of provisions + other adjustments + financial expenses from discounting of provisions +/- share of profit/(loss) of investees accounted for using equity method +/- (losses)/gains on sale of assets +/- other non-cash items +/- net deferred tax assets/liabilities recognised in profit or loss. (d) The figure includes investment in assets held under concession, in property, plant and equipment and in intangible assets, as presented in the statement of changes in consolidated net debt, included in the “Group financial review”. 6 Key market data for Atlantia Key market data for Atlantia KEY MARKET DATA 2015 2014 KEY MARKET DATA 2015 2014 Issued capital (at 31 December) (E) 825,783,990 825,783,990 Dividend yield (b) 3.6% 4.1% Number of shares 825,783,990 825,783,990 Year-end price (E) 24.50 19.33 Market capitalisation (Em) (b) 20,232 15,962 High (E) 25.58 21.31 Earnings per share (E) (b) 1.04 0.91 Low (E) 19.15 16.52 Operating cash flow per share (E) 2.56 2.55 Share price / Earnings per share (P/E) (a)) 23.65 21.24 Dividend per share (E) 0.88 0.800 Share price / Cash flow per share (a) 9.6 7.6 Interim 0.4 0.355 Market to book value (a) 2.4 1.9 Final 0.48 0.445 Atlantia as % of FTSE Italia All Share index (a) 3.93% 2.73% Dividend/Cash flow per share (%) 34% 31% Atlantia as % of FTSE/MIB index (a) 4.58% 3.11% GROUP’S CREDIT RATING Standard & Poor’s BBB+ (stable outlook) BBB+ (stable outlook) Moody’s Baa1 (stable outlook) Baa1 (stable outlook) Fitch Ratings A- (stable outlook) A- (stable outlook) (a) Figures based on the closing price at the end of the year. (b) Calculated on the basis of the number of shares at the end of the year, after excluding treasury shares. Annual Report 2015 7 1. Introduction Ownership structure Major investors (1) Free oat (4) Sintonia (Edizione) 30.25% United Kingdom Italy (3) InvestCo Italian Holdings (2) 25.2% 20.3% (Government of Singapore 8.14% Investment Corporation) Fondazione CRT 5.06% Rest of the world 5.8% USA Australia 25.3% 4.7% Switzwerland Blackrock 5.04% 3.9% France Rest 6.2% of Europe 8.6% Athena Holding (Goldman Sachs 4.55% Infrastructure Partners) Geographic breakdown of free oat Mediobanca 2.71% 43.96% (1) Source: Consob (as at 31 December 2015). (2) Includes 0.082% held directly by Governement of Singapore Investment Corporation. (3) Includes retail investors. (4) Excludes treasury shares held by Atlantia S.p.A., equal to 0.29% of the issued capital. Source: Thomson Reuters (as of 31 December 2015). 8 Share price performance Share price performance Atlantia share price - 2015 Price Volumes (E) (in millions) 26 20 25 24 15 23 22 21 10 20 19 5 18 17 16 0 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Atlantia share price FTSE/MIB rebased Atlantia shares traded Annual Report 2015 9 1. Introduction Group structure (*) 100% 95.92% Italian motorways Overseas motorways Italian airports Other activities Tangenziale di Napoli 100% Brazil ADR Sviluppo 100% Pavimental 99.40% (5) Autostrade Meridionali 58.98% Autostrade Brasil 100% (2) ADR TEL 100% Spea Ingegneria 100% (6) Società Italiana per il Traforo AB Concessões 50% + 1 share ADR Assistance 100% ETCC 64.46% (7) del Monte Bianco 51% Triangulo do Sol ADR Security 100% Autostrade Tech 100% (7) Raccordo Autostradale Auto-Estradas 100% ADR Mobility 100% Infoblu 75% (7) (1) Valle d’Aosta 47.97% Rodovia das Colinas 100% Airport Cleaning 100% Telepass 100% Concessionaria Fiumicino