•
•
•
•
•
(millions vehicle/km) | 1/1-30/06/2015 | 1/1-30/06/2014 | Changes | |||||
Light vehicles | Heavy vehicles | Total | Light vehicles | Heavy vehicles | Total | Light vehicles | Heavy vehicles | Total |
GROUP ECONOMIC DATA
The comparison between revenue and expenditure items far the first half-year period of FYs 2014 and 2015 reflects both the consolidation ot Fiera Parking S.p.A. and Brescia Milano Manutenzioni S.c.ar.J. starting tram 1 January 2015 and the deconsofidation ot CIV S.p.A. (which was so/d in May 2014).
inthousands of
Motorway sector revenue-operating activities' :460,131 446,156 13,975
Construction and engineering sector revenue ;2
496 3.782(3.286)
Technology sectorrevenue 34.075 25.000 9,075
Parkingsector revenue;l'•1.970 1.970
Other revenues 21.708 19.947 1,761
Total turnover 518,380 494,885 23,495
Operatingcosts:r::,, 1212,305l 1206.151l (6.154l
Gross operating margin 306,075 288,734 17,341
Non-recurring items 6.275 (11,736l 18,011 'Adjusted' gross operating margin 312,350 276,998 35,352
Nelarnortisation/depreciation and provisions(146,223) (149.599) 3.376
Operating income 166,127 127,399 38,728
Financial incarne 12.277 19 216 (6,939)Financial charges(64,070) (64,433) 363
Cap1talised fmanc1alcharges 11.693 11.185 508
Write-down of equity mvestrnents (950) (6,443)5,493
Profit oss) of companies accountedfar bythe equityrnethod 1.688 6.804 (5.116l Nelfinancial incarne (39,362l (33,671l (5,691l Profit before tax 126,765 93,728 33,037
Incarne taxes (current anddeferred) (41,803l (33,79IJ (B,006l
Profit (loss) for the period 84,962 59,931 25,031
[ilProfit assignedtorninority interests 11,120 9,7371,383
[ilProfit assigned to the Parent Cornpany'sShareholders 73,842 50,194 23,648
: w:·1 ·o:: ja·1j:on:tl)r•.•:a·{(xrp:n.tf-...1+ì:;.·2so;::ts:t.:·,1re1:ori'lu-e r..,. .rxro:: stat ;oe1·lt :t:XtSts tnd ·El,' 'El 'lJes tor:xnstm>:::n J(.:•,it'r'' :xn:;e··1rr'KrJ-:;crn ;oltat:::te;e·tt•ts.tets. nor:l1't:pr·,•ic!Elt a::t ·E:ro::te·ltt::ril:·1e ta!E:ltlxPrE'l,
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r.:rtr:rbl>-1';;i•:·1e r)(.reasr re-•, e ReS •.•.it'lr•ltoti-p:)f j:·1attrtuttle to·lE:fJ.I:.l'tnt::o::d ni1 wJ!r :t.ll'i)lllt: a·1::ii!j)l;lre:Xl:rx·:tJ1rtrciJIn::·nJ:t.ill:t ti-.:.Sticll1':.J:) .iaKJlt.W:t-· njJ):tl:r;e.pr jt·cr·n p:.r.i'lJ(.:t·itiEln::!l'le
gsrmtiloJn: ·gnlhs.inb: rF:f:BF:r-r:',p.1..-BI'f:IK.t f:;.byFl.F 191lilic'''.;.ue1-,so-:::1edr.rr;refldrririlltn: rro.nl'
The item 'motorwaysectorrevenue'totali edEUR 460.1 million (EUR 446.2million in the firsthaltof 2014)and breaks down asfollows:
ramountsintflwsands otEUR;-@ll!!lt.miO@-
ll!!li.m@-Net talirevenues | 446,285 | 430,742 | 15,543 |
Rental income-Royalties fromservice areas | 13,846 | 15,414 | (1,568) |
Total motorway sector revenue | 460,131 | 446,156 | 13,975 |
The increase 1n'net to/1 revenues',equal to EUR 15.5 million(+3.61%)was due to the growth in traffic volumes forEUR 9.3million (this 2.32%increase had aneffect on 'nettoll revenues' equalto 2.17% if consideringthe traffic mix) andto a1.44% increase in tolls asof 1 January 2015(EUR 6.2milllonfi.
The decrease 1n'rental income-royaltiestramservice areas'wasdue to thedecrease in consumption in serviceareas andthe new
economie conditionsagreedupon the extension of partof the sub-concessionagreements.
The decrease in revenuesof the 'construction andengineering' sector, which was reflected on 'operatingcosts', was mainlydue to laweractivities carried aut far third partiesby Graupcampanies.
The technology sector,having taken into account the consolidationof Brescia M1lano Manutenzioni S.c.arl.starting from thishalf-year period(+EUR 1.9 million), showed anincrease in the activities carried outfor third parties, with a consequentincrease in 'operating costs'.
The item 'parking sectorrevenue'refers to thepayments received (net ofthe so-called'guaranteed minimum amount') by Fiera
Parking S.p.A.. The related revenue and expenditureitems have been consolidated startingfrom this half-year period.
The change1n'operatmg costs'(+EUR 6.2million) was mainly due,as detailed above,to the production trends of the companiesoperating in the 'canstruction andengineering' and'technology' sectors.The increase in operating costs as aresult of the consolidation of Fiera Parking S.pA (+EUR1.2 million) is offsetby thetotal decrease recorded by the'motorway sector' (-EUR 1.0 million). Moreover,this decrease is due to (i) highercosts for 'winter services' (+EUR1.3 million, as aresult of low snowfallsin the first manths ofthe previaus financial year), (ii)higher payroll costs (+EUR0.8 millian),(iii) higher costs far services andother operating casts (+EUR 2.1 millian)and (iv)lower maintenancecosts(equal toEUR 5.2million), duetoa differentscheduleof maintenanceaperations.
(·)Based onan increaseintollsasof1January2015 for the rnanagesections equalto 1.50%. the effect on'net talirevenues' was equalto 144%due to ii)tollad1ustments.and(ii)tl1eexclusionof theAsti-Cuneo sectionfromthesaid increase.
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Società Iniziative Autostradali e Servizi S.p.A.
SIAS
With regard to the above, the 'gross operating margin' increased by EUR 17.3 million and reflects the changes in the Group's operating sectors. More specifically:
(amounts inmri!ions ofEUR)
Motorway sector | 290 7 | 274.9 | 15.8 |
Construction/Engineering sector | 2.3 | 2.3 | |
Technology S€ct01 | 14.8 | 13.4 | 1.4 |
Car parking sector i•) | 0.7 | 0.7 | |
Services Sector (holding cornpanies) | (2.5) | (1.9) | (0.6) |
3060 | 288 7 | 17.3 |
The rtem 'non-recurring items' referred, far an amount of EUR2 million, to an rnsurance refund (received tram the subsidiary Autostrada dei Fiori S.p.A. far the expenses incurred far the flooding events occurred in January 2014 on the managed section) and far EUR 0.8 million to an extraordinary contribution granted to Fiera Parking S.p.A. The remaining part (EUR 3.5 million) relates to the 'one-off' incarne - which was carried aut based an a favourable ruling - of risks provisions set aside in FY 2011 by the subsidiaries SATAP S.p.A. and Autocamronale della Cisa S.p.A. with regard to rntegration requests of sub-concession fees far the fmancial years
2008-2009-201O. Inthe firstsix months of 2014, the item 'non-recurring items' referred to the partral write-down of the receivable owed to the subsidiary Finanziaria di Partecipazioni e Investimenti S p.A by ANAS S.p.A.
The item 'net amortisation/deprec ation and provisions' amounted to EUR 146.2 mrllion (EUR 149.6 million in the first six months of
2014) and was due far EUR 4.3 million to the amortisation/depreciation of tangible and intangible fixed assets, far EUR 133.6 million to amortisation of non-compensated revertible assetst••i, far EUR 5.2 million to the change in the 'provision far restoration, replacement and maintenance' of the said assets and far EUR 3.1 million ta provisions far risks and charges.
The change in 'financiaf incarne' was due, far EUR 5.9 million, to the absence of the capitai gains resulting from the dispasal of equity
investments in the first six months of the previous frnancialyear
The item 'financial charges'- including the charges far interest rate swap contracts- is mainly rn line with the corresponding figures far the previousfinancial year.
The rtem 'write-down ofequity investments' wasdue,far EUR 0.8 million, to the wnte-down carriedaut with regard to the equity
investment held in CompagniaAerea Italiana S.p.A.. The change was due to the absenceof write-dawns that were carriedaut in the first srx months of 2014.
The item 'profit of companies accounted for bythe equity method' included the share ofprofits from jointly controlled entitiesand
associated companies. Morespecifically, it reflects the profitsrecorded by SITAF S.p.A. (EUR 4.9million), ATIVA S.p.A. (EUR2 million), Road Link Holding Ltd.(EUR 0.6 million),SITRASBS.p.A. (EUR 0.5 million),the companiesoperatrng in the car parkingsector (EUR 0.4 millian), which were partially adjustedas a result af the inclusion ofpro-rata shares of lossesattributable to Autostrade LombardeS.p.A. (EUR3.9 million), TEMS.p.A./TE S.p.A. (EUR 0.9 millron) and Rivalta Terminai EuropaS.p.A. (EUR 1.8 million). The changewas mainlydue ta the inclusion of pro-ratashares of losses ofthe motorway companies operating inthe 'Milan area'(amounting to EUR 4.8 million).
With regard ta the above, the Group'sshare of 'profit far theperiad' amounted ta EUR73.8 million(EUR 50.2 million in the first half of
2014).
(·1Thisrefers onlyto Fiera Parking S.p.A.whichwas consolidatedaccordnig to the line-by-linemethod.
(··1Inarder tocak:ulate amortisation/depreciation. referencel1asbeen made.arnong othertl1ings.to the so-called 'take-over' valuesset out intheeconomic-financialplanswhichare currentlybeingexarnined by theGranting Body
4
Società IniziativeAutostradali e Servizi S.p.A.
SIASGROUP FINANCIAL DATA
The main rtems of the consolidated frnancial position as at 30 June 2015,compared wrth the corresponding figures as at 31December
2014, maybe summarised asfollows
(amountsin thousands of EURi
Net fixed assets
Equityinvestments andother financial assets
Working capitailnvested capitai
Prov1sion farrestoration or replacement of non-compensated revertiiJieassets
Employee severance indemnityand other provisions
lnvested capitalless provisions far medium- and long-term risks and charges
Shareholders'equity and profit (loss) (including minorityinterests) 'AciJusted' net fmanc1al inclebteclness
Otherlong-term payables- Deterred income of thepayable dueto ANAS-Centrallnsurance Fund
Equity andminority interests
30/06/2015 31/12/2014 Changes
3,367,868 3,390 256 (22.388)
647 124603.22243,902(32,852) (76,441) 43,589
3,982,140 3,917,037 65,103 (179,201) (173,994)(5,207) (56,045) (57,022) 977
3,746,894 3,686,021 60,873
1,991,870 1,940 581 51,289
1,660 2081,644407 15.801
94,816101,033 (6,217)
3,746,894 3,686,021 60,873
The item net financial indebtednessbreaks down as follows:
lamounts inthousands otEURi30/06/2015 31/12/2014 Changes
A) Cash andcash equivalents B) Securities heldfar tradingC) Liquidity(A) +(B)
D) Financial nlceivables
E) Bank short-term borrowings
F) Current portion af medium/long-termborrawings
G)Other financlalliaiJilitles
H) Short-term borrowings(E) +(F) +(G)
l) Current net cash (C)+(D) +(H) J)Bank long-term IJorrowmgs
K) Hedging derivatives
L) Bondsissued
M) Other long-ter mpayables
N) Long-term borrowings(J)+(K) +(L)+(M) O)Net financialindebtednessrr (l) +(N)
P) Non-current financial receivables
Q) Discounted valueof the payaiJie due to ANAS-Centrallnsurance Funel
R) 'Adjusted' netfinancial indebtedness(O) +(P) +(Q)
988,723 1,080,227 (91,504)
18,22818,443 (215)
1,006,951 1,098,670 (91,719)
503,861 491,602 12,259(14,633) (8,014) (6,619) (227,940) (327.352) 99.412 (45,500)(40,188)(5,312) (288,073) (375,554)87,481
1,222,739 1,214,71B 8,021
(1,260,300) (1,228,168) (32,132) (112,873) (131,066) 18,193 (1,314.505) (1,311.279) (3,226) (1, 771) (1.907) 136 (2,689,449) (2,672,420) (17,029) (1,466,71O)(1,457,702)(9,008)
48.782 49,160(378) (242,280) (235,865) (6.415)
(1,660,208)(1,644,407) (15,801)
As at 30 June2015, the 'net ffnancfa/ fndebtedness'totalied EUR 1,466.7 million(EUR 1,457.7 millionas at 31 Oecember 2014).
The changein the half-year period was mainly dueto: (i)the payment of dividends by boththe Parent Companyfar EUR 41million and subsidiaries toMinority Shareholders forEUR 12.1 million, (ii) the enhancement works on the Groupmotorway infrastructure for EUR
103.1 million,(iii) thepayments madeby SIASS.pA and the subsidiary SATAP S.pA with regard to theshare capitai increaseof
Tangenziale EsternaS.p.A. and Tangenziali Esternedi MilanoS.pA (EUR 51.1 million),(iv) theacquisition of equity investments and minorities(EUR 8.6 million),(v) thegranting of loans to theinvesteecompanies TangenzialeEsterna S.pA and Autostrade LombardeS.p A (EUR 27.4 million),(vi) the subscription of investmentfunds by SIAS S.p.A. (EUR 1O million),whrch isoffset by the 'operatingcash flow'(EUR 223.5 million).
The 'netfinancial position'includes alsothe positive difference accrued duringthe first half ofthe year (EUR18.2 million) withregard to
the fair value of the IRScontracts(no cash item).
With referenceto thestructureof theitem 'netfinancial indebtedness', thefollowing is noted:
•thechangein theitem 'cash and cash equfva/ents'implements, in addition to theabove-mentioned changes:(i)thepayment of interests on bond loansfor approximatelyEUR 25.7 million (with acorrespondingdecreasein 'otherfinancialliabilities'),(ii)
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Società IniziativeAutostradali e Servizi S.p.A.
SIAS
the payment of the instalments falling due ofthe 'current portion ofmedium/long-term borrowings' (equa!to EUR 67.9 million) and (iii) the collection of grants (EUR 33.9 million);
• the change in the item 'financial receivables'(amounting to EUR 12.3 million) is due to: (i) the increase in interconnection credits (EUR 43.3 million), (ii) the assessment of income from capitalisation polic1es (EUR 3 million),(iii) the assessment of contributions (EUR 3.5 million), (iv) the collection of the above-mentioned ANAS contributions (EUR 33.9 million) and (v) the release of 'pledged' current accounts (EUR 3.6 million);
• the change in the item 'bankshort-term borrowings' was mainly due to the use of available cred1t lines by Autostrada Asti Cuneo S.p.A.:
• the change in the item 'current portion of med!Umlfong-term borrowings' was due to the reclass1fication to the item 'bank long-term borrowings' of the loans subscribed by the Parent Company with Barclays Bank Pie and Société Générale S.A. (EUR
100 million), following the extension of the related exp1ry dates, the payment of the mstalmentsdue in theperiod (EUR 67.9 million) and the reclassification from the item 'bank long-term borrowings' of the interest instalments due in the following 12 months (EUR68.5 million);
• the change in the item 'other financiaf fiabifities' was mamly due to: (i) the said payment of interests on band loans (EUR 25.7 million), (ii) the assessment of the interests accrued in the period (EUR 23.9 million) and (iii) higher interconnection payables and other payables (EUR 7.1 million);
• the change in the item 'bankJong-term borrowings' is due to (i) the said reclassification to the item 'current portion of medium/long-term borrowings' of the instalments due in the following 12 months (EUR 68.5 million), (ii) the reclassification following extension of the loans subscribed by the Parent Company with Barclays Bank Pie and Société Générale SA (EUR
100 million),and (iii) the amortisedcast (EUR 0.6 million);
• 'hedging derivatives' amount to EUR 112.9 million, due to the implemenlation of the negative difference concerning lhe fair value of IRS contracts. As at 30 June 2015,approximately 82% of the consolidated medium/long-term indebtedness is at 'fixed rate'/'hedged'.The ali-in weighted average rate related to the total Group indebtedness is equal to 3.51%.
With regard lo lhe 'adjusted net financial position', andin additionto the above-mentioned aspects,the following is noted:
• theitem 'non-currentfinancial receivables' represents, as provided forin IFRIC 12 lnterpretation, thediscounted value of themedium/long-term portion of cashflows related to the so-called'mmimum amount guaranteedby the Grant1ng Body' withregard to the concession agreemenlsignedby Fiera Parking S.p.A.;
• the changein the 'discounted value ofthe payable dueto ANAS-Central lnsurance Fund' is due lo the assessmenlofthe charges for discounting the payable.
!t 1s noted that the 'net financia!position' does not include stakes of'investment funds' far approximatefyEUR 1O miffion, signedin the ha/t-year period under revfewin arder to invest cash.
* * *
The financial resources available as at 30June 2015are brokendown as follows:
(amountsin millionsof EUR)
• Cash andf1nancial receivables
• CassaDepositi ePrestitiloan (pertainingto SATAP S.pA)
• 'Uncomm1tted' credit lines(pertaining to SIASS pAand consol1dated compan1es)
450
352
1,511
Subtotal 802
Total financial resources as at 30June 20152,313
BUSINESS OUTLOOK
The signs ofimprovement in traffic volumes- along with aloll increase, far 2015,limited to lhe budgeted inflation (+1.5%)- willback afurther strengtheningof SIAS Group financial results.
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Società IniziativeAutostradali e Servizi S.p.A.
SIAS
APPOINTMENT OF THE GENERAL MANAGER
Today, the Boardof Directors of SIASS.p.A appointed Mr Umberto Tosoni as Generai Manager of the Company.
The new GeneraiManager of will be in charge of the process of reorganisation and developmentof the concession business.
Mr Tosoni's curriculum vitae 1s ava1lable on thecompany website www.grupposias. it(sectionGovernance/Corporate Bodies/Board of
Directors/Members).
FILING OF DOCUMENTS
The Half-yearly Financial Report asat 30June 2015,togetherwith thelndependent Auditors'report, will bemade available at the registered office, at Borsa Italiana S.p.A., onthe authorisedstorage mechanismwww.emarketstoraqe.comandon the websitewwwgruppos1as.it.
***
TheManager in charge of drawingup the corporate accounting documents, Mr. Sergto Prati, hereby declares, pursuant to paragraph 2 of Artic/e 154 bis of the Conso/idated Lawan Finance,that the accounting informationcontained inthis press re/ease corresponds to the documented resu/ts, books andaccounting records.
As oftoday,the audit of the abridged consolidated half-year/y report of the S!AS Grouphas not yetbeen completed.
SIAS- Società Iniziative Autostradalie Servizi S.p.A.Via Bonzanigo,22-10144Turin(ltaly)
Telephone +39 (011) 43.92.102- Fax+39 (011) 47.31.691
info@grupposias.itWebsite:www.grupoosias.itCertifiede-mailaddress:sias@legalmail.it
lnvestor Relations
e-mail:investor.relations@gruooos1as.1t
Tel. +39011 4392133
Media relations Gtovanni Ftantegfrante@astm.it
Moccagatta associati
Tel.+39 0286451695/ +39 0286451419seqreteria@moccaqatta.it
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Società IniziativeAutostradali e Servizi S.p.A.
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