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The Italian Highway System: A Public/Private Partnership

The Italian Highway System: A Public/Private Partnership. SIAS’ Highway Network. S. BERNARDO. AOSTA. M. BIANCO. MILANO. IVREA. FREJUS. PIACENZA. TORINO. PARMA. ASTI. ALESSANDRIA. VOLTRI. SESTRI L. CUNEO. SAVONA. LA SPEZIA. VIAREGGIO. VENTIMIGLIA. PISA. LUCCA. LIVORNO.

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The Italian Highway System: A Public/Private Partnership

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  1. The Italian Highway System:A Public/Private Partnership

  2. SIAS’ Highway Network S. BERNARDO AOSTA M. BIANCO MILANO IVREA FREJUS PIACENZA TORINO PARMA ASTI ALESSANDRIA VOLTRI SESTRI L. CUNEO SAVONA LA SPEZIA VIAREGGIO VENTIMIGLIA PISA LUCCA LIVORNO ROSIGNANO M. CIVITAVECCHIA Autostrada dei Fiori S.p.A. (ADF) Autostrada Ligure Toscana S.p.A. (SALT)

  3. The SALT Highway • General characteristics: • Kms. 158 • 24 double tunnels + 5 single tunnel • 214 bridges • 10 service stations • 12 toll stations • 8 restaurants and recreational areas • 2 tourist points • 2 highway police stations • Concession: expires in July 2019

  4. The AdF Highway • General characteristics: • Kms. 113 • 67 double tunnels • 90 bridges • 10 service stations • 3 rest and recreational areas • 1 tourist point • 1 Highways Police station • 14 toll stations • Concession: expires in November 2021

  5. AdF Highway Toll Cost Distance: Kms. 113 • car = 14.30 euros= $18.90 • large truck = 41.30 euros = $54.58 Source: http://www.autofiori.it/Esazione/tariffe.aspx

  6. SALT’s Shareholders’ Structure • SIAS: 84.03% • Provincial Administration of Lucca: 3.00% • City Council of Lucca: 3.00% • SINA S.p.A.: 2.14% • City Council of La Spezia: 1.80% • Patroncini Giorgio Franco 1.27% • Provincial Adminisration of La Spezia 1.00% • Banca Monte dei Paschi di Siena S.p.A.: 0.94% • Cassa di Risparmio di S. Miniato S.p.A.: 0.77% • Chamber of Commerce of Genoa: 0.77% • GE.FI.MO. - A.B.P. SIM S.p.A. 0.42% • Chamber of Commerce of La Spezia: 0.29% • Chamber of Commerce of Lucca 0.23% • Chamber of Commerce of Livorno: 0.20% • Chamber of Commerce of Firenze: 0.07% • Chamber of Commerce of Pisa: 0.03% • Chamber of Commerce of Massa Carrara: 0.01% • Chamber of Commerce of Arezzo: 0.01% • Chamber of Commerce of Pistoia: 0.01% • Chamber of Commerce of Grosseto: 0.01% • Total: 100.00%

  7. AdF Shareholders’ Structure • SIAS: 59.113% • Banca Carige S.p.A.: 16.620% • Cassa di Risparmio di Savona S.p.A. 4.000% • Provincial Administration of Imperia:3.735% • Chamber of Commerce of Imperia: 2.819% • Autostrada Albenga-Garessio-Ceva: 2.563% • Provincial Administration of Savona: 1.945% • Chamber of Commerce of Savona: 1.945% • City Council of Savona: 1.725% • City Council of Imperia: 1.426% • Chamber of Commerce of Genova: 1.426% • City Council of Sanremo: 1.362% • Fondazione Cassa di Risparmio Cuneo: 0.900% • Cassa di Risparmio di Asti S.p.A.: 0.400% • City Council of Ventimiglia: 0.021% • Total: 100.00%

  8. Stake Aurelia Group (Gavio family) Assicurazioni Generali Group Lazard Asset Management Float (on the Italian stock exchange) 73.3 3.6 5.0 18.1 % % % % SIAS Ownership Structure

  9. Concessionaries’ Obligations • Operate the highways under the terms established by ANAS—the governmental roadway authority. These terms include: • Undertake all needed expansions and improvements indicated in the concession agreement • Ensure good maintenance of the highways, meet required safety standards and provide road-side assistance • Adhere to the terms of the financial plan included in the concession agreement • Provide periodical reporting to ANAS • Pay 2.4% of the tolls collected and 5% of royalties from services • (gas stations and restoration services, etc.) to ANAS • At the end of the concession agreement, return the highways to ANAS • in good operating condition and state of repair.

  10. Concessionaries’ Rights • Collect tolls calculated according to a price cap formula regulated by ANAS– the governmental roadway authority • Collect royalties from sub-concessions for the use and operation of certain areas of the highways (such as service areas) • Collect revenues from limited roadside advertising, in accordance with the terms of the law

  11. The “Price Cap” Toll Formula • The Price Cap formula has the following form: • T  P - X +  * Q • Where: • T = tariff • P = measure of price inflation (estimated by Ministry of Finance) • X = measure of cost-saving technological improvement (e.g. automation) • Β = quality adjustment factor (between 0 and 0.5) • Q = index which measures the quality of the highway services in terms the number of accidents, congestion, response time, services to users, visual appeal.

  12. Trend of Traffic on Italian Highways 1975-2000 Vehicles Km (billion) Calculated on Km 5,371 of highways in operation Source: www.aiscat.it

  13. Traffic and GDP Growth, 1992-2002 5.5% 4.5% 3.5% 2.5% 1.5% 0.5% -0.5% 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 -1.5% TOTAL TRAFFIC IN ITALY GDP TOTAL TRAFFIC ON SIAS NETWORK

  14. SIAS Stock Market Performance 2001-2002 SIAS S.p.A. MIB 30 (Italian Stock Index)

  15. Highway Traffic in Italy, 2001-2010 Total vehicles Light vehicles Heavy vehicles Source: Aiscat in figures, 2010, AISCAT

  16. Passenger Highway + Railway Traffic in Italy 2001-2010 Total Highway Railway Source: Aiscat in figures, 2010, AISCAT

  17. Freight Highway + Railway Traffic in Italy 2001-2010 Total Highway Railway Source: Aiscat in figures, 2010, AISCAT

  18. 5-Year Stock Price Performance SIAS versus MIB SIAS FTSE MIB Source: http://www.borsaitaliana.it/borsa/azioni/grafico.html?isin=IT0003201198&lang=it

  19. 5-Year Stock Price Performance Auotstrada MI-To versus MIB A To-Mi FTSE MIB Source: http://www.borsaitaliana.it/borsa/azioni/grafico.html?isin=IT0000084027&lang=it

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