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AEROPORTO MARCO POLO - Save Group - 2010 12M Results
 

AEROPORTO MARCO POLO - Save Group - 2010 12M Results

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Save S.p.a. è stata costituita nel 1987 e dallo stesso anno gestisce l'Aeroporto Marco Polo di Venezia. ...

Save S.p.a. è stata costituita nel 1987 e dallo stesso anno gestisce l'Aeroporto Marco Polo di Venezia.
Negli ultimi anni la Società ha assunto la dimensione di un moderno Gruppo a gestione manageriale che opera trasversalmente nel settore dei servizi ai viaggiatori articolando la Sua attività nelle seguenti tre aree di business:

Attività di gestione aeroportuale;
Attività di gestione di infrastrutture di mobilità e servizi correlati;
Servizi di ristorazione al pubblico e gestione di negozi per i viaggiatori (Food and Beverage & Retail) presso le infrastrutture di mobilità;
Lo sviluppo delle diverse attività di business contribuisce a rendere Save S.p.a. uno dei soggetti più importanti del mercato internazionale dei servizi al viaggiatore.

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    AEROPORTO MARCO POLO - Save Group - 2010 12M Results AEROPORTO MARCO POLO - Save Group - 2010 12M Results Presentation Transcript

    • SAVE SpaSave Group - December 2010 15 March 2011 1
    • Table of contentsSection 1 Group overviewSection 2 Airport Management (SBU1)Section 3 Infrastructure Management (SBU2)Section 4 Food & Beverage and Retail (SBU3)Section 5 Appendix 2
    • Section 1Group overview 3
    • Group Overview A Company listed on the Italian Stock Exchange market Mission To be a leading service provider for travelers managing three different areas of business: airport management transport infrastructure management food & beverage and retail To manage the different Business Units in an innovative way, with high responsibility and integrity, aiming at developing the territory which it serves; To manage all the three business units in an integrated way in order to anticipate the travelers’ needs as they pass through the infrastructures we manage. Vision To become a “mobility player” offering high quality services. SAVE value chain focuses its attention on the passenger: “Traveler Mobility Value” To increase the time value of travelers during their stay in airports and in the other mobility infrastructures: “Pleasant travel experience” 4
    • Group Overview Save’s Main Strategic Guidelines To grow its position in the airport management business; To develop and extend its management activities in the transport infrastructure sector, utilising the know-how and skills learned in the airport business; To increase Food & Beverage and retail turnover, carrying abroad Italian tastefulness Growth through Maximizing the potential of existing ventures; Selective acquisition of other airport concessions; Progressive acquisition of additional F&B and retail concessions through tenders, direct negotiations or acquisition of competitors, in Italy and abroad markets; Acquisition of companies active in the transport infrastructure management. 5
    • Group Overview - Save recent history SAVE GROUP IMPLEMENTS NEW STRATEGIES SAVE Group exits ground handling activities in Venice Airport; New air terminal as well as cargo warehouse are opened in Venice Airport;2001 - 2002 SAVE Group enters the food & beverage and retail business through its new subsidiary Airport Elite. SAVE Group acquires 40% stake in Centostazioni (a company managing 103 medium size Italian railway stations) SAVE GROUP IS LISTED IN THE ITALIAN STOCK EXCHANGE MARKET (MTA) 2005 IPO in the Milan Stock Exchange (SAVE.MI), trough an increase of capital of € 160 mln; SAVE Group acquires more than 10% of Gemina Spa share capital, an Italian Company that owns 51% of ADR (Aeroporti di Roma) share capital. SAVE GROUP CONSOLIDATES ITS GROWTH STRATEGY SAVE Group acquires 100% of AIREST share capital from Austrian Airlines (2006) and then sells its Catering divisions focusing only on the F&B and Retail activities (2007) SAVE Group acquires 100% of RISTOP share capital from Autostrada Brescia – Padova (2006);2006-2008 SAVE Group sell its 10% stake of Gemina Spa share capital to Morgan Stanley giving a pre-tax capital gain of € 31,5 mln New air terminal is opened in Treviso Airport (2007) and Save Group acquires additional 35% of Aertre (i.e. Treviso Airport) capital share funded through Save shares SAVE Group acquires 100% of FFS and ITPS share capital, two companies based in Czech Rep. both operating F&B outlets in Prague Airport. A TOP FINANCIAL INSTITUTION JOINS THE MAJOR SHAREHOLDER OF SAVE GROUP Morgan Stanley joins Finanziaria Internazionale and Generali Insurance in the shareholders’ agreement of Marco Polo 2008 Holding (the major shareholder of Save Group), with the aim to participate jointly in the acquisition of airport assets with less than 10 mln pax located in Italy, Europe, Turkey and Middle East; AIRPORT MANAGEMENT EXPANDS ABROAD Save Group acquires 27,65% of Charleroi Airport (BSCA) capital share in partnership with Holding Communal 2009 Save Group obtains the approval of the Treviso Airport 40 year concession extension by ENAC 6
    • Group Overview: Group Consolidated P/L The 2010 solid key indicators are obtained from the Group disciplined guidance on disciplined efficiencies SAVE SpA Airport Infrastructure Food & Beverage Management Management and Retail Financial Oveview 2010 vs 2009 : Key Rationales change% • Revenues: -0,8% in line, (Airport management+3%, € million 2008 2009 2009* 2010 2010/2009 Infrastructure management +6,5% and F&B and Retail - Revenues 327,6 340,5 340,1 337,3 -0,8% 3,6%) EBITDA 55,3 60,1 60,1 66,9 11,2% • EBITDA: +11,2% continuous strong margin improvement, driven by positive performances of the three EBIT* 26,7 34,2 34,7 40,8 17,6% areas of business (+€ 1,1m Aviation Management, +€1,8m Net Profit before taxes 22,9 30,7 31,3 42,0 34,1% Infrastructure management, +€3,7m F&B and Retail) Net Profit 14,2 18,2 17,8 29,3 64,6% • EBIT: +17,6% due to the increase in operating profitability and the reduction of depreciation change% € million 31 Dec 2008 31 Dec 09 31 Dec 09* 31 Dec 2010 2010/2009 • Net Profit before taxes: +c. €10,7m for positive balance of equity interests measured using equity method Capital Employed 362,0 367,3 379,6 381,1 0,4% (in particular, BSCA +€2,3m) and the decrease in financial Net Financial Position 65,8 68,4 68,4 61,4 -10,2% expenses (lower interest rates, mainly) Equity ** 296,2 298,9 311,2 319,7 2,7% • Net profit: +€11,5m with an increase of profitability about 3,5% YoY * 2009 Restated based on IFRIC 12 and IFRS3 revised 7
    • Group Overview: financial results by business unit Positive operating performances from all businesses Save Group Revenues by SBU Save Group EBITDA by SBU change% change% € million 2009** 2010 2010/2009 € million 2009** 2010 2010/2009 Consolidated Revenues 340,1 337,3 (0,8%) Consolidated EBITDA 60,1 66,9 11,2% Airport Management* 114,4 117,9 3,0% Airport Management* 44,1 45,2 2,6% Infrastructure Management* 29,0 30,9 6,5% Infrastructure Management* 6,0 7,8 30,0% F&B and Retail* 206,4 199,1 (3,6%) F&B and Retail* 10,1 13,8 37,1% * Gross of Intercompany Results and non allocated costs ** Restated based on IFRIC 12 and IFRS 3 revised Revenues Breakdown per SBU 2010 Ebitda breakdown per SBU 2010 F&B and Retail Airport 20,7% Management 33% Infrastructure F&B and Retail management 58% 11,6% Airport Infrastrucutre management Management 67,7% 9% 8
    • Group Overview: business units A diversified businesses portfolio for successful growthAirport Management (SBU1) 9,0 million passengers in 12M10 (+6,2% YoY) 31 years of remaining concession period for the Venice Marco Polo Airport (until 2041); 40 years of remaining concession for the Treviso Airport; Present in airport car parking, airport security, engineering etc. Expanding abroad (Charleroi Airport stake acquisition closed in December 2009). Infrastructure Management (SBU2) 103 railway station properties in exclusive management of commercial and real estate areas; 32 years of remaining concession period (until 2042); Business model characterized by high return after a short ramp up of commercial operations.Food & Beverage and Retail (SBU3) 167 shops directly managed as of 31st Dec 2010; Airports, Railway Stations, Motorways are the main targets for Food and Beverage and Retail services; The recent acquisitions in Italy and abroad upgrade Airest Group among one of the most important Italian companies in F&B and Retail business under concession. 9
    • Group Overview: Group Consolidated B/S and CF * Balance Sheet (consolidated) € million 31 Dec 2008 31 Dec 2009 31 Dec 2009 * 31 Dec 2010 NWC 1,8 (16,5) (12,9) (15,3) Fixed Assets 387,7 412,2 444,2 442,8 Long Term Provisions (27,6) (28,1) (51,4) (46,5) Assets and Liabilities held for sale 0,0 (0,3) (0,3) 0,1 Capital employed 362,0 367,3 379,6 381,1 Total Shareholders Equity 296,2 298,9 311,2 319,7 Net indebtedness 65,8 68,4 68,4 61,4 D/E 0,22 0,23 0,22 0,19 * 2009 B/S restated based on IFRIC 12 Cash Flow and Net Financial Position: 31 December 2010 Consolidated Cash Flow 31 December 2010 (€/mln) 2010 Capex details by SBU 18,0 15,9 60 16,0 14,2 52,3 14,0 50 € in milioni 12,0€ in millions 40 9,3 10,0 7,5 30 8,0 (24,0) 20 (4,7) 6,0 7,0 4,0 10 1,5 (16,4) (0,2) 2,0 0,8 0 0,0 Gross Cash flow Investments (-) Companys ow n Dividens Others ∆ (increase) + ∆ NWC Disivenstments shares reduction Net 2009 2010 (+) Indebtedness SBU1 SBU2 SBU3 10
    • Group overview: Group debt structure Strengthened net indebtedness/ EBITDA ratio, driven primarily by a strong cash flow from operations Debt repayment – Principal (€ Mln) * Net indebtedness / Ebitda (€ Mln)20,018,0 140 3,016,0 125,3 12014,0 2,5 NET INDEBTEDNESS / EBITDA12,0 100 2,4 2,0 € in millions10,0 80 17,9 18,0 65,8 68,4 8,0 61,4 1,5 60 6,0 1,0 9,9 1,2 1,1 0,9 40 31,1 4,0 8,8 7,8 5,8 0,5 2,0 20 0,6 0,0 0,7 0,7 0 0,0 2011 2012 2013 2014 2015 2016 2017 2018 2006 2007 2008 2009 2010 NET INDEBTEDNESS NET INDEBTEDNESS /EBITDA * As of 31 December 2010 11
    • Section 2Airport Management (SBU1) 12
    • Airport Management: financials 2010 Revenue and EBITDA increase (+3,0% and +2,6% YoY, respectively) are driven by YoY, the good performances both of Venice and Treviso airports 150,0 Financial Oveview SBU1* change% 100,0 € million 2009 2010 2010/2009€ mln +4,1% Revenues 114,4 117,9 3,0% 50,0 +3,5% EBITDA 44,1 45,2 2,6% 0,0 EBIT 32,4 32,7 0,8% Revenues EBITDA * Gross of Intercompany Results 2006 2007 2008 2009 2010 2009 P/L restated based on IFRIC 12 and IFRS 3 revised x% = CAGR 2006-2010 2010 vs 2009 Key Rationales 2010 Revenues post an increase (+3,0%) due to the increase of both aeronautical revenue (+4.5%), primarily driven by increase in passengers (+ 6,2% YoY Venice airport system) and of non aviation revenues ( +3,7% YoY), led by new parking and commercial activities, partially offset by other revenues decrease (-7,5% YoY). 2010 EBITDA (slight increase YoY +2,6%) had been primarily impacted by the higher labor cost (renewal of labor national contract and increase of organic, led by Treviso Airport increase of passengers) and rise in marketing promos to carriers. Aviation management Revenues breakdown 100% CAGR: +3,8% 28,4% 29,3% 29,1% 28,9% 29,1% 75% Other revenues mainly include Airport management 50% intercompany recharges to third 62,3% 62,3% 61,1% 60,8% 61,7% parties and other business units 25% CAGR: +4,7% 9,3% 8,4% 9,8% 10,3% 9,2% 0% 2006 2007 2008 2009 2010 Other revenues Aviation Revenues Non aviation revenues 13
    • Airport Management: Venice Airport SystemKey figures Aviation (2010 data) Key figures Aviation (2010 data)Italian airport Passengers Passengers % chg. 12M09 12M10 6,9 million passengers in year 2010, with 74,700 movementsRoma FCO 33.808.456 36.337.523 7,5%Milano MXP 17.551.635 18.947.808 8,0% Third Italian airport system with TSFMilano LIN 8.295.099 8.296.450 0,0% 63 scheduled destinations: 8 intercontinental, 10 domestic,Bergamo 7.160.008 7.677.224 7,2% 45 EuropeanVenezia 6.717.600 6.868.968 2,3%Catania 5.935.027 6.321.753 6,5% 5 non-stop scheduled flights to the US 3 flights to USNapoli 5.322.161 5.584.114 4,9% operated by Delta Air Lines & US Airways and 2 flights to CanadaBologna 4.782.284 5.511.669 15,3% operated by Air Transat. 1 daily non-stop service to DubaiRoma CIA 4.800.259 4.564.464 -4,9% operated by Emirates.Palermo 4.376.143 4.367.342 -0,2%Pisa 4.018.662 4.067.012 1,2% 41 scheduled carriers and 32 countries linkedTorino 3.227.258 3.560.169 10,3% Connecting traffic represents 27% of airport yearly trafficCagliari 3.333.421 3.443.227 3,3%Bari 2.825.456 3.398.110 20,3% Venice is the third Italian airport for worldwideVerona 3.065.968 3.023.897 -1,4% connectivity after Rome and Milan (source: ICCSAI Fact BookTreviso 1.778.364 2.152.163 21,0% 2010)Lamezia T. 1.645.730 1.916.187 16,4% Low-cost traffic: ~ 30% of scheduled trafficOlbia 1.687.687 1.737.904 3,0%Others* 10.356.132 12.015.212 16,0% Passengers on international destination: 72% (Italy: 57%) Italian Airports: breakdown by categoryTOTAL ITALY 130.687.350 139.791.196 7,0% Passengers Passengers % chg.Source Assaeroporti 12M09 12M10 In 2010 Italian air traffic recorded an increase of +7% Hubs * 51.360.091 55.285.331 7,6% compared with 2009, as a result of gradual and continuing economic Medium size airports ** 47.880.417 50.375.699 5,2% Airport with prevailing traffic of Ryanair *** 20.946.464 22.157.797 5,8% recovery, despite of the volcanic ash in April, with volumes above Others 10.500.378 11.972.369 14,0% 2007 figures. European accumulated traffic January to December 2010: +4,2% TOTALE 130.687.350 139.791.196 7,0% (according to ACI Europe data). Source: Assaeroporti, ADI-Sabre Venice airport system confirms itself as third Italian system, * Hubs: FCO, MXP with over 9 million passengers (+6.2% vs 2009) ** Airports with over 3 MM pax and % Ryanair <50%: Bologna,Bari,Cagliari,Catania,Milan LInate,Naples,Palermo, Turin, Venice, Verona *** Airports with % Ryanair >50%: Alghero,Bergamo,Brescia,Rome Ciampino,Pisa,Pescara,Treviso,Trapani 14
    • Airport Management: key figures aviation 2010 Traffic in Venice airport system continues its positive trend (+ 6,2% in 2010 vs 2009), trend thanks to the high offer of the airport system Venice Airport system (1) passenger trend 4Q10 vs 4Q09 YoY change 12M10 vs 12M09 YoY change 2,5 10,0 8,50 9,02 2,10 1,97 2,0 8,0 6,72 6,87 1,54 1,56 1,5 6,0millions 1,0 +6,8% 4,0 +0,9% 0,43 0,54 1,78 2,15 +6,2% +2,3% 0,5 2,0 +27,9% +21,0% 0,0 0,0 Venice Treviso Airport system Venice Treviso Airport system 4Q09 4Q10 12M09 12M10 Passengers (1) (mln) Aircraft Movements (1) (thousands) CAGR: -0,2% CAGR: +4,9% 120,0 10,0 9,1 108,1 8,6 8,6 8,5 100,0 96,4 99,4 99,0 96,3 19,3 94,2 95,3 7,7 8,0 7,1 1,5 1,7 2,2 16,3 17,6 17,2 19,1 6,8 1,8 18,4 20,6 1,3 80,0 0,9 1,3 6,0 60,0 4,0 7,1 6,9 6,7 6,9 88,8 5,9 5,8 6,3 40,0 80,0 78,8 82,2 79,9 75,8 74,7 2,0 20,0 0,0 2004 2005 2006 2007 2008 2009 2010 0,0 2004 2005 2006 2007 2008 2009 2010 Venice Treviso (1) Venice Airport System: Venice Airport + Treviso Airport 15
    • Airport Management: key figures aviation - Venice Airport Venice Airport: passenger traffic breakdown (2010) Scheduled traffic by carrier – Top 10 carriers Scheduled international passengers by country (by nbr. of onboard passengers) (nbr. of passengers onboard in thousands) 12M10 vs 12M09 Alitalia/ Airone Italy Others 16% France 29% Germany Easyjet Spain 14% United Kingdom Klm Holland 3% Lufthansa United States Air Berlin 9% United Arab Emirates 4% Windjet Sw itzerland 4% Vueling Iberia Air France Austria British A. 4% 5% 8% Others 4% 0 500 1.000 1.500 2.000 2009 2010 Connecting passengers Over 1,8 million passengers in 2009 - over 1,700,000 transited via: 2010 - over 1,800,000 transited via: year 2010 continue their trip Others FCO VIE 16% VIE Others FCO after the first flight to reach 18% 3% 3% 19% 17% their final destination PHL MAD MAD JFK Connecting traffic represents 3% 11% 3% 11% 27% of airport yearly traffic ZRH ZRH The 15% of connecting 6% 5% AMS CDG passengers travels via an CDG 9% AMS MUC 10% MUC 11% DXB FRA intercontinental hub (DXB, FRA 7% 8% 7% DXB 8% 9% 10% 6% PHL, JFK, ATL)Source: SAVE 16
    • Airport Management: key figures aviation - Venice Airport The 2010 scheduled traffic Helsinki Oslo Moscow Edinburgh Riga Copenhagen Manchester Leeds Hamburg Dublin East Midlands Berlin Amsterdam Hanover Düsseldorf Warsaw North America Bristol London Colognenon-stop destinationsnon- Bruxelles Frankfurt Prague Stuttgart Atlanta Paris Basel Munich Vienna Budapest New York JFK Zurich Geneva Timisoara Lyon Philadelphia Bucharest Toronto VENICE Pristina Montreal Nice Istanbul Lisbon Madrid Barcelona Tirana Athens Sevilla Ibiza Malaga Tunis Casablanca Domestic non-stop destinations non- Middle East Rome FCO – Naples – Bari - Brindisi – Lamezia Terme non-stop destinations non- Reggio Calabria – Palermo - Catania – Olbia - Cagliari Dubai 17
    • Airport Management: key figures aviation - Venice Airport Venice Airport traffic: 4 points strategy Home base carrier ---------------------------------------------------------------- --------------------- A carrier that guarantees capillarity in the territory as well as connecting passenger flows North - South BARI LAMEZIA T. REGGIO C. BRINDISI NAPLES ROME FCO CAGLIARI OLBIA CATANIA PALERMO Link with hubs ------------------------------------------------------------------------------------- Guarantee to our catchment area accessibility to the world 10 flts/day 7 flts/day 4 flts/day 3 flts/day 3 flts/day 3 flts/day 3 flts/day 2 flts/day 2 flts/day 1 flt/day 1 flt/day 1 flt/day 1 flt/day 3 flt/day 1 flts/wk Point to point ------------------------------------------------------------------------------------- Link Venice to niche high volume markets Intercontientals ------------------------------------------------------------------------------------- Guarantee capillary penetration of far afield territories through regional hubs JFK & ATL PHL DXB YYZ & YUL DOH 18
    • Airport Management: key figures aviation - Venice Airport New scheduled flights and frequency increases New scheduled destination - Venice Airport Carrier Destination Frequency From QATAR AIRWAYS Doha 7 15/06/2011 AIR CORSICA Marseille 3 14/02/2011 ARMAVIA Yerevan 2 02/04/2011 CROATIAN AIRLINES Dubrovnik 2 19/05/2011 EASYJET Madrid 4 27/03/2011 NORWEGIAN Copenhagen 1 02/07/2011 NORWEGIAN Stoccolma 1 02/07/2011 SUN DOR Tel Aviv 1 27/03/2011 VUELING Palma di Maiorca 3 25/05/2011 VUELING Toulouse 4 26/04/2011 Frequency increases - Venice Airport Carrier Destination Frequency From TURKISH AIRLINES Istanbul 14 01/04/2011 NORWEGIAN Oslo 3 27/03/2011 SAS Stoccolma 2 27/03/2011 19
    • Airport Management: key figures aviation - Treviso AirportTreviso Airport continues the strong growth in passengers, with over 2 millions of pax during 2010 (+21% YoY), driven by a diversified traffic base and new scheduled destinations YoY), destinations Oslo Stockholm Low-cost carriers connected Treviso with 44 Leeds Liverpool domestic and European East Midlands Dublin Bremen Warsaw destinations in year 2010 Amsterdam London Düsseldorf Bristol Katowice Cologne Lviv Kiev Bruxelles Frankfurt Prague Ryanair opened 15 new Paris Cluj destinations during the Budapest year and Wizzair Timisoara Bucharest inaugurated the new TREVISO Eastern Europe routes Marseille Barcelona Sofia Alghero Bari Warsaw and Lviv Reus Valencia Tirana Sevilla Brindisi Ibiza Alicante Cagliari Palermo Malaga Trapani Malta Casablanca New scheduled destination - Treviso Airport Carrier Destination Frequency From GERMANWINGS Hannover 3 27/03/2011 RYANAIR Lanzarote 2 05/06/2011 20
    • Airport Management: Charleroi airport growth During 2010 Charleroi Airport traffic increases by+32% YoY, YoY, closing with over 5 millions of passengersAirport overview Key numbers Save acquired 27,65% of BSCA capital through a Charleroi Airport is in concession to Brussels South Charleroi consortium agreement between Save at 65% and Holding Airport (BSCA) until 2040. Communal at 35%. 10 New routes for summer: 10 new destinations had been Passengers: announced by the carriers at Charleroi Airport: 2010: 5,2 mln passengers (+ 32% vs 2009). 8 new destination of Ryanair: Almeria (Spain), Rhodes, Carriers: Kos, Volos and Thessalonik (Greece), Lamezia, Pescara, Perugia (Italy) - Ryanair represents ~ 80% of today scheduled traffic with 69 scheduled routes and 13 based aircraft (14th 1 new destination of Jetairfly: Athens (Greece) based aircraft during May – August 2011) 1 new destination of Wizzair: Belgrado (Croazia) - TUI group is active with 18 routes and 3 based aircraft as of April, Wizzair is active with 6 routes and Air Arabia with 1 route. Charleroi Traffic growth 2000-2010 6.000 CAGR +35,2% 5.000 4.000 CAGR Pax in thousands +35,9% 3.000 2.000 CAGR +32,0% 1.000 - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Passagers Ryanair Other carrier 21
    • Airport Management: key figures non aviation Venice Airport system aviation and non aviation figures per pax in line YoY Venice Airport (€)* (Venice Airport only – 2010 data)10,0 8,8 8,8 €4,5 non aviation revenues per Pax 2010 (€ 4,5 in 2009) whereof 8,0 €1,4 parking revenues per Pax 2010 (€1,4 in 2009); 6,0 4,5 4,5 - 0,5% €7,3 average spending per pax on commercial activity 2010 (€ 7 in 4,0 -0,6% 2009); 2,0 0,0 5.673 total parking spaces (as of 31th December 2010, plus 375 Aviation Revenues per pax Non Aviation Revenues per pax spaces at Treviso Airport since June 2009) 12M09 12M10 Treviso Airport (€)** 8,0 5,8 5,8 6,0 4,0 -0,5% 1,6 1,7 2,0 0,0 +4,0 % Aviation Revenues per pax Non Aviation Revenues per pax 12M09 12M10 Venice Airport system (€) ***10,0 8,2 8,1 * VCE: aviation revenues increased by 1,7% driven by increase in passengers and 8,0 cargo activities; non aviation increased by 1.6% thanks to new parks and to 6,0 3,9 3,8 successful marketing actions ; 4,0 -1,6% ** TSF: aviation revenues +20,5% driven by passengers growth; non-aviation 2,0 -2,3% revenues increased by 25,8% thanks to the full year contribution of 2009 new 0,0 parks and to successful marketing actions; Aviation Revenues per pax Non Aviation Revenues per pax *** Venice Airport System: Venice Airport + Treviso Airport 12M09 12M10 22
    • Airport Management: key figures non aviation - Venice Airport Commercial spending increase of Venice Airport highlights the strategic partnerships (i.e. strategic Mc Arthur Glen “Collezioni”) and the extended offer of Airest point of sales Collezioni” Growth of Commercial Spending (€/Pax*) CAGR: +5,2 % 7,3 7,0 6,6 6,0 6,2 2006 2007 2008 2009 2010 Average spending per pax increased by 5,0% (2010 YoY growth), confirming the excellent performance of the new commercial area dedicated to Mc Arthur Glen “Collezioni” outlets and the Airest point of sales.* Total departing and arriving passengers 23
    • Airport Management: tariffs Italian Airports tariff System: state of the art State of the Art• The Italian Government has approved the Decree whereby Italian airports will receive a contribution/grant in order to finance their investment plan to be approved by ENAC (Italian Civil Aviation Authority).• In March 2010, ENAC has approved the Venice Airport investment plan, about urgent aeronautical investment to be contributed with an increase of €3 per departing passenger. The request is now under CIPE (Interdepartmental Committee for Economic Planning) examination and it’s very difficult to foresee when tariffs increase will be approved.• Meanwhile the Government has approved the adjustment of aviation tariffs by inflation (+1,5%) for 2010, which is effective starting from 10th January 2011.• Recently, Venice airport has been admitted by law to a faster and simpler negotiation process of the “Contratto di Programma”, together with Rome and Milan airport systems. The process with Enac has started in order to define details and rules. 24
    • Airport Management: strategic guidelines Venice’s strength has been to maintain strong drivers for resilient growth Venice’ growth SAVE main competitive advantages Good growth track-record and significant organic growth prospects (with no environmental constraints); Strong catchment area and well diversified traffic (by airline, destination, reason for travel, etc); Demonstrated resilience to adverse events; Low investment requirement in the short term.Market trends and challenges Actions Strengthening of mainline carriers Support for existing traditional carriers operating in Venice to increase connecting transfers with Venice Airline consolidation Diversification by looking at best fit carrier/destination Capitalize on the recovery to be ready to implement new intercontinental Slight world economic recovery routes as soon as the market will bear them Taylor the offer by introducing discount scheme that drives the Pressure on Non-Aviation Revenues pax to consume 25
    • Section 3Infrastructure Management (SBU2) 26
    • Infrastructure Management: financials All indicators up thanks to the increase of commercial activities and robust cost activities efficiencies policy 30,0 Financial Oveview SBU2* Change% 20,0 € million 2009 2010 2010/2009 +5,0%€ mln Revenues 29,0 30,9 6,5% 10,0 +25,5% EBITDA 6,0 7,8 30,0% 0,0 Revenues EBITDA EBIT ** 2,7 4,1 53,9% 2008 2009 2010 * Gross of Intercompany Results x% = CAGR 2008-2010 ** Includes the concession amortization related to the acquisition of the company 2010 vs 2009 Key Rationales: 2010 revenues up (YoY increase 6,5%) as a result of the increase in commercial activities and the contractual compensation, offset by a decrease in revenues from facility management. 2010 EBITDA strongly grows by 30% vs 2009 with an increase of marginality (up 4,5% YoY) thanks also to the continuous cost efficiencies . Revenues Breakdown SBU2 - 2009 Revenues Breakdown SBU2 - 2010 Other revenues Other revenues Engineering 3% Engineering 4% 2% 3% Sales Sales Facility Management 49% 52% 43% Facility Management 44% 27
    • Infrastructure Management: key figures and investments Centostazioni: Ownership Structure Key figures (as of December 31,st 2010) 73 stations refurbished; 13 stations under refurbishment and expected to be completed within 2011; 60% 116.929 total sqm rented of which 70.399 sqm to commercial Archimede 1 40% activities and 46.530 sqm to railways companies; Others 60% Public 40% 160.000 total sqm expected at the end of the refurbishment process; partner Private partner 152,9 M€ capital expenditure out of a total plan of 188,5 M€ as of today; of which 56,8 M€ spent by Centostazioni out of a total plan of 59,2 M€. Operator Profit and Loss Structure Sales Facility management Engineering Cost reimbursment plus a 6% Revenues Rental; Fees; Royalties mark up + bonus linked to CS 10% fee on investment managed Costs 40% Sales to RFI Facility Costs Personnel Costs etc.. Cost of Structure Cost reimbursements, Rentals contracts fees, professional tariffs Commercial Business Partners Model and Other Partners 40% of rentals Royalties and Rentals 28
    • Infrastructure Management: key figures Commercial Square meter Revenues per Square meter80.000 €70.000 35060.000 CAGR: +6,7% 300 CAGR: +3,2%50.000 25040.000 200 66.413 65.736 69.56730.000 62.334 150 55.311 287 50.192 244 262 252 215 23320.000 10010.000 50 0 0 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 The decrease in the Revenues per sqm is mainly due to the renegotiation of existing contracts and the commercialization of spaces with lower value Revenues per sqm grew from € 190 in 2004 to € 252 in 2010 Some examples in the Value Creation ModelExample of 15 refurbished railway stationTotal 15 Station* Before Refurbishment After Refurbishment Delta % The growth of efficiency andCommercial Square metres 7.489 17.103 128% profitability of a railway station after its refurbishment isNo. Of Shops 59 170 188% underlined by the huge increase in:Revenues 1.296 7.220 457% - revenuesRevenues per sqm 173 422 144% - revenues per sqm* Brescia, Milano Lambrate, Roma Ostiense, Roma Trastevere, Treviso, Modena, Parma, Reggio Emilia, Udine, Milano P.G., Trieste, Novara, Vicenza,Napoli Mergellina, Napoli C. Flegrei, Monza 29
    • Infrastructure Management: strategic guidelines The infrastructure business is only partially hit by the current economic crisis SAVE main competitive advantages 32-year exclusive concession; Premium price location in many Italian cities; Low risk business with low investment requirement; High returns after a short ramp up for commercial operations; Opportunity to increase the stake in Centostazioni. Market trends and challenges Actions Volume of railway passengers (mainly Reinforce current business model with more focus on commercial commuters) slightly declining performance and cost efficiency Develop alternative sources of revenues (advertising, temporary Slow down of consumer spending promotions, automatic distributors, real estate, etc.) Search for innovative retail formats more targeted to railway Crisis of traditional retail operators passengers 30
    • Section 4Food & Beverage and Retail (SBU3) 31
    • Food & Beverage and Retail: financials Margin improvements, primarily on COGS, leads the 2010 positive performance Financial Oveview SBU3* 230,0 Change% 200,0 170,0 € million 2009 2010 2010/2009 140,0€ mln 110,0 +0.8% Revenues 206,4 199,1 -3,6% 80,0 50,0 +40,6% 20,0 EBITDA 10,1 13,8 37,1% -10,0 Revenues EBITDA ** EBIT (0,3) 4,0 n.a. 2008 2009 2010 * Gross of Intercompany Results x% = CAGR 2008-2010 ** Including concession amortization 2010 vs 2009 Key Rationales: 2010 Revenues post a slightly 3,6% YoY decrease, for the expiring of some motorway channel concessions, positively offset by the sales increase of airport and urban channels, as a result of the European traffic recovery and new openings. 2010 EBITDA is highly positive over the prior year (+37,1%% YoY) thanks to the positive results in foreign markets and higher efficiency in COGS 16.000 2010 vs 2009 Airest Group EBITDA bridge 1.136 13.836 14.000 411 9.972 12.000 (409) 10.089 +490* 10.000 ‘000 € 8.000 6.000 10.089 4.000 2.000 (7.362) - FY 2009 Ebitda Revenues effect COGS effect Royalties Labour cost Other costs FY 2010 Ebitda * 2009 extraordinary cost items to be accrued in 2008 32
    • Food & Beverage and Retail: history Airest Group, born in 2001, is today an international player present in 8 countries with a present high quality food research & design and production facility, counting 2.071* employees counting 2001 2002-2003 2004-2005 2006-2007 2008 2009 2010 May 2001 – Start New openings 2004 enter Italian Acquisition of Acquisition of Opening of Opening up of operations at Catania, railways AIREST (Austrian FFS & ITPS 4 new F&B of a new (5 F&B and 3 Treviso and concessions airport (Prague airport outlets at outlet at Retail outlets at Olbia airports (through concessions) concessions) Rome Shanghai Venice Marco Centostazioni) Openings in Airport EXPO Polo Airport). Acquisition of RISTOP (F&B France and First motorways Abu Dhabi openings in concessions) Commercial Russia partnership (Moscow First opening in with McArthur Sheremety China Glen** evo Airport) Start up of production facility (VIF) AIREST (Airest Italy & Holding) AIREST VIF INTERNATIONAL (Foreign companies) (Research, Design & Production) Austria France Slovenia Russia Czech Rep. China* As of 31 December 2010 UAE** International Outlet / Shopping Mall operator 33
    • Food & Beverage and Retail: outlet development The Airest Group keeps growing, not only through acquisitions, but also thanks to the but new concessions awarded in Italy and abroad Points of sales evolution New openings in 2010 16 new openings in the 2010, whereof 11 in Italy and 5 abroad 159 167* 150 Rest of the world Italy 64 118 61 53 106 29 34 97 98 103 89 72 27 8 2001 2005 2006 2007 2008 2009 2010** As of 31st Dec 2010 34
    • Food & Beverage and Retail: geographic presence Airest is consolidating its presence abroad: ~25% of total revenues come from international operations in 2010 Airest group geographic presence Revenues Breakdown Italy – Abroad (2010) Abroad 25% Moscow Italy (2009) 75% Prague Vienna (2008) (2006) China (2007) Abu Dhabi (2008) Geographic presence of Airest Group 35
    • Food & Beverage and Retail: market presenceAirest Group is positioned both in airports (55% of total revenues) and motorways (30%) , revenues) but is operating in shopping malls and railway station Revenues Breakdown per channel (2010) Number of outlets by channel & country* SBU 3: Outlets by Channel* Motorways Italian Other European United Arab TotalAirports 29,5% Channel Market Markets ** Emirates China SBU355,1% Airports 48 54 0 0 102 Railway Stations 15 1 0 1 17 Motorways 23 0 0 0 23 Shopping Malls and 17 3 2 3 25 Business Centers Total 103 58 2 4 167 Railways Shopping Stations * As of 31st Dec 2010 Malls 6,4% ** Austria, Slovenia, Czech Republic, France, Russia 9,1% Passenger traffic trend in relevant airports *** ( 2010 vs 2009) Airest presence in Airports 21,0% - In Italy: Venice, Treviso, Rome, Bari, Bergamo, Catania, Verona 8,7% 7,5% 7,0% - Abroad: Wien, Prague, Moscow, 2,3% Lyon, Ljubljana, Graz, Klagenfurt, -0,9% Salzburg Venice Treviso Rome Avg Italian Vienna Prague Airports *** Where Airest is present Source: Assaeroporti and Management data 36
    • Food & Beverage and Retail: strategic guidelines Airest Group is constantly improving margins despite the economic downturn is still economic depressing consumer consumption Airest main competitive advantages Excellent track record in infrastructure concessions; Access to the rich Italian motorways concession business through past acquisitions; New business model (innovative formats for the open market leveraging in-house food research & design, production); Increasing economies of scale. Airest branded VIF, centre of excellence for research and production in the food sector Market trends and challenges Actions Slow recovery of passengers in transport Higher diversification per sales channel infrastructure Renegotiation of royalties New pricing policy and offering Decrease of consumptions & change of life style Development of distinctive and innovative formats Differentiation by food research, design & production in house (VIF) More balanced Italy/foreign market sales weight Global Market crisis Development in foreign markets with a long term view 37
    • Food & Beverage and Retail: future developments Airest future growth will come from an increased focus on foreign markets, partnerships foreign with key international players and the development of the Rustichelli & Mangione format China: development of Bricco format Geographic Abu Dhabi (EAU) growth Moscow / Russian airports Partnerships with primary international Partnerships with outlet mall operators international Partnerships with key local investors in players foreign markets Development of Direct management of new outlets R&M** format Development of franchising * Airest has been awarded a F&B outlet at Expo Shanghai 2010 ** R&M = Rustichelli & Mangione 38
    • Section 5Appendix 39
    • Profit and Loss details 40
    • Save Group : P&L % on % on Change * % € million 2009 Revenues 2010 Revenues 2010/2009 Revenues 340,1 100,0% 337,3 100,0% (2,8) -0,8% Raw materials (88,7) -26,1% (78,2) -23,2% 10,5 11,8% Changes in products and work in progress (0,3) -0,1% 0,3 0,1% 0,5 215,5% Services (60,6) -17,8% (60,8) -18,0% (0,2) -0,3% Third party property (39,1) -11,5% (38,2) -11,3% 1,0 2,5% Cost of labour (88,6) -26,0% (90,7) -26,9% (2,2) -2,4% Other operating expenses (2,8) -0,8% (2,8) -0,8% (0,1) -1,9% Total operating expenses (280,0) -82,3% (270,4) -80,2% 9,6 3,4% EBITDA 60,1 17,7% 66,9 19,8% 6,7 11,2% Amortisation intangibile assets (10,6) -3,1% (11,2) -3,3% (0,6) -5,5% Depreciation tangible assets (11,3) -3,3% (10,2) -3,0% 1,1 9,9% Losses and risks on receivable (0,9) -0,3% (1,7) -0,5% (0,8) -91,6% Accrual for provision (2,6) -0,8% (2,9) -0,9% (0,3) -12,7% Total D&A and provision (25,4) -7,5% (26,0) -7,7% (0,6) -2,5% EBIT 34,7 10,2% 40,8 12,1% 6,1 17,6% Financial income and expenses (3,4) -1,0% 1,1 0,3% 4,6 133,2% Net Profit before taxes 31,3 9,2% 42,0 12,4% 10,7 34,1% Taxes (13,3) -3,9% (12,3) -3,7% 1,0 7,3% Net Profit from operating assets 18,0 5,3% 29,6 8,8% 11,6 64,7% Profit/(Loss) net of disposed of held for sale assets (0,2) 0,0% (0,3) -0,1% (0,1) -79,5% Net Profit of the period 17,8 5,2% 29,3 8,7% 11,5 64,6% Profit/(Loss) minorities 0,8 0,2% (1,8) -0,5% (2,6) n.a Group Net Profit 18,7 5,5% 27,6 8,2% 8,9 47,7% * 2009 Restated based on IFRIC 12 and IFRS3 revised 41
    • Airport management : P&L % on % on Change * % € million 2009 Revenues 2010 Revenues 2010/2009 Revenues 114,4 100,0% 117,9 100,0% 3,5 3,0% Raw materials (2,3) -2,0% (1,8) -1,5% 0,5 22,6% Changes in products and work in progress (0,3) -0,2% 0,3 0,2% 0,5 215,5% Services (28,9) -25,3% (30,7) -26,0% (1,8) -6,1% Third party property (4,9) -4,3% (4,3) -3,6% 0,6 12,3% Cost of labour (32,6) -28,5% (34,7) -29,4% (2,1) -6,4% Other operating expenses (1,4) -1,2% (1,5) -1,3% (0,1) -10,5% Total operating expenses (70,3) -61,5% (72,6) -61,6% (2,3) -3,3% EBITDA 44,1 38,5% 45,2 38,4% 1,2 2,6% Amortisation intangibile assets (5,4) -4,7% (5,9) -5,0% (0,5) -10,1% Depreciation tangible assets (3,5) -3,1% (3,3) -2,8% 0,3 7,6% Losses and risks on receivable (0,3) -0,3% (0,8) -0,7% (0,5) -162,5% Accrual for provision (2,4) -2,1% (2,5) -2,1% (0,1) -4,0% Total D&A and provision (11,7) -10,2% (12,5) -10,6% (0,9) -7,5% EBIT 32,4 28,3% 32,7 27,7% 0,3 0,8% Financial income and expenses (0,0) 0,0% 2,8 2,4% 2,9 n.a Net Profit before taxes 32,4 28,3% 35,5 30,1% 3,2 9,7% Taxes (10,7) -9,3% (11,7) -9,9% (1,0) -9,7% Net Profit from operating assets 21,7 19,0% 23,8 20,2% 2,1 9,7% Profit/(Loss) net of disposed of held for sale assets 0,0 0,0% 0,0 0,0% 0,0 0,0% Net Profit of the period 21,7 19,0% 23,8 20,2% 2,1 9,7% * 2009 Restated based on IFRIC 12 and IFRS3 revised 42
    • Infrastructure management : P&L % on % on Change % € million 2009 Revenues 2010 Revenues 2010/2009 Revenues 29,0 100,0% 30,9 100,0% 1,9 6,5% Raw materials (0,1) -0,3% (0,1) -0,2% 0,0 15,6% Changes in products and work in progress 0,0 0,0% 0,0 0,0% 0,0 0,0% Services (13,6) -46,9% (13,5) -43,8% 0,0 0,3% Third party property (6,4) -22,1% (6,5) -21,0% (0,1) -1,1% Cost of labour (2,7) -9,4% (2,8) -9,2% (0,1) -3,8% Other operating expenses (0,2) -0,7% (0,2) -0,6% 0,0 9,1% Total operating expenses (23,0) -79,3% (23,1) -74,8% (0,1) -0,4% EBITDA 6,0 20,7% 7,8 25,2% 1,8 30,0% Amortisation intangibile assets (2,1) -7,3% (2,1) -6,7% 0,0 2,1% Depreciation tangible assets (0,7) -2,5% (0,8) -2,6% (0,1) -11,2% Losses and risks on receivable (0,3) -1,1% (0,7) -2,3% (0,4) -122,6% Accrual for provision (0,1) -0,4% (0,0) -0,1% 0,1 64,8% Total D&A and provision (3,3) -11,4% (3,6) -11,8% (0,3) -10,5% EBIT 2,7 9,3% 4,1 13,4% 1,5 53,9% Financial income and expenses (0,8) -2,6% (0,3) -0,9% 0,5 62,7% Net Profit before taxes 1,9 6,7% 3,9 12,5% 1,9 99,8% Taxes (1,7) -5,9% (2,0) -6,3% (0,3) -14,9% Net Profit from operating assets 0,2 0,8% 1,9 6,2% 1,7 734,6% Profit/(Loss) net of disposed of held for sale assets 0,0 0,0% 0,0 0,0% 0,0 0,0% Net Profit of the period 0,2 0,8% 1,9 6,2% 1,7 734,6% 43
    • F&B and Retail management : P&L % on % on Change % € million 2009 Revenues 2010 Revenues 2010/2009 Revenues 206,4 100,0% 199,1 100,0% (7,4) -3,6% Raw materials (86,3) -41,8% (76,4) -38,4% 9,9 11,5% Changes in products and work in progress 0,0 0,0% 0,0 0,0% 0,0 0,0% Services (20,7) -10,0% (19,7) -9,9% 1,0 4,8% Third party property (34,8) -16,9% (34,7) -17,4% 0,1 0,3% Cost of labour (53,2) -25,8% (53,2) -26,7% 0,0 0,1% Other operating expenses (1,4) -0,7% (1,3) -0,7% 0,1 3,8% Total operating expenses (196,4) -95,1% (185,2) -93,0% 11,1 5,7% EBITDA 10,1 4,9% 13,8 7,0% 3,7 37,1% Amortisation intangibile assets (3,1) -1,5% (3,1) -1,6% (0,1) -2,8% Depreciation tangible assets (7,0) -3,4% (6,1) -3,1% 0,9 13,2% Losses and risks on receivable (0,3) -0,1% (0,2) -0,1% 0,1 23,5% Accrual for provision (0,1) 0,0% (0,4) -0,2% (0,3) -526,7% Total D&A and provision (10,4) -5,1% (9,8) -4,9% 0,6 5,7% EBIT (0,3) -0,2% 4,0 2,0% 4,3 n.a. Financial income and expenses (2,6) -1,3% (1,4) -0,7% 1,2 45,9% Net Profit before taxes (3,0) -1,4% 2,6 1,3% 5,5 n.a. Taxes (0,9) -0,5% 1,3 0,7% 2,3 n.a. Net Profit from operating assets (3,9) -1,9% 3,9 2,0% 7,8 n.a. Profit/(Loss) net of disposed of held for sale assets (0,2) -0,1% (0,3) -0,1% (0,1) 0,0% Net Profit of the period (4,1) -2,0% 3,6 1,8% 7,7 n.a. 44
    • SBU details 45
    • Airport Management: key figures aviation - Venice Airport the non-stop passengers (onboard) on scheduled flights (2010) non- VENICE AIRPORT - SCHEDULED TRAFFIC - CY 2010 Destinations with nbr. of passengers > 10,000 % chg % chg Destination Pax 2010 10/09 Destination Pax 2010 10/09 Rome FCO 796.013 7,3% Copenhagen 42.572 -1,8% Paris CDG 619.916 -4,2% Olbia 42.473 45,7% Madrid 445.923 -1,0% Berlin TXL 40.883 31,8% London LGW 415.053 -3,3% Stuttgart 40.780 10,5% Frankfurt 384.624 0,5% Atlanta 34.616 22,3% Naples 329.079 10,8% Manchester 31.724 Catania 325.504 29,4% Timisoara 30.953 -16,2% Barcelona 252.417 6,4% Leeds Bradford 29.292 -0,9% Amsterdam 209.283 -4,2% Bucharest OTP 28.792 99,3% Palermo 204.356 -0,4% Brindisi 26.196 -4,8% Dubai 187.539 27,8% Riga 25.325 58,3% Munich 184.707 10,2% Lamezia Terme 22.378 426,7% Zurich 168.171 -0,9% Prague 22.348 -31,6% Paris ORY 163.848 302,7% Hamburg 21.907 -29,8% Lyon 123.283 5,9% Geneva 21.589 8,0% New York JFK 121.357 0,3% Edinburgh 20.725 122,3% Vienna 106.652 6,0% Athens 19.244 36,7% Berlin SXF 106.195 5,0% Budapest 19.158 -41,9% Düsseldorf 94.641 39,8% Hanover 18.173 -47,5% Istanbul 87.551 12,3% Casablanca 17.491 108,4% Bari 87.123 8,7% Reggio Calabria 16.228 Lisbon 76.331 8,1% Sevilla 15.951 -22,2% Brussels 76.247 -10,4% Toronto 15.891 -23,0% Moscow 75.869 14,1% Helsinki 13.802 -18,5% London LHR 63.027 -52,8% Montreal 11.636 Cologne 53.931 -42,5% Tirana 10.960 Philadelphia 51.685 -7,4% Others scheduled 67.667 -53,9% Cagliari 47.418 -30,3% Transits 15.348 21,6% Dublin 44.450 -7,9% Charter 184.711 -24,6% East Midlands 43.589 -50,3% General aviation 14.373 -9,7% TOTAL 6.868.968 2,3% Source: Save database 46
    • Airport Management: key figures aviation - Treviso Airport The 2010 scheduled passengers of Treviso Airport TSF airport - Scheduled destinations 12M10 % chg % chg Destination Carrier Pax 2010 10/09 Destination Carrier Pax 2010 10/09 ALGHERO Ryanair 36.012 -10,2% LVIV Wizzair 18.377 ALICANTE Ryanair 34.099 MALAGA Ryanair 16.189 AMSTERDAM Transavia 57.491 -9,8% MALTA Ryanair 40.723 -3,3% BARCELONA BCN 30.641 MARSEILLE Ryanair 5.475 BARCELONA GRO Ryanair 85.840 -18,8% OSLO RYG Ryanair 22.671 BARI Ryanair 93.470 PALERMO Ryanair 11.977 BREMEN Ryanair 32.565 17,7% PARIS BVA Ryanair 104.287 -4,8% BRINDISI Ryanair 61.496 PESCARA Ryanair -100,0% BRISTOL Ryanair 31.233 PRAGUE Skyeurope -100,0% BRUXELLES CRL Ryanair 209.679 -6,6% PRAGUE Wizzair 27.777 295,1% BUCHAREST BBU Wizzair 86.602 59,7% REUS Ryanair 17.932 BUCHAREST BBU/ARADBlue Air -100,0% ROME CIA Ryanair 34.511 -82,9% BUDAPEST Wizzair 27.978 -5,5% SEVILLA Ryanair 7.540 CAGLIARI Ryanair 75.602 16,1% SHANNON Ryanair -100,0% CASABLANCA Air Arabia M. 37.898 545,6% SOFIA Wizzair 34.387 90,8% CLUJ Wizzair 31.432 119,3% STOCKHOLM NYO Ryanair 41.474 -13,3% COLOGNE Germanwings 62.287 509,9% TIMISOARA Wizzair 27.512 23,9% DUBLIN Ryanair 45.130 -13,0% TIRANA Belle Air 34.333 -5,3% DÜSSELDORF NRN Ryanair 56.053 11,6% TRAPANI Ryanair 56.835 36,3% EAST MIDLANDS Ryanair 24.967 VALENCIA Ryanair 5.042 FRANKFURT HHN Ryanair 94.336 -13,3% VIENNA Skyeurope -100,0% IBIZA Ryanair 12.315 WARSAW Wizzair 13.604 KATOWICE Wizzair 18.878 274,3% Others commercial aviation 42.414 7,3% KIEV Wizzair 63.298 953,2% General aviation 6.581 -5,5% LEEDS Ryanair 30.015 LIVERPOOL Ryanair 31.743 -16,4% LONDON STN Ryanair 211.462 -18,4% Total passengers 2.152.163 21,0% Source: Aertre/Save database TSF - Pax evolution 2006/2010 2.500 2.152 2.000 1.709 1.778 1.548 1.341 1.500 1.000 CAGR 500 +12,6% 0 2006 2007 2008 2009 2010 47
    • 2011 Financial calendar 48
    • 2011 Financial calendar 21 April 29 Jul Annual Q2 and H1 Shareholders Results Meeting Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 15 March 12 May 11 Nov Consolidated Q1 Q3 financial Results Results statements 49
    • DisclaimerThe executive responsible for the drafting of the company’s accounting and corporate documents, Giovanni Curtolo, hereby declares pursuant to clause 2, art.154bis, decree law 58/1998, that the accounting information in this release is in line with the Company’s accounting records and registers.This document has been prepared by Aeroporto di Venezia Marco Polo S.p.a. - SAVE ("SAVE") solely for use at the presentation to potential institutionalinvestors it is not to be reproduced or circulated and is not to be used in the United States, Canada, Australia or Japan.The information contained in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and noreliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of SAVE or any of theirrepresentatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwisearising in connection with this document.This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither any part of it shall form the basis of or be relied upon inconnection with any contract or commitment whatsoever. This document is being supplied to you solely for your information and may not be reproduced,redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.Neither this document nor any part or copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States, or toany “U.S. Person” as that term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Neither this document nor anypart or copy of it may be taken or transmitted into or distributed directly or indirectly in Australia (other than to persons in Australia to whom an offer of securitiesmay be made without a disclosure document in accordance with Chapter 6D of the Corporations Act 2001 (Cth.)), or taken or transmitted into Canada or Japan, ordistributed directly or indirectly in Canada or distributed or redistributed in Japan or to any resident thereof. Any failure to comply with this restriction may constitutea violation of U.S., Australian, Canadian or Japanese securities laws, as applicable. The distribution of this document in other jurisdictions may also be restrictedby law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. In this case no reliance willbe placed on SAVE.This document has not been approved for the purpose of section 21 of the Financial Services and Markets Act 2000. It is being made available only to personswho are of a kind described in Article 19(5) of the Financial Services and Marketing Act 2000 Order 2001 or persons to whom such document may otherwiselawfully be issued or passed on.The statements contained in this document that are not historical facts are "forward-looking" statements (as such term is defined in the United States PrivateSecurities Litigation Reform Act of 1995), which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "should" or"anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties.These forward-looking statements, such as the statements regarding SAVE‘ s ability to develop and expand its business, the effects of regulation, changes inoverall economic conditions, capital spending and financial resources and other statements contained in this document regarding matters that are not historicalfacts involve predictions. No assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as a result of risksand uncertainties facing SAVE and its subsidiaries. Such risks and uncertainties include, but are not limited to, increased competition and regulatory, legislativeand judicial developments that could cause actual results to vary materially from future results indicated, expressed or implied in such forward-looking statements.By viewing the material in this document, you agree to the foregoing. 50
    • SAVE Spa For additional information: Investor Relations – SAVE GroupPhone: +39 041 2606215; Fax: +39 041 2606239 Email: investor_relations@veniceairport.it; WWW.VENICEAIRPORT.IT 51