Global Airport Development Conference 2011
Italian Airport Industry
Dr. Mauro Maia
F2i, Senior Partner
Barcelona, 9 Novemb...
Indice
2
1. F2i page 3
2. Gesac transaction page 12
3. Italian airport industry page16
4. New opportunities in the airport...
3
F2i
F2i position in the Italian infrastructure market
4
 With a Fund Raising equal to €1.85 billions, F2i is the biggest
Ital...
5
Investors 1/2
CDP
F2i –
Fondo Italiano per
le Infrastrutture
2 Banks
(1 Core Investor)
2 Major Italian Banks
19 Other
Fo...
F2i Investors 2/2
6
F2i Investors
Banks € 628.000.000,00 33,91%
Pension Funds € 449.000.000,00 24,24%
Banking Foundations ...
Strong Capital Commitment and Endorsement
7
 The two leading Italian banking groups, with more than
10,000 branches in It...
Summary of Key Terms
8
 Size: €1.85bn
 Duration: Up to 15 (+3) years (expected average life
7,5y)
 Investment Period: 4...
F2i Portfolio
 As of today the Fund has commetted 1.233 M€, representing 66% of the total amount, invested in 11
companie...
F2i profile
10
 Acquire brownfield regulated assets, sold both Private and Public Entities
 Ensure industrial management...
Development through “industrial chain”
11
 Italian infrastructure sectors are often characterized with a lack of overall ...
12
Gesac transaction
Gesac at a glance
13
 Gesac is the management company of Napoli Capodichino Airport, by virtue of a concession
expiring i...
F2i investment in Gesac
14
 On December 21th
2010 F2i has acquired from BAA Italia a 65% stake in Gesac and a 54%
stake i...
Rational of Gesac investment
15
 Gesac’s transaction has allowed F2i to enter in the airport sector, by
acquiring a major...
16
Italian airport industry
17
Italian airport industry
PMO
CTA
TRN
CUF
MXP
VBS
LIN
BGY
BZO
TSF
TRS
VCE
VRN
PMF FRL
FLR
PEG
BLQ RMI
AOI
PSR
FCO CIA FO...
Italian airport sector trends
 With over 140 millions passengers per
year, Italy is among the major airport
markets in Eu...
19
New opportunities in the airport sector
Italian airport sector: current scenario 1/2
20
 Local Entities, in quality of airport management companies majority
shar...
Italian airport sector: current scenario 2/2
21
 Financial troubles, difficulties in managing companies and infrastructur...
22
SEA S.p.A. – Milan airports
 SEA is the management company of Linate and
Malpensa Milan airports by virtue of a conces...
23
Milan airports: Infrastructure
Malpensa Linate
Malpensa Terminal 1 and 2
 9,000sq m. shopping area
 7,815sq m. restau...
24
Milan airports: market opportunity
 At the beginning of 2011 the company, supported by Mediobanca, Banca IMI
and Morga...
25
Ali Trasporti Aerei S.p.A. – ATA
Company Profile Traffic Data
Key Financial Data
 Ali Trasporti Aerei S.p.A., a compan...
26
ATA: Infrastructure
 Linate Ovest general aviation terminal covers
an area of 130,000 sq m. It includes, among
others:...
27
ATA: market opportunity
 The group Acqua Pia Antica Marcia (Caltagirone Group) is concluding a debt
restructuring plan...
28
Aeroporto di Genova S.p.A. - Genova Airport
Company Profile Traffic Data
Key Financial Data
 Aeroporto di Genova S.p.A...
29
Genova Airport: Infrastructure
 The terminal sized for an hourly flow of 1,500 passengers
 The development plan of th...
30
Genova Airport: market opportunity
 On June 22nd
2011, Genoa Port Authority has published a tender for the sale of 60%...
31
SO.GA.ER. S.p.A. – Cagliari Airport
Company Profile Traffic Data
Key Financial Data
 SO.GA.ER. S.p.A. is the managemen...
32
Cagliari Airport: Infrastructure
Air side
 Runway: 2,803 mt long and 45
mt wide
 Opening: 24h
 Airport ground: 296 h...
33
Cagliari Airport: market opportunity
 On September 30th
2010 Cagliari Chamber of Commerce has published a tender
for t...
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Mauro Maia: GAD presentation 2011

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On the occasion of the Global Airport Development Conference, held in Barcelona, on 2011, November, 9, F2i's senior partner specialized in Airports and TLCs, Mauro Maia, presents F2i and its role in the airport sector. Starting from a presentation of the initial fundraising of the Fund and from a description of its investors, Mauro Maia outlines the passages that led to the acquisition of Gesac, managing company of Naples Capodichino International Airport, by F2i.

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Mauro Maia: GAD presentation 2011

  1. 1. Global Airport Development Conference 2011 Italian Airport Industry Dr. Mauro Maia F2i, Senior Partner Barcelona, 9 November 2011
  2. 2. Indice 2 1. F2i page 3 2. Gesac transaction page 12 3. Italian airport industry page16 4. New opportunities in the airport sector page 19
  3. 3. 3 F2i
  4. 4. F2i position in the Italian infrastructure market 4  With a Fund Raising equal to €1.85 billions, F2i is the biggest Italian Private Equity Fund as well as one of the largest Country Focused Infrastructure Fund  The success of F2i proposition is supported by achievements on both sides: fund raising and investments  In raising capital, F2i was able to attract huge private and public amount of money notwithstanding the heavy international financial crisis (anti-cyclical and defensive concept)  In investing money, F2i is demonstrating to be seen as the flagship Italian Investor in strategic assets of the country
  5. 5. 5 Investors 1/2 CDP F2i – Fondo Italiano per le Infrastrutture 2 Banks (1 Core Investor) 2 Major Italian Banks 19 Other Foundations (2 Core Investors) 1 International Bank 3 Insurance Companies (3 Core Investors) 10 Social Security Institutions & Pension Funds (4 Core Investors) 2 Institutional Investors 2 Other Banks (1 Core Investor) Italian Investors International Investors 7 Major Italian Foundations 2 Social Security Institutions SGR’s Shareholders (General Partners or Sponsors) (Limited Partners)
  6. 6. F2i Investors 2/2 6 F2i Investors Banks € 628.000.000,00 33,91% Pension Funds € 449.000.000,00 24,24% Banking Foundations € 442.000.000,00 23,87% Insurance Companies € 175.000.000,00 9,45% Sovereign financial Institutions (CDP) € 150.000.000,00 8,10% Sponsor & Management € 8.000.000,00 0,43% Investor Amounts % of the Fund Totale F2i € 1.852.000.000,00 100,00%
  7. 7. Strong Capital Commitment and Endorsement 7  The two leading Italian banking groups, with more than 10,000 branches in Italy and total assets over €1,500bn  The Italian Government through CDP (70% owned by the Italian Government), leader in financing of local and regional governments in Italy, with 29% market share  International financial players with strong and recognized presence and experience in Italy  Qualified representatives of major institutional investors in Italy (banking foundations and professional pension funds)  Sponsors providing €938bn  Total commitments already reached €1.85bn  Combination of local relationships and global experience  F2i benefit from full endorsement of its Sponsors  F2i is the leading partner for infrastructure investments in Italy 7 Banking Foundations 2 Italian Pension Funds Part of Group A Leading Group of Sponsors:
  8. 8. Summary of Key Terms 8  Size: €1.85bn  Duration: Up to 15 (+3) years (expected average life 7,5y)  Investment Period: 4 (+2) year  Legal Structure: Typical limited liability partnership  Management Company: F2i SGR  Greenfield limited to <20% of the fund  Single assets limited to <15% of the fund  Italian infrastructure opportunities o Ports and Airports o Motorways o Power and gas infrastructure o Utilities o Telecom infrastructure o Other infrastructure (PPP, water, railways, …)  Equity or quasi-equity  Majority or influencing minority stakes Fund Characteristics Investment Focus Diversification Rules Return on investment  Minimum target return* (“hurdle rate”) : IRR = 8% gross per year (on average)  Effective target return: IRR = 12-15% gross per year (as indicated in the Business Plan of the fund)  Dividend guaranteed over the fund’s duration period
  9. 9. F2i Portfolio  As of today the Fund has commetted 1.233 M€, representing 66% of the total amount, invested in 11 companies, by creating a structured group * Includes 54% stake in Software Design
  10. 10. F2i profile 10  Acquire brownfield regulated assets, sold both Private and Public Entities  Ensure industrial management of the companies by promoting efficiency and managerial development  Promote aggregation processes, in very fragmented sectors with high growth potential  Involving companies’ management teams, as medium-term shareholders  F2i has an institutional profile that ensures a stable and long-term partnership without speculation. This make the Fund an ideal partner for both private and pubblic entities  Among others, F2i is able to:
  11. 11. Development through “industrial chain” 11  Italian infrastructure sectors are often characterized with a lack of overall strategy  In this respect, the infrastructure assets are managed by considering the needs of local (and political) context, without considering strategic function for the Country overall  For this reason a lot of infrastructure sectors are fragmented, expressing companies with weak financial profiles; such companies cannot compete in markets more and more internationalized  Moreover, the lack of Italian strategy in the infrastructure sectors, has often made national assets easy prey of foreign companies, “national champion” in referring Countries (E.On., GdF, EdF, ecc.)  Need to introduce the concept of “industrial chain” in each infrastructure sector  F2i operates as a “public company”: each investment is realized with the target of creating a chain in the specific segment in order to assure the cooperation among the companies belonging to the same chain
  12. 12. 12 Gesac transaction
  13. 13. Gesac at a glance 13  Gesac is the management company of Napoli Capodichino Airport, by virtue of a concession expiring in 2043. Gesac is one of the first company that has obtained – at the end of 2009 – the approval of Contratto di Programma with Enac, by negotiating a 25% average increase in tariffs  Gesac was founded in 1980 by Municipality and Province of Naples (with equal stake of 47,5%) and Alitalia (5%). In 1997, as a consequence of privatization process, an equity stake of 70% of Gesac was sold to BAA group (acquired in 2006 by Spanish group Ferrovial)  With 5.6 M/pax in 2010 (+5.7% vs 2009), Capodichino is the second regional airport after Catania, by excluding Rome, Milan and Venice airport hubs. Capodichino has a large catchment area, with a density area comparable to cities like Tokyo and London  The airport ground covers an area of 234 ha, with a runway 2,628mt long and 45mt wide, capable to allow the landing of many different types of aircrafts, with 27 aircraft parking slots  The infrastructure has been consistently object of expansion and improvements; since 1996, Gesac has realized over € 200 mln investments, both self-financed and granted by the State  The capex plan for the 2010-2012 period envisages total expenditures for € 62.4 mln of which € 50.4 mln are self-financed and € 12 mln are financed through government grants (PON funds)
  14. 14. F2i investment in Gesac 14  On December 21th 2010 F2i has acquired from BAA Italia a 65% stake in Gesac and a 54% stake in Software Design – company specialized in airport software – for a total amount of € 150 mln in terms of Enterprise Value  As of March 2011 F2i holds 70% stake in Gesac, following the acquisition from SEA of 5% additional stake with a discount of 27% vs Ferrovial price  The transaction structure envisaged the acquisition by F2i through a newly incorporated company (“F2i Bidco”) wholly owned by F2i  In order to fund the transaction, F2i has used an appropriate mix of equity and debt financing that has included:  Acquisition Loan granted to F2i Bidco for a total amount of € 80 millions;  Capex Line granted to Gesac for a total amount of € 40 millions, to be used over the business plan period to fund the envisaged capex plan and Gesac financial requirements  Bridge to Equity of € 40 millions granted to F2i Aeroporti in order to coverage a portion of the remaining part of the price F2i Aeroporti F2iBidco Gesac Acquisition loan (€ 80 mln) Capex Line (€ 40 mln) 100% 70% F2i 100% Bridge to Equity (€ 40 mln) Software Design 54%
  15. 15. Rational of Gesac investment 15  Gesac’s transaction has allowed F2i to enter in the airport sector, by acquiring a majority stake in a company characterized by significant track record and high growth potential  In long-term period F2i wants: to promote business and infrastructural development and system rationalization and to reach high profitability levels, also improving on social and economic system overall  Moreover, F2i has created an investment strategy draw to the creation of a network of regional airports: a strategy of “national network” rather than “runway”, that ensure an aggregation process  Ongoing privatization processes represent a driver for the development of this strategy, given the high presence of Public Entities in several airports
  16. 16. 16 Italian airport industry
  17. 17. 17 Italian airport industry PMO CTA TRN CUF MXP VBS LIN BGY BZO TSF TRS VCE VRN PMF FRL FLR PEG BLQ RMI AOI PSR FCO CIA FOG BRI GOA NAP BDS SUF CRV TPS REG AHO OO OLB CAG PSA SIE Airports >10 mil pax Airports > 5 < 10 mil pax Airports > 2 < 5 mil pax Airports > 0,25 < 2 mil pax Airports < 0,25 mil pax High density area  The Italian airport industry is characterized by:  High “public” presence in the shareholder structure of the airport management companies;  Small size of the airports (very fragmented, by region);  Low connectivity level in Europe and worldwide;  Considerably lower tariffs level compared to European tariffs  Lack of investments realized over the recent years
  18. 18. Italian airport sector trends  With over 140 millions passengers per year, Italy is among the major airport markets in Europe and among the top performers in terms of actual traffic growth rates  Over the last years Italian airport industry has been highly dynamic with a considerable growth in traffic volumes with the exception of a slight decrease between 2008 and 2009 as a consequence of the global recession which has heavily affected the industry on a worldwide basis  Current trends will lead to a reduction of the gap compared to other European countries drived by:  Ongoing privatization processes General increase in tariffs following the introduction of the new tariff regulatory framework and the enforcement of Contratto di Programma (already signed by some airports in Italy such as Napoli, Pisa and Brindisi) Increasing in capex to improve infrastructures 92 90 92 101 108 114 124 136 134 131 140 0 20 40 60 80 100 120 140 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2000-2010 Passengers’ trafffic in Italy + 4.2% CAGR 2000-2010 2010 +7.0% 18
  19. 19. 19 New opportunities in the airport sector
  20. 20. Italian airport sector: current scenario 1/2 20  Local Entities, in quality of airport management companies majority shareholders, should finance airports’ development, but as of today they are in difficult financial situation:  Moreover, the same companies that managed the services have a lot of problems connected to their public nature:  Plurality of public shareholders (generally very small, without a reference shareholder)  Lack of financing resources necessary to realize significant capex programme for maintenance and development of managed assets  A very fragmented sector, because of lack of defined national development plan
  21. 21. Italian airport sector: current scenario 2/2 21  Financial troubles, difficulties in managing companies and infrastructural deficit caused a progressive reduction of Local Entities’ interest in the airport management companies  In fact, in this situation Local Entities are interested in carrying out privatization process of the managed assets…  ..With a consequent need to identify the right private partner  F2i was born also for taking part to this new season of privatizations  Institutional profile of the Fund ensures a stable, long term partnership without speculations  Moreover, F2i strategy aims to:  Valorize companies’ internal professionals and the economic and industrial network  Give financial support for efficiency processes and investments plans  This makes F2i the ideal partner that can ensure a public company profile to privatized airport companies
  22. 22. 22 SEA S.p.A. – Milan airports  SEA is the management company of Linate and Malpensa Milan airports by virtue of a concession expiring in 2041  SEA holds also a 30% stake in SACBO, the management company of Bergamo airport  The company is waiting for the final approval of Contratto di Programma by the end of 2011 (to last 10 years) that will set new tariffs level  With over 27 millions passengers per year, Milano airport is the second airport in Italy after Rome hub Company Profile Traffic Data Key Financial Data 27 26 25 26 28 29 31 34 28 26 27 0 5 10 15 20 25 30 35 40 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 + 3.41% CAGR 2000-2007 2010 +5.4% - 12.6% CAGR 2007-2009 Shareholder structure Municipality of Milan 84.56% ASAM (Province of MI) 14.56% Province of Varese 0.64% Other public shareholders 0.19% Private Shareholders (n. 514) 0.05% Total 100.00% €/millions 2009 2010 Revenues 581 573 EBITDA 140 132 Ebitda margin 24% 23% Net Income 55 63 Equity 325 394 NFP 362 345
  23. 23. 23 Milan airports: Infrastructure Malpensa Linate Malpensa Terminal 1 and 2  9,000sq m. shopping area  7,815sq m. restaurant area  11,430 car parking slots Runway: 2 parallel runways 3,940 mt long with a capacity of 26 millions in terms of passengers (70 movements/h) Linate Terminal  2,715 sq m. shopping area  2,815 sq m. restaurant area  3 car parking areas: 7,300 slots Runway: one runway 2,440 mt long with a capacity of 10 millions in terms of passengers (18 movements/h)
  24. 24. 24 Milan airports: market opportunity  At the beginning of 2011 the company, supported by Mediobanca, Banca IMI and Morgan Stanley, has started IPO process in order to place a 30-35% stake to the public through a reserved capital increase  As of today, current market situation make difficult IPO process  On October 28th , F2i has submitted to Municipality of Milan a non binding offer for acquiring 20% stake in SEA and 18,6% stake in Milano Serravalle (motorway sector)  After F2i’s offer, Municipality of Milan has expressed intention to call for competitive tender (realized by the end of the year) for the sale of a minority stake in SEA individually or jointly with a minority stake in MI-Serravalle
  25. 25. 25 Ali Trasporti Aerei S.p.A. – ATA Company Profile Traffic Data Key Financial Data  Ali Trasporti Aerei S.p.A., a company belongs to Acqua Pia Antica Marcia Group, manages the general aviation airport infrastructure in Milano Linate Ovest by virtue of a sub-concession signed in 2008 and expiring in 2041  Moreover, ATA is in charge of handling activity in Linate Ovest and Roma Ciampino (through the subsidiary ATA Servizi)  With over 60 thousand passengers per year, Milano Linate Ovest is the first airport in Italy and the fourth in Europe in the segment of general aviation 13 26 24 25 27 28 32 30 34 28 28 0 5 10 15 20 25 30 35 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 + 13% CAGR 2000-2007 -1.8% CAGR 2007-2010 Shareholder structure Società dell'Acqua Pia Antica Marcia 98.34% Private Shareholders 1.66% Total 100.00% €/millions 2010 Revenues 16.7 EBITDA 3.7 Ebitda margin 22.0% Net Income 2.7 Equity 14.2 NFP -1.6
  26. 26. 26 ATA: Infrastructure  Linate Ovest general aviation terminal covers an area of 130,000 sq m. It includes, among others: 8 hangars: 14,438 sq m. 3,516: office area 4 fuel deposits 330 sq m. warehouse area 67,000 sq m.: airport ground Parking area: 300 slots  Company’s investment plan for the period 2011-2014 forecasts ∼ € 30 millions of capex, and includes, among others: the development of new hangar of 8,000 sq m. new office area of 2,000 sq m. additional parking area additional terminal area
  27. 27. 27 ATA: market opportunity  The group Acqua Pia Antica Marcia (Caltagirone Group) is concluding a debt restructuring plan in order to reduce its financial exposure by selling some group’s assets  In this context Rothschild, as Vendor’s advisor, has set a competitive auction for the sale of ATA Trasporti individually or jointly with its subsidiary ATA Servizi (handling)  F2i is interested in acquiring the company ATA Trasporti and has already submitted a non-binding offer to the Vendor  Press news report as possible buyers both airport operators (SAVE, Fraport Aèroports the Paris) and infrastructure investors (Rreef - Deutsche Bank, Venice European Investments)  As of today, it is not defined a deadline for submitting binding offer
  28. 28. 28 Aeroporto di Genova S.p.A. - Genova Airport Company Profile Traffic Data Key Financial Data  Aeroporto di Genova S.p.A. manages the international airport of Genoa, by virtue of a total concession valid until 2027  Built on an artificial peninsula – equidistant from both centre and port of Genoa – the airport holds a strategic position both in Europe and in the local area  The airport serves both the commercial and the general aviation traffic. In 2010 the total passenger traffic amounted to 1.3 millions, recording an increase of 13.3% vs 2009, (growth mainly driven by the domestic traffic increase) 1,1 1,0 1,0 1,1 1,1 1,0 1,1 1,1 1,2 1,1 1,3 0 0,2 0,4 0,6 0,8 1 1,2 1,4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 + 1.9% CAGR 2000-2010 Shareholder structure Genoa Port Authority 60.00% Genoa Chamber of Commerce 25.00% A.D.R. Aeroporti di Roma 15.00% Total 100.00% €/millions 2009 2010 Revenues 21.0 23.1 EBITDA -0.1 2.1 Ebitda margin n.s. 9,1% Net Income -1.2 0.1 Equity 5.2 5.3 NFP -8.1 -9.5
  29. 29. 29 Genova Airport: Infrastructure  The terminal sized for an hourly flow of 1,500 passengers  The development plan of the terminal foresees:  the doubling of check-in desks new dedicated area for Low Cost carriers and  new commercial areas in order to increase retail, F&B and advertising activities  The renovation will be done without affecting the present traffic and services to the passengers Cargo terminal  6,000 sq m. warehouse area  3,150 sq m. of office area  4,000 sq m. lorry park Passengers terminal  5 loading bridges  14 check-in desks  5 ticketing desks  8 snack bar and duty free  7 car rentals
  30. 30. 30 Genova Airport: market opportunity  On June 22nd 2011, Genoa Port Authority has published a tender for the sale of 60% stake in the company, and at the beginning of September Virtual Data Room was opened  F2i, together with other bidders, has taken part to the procedure  Because of process delays, the deadline for the binding offer has been shifted from October 20th to December 19th 2011. At the moment other delays are expected  Press news show as possible buyers both national (local entrepreneur Aldo Spinelli) and international operators (MSC – shipping company; Limak Yatirim – Istanbul and Pristina airports; Vinci Airports)
  31. 31. 31 SO.GA.ER. S.p.A. – Cagliari Airport Company Profile Traffic Data Key Financial Data  SO.GA.ER. S.p.A. is the management company of Cagliari airport by virtue of a concession expiring in 2047  SO.GA.ER. was built in 1990 by Cagliari Chamber of Commerce, that is still the majority shareholder  By excluding Rome, Milan and Venice hubs, Cagliari Airport, with over 3 millions passengers per year, is the seventh regional airport in terms of traffic  The process for the approval of Contratto di Programma (that will set new tariffs level) is underway  Given tourist attractions of the territory, the airport is directly connected with to main European capital cities 2,1 1,9 2,2 2,3 2,3 2,4 2,5 2,7 2,9 3,3 3,4 0 0,5 1 1,5 2 2,5 3 3,5 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 + 5.2% CAGR 2000-2010 Shareholder structure Cagliari Chamber of Commerce 94.35% S.F.I.R.S. S.p.A. 3.43% Sardegna's Bank 1.05% Other Shareholders 1.17% Total 100.00% €/millions 2009 2010 Revenues 27.5 29.0 EBITDA 1.7 2.8 Ebitda margin 6,2% 9,7% Net Income -1.3 1.2 Equity 10.3 11.5 NFP 7.7 6.1
  32. 32. 32 Cagliari Airport: Infrastructure Air side  Runway: 2,803 mt long and 45 mt wide  Opening: 24h  Airport ground: 296 ha  Apron: 96,000 sq m.  Aircraft parking slots: 16 Land side  37,000 sq m. terminal area  5,798 commercial area  14 gates  42 check in desks  In the last years the airport has been improved, by becoming one of modern infrastructure in Italia and in Europe  New terminal can underpin a flow of 4,5 millions passengers  Investment realized include the following: New terminal; Additional roads Two parking areas New runway
  33. 33. 33 Cagliari Airport: market opportunity  On September 30th 2010 Cagliari Chamber of Commerce has published a tender for the sale of at least 40% stake of SO.GA.ER. After this announcement, the procedure has suffered many delays  The Virtual Data Room was opened on October 4th 2011, but it is not defined a deadline for the binding offer  F2i has submitted a call of interest and is taking part to the process  Press news show as possible buyers both airport operators (SAVE, Fraport, Flughafen Zurich, Aeroporto di Olbia) and financial investors (F2i, Dvr&C Private Equity e Axa Investment)
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