Mauro Maia: GAD presentation 2012

282 views

Published on

On the occasion of the Global Airport Development Conference held on 2012, November, 8 in Paris, Mauro Maia (F2i senior partner specialized in the TLC and airport sectors) presents F2i, providing an outline of the national airport scenario. After a description of F2i's shareholders and mission, Mauro Maia explains what are the main features and opportunities of the Italian airport sector.

Published in: Business
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
282
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
5
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Mauro Maia: GAD presentation 2012

  1. 1. Global Airport Development Conference 2012 Italian Airport Industry Dr. Mauro Maia F2i, Senior Partner Paris, 8th November 2012
  2. 2. Indice 2 1. Overview of F2i page 3 2. The second F2i Fund page 15 3. Italian airport industry page 22 4. New opportunities in the airport sector page 25
  3. 3. 3 Overview of F2i
  4. 4. F2i Background ‒ In the early to mid-’90s, Italy launched a large privatisation programme, involving some of the most important manufacturing and infrastructure companies in the Country (food, oil & gas, telecoms, energy, airports and toll roads) ‒ However, the outcome of the privatisation programme was mixed: ‒ Privatisations through public share offerings have created large, efficient companies that are today among the most active players in the domestic and international markets (ENI, ENEL, Terna and Snam Rete Gas) ‒ Privatisations through the sale to “strategic investors” ended up with a shareholder structure skewed towards private families that failed to fully understand the “public” nature of infrastructures, reduced investments and eventually curtailed the growth of these companies (Telecom Italia, Autostrade, Aeroporti di Roma) ‒ F2i was conceived by the sharing by the main Institutions in the Country and its management team of the conviction that a long-term, institutional, professionally managed infrastructure fund could provide the ideal instrument to endow Italian infrastructure companies of a stable shareholding structure, that could pursue a coherent strategy: ‒ Long term orientation ‒ Focus on creation of large “national champions” that can re-invest cash flow for the development of infrastructure ‒ Target maximum efficiency, quality of services, investments, long-term, growth and financial performance
  5. 5. F2i position in the Italian infrastructure market ‒ F2i was therefore created in 2007 by the main Italian public and private financial institutions to be the main investor in Italian infrastructure ‒ Its Sponsors include: State-owned bank Cassa Depositi e Prestiti; the two largest Italian Banks (Banca Intesa San Paolo and Unicredit); some of the largest Banking Foundations; two Italian Pension Funds ‒ With a fund raising equal to €1,85 billion, F2i I is the largest Italian private equity fund as well as one of the largest country focused infrastructure funds ‒ The success of F2i’s proposition is supported by achievements on both sides: fund raising and investments ‒ In raising capital, F2i was able to attract considerable private and public amount of money notwithstanding the severe international financial crisis (anti-cyclical and defensive concept) ‒ F2i is demonstrating to be seen as the flagship Italian Investor in strategic infrastructure assets of the Country ‒ F2i is now launching its Second Fund: on October 2nd , 2012, F2i achieved the first closing for €575MM (total Fund target size €1,2 billion).
  6. 6. F2i position in the Italian infrastructure market ‒ In only three years of investment period, F2i I has invested in 12 companies. After two disposals and the combination of three companies in the gas distribution sector, F2i currently has 8 investments (total investment around €1,6 billion, equal to 87,5% of the total amount of the fund), in companies operating in six key infrastructure sectors: gas distribution, transportation (airports and motorways), water, renewable energies (windpower and photovoltaic) and TLC ‒ F2i has undertaken a consolidation / aggregation strategy in these sectors, aimed at creating first class national operators of infrastructure ‒ F2i adopts a balanced leverage strategy, in order to optimize the return on investment and to modulate the draw-downs from investors ‒ Current total draw-downs from investors amount to € 1.130 milion, representing 61% of the total amount of the fund ‒ F2i has actively managed and rationalized its portfolio through the disposal (at a profit vs. cost) of those participations that could not be considered “core” any longer (e.g. logistics centre Interporto Rivalta Scrivia and gas storage greenfield Enel Stoccaggi) ‒ Focus on investments with high cash generation and high dividend distribution potential. The first dividend got paid to the investors 2 years in advance compared to the business plan of the fund o Dividends distributed to investors for over € 82 milion during 2010 and 2011 (“cash on cash” yield of 4,8%) o F2i was able not to call the management fees from investors since the second semester of 2010
  7. 7. 7 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) 3 Institutional Investors 2 Other Banks (1 Core Investor) Italian Investors International Investors 6 Major Italian Foundations 2 Social Security Institutions SGR’s Shareholders (General Partners or Sponsors) (Limited Partners)
  8. 8. F2i Investors 2/2 8 Investors Number of entities Amounts (€ mln) % of the Fund Banks 7 593 32,02% Pension Funds 13 487 26,30% Banking Foundations 25 439 23,70% Insurance Companies 4 175 9,45% Sovereign Financial Institutions (CDP) 1 150 8,10% Sponsor & Management n.a. 8 0,43% Total 1.852 100%
  9. 9. Strong Capital Commitment and Endorsement 9  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:
  10. 10. Summary of Key Terms 10  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
  11. 11. F2i profile 11  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:
  12. 12. F2i I Investment Portfolio Commited (M€) Draw (M€) % 75% 85,2% 100% 100% 100% 40,0% 40,0% 100% 100% 70,0% 29,8% 87,5% 61,4% 15,7% 100% 49,8% 26,3% * It includes the participation in Software Design. ** Closing attended. 1.591 1.124 71% Dismissed participation in IRS 29 29 2 2 Transaction costs 37 37 Management fees 27 27 TOTALE 1.685 1.219 72% Infracis 53 31 58% 100% 2i G as 71 71 100% Dismissed participation in Enel stoccaggi 0% 18 100% 0% SEA 385 385 100% Saster Net 18 F2i Energie Rinnovabili HFV 50 37 75% F2i Reti TLC Metroweb 203 140 69% F2i Aeroporti F2i Sistema Aeroportuale Campano G ESAC* 95 28 F2i Rete Idrica Italiana Mediterranea delle Acque 235 5 2% F2i Reti Italia ENEL Rete G as 279 279 100%G 6 Rete G as 68 68 Alerion Clean Power 78 64 82% 29% Progetti Link (residuo pilota) e Moon** 20 0 Rete idrica Parma** 35 0 GAS WATER AIRPORTS TLC RENEWABLES TRANSPORTATION
  13. 13. F2i’s strategy in its sectors of investment F2i is focusing on key sectors of Italian infrastructure, aiming at creating “national champions” through organic growth and M&A. F2i’s portfolio companies strive to be leaders in their sectors in terms of size, efficiency, quality of services, investment plans and financial performance GAS Build the largest European independent gas distribution operator and be a consolidator in a sector undergoing a rationalisation process RENEWABLES Create two strong independent players in the two main renewables segments (wind and photovoltaic) TRANSPORT Enter the toll-road sector, and become a reference stakeholder for companies that have an extremely fragmented shareholding structure WATER Create a “national champion” in a strategic sector that requires significant investment for the upgrade of the existing network as well as the completion of the national water grid AIRPORTS Pursue a consolidation strategy in a sector characterized by strong fragmentation and by a strong presence of the public sector ENEL Rete Gas 2i Gas (ex E.On Rete) Alerion HFV Infracis Mediterranea delle Acque GESAC SEA G6 Rete Gas TELECOMS Build upon the Milan broadband fibre optic network to increase the penetration in the city (FTTH) and to replicate the same model in other urban centres Metroweb Progetti Moon e Link
  14. 14. Development through “industrial chain” 14  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
  15. 15. 15 The second F2i Fund
  16. 16. Pipeline and Investment Opportunities F2i believes that the Italian infrastructure market will continue to offer significant investment opportunities due to: The increasing fiscal constraints on the public sector and in particular local authorities, which will lead to a new wave of privatisations. F2i’s recent acquisition of a 29% stake in SEA (Milan airports) from the Municipality of Milan is expected to represent an important benchmark for other local authorities to privatise their infrastructure assets; The high leverage of Italian utilities, that is likely to lead them towards non core asset disposals and spin-offs; The rationalisation and consolidation process within certain sectors with a high level of fragmentation of players (e.g. gas distribution, water, Waste to Energy); Need of improvement in efficiency and infrastructure upgrades, which fosters change in shareholdings (for example, optical fiber broadband networks, mobile towers, water); Capital requirements by existing infrastructure companies to finance new investments (e.g. toll roads)
  17. 17. 2012 2013 2014 2015 Highways Airports Gas distribution Electric grid Water distribution TLC WTE Pipeline and Investment Opportunities Total 2012 - 2015: € 7.648 mln 932 3.288 2.811 617 Investment opportunities (data in € mln) F2i I Residual to invest : € 150 – 200 mln F2i has conducted together with Boston Consulting Group an in-depth market study of Italian infrastructures. The study, based on a bottom-up analysis of infrastructure players in the country, has identified an equity investment opportunity in excess of € 7.5 bn in the next four years, focusing on brownfield only within the infrastructure sectors identified as targets by F2i.
  18. 18. ‒ In October 2012, F2i has therefore launched its Second Fund, in order to take advantage of these significant and immediate investment opprtunities, in coordination with the portfolio achieved by Fund I: o Opportunities to increase the stake in companies where Fund I has invested, so as to achieve majority or strenghthen F2i’s governance o Make new investments in F2i sub-sectors, so as to continue in the creation of infrastructure groups able to be leaders in Italy within their industry o Invest in one/two new subsectors, focusing on core infrastructure - The Second Fund has target size of €1,2 billion, and has already raised €575 MM from its Sponsors Support the growth in selected , key portfolio companies Increase F2i presence in current sectors Enter new sectors Fund II: Investment Strategy
  19. 19. ‒ The First closing of the Second F2i Fund was achived with a group of Sponsors, including existing and new shareholders of F2i SGR: - F2i is planning to reach its target fund size of €1.2billion with a placement with Limited Partners in Italy (€200-300MM) and an international fund raising (€300MM-400MM) F2i Fund II: First Closing and Plan of Distibution CDP 100 Banca Intesa San Paolo 100 Unicredit 100 Banks 300 Fondazione Cariplo 10 EnteCarifirenze 40 FCR Lucca (15+15) 20 Compagnia San Paolo 60 FCR Cuneo 30 FCR Sardegna 25 Bank Foundations 185 Cassa Geometri 30 Inarcassa 60 Pension Funds 90 Total A Units 575 Sponsor of Fund I participating in Fund II Nuovi Sponsor Fund II (€ MM) A Units - Sponsor
  20. 20. F2i II: terms Fund F2i II – Secondo Fondo Italiano per le Infrastrutture Management Company F2i – Fondi Italiani per le Infrastrutture SGR Investment Strategy Mainly brownfield infrastructure, through majority or relevant minority stakes Coordinated investment strategy vis-à-vis Fund I, with a view to common creation of value where possible Target Amount €1.2bn Term 15 years from last closing Investment Period 4 years from last closing (extendible 1+1) Brownfield / Greenfield 80% / 20% Limits: Single Investment 20% (25% with Advisory Board) approval; 25% (30% with Advisory Board) for sectors with regulated tariffs Foreign Investments Max 20% (European Union) (25% with Advisory Board approval) Listed Companies Max 20% (30% with Advisory Board approval) Commissions 90bp Target Returns 12-15% gross Hurdle Rate: 8% Carry (Sponsors and Management) 20%; catch up 80% Co-investment Rights Sponsors and Core Investors have co-investment rights
  21. 21. F2i I and F2i II: Exit Strategy ‒ F2i has a long term holding strategy for its participations, aiming at growing the EBITDA by virtue of organic and external expansion, fostering efficiencies, and managing the capital structure with the objective to obtaining a stable dividend flow. ‒ At the time of exit, F2i will look at various disposal alternatives for its participations in its Funds, including trade sales and IPOs. ‒ However, F2i portfolio is emerging as a strong group of assets focused on key sectors of the Italian infrastructure space, with important synergies and growth opportunities within each individual sectors. The current portfolio of F2i I had in 2011 an aggregate EBITDA in excess of € 650 million, potentially growing to over € 1.1 billion by 2017. ‒ One exit strategy could therefore involve the listing of the Fund, or the contribution of all or part of its portfolio to a newly created company, that could be listed, thus creating a new, major player in the European infrastructure sector, that could continue the management and development philosophy of F2i: o Focus on operational excellence o Growth orientation, through cap-ex explansion plans and M&A o Synergies acros the various participations ‒ At that point, investors in F2i Fund I and II may decide whether to liquidate their investment, or become part of a core shareholder group of the newly created entity. The newly created entity should continue F2i’s strategy to grow its investments, acting as a consolidator in its sectors of activity and potentially expanding to other markets.
  22. 22. 22 Italian airport industry
  23. 23. 23 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
  24. 24. Italian airport sector trends  With over 149 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, Brindisi and SEA) Increasing in capex to improve infrastructures 2000-2010 Passengers’ trafffic in Italy 24 92 90 92 101 108 114 124 136 134 131 140 149 1 21 41 61 81 101 121 141 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 + 4.4% CAGR 2000-2011 2011 +6.4%
  25. 25. 25 New opportunities in the airport sector
  26. 26. Italian airport sector: current scenario 1/2 26  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
  27. 27. Italian airport sector: current scenario 2/2 27  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
  28. 28. 28 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
  29. 29. 29 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
  30. 30. 30 ATA: market opportunity  The group Acqua Pia Antica Marcia (Caltagirone Group) started 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, set a competitive auction for the sale of ATA Trasporti individually or jointly with its subsidiary ATA Servizi (handling)  F2i was interested in acquiring ATA Trasporti and submitted a non-binding offer to the Vendor  After submitting the non binding offer, F2i entered into exclusive negotiations with the vendor, but the discussion was interrupted because it was impossible to reach a final agreement
  31. 31. 31 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) Shareholder structure Genoa Port Authority 60.00% Genoa Chamber of Commerce 25.00% A.D.R. Aeroporti di Roma 15.00% Total 100.00% 1,1 1,0 1,0 1,1 1,1 1,0 1,1 1,1 1,2 1,1 1,3 1,4 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 2011 + 2,6% CAGR 2000-2011 €/millions 2009 2010 2011 Revenues 21.0 23.1 24.4 EBITDA -0.1 2.1 1.7 EBITDA margin n.s. 9.1% 7,0% Net Income -1.2 0.1 0.1 Equity 5.2 5.3 5.4 PFN -8.1 -9.5 -10.2
  32. 32. 32 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
  33. 33. 33 Genova Airport: market opportunity  On June 22nd 2011, Genoa Port Authority has published a tender for the sale of 60% stake in the company  At the beginning of September Virtual Data Room was opened  F2i – together with other bidders – has taken part to the procedure, but it cannot submit an offer because of the limited set of information made available by the seller  Nobody has submitted the offer
  34. 34. 34 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 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% 2,1 1,9 2,2 2,3 2,3 2,4 2,5 2,7 2,9 3,3 3,4 3,7 0 0,5 1 1,5 2 2,5 3 3,5 4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 + 5.4% CAGR 2000-2011 €/millions (Consolidated data) 2009 2010 2011 Revenues 36.5 37.2 38.7 EBITDA 1.6 1.8 2.0 EBITDA margin 4.3% 4.9% 5.2% Net Income -1.1 1.1 0.4 Equity 10.7 11.7 12.1 PFN 9.1 7.7 6.1
  35. 35. 35 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
  36. 36. 36 Cagliari Airport: market opportunity  On August 6th 2012 Cagliari Chamber of Commerce has published a tender for the sale of at least 40% stake of SO.GA.ER. After this announcement, on September, it was opened the Virtual Data Room.  The deadline for submitting the final offer is 8th of November 2012.  F2i has been working intensively on the transaction in the last few months in order to submit the offer  Press news show as possible buyers (in addition to F2i), SAVE and Meridiana
  37. 37. 37 SAGAT S.p.A. – Turin Airport Company Profile Traffic Data Key Financial Data  SAGAT S.p.A. is the management company of Turin airport by virtue of a concession expiring in 2035  After privatization in 2000, public shareholders (Municipality and Province of Turin and Finpiemonte Partecipazioni) signed with private shareholders (Sintonia, Equiter, Aviapartner and Italconsult) an agreement expired on June 28, 2012  With more than 3.7 millions of passengers in 2011, Turin Airport is the sixth regional airport in terms of traffic (by excluding Rome, Milan and Venice hubs)  During years 2010 and 2011, traffic is increased thanks to an agreement signed with Ryanair upon payment of marketing incentives by the company and Fimpiemonte Partecipazioni 2,8 2,8 2,8 2,8 3,1 3,1 3,3 3,5 3,4 3,2 3,6 3,7 0 0,5 1 1,5 2 2,5 3 3,5 4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 + 2.5 CAGR 2000-2011 €/millions (Consolidated data) 2009 2010 2011 Revenues 62.2 63.0 64.0 EBITDA 15.6 14.8 15.7 EBITDA margin 25.1% 23.5% 24.5% Net Income 5.7 3.5 3.7 Equity 90.8 91.4 91.1 PFN 11.7 8.2 13.4 Shareholder structure FCT S.p.A. (Municipality of Turin) 38,0% Finpiemonte Partecipazioni S.p.A. 8,0% Province of Turin 5,0% Total public shareholders 51,0% Sintonia S.p.A. 24,4% Equiter S.p.A. 12,4% Tecnoinvestimenti S.r.l. 4,7% SAB S.p.A. 4,1% Treasury shares 3,0% Aviapartner S.p.A. 0,4% Total 100,0%
  38. 38. 38 SAGAT S.p.A.: market opportunity  As of today, all of public shareholders have expressed the intention to sell the stake held in the company  In particular, before summer 2012 Municipality and Province of Turin have called for a competitive tender respectively for the sale of 28% and 5% stake in the company, but nobody has submitted the offer  On October 2012, Municipality have called for another competitive tender for the sale of 28% stake in the company; the deadline for submitting an offer is set for November 20, 2012  F2i is interested in the asset and it is working in order to submit the offer

×