PRESS RELEASE
The Board of Directors of ASTM S.p.A. met today:
ADDITIONAL PERIODIC FINANCIAL INFORMATION AS AT 30 SEPTEMBER 2018 APPROVED
Motorway concessions sector
• Italy:
• Brazil 3:
Construction sector
• Itinera:
o Revenue equal to €402 million (+50%)
o Backolog: €4.5 billion - of which 62.7% abroad
o 2018 new orders totalled approximately EUR 1,316 million
o The overall pipeline of group activities, between tenders being prepared or pending outcomes totalled approximately EUR 3.2 billion
Net financial indebtedness
Adjusted net financial indebtedness as at 30 September 2018 totalled EUR 1,284.9 million (an improvement of EUR 125.4 million over 30 June 2018)
2018 INTERIM DIVIDEND APPROVED
2018 interim dividend equal to €0.23 per share (+7.5% compared to the 2017 interim dividend) for a total value of approximately EUR 21.1 million approved
1 +3.51% on like-for-like basis, net of Motorway sector revenue for the period from March to September 2018, for the Piacenza-Cremona-Brescia stretch, for which the concession managed by the subsidiary Autovia Padana S.p.A. became effective on 1 March 2018.
2 -0.10% on a like-for-like basis (+2.20% heavy vehicles, -0.81% light vehicles) net of traffic for the period from March to September 2018 relative to the Piacenza-Cremona-Brescia stretch, of which the concession managed by the subsidiary Autovia Padana S.p.A. became effective on 1 March 2018.
3 The group operates on the Brazilian market through its joint subsidiary Ecorodovias Intraestrutura e Logistica SA.
4 The reduction in revenues is mainly due to the effects of the tolls on "suspended axles" for contractual rebalancing and truckers' strikes.
5 +1,7 on a like-for-like basis, -1.7% considering the effects of the tolls on "suspended axles" and the truckers' strikes which affected the period from 21 May to 3 June
2018.
Tortona, 14 November 2018. The Board of Directors of ASTM met today, approving the following.
ADDITIONAL PERIODIC FINANCIAL INFORMATION AS AT 30 SEPTEMBER 2018
The Board of Directors of ASTM reviewed and approved the additional periodic financial information as at 30 September 2018. Main data are analysed below.
MOTORWAY CONCESSION SECTOR - PERFORMANCE INDICATORS
Revenues
"Motorway sector" revenues in the first nine months of 2018 amounted to EUR 867.4 million (EUR 802.4 million in the first nine months of 2017), showing an increase of 8.10% (+3.51% on a like-for-like basis).
(amounts in thousands of EUR)
Net toll revenue
Rental income and other accessory revenues
Total
1.1.18-30.09.18 | 1.1.17-30.09.17 | Changes | Changes% |
843,145 | 779,103 23,314 | 64,042 970 | 8.22% 4.16% |
24,284 | |||
867,429 | 802,417 | 65,012 | 8.10% |
The increase in "net toll revenue" - equal to EUR 64 million (+8.22%) - is attributable to (i) revenues of EUR 36.3 million (+4.66%) for the period from March to September 2018 generated by the licensee Autovia Padana S.p.A., of which the concession became effective on 1 March 2018, (ii) EUR 3.6 million for the change in volumes and traffic/toll mix (+0.46%) and (iii) EUR 24.1 million (+3.10%) for the recognition of toll adjustments as from 1 January 2018.
The increase in "rental income and other accessory revenues" - equal to approximately EUR 1 million (+4.16%) - is due to revenue of EUR 0.6 million generated by the licensee Autovia Padana S.p.A. relative to the period from March to September 2018 and, for the remaining part, to the new financial conditions agreed during the reallocation of some service areas.
The table below shows the net toll revenue by licensee:
Licensee
Motorway stretch
(amounts in thousands of EUR)
SATAP S.p.A.
SATAP S.p.A. SAV S.p.A. ADF S.p.A. ADF S.p.A. SALT p.A.
A4 stretch Torino-Milano A21 stretch Torino - Piacenza A5 stretch Quincinetto-Aosta A10 stretch Savona-Ventimiglia A6 stretch Torino-Savona
A12 stretch Sestri Levante-Livorno, Viareggio-Lucca and Fornola-La Spezia
SALT p.A. Asti-Cuneo S.p.A. Autovia Padana S.p.A.
A15 stretch La Spezia-Parma
A33 stretch Asti-Cuneo
A21 stretch Piacenza Cremona Brescia(*)
Total
1.1.18-30.09.18 | 1.1.17-30.09.17 | Change | Change % |
181,761 131,506 53,116 121,757 53,569 145,305 78,127 13,962 - | 19,528 2,174 (531) 1,391 1,443 2,386 978 365 36,308 | 10.74% 1.65% -1.00% 1.14% 2.69% 1.64% 1.25% 2.61% - | |
201,289 | |||
133,680 | |||
52,585 | |||
123,148 | |||
55,012 | |||
147,691 79,105 | |||
14,327 | |||
36,308 | |||
843,145 | 779,103 | 64,042 | 8.22% |
(*) Period from 1 March to 30 September 2018
Traffic performance
Traffic in the first nine months of 2018, compared to the same period of 2017, grew by 8.03%. Data on traffic for the first nine months of 2018 was positively affected - as from 1 March 2018 - by the concession related to the A21 Piacenza-Cremona-Brescia stretch. On a like-for-like basis with the first nine months of 2017, data on traffic reported a 0.10% downturn, due to a 2.20% increase in "heavy vehicles" and a 0.81% decrease in "light vehicles".
Investments in motorway assets
In the first nine months of 2018, investments in motorway assets came to approximately EUR 400 million1.
Ecorodovias
As regards Ecorodovias Infraestrutura e Logística S.A., one of the largest players among Brazilian motorway operators on which the group has joint control and is listed on the Novo Mercado BOVESPA ("Ecorodovias"), the Company recorded the following results for the first nine months of 2018:
• a 1.7%2 increase in traffic volumes;
• a 0.2%3 reduction in motorway sector revenue (revenues amounted to BRL 1,886 million in the period under review).
On 30 October 2018, the Board of Directors of Ecorodovias resolved to distribute dividends - as from 16 November 2018 - equal in total to BRL 194.4 million, (equal to approximately EUR 46 million based on a EUR/BRL exchange rate of 4.2253 on 5 November 20184), relative to the 2017 balance (equal to BRL 35.4 million) and the 2018 interim dividends (equal to BRL 159 million).
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CONSTRUCTIONS SECTOR - PERFORMANCE MEASURES
Itinera Group
Itinera is one of the world's leading players in large infrastructure construction projects.
The Group's main operating areas, besides Italy, cover central and northern Europe (Denmark, Sweden, Romania, Austria), the US, Brazil, Gulf nations (UAE, Kuwait, Oman), and Southern Africa (Kenya, Botswana).
In the first nine months of 2018, the Itinera Group reported a "revenue" of approximately EUR 4025 million (EUR 267.8 million in the first nine months of 2017). The change over the same period of 2017 reflects production amounting to approximately EUR 86 million of the Halmar Group, which was consolidated for the entire year (control of the Group was acquired in July 2017), as well as some major orders in the backlog going into production.
"Net financial indebtedness" as at 30 September 2018 recorded a balance of approximately EUR 33.5 million (approximately 6 million positive as at 30 June 2018).
The "backlog" of the Itinera Group as at 30 September 2018, based on updated investment plans which individual actions refer to, amounted to approximately EUR 4.56 billion, of which 62.7% from abroad. Total new orders acquired by the Itinera Group in 2018 amounted to approximately EUR 1,316 million for the part in its remit.
The overall pipeline of company activities, between pre-qualification and tenders being prepared or pending outcomes totalled approximately EUR 3.2 billion, of which approximately 37% divided between the US and North Europe, 12% related to projects in East Europe, 30% to projects in Italy and 21% to the Middle East.
1 Of which EUR 301 million related to the acquisition of the concession for the A21 Piacenza-Cremona-Brescia stretch and EUR 98 million and investments in the motorway structure.
2 +1,7 on a like-for-like basis, -1.7% considering the effects of the tolls on "suspended axles" and the truckers' strikes which affected the period from 21 May to 3 June
2018.
3 The reduction in revenues is mainly due to the effects of the tolls on "suspended axles" for contractual rebalancing and truckers' strikes.
4 Record date
5 Amount including intergroup eliminations - ASTM Group.
6 Data resulting from the adoption of translation rates as at 30 September 2018 for contracts in currencies other than the Euro.
GROUP FINANCIAL DATA
Details of "Adjusted" net financial indebtedness" equal to EUR 1,284.9 million, are given below:
(amounts in thousands of EUR) | 30/09/2018 | 30/06/2018 Changes |
| 1,188,710 | 1,077,125 -111,585 - |
- | ||
| 1,188,710 | 1,077,125 111,585 500,263 20,057 (94,587) 19,590 (293,566) (107,291) (69,106) (19,061) |
520,320 | ||
(74,997) | ||
(400,857) | ||
(88,167) | ||
| (564,021) | (457,259) (106,762) 1,120,129 24,880 (940,117) 97,016 (45,062) 6,006 (1,536,085) (537) (2,531) (43) |
1,145,009 | ||
(843,101) | ||
(39,056) | ||
(1,536,622) | ||
(2,574) | ||
| (2,421,353) | (2,523,795) 102,442 (1,403,666) 127,322 |
(1,276,344) | ||
| 134,014 | 133,859 (140,501) 155 (2,114) |
(142,615) | ||
R) "Adjusted" net financial indebtedness (O) + (P) + (Q) | (1,284,945) | (1,410,308) 125,363 |
(*) Pursuant to ESMA Recommendation
"Adjusted net financial indebtedness" improved in the third quarter of 2018 by approximately EUR 125.4 million. The change, compared to 30 June 2018, is mainly due to the positive performance of the operating cash flow in the summer period, partially offset by outlays connected with the continuation of the investment programme for motorway infrastructure, as well as the purchase of treasury shares (EUR 12.8 million).
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The financial resources available as at 30 September 2018 are broken down as follows:
(amounts in millions of EUR)
• | Cash and current financial receivables | 1,709 |
• | Investment funds1 | 19 |
• | Cassa Depositi e Prestiti loan (pertaining to SATAP S.p.A.) | 290 |
• | Pool loan (pertaining to Sias S.p.A.) for capex of Autovia Padana S.p.A. | 127 |
• | Uncommitted credit lines (pertaining to ASTM S.p.A. and consolidated companies) | 689 |
• | Committed back up facilities (pertaining to SIAS S.p.A.) | 80 |
• | Committed back up facilities (pertaining to ASTM S.p.A.) | 30 |
• | Committed cash credit lines (Itinera Group) | 8 |
1,224 | ||
2,952 |
Subtotal
Total financial resources as at 30 September 2018
1 The amount related to investment funds is included under the "adjusted" net financial position in the item "non-current financial receivables".
DISTRIBUTION OF THE INTERIM DIVIDEND APPROVED
ASTM Board of Directors, today, with a view to continuing its strategy of previous years, approved the distribution of the 2018 interim dividend equal to EUR 0.23 (up by 7.5% compared to the 2017 interim dividend) for each share with voting rights, for a total value of approximately EUR 21.1 million.
The independent auditors PricewaterhouseCoopers S.p.A., today, issued its opinion in accordance with article 2433-bis of the Italian Civil Code.
The interim dividend - in compliance with provisions established by Borsa Italiana S.p.A. - may be paid as from 28 November 2018 (in this case the shares will be quoted ex-interim dividend from 26 November 2018, against detachment of coupon no. 48). Entitlement to payment of said dividend will be determined with reference to accounting records indicated in article 83-quater, paragraph 3 of Italian Legislative Decree no. 58 of 24.02.1998, as at the end of the business day of 27 November 2018 (record date).
CO-OPTED NEW BOARD MEMBERS AND APPOINTED COMMITTEES
Following the resignations of the Board Members Stefania Bariatti and Stefano Viviano (disclosed to the market on 27th September), the ASTM Board of Directors co-opted two new Board Members into the persons of Arabella Caporello and Roberto Testore, appointing this last one as Deputy-Chairman of the Company.
The Board of Directors positively assessed the possession of the independence requirements pursuant to art. 3 of the Corporate Governance Code of Borsa Italiana S.p.A. and to the art. 148, paragraph 3, of the Legislative Decree 58/98 for the aforementioned directors.
The profile of the directors Arabella Caporello and Roberto Testore is available on the company's website,www.astm.it, under the heading Governance/corporate bodies.
In order to align the Corporate Governance rules of the Company with the requirements of the Corporate Governance Code and the best market practice, the Board then resolved to assign to the Remuneration Committee the functions that the Code itself assigns to the Appointments Committee and modified the naming of the aforementioned Committee in "Appointments and Remuneration Committee".
Finally, the Board of Directors appointed Roberto Testore as a member of the Audit Risks and Sustainability Committee to replace Luigi Roth and Arabella Caporello, member of the Appointments and Remuneration Committee to replace Marco Weigmann, assuming at the same time the presidency.
The Committees are therefore composed as follows:
Audit Risks and Sustainability Committee:
Giuseppe Garofano (Chairman) Giuseppe Gatto
Roberto Testore
Appointments and Remuneration Committee:
Arabella Caporello (Chairperson) Barbara Poggiali
Anna Chiara Svelto
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ASTM - Autostrada Torino-Milano S.p.A. published this content on 14 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 November 2018 16:03:08 UTC