2023 Presentation
Corporate
Structure
3.4bn € total revenue (2022) | 51.9% | ||||||
Geographic footprint: 15 countries | |||||||
25 toll road concessions | |||||||
100% | |||||||
6,208 km network in Italy, Brazil | |||||||
and UK | |||||||
48.1%
100%
100% | 65%1 |
(1) 65% stake indirectly held through Holding do Araguaia in which GLPx Participações holds 35% interest. | 2 |
Note: Excludes treasury Shares. |
ASTM
A global player in the infrastructure sector
Motorway Concessions
ASTM is the second largest toll road operator in the world with 6,208 km of roads under concession in Italy (1,423 km), Brazil (4,701 km¹) and UK (84 km).
EPC
ASTM operates through Itinera in the sector of large
infrastructure works and civil and industrial construction,
41%
SINA, the engineering company, and Euroimpianti, that manages installation projects. Itinera operates in the US through Halmar Intl., one of the most important construction companies in NY in the implementation of large transport infrastructure projects.
Technology
- 1.4bn total revenue (2022):
- Italy: 36%
- Europe (others): 16%
- Middle East: 12%
- Africa: 1%
- North America: 28%
- South America: 7%
- 5.6bn total backlog (2022):
- Infrastructure: 82%
- Civil work: 8%
- Maintenance: 10%
ASTM operates in the technology sector applied to mobility through SINELEC, which offers advanced solutions for electronic tolling and intelligent transportation system.
Tolling and access | Operations and traffic | Safety and security | Connected Mobility | |||
management | management | • | Weigh-in-Motion | |||
• Multi-lanefree-flow | ||||||
• | Tunnel Safety systems | • | Wi-fi in motion service | |||
• | Vehicle identification | • Advanced traffic | ||||
• | Speed-limit | |||||
solutions | management system | |||||
• | Advanced video analytics | |||||
• | Operational and commercial | |||||
for traffic | ||||||
back-office systems | 3 | |||||
(1) Considers stretch of 158.2 km to be operated by EcoNoroeste as of March, 2025.
Geographic
Footprint
Snapshot
Last 12 months (09/30/2023)
R$ 5.0 bn
Adjusted Net Revenue1
R$ 3.6 bn
Adjusted EBITDA
R$ 581.2 mm
Net Income
5.3 thousand
Employees
(1) Excluding Construction Revenue. (2) Considers stretch of 158.2 km to be operated by EcoNoroeste as of March, 2025.
EcoRodovias portfolio includes 11 highway concessions with total of more than 4,700 km² and one port asset (Ecoporto) in eight different states of Brazil, located in the main trade corridors
4
Growth
+6 assets in the last 5 years
Selective and successful strategy, extending the duration of the portfolio from 10 to over 20 years. Focus on execution, efficiency and innovation to maximize value creation for our
stakeholders.
Auction of | Acquisition | Beginning of toll collection at | Auction of | Beginning of toll collection at |
Eco135 | of MGO (currently Eco050) | Ecovias do Cerrado | EcoRioMinas | Ecovias do Araguaia |
Feb/18 | Apr/19 | May/19 | Sep/19 | Nov/20 | Apr/21 | May/22 | Sep/22 | Oct/22 | May/23 |
Beginning of toll | Auction of | Auction of | Auction of | Beginning of toll |
collection at Eco135 | Ecovias do Cerrado | Ecovias do Araguaia | EcoNoroeste | collection at |
EcoNoroeste | ||||
Beginning of toll |
collection at EcoRioMinas
The six concessions won during the period currently account for 48.3% of Adjusted EBITDA from highway
concessions (3Q23)
5
Initiatives
Digital Transformation and Innovation Program
- Innovation to charge for suspended axles of non-empty trucks via integration with MDF-e¹under an agreement with Sefaz2.
- Implementation of tests for High Speed Weigh In Motion (HSWIM) system at Ecovias do Cerrado.
- Multi-LaneFree Flow (gantry in test) at Ecopistas and Ecoponte.
- Installation of solar power plants at the Group concessionaires. By 2030, EcoRodovias will generate enough power to supply up to 100% of the low voltage consumption of the toll plazas at the concessionaires.
- Implementation of new capex and opex contracts management system. The system enables a more precise management of the Company's investments.
- Expansion of Internet coverage (4G) along the 850 km of Ecovias do Araguaia.
Solar power plant - Eco135
Free Flow gantry - Ecopistas
HSWIM - Ecovias do Cerrado
Breakdown of toll collection methods in 3Q23:
Toll collection via AVI, self-service and digital means grew 4.0 p.p. (vs. 3Q22) and reached 77.7% of toll revenue in 3Q23.
70% | 8% | 16% | 6% | |||||||||||
0% | AVI (Automatic Vehicle Identification) | Debit/Credit Cards | Digital Wallets | Cash payments | Toll payment vouchers and others | 100% | |||||||||
6 | |
(1) Electronic Tax Documents. (2) Revenue Department. | |
Current Assets
Portfolio's Duration
The portfolio's duration weighted by adjusted EBITDA is more than 20 years.
EcoRodovias | KM | Expiry | Remaining Duration | State |
(year/ month) | ||||
Ecovias dos Imigrantes | 177 | Feb/34 | 10y 3m | SP |
Ecopistas¹ | 144 | Jun/39 | 15y 6m | SP |
Ecosul | 457 | Mar/26 | 2y 4m | RS |
Eco101 | 479 | May/38 | 14y 6m | ES / BA |
Ecoponte | 29 | May/45 | 21y 6m | RJ |
Eco135 | 364 | Jun/48 | 24y 7m | MG |
Eco050 | 437 | Jan/44 | 20y 2m | MG / GO |
Ecovias do Cerrado | 437 | Jan/50 | 26y 2m | MG / GO |
Ecovias do Araguaia | 851 | Oct/56 | 33y 3m | GO / TO |
EcoRioMinas | 727 | Sep/52 | 28y 10m | RJ / MG |
EcoNoroeste | 601 | Apr/53 | 29y 5m | SP |
(1) The Regulatory Agency (ARTESP) recognized the contractual imbalance at Ecopistas caused by the increase in works for Extension of the Carvalho Pinto Highway on the Taubaté | 7 |
stretch. ARTESP will move forward with the process of defining the method of rebalancing and formalizing the respective Amendment. |
OPERATIONS
Drivers of results
- Traffic: Export corridors (agribusiness), resumption of industrial production, regional tourism and commuter traffic
-
Tariff adjustments based on inflation / Business
Model linked and protected by inflation - Pursuit of operational efficiency due to reassessment of Organizational Model
- Efficient Capex management with in-house technical expertise to maximize returns
- Resilient long-term cash flows
- Consistent and Sustainable Results
8
Overview of Traffic
Dynamics
EcoRodovias traffic growth rate kept well above Brazil's GDP growth Even in years of recession traffic showed resilience
Average of EcoRodovias' adjusted traffic growth over the past fifteen years
Average of Brazil's GDP growth over the
past fifteen years
Adjusted traffic x GDP growth relation over the past fifteen years (xGDP)
2.9%
1.6%
1.8x
Adjusted Traffic Performance Compared to General Economic Performance (GDP)
12.0%
9.2% | 10.2% | ||||||||||||||
7.5% | |||||||||||||||
6.1% | |||||||||||||||
5.1% | 5.0% | 4.7% | 4.3% | ||||||||||||
4.0% | 3.5% | 4.0% | 3.8% | ||||||||||||
3.0% | |||||||||||||||
1.8% | |||||||||||||||
0.7% | 0.5% | 1.2% | 3.7% | ||||||||||||
2.9% | |||||||||||||||
2.7% | |||||||||||||||
1.9% | -1.4% | 1.3% | 1.7% | ||||||||||||
-0.1% | -3.3% | 0.4% | -3.3% | ||||||||||||
-3.5% | -6.2% | ||||||||||||||
-8.2% | |||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 1H23 |
(1) | (2) | (2) | (3) | (3)(4)(5) | (4) (5) | (5) | (5) | (6) | (7) | (7) (8) | (9) | ||||
EcoRodovia´s Traffic Growth | Brazil´s GDP (real term growth) |
Notes: (1) Excluding Ecocataratas (acquired in 2008). (2) Excluding Ecopistas (non operational in the beginning of 2009). (3) Excluding Eco101, as operations started in 2014. (4) Excluding Ecoponte, as operations started in 2015. (5) Excluding tolls for suspended axles and the period from May 21 to June 3 during which traffic was affected by the truckers' strike and toll collection at Eco135 and Eco050. (6) Excluding Eco135, Eco050 and Ecovias do Cerrado. (7) Excluding Ecovias do Cerrado, Ecovia Caminho do Mar and Ecocataratas. (8) Excluding EcoRioMinas and Ecovias do Araguaia. (9) Excluding EcoRioMinas, Ecovias do Araguaia and EcoNoroeste.
9
Overview of current traffic performance
Resilient road portfolio Heavy: +39.9% Light: +26.8%
TRAFFIC VOLUME (equivalent | 10M231 | 10M221 | Var. | |||
paying vehicles, thousand) | ||||||
Heavy + Light | ||||||
Ecovias dos Imigrantes | 55,158 | 51,209 | 7.7% | |||
Ecopistas | 76,606 | 71,296 | 7.4% | |||
Ecosul | 24,561 | 21,108 | 16.4% | |||
Eco101 | 49,716 | 48,619 | 2.3% | |||
Ecoponte | 23,959 | 23,794 | 0.7% | |||
Eco135 | 32,177 | 32,614 | -1.3% | |||
Eco050 | 47,235 | 44,894 | 5.2% | |||
Ecovias do Cerrado | 31,116 | 28,486 | 9.2% | |||
Comparable Total2 | 340,529 | 322,020 | 5.7% | |||
EcoRioMinas3 | 28,608 | 1,589 | n.m. | |||
Ecovias do Araguaia4 | 41,510 | 3,644 | n.m. | |||
EcoNoroeste5 | 28,677 | 0 | n.m. | |||
CONSOLIDATED TRAFFIC | 439,324 | 327,253 | 34.6% | |||
VOLUME | ||||||
1) Includes toll collection up to October 31, inclusive. 2) Excludes toll collection on EcoRioMinas, Ecovias do Araguaia and EcoNoroeste. 3) Considers the start of toll collection at three toll | ||||||
plazas from September 22, 2022, two toll plazas from March 01, 2023, and seven toll plazas from October 27, 2023. 4) Considers the start of toll collection from October 03, 2022. 5) | 10 | |||||
Considers the start of toll collection in seven toll plazas from May 01, 2023. |
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EcoRodovias Infraestrutura e Logística SA published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 18:00:58 UTC.