Atlantia Presentation Update on Recent Events - London - 25 October 2007
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London – 25 October 2007 Atlantia Presentation Update on Recent Events
Disclaimer
THIS DOCUMENT HAS BEEN PREPARED BY ATLANTIA S.P.A. (THE “COMPANY”) FOR THE SOLE PURPOSE DESCRIBED
HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY
ISSUED BY THE COMPANY OR ITS SUBSIDIARIES.
THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS
CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANY NOR ANY OF ITS
REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN
ANY WAY FROM THE USE OF THIS DOCUMENT. THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN
WHOLE OR IN PART, TO ANY OTHER PERSON.
THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE PRESENTATION MAY INCLUDE
FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE
COMPANY’S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES AND
PROJECTIONS, AND PROJECTS. HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND
UNCERTAINTIES. WECAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO
DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT
ARE NOT LIMITED TO: TRENDS IN COMPANY’S BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, CHANGES
IN THE REGULATORY ENVIRONMENT, ITS ABILITY TO SUCCESSFULLY DIVERSIFY AND THE EXPECTED LEVEL OF FUTURE
CAPITAL EXPENDITURES. THEREFORE, YOU SHOULD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING
STATEMENTS.
Update on Recent Events London – 25 October 2007 1
Preliminary Remarks
Rome London
12 October 25 October Next Steps
2007 2007
• Autostrade per l’Italia • Presentation of the main • Completion of the
and ANAS signed the content and clauses of the authorization process
Single Concession new concession contract • Business plan update
Contract Scheme • Illustration of the approval
process
• Update on status of the
current investment plan and
overview of the new one
• Perspectives for international
growth
Update on Recent Events London – 25 October 2007 2
Table of Contents
1. Introduction
2. New Concession Scheme Highlights
3. Investment Plans
4. International Overview Strategy
5. Closing Remarks
Update on Recent Events London – 25 October 2007 31. Introduction
Update on Recent Events London – 25 October 2007 4Key Company Facts
Autostrade per l’Italia’s Network
• In May 2007 Autostrade changed its name to
Atlantia
A23
A23
A26
A26 A27
• Atlantia is the holding company responsible for A4
A4 A27
Milan
Milan
portfolio strategies in the transport and A1
A1 A13Venice
communications infrastructure and network Turin A12
A12
A6
A6 Bologna
Bologna
sectors and owns 100% of Autostrade per l'Italia Genoa A11 A11Florence
Ancona
A12
A12 A14
• Autostrade per l’Italia is Italy’s largest toll A1
A1
A14
motorway operator with more than four million A12 Pescara
daily customers Rome A14
A14
A1 Bari
• Atlantia, through its Concessionaires, is the A16
A16
Naples A3
largest private investor in infrastructure in Italy
with over €18bn of projected major work
• Atlantia has an international presence, with
operations in Poland, Chile and the US as well as
in Brazil and Argentina through its interest in
Impregilo, Italy’s largest construction company Group Network under concession
Other Motorways
Update on Recent Events London – 25 October 2007 5Group Structure
Sintonia 3.17%(1)
60.0%
Schemaventotto Free Float
50.1% 46.7%
100%
International Engineering,
Italian Concession
Concession Construction,
Business
Business O&M Business
• 8 motorway Concessionaires • Costanera Norte - Chile (45%) – 43 km(2) • SPEA (100%)
• 3,414 km of infrastructure under • Stalexport - Poland (56%) – 61 km(2) • Pavimental (71,67%, Revenue FY ‘06 € 0.5bn)
concession in Italy, representing • Impregilo Concessions(3) in Brazil (936 • Impregilo(3) (Revenue FY ‘06 € 2.6bn)
approximately 60% of the national km) and Argentina (413 km) • Dulles Greenway - Virginia/US (100%)
toll network
(1) A 0.63% stake is to be acquired through a share forward transaction
(2) At present Costanera Norte and Stalexport are directly held by Atlantia and will be shortly transferred to Autostrade per l’Italia
(3) Autostrade per l’Italia has a 33.3% interest in IGLI that, in turn, holds a 29.83% interest of Impregilo
Update on Recent Events London – 25 October 2007 6Turnaround 1999-2007
Operational • Successful implementation, between 1999 and 2007, of
efficiency and programme to improve quality of service while driving
quality operational efficiency
• Efficient reorganisation, between 2003 and 2004, of the
Capital Group’s capital structure
structure
• The signing of the Concession Contract Scheme in 2007
Regulatory provides a clear regulatory framework for Autostrade per
framework l’Italia
• A selective and strategic approach to international growth
International (Europpass 2003, Costanera Norte 2005, Stalexport 2006)
development
Update on Recent Events London – 25 October 2007 7Beyond 2007
Operational • Continuous focus and commitment to efficiency alongside
efficiency and quality of service
quality
• Optimising the cost of capital as a result of new network
Capital investments and reduced regulatory risk
structure
• Finalising new investment for removing bottlenecks on the
Regulatory existing network, enabling long term traffic growth
framework
• Accelerate international growth leveraging on industry
International knowledge and financial flexibility
development
Update on Recent Events London – 25 October 2007 82. New Concession Scheme Highlights
Update on Recent Events London – 25 October 2007 9Value Drivers in the Toll Road Industry
• Value creation for a toll road operator is the result of careful management of typical
concession risks and effectively mitigating risks that are out of the Concessionaire’s
control
Contract & Concessionaire’s
Country risk
Regulatory risk risks
• Macroeconomics • Risk of adverse change • Construction Risk
• Demographics to the concession terms • Traffic risk
• Geography and conditions • Operating risk
• Competitiveness • Ability to increase tariffs • Credit risk
• Politics • Protection against new
legal requirements or
‘force majeure’ events
Update on Recent Events London – 25 October 2007 10Latest Events
23.04.06 15.6.07 26.9.07 12.10.07
+
Autostrade- CIPE Directive New Directive Signed the single
Abertis merger no. 39/2007 for the concession
announcement (review of the authorization contract scheme
previous Directive of the transfer between
no. 1/2007) of motorway Autostrade per
concessions l’Italia and ANAS
2006 2007
Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct
- 5.07.06
The Minister of
Infrastructure,
after a ruling of
the Council of
State, states that
authorization is
3.10.06
(converted
into Law
9.12.06
Law Decree Action by
26.1.07
CIPE
262/2006 ANAS against Directive
ASPI and no. 1/2007
Atlantia for
286/2006) the delay on
investments
needed
27.12.06
2007 Tariff
Increase
frozen
Update on Recent Events London – 25 October 2007 11Reaction of the EU Commission
• 22.9.06: Merger Approval
DG
Competition
• 18.10.06: Preliminary conclusion that Italy has violated Article 21 of
the EU Merger Regulation
• 31.1.07: Sent new preliminary assessment to Italy on measures
blocking Abertis-Autostrade merger
• 18.7.07: Welcomed Italy's move to clarify authorisation procedures in
toll motorway sector
• 14.11.06: Opening of infringement proceedings against Italy
DG regarding the new regime for Motorway Concessions in Italy
Internal Market
& Services
• 4.10.07: New requests for clarifications have been sent to the Italian
authorities
Update on Recent Events London – 25 October 2007 12New Concession Contract Pillars
• On 12 October 2007 Autostrade per l’Italia and ANAS signed the single
concession contract scheme as required by the recent law no. 286/2006
A new price
• A lean formula for the duration of the concession based on a
percentage of inflation, in line with international best practice for
cap formula motorway concessions
Explicit • An explicit compensation mechanism in the event of regulatory
Indemnities changes or early termination of the concession
Covenants & • Well defined constraints on indebtedness, extraordinary transactions
and change of control involving the concessionaire
guarantees
New • Confirmation of the commitment to make the investments provided
for by the contract of 1997 and the 4th Supplementary Agreement of
Investments 2002
• Commitment to implement the preliminary plans to upgrade an
additional 300 km of the network, for approximately €5bn
Update on Recent Events London – 25 October 2007 13Effectiveness of the New Concession Contract
Inter
Parliamentary Court
CIPE Signature Ministerial
Commissions of Auditors
decree
• Opinion by NARS • Non binding • Final contract • Inter-ministerial • Inter-ministerial
• Approval by CIPE opinion between ASPI and decree issued by the decree to be filed
ANAS Ministry of the
• CIPE resolution to Infrastructure and
be filed with the the Ministry of
Court of Auditors Economy
• The Concession Contract is fully effective only once registered by the Italian Court of Auditors
• Pending the European Commission’s infringement proceedings, some changes to the legal
framework might be necessary
• Once the Concession Contract becomes effective, the parties are committed to waive all
litigations that are pending or in any case related to the concession
Update on Recent Events London – 25 October 2007 14Simplification of Tariff Formula
Old Formula Remarks New Formula Remarks
Inflation •Government Budgeted CPI • 70% of Actual rate of inflation for
Inflation previous 12 month period 1 July – 30
Recovery of the • To be calculated every 5 years June
inflation gap • Set by ANAS on the basis of:
• Adequate remuneration of
invested capital • X Investments Factor
Productivity
• Future investment plan Compensation • Unchanged rate of return
improvement
-X • Expected change in for the 2002
• Amounts of investments provided
target for in the definitive plan
productivity
Investment • No need of tariff realignment at
• Expected change in demand
• In case of disagreement the X Plan the end of the works as previously
Compensation requested
for the 2002 factor is equal to percentage
Investment Plan traffic growth of the previous 5
year period
• K Factor
• Based on road surface quality Compensation • RAB system
and accident rate with possible for new (CIPE Directive no 1/2007)
Quality Factor
new parameters to be added
investments • Return equal to WACC pre-tax
unilaterally by ANAS before leverage
Update on Recent Events London – 25 October 2007 15New Formula Improves Visibility on Toll Trend
Annual change in tolls = 70% * ∆CPI + X + K
• For the purposes of calculating tariffs, the Concession Agreement has retroactive effect
commencing from 1 January 2007
• In 2008, once the new contract is effective, tariffs will be raised by the percentage equal to
the difference between the amount resulting from applying the new tariff formula since 1
January 2007 and the tariff charges actually applied since that date
• Authorization to increase tariff by ANAS, the Ministry of Infrastructure and the Ministry
of Treasury pertains to material mistakes made by the Concessionaires only. In case of no
remarks, tariffs are increased by the Concessionaire from 1 January
Update on Recent Events London – 25 October 2007 16A Lean Price-Cap Formula
• A new streamlined formula in line with standard regulations in the European Toll Road Industry
Minimum tariff increase for European operators of motorways under concession
France Portugal Spain
70% * ∆CPI 70% * ∆CPI 90% * ∆CPI 100% * ∆CPI – X
• ∆CPI = actual rate of inflation • ∆CPI = actual rate of • ∆CPI = actual rate of • ∆CPI = actual rate of
of the previous 12 months inflation of the previous inflation of the previous inflation of the previous
period 1 July – 30 June year year year
• x= 1% of the difference
between foreseen and actual
traffic growth
Update on Recent Events London – 25 October 2007 17Indemnity for Revocation or Regulatory Changes
• In the event of tax, legislative and regulatory changes with specific
Pass-Through impact on the industry, by means of a pass-through mechanism,
tariffs are adjusted upwards to fully indemnify the concession
holder
Early • The types of contractual failures that can lead to revocation,
Termination withdrawal or termination of the concession are expressly regulated
(even in case of unilateral changes in the regulation)
• In case of early termination of the concession an indemnity is
Indemnity always explicitly provided for, which is equal to the net present
value of expected cash flows until the end of the concession as
originally agreed in the concession contract
(net of a penalty equal to 10% of the value, applied only in case of
revocation due to Concessionaire’s fault)
Update on Recent Events London – 25 October 2007 18Covenants and Guarantees
Financial • Introduction of a covenant (DSCR>1.2x)(1) that the Concessionaire
Covenant must comply with at the end of every fiscal year
• Commitment to have irrevocable financing available in an amount
Liquidity equal to the investment gap with respect to the concession agreement
plan
Extraordinary • Mergers, de-mergers, liquidation, headquarter move, change in
Transactions purpose of the company, involving the concession holder, are subject
to authorisation by ANAS
Acquisitions & • Not subject to authorisation by ANAS if DSCR>1.6x (pre and post
Disposals transaction)
(1) DSCR=Operating Cash Flow before Interest/Debt Service
Update on Recent Events London – 25 October 2007 19Change of Control Rule
• Net equity of at least €10 million for each percentage point of
ownership
• Head office in a country not included in the list of countries with
Control over favourable tax treatments
Autostrade per
l’Italia must always • Commitment to preserve the Concessionaire’s registered
remain with an entity headquarters and the technical and organizational strength necessary
fulfilling specific to cover its contractual obligations in Italy
conditions • A Board of Directors consisting of directors and statutory auditors
who fulfil requirements of professional standing as well as
independence and honesty, required of listed companies on the
exchange where the head office is located
Update on Recent Events London – 25 October 2007 20Other Provisions
• Concession fee on tolls is currently set at 2.4%
Concession • Future increases are transferred to tariffs by means of the pass-
Fees through mechanism
• The sub-concession fee on service area royalties is raised to 5%
Recovery of • On a five years basis, in the event that actual traffic for the same
Extra Traffic period results in an annual growth rate higher than 1% with respect to
estimates stated in the 2002 Supplementary Agreement(1), 50% of the
economic benefit (net of taxes) is paid into a special fund for
financing new investments without additional tariffs
Regulatory • If there is a delay in making investments that are not specifically
Provisions compensated for in the tariffs (e.g. the 1997 Concession Agreement
investments), the Concessionaire must set aside regulatory provisions
of equity capital equal to equivalent cumulated net profits
• These reserves will automatically become available when the
investments reach the originally planned amount (€4.5 bn)
(1) The 2002 Supplementary Agreement forecast a 1.75% annual growth from 2008 to 2012, 1% from 2013 to 2017, 0.5% from 2018 to 2022 and 0% thereafter. The
share of net revenues subject to claw back is equal to 75% in the event traffic exceeds those estimates by 1.5%.
Update on Recent Events London – 25 October 2007 21Sanctions and Penalties
• A set of sanctions and penalties are agreed upon by contract in case of lack of compliance
with the contractual obligations
Quality
• In case quality indicator used in previous tariff formula results in a
fall below 2006 levels, Concessionaire has to pay a penalty equal to
Standards €2m
• Other penalties are provided for in case of deterioration of quality
standard (ranging from €10,000 up to €500,000 in the heaviest
case)
• €25,000 per month of delay in the completion of project phase of
Works investments or in the execution of works (after all authorizations are
granted) in case of Concessionaire’s fault
Administrative • Sanctions ranging from €25,000 up to €2m in the heaviest case are
Sanctions charged in case of violations of information obligations to ANAS, as
well as of major contractual obligations
Update on Recent Events London – 25 October 2007 223. Investment Plans
Update on Recent Events London – 25 October 2007 23Autostrade per l’Italia Capex Commitment
Residual Capex(1) &
Investment Period Status as at 30 Sept. 2007 Compensation
Major works
1997 Concession € 4.4 bn 31% 49% 20%
• 70% CPI
Agreement Executed
In progress
Major works To be authorized
2002 Supplementary € 5.9 bn 9% 47% 44% • X Factor
Agreement
Reallocation of € 2.0 bn
Ongoing Capex
• Already included in 1997 Concession Agreement
commitment under ongoing capex
• 70% CPI
2008-2020
Completion of noise € 0.7 bn
reduction plan 2008-2021
• Included in the new contract • K Factor
• Commitment to implement the preliminary plan to
€ 5.0 bn
New Investments
2012-2020
upgrade over 300 Km of network with additional • K Factor
new lanes
Total Capex € 18.0 bn
(1) Gross capex from 2007 to the completion of the plan, excludes government grants and capitalized costs
Update on Recent Events London – 25 October 2007 24Update on Group’s Current Investments Stage of
Residual Investment completion
Km Capex(1) Period as at 30.09.07
MI-VA (A8) Fiorenza - Gallarate 28.7 0 2000 100%
Major works MI-NA (A1) e BO-TA (A14) Bologna Interchange 45.3 70 2007 75%
1997 Concession MI-NA (A1) Variante di Valico 66.6 2,623 2012 31%
Agreement MI-NA (A1) Florence Interchange 58.5 1,697 2015 16%
MI-NA (A1) Orte-Fiano 37.8 17 2007 96%
Remaining Investments 16 2007 45%
Total projects under 1997 Agreement 236.9 4,424 31%
MI-CO (A9) Lainate - Como Grandate 23.2 266 2012 3%
Major works MI-Laghi (A8-A9) Access to Milan Exhibition Center 3.8 18 2008 90%
2002 Supplementary MI-BS (A4) Milan - Bergamo 33.6 261 2007 77%
Agreement A7-A10-A12 Genoa By-pass 34.8 2,494 2017 0%
BO-TA (A14) Rimini Nord - P.to S.Elpidio 154.7 2,441 2013 3%
MI-NA (A1) Fiano Romano - Settebagni 14.6 152 2011 4%
Altri interventi 1.3 230 2012 13%
Total projects under 4th Supplementary Agreement 266.0 5,863 9%
Total Investments in Major Works by Autostrade per l'Italia 502.9 10,286 20%
RAV: AO-Traforo Monte Bianco (A5) Morgex- Entreves 12.4 32 2007 94%
STRADA DEI PARCHI: RM-AQ-TE e Torano - Pescara (A24 and A 25) 19.9 314 2010 24%
Subsidiaries AUTOSTRADE MERIDIONALI: NA-Pompei-SA (A3) Napoli - Pompei 20.0 182 2010 59%
Total projects by subsidiaries 52.3 528 61%
Total Investments in Major Works 555.2 10,815 23%
1. Gross capex from 2007 to the completion of the plans, excludes government grants and capitalized costs
Update on Recent Events London – 25 October 2007 25Revamping the Italian Toll Road Network
• Current and new investments in the pipeline allow for long term unconstrained traffic
growth
• New tariff formula provides for a compensation system for new investments with a return
equal to at least current WACC before leverage
• Capital employed in new investments provides for additional financial leverage with
subsequent decrease in the average cost of capital
Autostrade per l’Italia ADT per lane 2007 Autostrade per l’Italia ADT per lane 2021
Undergoing & Committed Sensitivity with an accumulated traffic growth equal
Investments to approximately 25% between 2008 and 2021
~ 800 km
63,9%
48,1% 46,2%
% Network
% Network
~7 % of the network ~6 % of the network (1)
29,2%
6,1% 5,1%
0,5% 0,3% 0,6% 0,0%
22,001 22,001
(1) Of which 130 km eligible for further de-bottlenecking Investments
Update on Recent Events London – 25 October 2007 26Group’s Investments Profile 2007-2021(1)
• A massive investment plan to improve and de-bottleneck the network
(€ bn)
1997 Investment Plan
2.0
2002 4th Supplementary Agreement
Subsidiaries, Other Investments, Ongoing Capex
1.8 New Investment Commitment
Noise Reduction Plan Completion
1.5
1.3
1.0
\
0.8
0.5
0.3
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
1. Gross capex from 2007 to the completion of the plans, excludes government grants and capitalized costs
Update on Recent Events London – 25 October 2007 27Solid and Stable Credit Quality
Gross debt allocation as of 30 June 2007
• Strong credit quality with limited impact on • €2,000m FRN 2004-2011
current credit metrics even after new capex • €2,750m Notes 2004-2014
• €750m Notes 2004-2022(5)
commitment ATLANTIA S.p.A. • €1.000m Notes 2004-2024
• Avg. Net Debt/Ebitda 2007-2020: ~ 4.0x €7,500m
• €800m Term Loan Facility
• €200m EIB average life 12 years
• Avg. DSCR 2007-2020: ~2.5x Total drawn: €7,500m
• Long term availability of financial resources • €1,200m Revolving Facility
• €250m EIB
with average debt maturity of 10 years, with • (Committed Undrawn)
no notes maturing before 2011 Autostrade per l’Italia
€258m (1)(2)
• 93% of consolidated total debt at fixed
Strada €dei
1,434m
Parchi
rate/hedged €701m
Others (3)(4)
€203m
(1) Excludes €817m related to the State (this debt is fully collateralised and guaranteed/paid by ANAS)
(2) Autostrade per l’Italia is a guarantor of Autostrade (now Atlantia) under the Notes, Term Loan,EIB and Revolving Facility (undrawn)
(3) Gross debt including debt deriving from Fondo Centrale di Garanzia for €117m (non interest bearing)
(4) Excludes €78m related to state subsidies (this debt is fully collateralized and guaranteed/paid by ANAS)
(5) Sterling denominated issue
Update on Recent Events London – 25 October 2007 284. International Overview Strategy
Update on Recent Events London – 25 October 2007 29Market Dynamics
11.0%-13.5%
13.5%
Regulatory Market IRR
Risk = 2% 9.0%-11.5%
9.0 /
Construction Risk = 2%
7.07.0%-9.5%
/ 9.5%
Target IRR
∆ Traffic Risk = 1.5 / 3% 5.5%-6.5%
Operating Risk = 1.0 / 1.5% 30 ys.
treasury
bond
(4.5/5.0%)
Tender Construction Opening to Operating
Phase Phase Traffic Phase
Greenfield Brownfield Privatizations
Update on Recent Events London – 25 October 2007 30International Growth Strategy
• The Group’s strategy for international growth is based on strict investment criteria designed
to minimize business risk and to exploit competitive advantage
Greenfield • Focus on urban toll road for minimization of traffic risk
• Key focus on leverage on core competences (ETC, O&M)
Brownfield
• Achievement of a critical mass by country
Privatization
• Shortcut to exploit re-leverage potential
• Operator of toll road with limited equity commitment
• Sintonia and Schemaventotto shareholders’ financial resources and know-how allow for an
increase in fire power, especially in large equity commitment investments, as well as
potential industrial synergies as part of a combined strategy
Update on Recent Events London – 25 October 2007 31Building on Outstanding Track Record
Initial Gross Investment Annual
Equity Capital Gain Period IRR
(€ m) (€ m) (Months) (%)
Country: Austria
2002 Type: Implementation of a free-flow
tolling system for HGV 90 129 28 47%
Europpass 1
Km: 2,000 km overall network length
2005 Country: Chile (Santiago)
Type: Free-flow urban toll road 45 200 (2) 16 254%
Costanera
Norte Km: 43 km-long motorway
Country: Poland
2006 Type: Toll road 95 48 (3) 6 135%
Stalexport Km: 61 km-long motorway
(Krakow-Katowice)
(1) Sold on August 2005
(2) Internal estimate
(3) On the basis of current market cap
Update on Recent Events London – 25 October 2007 32Most Attractive Countries and Opportunities
US: Eastern Europe:
Poland - Achieve critical Russia:
ETC/Congestion pricing Urban toll road
Privatization with limited mass
equity investment Other Countries - ETC
commitment and key role
Stalexport
(Poland)
China: ?
Dulles Greenway
(Washington, US)
Turkey:
Privatization with limited India: ?
equity investment
commitment and key role
Mexico:
Under evaluation
Costanera Norte
(Santiago,Chile) Brazil & Argentina:
Leverage on Impregilo’s Market Presence
Chile: market presence Atlantia
Achieve critical mass Impregilo
Update on Recent Events London – 25 October 2007 335. Closing Remarks
Update on Recent Events London – 25 October 2007 34Investment Highlights
Long Term • Financial flexibility
Concession
Best in Class
• Reduction in the cost of capital thanks to lower regulatory and
contractual risk
Contract • Settlement of all litigation
• Ability to continue to invest in core assets
Investment • Influential position thanks to key role in Italy’s economy
Capacity • Potential for unsaturated traffic growth
International
• Proven strategy for sound international expansion based on
competitive advantage and focused on spread between IRR
Growth and WACC
Update on Recent Events London – 25 October 2007 3525 October 2007 Atlantia Presentation Update on Recent Events Q&A
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