Annual Report 2015 Annual Report

343 Pages·2016·7.21 MB·English

Annual Report
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www.atlantia.it

Annual Report 2015
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Contents
Contents
1. Introduction ............................................................................................................. 5
Consolidated financial highlights ..................................................................................... 6
Key market data for Atlantia ........................................................................................... 7
Ownership structure ..................................................................................................... 8
Share price performance ............................................................................................... 9
Group structure .......................................................................................................... 10
The Group around the world .......................................................................................... 11
Corporate bodies ......................................................................................................... 12
Statement to Shareholders ............................................................................................. 14
2. Report on operations .................................................................................................. 19
Group financial review .................................................................................................. 21
Financial review for Atlantia S.p.A. .................................................................................. 48
Key performance indicators by operating segment ................................................................ 58
Key performance indicators for the Group’s principal subsidiaries ........................................... 60
Italian motorways ......................................................................................................... 62
Overseas motorways ...................................................................................................... 72
Italian airports ............................................................................................................ 76
Other activities ........................................................................................................... 80
Innovation, research and development .............................................................................. 82
Workforce .................................................................................................................. 84
Corporate governance ................................................................................................... 89
Sustainability .............................................................................................................. 91
Related party transactions .............................................................................................. 99
Significant regulatory aspects .......................................................................................... 100
Other information ....................................................................................................... 108
Events after 31 December 2015 ........................................................................................ 109
Outlook and risks or uncertainties ................................................................................... 110
Proposed resolutions for the Annual General Meeting of Atlantia S.p.A.’s shareholders ................. 111
3. Atlantia’s Group consolidated financial statements as at and for the year
ended 31 December 2015 and notes ................................................................................. 113
4. Atlantia S.p.A. separate financial statements as at and for the year
ended 31 December 2014 and notes ................................................................................ 235
5. Reports .................................................................................................................... 311
6. Key indicators extracted from the financial statements of subsidiaries, associates and joint
ventures, as defined by paragraphs 3 and 4 of art. 2429 of the Italian Civil Code ................. 329
7. Shareholders’ resolutions ............................................................................................. 335
Annual Report 2015 3

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Introduction
1. Introduction
Consolidated financial highlights
(EM) 2015 (a) 2014
Revenue 5,304 5,083
Toll revenue 3,836 3,678
Aviation revenue 565 520
Other operating income and contract revenue 903 885
Gross operating profit (EBITDA) 3,215 3,169
Adjusted gross operating profit (EBITDA) (b) 3,301 3,246
Operating profit (EBIT) 2,212 1,933
Profit/(Loss) from continuing operations 1,438 1,262
Profit for the year 975 773
Profit attributable to owners of the parent 853 740
Operating cash flow (c) 2,105 2,079
Adjusted operating cash flow (b) 2,138 2,181
Capital expenditure (d) 1,488 1,100
(EM) 31.12.2015 (a) 31.12.2014
Equity (including non-controlling interests) 8,483 8,263
Equity attributable to owners of the parent 6,800 6,519
Net debt 10,387 10,528
Adjusted net debt (b) 11,490 11,666
(a) The figures for 2015 reflect the accounting effects of a number of non-recurring financial transactions carried out during the year, as described in detail in
the section, “Group financial review”, and the notes to the consolidated financial statements.
(b) Adjusted amounts have been presented with the aim of enabling analysts and the rating agencies to assess the Group’s results of operations and financial
position using the basis of presentation normally adopted by them. Information on the nature of the adjustments and on differences between the reported
and adjusted amounts is provided in the section, “Adjusted consolidated results of operations and financial position and reconciliation with reported
consolidated amounts”, in the “Group financial review”.
(c) Operating cash flow is calculated as profit for the year + amortisation/depreciation +/- impairments/reversals of impairments of assets +/- provisions/
releases of provisions + other adjustments + financial expenses from discounting of provisions +/- share of profit/(loss) of investees accounted for using
equity method +/- (losses)/gains on sale of assets +/- other non-cash items +/- net deferred tax assets/liabilities recognised in profit or loss.
(d) The figure includes investment in assets held under concession, in property, plant and equipment and in intangible assets, as presented in the statement of
changes in consolidated net debt, included in the “Group financial review”.
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Key market data for Atlantia
Key market data for Atlantia
KEY MARKET DATA 2015 2014 KEY MARKET DATA 2015 2014
Issued capital (at 31 December) (E) 825,783,990 825,783,990 Dividend yield (b) 3.6% 4.1%
Number of shares 825,783,990 825,783,990 Year-end price (E) 24.50 19.33
Market capitalisation (Em) (b) 20,232 15,962 High (E) 25.58 21.31
Earnings per share (E) (b) 1.04 0.91 Low (E) 19.15 16.52
Operating cash flow per share (E) 2.56 2.55 Share price / Earnings per share (P/E) (a)) 23.65 21.24
Dividend per share (E) 0.88 0.800 Share price / Cash flow per share (a) 9.6 7.6
Interim 0.4 0.355 Market to book value (a) 2.4 1.9
Final 0.48 0.445 Atlantia as % of FTSE Italia All Share index (a) 3.93% 2.73%
Dividend/Cash flow per share (%) 34% 31% Atlantia as % of FTSE/MIB index (a) 4.58% 3.11%
GROUP’S CREDIT RATING
Standard & Poor’s BBB+ (stable outlook) BBB+ (stable outlook)
Moody’s Baa1 (stable outlook) Baa1 (stable outlook)
Fitch Ratings A- (stable outlook) A- (stable outlook)
(a) Figures based on the closing price at the end of the year.
(b) Calculated on the basis of the number of shares at the end of the year, after excluding treasury shares.
Annual Report 2015 7
1. Introduction
Ownership structure
Major investors (1) Free float (4)
Sintonia
30.25%
(Edizione)
United Kingdom Italy (3)
InvestCo Italian Holdings (2) 25.2% 20.3%
(Government of Singapore 8.14%
Investment Corporation)
Fondazione CRT 5.06% Rest
of the world
5.8%
USA
Australia 25.3%
4.7%
Blackrock 5.04% Switzwe3rla.9n%d
France
6.2% Rest
of Europe
8.6%
Athena Holding
(Goldman Sachs 4.55%
Infrastructure Partners) Geographic breakdown of free float
Mediobanca 2.71%
43.96%
(1) Source: Consob (as at 31 December 2015).
(2) Includes 0.082% held directly by Governement of Singapore Investment Corporation.
(3) Includes retail investors.
(4) Excludes treasury shares held by Atlantia S.p.A., equal to 0.29% of the issued capital. Source: Thomson Reuters (as of 31 December 2015).
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