Save Group Q Results

Transcription

1 Save Group Q Results Venice, 14 th May

2 Table of contents Section 1 Section 2 Section 3 Section 4 Section 5 Group overview Airport Management (SBU1) Infrastructure Management (SBU2) Food & Beverage and Retail (SBU3) Appendix 2

3 SECTION 1 GROUP OVERVIEW 3

4 Group Overview: Save Group A diversified strategy SAVE SpA Airport Management Infrastructure Management Food & Beverage and Retail 1,9 millions passengers in Q1 13 (+4,7% YoY); Venice Airport +8,8% YoY, Treviso Airport -7,4%; 28years of remaining concession period for the Venice Marco Polo Airport (until 2041); 40 years of remaining concession for the Treviso Airport; Present in airport car parking, airport security, engineering etc.; Expanding abroad: Save SpA is the first Italian airport management company, investing in foreign Airport (BSCA Charleroi, Belgium). 103 railway station properties in exclusive management of commercial and real estate areas; 29 years of remaining concession period (until 2042); Business model characterized by high return after a short ramp up of commercial operations. 217 shops as of March 31 st 2013; Airports, Railway Stations, Motorways are the main targets for Food and Beverage and Retail services; Airest Group is one of the most important Italian companies in F&B and Retail business under concession. 4

5 Group Overview: Group Consolidated P/L Group Q1 13 revenues increase by 4,9% YoY, although the severe condition of global economic environment. Financial Overview million change% 2012/2011 Q Q * Unusual income as a result related to the fair value re-measurement of the 75% ownership interest held in Airest Collezioni prior to the acquisition of control, according IFRS3. change% Q1'13/Q1'12 Revenues 352,5 347,2 1,5% 76,1 72,5 4,9% EBITDA 71,4 73,6-3,0% 7,9 8,3-5,3% EBIT 42,9 46,2-7,2% 0,4 1,5-72,4% Unusual income* 0,0 0,0 0,0% 10,1 0,0 na EBIT including unusual income 42,9 46,2-7,2% 10,5 1,5 na Profit before taxes 45,5 47,9-5,1% 10,8 1,1 na Net Profit 33,3 41,8-20,4% nd nd nd Save Group Revenues by SBU million Q Q change% Q113/Q Save Group EBITDA by SBU change% 2012/2011 million Q Q change% Q113/Q Consolidated Revenues 76,1 72,5 4,9% 352,5 347,2 1,5% Consolidated EBITDA 7,9 8,3-5,3% 71,4 73,6-3,0% Airport Management* 27,4 25,9 5,8% 133,5 126,6 5,5% Airport Management* 7,4 7,2 2,7% 53,0 49,8 6,3% Infrastructure Management* 7,4 7,2 3,7% 32,3 31,1 3,9% Infrastructure Management* 1,3 1,2 11,9% 7,3 7,2 1,5% F&B and Retail* 43,9 41,7 5,3% 198,4 200,5-1,0% F&B and Retail* (0,9) (0,1) n.a. 11,1 16,6-32,9% change% 2012/2011 * Gross of Intercompany results and non allocated costs 5

6 Group Overview: Group Consolidated B/S and CF * Save Group solid financial structure Balance Sheet (consolidated) million 31 Mar Dec 2012 NWC (38,6) (46,6) Fixed Assets 535,9 521,9 Long Term Provisions (47,2) (46,3) Assets and Liabilities held for sale 0,0 0,0 Capital employed 450,1 429,0 Total Shareholders' Equity 360,4 347,4 Net indebtedness 89,6 81,6 D / E 0,25 0,23 6

7 in milioni Group Overview: Group Consolidated B/S and CF * Cash flow and Gross capex details Consolidated Cash Flow March 31 st 2013 ( /mln) Q1 13 Gross Capex details by SBU mln 7,1 Gross Cash Flow (9,2) Δ nwc (6,0) Net capex 3,0 Airest capital increase (3,0) Airest collezioni minority purchase (0,2) Other (8,3) 0,2 * (8,1) (increase) Reduction Net Financial Position 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 1,8 4,1 1,1 0,2 0,1 3M2013 3M2012 SBU1 SBU2 SBU3 2,1 * From variation of consolidation area 7

8 SECTION 2 AIRPORT MANAGEMENT (SBU1) 8

9 mln Airport Management: financials Revenues and EBITDA increase up +5,8% and +2,7% YoY thanks to the increase in passengers, driven by the incisive commercial strategy Financial Overview SBU1* million Q1 13 Q1 12 change% 2013/ change% 2012/2011 Revenues 27,4 25,9 5,8% 133,5 126,6 5,5% EBITDA 7,4 7,2 2,7% 53,0 49,8 6,3% Q vs Q Key Rationales EBIT 3,8 3,6 4,3% 39,0 36,0 8,1% * Gross of Intercompany Results Q1 13 Revenues up YoY (+5,8% or c. + 1,5m): aviation revenues (+6,9% YoY or c. + 1,1m) driven by passengers trend; non aviation up (+3,4% YoY or + 0,3m), led by increase of royalties (+2,6%) and advertising (+26,6%); Q1 13 EBITDA (YoY +2,7% or + c. 0,2m), in line with management expectation; increase in revenues had been primarily absorbed by i) higher commercial costs (+ 0,4m) ii) higher labor cost (+ 0,2m YoY), iii) higher concession fee due to Contratto di Programma rules (+ 0,3m ) and by iv) higher operating cost, specifically utilities (+ 0,2m) due to different monthly accounting of heating costs; 150,0 + 6,3% 100,0 50,0 + 8,2% 0,0 CAGR % Revenues EBITDA 9

10 Airport Management: Venice Airport System Venice airport system is the first Italian system for growth during the Q1 13 (+4,7% vs Avg Italian airports -5,5% YoY) Italian airport Passengers Q Passengers Q % chg. Roma FCO ,8% Milano MXP ,5% Milano LIN ,3% Bergamo ,3% Venezia ,8% Bologna ,2% Catania ,6% Napoli ,7% Roma CIA ,2% Torino ,1% Palermo ,3% Pisa ,2% Bari ,4% Cagliari ,1% Verona ,8% Treviso ,4% Lamezia T ,1% Brindisi ,4% Firenze ,8% Trapani ,7% Genova ,9% Alghero ,5% Trieste ,7% Olbia ,9% Altri ,6% TOTAL ITALY ,5% Venice airport system recorded an increase about 4,7% YoY against national average of -5,5%: c. 1,9 million passengers in Q1 13, nearly 20 thousand movements. European accumulated traffic January to March 2013: totally flat reflecting the state of EU economy, according to ACI Europe data. (UE airports -2,1%, non UE airports +8,9%) Venice Airport System, with 1,9 million passengers, confirms its 3rd position after Rome and Milan, and one of three Italian intercontinental gateway; 45 scheduled carriers connecting Venice to 92 domestic, European and intercontinental destinations and 2 home based carriers ; 3 scheduled carriers operating at Treviso airport with 39 domestic and European destinations Intercontinental network 3 daily scheduled long-haul flights to the U.S.: New York & Atlanta by Delta Air Lines; Philadelphia by US Airways 3 daily services to the Middle East: Dubai by Emirates with 2 daily frequencies & Doha by Qatar Airways. Emirates operates a second daily flight to Dubai since Summer services to Canada : Toronto & Montreal by Air Transat with 3 weekly frequencies (1 additional frequency to Montreal since Summer 2013); Toronto by Air Canada Rouge, with 3 weekly frequencies since July 2013 Venice Passengers on international destination: 78% (Italy: 58%, data referred to Jan Mar 2013). Source Assaeroporti 10

11 millions Airport Management: key figures aviation In Q Venice Airport system passenger trend shows a persisting increase, +4,7% YoY Venice Airport system passenger trend Q1 13vs Q1 12 YoY change 12,0 9,0 6,0 3,0 0,0 1,40 + 8,8% + 4,7% - 7,4% 1,52 0,48 0,44 1,87 1,96 Venice Treviso Airport system 3M 12 3M 13 11

12 O&D traffic flows between Venice to the world Q Europe 888, % Note: Comparison with the same period of previous year - Source: Save database 12

13 Airport Management: Venice Airport strategy Venice Airport traffic 4 points strategy: diversified carriers to reduce risks and extend offer (1/2) Home base carrier Link with hubs Point to point Intercontinentals DOH JFK & ATL PHL DXB YYZ & YUL Capillarity in the immediate territory Guarantee the catchment area accessibility to the world Non-stop access to high passenger volume destinations Penetration of further afield territories through intercontinental hubs 13

14 Airport Management - Venice airport system Venice Airport traffic 4 points strategy: diversified carriers to reduce risks and extend offer (2/2) Venice Airport Q Scheduled traffic by carrier* Treviso Airport Q Scheduled traffic by carrier* ALTRI 25% EASYJET 22% WIZZ AIR 18% IBERIA 3% KLM 3% TURKISH AIRLINES 3% ALITALIA / AIRONE 14% RYANAIR 77% GERMANWINGS 2% ALTRI 3% VOLOTEA AIRLINES 4% EMIRATES 5% BRITISH AIRWAYS 5% LUFTHANSA 7% AIR FRANCE 9% * General aviation traffic excluded 14

15 Pax in thousands Airport Management: Charleroi airport growth Q ,2 mln passengers, (+0,7 YoY) Airport overview Charleroi Airport is in concession to Brussels South Charleroi Airport (BSCA) until New routes for summer 2013: 4 new routes had been announced by the carriers at Charleroi Airport: 4 new destination of Ryanair: Essaouira and Rabat (Morocco), Targu Mures (Romania) e Podgorica (Montenegro). Charleroi Traffic growth Key numbers Save acquired 27,65% of BSCA capital through a consortium agreement between Save at 65% and Holding Communal at 35%. Passengers: Q1 2013: 1,2mln passengers (+ 0,7% YoY). During the first quarter BSCA was confronted with disruptions for several days, due to an accident involving a private aircraft and extreme weather conditions. Carriers : - Ryanair represents ~ 83% of today scheduled traffic with 80 scheduled routes as of 31 st March 2013 and 15 based aircrafts for the summer. - TUI group is active with 22 routes during 12M 2012 and 5 based aircrafts, Wizzair is active with 6 routes during 12M 2012 CAGR +30,9% CAGR +31,6% CAGR +28,0% Passengers 15

16 Airport Management: tariffs Contratto di Programma: the new regulatory framework The new economic regulatory framework has been approved by Italian Government after 10 years of Ice Age. During the period the rules had been defined and shared with Enac and the sector operators. The investment plan, the quality and environmental plan and the traffic forecasts were submitted to the public consultations. In 2012 ENAC approved the agreement and sent it to the Italian Government for final approving, which had took place at the end of December The new regulatory framework approved by ENAC and by the Government defines a stable set of rules to govern the airport until the end of concession, on March The new criteria link the tariff to the costs of aviation infrastructures and services, traffic forecast and to quality, efficiency and environmental rules. The new economic regulatory framework includes two main documents: the Contratto di programma agreement which will cover 10 years the technical regulatory document ( Documento tecnico di regolazione tariffaria ), which will expire at the end of concession The new economic regulatory framework was the pre-requisite for the launch of a significant effort to activate the projected infrastructure investments as well as to improve quality of services. Tariffs will remain well below the EU average. The new regulatory framework entered into force on 11 th March

17 Airport Management: tariffs Contratto di Programma: the new regulatory framework The main elements of the new SAVE regulatory framework are: Dual till tariff and regulatory period The new tariffs agreement is based on a pure dual till RAB regulation, where the tariffs are correlated to aviation activities and non aviation activities are liberalized, allowing the concessionaire to no claw-back or cap risk on its commercial activities, bearing the full enterprise risk. Bonuses and penalties had been defined when quality and environmental indicators are above/below the targets. RAB (regulated asset base) and investment plan The initial RAB amounts to c. 131M and represents the 68% of the total Capital invested, amounted in 193M. The initial RAB is for quote straight line depreciated to concession - end and for the rest is depreciated comply with useful life. Future tariffs includes the inflation revaluations. The investment planned for the period amounted to 576M of which c. 392M will be borne by SAVE. WACC The real pre-tax WACC is equals to 12,51% corresponding to a nominal pre tax rate of 14,20%, for the first tariff period The strategic investments return will increase in range of c. 2% 3%, linked to the level of strategic relevance of the investment. 17

18 Airport Management: tariffs Contratto di Programma: the new regulatory framework Traffic curve The cumulative traffic variation vs forecasts included in the +/- 5% range, will be for the benefit of / borne by Save. Where the traffic registered in the 5yrs period is >5% than forecasts: only the 50% of higher income above 5% will be set aside for future investments, with no impacts in tariff for remuneration/depreciation. Where the traffic registered in the five year period is <5% than forecasts: 50% of the lower income below -5% will be included in the allowed costs for tariff calculations in the following five-year period. The planned traffic growth curve for the first regulatory period could include a yearly +/- 6% deviation. Deviation over +/- 6% vs forecasts entitle to the rebalancing of the tariff mechanism for the remainder of the regulatory period. Operating costs, elasticity and efficiency The tariffs includes the allowed operating costs and their amounts had been computed starting from the reported figures in 2010 certified Regulatory accounts and in part adjusted to 2011 forecast and in part linked to the elasticity defined Quality and environmental rules The tariffs includes the allowed operating costs and their amounts had been computed starting from the reported figures in Regulatory accounts and in part adjusted to 2011 forecast and in part linked to the elasticity defined. 18

19 SECTION 3 INFRASTRUCTURE MANAGEMENT (SBU2) 19

20 mln Infrastructure Management: financials Q Revenues about 7,4m (+ 3,7 % YoY) and EBITDA about 1,3 m (+11,9% YoY) 230,0 + 2,3% 200,0 170,0 140,0 110,0 80,0 50,0 20,0-10,0 Revenues CAGR % ,1% EBITDA Financial Overview SBU2* million Q1 13 Q1 12 * Gross of Intercompany Results change% 2013/ ** Includes the concession amortization related to the acquisition of the company change% 2012/2011 Revenues 7,4 7,2 3,7% 32,3 31,1 3,9% EBITDA 1,3 1,2 11,9% 7,3 7,2 1,5% EBIT ** 0,6 0,5 21,3% 4,0 4,2-4,3% Q1 13 vs Q1 12 Key Rationales: Q1 13 revenues posted an increase (+3,7% YoY) driven by increase of, commercial revenues (third party and FS group rentals ), offset by decrease in. facility management revenues Q1 13 EBITDA +11,8% YoY, thanks to better absorption of operative costs. Revenues Breakdown SBU Revenues Breakdown SBU Engineering 3% Other revenues 2% Sales 49% Facility management 46% 20

21 Infrastructure Management: key figures and investments Centostazioni: Ownership Structure 60% Key figures (as of March 31 st, 2013) 89 stations refurbished; 6 stations under refurbishment and expected to be completed within 2013; Public partner 60% Operator Archimede 1 40% Profit and Loss Structure Revenues Rental; Fees; Royalties Private partner 40% Others Cost reimbursment plus a 6% mark up + bonus linked to CS sqm available of which: total sqm rented, sqm to commercial activities and sqm to State railways companies respectively; 163,8 M capital expenditure out of a total plan of 188,5 M as of today; of which 57,3 M spent by Centostazioni out of a total plan of 59,3 M. Sales Facility management Engineering 10% fee on investment managed Costs 40% Sales to RFI Facility Costs Personnel Costs etc.. Cost of Structure Cost reimbursements, fees, professional tariffs Rentals contracts Business Model Commercial Partners and Other Partners 40% of rentals Royalties and Rentals 21

22 Infrastructure Management: stations releases Centostazioni: Timing of stations releases ROMA TRAST. LIVORNO PRATO UDINE MODENA ROMA OST. CATANIA BRESCIA MILANO P.G. SALERNO TREVISO MESSINA LAMBRATE 13 MONZA NAPOLI MERG. CASERTA LA SPEZIA REGGIO EM. PARMA PAVIA PIACENZA AOSTA ORTE TRIESTE NAPOLI C. F. CATANZARO SANREMO 27 LECCE NOVARA VICENZA CIVITAVEC. ASTI BRINDISI ROVERETO REGGIO CAL. 35 ASSISI GALLARATE BARLETTA PADOVA CUNEO FERRARA FORMIA ALESSANDRIA CAGLIARI TARANTO 45 BENEVENTO LECCO SIENA SONDRIO RIMINI SAVONA 51 ANCONA *ASCOLI PIC. BELLUNO BOLZANO *CAMPOBAS. *CESENA *CHIAVARI CHIETI COMO *FAENZA *GROSSETO MACERATA *MASSA CARR. MILANO ROG. *MONFALCONE PORDENONE *POTENZA RAVENNA TERMOLI *VILLA S. GIOV. VOGHERA L AQUILA BIELLA DESENZANO PESARO VERCELLI CASTELFRANCO VENETO ROVIGO CREMONA AREZZO FOGGIA GORIZIA LODI PERUGIA DOMODOSSOLA TREVIGLIO PISTOIA TRENTO VENTIMIGLIA VARESE PISA TERNI GENOVA BERGAMO VERBANIA MANTOVA IMPERIA RAPALLO LUCCA PESCARA FOLIGNO FORLI ante

23 SECTION 4 FOOD & BEVERAGE AND RETAIL (SBU3) 23

24 Food & Beverage and Retail: financials Airest Group posted an increase in revenues of + 5,3%YoY Financial Overview SBU3* million Q1 13 Q1 12 change% 2013/ change% 2012/ Proforma change% 2012/PF 2011 Revenues 43,9 41,7 5,3% 198,4 200,5-1,0% 195,8 1,3% EBITDA (0,9) (0,1) n.a. 11,1 16,6-32,9% 13,0-14,4% EBIT ** (3,9) (2,6) 52,4% 0,1 6,0-98,7% 2,9-97,1% * Gross of Intercompany Results ** Including concession amortization Q VS Q Key Rationales Q1 13 Revenues posted an increase about 5,3% (or 2,2m). Revenues benefit from the acquisition of the full control of Abu Dhabi shops and Airest Collezioni; on a like for like perspective, revenues decrease by 2,5% (or - 1,1m). Q1 13 Margins are decreasing about c. 0,8m, mainly due to F&B Italian operations while are growing in the Travel Retail as a result of i) the liquidations of some no profitable point of sales ii) the commercial actions implemented, iii) lower OH costs and iv) renegotiations in some locations. 24

25 Food & Beverage and Retail: revenues by business line Q Group sales breakdown by business line Q Group sales breakdown by business line 41,7 mln 43,9 mln Q1 13 F&B revenues increase by 0,2m (or + 0,6%) mainly thanks to acquisition of full control of the Company in Abu Dhabi (+ 1,3m). On a like for like perspective revenues decrease by 0,7m, mainly due to decrease in Italian motorways channel,which suffered a drop in Italian traffic flows and a lower consumer spending.(- 0,6m or - 5,3%). Good performance of some railways stations in Italy (+7,1%) on a like for like perspective. Airport channel growth benefit of the consolidation of Abu Dhabi shops; on a like for like perspective, revenues are in line with 2012, growing in Czeck Rep. and China, while Austria (- 0,1 mln) and Italy (- 0,1 mln) are suffering from the traffic decline in several airports Q1 13 Retail revenues increase about 2,1m: 2m thanks to the full control of Airest Collezioni, and 0,3 m mainly thanks to new openings, partially offset by 0,2m, due to negative performances of Moscow. 25

26 Food & Beverage and Retail: F&B revenues breakdown Q F&B sales breakdown by country 100% 100% 50% 50% 0% 0% Q F&B sales breakdown by country 0% 0% 50% 50% 100% 100% 72,5% 72,5% Italy < > 69,5% 69,5% 19,1% 19,1% Austria < > 18,5% 18,5% 5,9% 5,9% Czech Rep. < > 6,2% 6,2% 0,0% 0,0% UAE < > 3,6% 3,6% 1,7% 1,7% Slovenia < > 1,6% 1,6% 0,8% 0,8% China < > 0,6% 0,6% Q % F&B sales breakdown 50% by 0% channel 0% Q F&B 50% sales breakdown 100% by channel 100% 53,8% 50% 0% Airports < > 0% 50% 53,8% 100% 53,8% 31,2% Airports Motorways < > < > 28,0% 53,8% 31,2% 7,9% Motorways Railways < > < > 8,1% 28,0% 7,9% 7,1% Railways Urban < > < > 8,1% 10,1% 7,1% Urban < > 10,1% 36,1 mln * 36,3 mln * * Including non intercompany revenues of VIF and excluding intercompany revenues. UAE not fully consolidated in

27 Italy F&B < > Austria F&B < > <--- Czech Rep. F&B ---> Food & Beverage and Retail: Retail revenues breakdown Slovenia F&B < > Q Retail sales breakdown by country China F&B < > Q Retail sales breakdown by country 100% 50% 0% 0% 50% 100% 80,2% Italy Retail < > 81,9% 13,5% Russia Retail < > 11,8% 6,3% Other Countries * < > 6,3% 7,6 mln** 7,7 mln * Other Countries includes UK, Ireland and Germany. 100% of revenues come from the airport channel. ** Proforma figures Included the fully consolidation of Airest Collezioni 27

28 Food & Beverage and Retail: market presence Number of outlets by channel & country* managed by Airest Group Channel Italian Market Other European Markets ** Russia United Arab Emirates China Singapore Total Airports Railway Stations Motorways Shopping Malls and Business Centers Total F&B Directly managed Indirectly managed Total Retail Group total * As of March ** Austria, Slovenia, Czech Republic,, UK ; Germany and Ireland 28

29 SECTION 5 APPENDIX 29

30 PROFIT AND LOSS DETAILS 30

31 Save Group : P&L * million Q % on Revenues Q % on Revenues Change Q1 13/12 % Revenues 76,1 100,0% 72,5 100,0% 3,6 4,9% Raw materials 17,1 22,4% 16,3 22,5% 0,7 4,5% Services 16,0 21,1% 15,3 21,0% 0,8 5,2% Third party property 9,6 12,6% 8,6 11,9% 1,0 11,5% Cost of labour 24,7 32,5% 23,4 32,3% 1,3 5,6% Other operating expenses 0,8 1,1% 0,6 0,9% 0,2 27,4% Total operating expenses 68,2 89,7% 64,2 88,6% 4,0 6,2% EBITDA 7,9 10,3% 8,3 11,4% (0,4) -5,3% Amortisation intangibile assets 3,3 4,3% 3,1 4,3% 0,1 4,1% Depreciation tangible assets 3,4 4,4% 2,7 3,7% 0,6 23,6% Losses and risks on receivable 0,1 0,1% 0,1 0,1% (0,0) -5,7% Accrual for provision 0,8 1,0% 0,9 1,2% (0,1) -11,2% Total D&A and provision 7,4 9,8% 6,8 9,3% 0,7 9,8% EBIT 0,4 0,6% 1,5 2,1% (1,1) -72,4% Unusual income 10,1 13,3% 0,0 0,0% 10,1 n.a. EBIT including unusual income 10,5 13,9% 1,5 2,1% 9,0 n.a. Financial income and expenses 0,3 0,3% (0,4) -0,6% 0,7-160,8% Profit before taxes 10,8 14,2% 1,1 1,5% 9,7 n.a. 31

32 Airport management : P&L million Q % on Revenues Q % on Revenues Change Q1 13/12 % Revenues 27,4 100,0% 25,9 100,0% 1,5 5,8% Raw materials 0,6 2,3% 0,5 1,8% 0,2 33,1% Services 7,9 28,8% 7,2 27,6% 0,7 10,2% Third party property 1,2 4,4% 1,1 4,1% 0,2 14,6% Cost of labour 9,8 35,9% 9,6 37,1% 0,2 2,2% Other operating expenses 0,5 1,7% 0,4 1,6% 0,0 10,8% Total operating expenses 20,0 73,1% 18,7 72,3% 1,3 6,9% EBITDA 7,4 26,9% 7,2 27,7% 0,2 2,7% Amortisation intangibile assets 1,8 6,7% 1,8 7,0% 0,0 1,1% Depreciation tangible assets 0,9 3,4% 1,0 3,8% (0,1) -5,3% Losses and risks on receivable 0,0 0,1% 0,0 0,0% 0,0 n.a. Accrual for provision 0,8 2,9% 0,7 2,8% 0,1 8,0% Total D&A and provision 3,6 13,0% 3,5 13,6% 0,0 1,0% EBIT 3,8 13,9% 3,6 14,1% 0,2 4,3% 32

33 Infrastructure management : P&L million Q % on Revenues Q % on Revenues Change Q1 13/12 % Revenues 7,4 100,0% 7,2 100,0% 0,3 3,7% Raw materials 0,1 0,7% 0,0 0,2% 0,0 n.a. Services 3,6 47,8% 3,7 50,9% (0,1) -2,7% Third party property 1,6 21,6% 1,6 21,8% 0,0 2,8% Cost of labour 0,8 10,4% 0,7 9,5% 0,1 12,9% Other operating expenses 0,1 1,6% 0,1 0,9% 0,1 73,5% Total operating expenses 6,1 82,0% 6,0 83,3% 0,1 2,1% EBITDA 1,3 18,0% 1,2 16,7% 0,1 11,9% Amortisation intangibile assets 0,5 7,1% 0,5 7,3% 0,0 0,9% Depreciation tangible assets 0,2 3,1% 0,2 2,7% 0,0 20,2% Losses and risks on receivable 0,0 0,3% 0,0 0,1% 0,0 110,0% Accrual for provision 0,0 0,0% 0,0 0,1% (0,0) -100,0% Total D&A and provision 0,8 10,5% 0,7 10,3% 0,0 6,1% EBIT 0,6 7,4% 0,5 6,3% 0,1 21,3% 33

34 F&B and Retail management : P&L million Q % on Revenues Q % on Revenues Change Q1 13/12 % Revenues 43,9 100,0% 41,7 100,0% 2,2 5,3% Raw materials 16,4 37,2% 15,8 37,9% 0,5 3,4% Services 5,2 11,9% 5,0 12,0% 0,2 4,4% Third party property 8,9 20,2% 7,7 18,5% 1,1 14,7% Cost of labour 14,1 32,1% 13,1 31,3% 1,0 7,7% Other operating expenses 0,2 0,5% 0,2 0,4% 0,1 48,4% Total operating expenses 44,8 101,9% 41,8 100,2% 3,0 7,1% EBITDA (0,9) -1,9% (0,1) -0,2% (0,8) n.a. Amortisation intangibile assets 0,9 2,0% 0,8 1,9% 0,1 13,0% Depreciation tangible assets 2,2 5,0% 1,5 3,7% 0,7 42,8% Losses and risks on receivable 0,0 0,0% 0,0 0,1% (0,0) -67,5% Accrual for provision 0,0 0,0% 0,2 0,4% (0,2) -100,0% Total D&A and provision 3,1 7,0% 2,5 6,0% 0,6 23,0% EBIT (3,9) -9,0% (2,6) -6,2% (1,4) 52,4% Unusual income 10,1 23,0% 0,0 0,0% 10,1 n.a. EBIT including unusual income 6,2 14,1% (2,6) -6,2% 8,8 n.a. 34

35 GROUP DETAILS 35

36 Group Overview - Save recent history SAVE GROUP IMPLEMENTS NEW STRATEGIES SAVE Group exits ground handling activities in Venice Airport; New air terminal as well as cargo warehouse are opened in Venice Airport; SAVE Group enters the food & beverage and retail business through its new subsidiary Airport Elite. SAVE Group acquires 40% stake in Centostazioni (a company managing 103 medium size Italian railway stations) 2005 SAVE GROUP IS LISTED IN THE ITALIAN STOCK EXCHANGE MARKET (MTA) IPO in the Milan Stock Exchange (SAVE.MI), trough an increase of capital of 160 mln; SAVE Group acquires more than 10% of Gemina Spa share capital, an Italian Company that owns 51% of ADR (Aeroporti di Roma) share capital /2013 SAVE GROUP CONSOLIDATES ITS GROWTH STRATEGY SAVE Group acquires 100% of AIREST share capital from Austrian Airlines (2006) and then sells its Catering divisions focusing only on the F&B and Retail activities (2007) SAVE Group acquires 100% of RISTOP share capital from Autostrada Brescia Padova (2006); SAVE Group sells its 10% stake of Gemina Spa share capital to Morgan Stanley giving a pre-tax capital gain of 31,5 mln New air terminal is opened in Treviso Airport (2007) and Save Group acquires additional 35% of Aertre (i.e. Treviso Airport) capital share funded through Save shares SAVE Group acquires 100% of FFS and ITPS share capital, two companies based in Czech Rep. both operating F&B outlets in Prague Airport. A TOP FINANCIAL INSTITUTION JOINS THE MAJOR SHAREHOLDER OF SAVE GROUP Morgan Stanley joins Finanziaria Internazionale and Generali Insurance in the shareholders agreement of Marco Polo Holding (the major shareholder of Save Group), with the aim to participate jointly in the acquisition of airport assets with less than 10 mln pax located in Italy, Europe, Turkey and Middle East; AIRPORT MANAGEMENT EXPANDS ABROAD Save Group acquires 27,65% of Charleroi Airport (BSCA) capital share in partnership with Holding Communal Save Group obtains the approval of the Treviso Airport 40 year concession extension by ENAC AIREST GROUP STRENGHTENED THE PRESENCE IN AIRPORT CHANNEL Key commercial agreement with McArthurGlen Group and creation of Airest Collezioni, JV operating in airport retail segment VENICE AIRPORT SIGNS NEW TARIFFS AGREEMENT Save signs with Enac the new tariffs system agreement the pre-requisite for the launch of a significant effort to activate the projected infrastructure investments as well as to improve quality of services. Airest acquired the full control on Airest Collezioni 36

37 in millions in millions NET INDEBTEDNESS / EBITDA Group debt structure The net indebtedness/ EBITDA ratio shows a healthy financial structure and a financial discipline Debt maturity scheduled Principal ( Mln) * Net indebtedness / Ebitda ( Mln) 40,0 35,0 30,0 25,0 20,0 15,0 10,0 5,0 0,0 36,9 21,5 22,0 16,3 10,0 9,5 8,0 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec ,2 1,1 1,1 1,1 0,9 0,6 78,3 81,6 65,8 68,4 61,4 31, ,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0 * As of December 31 st 2012 NET INDEBTEDNESS NET INDEBTEDNESS /EBITDA 37

38 Dividends Dividend payment sustainable with high return to the shareholders CAGR 08-12: + 15,8% Dividends 38

39 Airport Management Venice Airport system (1) passengers and movements trend Passengers (1) (mln) Aircraft Movements (1) (thousands) 7,7 CAGR: +5,4% 8,6 8,6 8,5 9,0 9,7 10,5 99,3 108,1 99,0 CAGR: +0,8% 94,2 95,3 97,2 104,5 Venice Treviso (1) Venice Airport System: Venice Airport + Treviso Airport

40 Airport Management Aviation management Revenues breakdown (FY data) 100% 75% CAGR: +3,1% 29,3% 29,1% 28,9% 29,1% 28,6% 28,4% 50% 25% 0% CAGR: +4,2% 62,3% 61,1% 60,8% 61,5% 62,4% 63,6% 8,4% 9,8% 10,3% 9,4% 9,0% 8,0% Other revenues mainly include Airport management intercompany recharges to third parties and other business units Other revenues Aviation Revenues Non aviation revenues 40

41 Airport Management New flights in VCE airport in 2012 & 2013: tremendous growth in difficult times Athens Barcellona Brindisi Cagliari Istanbul Menorca Palermo Majorca Prague St Petersburg Warsaw Marseille Nice Toulouse Chisinau Bacau Bucharest Chisinau Geneva Lisboa Nice Toulouse Tallin Bratislava Newcaste Hamburg Birmingham London Gatwick Manchester Moscow VKE Moscow DME Nantes Alghero Alicante Bari Bilbao Bordeaux Brindisi Cagliari Corfu Heraklion Kos Lamezia Terme Lampedusa Malaga Mikonos Olbia Oporto Palermo Reggio Calabria Rhodes Thessaloniki Santiago de Compostela Santorini Split Valencia Toronto Catania Tirana London Southend Manchester Lille Nantes Catania Nantes 41

42 Airport management New scheduled flights and frequency increases New scheduled destination - Venice Airport Carrier Destination Frequency AIR CANADA ROUGE Toronto 3/7 AIRONE Catania 14/7 Tirana 4/7 EASYJET London Southend 4/7 Manchester 3/7 TRANSAVIA FRANCE Lille 2/7 Nantes 2/7 Paris Ory 7/7 VOLOTEA Catania 14/7 Nantes 2/7 Frequency increases - Venice Airport Carrier Destination Frequency Increase AIRTRANSAT Montreal 2/7 +1 TUNISAIR Tunisi 6/7 +1 TAP Lisbona 10/

43 Airport Management: key figures non aviation FY 2012 Venice Airport system aviation and non aviation figures Venice Airport System - Revenues per pax 9,0 8,3 8,1 6,0 3,8 3,6 3,0 0,0 Aviation Revenues per pax Non Aviation Revenues per pax 12M11 12M12 * Venice Airport System: Venice Airport + Treviso Airport Non Aviation Revenues Breakdown per pax 4,00 3,50 0,11 0,15 3,00 2,50 2,41 2,36 2,00 1,50 1,00 0,50 1,20 1, Advertising/ Tick Commercial Parking 12,0 9,0 6,0 3,0 0,0 Venice Airport - Revenues per pax 8,6 8,7 4,0 4,2 Aviation Revenues per pax Non Aviation Revenues per pax 12M11 12M12 4,50 4,00 3,50 3,00 2,50 2,00 1,50 1,00 0,50-0,14 0,20 2,57 2,73 1,29 1, Comments on VCE and TSF airports FY2012 Revenues: Advertising/ Tick Commercial Parking VCE: aviation revenues increased by 1,1% YoY driven by increase in passengers; non aviation increased by 4,4%YoY thanks to commercial activities and park taking in consideration that in 2011 the TSF airport activity moves to Venice airport, for extraordinary maintenance actions from May to December; 43

44 Infrastructure Management REFURBISHMENT ENHANCEMENT MANAGEMENT New layout and innovative vision of transit areas Increase of square meters destined to passengers services Passengers flow strategies to remove bottlenecks and increase dwell times in the commercial areas Use of innovative lighting to improve the transit experience Increase of commercial activities and diversified services offered to the passengers Modern merchandising mix in the commercial gallery Promotion of events inside the station to increase affluence Strengthening of communication and advertising for the stations Using of multitarget and multimarket communication strategy Guarantee security and cleaning standards, that guarantee the ambiance Innovation management of cleaning and maintenance activities (Global service) Constant control of qualitative standard 44

45 Infrastructure Management Commercial Square meter CAGR: +6,3% Revenues per Square meter CAGR: +1,1% Revenues per sqm slightly increased vs 2011 for the new contracts and renegotiation of existing contracts in more profitable stations, partially offset by the commercialization of spaces with lower value and other renegotiations. Revenues per sqm grew from 190 in 2004 to 258 in 2012 Some examples in the Value Creation Model Example of 15 refurbished railway station Total 15 Station* Before Refurbishment After Refurbishment Delta % Commercial Square metres % No. Of Shops % Revenues % Revenues per sqm % * Brescia, Milano Lambrate, Roma Ostiense, Roma Trastevere, Treviso, Modena, Parma, Reggio Emilia, Udine, Milano P.G., Trieste, Novara, Vicenza, Napoli Mergellina, Napoli C. Flegrei, Monza The growth of efficiency and profitability of a railway station after its refurbishment is underlined by the huge increase in: - revenues - revenues per sqm 45

46 Food & Beverage and Retail Airest Group, born in 2001, is today an Italian player in the travel concession business operating in the F&B and Retail industry, 2.000* employed and 215 managed point of sales May 2001 Start up of operations (5 F&B and 3 Retail outlets at Venice Marco Polo Airport). New openings at Catania, Treviso and Olbia airports 2004 enter Italian railways concessions (through Centostazioni) Acquisition of AIREST (Austrian airport concessions) Acquisition of RISTOP (F&B motorways concessions) First opening in China Acquisition of FFS & ITPS (Prague airport concessions) Openings in France and Abu Dhabi Commercial partnership with McArthur Glen** Start up of production facility (VIF) Opening of 4 new F&B outlets at Rome Airport First openings in Russia (Moscow Sheremety evo Airport) Opening of a new outlet at Shanghai EXPO Opening of Rustichelli &Mangione flagship store in Rome downtown Creation of Airest Collezioni, (JV with McArthur Glen**), a one-stop retail solution for the airports on a worldwide basis Acquisition of the full control on Airest Collezioni * As of 31 March 2013 ** International leading player in the development and management of outlet centers in Europe 46

47 Food & Beverage and Retail: outlet development Airest Group: evolution of point of sales, directly manages and yearly new opening details (as of 31st March 2013) Points of sales, directly managed, evolution New openings in Q Rest of the world Italy Point of sales evolution new openings in Q1 2013, Vienna (1) Verona (1), Palermo (3), Venice (2), Abu Dhabi (1) * * As of March

48 Food & Beverage and Retail: market presence Passenger traffic trend in main airports where Airest is present ( Q vs Q1 2012) Avg Italian Venice * Treviso Rome Verona Airports Vienna Prague Avg Italian 94,8% Venice Treviso Rome Verona Airports Vienna Prague Venice Airport System +4,7% 8,8% Airest presence in Airports (3,0%) (0,6%) -3,8% (2,1%) -7,4% -18,2% Source: Assaeroporti and Management data 0,1% -5,5% 7,5% -1,7% 4,4% -6,3% - In Italy: Venice, Treviso, Rome, Bari, Bergamo, Catania, Verona, Brindisi - Abroad: Wien, Prague, Moscow, Ljubljana, Graz, Klagenfurt, Salzburg, Glasgow, Shanghai, Abu Dhabi, Dublin, Singapore Q vs Q Key Rationales: All airports are decreasing, except for the Venice airport system,as a consequence of the persisting of international crisis. 48

49 2013 FINANCIAL CALENDAR 49

50 2013 Financial calendar 22/29 April Annual Shareholders Meeting 2 Aug Q2 and H1 Results Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 12 March Consolidated financial statements 14 May Q1 Results 13 Nov Q3 Results 50

51 Disclaimer The executive responsible for the drafting of the company s accounting and corporate documents, Giovanni Curtolo, hereby declares pursuant to clause 2, art.154 bis, decree law 58/1998, that the accounting information in this release is in line with the Company s accounting records and registers. This document has been prepared by Save S.p.a. - SAVE ("SAVE") solely for use at the presentation to potential institutional investors it is not to be reproduced or circulated and is not to be used in the United States, Canada, Australia or Japan. The information contained in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of SAVE or any of their representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. Neither this document nor any part or copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States, or to any U.S. Person as that term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the Securities Act ). Neither this document nor any part or copy of it may be taken or transmitted into or distributed directly or indirectly in Australia (other than to persons in Australia to whom an offer of securities may be made without a disclosure document in accordance with Chapter 6D of the Corporations Act 2001 (Cth.)), or taken or transmitted into Canada or Japan, or distributed directly or indirectly in Canada or distributed or redistributed in Japan or to any resident thereof. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian or Japanese securities laws, as applicable. The distribution of this document in other jurisdictions may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. In this case no reliance will be placed on SAVE. This document has not been approved for the purpose of section 21 of the Financial Services and Markets Act It is being made available only to persons who are of a kind described in Article 19(5) of the Financial Services and Marketing Act 2000 Order 2001 or persons to whom such document may otherwise lawfully be issued or passed on. The statements contained in this document that are not historical facts are "forward-looking" statements (as such term is defined in the United States Private Securities Litigation Reform Act of 1995), which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "should" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These forward-looking statements, such as the statements regarding SAVE s ability to develop and expand its business, the effects of regulation, changes in overall economic conditions, capital spending and financial resources and other statements contained in this document regarding matters that are not historical facts involve predictions. No assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as a result of risks and uncertainties facing SAVE and its subsidiaries. Such risks and uncertainties include, but are not limited to, increased competition and regulatory, legislative and judicial developments that could cause actual results to vary materially from future results indicated, expressed or implied in such forward-looking statements. By viewing the material in this document, you agree to the foregoing. 51

52 SAVE Spa For additional information: Investor Relations SAVE Group Phone: ; Fax: