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F2i senior partner Mauro Maia describes the main features of F2i airports network, starting from an overview of the portfolio of F2i - Fondi italiani per le infrastrutture. Mauro Maia (specialized in telecommunications, motorways and airports for the company managed by Vito Gamberale) summarizes some the main information on F2i Aeroporti.
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F2i – Fondo Italiano per le Infrastrutture
F2i Airport Network
12 June 2013
2
F2i’s overview
CDPF2i SGR S.p.A.
Fondi Italiani per le Infrastrutture
Two Major Italian Banks: Intesa and Uncredit
1 International Bank: Bank of America Merril Lynch
9 Major Italian Foundations
2 Pension Funds
SGR Shareholders
(Sponsors)
First Fund F2i (“F2i I”)
Second Fund F2i (“F2i II”)
Starting year: 2007 2012
Target amount: € 1.500 - 2.000 mln € 1.200 mln
Final size: € 1.852 mln € 610 mln (currently fund raising still on going)
Investments realized (n. of companies): 14 2 Investments realized
(commitment – excl. expenses): € 1.716 mln € 209 mln(approx. 93% of the total size)
3
NAP
TUR
MXP
LINBER
FLO
Controlling interest
Qualified minority interest
BOL
Minority interest
Evolution of the F2i’s portfolio in the airport sector
TOTAL F2I COMMITTMENT IN THE AIRPORT NETWORK: € 740 MLN ca.
Naples:5,8 mln pax; 3,9% tot traffic
Malpensa: 18,5 mln pax;Linate: 9,2 mln pax;
Bergamo*: 8,9 mln pax;Total Milan network: 36,6
mln pax; 25% tot trafficTurin: 3,2 mln pax; 2,4% tot traffic
Bologna*: 5,9 mln pax; 4,1% tot trafficFlorence*: 1,9 mln pax; 1,3% tot traffic
Dec2010
Mar2011
Dec2011
Dec2012
Jan2013
Acquisition of 65% Gesac and 54% Software Design from BAA
Acquisition of 5% Gesac from SEA
Acquisition of 29,75% SEA from Milan Municipality
Acquisition of 14,56% (5,94% Fund I, 8,62% Fund II) SEA from ASAM (Province of Milan)
Acquisition of 28,00% SAGAT from Turin Municipality
Acquisition of 22,79% SAGAT from Sintonia
Note: Traffic data relative at 2012
Tot. 70% GESAC
Tot. 44,3% SEA
Tot. 50,79% SAGAT
* Bergamo airport is managed by SACBO, a company owned by SEA with a 31% stake
* SAGAT has a relevant share of «Aeroporto di Firenze» equal to 33,4% and a 7% stake in Bologna airport (bearer of pre-emption rights)
4
Leading airport network: 37% of the total national traffic
F2i Airport Network: “A2i”- “Airport Italian Infrastructure”
Gesac (Naples)
Sea (Malpensa / Linate / Bergamo)
Sagat (Turin / Florence / Bologna)
NAP
TUR
MXP
LINBER
FLO
Controlling interest
Qualified minority interest
BOL
Minority interest
– Total pax 2012 54 mln
– Traffic on national basis 37%
5
National Plan of the Airport Development The Ministry of Transport and Infrastructure has recentely outlined its proposal regarding the National Plan of the
Airport Development (pending approval by the new government). All airports of F2i network fall between the airports of national interest, and above all, with the exception of
Florence, among the 10 “Core Network” airports
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Rimini – upward trend trafficSalerno – used to relocate some traffic from Naples
Traffic more than 1.000.000AlgheroBariBrindisiCagliariCataniaFlorenceLamezia TermeOlbiaPisaRome CiampinoTrapani
TrevisoVerona
Traffic more than 500.000 with specific territorial featuresAnconaPescaraReggio CalabriaTrieste
Territorial continuityLampedusaPantelleria
Milan MalpensaRome FiumicinoVeniceMilan LinateBergamo Orio al Serio
TurinGenoaBolognaNaplesPalermo
Classification of the main Italian airports
Tender notice
Tender notice
Open discussions
Airports directly held by F2i
Airports indirectly held by F2i
Minoritystake
Minority stake
6
The “A2i Network” represents approx. 54 mln pax, namely approx. 37% of the total national traffic, with a total turnover of € 995 mln and an EBITDA of € 234 mln in 2012.
The equity commitment of the two F2i Funds on the airport network is equal to approx. € 740 mln.
Main data of the network “A2i” - F2i Airports
Overview Network F2iDirectly held by F2i Indirectly held by F2i TOT
Gesac SEA SAGAT SACBO AdF SABNA MI TO BG FI BO
% F2i 70,0% 44,3% 50,8% 31,0% 33,4% 7,2%
Data 2012 (excl. Sacbo, data 2011) - € mln(held by
SEA)(held by SAGAT)
Revenues 71,0 621,0 63,1 104,0 37,2 98,5 994,8EBITDA 22,9 141,5 13,9 27,7 8,5 19,0 233,5
EBITDA Margin 32,3% 22,8% 22,0% 26,6% 22,9% 19,3% 23,5%EBITDA / Pax (€) 4,0 5,1 3,9 3,1 4,6 3,2
Net Income 6,5 64,0 -0,9 15,0 3,3 2,2 90,2
Passengers 2012 (n. mln) 5,8 27,8 3,5 8,9 1,9 6,0 53,8Growth vs. 2011 0,6% -2,3% -5,1% 5,6% -2,8% 1,2%Market share on national traffic 3,9% 18,9% 2,4% 6,1% 1,3% 4,1% 36,6%
Consolidated figures in millions (if not indicated differently)
Source: F2i's elaborations on 2012 balance sheet data, with the exception of data related to SAB (balance sheet 2011)
Note: SEA's data are updated to take account of the 2012 balance sheet approved by the Board of Directors on June 4, 2013
7
F2i SGR’s Board of Directors has approved the establishment of an “Advisory Board” (“AB”) as a unit of coordination for the F2i’s airport network, with specific expertise in the sector, with the aim to create a «Model A2i – Airport Italian Infrastructure».
The Advisory Board is constituted by:
3 permanent members (Domenico Cempella - President; Mauro Maia; and Laura Pascotto), and
top figures of the management of the airport companies owned by F2i, periodically involved, even according to the topics to be discussed
The AB has, as its objective, the development of best practices and some coordinated policies, i.e. relations with carriers, handlers, non-aviation operators (managers of duty free, food&beverage, rent a car, advertising agencies, ect.) and suppliers, and the definition of possible management and lay out standards.
For information, F2i has become the reference of certain leading low cost airlines (es. Easy Jet and Volotea) interested in pursuing a sound and sustainable development policy on the Italian market, of which F2i represents approx. the 37%, directly and indirectly.
In summary, the AB task is to identify and promote synergies / economies of scale and scope between airports, promoting the optimization of revenues and costs, the maximization of the quality of the services and the coordination / support in dealing with relevant regulatory issue, in a network logic (subject to compliance with administrative and corporate restrictions applicable to the companies owned).
For this purpose, specific working groups for each area to be developed have been set up.
F2i’s Advisory Board role
8
Working groups divided by operating area
Advisory BoardDomenico Cempella
Mauro MaiaLaura Pascotto
AD / top management Airport Companies
Management CommitteeAD Airport Companies
Coordinator F2i
Benchmark Data
Procurement Business non Aviation Corporate Image Cross Selling
‒ Cleaning services‒ Energy‒ Maintenance services‒ PRM‒ Insurance policy‒ Software‒ …..
‒ Commercial area (In-side, Land-side)
‒ Parking
‒ Common brand‒ Website‒ Stand events‒ Uniforms
‒ ICT Services(Software Design)
‒ Engineering services (Sagat Engineering)
‒ Administrative services
‒ Homogenization of the financial KPI
‒ Quality‒ Operating benchmark
9
Traffic trend
Rome network (FCO + CIA)
Milan network (LIN + MPX)
Bergamo Bologna Naples Turin Florence Total national traffic
41.5
27.8
8.96.0 5.8 3.5 1.9
146.9
11.58.1
2.5 1.7 1.4 1.1 0.5
39.4
N° pax 2012 (mln) N° pax Jan-Apr 2013 (mln)-2,3%vs 2011
-5,1% vs 2012
-2,3%
-5,1% +5,6%
-3,2%
+1,2%
+4,2%
-0,6%
-11,0%-5,1%
-11,3%-2,8%
-0,6%
-1,3%
-5,4%
Note: the percentages, shown in the graph, indicate the variation compared to the same period of the previous year
In 2012, with the beginning of the Italian carriers crisis, the airline industry has reported a traffic decrease of -1,3% in Italy (mainly concentrated in the last semester). F2i’s airports have presented mixed results, but overall slower than 2011: Naples +0,6%, Malpensa-Linate -2,3%, even by Bergamo +5,6%, Florence -2,8% and Turin -5%.
The first four months of 2013 have seen a sharp decline of the national traffic (-5,4%), in particular Naples (-11%), Malpensa-Linate (-5,1%) and Turin (-11,3%), due to the crisis of the domestic segment and national carriers ( Alitalia e Meridiana).
May 2013, with the beginning of the summer season, is showing some signs of recovery, which could be driven solely by the development of new international routes with low-cost and non-European carriers (i.e. Easy Jet, Volotea, Vueling; Turkish, Emirates, Qatar etc), from the second half of 2013 / beginning of 2014.