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H1 16 positive traffic trend except in Brazil, Q2 16 traffic slowdown, negative forex effect

  • 05 Aug 16

Atlantia’s Italian motorways network: traffic +3.8% (+3% after stripping out the leap year effect); LV +3.6%; HV +5.1%). Annual toll increase was 1.09% from 01/01/2016. Revenue +1% (+3% lfl) and EBITDA +1% (+3% lfl). The group’s overseas motorways network: traffic +1.9% overall (+1.4% after stripping out the leap year effect) with +5.6% in Chile, +12.1% in Poland and -2.4% in Brazil. Revenue (€255m; -9%) and EBITDA (€188m; -10%; +4% at cc) are down due to the poor performance in Brazil’s EBITDA (€76m; -€32m; -30%; -11% at cc) due to maintenance and resurfacing work, a 2.4% reduction in traffic and the depreciation in the Brazilian real. Chile and Poland’s EBITDA were up by a respective +14% and +25% (at cc +23% and + 13% respectively). Aeroporti di Roma: traffic +2.8% (+2.3% after stripping out the leap year effect). Revenue (€399m) and EBITDA (€230m) were up 8% translating growth in traffic and tariff increases. Consolidated revenue (€2,566m; +€71m) was up +3% despite the negative forex impact of €40m. Consolidated EBITDA (€1,578m; €+60m) was up +4% (+€81m but +5% lfl). H1 16 reported EBIT and net profit are barely comparable to H1 15 due to the provisions for the repair and replacement of motorway infrastructure and the provisions for the refurbishment of airport infrastructure which reflect charges of €112m following an adjustment to the present value of the provisions due to the significant decline in the related interest rates (vs H1 15 income of €67m due to increases in the matching interest rates). D&A and impairments were broadly in line with H1 15. Consolidated EBIT €965m is down by €110m (-10%) after provisions of €159m). Financial expenses are down by €195m to €251m because they don’t reflect the complex non-cash financial expenses and non-recurrent financial expenses in H1 15. Reported net attributable profit (€413m) is up €36m (10%; +5% lfl). Capex was €566m (-14%), of which €311m in Italian motorways (-€134m due to the opening of Variante di Calico). Group net debt at 30/06/2016: €10,191m (+€104m compared with 31/12/2015) Atlantia’s management expects an overall improvement in the consolidated operating result for the current year.