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Mundys (formerly: Atlantia SpA)

Earnings Release • Mar 7, 2019

6228_rns_2019-03-07_e88fa5b5-aeeb-4545-acbb-91cece95c2b4.pdf

Earnings Release

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FY2018 Results 7 March 2019 THE GLOBAL LEADER IN INFRASTRUCTURE

Table of Contents

1.2018 Results

  • 1.1 Atlantia Group Results
  • 1.2 Results by Segment
  • 1.3 Financial Update
    1. Strategic Update

A New Atlantia

Note: All data refers to 2018.

(1) Pro forma figures for the acquisition of Abertis (12 months), excluding impacts of the Genoa accident.

1.1 Atlantia Group Results

Key 2018 Financial Figures

(1) Reported figures, including 2 months Abertis contribution.

(2) 2018 pro forma figures for the acquisition of Abertis (12 months) excluding impacts of the Genoa accident.

1.1 Atlantia Group Results

Accounting Treatment post Abertis Deal

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1.1 Atlantia Group Results

2018 Traffic Perfomance

1.2 Results by Segment

Atlantia Group Reported EBITDA Dynamics

(1) Restated for changes in reporting adopted from 2018.

(2) Includes the change in discount rates effect on provisions for replacement and maintenance.

(3) Calculated on the basis of 2017 average FX rates (CLP/€ 732.6; BRL/€3.6) vs 2018 average FX rates (CLP/€ 757.0; BRL/€4.3), PLN/€ 4,3 flat.

Atlantia | Perfomance by Segment 1.2 Results by Segment

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(1) Includes guaranteed incomes which under IFRIC 12 are deducted from revenues.

(2) Includes merchant fees paid by motorway concessionaires.

(€m)

Italian Motorways 1.2 Results by Segment

Increase vs. initial estimates in 9M18 results mainly due to final cost for the project selected by the Extraordinary Commissioner requiring larger expropriation areas

(1) Traffic impacted by heavy snowfalls between end of February and beginning of March 2018, like for like excludes impact for ASPI network only.

(2) Includes the change in discount rates effect on provisions for replacement and maintenance.

Overseas Motorways 1.2 Results by Segment

  • • Two new urban concessions awarded in Santiago (Chile):
  • •AVO 2 (5 km new tunnel, c. € 490m capex)
  • •Ruta 78-68 (9 km new urban stretch, c. € 210m capex)
  • •Costanera Norte debottlenecking program (CC7) almost completed (95%)
  • •Free flow implemented in Nororiente as of July

Note: The results of the Abertis group's motorway businesses have not been included.

  • (1) Traffic impacted by truck drivers strike in May 2018 (Like for Like traffic growth +2.3%).
  • (2) Includes guaranteed incomes which under IFRIC 12 are deducted from revenues.
  • (3) Calculated on the basis of 2018 average FX rates FX (CLP/€757,0; BRL/€4.3) vs 2017 average FX (CLP/€732.6; BRL/€3.6), PLN/€ 4,3 flat. Includes the change in discount rates effect on

Italian Airports: ADR 1.2 Results by Segment

  • New long-haul routes:
  • North America: Norwegian (New York, LA and Oakland); new frequencies to Canada
  • South America: new LATAM flight to Sao Paolo; additional frequencies to Rio de Janeiro and Buenos Aires
  • Far East: opening of direct flight to Canton by China Southern Airlines; increased frequencies to Korea, Taiwan and Singapore
  • Alitalia +2.0% pax (c.65% of growth from long haul); now representing c. 28.5% of aeronautical revenues
  • Ongoing capex for the Schengen/domestic terminal expansion (new pier and commercial area)

Overseas Airports: ACA 1.2 Results by Segment

  • •Continuous international expansion in the Eastern European, Russian, Middle Eastern and North American regions (17 new routes )
  • •122 destinations and 60 airlines
  • •Rise in passenger traffic in the winter season (+7.8% vs 2017)
  • (1) Traffic figures related to Nice airport.

(2) Includes the impact related to the sale of an area belonging to Nice airport under agreements regarding the exchange of areas in relation to property development schemes.

Telepass 1.2 Results by Segment

Highlights

  • •11 countries covered in Europe with one single "box" and fleet management services embedded
  • •Faster growth of new mobility services through T-Pay platform fully compliant with European payments Directive
  • • Launch of instant insurance platform (eg. travel, ski... soon available also motor vehicle liability coverage) and Premium services (eg. EU road assistance )

(1) Includes merchant fees paid by motorway concessionaires.

Abertis EBITDA Growth 1.2 Results by Segment

(1) Calculated on the basis of 2018 average FX rates (BRL/€ 4.3, CLP/€ 758.3, USD/€ 1.2) vs 2017 average FX rates (BRL/€ 3.6, CLP/€ 732.9, USD/€ 1.1). For Argentina, 2018 closing FX rate ARS/€ 43.1 vs 2017 average FX rate of 18.7 due to hyperinflation.

1.3 Financial Update

Change in Group Net Debt

(1) 2018 Pro forma figures for the acquisition of Abertis (12 months), excluding impacts of the Genoa accident. The ratio is 5.1x pro forma for the announced sale of Hispasat.

1.3 Financial Update

Abertis Acquisition Structure

(1) Before disposals of Cellnex and Hispasat; (2) Current margin over Euribor 6 months; (3) Partially refinanced by mean of €0.97bn new term loan at Abertis HoldCo level and a €1,065bn new term loans at Abertis Infraestructuras level (to be drawn down); (4) Reference rate Euribor 6 months with zero floor; (5) Disposal of Cellnex (€1.7bn) completed in July 2018 and Hispasat (€949m) completion expected Q2 2019.

Abertis Acquisition Refinancing Strategy 1.3 Financial Update

  • •€2.7bn proceeds from sale of Cellnex and Hispasat to fully repay €2.1bn bridge to disposal
  • •€2.1bn of bridge to bond already refinanced by new medium term bank debt
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Solid Credit Profile 1.3 Financial Update

•Available resources to cover financing needs up to 2022 (after Abertis Holdco debt refinancing)

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Table of Contents

1.2018 Results

  • 1.1 Atlantia Group Results
  • 1.2 Results by Segment
  • 1.3 Financial Update
    1. Strategic Update

Key Priorities

Deliver value creation strategy for Abertis Key Priorities 1

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FY2018 Results 7 March 2019

21

Key Priorities 2 Continue support and development of the Italian assets

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FY2018 Results 7 March 2019 22

Continue support and development of the Italian assets Key Priorities 2

Source: Airports Council International.

(1) Included in the ranking from 1Q2016.

Maximise returns from recent financial investments Key Priorities 3

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(1) Increase calculated against 2017 EBITDA restated at the average exchange rate for 2018 (£1=€1.128).

(2) Excluding capital expenditure for ElecLink and net receipts from financial operations.

Key Priorities

Focus on dedicated investment platforms to enlarge the global footprint 4

  • • Opportunity to open capital to minority investors
  • •Increase firepower and enlarge global footprint
  • •Selection of best partner for each platform

Accelerate capital rotation while protecting the balance sheet Key Priorities 5

External

Resources

Free cash flow generation

  • Create investment platform for airports
  • • Set up of new airport vehicle to coinvest with financial partners when opportunities arise
  • • Timing to be defined (depending on Fiumicino capex plan, Alitalia situation)
  • • Optionality of further minority sale in Autostrade per l'Italia
  • • Opening of Telepass capital to minority investors, once European consolidation and new products become visible

Capital deployment

Capital allocation options in existing portfolio

Deleveraging / rating protection

Ensure proper shareholders remuneration

Selective approach to opportunities in our areas of focus

Disclaimer

This presentation has been prepared by and is the sole responsibility of Atlantia S.p.A. (the "Company") for the sole purpose described herein. In no case may it or any other statement (oral or otherwise) made at any time in connection herewith be interpreted as an offer or invitation to sell or purchase any security issued by the Company or its subsidiaries, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. This presentation is not for distribution in, nor does it constitute an offer of securities for sale in Canada, Australia, Japan or in any jurisdiction where such distribution or offer is unlawful. Neither the presentation nor any copy of it may be taken or transmitted (i) into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any U.S. person as defined in Regulation S under the US Securities Act 1933, (ii) in the UK to any person other than professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Order and (iii) cannot be directed to, or distributed in, the Republic of Italy, except to qualified investors (investitori qualificati), as defined in Article 34-ter, 1st paragraph, letter b), of CONSOB Regulation No. 11971 of 14 May 1999 (the "Issuers' Regulation") implementing Article 100 of Legislative Decree No. 58 of 24 February 1998 (also known as the Testo Unico della Finanza or "TUF"); Manufacturer target market under MIFID II is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as securities are not available to retail clients in EEA.

The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. This document does not constitute or form part of any offer to sell or a solicitation of an offer to buy any securities in the U.S. or any other jurisdiction. This presentation does not constitute a prospectus or other offering document. Any person who subsequently acquires securities must rely solely on the prospectus and supplemental prospectus published by the Company in connection with such securities, on the basis of which alone purchases of or subscription for such securities should be made. In particular, investors should pay special attention to any sections of the prospectus or supplemental prospectus describing any risk factors. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss.

Appendix

Reconciliation of like-for-like consolidated results

20
18		 20
17
€M No
te		 GR
OS
S
OP
ER
AT
ING
OF
PR
IT
(
EB
ITD
A)		 PR
OF
IT
FO
R T
HE
RIO
PE
D		 PR
OF
IT
FO
R T
HE
PE
RIO
D
AT
TR
IBU
TA
BL
E
TO
OW
NE
RS
O
F
TH
E P
AR
EN
T		 OP
ER
AT
ING
CA
SH
OW
FL		 GR
OS
S
OP
ER
AT
IN
G
OF
PR
IT
(
EB
ITD
A)		 PR
OF
IT
FO
R T
HE
RIO
PE
D		 PR
OF
IT
FO
R T
HE
PE
RIO
D
AT
TR
IBU
TA
BL
E
TO
OW
NE
RS
O
F
TH
E P
AR
EN
T		 OP
ER
AT
ING
CA
SH
OW
FL
Re
d a
(
A)
rte
ts
po
mo
un		 3.7
68		 1.0
83		 81
8		 84
2.9		 3.6
79		 1.4
32		 1.1
72		 66
2.5
Adj
t f
n l
ike
-fo
r-li
ke
ite
tm
us
en
or
no
ms
Cha
in
of c
olid
atio
nge
sco
pe
ons
n		 (
1)		 55
0		 18
6		 83 38
2		 - - - -
Exc
han
ge
rat
nts
e m
ove
me		 2)
(		 -40 -11 -7 -29 - - - -
Imp
ed
wit
h c
olla
of
ion
of
the
Po
lce
ad
brid
act
ect
ect
ge
co
nn
pse
a s
ver
a ro		 (
3)		 -51
3		 -37
1		 -32
8		 -45 - - - -
Cha
ain
ing
ctio
rge
ert
to
ate
tra
s p
cor
por
nsa
ns		 (
4)		 -27 -11
0		 -96 -11
9		 -45 -73 -73 -59
Cha
in
dis
lied
vis
ion
nt
rat
to
nge
cou
e a
pp
pro
s		 (
5)		 17 14 11 2 -1 - -1 -
Rev
als
of
imp
air
nt
los
int
ible
set
ang
ers
me
ses
on
as
s		 (
6)		 - - - - - 57 12 -
Imp
ofit
los
f is
nd
ing
rtia
l re
cha
of
act
on
pr
or
s o
su
e a
acc
om
pan
y
pa
pur
se
tai
n b
ond
s (
Se
ber
20
17
)
tem
cer
p		 (
7)		 - - - - - -16 -14 -16
Cha
in
sol
ida
ted
inv
est
nts
nge
un
con
me		 (
8)		 - - - - - 44 44 -1
Cha
in
(
Fra
)
tax
rat
nge
es
nce		 (
9)		 - - - - - 45 17 -
Tax
tra
ctio
inv
olv
ed
in G
str
uct
uri
ng
on
nsa
ns
rou
p re		 10)
(		 - - - - - -46 -46 -46
Cha
in
int
sts
nge
ere		 (
11)		 - - - - - - 58 -
Su
b-t
ota
l (
B)		 -13 -29
2		 -33
7		 19
1		 -46 11 -3 2
-12
Lik
e-f
lik
(
C)
= (
A)-
(
B)
ts
or-
e a
mo
un		 3.7
81		 1.3
75		 1.1
55		 93
2.7		 3.7
25		 1.4
21		 1.1
75		 88
2.6

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