A tight schedule for bring the state to the control of Autostrade. A first pass next Thursday. The company will send to the Ministry of Transport on new economic-financial plan because the ministry led by Paola De Micheli validates it. This is the document with which the manager clarifies the extent of investments and maintenance and the toll account for users between now and 2025.
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Rates
It seems a formality, but it is not. Because in the agreements of Tuesday night at Palazzo Chigi, the company has undertaken to accept the new model of the Transport Authority which lowers the return on investment by 3 points. “A model – De Micheli says – which will also be valid for other concessions “. It means a 5% cut in tariffs in the first five years which, however, will have to be compensated in the last years of the concession by a progressive increase otherwise the promised 14.5 billion investment would not be guaranteed.
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The increase
From the go-ahead to the new plan, the next financial operation will be built. Which provides for a capital increase subscribed by Cassa Depositi for dilute Atlantia to 37% for a figure between 3.5 and 4 billion. And the direct sale of a 22% stake to investors who are welcome to the same Cassa, including the F2i fund which would channel Poste Vita around it and some pension funds. Everyone is waiting for the presentation of the plan to understand how much to evaluate the company and the size of the investment. The Benettons will thus drop to 11% – given that they only hold 30% of Atlantia – at the end of this process which will be undertaken by the end of July with the signing of a memorandum and will be completed “hopefully by the end of September”. A pure financial holding that they are not required to sell. In a second phase, which will end in 2021, Autostrade will be split from Atlantia and will be listed on the stock exchange.
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I nodi
On the table, however, there are two nodes: the reduction of the return on capital invested with falling rates discourages some investors. Many note the need to sterilize article 35 of the Milleproroghe which regulates the revocation and reduces the compensation for early repayment. The critique of the company’s evaluation is kept in the political comments. With the risk of the account borne by the State perceived as an indirect gift to the Benettons. For this reason, a conversion into equity by the Cassa of the 2 billion loans granted to Autostrade takes shape. For the President of the Chamber of Deputies, Roberto Fico, the agreement signed on Tuesday “is the signal of a strong state that is taking over a strategic infrastructure”.
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The value
The Minister of Development, Stefano Patuanelli, notes that “it is difficult to think of putting Italian savings capital at risk: just look at Aspi’s EBITDA for the past ten years”. That was 30% of revenues. A high value, however with a different tariff regime. The leader of Italia Viva, Matteo Renzi, says that he would have “preferred that Atlantia be bought”. De Micheli says holding out his hand to the Benettons: “I think they accepted because there are values more important to them than the economic one”. While the League is not there. He presented a motion to the Senate: “We don’t want it to be a gift to the Benettons,” says Matteo Salvini. But in the agreement there is a ban on dividends to Atlantia shareholders for the first two years.
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July 16, 2020 (change July 16, 2020 | 22:27)
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