Stalexport Autostrady S.a. · GPW:STX
Stalexport Autostrady — FY2010 Earnings Presentation
32 slides from Stalexport Autostrady's earnings presentation, Mar 10, 2011
Slide 1: 2010 financial results and perspectives of Stalexport Autostrady Group
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP 2010 financial results and perspectives of Stalexport Autostrady Group Warsaw, March 10, 2011
Slide 2: 2010 Key Facts
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP 2010 KEY FACTS Safety on A4 No fatal accidents on the managed section of A4 Katowice-Kraków motorway Financial results Financial results of the Group significantly better than in previous year Accountancy guidelines Change of acc
Slide 3: Important trends in 2010: safety on the A4 Katowice-Kraków motorway
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP IMPORTANT TRENDS IN 2010: SAFETY ON THE A4 KATOWICE-KRAKÓW MOTORWAY Accidents on A4 motorway Accidents on A4 and alternative roads Kraków-Katowice Katowice-border of 2010 opolskie voivodeship* 2010 A4* DK79** DK94** DK44** 61 km
Slide 4: Agenda
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP AGENDA Main assumptions of the A4 Katowice-Kraków Concession Agreement 2010 financial results Plans of the Group for 2011 and development directions and perspectives
Slide 5: Main rights and obligations of the Concessionaire
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP MAIN RIGHTS AND OBLIGATIONS OF THE CONCESSIONAIRE right to toll collection from users of the motorway RIGHTS receiving revenues from the Minister of Transport as a compensation for the passage of vehicles exempted from tolls (vig
Slide 6: Main rights and obligations of the Public Side
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP MAIN RIGHTS AND OBLIGATIONS OF THE PUBLIC SIDE right to participate in part of profits generated by the project after the expiry of the Concession Agreement - right to acquisition of the road from the Concessionaire in the specif
Slide 7: Concessionaire's obligations: investments
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP CONCESSIONAIRES OBLIGATIONS: INVESTMENTS Construction of Toll Collection Plazas in Brzęczkowice and Balice PHASE 1 Construction of Maintenance Center in Brzęczkowice executed PLN 135 m Construction of a telecommunication system a
Slide 8: Concessionaire's obligations: investments
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP CONCESSIONAIRES OBLIGATIONS: INVESTMENTS Reconstruction of 3 junctions (Mysłowice, Byczyna, Rudno) Construction of 4 Rest Areas (Rudno, Grojec, Giszowiec, Janów) PHASE 2b to be implemented Further construction of noise screens ~
Slide 9: Rights and obligations of both sides: formation of toll rates
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP RIGHTS AND OBLIGATIONS OF BOTH SIDES: FORMATION OF TOLL RATES Toll rates collected at Toll Collection Plazas (real tolls) mechanism of Maximum Toll Rate established in the Concession Agreement Concessionaire’s right to apply to G
Slide 10: Comparison of toll rates on different motorway sections in Poland
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP COMPARISON OF TOLL RATES ON DIFFERENT MOTORWAY SECTIONS IN POLAND Toll rate incl. VAT [PLN per 1 km] Motorway section Km Cat.1 Cat.2 Cat.3 Cat.4* Cat.5* Rusocin - Nowe Marzy 90 0,19 0,46 1,94 [the concessionaire gets availability
Slide 11: Agenda
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP AGENDA Main assumptions of the A4 Katowice-Kraków Concession Agreement 2010 financial results Plans of the Group for 2011 and development directions and perspectives
Slide 12: Selected financial data of the Group
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP SELECTED FINANCIAL DATA OF THE GROUP 2008* 2009* 2010 Revenues [MPLN] 131,733 138,842 165,219 EBITDA [MPLN] 95,352 97,706 118,367 results from operating activities + depreciation & amortisation + provision for motorway resurfacin
Slide 13: EBITDA change: 2010 vs. 2009
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP EBITDA CHANGE: 2010 VS. 2009 MPLN increase of consolidated EBITDA by PLN 20,7M (+ 21%) 2,2 0,6 0,7 2,0 ( 1,7 ) 1,1 6,4 increase of refunds recov ery of from insurance Result of Efficiency Plan historical 20,5 increase of introduc
Slide 14: Revenues: Average Daily Traffic (ADT)
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP REVENUES: AVERAGE DAILY TRAFFIC (ADT) Periods 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 ADT 26 293 28 980 31 732 27 360 26 159 29 520 35 016 29 294 ADT change in 2009: 0% ADT change in 2010: 5% 10,3% 7,1% 3,3% 2,5% 1,9% -0,5% -2,2%
Slide 15: Incomes: Average Daily Traffic (ADT)
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP INCOMES: AVERAGE DAILY TRAFFIC (ADT) 2009 data 2010 data Periodic 1Q 2Q 3Q 4Q Commentary 17,8% 15,2% HEAVY high sensitivity of HGV traffic to the VEHICLES 6,6% economic cycle 3,2% (HGV) increase of ADT in spite of transferring pa
Slide 16: Sales income: level and structure
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP SALES INCOME: LEVEL AND STRUCTURE Commentary MPLN 138,8 + 19% 165,2 high dynamic of income from light vehicles 9,3 Property management passage (+22%) is a result of higher toll rates and +2% and rental services increase of averag
Slide 17: Costs: current maintenance of the A4 Katowice-Kraków motorway
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP COSTS: CURRENT MAINTENANCE OF THE A4 KATOWICE-KRAKÓW MOTORWAY Commentary MPLN 6,1 + 27% 7,8 winter conditions increased the usage of salt for about PLN 0.6m and influenced cost of winter maintenance equipment 2,6 other current ma
Slide 18: Costs: other items
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP COSTS: OTHER ITEMS Commentary MPLN 48,3 -5% 45,9 retaining of the Group costs discipline thanks to the efficiency improvement plan introduced in 1,9 +28% 2009 2,5 Other costs First calculable effects of the efficiency 13,4 -9% im
Slide 19: Change of accountancy guidelines: introducing IFRIC12 interpretation
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP CHANGE OF ACCOUNTANCY GUIDELINES: INTRODUCING OF KIMSF12 INTERPRATATION Basic changes deriving from IFRIC 12 implementation: - reclassification of infrastructure remaining under the control of State Treasury and intangible asset
Slide 20: Change of accountancy guidelines: introducing IFRIC12 interpretation
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP CHANGE OF ACCOUNTANCY GUIDELINES: INTRODUCING OF IFRIC12 INTERPRATATION Commentary Amortization and finance expenses of the project - accumulated IFRIC12: capital expenditures of Phase 1 value [PLN] were recognised as incurred -
Slide 21: Change of accountancy guidelines: introducing IFRIC12 interpretation
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP CHANGE OF ACCOUNTANCY GUIDELINES: INTRODUCING OF IFRIC12 INTERPRATATION [MPLN] 2009 2010 IFRIC 12 without IFRIC12 IFRIC 12 without IFRIC12* Depreciation of tangible assets (2,968) (27,894) (2,362) (30,974) Amortisation of concess
Slide 22: Costs: amortisation and reserve for motorway resurfacing
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP COSTS: AMORTISATION AND RESERVE FOR MOTORWAY RESURFACING [MPLN] 2009 2010 change % EBITDA 97,706 118,367 20,662 21,1% Amortisation of concession intangible assets 31,057 34,342 3,285 10,6% Amortisation of other intangible assets
Slide 23: Financial activity: result and main items
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP FINANCIAL ACTIVITY: RESULT AND MAIN ITEMS [MPLN] 2009 2010 change % EBIT 42,869 61,979 19,111 44,6% Interest income 5,524 8,826 3,302 59,8% Profit on investment in asset management funds 3,237 3,316 0,079 2,4% Other financial inc
Slide 24: Financial activity: net debt
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP FINANCIAL ACTIVITY: NET DEBT MPLN MPLN +120,0 decrease of consolidated Net Debt by PLN 27,9 M +219,6 +100,0 -24,1% +80,0 repay ment according cash from +60,0 +115,7 to the schedule the bank loan +40,0 +87,8 cash from +20,0 the ba
Slide 25: Investment outlays: expenses and main contracts executed or initiated in 2010
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP INVESTMENT OUTLAYS: EXPENSES AND MAIN CONTRACTS EXECUTED OR INITIATED IN 2010 completion of the contract for repair of 10 bridges and first resurface at the last sections of A4 Katowice-Kraków motorway launching of the contract f
Slide 26: Agenda
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP AGENDA Main assumptions of the A4 Katowice-Kraków Concession Agreement 2010 financial results Plans of the Group for 2011 and development directions and perspectives
Slide 27: Change of equity structure
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP CHANGE OF EQUITY STRUCTURE Equity of STX Autostrady (individual) Structure of Issued share capital Equity of STX Autostrady (individual) Before revision of equity structure After revision of equity structure Free float; Autostrad
Slide 28: Main investment projects planned for 2011
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP MAIN INVESTMENT PROJECTS PLANNED FOR 2011 continuation of contract for repair of 22 bridges continuation of the replacement of machines and equipment for the current motorway maintenance launching of the modernization of motorway
Slide 29: Potential development directions
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP POTENTIAL DEVELOPMENT DIRECTIONS Projects announced by Ministry of Infrastructure in National Road Construction Program for years 2011-2015 to be implemented in PPP Construction and Operation of Construction and Operation of Moto
Slide 30: Potential development directions in sight till 2012
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP POTENTIAL DEVELOPMENT DIRECTIONS IN SIGHT TILL 2012 Rendering maintenance services on the motorway sections Operation of the Manual managed Toll Collection System by the Public Side next motorway sections (after 2012) Constructio
Slide 31: Budget deficit: perspective of privatization of Polish motorways?
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP BUDGET DEFICIT: PERSPECTIVE OF„PRIVATIZATION” OF POLISH MOTORWAYS? Motorways in GDDKiA management: Basing on the UE countries currently – 550km experience till 2013 – 1.150km (France, Italy, Spain) Transfer of the motorwy operati
Slide 32: In case of questions please contact
2010 FINANCIAL RESULTS AND PERSPECTIVES OF STALEXPORT AUTOSTRADY GROUP In case of questions please contact: Mieczysław Skołożyński Vicepresident of Management Board, CFO e-mail: mskolozynski@stalexport-autostrady.pl Michał Noras Chief Accountant, Director of Accounting Department e-mail: mnoras@stal