Fnm S.p.a. · MIL:FNM
Fnm — 9M 2023 Earnings Presentation
36 slides from Fnm's earnings presentation, Nov 15, 2023
Slide 1: FNM Group 9M 2023 Results
FNM Group 9M 2023 RESULTS 15 November 2023
Slide 2: An integrated player in transportation and mobility in Northern Italy
An integrated player in transportation and mobility in Northern Italy Management of motorway infrastructure trough a concession expiring in 2028 • Highway from Milan to Serravalle Scrivia (A7 86Km) Motorways • Milan West, East and North ring roads (A50 33Km, A51 29Km, A52 19Km) 185 Km • Pavia West r
Slide 3: Key investments in Associates and Joint Ventures
Key investments in Associates and Joint Ventures 1 JV with Trenitalia (50% stake) active in Rail Local Public Transport Minority investments in Motorway concessionaires active in Lombardy (36.7% stake in APL and 10.9% in TE) 4 2 Alternative digital mobility platforms according to MaaC paradigm (Busf
Slide 4: Overview, Economic & Financial Results, Outlook
Overview Economic & Financial Results • Financial highlights • Mobility demand in the period • 9M 2023 consolidated results Outlook Appendix
Slide 5: 9M 2023 Financial Highlights
FNM Group| 9M 2023 Financial Highlights REVENUES ADJ. EBITDA EBIT +2.0% +3.4% -4.2% 447.2 +5.1% 456.3 155.7 +5.9% 161.0 87.1 83.4 Like-for-like1 Like-for-like1 34.8% 35.3% 9M 2022 9M 2023 (€mln) 9M 2022 9M 2023 (€mln) 9M 2022 9M 2023 (€mln) ADJ. NET RESULT GROUP NET RESULT ADJ. NFP -3.1% +41.4% -7.2
Slide 6: Motorways - traffic trend on MISE network
FNM Group | Motorways - traffic trend on MISE network (vehicles-km) Full recovery of light traffic to 2019 levels, while heavy vehicles are steadily higher than pre-Covid levels 320 300 280 260 240 220 Light vehicles +0.9% 200 Heavy vehicles 2,362 2,384 2,240 180 1,934 1,623 +6.4% 1,909 1,772 1,918
Slide 7: LPT – mobility demand for bus and rail transport
FNM Group | LPT – mobility demand for bus and rail transport (n. pax) Recovery of demand across all segments but overall LPT traffic still below pre pandemic levels BUS TRANSPORT TRENORD -10.3% -10.5% 56.2 152.9 2.7 50.4 136.8 2.5 40.4 2.1 106.9 32.8 30.4 0.9 +24.8% 1.1 79.6 53.5 72.7 47.9 38.3 +28.
Slide 8: Adj. EBITDA evolution
FNM Group | Adj. EBITDA evolution Growth underpinned by traffic recovery and new TILO/TAF trains, despite negative effect of the sale of La Linea/Martini and the loss of public contribution on car sharing REPORTED Adj. EBITDA (€ mln) 9M 2022 9M 2023 ∆€ ∆% Motorways 101.7 113.0 11.3 +11.1% 21% Ro.S.C
Slide 9: 9M 2023 Group net result
FNM Group| 9M 2023 Group net result Positive consolidated net result despite change in perimeter and higher D&A, strong rebound of companies consolidated at equity +41.4% +15.9mln (1.5) Including negative effects of the 54.3 sale of La Linea/Martini Bus and absence of car sharing public contribution
Slide 10: Adj. EBITDA by segment – Motorways
FNM Group | Adj. EBITDA by segment – Motorways +11.3mln +11.1% (2.0) 113.0 (0.1) 13.4 101.7 48.6% 50.7% Adj. EBITDA ∆ Revenues ∆ Opex & ∆ Staff costs Adj. EBITDA 9M22 Provisions 9M23 Higher revenues driven by toll revenues (+€12.4mln) thanks to the combined effect of traffic recovery and network e
Slide 11: Adj. EBITDA by segment – Ro.S.Co. & Services
FNM Group | Adj. EBITDA by segment – Ro.S.Co. & Services +1.7mln +5.3% (2.1) 33.9 4.7 (0.9) 32.2 55.0% 53.6% Adj. EBITDA ∆ Revenues ∆ Opex & ∆ Staff costs Adj. EBITDA 9M22 Provisions 9M23 Higher revenues driven by: - Rolling stock leasing up by €2.2mln thanks to new TILO trains (in service from 3Q
Slide 12: Adj. EBITDA by segment – Railway infrastructure
FNM Group | Adj. EBITDA by segment – Railway infrastructure -6.4mln -43.8% 5.4 4.4 (4.4) 14.6 1.0 (3.9) (8.4) (3.5) 8.2 Advance payments on managed rolling stock given in use to Trenord compensated by equal 13.6% provisions for cyclical maintenance 7.3% Adj. EBITDA ∆ Revenues ∆ Opex & ∆ Staff costs
Slide 13: Adj. EBITDA by segment – Road passenger mobility
FNM Group | Adj. EBITDA by segment – Road passenger mobility -1.3mln -18.1% +2.3mln +69.7% 7.2 (1.8) 5.6 5.9 3.2 0.3 (3.9) 3.3 0.9 Adj. EBITDA La Linea/Martini EBITDA 9M22 ∆ Revenues ∆ Opex & ∆ Staff costs EBITDA 9M23 La Linea/Martini Adj. EBITDA 9M22 + car sharing like-for-like 1 Provisions like-fo
Slide 14: Associates & JV – Trenord
FNM Group | Associates & JV – Trenord Traffic recovery continues to drive improvement in operating performance, new Service Contract with RL under finalization HIGHLIGHTS • Strong increase in revenues as a result of: (13.9) - ticketing revenues up by €62.4mln thanks to the recovery in passenger volu
Slide 15: Associates & JV – APL
FNM Group | Associates & JV – APL Traffic recovery continues to support operating performance, bottom line impacted by high interest rates (€mln) HIGHLIGHTS TRAFFIC PERFORMANCE: +12.6% 2.0 (2.1) 224.6 237.5 211.0 176.6 +5.7% 0.2 144.8 (3.2) 170.7 178.8 192.1 112.4 137.0 40.3 32.4 39.6 45.8 45.4 9M 2
Slide 16: 9M 2023 Capex analysis
FNM Group | 9M 2023 Capex analysis Lower investments mainly driven by delay in TAF revamping, expected acceleration in 4Q23 but guidance revised downward Il gruppo in breve € mln 9M 2022 9M 2023 ∆€ Motorways 32.8 18.1 (14.7) Ro.S.Co. & Services 49.9 11.8 (38.1) Railway infrastructure 4.7 3.0 (1.7) R
Slide 17: Consolidated Cash Flow
FNM Group| Consolidated Cash Flow Positive cash flow generation, sale of La Linea/Martini and dividends from Associates drive free cash flow of the period 161.0 + Disposal of La Linea/Martini for €5.5mln + Reimbursement of La Linea intercompany loan for €6.9mln (35.6) Net CAPEX: €38.0mln + Dividends
Slide 18: Net Financial Position evolution
FNM Group| Net Financial Position evolution NFP in line with expectations and within rating agencies requirements 766.9 (80.0) 711.9 22.8 2.2 (58.1) 653.8 Mainly higher payables for funded investments related to advances on grants for railway infrastructure Cash deriving from the crediting of grants
Slide 19: Gross debt composition at 30th September 2023
FNM Group | Gross debt composition at 30th September 2023 Gross debt (€mln) 3% 3% 16% Bond (69.7) Gross debt EIB 874.8 4% Gross Debt: MISE bank debt structure by €874.8 mln1 711.9 instrument Leasing (IFRS 16) 653.8 Other 232.6 74% 58.1 11% Gross debt Current portion 34.4 o/w MISE NFP maturity Noncur
Slide 20: Maturity structure at 30th September 2023
FNM Group | Maturity structure at 30th September 2023 Debt average life 2.9 years, in line with total assets structure (€mln) Bond EIB Mise bank debt 683.4 55.4 55.4 650.0 8.4 8.4 30.2 6.7 8.4 47.0 47.0 23.5 25.0 Oct-Dec 2023 2024 2025 2026 20
Slide 21: Overview, Economic & Financial Results, Sustainability
Overview Economic & Financial Results • Financial highlights • Mobility demand in the period • 9M 2023 consolidated results Sustainability Outlook Appendix
Slide 22: FY 2023 Outlook
FNM Group| FY 2023 Outlook Confirmed guidance for Revenues and EBITDA and lower Adj. NFP following CAPEX slowdown Revenues +1% - 5% YoY +2% - 7% excluding La Linea/Martini Bus and €1.8 mln contribution to E-Vai Financial Targets FY23 vs FY22 Adj. EBITDA +1% - 5% YoY +2% - 7% excluding La Linea/Marti
Slide 23: Overview, Economic & Financial Results, Outlook
Overview Economic & Financial Results • Financial highlights • Mobility demand in the period • 9M 2023 consolidated results Outlook Appendix
Slide 24: Shareholders and share performance
FNM Group| Shareholders and share performance Relative performance YTD vs. main reference indexes Share price @ 13-nov-23: €0,43 { } { } Share capital profile Shareholders’ structure Market capitalization @ 13-nov-23: { } €186,1 mln { } 27.7% Regione Lombardia N. of shares 434.9 mln Ferrovie dello S
Slide 25: Consolidated Profit & Loss
FNM Group| Consolidated Profit & Loss € mln 9M 2022 9M 2023 ∆€ ∆% Revenues from sales and servives 418.3 427.5 9.2 +2.2% Other revenues and income 28.9 28.8 (0.1) -0.3% Total revenues and other income 447.2 456.3 9.1 +2.0% Operating costs (171.3) (174.7) (3.4) +2.0% Personnel costs (120.2) (120.6) (
Slide 26: Consolidated Profit & Loss – Segment Details
FNM Group| Consolidated Profit & Loss – SEGMENT DETAILS Motorways Ro.S.Co. & Services € mln 9M 2022 9M 2023 ∆€ ∆% € mln 9M 2022 9M 2023 ∆€ ∆% Toll revenues 191.4 203.8 12.4 +6.5% Rolling stock leasing 39.0 41.2 2.2 +5.6% Other revenues 17.9 18.9 1.0 +5.6% Other revenues 19.5 22.0 2.5 +12.8% Total re
Slide 27: Road passenger mobility (like-for-like basis)
FNM Group | Road passenger mobility (like-for-like basis1) LA LINEA/MARTINI + REPORTED PERIMETER car sharing public contribution LIKE-FOR-LIKE € mln 9M IQ 2022 2022 9M 2023 ∆€ 9M 2022 IQ9M 2023 2023 ∆€ 9M 2022 9M 2023 ∆€ ∆€ Public contracts and grants 42.4 0.4 36.0 (6.4) 0.4 0.10.1 (0.3) 42.0 35.9 (
Slide 28: Profit (Loss) of companies consolidated at equity
FNM Group| Profit (Loss) of companies consolidated at equity €/000 9M 2022 Il gruppo 9M 2023in breve ∆€ Trenord Srl* (25.446) (1.734) 23.712 Autostrada Pedemontana Lombarda 1.198 (963) (2.161) Tangenziali Esterne di Milano Spa** (1.034) (1.539) (505) Nord Energia Spa*** 1.543 708 (835) DB Cargo Ital
Slide 29: Profit (Loss) of companies consolidated at equity – Trenord
FNM Group| Profit (Loss) of companies consolidated at equity – TRENORD € mln 9M 2022 9M 2023 ∆€ ∆% Ticketing revenues 219.9 282.3 62.4 +28.4% Revenues from Service Agreement 326.1 329.1 3.0 +0.9% Other revenues and income 31.1 41.9 10.8 +34.7% Total revenues and other income 577.1 653.3 76.2 +13.2%
Slide 30: Profit (Loss) of companies consolidated at equity – APL
FNM Group| Profit (Loss) of companies consolidated at equity – APL € mln 9M 2022 9M 2023 ∆€ ∆% Toll revenues 31.8 33.2 1.4 +4.4% Other revenues and income 3.6 4.2 0.6 +16.7% Total revenues and other income 35.4 37.4 2.0 +5.6% Operating costs (12.5) (12.5) 0.0 +0.0% Personnel costs (6.0) (8.1) (2.1)
Slide 31: Consolidated Balance Sheet
FNM Group| Consolidated Balance Sheet € mln 30/09/2023 31/12/2022 ∆€ Inventories 13.2 12.1 1.1 Trade receivables 171.0 153.0 18.0 Other current receivables 106.2 85.8 20.4 Current financial receivables 1.8 8.9 (7.1) Financed investment receivables 55.5 47.6 7.9 Trade payables (168.5) (166.6) (1.9) O
Slide 32: Consolidated Balance Sheet – NFP composition
FNM Group| Consolidated Balance Sheet – NFP composition € mln 30/09/2023 31/12/2022 ∆€ Cash and bank deposits (232.6) Il gruppo (194.6)in breve (38.0) Current financial debt 152.1 140.6 11.5 Current Net Financial Position (Debt/-Cash) (80.5) (54.0) (26.5) Non-current financial debt 792.4 820.9 (28.5
Slide 33: Net CAPEX breakdown
FNM Group | Net CAPEX breakdown € mln 9M 2022 9M 2023 ∆€ Motorways 32.8 Il gruppo 18.1 in breve (14.7) Ro.S.Co. & Services 49.9 11.8 (38.1) Railway infrastructure 4.7 3.0 (1.7) Road passenger mobility 18.1 19.4 1.3 Gross CAPEX made by FNM 105.5 52.3 (53.2) Railway infrastructure (managed only) 34.5
Slide 34: Rolling Stock Purchase Programme 2017-2032
FNM Group| Rolling Stock Purchase Programme 2017-2032 Investments managed on behalf of Regione Lombardia Progress of Rolling Stock delivery 450 140 127 425.4 400 120 350 100 86 300 80 260.9 250 60 39 198.4 40 16 200 10 19 5 20 15 150 2 4 26 114.5 9 20 16 0 4 100 69.7 2019 2020 2021 2022 9M 2023 50 C
Slide 35: Glossary
FNM Group| Glossary Adjusted EBITDA: it is represented by EBITDA (earnings for the year before income taxes, of the other financial income and expenses, of depreciation, amortization and impairments of fixed assets), excluding non-ordinary expenses and income, such as: (i) income and expenses deri
Slide 36: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.minazzi@fnmgroup.it investor.relations@fnmgroup.it