Fnm S.p.a. · MIL:FNM
Fnm — H1 2024 Earnings Presentation
40 slides from Fnm's earnings presentation, Aug 2, 2024
Slide 1: FNM Group IH 2024 Results
FNM Group IH 2024 RESULTS 02 August 2024
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 4 JV with Trenitalia (50% stake) active JV with Deutsche Bahn (40% stake) JV with TIM (42% stake) in Rail Local Public Transport active in Freight Rail Transportation operates in the ICT field Alternative digital mobility platforms according to MaaC
Slide 4: Overview, Economic & Financial Results, Outlook, Appendix
Overview Economic & Financial Results Outlook Appendix
Slide 5: IH 2024 Financial Highlights – Reported
IH 2024 Financial Highlights – REPORTED1 REVENUES ADJ. EBITDA EBIT +1.3% +6.0% -16.5% 301.6 -1.3% 305.6 100.0 +0.5% 106.0 48.5 excl. Viridis excl. Viridis 40.5 33.1% 34.7% IH 2023 IH 2024 (€mln) IH 2023 IH 2024 (€mln) IH 2023 IH 2024 (€mln) ADJ. NET RESULT GROUP NET RESULT ADJ. NFP +36.2% -27.2% -9.
Slide 6: Motorways - traffic trend on MISE network
Motorways - traffic trend on MISE network (vehicles-km) Traffic performance benefits from the adjustment of the conventional mileage of the Northern Ring Road from March 2023 320 300 280 260 240 220 Light vehicles +2.2% 200 Heavy vehicles 1,424 1,534 1,568 180 1,110 1,221 1,251 160 140 314 313 316 I
Slide 7: LPT - mobility demand for bus and rail transport
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, especially for urban transportation BUS TRANSPORT TRENORD -10.6% -6.4% 39.5 110.2 2.2 103.2 34.9 35.3 2.0 2.1 93.1 +10.8% +1.1% 37.3 32.9 33.2 IH
Slide 8: Renewable energy production
Renewable energy production Production up thanks to new assets, despite low irradiance and power limitation on 1 new plant removed from March INSTALLED CAPACITY (MWp) ENERGY PRODUCTION (MWh) 48.1 39,157 2.0 33,553 7,874 36.8 2.0 7,905 +30.7% +16.7% 46.1 31,283 34.8 25,648 IH 2023 IH 2024 IH 2023 IH
Slide 9: IH 2024 Group net result – Reported
IH 2024 Group net result – REPORTED Positive operating performance impacted by higher D&A, strong rebound of companies consolidated at equity -9.3% (0.9) -3.1mln (13.1) Strong result from Trenord thanks to new 33.4 Public Service Contract 6.0 Higher borrowing costs 30.3 offset by income on cash High
Slide 10: Adj. EBITDA evolution
Adj. EBITDA evolution Growth driven by good performance of motorways and Viridis acquisition REPORTED Adj. EBITDA (€ mln) IH 2023 IH 2024 ∆€ ∆% Motorways 70.0 80.0 10.0 +14.3% 15% Ro.S.Co. & Services 22.1 16.4 (5.7) -25.8% Railway infrastructure 4.8 0.4 (4.4) -91.7% 1% Road passenger mobility 3.1 3.
Slide 11: Adj. EBITDA by segment – Motorways
Adj. EBITDA by segment – Motorways +10.0mln +14.3% 80.0 2.3% tariff increase (2.8) 2.3 from January 1st and 5.2 higher vehicles-km • Staff costs up by €1.5mln related to the reorganization initiated in 2023 (+25 FTE) Completion of works on Po 5.3 and renewal of the CCNL1 bridge and Zerbolò gate occu
Slide 12: Adj. EBITDA by segment – Ro.S.Co. & Services
Adj. EBITDA by segment – Ro.S.Co. & Services -5.7mln -25.8% 22.1 Lower leasing revenues on CSA, Coradia, Tilo and TSR trains as a (4.0) result of the new framework agreement with Trenord (0.8) (1.5) 16.4 0.6 • Higher IT expenses • Staff costs up following headcount increase (+9 FTE) and renewal of C
Slide 13: Adj. EBITDA by segment – Railway infrastructure
Adj. EBITDA by segment – Railway infrastructure -4.4mln -91.7% • Higher costs for outsourced design, 1.2 technical performance, safety, and supervision in rail maintenance 0.6 (3.3) • Staff costs up following headcount increase (+20 FTE) and renewal of CCNL Frontloading of works in IH 2023 due 2.4 t
Slide 14: Adj. EBITDA by segment – Road passenger mobility
Adj. EBITDA by segment – Road passenger mobility +0.6mln +19.4% Mainly +15% tariff update (0.8) (0.2) 3.7 on ATV bus passes 0.4 1.5 3.1 Higher unit cost, (0.3) 2.8 Covid contributions for LPT partially compensated services made available by headcount with “Patto per il TPL” decrease (-33 FTE) 5.9% 6
Slide 15: Adj. EBITDA by segment – Energy
Adj. EBITDA by segment – Energy +1.9mln +37.3% 7.0 0.6 (0.4) 0.4 1.3 Lower productivity essentially 5.1 due to whether conditions below historical average Extra-profits paid during 2023 to GSE in compliance with regulatory measures to contain the increase in energy prices (the so-called Sostegni ter
Slide 16: Associates & JV – Trenord
Associates & JV – Trenord Traffic recovery and higher contribution from new Public Service Contract continue to drive positive results • Staff costs up following new hiring plan (+72 FTE) • Opex up mainly due to maintenance on rolling (10.9) stock (-€6.7mln), replacement services (-€6.4mln) and trac
Slide 17: Associates & JV – APL
Associates & JV – APL Operating activity impacting bottom line, still burdened by net interest expenses (€mln) HIGHLIGHTS TRAFFIC PERFORMANCE: • Increased motorway maintenance and provisions for +1.1% future maintenance • Higher software license fees 157.7 159.5 • Internalization of key personnel 12
Slide 18: IH 2024 Capex analysis
IH 2024 Capex analysis Investments mainly driven by rescheduling of works on motorway and delay in rolling stock deliveries/revamping of TAF trains € mln IH 2023 IH 2024 ∆€ Motorways 16.2 6.5 (9.7) Ro.S.Co. & Services 7.8 5.4 (2.4) Railway infrastructure 3.0 10.8 7.8 Road passenger mobility 17.4 2.0
Slide 19: Consolidated Cash Flow
Consolidated Cash Flow Cash flow impacted by Viridis acquisition, NWC and seasonality on crediting of grants on railway infrastructure 106.0 Net CAPEX: €136.4mln (18.1) (2.0) (34.4) Mismatch of reimbursement vs actual investment, paid in advance on the achievement of certain milestones by (€mln) Acq
Slide 20: Net Financial Position evolution
Net Financial Position evolution Adj. NFP impacted by Viridis acquisition and accounting of the related non-monetary financial debt 875.6 ∆ Adj. NFP “cash” +€117.6mln 823.8 51.8 3.4 (113.2) 37.6 Non-monetary debt 762.4 related to Viridis 80.0 acquisition: Cash deriving from - Put option of 37.8mln t
Slide 21: Gross debt composition at 30 June 2024
Gross debt composition at 30 June 2024 Gross debt (€mln) 8% Bond 5% 3% Bridge loan (92.7) Gross debt 10% EIB 1,020.6 Gross Debt: MISE bank debt structure by 2% €1,020.6 mln1 875.6 instrument Viridis bank debt 8% 64% 762.4 237.7 Leasing (IFRS 16) 113.2 Other 18% Gross debt Current portion maturity No
Slide 22: Maturity structure at 30 June 2024
Maturity structure at 30 June 2024 Debt average life 2.3 years, in line with total assets structure (€mln) Bond Bridge loan Viridis bank debt* EIB Mise bank debt 689.9 146.7 650.0 85.0 33.3 8.4 6.3 38.6 3.1 6.5 8.4 6.7 47.0 23.5 25.0 2024 2025 2026 After 2026 * Values include the portion of debt tha
Slide 23: Overview, Economic & Financial Results, Outlook, Appendix
Overview Economic & Financial Results Outlook Appendix
Slide 24: FY 2024 Outlook: Financial Targets FY24 vs FY23
FY 2024 Outlook Guidance confirmed, with slightly lower Adj. NFP and investments Revenues +1% - 5% YoY overall in line YoY excluding the acquisition of Viridis Financial Targets FY24 vs FY23 Adj. EBITDA +5% - 10% YoY overall in line YoY excluding the acquisition of Viridis Adj. EBITDA Margin Slightl
Slide 25: Overview, Economic & Financial Results, Outlook, Appendix
Overview Economic & Financial Results Outlook Appendix
Slide 26: Consolidated Profit & Loss – Reported
Consolidated Profit & Loss – REPORTED € mln 6M 2023 6M 2024 ∆€ ∆% Revenues from sales and services 282.6 285.2 2.6 +0.9% Other revenues and income 19.0 20.4 1.4 +7.4% Total revenues and other income 301.6 305.6 4.0 +1.3% Operating costs (119.2) (111.5) 7.7 -6.5% Personnel costs (82.4) (88.1) (5.7) +
Slide 27: Consolidated Profit & Loss – Pro Forma
Consolidated Profit & Loss – PRO FORMA € mln 6M 2023 6M 2024 ∆€ ∆% Revenues from sales and services 291.2 287.5 (3.7) -1.3% Other revenues and income 19.2 20.5 1.3 +6.8% Total revenues and other income 310.4 308.0 (2.4) -0.8% Operating costs (122.1) (112.1) 10.0 -8.2% Personnel costs (83.2) (88.4) (
Slide 28: Segment details – Motorways; Ro.S.Co. & Services
Segment details – Motorways € mln 6M 2023 6M 2024 ∆€ ∆% Toll revenues 132.8 138.5 5.7 +4.3% Other revenues 11.9 13.1 1.2 +10.1% Total revenues 144.7 151.6 6.9 +4.8% Adj. EBITDA 70 80 10.0 +14.3% Adj. EBITDA/Revenues % 48.4 % 52.8 % EBIT 39.4 40.2 0.8 +2.0% Segment details – Ro.S.Co. & Services € mln
Slide 29: Segment details – Railway infrastructure
Segment details – Railway infrastructure € mln 6M 2023 6M 2024 ∆€ ∆% Public contracts and grants 43.7 44.3 0.6 +1.4% Track access 12.8 13.4 0.6 +4.7% Rolling stock leasing 9.9 0.0 (9.9) -100.0% Other revenues 9.7 8.1 (1.6) -16.5% Total revenues 76.1 65.8 (10.3) -13.5% Adj. EBITDA 4.8 0.4 (4.4) -91.7
Slide 30: Segment details – Road passenger mobility; Energy
Segment details – Road passenger mobility € mln 6M 2023 6M 2024 ∆€ ∆% Public contracts and grants 25.1 25.5 0.4 +1.6% Transport services 23.9 26.8 2.9 +12.1% Other revenues 3.2 3.4 0.2 +6.3% Total revenues 52.2 55.7 3.5 +6.7% Adj. EBITDA 3.1 3.7 0.6 +19.4% Adj. EBITDA/Revenues % 5.9 % 6.6 % EBIT (1.
Slide 31: Profit (Loss) of companies consolidated at equity
Profit (Loss) of companies consolidated at equity €/000 6M 2023 6M 2024 ∆€ Trenord S.r.l. * (1,000) 5,316 6,316 Autostrada Pedemontana Lombarda (583) (844) (261) Tangenziali Esterne di Milano S.p.A. ** (941) (976) (35) NORD ENERGIA S.p.A. 725 1,007 282 DB Cargo Italia S.r.l. 1,334 270 (1,064) Omnibu
Slide 32: Profit (Loss) of companies consolidated at equity – Trenord
Profit (Loss) of companies consolidated at equity – TRENORD € mln 6M 2023 6M 2024 ∆€ ∆% Ticketing revenues 188.7 201.0 12.3 +6.5% Revenues from Service Contract 218.8 242.3 23.5 +10.7% Other revenues and income 29.6 25.2 (4.4) -14.9% Total revenues and other income 437.1 468.5 31.4 +7.2% Operating c
Slide 33: Profit (Loss) of companies consolidated at equity – APL
Profit (Loss) of companies consolidated at equity – APL € mln 6M 2023 6M 2024 ∆€ ∆% Toll revenues 22.0 22.7 0.7 +3.2% Other revenues and income 2.8 3.2 0.4 +14.3% Total revenues and other income 24.8 25.9 1.1 +4.4% Operating costs (8.0) (9.8) (1.8) +22.5% Personnel costs (5.5) (6.2) (0.7) +12.7% EBI
Slide 34: Consolidated Balance Sheet
Consolidated Balance Sheet € mln 30/06/2024 31/12/2023 ∆€ Inventories 16.7 13.4 3.3 Trade receivables 164.3 171.0 (6.7) Other current receivables 116.2 95.9 20.3 Current financial receivables 1.8 3.3 (1.5) Financed investment receivables 131.3 49.2 82.1 Current contractual assets 31.6 10.2 21.4 Trad
Slide 35: Consolidated Balance Sheet – NFP composition
Consolidated Balance Sheet – NFP composition € mln 30/06/2024 31/12/2023 ∆€ Cash and bank deposits (237.7) (302.3) 64.7 Current financial debt 255.4 178.0 77.4 Current Net Financial Position (Debt/-Cash) 17.7 (124.3) 142.0 Non-current financial debt 857.9 767.1 90.8 Adj. Net Financial Position 875.6
Slide 36: Net CAPEX breakdown
Net CAPEX breakdown € mln 6M 2023 6M 2024 ∆€ Motorways 16.2 6.5 (9.7) Ro.S.Co. & Services 7.8 5.4 (2.4) Railway infrastructure 3.0 10.8 7.8 Road passenger mobility 17.4 2.0 (15.4) Energy 0.0 9.7 9.7 Gross CAPEX made by FNM 44.4 34.4 (10.0) Railway infrastructure (managed only) 67.2 149.6 82.4 Total
Slide 37: Rolling Stock Purchase Programme for Regione Lombardia
Rolling Stock Purchase Programme for Regione Lombardia1 Investments managed on behalf of Regione Lombardia Progress of Rolling Stock delivery 450 180 168 425.4 400 160 144 140 350 120 300 287.3 100 86 260.9 80 250 214.6 60 39 14 200 40 16 19 5 20 150 20 2 4 10 9 20 26 24 4 114.5 4 10 0 100 69.7 2019
Slide 38: Shareholders and share performance
Shareholders and share performance Share price @ 01-ago-24: €0,45 { } { } FNM S.p.A. vs. Major Indexes Indexed Price Performance Price (Indexed to 100) FNM S.p.A. FTSE Italia All-Share FTSE Italia Small Cap FTSE Italia All-Share / Consumer Services - IND 108 98 97 101 Jan Feb Mar Apr May Jun Jul Sou
Slide 39: Glossary
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 deriving from r
Slide 40: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.minazzi@fnmgroup.it investor.relations@fnmgroup.it