Fnm S.p.a. · MIL:FNM
Fnm — FY2022 Earnings Presentation
35 slides from Fnm's earnings presentation, Mar 16, 2023
Slide 1: FNM Group FY 2022 Results
FNM Group FY 2022 RESULTS March 16th 2023
Slide 2: FNM Group Overview
FNM Group| Overview a Ro.S.Co & Services Companies fully consolidated FNM Companles valued at equity 100% © Leasing of rolling stock n the local public _ C=] transport (LPT) and freight logistics sector (mainly Sree saad toTrenord and DB Cargo) cucowsr Provision of corporate services to subsidiaries
Slide 3: Overview, Economic & Financial Results, Outlook & Dividends
Overview Economic & Financial Results • Financial highlights • Mobility demand in the period • FY 2022 consolidated results Outlook & Dividends Appendix
Slide 4: FY 2022 Highlights
FNM Group| FY 2022 Highlights REPORTED1 PRO FORMA2 (in mln € ) (in mln € ) 605.4 605.4 Revenues +18% Revenues +11% 514.0 543.7 3 193.1 3 193.1 Adj. EBITDA +26% Adj. EBITDA +17% 153.5 165.3 101.1 101.1 EBIT +33% EBIT +18% 75.9 86.0 68.8 68.8 Adj. Net Result 4 +84% Adj. Net Result 4 +51% 37.4 45.6 68.
Slide 5: Mobility demand in the period
FNM Group | Mobility demand in the period Rebound of demand across all segments but still below pre-pandemic levels, heavy vehicle traffic volumes above 2019 levels Bus transport MISE -24.0% -4.5% 77.4 3,115 2,976 4.0 58.8 2,649 45.5 48.2 3.4 2,117 +12.3% 1.4 1.9 2,512 2,355 73.4 2,039 +22.1% 55.4 1
Slide 6: Revenues and Adjusted EBITDA by segment – Pro Forma
FNM Group | Revenues and Adjusted EBITDA by segment – PRO FORMA1 EBITDA growth underpinned by mobility demand rebound, despite the increase in energy costs and inflation Revenues (€Mln) Adjusted EBITDA2 (€Mln) +11.3% +16.8% 605.4 193.1 543.7 82.1 +6.5% 165.3 45.5 -1.5% Ro.S.Co. & Services 77.1 144.4
Slide 7: Revenues and Adj. EBITDA by segment – Ro.S.Co. & Railway infrastructure
FNM Group | Revenues and Adj. EBITDA by segment – PRO FORMA Ro.S.Co. & Services Railway infrastructure Revenues (€mln) Revenues (€mln) • Higher service revenues from Programme 144.4 Agreement (+€8.0mln), mainly design 82.1 • Revenues from rolling stock leasing 131.8 77.1 activities linked to the Gal
Slide 8: Revenues and Adj. EBITDA by segment – Road mobility and Motorways
FNM Group | Revenues and Adj. EBITDA by segment – PRO FORMA Road passenger mobility Motorways Revenues (€mln) Revenues (€mln) • Higher tolling revenues (+€28.9mln) due to 133.5 • Higher revenues from transportation 280.7 the combined effect of traffic recovery and 124.0 tariffs increase (+2.62% from
Slide 9: Trenord: FY 2022 Highlights
FNM Group | Trenord: FY 2022 Highlights Positive effect of traffic recovery offset by lower Government compensations for lost revenues, energy and extraordinary costs € mln FY21 FY22 ∆€ ∆% Revenues 760.1 831.9 71.8 +9.4% Ticketing revenues 193.1 311.0 117.9 +61.1% Revenues from Service Agreement 433
Slide 10: APL: FY 2022 Highlights
FNM Group | APL: FY 2022 Highlights Improved operating performance thanks to full recovery of traffic € mln FY21 FY22 ∆€ ∆% Revenues 39.9 47.2 7.3 +18.2% Toll revenues 34.1 40.1 6.1 +17.8% Other revenues 5.9 7.1 1.2 +20.7% EBITDA 17.6 22.3 4.8 +27.3% EBIT 11.4 16.1 4.7 +41.0% Net Result (2.0) (5.9)
Slide 11: From Adj. EBITDA to Net Result – Pro Forma
FNM Group| From Adj. EBITDA to Net Result – PRO FORMA Positive consolidated net result thanks to improvement in operating income (€mln) Include write-down of Lower financial charges on the 193.1 193.1 (92.0) ATV's goodwill and E-Vai's bond and change in discount rate rights of use for €5.6mln for fu
Slide 12: FY 2022 Capex analysis
FNM Group | FY 2022 Capex analysis Higher investments vs 2021 € mln FY21 PF FY22 ∆€ Ro.S.Co. & Services 28.9 Il gruppo 51.9 in breve 23.0 Railway infrastructure 3.9 8.0 4.1 Road passenger mobility 5.5 26.7 21.2 Motorways 60.8 58.9 (1.9) Gross CAPEX financed by FNM Group 99.1 145.5 46.4 Railway infra
Slide 13: Consolidated Cash Flow
FNM Group| Consolidated Cash Flow Cash flow from operations totally offset by investments paid and M&A activity Net CAPEX: €136.5mln (€mln) - Liquidated minorities of MISE for €21.9mln (now 100% owned) 193.1 (32.1) - Increased shareholding in TEM from 18.8% to 22.55% for €8.4 mln (8.7) (18.1) + Disp
Slide 14: Net Financial Position evolution
FNM Group| Net Financial Position evolution NFP in line with expectations and within rating agencies requirements (€mln) (17.3) 766.9 (42.3) 3.6 724.6 755.6 Including lower payables vs 25.0 non-controlling shareholders Restricted cash deriving related to the liquidation of from the crediting of gran
Slide 15: Gross debt composition at 31st December 2022
FNM Group | Gross debt composition at 31st December 2022 Gross debt (€mln) 3% 4% Bond 18% (53.7) Gross debt EIB 907.8 Gross Debt: structure by MISE bank debt 4% €907.8 mln1 766.9 Leasing (IFRS 16) 724.6 instrument 194.6 71% Other 42.3 Including cash held by Ferrovienord dedicated to investments for
Slide 16: Maturity structure at 31st December 2022
FNM Group | Maturity structure at 31st December 2022 Debt average life 3.5 years, in line with total assets structure (€mln) Bond EIB Mise bank debt 683.4 55.4 55.4 55.4 650.0 8.4 8.4 8.4 8.4 47.0 47.0 47.0 25.0 2023 2024 2025 2026 16
Slide 17: Agenda: Sustainability, Outlook & Dividends
Overview Economic & Financial Results • Financial highlights • Mobility demand in the period • FY 2022 consolidated results Sustainability Outlook & Dividends Appendix
Slide 18: FY 2023 Outlook
FNM Group| FY 2023 Outlook Results expected to improve 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/Martini Bus and €1.8 mln contribution to E-Vai Adj. EBITDA Margi
Slide 19: Proposed dividend distribution
FNM Group| Proposed dividend distribution DPS €0.023 per share Total Cash Out €10.0 million Dividend Yield (15/03/2022) { 5,1% } €7.6mln from 2022 net profit and €2.4mln from reserves of Payable as follows: profits carried forward 19
Slide 20: Agenda: Appendix
Overview Economic & Financial Results • Financial highlights • Mobility demand in the period • FY 2022 consolidated results Outlook & Dividends Appendix
Slide 21: Shareholders and share performance
FNM Group| Shareholders and share performance Relative performance YTD vs. main reference indexes Share price @ 15-mar-23: €0,45 { } { } Share capital profile Shareholders’ structure Market capitalization @ 15-mar-23: { } €196,6 mln { } 27.7% Regione Lombardia N. of shares 434.9 mln Ferrovie dello S
Slide 22: Mobility demand in the period – by quarter
FNM Group | Mobility demand in the period – by quarter Demand recovery in FY 2022 reflects ease of restrictions and return to a new normal Bus transport ATV+FNMA MISE +19% +11% +2% -29% -55% -14% -32% +19.8% +45% +2.9% -75% +82% -34% +3% -24% +35% -29% 20 +32% +27% 21 821 790 836 798 816 -23% 19 +13
Slide 23: Consolidated Profit & Loss – Reported
FNM Group| Consolidated Profit & Loss – REPORTED1 € mln FY21 FY22 ∆€ ∆% Revenues from sales and servives 483.3 567.2 83.9 +17.4% Other revenues and income 30.7 38.2 7.5 +24.4% Total revenues and other income 514.0 605.4 91.4 +17.8% Operating costs (207.0) (250.2) (43.2) +20.9% Personnel costs (153.5
Slide 24: Revenues and Adj. EBITDA by segment – Reported
FNM Group | Revenues and Adj. EBITDA by segment – REPORTED1 REVENUES (€ mln) FY21 FY22 ∆€ ∆% Ro.S.Co. & Services 77.1 82.1 5.0 +6.5% Railway infrastructure 131.8 144.4 12.6 +9.6% Road passenger mobility 124.0 133.5 9.5 +7.7% Motorways 212.9 280.7 67.8 +31.8% Intercompany (31.8) (35.3) (3.5) n.m. Tot
Slide 25: Revenues and Adj. EBITDA by segment – Pro Forma
FNM Group | Revenues and Adj. EBITDA by segment – PRO FORMA1 (€ mln) REVENUES (€ mln) FY21 PF FY22 ∆€ ∆% Ro.S.Co. & Services 77.1 82.1 5.0 +6.5% Railway infrastructure 131.8 144.4 12.6 +9.6% Road passenger mobility 124.0 133.5 9.5 +7.7% Motorways 242.6 280.7 38.1 +15.7% Intercompany (31.8) (35.3) (3
Slide 26: Consolidated Profit & Loss – Pro Forma
FNM Group| Consolidated Profit & Loss – PRO FORMA1 € mln FY21 PF FY22 ∆€ ∆% Revenues from sales and servives 511.7 567.2 55.5 +10.8% Other revenues and income 32.0 38.2 6.2 +19.4% Total revenues and other income 543.7 Il gruppo 605.4 61.7 in breve +11.3% Operating costs (217.4) (250.2) (32.8) +15.1%
Slide 27: Consolidated Profit & Loss – Segment Details (Pro Forma)
FNM Group| Consolidated Profit & Loss – SEGMENT DETAILS (PRO FORMA) Ro.S.Co. & Services Railway infrastructure € mln FY21 FY22 ∆€ ∆% € mln FY21 FY22 ∆€ ∆% Rolling stock leasing 52.1 52.5 0.4 +0.8% Public contracts and grants 101.7 111.2 9.5 +9.3% Rolling stock leasing 12.3 15.4 3.1 +25.2% Other reve
Slide 28: Profit (Loss) of companies consolidated at equity – Pro Forma
FNM Group| Profit (Loss) of companies consolidated at equity – PRO FORMA €/000 FY21 PF Il gruppo FY22 in breve ∆€ Trenord Srl* 57 (3,553) (3,610) Autostrada Pedemontana Lombarda 626 (402) (1,028) Tangenziali Esterne di Milano Spa (1,866) (1,383) 483 Nord Energia Spa** 2,068 1,705 (363) DB Cargo Ital
Slide 29: Consolidated Balance Sheet
FNM Group| Consolidated Balance Sheet € mln 31/12/2022 31/12/2021 ∆€ Inventories 12.1 9.5 2.6 Trade receivables 153.0 133.1 19.9 Other current receivables 85.8 83.2 2.6 Current financial assets 8.9 7.8 1.1 Financed investment receivables 47.6 39.8 7.8 Trade payables (166.6) (168.3) 1.7 Other current
Slide 30: Consolidated Balance Sheet – NFP composition
FNM Group| Consolidated Balance Sheet – NFP composition € mln 31/12/2022 31/12/2021 ∆€ Cash and bank deposits (194.6) Il gruppo (293.4)in breve 98.8 Current financial debt 140.6 201.1 (60.5) Current Net Financial Position (Debt/-Cash) (54.0) (92.3) 38.3 Non-current financial debt 820.9 847.9 (27.0)
Slide 31: 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 450 425.4 86 90 400 80 350 70 300 260.9 60 250 50 39 200 40 16 150 30 114.5 5 19 100 71.4 20 69.7 51.0 4 26 50 10 2 9 20 15.3 18.7 0 0 4 2019 2020 2021 2022 20
Slide 32: ESG targets: Pillars
FNM Group | ESG targets: Pillars ESG targets on track Targets Metrics 2021 2022 Target 2025 Entry in the motorway business Vehicles-km driven on the motorway/year 2.6 bln vkm 3.0 bln vkm 3.1 bln vkm Strengthening of road LPT Passengers transported by bus services/year 48.2 mln pax 59.0 mln pax 80 ml
Slide 33: ESG targets: Enablers
FNM Group | ESG targets: Enablers ESG targets on track Targets Metrics 2021 2022 Target 2025 Innovation and data €5.1 mln Continuos innovation Resources for technological/digital R&D projects €4.1 mln € 11 mln (cum 21-25) management (cum 21-22) Energy efficiency Emissions and consumption reduction C
Slide 34: EU taxonomy eligible activities at 31st December 2022
FNM Group | EU taxonomy eligible activities at 31st December 2022 Total (€mln) % Aligned % Eligible % Non eligible activities activities activities Revenues 597.5 0% 90.9% 9.1% OPEX 637.5 0% 88.0% 12.0% CAPEX 92.2 0% 95.0% 5.0% • In order to ensure maximum compliance with Regulation 852/2020, as the
Slide 35: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.Minazzi@fnmgroup.it investor.relations@fnmgroup.it