Autostrade, new proposal for the solution of the dossier has been sent

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infrastructure

For the fate of the concession, crucial hours are also intertwined with another key game, that of the reorganization of the company’s capital

by Laura Galvagni

Autostrade, Conte: Aspi makes an advantageous proposal or it will be revoked

For the fate of the concession, crucial hours are also intertwined with another key game, that of the reorganization of the company’s capital

3 ‘of reading

The board of Autostrade per l’Italia ended late in the morning. The Board, according to the agencies, has approved a new proposal aimed at a positive definition of the dispute procedure underway on the issue of motorway concessions. The proposal is being sent to the relevant government institutions on Saturday. Autostrade per l’Italia’s managing director, Roberto Tomasi, has full powers to negotiate a tariff agreement with the government and the goal would be to bring home the result for Monday 13 July. This would be the result of the double board of directors, the board of Aspi in the morning and that of Atlantia in the afternoon, held to define the line to be followed with the executive after the ultimatum of Prime Minister Giuseppe Conte.

The firm points

The bases around which we are thinking are basically two: on the one hand to keep the investment plan unchanged at 14.5 billion and on the other to find a balance that allows to modulate the tariff trend so that it can be perceived immediately a cut to the tolls. To what extent it is still early to say, but potentially we would be thinking about thresholds above 5% so far estimated. Establishing a roof is a very complex exercise because it means finding a new equilibrium point between the remuneration of old and new investments, very different with the former that make about double the latter.

This will therefore be the mission of the manager called to find a framework with the government in a fairly short time. With this in mind, the hypothesis would be to try to define with the Ministry of Infrastructure a sort of pre-agreement draft where to fix the key points of the agreement which will then be declined in detail and submitted to the council of ministers who should analyze the matter. Tuesday 14.

The rearrangement

For the fate of Autostrade, therefore, these are crucial hours that are also intertwined with another directly related key game, namely that of the reorganization of the company’s capital. Also in this case the options are different but it seems that the interlocutors have welcomed the idea of ​​the capital increase which at this point should be around 3 billion. In this way, Atlantia would see its position, today it has 88%, diluted below the threshold of control but above all Aspi would be equipped with fresh means that would significantly improve the capital ratios with beneficial effects also in terms of capital solidity. Today Autostrade is a company that has about 10 billion of debt in its belly but which, as a consequence of the Milleproroghe, is worth just over 7 billion. An imbalance that with a capital injection of around € 3 billion would be partially corrected, also affecting the cost of credit in a positive way, heavily burdened by the cut in the rating at the junk level that hit the company after the Milleproroghe. Regarding the recapitalization, F2i and Cdp (see other piece on page) are the two key interlocutors, those who in perspective, also in terms of governance, will play an important role in the new post-reorganization ASPI. A company that is currently strongly committed to reshaping tolls while keeping the old investment plan alive. Project that in the 2020-2023 period aims to field total resources for 7.5 billion, divided between investments (5.4 billion) and maintenance costs (1.6 billion).

Rates

As for tariffs, as mentioned, these should see, at least in the auspices of the government, a significant reduction now which would then be mitigated in future years by a slight increase in remuneration. Tomasi and his team are now tasked with finding a meeting point with the executive that meets the company’s political ambitions and concrete needs to maintain an adequate level of return on investments.



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