Fnm S.p.a. · MIL:FNM
Fnm — H1 2023 Earnings Presentation
31 slides from Fnm's earnings presentation, Aug 3, 2023
Slide 1: FNM Group IH 2023 Results
FNM Group IH 2023 RESULTS 3 August 2023
Slide 2: FNM Group Overview
FNM Group| Overview 1 – Include also Nord Energia, currently under liquidation included in Ro.S.Co. & Services segment 2– Companies managing complementary digital platforms, allowing the implementation of Mobility as a Community (MaaC) paradigm. Sportit is active under the brands Snowit and Bikeit.
Slide 3: Overview, Economic & Financial Results, Outlook, Appendix
Overview Economic & Financial Results • Financial highlights • Mobility demand in the period • IH 2023 consolidated results Outlook Appendix
Slide 4: IH 2023 Financial Highlights
FNM Group| IH 2023 Financial Highlights REVENUES ADJ. EBITDA EBIT +2.6% +7.1% +5.4% 294.0 +5.8% 301.6 +10.2% 100.0 48.5 93.4 46.0 Like-for-like1 Like-for-like1 31.8% 33.2% IH 2022 IH 2023 IH 2022 IH 2023 IH 2022 IH 2023 Adj. EBITDA Margin ADJ. NET RESULT GROUP NET RESULT ADJ. NFP +13.4% +56.1% -0.7%
Slide 5: Mobility demand in the period
FNM Group | Mobility demand in the period Recovery of demand across all segments: Motorways in line with 2019, but LPT still below pre-pandemic levels Bus transport MISE -11.9% +0.5% 39.5 1,525.8 1,533.6 2.2 34.8 1,423.9 28.1 1.9 1,135.7 +7.7% 21.7 1.7 904.8 18.6 +23.8% 1,222.6 1,110.0 1,220.7 37.3
Slide 6: Revenues and Adj. EBITDA by segment
FNM Group | Revenues and Adj. EBITDA by segment EBITDA 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 LIKE-FOR-LIKE1 REVENUES (€ mln) IH 2022 IH 2023 ∆€ ∆% REVENUES (€
Slide 7: Revenues and Adj. EBITDA by segment: Ro.S.Co. & Services
FNM Group | Revenues and Adj. EBITDA by segment Ro.S.Co. & Services Revenues (€mln) 42.2 38.6 Revenues from rolling stock leasing increase (+€1.7mln), thanks to +9.3% higher revenues from new TILO trains, entered into service during 2022, and revamping of TAF high-capacity trains leased to Trenord
Slide 8: Revenues and Adj. EBITDA by segment: Railway infrastructure
FNM Group | Revenues and Adj. EBITDA by segment Railway infrastructure Revenues (€mln) Higher revenues from public contracts and grants as a result of: 71.5 76.1 − higher track access charges mainly due higher train-km and the +6.4% adjustment of toll rates, − higher revenues from service and desi
Slide 9: Revenues and Adj. EBITDA by segment: Road passenger mobility
FNM Group | Revenues and Adj. EBITDA by segment Road passenger mobility Revenues (€mln) Reported Like-for-like1 68.7 52.5 51.5 Performance mainly linked to the deconsolidation of La Linea/Martini 52.2 -1.9% from January 16th 2023 and the loss of car sharing contribution from -24.0% January 1st 2023
Slide 10: Revenues and Adj. EBITDA by segment: Motorways
FNM Group | Revenues and Adj. EBITDA by segment Motorways Revenues (€mln) 144.7 133.6 Higher tolling revenues (+€9.1 mln) due to the combined effect of +8.3% traffic recovery and network extension from 1st March 2023 Higher revenues from service areas concessions thanks to traffic increase and r
Slide 11: Trenord: IH 2023 Highlights
FNM Group | Trenord: IH 2023 Highlights Traffic recovery continues to drive improvement in operating performance; new Service Contract with RL under evaluation by ART € mln IH 2022 IH 2023 ∆€ ∆% Revenues 387.9 437.1 49.2 +12.7% Ticketing revenues 142.3 188.7 46.4 +32.6% Revenues from Service Agreeme
Slide 12: APL: IH 2023 Highlights
FNM Group | APL: IH 2023 Highlights Positive operating performance thanks to growth of traffic volumes, net result still impacted by financial charges € mln IH 2022 IH 2023 ∆€ ∆% Revenues 23.5 24.8 1.3 +5.5% Toll revenues 21.0 22.0 1.0 +4.8% Other revenues 2.5 2.8 0.3 +12.0% EBITDA 11.7 11.4 (0.3) -
Slide 13: From Adj. EBITDA to Net Result
FNM Group| From Adj. EBITDA to Net Result Positive consolidated net result thanks to positive operating income performance and improved result of companies consolidated at equity Higher depreciation Higher borrowing (€mln) 100.0 (51.5) mainly from capitalization costs due to increased Including €2.4
Slide 14: IH 2023 Capex analysis
FNM Group | IH 2023 Capex analysis Lower investments mainly driven by delay in TAF revamping, expected capex acceleration in 2H 2023 € mln IH 2022 IH 2023 ∆€ Ro.S.Co. & Services 40.2 Il gruppo 7.8 in breve (32.4) Railway infrastructure 1.8 3.0 1.2 Road passenger mobility 13.6 17.4 3.8 Motorways 23.6
Slide 15: 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 + Disposal of La Linea/Martini for €5.5 mln + Reimbursement of La Linea intercompany loan for €6.9 mln (€mln) Net CAPEX: €17.7mln + Dividends cas
Slide 16: Net Financial Position evolution
FNM Group| Net Financial Position evolution NFP in line with expectations and within rating agencies requirements (€mln) 766.9 (39.7) 761.7 (49.4) 712.3 1.5 33.0 Cash deriving from the crediting of grants Mainly higher payables for funded investments related to advances on grants for railway infrast
Slide 17: Gross debt composition at 30th June 2023
FNM Group | Gross debt composition at 30th June 2023 Gross debt (€mln) 3% 3% 16% Bond (83.1) Gross debt EIB 875.3 4% Gross Debt: MISE bank debt structure by €875.3 mln1 761.7 Leasing (IFRS 16) 712.3 instrument 196.7 74% Other 49.4 Including cash held by Ferrovienord dedicated to investments for 11%
Slide 18: Maturity structure at 30th June 2023
FNM Group | Maturity structure at 30th June 2023 Debt average life 3.1 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 29.7 6.7 8.4 47.0 47.0 23.0 25.0 July-Dec 2023 2024 2025 2026 18
Slide 19: Overview, Economic & Financial Results, Sustainability, Outlook
Overview Economic & Financial Results • Financial highlights • Mobility demand in the period • IH 2023 consolidated results Sustainability Outlook Appendix
Slide 20: FY 2023 Outlook
FNM Group| FY 2023 Outlook Guidance confirmed, strong results on track to achieve FY23 guidance 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 ml
Slide 21: Overview, Economic & Financial Results, Outlook
Overview Economic & Financial Results • Financial highlights • Mobility demand in the period • IH 2023 consolidated results Outlook Appendix
Slide 22: Shareholders and share performance
FNM Group| Shareholders and share performance Relative performance YTD vs. main reference indexes Share price @ 02-ago-23: €0,43 { } { } Share capital profile Shareholders’ structure Market capitalization @ 02-ago-23: { } €186,6 mln { } 27.7% Regione Lombardia N. of shares 434.9 mln Ferrovie dello S
Slide 23: Consolidated Profit & Loss
FNM Group| Consolidated Profit & Loss € mln IH 2022 IH 2023 ∆€ ∆% Revenues from sales and servives 272.6 282.6 10.0 +3.7% Other revenues and income 21.4 19.0 (2.4) -11.2% Total revenues and other income 294.0 301.6 7.6 +2.6% Operating costs (119.3) (119.2) 0.1 -0.1% Personnel costs (81.3) (82.4) (1.
Slide 24: Consolidated Profit & Loss – Segment Details
FNM Group| Consolidated Profit & Loss – SEGMENT DETAILS Ro.S.Co. & Services Railway infrastructure € mln IH 2022 IH 2023 ∆€ ∆% € mln IH 2022 IH 2023 ∆€ ∆% Rolling stock leasing 25.5 27.2 1.7 +6.7% Public contracts and grants 54.3 56.5 2.2 +4.1% Rolling stock leasing 6.9 9.9 3.0 +43.5% Other revenues
Slide 25: 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 IQ IH 2022 IH 2023 ∆€ IH 2022 IQIH2023 2023 ∆€ IH 2022 IH 2023 ∆€ ∆€ Public contracts and grants 31.8 0.4 25.1 (6.7) 0.4 0.10.1 (0.3) 31.4 25.0 (0.2) (
Slide 26: Profit (Loss) of companies consolidated at equity
FNM Group| Profit (Loss) of companies consolidated at equity €/000 IH 2022 Il gruppo IH 2023 in breve ∆€ Trenord Srl* (14,292) (1,000) 13,292 Autostrada Pedemontana Lombarda 1,935 (583) (2,518) Tangenziali Esterne di Milano Spa (649) (941) (292) Nord Energia Spa** 1,410 725 (685) DB Cargo Italia Srl
Slide 27: Consolidated Balance Sheet
FNM Group| Consolidated Balance Sheet € mln 30/06/2023 31/12/2022 ∆€ Inventories 13.3 12.1 1.2 Trade receivables 177.3 153.0 24.3 Other current receivables 111.1 85.8 25.3 Current financial assets 2.0 8.9 (6.9) Financed investment receivables 55.6 47.6 8.0 Trade payables (178.5) (166.6) (11.9) Other
Slide 28: Consolidated Balance Sheet – NFP composition
FNM Group| Consolidated Balance Sheet – NFP composition € mln 30/06/2023 31/12/2022 ∆€ Cash and bank deposits (196.7) Il gruppo (194.6)in breve (2.1) Current financial debt 165.4 140.6 24.8 Current Net Financial Position (Debt/-Cash) (31.3) (54.0) 22.7 Non-current financial debt 793.0 820.9 (27.9) A
Slide 29: 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 450 425.4 109 110 400 100 350 86 90 300 80 260.9 250 70 200 60 50 150 39 114.5 40 96.8 16 100 69.7 71.4 30 5 51.0 19 50 18.7 5 15.3 20 4 26 9 0 10 2 9 20 (7.3)
Slide 30: 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 31: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 [email protected] [email protected]