Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Italy
  4. Borsa Italiana
  5. Atlantia SpA
  6. News
  7. Summary
    ATL   IT0003506190

ATLANTIA SPA

(ATL)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Atlantia : Italy pushes on with plans to reform motorway concession rules

12/24/2019 | 07:00am EST
FILE PHOTO: General view of Morandi Bridge, before controlled explosions will demolish two of its pylons almost one year since a section of the viaduct collapsed killing 43 people, in Genoa

The Italian government is pressing ahead with measures to make it easier and less costly to revoke concessions to operate motorways, even though one party in the ruling coalition opposes this, top officials said on Tuesday.

The measures would potentially open the way for the government to end the concession held by Atlantia, whose subsidiary Autostrade per l'Italia (ASPI) was the operator of a bridge that collapsed in Genoa last year, killing 43 people.

Atlantia, which is controlled by the Benetton family, has always denied wrongdoing over the Genoa disaster and said it spent more on maintenance of the motorway network than required by its contract.

At the end of a late night meeting on Monday, the ruling coalition signed off on a rule that considerably reduces the amount the government must pay to a toll road company if a concession is revoked due to shortcomings on the part of the operator.

The rule, which is part of a broader decree, also states that state-owned road company ANAS will temporarily manage the motorways if an operator has its concession revoked.

In an interview with daily Il Messaggero on Tuesday, Prime Minister Giuseppe Conte said the new rule eliminates an unfair advantage for Atlantia, adding that a decision on the revocation of the concession would be taken in January.

"There is no alarm for the concessions sector: those who have made investments, even in the event of contract breach, will be able to recover the amounts for the costs incurred," Conte said.

"However, it will no longer be possible to apply favourable rules such as those invoked by Atlantia, which even in the event of a serious breach would involve a compensation of tens of billions (of euros)... I will not allow it."

The ruling 5-Star Movement has repeatedly called for the company to be stripped of its concession. More than 70 former and current employees of Atlantia and its subsidiaries are under investigation in relation to the Genoa disaster.

Within the coalition, the centre-left Democratic Party (PD)also backs the new rule, but the small centrist Italia Viva party, led by former Prime Minister Matteo Renzi, continues to oppose it, saying it would scare away foreign investors.

Italia Viva's votes are needed to maintain the government's parliamentary majority, so it remains to be seen whether the rule will be passed when the decree is due to be approved in both houses early next year.

The coalition is also divided over whether to end Atlantia's contract outright.

A PD minister, speaking on condition of anonymity, told Reuters the decree was intended to force Autostrade to accept a revision of the concession, which expires in 2038.

Proceeds from the concession account for around one third of Atlantia's core profits and guarantee several billions of debt issued by ASPI.

A source close to ASPI warned the company would go bankrupt if the government revoked its concession without compensation.

ASPI said in a statement on Sunday the new rule risked being in breach of the Italian constitution if it results in unilaterally revoking a contract by one of the parties involved. The company said it might take legal steps to protect itself and warned it could seek multi-billion-euro compensation from the state.

(additional reporting Stefano Bernabei; editing by Gavin Jones and Jane Merriman)

By Giuseppe Fonte and Francesca Landini


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ATLANTIA SPA 0.56% 16.16 Delayed Quote.9.21%
SOCIETÀ INIZIATIVE AUTOSTRADALI E SERVIZI S.P.A. -1.71% 14.94 End-of-day quote.0.00%
All news about ATLANTIA SPA
11/22ATLANTIA, SALE OF STAKE IN ASPI : bondholders' meetings of ASPI approve the amendments con..
PU
11/22Bondholders of Atlantia's Autostrade clear another hurdle for unit's sale
RE
11/22Notice of Results of Meetings
AQ
11/18Italian Government Clears Atlantia's Sale Of ASPI
MT
11/18SALE OF ATLANTIA'S ENTIRE STAKE IN A : MIMS authorises the change of control
PU
11/15EU Clears Autostrade per l'Italia Acquisition By CDP Equity, Macquarie and Blackstone
MT
11/14Siemens Short-lists Atlantia's Autostrade, Four Others for Traffic Unit Sale
MT
11/12SALE OF ATLANTIA'S ENTIRE STAKE IN A : European Commission issues Antitrust clearance on t..
PU
11/12European shares end sixth straight week of gains at record high
RE
11/11Atlantia Lifts 2021 Revenue Guidance on Strong Motorway Traffic Recovery
MT
More news
Analyst Recommendations on ATLANTIA SPA
More recommendations
Financials
Sales 2021 9 398 M 10 608 M 10 608 M
Net income 2021 309 M 349 M 349 M
Net Debt 2021 39 995 M 45 142 M 45 142 M
P/E ratio 2021 108x
Yield 2021 4,51%
Capitalization 13 232 M 14 913 M 14 935 M
EV / Sales 2021 5,66x
EV / Sales 2022 6,32x
Nbr of Employees 29 373
Free-Float 56,0%
Chart ATLANTIA SPA
Duration : Period :
Atlantia SpA Technical Analysis Chart | ATL | IT0003506190 | MarketScreener
Technical analysis trends ATLANTIA SPA
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 16,16 €
Average target price 18,35 €
Spread / Average Target 13,6%
EPS Revisions
Managers and Directors
Carlo Bertazzo Chief Executive Officer, Executive Director & GM
Tiziano Ceccarani Chief Financial Officer
Fabio Cerchiai Chairman
Guglielmo Bove Executive VP, Head-Group Compliance & Security
Nicola Bruno Head-International Administration