International Seminar on Road Financing and Investment Ngurdoto Mountain Lodge in Arusha, TANZANIA, 16th 20th April 2007

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1 International Seminar on Road Financing and Investment Ngurdoto Mountain Lodge in Arusha, TANZANIA, 16th 20th April 2007 Public-Private Partnership (P.P.P.) In Italy Massimo Marconi Responsible for Design Department Stretto di Messina S.p.A.

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3 Contents: First steps in the framework of P.P.P. - Italian Infrastructural Trends - Italy towards the P.P.P. Italian Administrative instruments and Rules of law - Italian Rules of law - P.P.P. models adopted in Italy Present situation in Italy - Italian market - The use of the P.P.P. in the transport sector Financing plan of Stretto di Messina S.p.A. 2

4 Italian public investments in % on GDP ( ) 3

5 Italian rules of law The introduction of the Promoter in 1998 The introduction of the role the General Contractor in 2001 The creation of ad hoc bodies starting from 1999 The redefinition of the role of the Cassa Depositi e Prestiti S.p.A. (State controlled bank devoted to finance local entities) in 2003, with the aim of favouring the growth of public investments on infrastructures The coding of simplified and priviliged paths in 2002, supplemented by the Consolidated Text of rules and regulations on public contracts for work and supplies in

6 P.P.P. Models adopted Construction and management Concession Project Financing Other management concessions Joint Ventures General Contractor 5

7 CONCESSION Pursuant to Art. 19 Law 109/94 as a.&s. PUBLIC ADMINISTRATION BANKS PRIVATE SPONSORS INSURANCES MANAGEMENT CONCESSION OWNER PROJECT FINANCE PREL/FINAL DESIGNS EQUITY INSURANCE PACKAGE ASSICURATIVO CONCESSIONAIRE SERVICE CONTRACTS DESIGN & CONSTRUCTION OPERATORS CONTRACTOR 6

8 RISK PUBLIC ADMINISTRATION PUBLIC ADMINISTRATION RATES BANKS INSURANCES PUBLIC SUBSIDIES FEE PRIVATE SPONSORS ANNUAL PREMIUMS USERS DEBTS SERVICE FINANCE CONCESSIONAIRE DIVIDENDS AND REPAYMENT SHAREHOLDERS S LOANS SERVICE FEES FIXED PRICE OPERATORS CONTRACTOR 7

9 RISK PRIVATE PARTNER BANKS INSURANCES MARKET ADMINISTRATION PUBLIC SUBSIDIES PRIVATE SPONSORS OFFTAKER USERS DEBT SERVICE FINANCE ANNUALPREMIUM CONCESSIONAIRE DIVIDENDS AND REPAYMENT SHAREHOLDERS LOANS RATES SERVICE FEES FIXED PRICE OPERATORS CONTRACTOR 8

10 PROJECT FINANCING Pursuant to Art. 37 bis-nonies Law 109/94 as a.&s. PROMOTER I PHASE PRELIMINARY DESIGN PRE-EMPTION RIGHT PUBLIC ADMINISTRATION BANKS PRIVATE SPONSORS INSURANCES MANAGEMENT OWNER PROJECT FINANCE PREL./FINAL DESIGN CONCESSION EQUITY INSURANCE PACKAGE II PHASE CONCESSIONAIRE SERVICE CONTRACTS OPERATORS DESIGN AND CONSTRUCTION CONTRACTOR 9

11 GENERAL CONTRACTOR PUBLIC ADMNISTRATION GENERAL CONTRACTOR FINAL AND DETAILED DESIGNS WORKS SUPERVISION CONSTRUCTION FINAL INSPECTION PREFINANCING 10

12 EVOLUTION OF PPP MARKET IN ITALY 2002/2006 PER NUMBER AND AMOUNT NO. TENDERS ANNO OVERALL AMOUNTS IN MILLION No. tenders Amounts Source :Original processing on data of the Project Financing Observatory 11

13 EVOLUTION OF PPP MARKET OVER TOTAL PUBLIC INVESTMENTS ,7 32, ,0 34,7 YEAR ,6 36, ,5 38, AMOUNTS PUBLIC CONTRACTS Billion Amounts PPP tenders Total amounts public works Source :Original processing on data of the Project Financing Observatory 12

14 EVOLUTION OF THE PPP MARKET IN ITALY PER MODEL 100% = % = % = % = 100% = ,0% 14,0% 9,4% 10,7% 6,2% 3,0% 31,0% 21,6% 43,2% 38,8% 56,1% 50,9% 22,3% 20,1% 54,0% 18,3% 18,1% 14,9% 28,3% 38,1% Project Finance Concession construction and management Other management concessions Other models Source :Original processing on data of the Project Financing Observatory 13

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16 General arrangement of the suspension bridge Central span: Suspended side spans: Overall suspended length: Distance between anchorages: 3,300 m 183 m 3,666 m 5,070 m 15

17 Deck section Deck width: Highway lanes: Railway tracks: 2 Traffic capacity: 60m 2 x 2 lanes + emergency 6,000 vehicles / hr 200 trains / day 16

18 Tower and navigation channel Tower height: Navigation clearance 383 m 65 x 600 m 17

19 Motorway and Railway Links CALABRIA SIDE SICILY SIDE 18

20 Akashi Kaikyo Bridge, Japan main span 1,991m 19

21 Great Belt East Bridge, Denmark main span 1,624m 20

22 Tsing Ma Bridge, Hong Kong main span 1,377m 21

23 Comparisons Messina Akashi Kaikyo Great Belt Tsing Ma Year of opening Main span length 3,300 m 1,991 m 1,624 m 1,377 m Suspended length 3,666 m 3,911 m 2,694 m 1,733 m Height of towers 383 m 298 m 254 m 206 m Cable sag/span ratio 1/11 1/10 1/9 1/11 Cable diameter 4 x 1.24 m 2 x 1.12 m 2 x 0.85 m 2 x 1.10 m Total weight of cables 166,800 t 50,500 t 26,000 t 28,000 t Overall width of deck 61 m 36 m 31 m 41 m Weight of deck 18.1 t/m 23.0 t/m 11.1 t/m 20.8 t/m Type of deck Aerodynamic multi-box Truss Aerodynamic box Profiled truss 22

24 Main Criteria: Financial Plan To complete the work according to the time shedule approved; To eliminate any public fund; To involve as many private partners as possible; To amortize in the worst case at least 50% of the investment during the operation period; To repay to Stretto di Messina a redemption price of max 50% of the investment through e new concession tender; To guarantee 40% of the investment equal to 2,5 billions Euro by contribution of shareholders; To guarantee the remaining 60% of the investment equal to 3,5 billions Euro on the international market using the project finance scheme. 23

25 New scenario of Stretto di Messina 1. Stretto di Messina is confirmed as Concessionaire of the permanent link on Messina Strait. 2. Change in the shereholding structure of the company Stretto di Messina. 3. Change in the allocation of financial resources of Fintecna shareholder in relation to the company Stretto di Messina. 4. The company Stretto di Messina is authorised to work abroad. 24