Press Release BOARD APPROVES Q1 REPORT FOR 2007 Investment in new works totals 270m in Q1 2007 (up 31.1% on Q1 2006) Consolidated revenue of 720.3m up 37.8m (5.5%) on Q1 2006, thanks to traffic growth that benefited from improved weather conditions Gross operating profit (EBITDA) of 443.6m up 37.5m (9.2%) on Q1 2006 Profit attributable to equity holders of the parent, totalling 134.5m, up 10.9m (8.8%) on Q1 2006 Rome, 11 May 2007 Today s meeting of the Board of Directors of Autostrade S.p.A., chaired by Gian Maria Gros- Pietro, has approved the Company s report for the three months ended 31 March 2007. The quarterly report referred to in this release is unaudited. Operating review Works In the first quarter of 2007 investment in the Group s network amounted to 270.0m, marking an increase of 64m (31.1%) on the first three months of 2006. The Group s commitment to carrying out the planned investments resulted in the opening of 9.4 km of new lanes in the first three months of 2007: 6 February: the third lane of the A3 between Naples and Pompei (Società Autostrade Meridionali), totalling 4.2 km, completed and opened to traffic; 7 March: Lot 2 of the A5 between Morgex and Entrèves opened, if on a provisional basis, along with remaining portion of Lot 3 serving the new section of motorway (Raccordo Autostradale Valle d Aosta). Moreover, early April witnessed the opening to traffic of the northbound carriageway of the A1 between the new toll station at Scandicci and Florence North (6.2 km), located between Florence North and Florence South, after widening to three lanes (the southbound carriageway was opened to traffic on 21 December 2006). A total of 155 km of third and fourth lanes have been opened to traffic since 1999. To date around 50% of the motorway to be widened under the commitments given in the original Agreements have been opened to traffic. Regarding the overall state of completion of the works included in Autostrade per l Italia s Agreement of 1997, at 31 March 2007 approximately 80% of the works have been authorised. Of these, 79% are being carried out or the related contracts are being awarded, and 32% have been completed. With regard to works in progress, work on the Bologna Ring Road (13.7 km), the Variante di Valico (66.6 km) and the Florence North Florence South section (21.9 km), forming part of Autostrade per l Italia s network, is continuing. The sites for Lot 5B and Lot 5A of the Variante di Valico (relating to the La Quercia-Badia Nuova section) were handed over to contractors on 22 January 2007 and 7 March 2007, respectively. The contract for Lot 17 of the Variante di Valico (the Firenzuola link road) was finally awarded and the site was handed over to contractors on 4 April 2007. The Environmental Impact Assessments (EIAs) for the Barberino Florence North and Florence South Incisa sections of the A1, begun in 2004 and 2005, have not been completed, making it impossible to close the corresponding Services Conferences. In view of the continuing delay in the EIA procedure for the Barberino Florence North section (which began in July 2004), on 28 February 2007 Autostrade per l'italia appealed to the Lazio Regional Administrative Court against the Ministry of the Environment and the Ministry of Culture. Briefly, in the appeal Autostrade per l Italia SpA requested a declaration of tacit non-compliance by the said ministries and designation of a 30-day period during which they should take action. Moreover, in case of further inaction
subsequent to designation of the period, Autostrade per l Italia requested appointment of an Acting Commissioner. On 30 March 2007 the Environmental Impact Assessment Committee issued a positive opinion subject to certain conditions. At the hearing of 4 April, the Lazio Regional Administrative Court decided for an adjournment until 20 June 2007 in order to acquire further documentation. With regard to the EIA procedure for the Florence South Incisa section, during an investigative EIA meeting on 13 February 2007 Autostrade per l Italia was informed of a request to extend the EIA to include a further section of motorway, through to the Incisa toll station. Should this decision be confirmed by an official request, Autostrade per l Italia will, as the company did in the case of the Barberino Florence North section, assess the need to appeal to the Regional Administrative Court for this section too. With regard to the state of completion of the works envisaged under Autostrade per l Italia s IV Addendum, at 31 March 2007 approximately 43% of the works have been authorised, around 15% have been contracted out and around 10% have been completed. Work on widening the Milan Bergamo section to four lanes (Lots 1 and 3) and on the access roads for the Milan Exhibition Centre (completion of second phase works) is continuing. On 1 February 2007 the EIA process for the Lainate-Como section of the A9 (23.2 km) was completed and, following the failure to close the related Services Conference on 20 April 2007, the decision of the Cabinet Office is awaited. With regard to the widening to 3 lanes of the Rimini North Pedaso section of the A4 (171 km): on 21 March 2007 the prepared site for the Porto St. Elpidio Pedaso section (Lot 6A of 37.0 km) was handed over to contractors; the contract for the prepared site for the Porto St. Elpidio Pedaso section (Lot 7A of 5.2 km) is in the process of being awarded; the final designs for the Cattolica- P. St. Elpidio section (Lots 2, 3, 4, 5 and 6B, amounting to a total of around 89 km) are being added to following finalisation of the relevant decrees on closure of the Services Conferences, only obtained on 28 December for Lot 2, on 12 January 2007 for Lots 5 and 6B and on 23 January 2007 for Lots 3 and 4; the Group is awaiting the Cabinet Office s decision following the failure to close the Services Conference for the Porto St. Elpidio-Pedaso section (Lot 7B, 11.4 km); even if the related Services Conference closed with agreement having been reached with all the relevant entities on 16 June 2006, the Group is still awaiting issue of the interministerial Environmental Impact Assessment decree, without which the Ministry of Infrastructure cannot issue its Ruling attesting to the formal agreement between central government and the regional authority regarding the Rimini North-Cattolica section (Lot 1 of 29.0 km). As a result, on 17 April 2007 Autostrade per l'italia appealed to the Lazio Regional Administrative Court against the Ministry of the Environment and the Ministry of Culture; the EIA process for the section of motorway linking the A1 at Fiano and Rome s Orbital Motorway (18.7 km) was completed on 27 March 2007. The Ministry of Infrastructure s issue of the related Ruling attesting to the formal agreement between central government and the regional authority is now awaited, even if the Services Conference closed with agreement having been reached with all the relevant entities on 28 June 2006. As required by the IV Addendum, Autostrade per l Italia has also proceeded with work on the upgrading of lighting, ventilation and special systems in compliance with the EU Directive as part of the Tunnel Safety Plan. At 31 March 2007 ANAS has approved upgrading projects for the lighting in 278 tunnels, whilst the designs for a further 103 tunnels have been completed and submitted to ANAS, and design work on the systems for 16 new tunnels continued. A new memorandum of understanding was signed with regard to the Genoa Bypass on 5 February 2007, signalling agreement with local authorities over the works to be carried out. The route for the new road has also been agreed. With regard to investments in major works by Autostrade per l Italia s subsidiaries, at 31 March a total of around 80% works have been authorised, around 77% have been contracted out and around 39% have been completed. Work on the Dolonne Tunnel on the motorway managed by Raccordo Autostradale Valle d Aosta has been completed, thus finishing the A5 between Morgex and Entrèves (the second branch). Strada dei Parchi is proceeding with work on the doubling of the A24 between Villa Vomano and Teramo, with the stage of completion standing at 25% at 31 March 2007. The EIA process for the parallel sections of road between Lunghezza and Via Palmiro Togliatti on the A24 was successfully completed on 5 January 2007. On 7 February 2007 the Services Conference came to a positive conclusion. The Municipality of Rome now has to pass a resolution approving the relevant change to urban planning regulations, before the decree authorising the project can be issued. Autostrade Meridionali is continuing work on four lots relating to the widening of the A3 between 2
Naples and Pompei, and on construction of the Angri junction. The stage of completion stands at 30% at 31 March 2007. Safety, traffic, traffic management and maintenance Toll collection Service areas The increase in traffic using the Group s network in the first quarter of 2007, with respect to the same period of 2006, was 4.5%, with light vehicles registering a more notable increase of 4.9%, compared with the 3.6% growth in heavy vehicles. The growth in traffic reflects an upturn in the Italian economy, already seen in 2006, and good weather conditions. The first quarter of 2007 witnessed a further improvement in safety levels, with the number of accidents on the Group s network down 7% on the same period of 2006. The death rate substantially confirms the significant progress made so far, which has resulted in the fatal accident rate being more or less halved since 1999. Routine and extraordinary maintenance was carried out with the aim of guaranteeing continuous improvements in service standards and preventing deterioration of motorway infrastructure, thanks to regular works on horizontal markings, on safety barriers and on the other motorway infrastructure as well as the completion of the acceleration of paving activities with draining asphalt. The percentage of coverage of the network with draining asphalt, thanks to the acceleration of the activities in 2006, is today over 65%, with the aim of increasing such percentage over 70% in 2007. Based on the positive results achieved so far (in the period 1999-2006 a total of 1,500 initiatives at accident black spots were carried out), a new plan for a further 240 specific initiatives designed to improve safety has been launched in 2007 (the installation of new warning signs, lighting systems, changes in carriageway layout and high-traction pavement). A system for measuring the exact and average speeds of vehicles using a particular stretch of motorway ( Tutor ) has been introduced on certain sections of the A4 Milan-Brescia and the A13 Bologna-Padua, on the A14 Adriatic and the A26 Genoa Voltri-Gravellona Toce, representing a total of 436 km of motorway. In 2006 these sections recorded a 20% reduction in the accident rate over 12 months. In the first quarter of 2007 the number of transactions handled by automated toll-collection systems rose 6.5% compared with the same period of 2006, reaching 71.9% of the total (70.4% in the first quarter of 2006) and resulting in a 1.5% reduction in manual transactions. Dynamic toll collection using Telepass accounted for 53.5% of the total, compared with 51.8% in the same period of the previous year. At 31 March 2007 around 5.4 million Telepass devices had been installed, marking an increase of 9.7% on the figure for 31 March 2006. The Autostrade Group received royalties totalling 44.1m from sub-concessionaires in the first quarter of 2007, representing a 3.7% increase in current royalties compared with the same period of 2006. The planned expansion and renovation of all services areas continued during the period. Work on the service area improvement programme and on the construction of a further 8 service areas will be completed by 2009, offering increased retail space, improved restrooms, new children s play areas, and additional parking for cars (up 160%) and lorries and buses (up 200%). 3
Other important information Declaratory action brought by ANAS New regulations governing motorway concessions On 27 March 2007 Autostrade SpA and Autostrade per l Italia SpA filed their statement of defence in response to the action brought by ANAS SpA before the Civil Court of Rome, which subsequently issued a subpoena to Autostrade SpA and Autostrade per l Italia SpA on 9 December 2006. ANAS SpA has petitioned the court to rule on a breach of undertakings given by Autostrade SpA and Autostrade per l Italia SpA and to order the companies to promptly carry out works in accordance with the projections in the financial plan. With respect to procedure, Autostrade SpA disputes the passive involvement of the Company, as all the obligations agreed with ANAS SpA were exclusively undertaken by Autostrade per l Italia SpA, without any guarantee given by Autostrade SpA. With respect to the facts, Autostrade per l Italia SpA and Autostrade SpA have based their defence on the following arguments, as summarised below: Autostrade per l Italia gave an undertaking, on the basis of the Agreement executed with ANAS, to carry out the planned works, but gave no undertaking with regard to the timing and cost of the works. The time frame indicated in the financial plan appended to the agreement is not, therefore, binding, but merely constitutes a forecast; in any case, Autostrade per l Italia SpA may not be held responsible for the reported delays, as the company has made every effort to remove the obstacles occurring primarily during the authorisation phase for each project which have hindered completion of the works; the fact that Autostrade per l Italia SpA is not responsible for the delays has already been recognised by ANAS SpA itself on several occasions; the delays, rather than benefiting Autostrade per l Italia SpA, have resulted in significant cost increases; the delays in carrying out the works do not constitute a case of force majeure, which under the terms of the agreement would justify a request by ANAS SpA for a revision of the financial plan. At the initial hearing on 18 April 2007 the lawyers representing ANAS asked the judge to grant an adjournment to allow them to prepare additional submissions. The request was upheld and the judge granted ANAS until 10 July 2007 to make additional submissions and Autostrade SpA and Autostrade per l Italia until 15 October 2007 to prepare their defence and counter-claims. The hearing was adjourned until 28 November 2007. Following the introduction of Law no. 286/2006 and subsequent amendments which has radically and unilaterally introduced changes to motorway concession arrangements in Italy, the Interministerial Economic Planning Committee (CIPE) Resolution of 26 January 2007, regarding Provisions for the economic regulation of the motorway sector (published in the Official Gazette of 19 February 2007). This ruling which was adopted without any consultation with motorway concessionaires lays down worse conditions and also introduces additional criteria and parameters for establishing motorway tariffs compared with those established under paragraph 83 of Law no. 286/2006. The ruling drawn up by the CIPE introduces a tariff mechanism based on those applied to other public utilities, but not applicable to the calculation of tariff increases in the motorway sector. Indeed, no other country applies such a mechanism to the motorway sector. Application of the new tariff fixing method gives the regulator sweeping discretionary powers in setting key parameters for the determination of tariffs (rate of return, the regulatory asset base, criteria for the depreciation of assets, traffic volume estimates, productivity and efficiency targets, the use of imputed items to ensure that tariffs rise gradually, etc.) in accordance with rules and procedures that have never been previously applied in the motorway sector. This regulatory uncertainty actually deters investment in what is a highly capital-intensive industry, requiring certainty and stability. The above measures are in contrast with the concession agreements executed from 1997 between all concessionaires and ANAS, and overturn the system forming the basis for Autostrade s privatisation in 1999 and which earned the trust of international capital markets. Believing the measures contained in the new regulations to be illegal, Autostrade per l Italia and its subsidiaries will appeal the individual implementation measures in Law no. 286/2006 and subsequent amendments. Moreover, Autostrade per l Italia and its subsidiaries intend to appeal against the CIPE ruling, and against all the related implementation measures as they are put into effect. Furthermore, on 14 November 2006 the EU Commissioner for the Internal Market, took out infringement proceedings against Italy for violating Treaty provisions regarding free movement of capital and right of establishment. 4
Tariff increases for 2007 On 14 and 15 February 2007, Autostrade per l Italia and the Group s other concessionaires notified ANAS, the Minister of Infrastructure and the Minister of the Economy and Finance of an appeal lodged at the Lazio Regional Administrative Court requesting cancellation of ANAS s decision not to allow any tariff increases with effect from 1 January 2007. The concessionaires have also used the appeal to claim for compensation for damages incurred. In a letter dated 10 March 2007 ANAS subsequently determined a tariff increase to be applied for the current year that did not match with the increase due. With reference to the alleged delay in carrying out investments with respect to the time frame indicated in the financial plan appended to the agreement, estimated the related benefits for each concessionaire, without, however, giving any indication of the related calculation method and the resulting amount. Concessionaries were merely notified of the reduction in percentage terms of the tariff increases compared with those requested for 2007. Raccordo Autostradale Valle d Aosta and Tangenziale di Napoli were granted the full increase they had requested, whilst Società Traforo del Monte Bianco is not concerned by the above-mentioned ANAS measures as it comes under a different concession regime. On 15 March 2007 Autostrade per l Italia and the Group s other concessionaires started applying the approved tariff increases. Autostrade per l Italia and the Group s other concessionaires filed an appeal against the new measures on 3 and 4 May 2007 before the Lazio Regional Administrative Court. Similar appeals have been filed by other motorway concessionaires affected by the above measures. Financial review Revenue Toll revenues Consolidated revenue amounts to 720.3m for the first quarter of 2007, marking an increase of 37.8m (5.5%) on the first quarter of 2006 ( 682.5m). Net toll revenues of 608.6m are up 31.1m (5.4%) due primarily to traffic growth of 4.5% and, to a minimal extent, to the tariff increase that was initially suspended and then approved in a reduced form from 15 March 2007 for the Group s main motorway concessionaires, including Autostrade per l Italia. Other income Contract revenue and other operating income total 111.7m, marking an increase of 6.7m (6.3%) on the same period of 2006. In the first three months of 2007 other income included: contract revenue of 3.7m, down 6.9m on the first quarter of 2006 ( 10.6m), which included income from runway resurfacing work carried out by Pavimental at Florence Airport; income from service areas in the form of royalties amounting to approximately 43.9m, which is up 4.3% on the 42.1m of the first quarter of 2006; Telepass and Viacard fees totalling 21.6m, marking growth of 7.6% on the figure for the same period of 2006; other sales and service revenues totalling 42.5m, which are up 10.3m on the figure for the first three months of 2006 ( 32.2m) and primarily regard equipment sales. 5
Operating costs Net operating costs total 276.7m, which is substantially in line with the first quarter of 2006 ( 276.4m). Cost of materials and external services, after deducting capitalised expenses, amounting to 137.6m and representing a decrease of 8.1m (5.6%) on the first quarter of 2006. The decline essentially reflects: a reduction in winter operations, as a result of favourable weather conditions in the first quarter of 2007; a decrease in road resurfacing works, which in the first three months of 2006 were particularly significant following the decision to speed up such works at that time, that are now being completed; the effects of Law no. 286/2006 which impose constrains to the concessionaires with regard to procurement and tenders, in purchases and in the award of work contracts, thus slowing down the works and postponing the costs; Moreover, the first quarter 2007 reflects the decrease in contract work carried out by Pavimental. These reductions were partially offset by the increase in concession fees on tolls (from 1 January 2007 equal to 2.4% compared with the 1% applied until the end of 2006), which resulted in an increase in costs of approximately 8.8m; the balance of other operating costs and gains/(losses), which is in line with the previous first quarter; staff costs of 131.7m, after deducting capitalised expenses of 10.3m, marking an increase of 7.1% on the first quarter of 2006. The increase is substantially due to the rise in the unit labour cost, which in the first quarter of 2007 also reflects the contract renewal in June 2006, and greater redundancy charges. EBITDA Gross operating profit (EBITDA) of 443.6m is up 37.5m (9.2%) on the first three months of 2006 ( 406.1m), representing an EBITDA margin of 61.6% (59.5% in the first quarter of 2006). EBIT Operating profit (EBIT), amounting to 353.8m, is up 25.8m on the first quarter of 2006 (up 7.9%). Compared with the increase in gross operating profit, the less pronounced rise in operating profit reflects a 11.5m (16.4%) increase in depreciation, primarily following the entry into service of assets to be relinquished. Profit from continuing operations Profit for the period Equity Net financial indebtedness The profit from continuing operations amounts to 132.4m for the first quarter of 2007, marking an improvement of 9.6m (7.8%) on the same period of 2006 ( 122.8m). Profit for the first quarter of 2007 amounts to 132.4m, representing an increase of 9.6m (7.8%) on the first quarter of 2006 ( 122.8m). Profit attributable to equity holders of the parent totals 134.5m, having risen 10.9m (8.8%) compared with the 123.6m of the first quarter of 2006. Equity of 3,717.2m is up 142.8m on 31 December 2006 ( 3,574.4m). The Group s net financial indebtedness amounts to 8,823.7m at 31 March 2007 ( 8,945.5 at 31 December 2006), marking a decrease of 121.8m over the first three months of 2007. 6
Other events Stalexport IGLI Impregilo On 14 February 2007 a general meeting of Stalexport s shareholders, company in which Autostrade SpA has a 21.7% holding, resolved upon the capital increased of 89.5m shares for 2.2458 zloty per share reserved to Autostrade. which Autostrade paid in on 23 March 2007. The capital increase, not yet completed, will enable Autostrade to obtain a controlling interest of 50% plus one share following the increase, in return for the investment of a further 52m. Autostrade s acquisition of a controlling interest in Stalexport had already been authorised by the Poland s Antitrust Authority in October 2006. Once Autostrade will reach 50% plus one share of the share capital, in compliance with the Polish laws, it will be required to launch a public tender offer up to 66% of the outstanding Stalexport shares. Autostrade intends that the company will continue to be quoted on the Warsaw Stock Exchange even after the public tender offer. On 27 February 2007, Autostrade per l'italia raised its stake in IGLI SpA to 33.3% (from the previous 20%). IGLI is the company founded in 2005 by Autostrade per l Italia, Argo Finanziaria SpA (Gavio Group), Tesir S.r.l. (Techint Group) and Efibanca SpA with the aim of helping to strengthen the financial and strategic position of Impregilo SpA, one of Italy s leading construction companies and listed on the Milan Stock Exchange. IGLI holds 29.9% of Impregilo, including the stake previously held by Gemina SpA (11.83%) and acquired by IGLI on 2 November 2006. Following the withdrawal of Tesir and Efibanca and the purchase of a stake by Immobiliare Lombarda SpA (Fondiaria-SAI Group), IGLI s three shareholders, Autostrade per l Italia, Argo Finanziaria and Immobiliare Lombarda, now each hold interests of 33.3%. Autostrade per l Italia has invested a total of 73m in IGLI. Following the decision by mutual consent to terminate the shareholder agreement originally executed by the IGLI s founding shareholders in June 2005, on 8 March 2007 Autostrade per l'italia entered into a new shareholder agreement with Argo Finanziaria and Immobiliare Lombarda. The new agreement, which will be effective until 12 June 2008, envisages a voting trust to elect the boards of directors and auditors of IGLI and Impregilo, and qualified majorities for the adoption of resolutions by the general meetings and the boards of directors of IGLI and Impregilo. The agreement also envisages (i) the lock up of the shares held by IGLI s shareholders throughout the term of the new agreement (with the exception of transfers of shares in IGLI by any of the parties to their affiliates ); (ii) the option of renewing the agreement in good faith and, before 12 June 2008 and assuming a positive outcome to negotiations, the transformation of the agreement into a voting trust involving the holders of Impregilo shares; (iii) a procedure governing the consequences for shareholders of a public tender offer for Impregilo s shares; and (iv) the liquidation of IGLI on expiry of the agreement and the resulting allocation subject to the transfer of any portions of liabilities attributable to IGLI of Impregilo shares to shareholders in proportion to their holdings in IGLI. Events after 31 March 2007 Sale of the investment in Autostrade Lombarde SpA (Bre.Be.Mi.) Sale of Autostrada Pedemontana Lombarda SpA On 2 April 2007 Autostrade per l'italia SpA agreed to sell its 35.5% interest in Autostrade Lombarde SpA and its 1% interest in the project company, Bre.Be.Mi. SpA. Autostrade Lombarde owns 86.2% of the project company, Bre.Be.Mi., the company that, since 2003, has held the concession for the 50-km motorway link between Brescia and Milan, following an international tender. The price paid by the buyer, Intesa Sanpaolo SpA, amounts to 41m. On 23 April 2007 Autostrade per l'italia SpA agreed to sell its 50% interest in Autostrada Pedemontana Lombarda SpA, the company that, since 1990, has held a concession to build the so-called Pedemontana Lombarda toll motorway between Busto Arsizio (Malpensa) on the A8 and Dalmine (Bergamo Orio al Serio) on the A4. The new road is planned to go round Milan to the north and take in the Varese and Como ring roads, and will cover a total length of around 87 Km. The price paid by the buyer, Milano Serravalle SpA, which already owned the remaining 50% of the company, totals 20.4m. Autostrade per l Italia has reserved the right, via a call option, to repurchase, within 12 months, up to half less 1% of its holding prior to Milano Serravalle SpA s exercise of its option. 7
Change of name to Atlantia SpA approved On 4 May 2007 the Annual General Meeting of the shareholders of Autostrade SpA, meeting in extraordinary session, resolved to amend article 1 of the articles of association in order to change the Company s name to Atlantia SpA. The change of name forms part of a wide-ranging restructuring designed to: strengthen the Company s identity as a holding company responsible for investments and portfolio strategies, capable of supporting organic and selective growth in the infrastructure and network management sector, but without having any direct operational role; better distinguish the listed holding company s role in respect of government institutions, the market and the financial community; maintain Autostrade per l Italia SpA s role as an operating parent company involved in the management of infrastructure under concession. The change of name to Atlantia SpA will be effective once the resolution passed by the EGM of Autostrade SpA s shareholders has been registered with Rome s Chamber of Commerce. Outlook Economic forecasts for the current year point to an improvement in the Group s operating performance with respect to the previous year, based on positive traffic trends in early 2007. It should be noted, however, that art. 1, section 1020 of Law no. 296/2006 has provided for an increase in the concession fee to be paid to the public concession authority by concessionaires from 1% to 2.4% of net toll revenues. This will have an impact on the operating performance and financial position of concessionaires. The economic and financial effects of the eventual application of Law no. 286/2006 (as subsequently added to and amended) are not currently quantifiable, in that: the regulations and resulting implementation measures contain elements of law that, based on the outcomes of pending appeals and legal actions, including those undertaken at EU level, may not actually be applicable; the regulations and resulting implementation measures, above all those deriving from CIPE Ruling no.1/2007, contain elements that are so vaguely defined as to render it impossible to carry out any reasonable quantification of their impact if actually applied. The provisions of the same Law no. 286/2006, imposing even greater restrictions on motorway concessionaires than those applied to government entities with regard to procurement and tenders, have slowed down the start-up of works. To date, simply as a result of the failure to set up the required ministerial committees, Autostrade per l'italia has had to put approximately 50 tenders for services, works and supplies worth over 140m on hold. The majority of these tenders regard investments that cannot be carried out and are directly linked to safety and traffic management, leading to the week-by-week accumulation of further delays. * * * The reclassified consolidated and separate income statements, balance sheets and cash flow statements of Autostrade SpA, attached hereinafter are included in the quarterly report for the three months ended 31 March 2007. It should be noted that certain alternative indicators are added to the ones usually applied in compliance with IFRS in order to allow for a better understanding of the operating and financial performance. These alternative indicators (EBITDA, net financial indebtedness) are consistent with common market practices. Autostrade SpA (www.autostrade.it) Image & Communication Vito Zappalà - Head Media Relations Francesco Casaccia Giustino Ruggieri Pier Giovanni Carta e-mail: ufficiostampa@autostrade.it Investor Relations, Industrial & Financial Support Massimo Sonego - Head Investor Relations Domenico Dicuonzo Arianna Braghieri e-mail: info.ir@autostrade.it 8
9
10
11