Our 2021

Group performance


During preparation of the Annual Report for 2021, the Board of Directors confirmed the ability of the Company and the Group to continue as going concerns. Preparation of the Report also took into account the impact of application of the Settlement Agreement signed in October 2021 which has, above all, made it necessary to apply certain adjustments to amounts in the statement of financial position as at 1 January 2021. These include:

  1. closure of the balance of provisions for construction services required by contract as at 1 January 2021 (€2,540 million), accounted for as a direct reduction in intangible assets deriving from concession rights, reflecting the introduction of a new tariff framework following adoption by the Transport Regulator (ART) of Resolution 71/2019 on 19 June 2019;
  2. a reduction in provisions for repair and replacement (€761 million) and an increase of intangible assets deriving from concession rights (€439 million), reflecting the impact of remuneration through tolls, under the Financial Plan, of the extraordinary maintenance plan worth €1.2 billion, in common with other forms of investment;
  3. an increase in other provisions for risks (€711 million) and a reduction in intangible assets deriving from concession rights and costs (€489 million), reflecting the commitment given by the Company, as part of the Settlement Agreement, to invest €1.2 billion in infrastructure operated under concession without recovering the cost through tolls.

As a result of points b and c, the adjustments recognised have not had a significant impact on the Group’s or the Company’s income statement as at 1 January 2021. In fact, the total expense of €3.4 billion to be incurred by Autostrade per l’Italia in order to settle the dispute over alleged serious breaches of the Concession Arrangement had already been reflected in the financial statements for prior years. In the Settlement Agreement signed on 14 October 2021, it was agreed that the amount of €1.2 billion for the above extraordinary mainte- nance plan would be replaced by the same amount of unremunerated investment.

The scope of consolidation as at 31 December 2021 differs from the scope at 31 December 2020, reflecting:

  1. Autostrade per l’Italia’s acquisition of a 79.4% stake in Pavimental. Following the purchase, the Company holds a total interest of 99.4%;
  2. the establishment, in January 2021, of Free To X, a wholly owned subsidiary of Autostrade per l’Italia, whose mission is to develop integrated, sustainable mobility services;
  3. Movyon’s acquisition, at the end of March 2021, of a 90% stake in Infomobility, a company specialising in infomobility systems and hardware and software for the automotive sector.

A summary of the results for 2021, the complete financial statements and the Sustainability Report for 2021 (the Non-financial Statement) are available at the following link: https://www.autostrade.it/en/investor-relations/bilanci

Reclassified consolidated income statement
Toll revenue3,4742,79168324
Other operating income39823915967
Total operating revenue3,8723,03084228
Maintenance costs-462-867405-47
Cost of other external services-351-298-5318
Concession fees-438-362-7621
Net staff costs-586-471-11524
Operating change in provisions90-403493n.s.
Total net operating costs-1,747-2,401654-27
Gross operating profit (EBITDA)2,1256291,496n.s.
Amortisation, depreciation, impairment losses, reversals of impairment losses and provisions for renewal work-563-672109-16
Operating profit/(loss) (EBIT)1,562-431,605n.s.
Other financial income/(expenses), net-332-495163-33%
Profit/(Loss) before tax from
continuing operations
Income tax benefit/(expense)-480128-608n.s.
Profit/(Loss) from continuing operations750-4101,160n.s.
Profit/(Loss) from discontinued operations-1-1-100
Profit/(Loss) for the year750-4091,159n.s.
(Profit)/Loss attributable to non-controlling interests27-229n.s.
(Profit)/Loss attributable to owners of the parent723-4071,130n.s.

The following table shows a reconciliation of like-for-like consolidated amounts, for both comparative periods.

€mNotesGross operating profit (EBITDA)Profit/(Loss) for the periodProfit/(Loss) attributable to owners of the parentOperating cash flowGross operating profit (EBITDA)Profit/(Loss) for the periodProfit/(Loss) attributable to owners of the parentOperating cash flow
Reported amounts (A)2,125750723986629-409-407517
Adjustments for non like-for-like items
Impact connected with collapse of a section of the Polcevera road bridge(1)-44-39-39-51-60-41-41-209
Impact of settlement of disputes with the MIMS(2)39-6-6-263-190-130-130-
Change in the scope of consolidation (Pavimental, Pavimental Polska, Free to X, Infomobility and Tecne)(3)266624-2-2-2-2
Change in discount rate applied to provisions(4)72220--63-47-44-
Consent solicitation(5)-2-7-71----
Tax benefit of revaluation of assets by Tangenziale di Napoli and Autostrade Tech solely for the purposes of ITA GAAP (Law Decree 104/2020)(6)-1515-11----
Sub-total (B)26-9-11-300-315-220-217-211
Like-for-like amounts (C) = (A)-(B)2,0997597341,286944-189-190728
Notes: The term "like-for-like basis", used in the description of changes in certain consolidated performance indicators, means that amounts for comparative periods have been determined by eliminating: (1) from consolidated amounts for 2021 and 2020, the after-tax impact on the income statement and on operating cash flow of (i) reductions in toll revenue (for 2020 alone), (ii) payments made at the request of the Special Commissioner for Genoa in relation to reconstruction of the San Giorgio road bridge, and (iii) the compensation paid to victims’ families and the injured, to cover legal expenses and to fund the financial support provided to small businesses and firms; (2) from consolidated amounts for 2021, the after-tax impact on the income statement and operating cash flow of the toll exemptions and discounts introduced in response to the disruption linked to roadworks in the Genoa area and the discounting to present value of provisions made in previous years to fund the commitments provided for in the settlement agreement and, from consolidated amounts for 2020, the impact of the estimated additional costs to be incurred in relation to the talks with the Government and the MIMS aimed at resolving the dispute between the parties over alleged serious breaches; (3) from consolidated amounts for 2021, the after-tax impact on the income statement and operating cash flow of the contributions from companies consolidated from 2021; (4) from consolidated amounts for the two comparative periods, the after-tax impact of the difference in the discount rates applied to the provisions accounted for among the Group’s liabilities; (5) from consolidated amounts for 2021, the impact on the income statement and operating cash flow of the Consent Solicitation launched by Autostrade per il l’Italia in the fourth quarter of 2021; (6) from consolidated amounts for 2021, the impact on the income statement and operating cash flow of the tax benefit resulting from recognition of the tax effects of the revaluation of assets in the statutory financial statements of the subsidiaries, Tangenziale di Napoli and Movyon.
Reclassified consolidated statement of financial position
€m31 December 202131 December 2020Increase/(Decrease)
Non-financial assets (A)15,76817,724-1,956
Net working capital (B)-1,190-835-355
Gross invested capital (C=A+B)14,57816,889-2,311
Non-financial liabilities (D)-3,684-6,4902,806
Net invested capital (E=C+D)10,89410,399495
Equity attributable to owners of the parent2,2771,488789
Equity attributable to non-controlling interests37135417
Equity (F)2,6481,842806
Net debt (G)8,2468,557-311
Net debt and equity (H+F+G)10,89410,399495
Statement of changes in consolidated net debt
Cash flows from (used in) operating activities  
Operating cash flow986517
Change in net working capital and other changes419-164
Net cash generated from/(used in) operating activities (A)1,405353
Net cash from/(used in) investment in non-financial assets  
Investment in assets held under concession-939-516
Purchases of property, plant and equipment-38-22
Purchases of other intangible assets-89-37
Capital expenditure-1,066-575
Increase in financial assets deriving from concession rights (related to capital expenditure)81
Purchases of investments-1-
Investment in consolidated companies, including net debt assumed-185-
Proceeds from disposal of property, plant and equipment, intangible assets and unconsolidated investments31
Net debt or funds of consolidated companies transferred as part of corporate transactions--2
Net change in other non-current assets2-
Net cash from/(used in) investment in non-financial assets (B)-1,239-575
Net equity cash inflows/(outflows)  
Dividends declared by the Group and payable to non-controlling shareholders-11-
Net equity cash inflows/(outflows) (C)-11-
Increase/(Decrease) in cash and cash equivalents during year (A+B+C)155-222
Other changes in net debt (D)15657
(Increase)/Decrease in net debt for year (A+B+C+D)311-165
Net debt at beginning of year-8,557-8,392
Net debt at end of year-8,246-8,557

Events after 31 December 2021

Approval of detailed design for Bologna By-pass

On 18 January 2022, the Services Conference approved the project of the Bologna By-pass, amounting to approximately €1.7 billion. Final approval of the detailed design is expected by the end of 2022, with the expropriation process, the movement of existing services interfering with construction and preparation of the various sites also due to begin during the year.

Bond issue

On 18 January 2022, Autostrade per l’Italia placed bonds worth €1,000 million under its Euro Medium Term Notes (EMTN) programme in two tranches of €500 million. The tranches have terms of 6 and 10 years. The proceeds from the issue will provide the Company with the financial resources needed to fully support our major investment and maintenance programmes, in addition to being used to fund development of the network digitalisation plan and for general corporate purposes.

Establishment of Elgea

A new company named Elgea SpA was established on 24 January 2022. The company, a wholly owned subsidiary of Autostrade per l’Italia, will produce renewable energy on behalf of the Group.

Operating segments

Operating segments
Key figures by
MotorwaysEngineering and construction
Reported amounts
Operating revenue3,6832,9747096873684
Operating cash flow (FFO)95750445323-225
Capital expenditure1,00256843413310
Average workforce5,9325.881512,054452,009

Innovation and technologyOther services
Reported amounts
Operating revenue14392514445-1
Operating cash flow (FFO)12111-4-4
Capital expenditure1239-1-1
Average workforce1921088460058713

Consolidation adjustmentsTotal Autostrade per l'Italia Group
Reported amounts
Operating revenue-685-843,8723,030
Operating cash flow (FFO)-6-986517
Capital expenditure39-1,066575
Average workforce--8,7786,621

Operating review

Traffic performance

Traffic in 2021 continued to be impacted by the effects of the pandemic, albeit to a lesser extent than in 2020. This was partly due to the progressive rollout of the country’s vaccination programme, whilst the performance in 2020 was severely affected by the spring lockdown. Traffic in 2021 continued to be affected by the pandemic, with a more marked improvement during the summer period and a subsequent slowdown towards the end of the year, as infections began to rise again.

Traffic on the Group’s network rose 23.0% in 2021 compared with the previous year but remained below pre-pandemic levels (down 10.3% compared with 2019).

Investment and projects

Despite the difficulties caused by the pandemic, and in compliance to the related safety regulations, capital expenditure on the motorways operated by the Group continued in 2021, with investment amounting to approximately €1 billion.

Genoa Interchange

Genoa Interchange Toll station New Genoa By-pass

The “Genoa By-pass” is a complex project that aims to reduce traffic using the urban section of the A10 between the Genoa West (Port of Genoa) toll station and the Voltri district, by redirecting through traffic to a new motorway. The project will involve investment of approximately €4.3 billion* and most of the work involved in preparing for the start-up of work is now underway.

The Company is awaiting formal approval for the detailed design before proceeding to award the related contracts.

* Amount provided for in the Economic and Financial Plan

Bologna By-pass

Bologna Bypass Toll station New Bologna By-pass

The upgraded Bologna interchange will relieve congestion in the Bologna section of the network by widening 13 km of the existing motorway.

The project, involving total investment of €1.7 billion, was approved by the Services Conference on 18 January 2022. It is currently awaiting closure and subsequent approval of the detailed design by the MIMS.

The Bologna Bypass is the first motorway project in Europe to receive “Platinum” certification from Envision at the beginning of 2022 in recognition of the overall sustainability of the project.

Autostrade per l’Italia’s investment programme included in the Financial Plan contains a total commitment of €27.4 billion, including approximately €14.1 billion relating to the period from 2020 to 2038. This breaks down as follows:

€bnValueTo be performed 2020-38*
Major works in 1997 Agreement7.41.0
Other investment included in 1997 Agreement
Other investment in major works**2.01.5
Other investment in the existing network2.60.5
Major works in fourth Addendum of 20024.20.4
Genoa By-pass4.34.1
Noise Abatement Plan (CIPE determination)0.90.7
New projects in 2020 Financial Plan:
Widening to three/four lanes required by art.15 of Single Concession Arrangement, reducing congestion on the busiest sections of the network2.42.3
New projects included in the network upgrade/modernisation plan designed to prolong the useful life of infrastructure2.72.7
Work on the road network in Genoa and Liguria in the settlement agreement0.90.9
Total investments on infrastructures operated under concession27.414.1
* Forecast period in the new Financial Plan.
** Includes works associated with the Bologna Bypass.