The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Nicol= Pessina - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst
: Yes. And thank you so much for this strategic update, which I find very useful. I have 3 questions. The first one on ASPI. In case of new agreement
with any institutional investor, would you go ahead with the merger plan presented last year or would you prefer to maintain the ownership of
the asset? And in this regard, do you think that any agreement, where an agreement would be possible before any final say from European
Commission on the Milleproroghe decree of last year?
Second question on the call option on Cellnex, I'm wondering if this is still part of your strategic options and if you are -- if you have any plan in
this regard? And final question, if 2021 is in line with your guidance, what should we expect for the dividend at the end of this year? And would
you also consider the payment of an interim dividend?
Question: Stefano Gamberini - Equita SIM S.p.A., Research Division - Analyst
: Three questions also from my side. The first, I got in the presentation, Page 7. Why 2021 operating cash flow is only up EUR 500 million in 2021
versus 2020 despite motorways traffic expected to be -- projected at less 10% on 2019? If I'm not wrong, this is the most part of the cash flow related
to the motorways. While if I'm not wrong, the airports that account for EUR 500 million, EUR 600 million. So do you expect a significant increase in
OpEx during 2021?
The second, if I may, still regarding the disposal process of ASPI. ACS, your partner, expressed interest in ASPI. So in this case, could you also consider
that if they want to, for example, bid through Abertis also changed the shareholder agreement in Abertis. So this company could be involved in
some way in the future in a potential interest on a ASPI stake or not. And third, regarding still Abertis, if you can update us regarding the negotiation
with the government on AP7 compensation as well as regarding the leverage of Abertis seem probably quite high. So is still there the risk of a
downgrade of Abertis to junk or otherwise through the issue of the 2 hybrid bond? Do you expect that investment-grade will be confirmed?
Question: Marcin Karol Wojtal - BofA Securities, Research Division - Analyst
: Yes. So a couple of questions on Abertis again, if I may. So just looking at the balance sheet of Abertis, do you see any capacity for Abertis to continue
to look for acquisitions of new assets or they are more likely to focus on integrating the recently acquired companies for the next year or 2?
And then question number two, on Abertis, with regards to the so-called AP 7 dispute with the Spanish government, which is related to the Acesa
concession, which I believe expires in August 2021. Could you provide an update? What do you expect? Do you expect a car tooling or a settlement?
And when do you expect to have the final outcome of the AP 7?
Question: Nicol= Pessina - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst
: Just a couple of follow-up questions. The first one on the airports of Nice. I'm wondering if you can provide an update on the negotiations with the
authority on the recovery of the tariff cut of a couple of years ago. If this is something you are discussing and eventually on a potential compensation
for the COVID impact?
And second question, if you can explain the reasoning behind the transfer of Pavimental from Atlantia to ASPI. And if there is any relevant cash in
for Atlantia holding company from this transaction.
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