ANNUAL REPORT 2006

In fact, the Ministry, together with the new assignor, CAL, (company founded between Anas and Regione Lombardia) has identified a new method of amortisation of the entire investment, agreed with the concessionary, in line with current legislation in force, that has brought to the stipulation of a renewed agreement, coherent with current laws, in the field of motorway concessions.
A new impulse has therefore been given to the project work activity and to the consequential authorisation process on the basis of a rigorous chrono-programme aimed at the taking off of the activities, on property, during the first months of 2009.
The BBM consortium, in which your company holds 50% of the shares as “constructing partner” of the concessionary, will carry out about 70% of the works, on the basis of a general contractor contract, whose basic conditions are being currently updated in order to make the prior “term sheet” coherent with the new agreement.
Another important event recorded in the period is represented by the declaration of public interest recognised in the proposal formulated by an A.T.I. in which your company holds shares, in connection with the project work, the partial financing, the construction and the management of the new “D” line of the Rome sub-way.
The positive reply from the contractor came about subsequent to a complex competitive procedure in which the most important Italian players of the sector were involved. The amount of the investment is equal to some 2.4 billions of Euro and your company is involved in 50% of the contract.
The final project work activities are about to be concluded in the Anas A3 Sarc Altilia Falerna – Sarc 4- lot that your company will execute as general contractor. The contract programme has been substantially respected and the product presented that was submitted to a preliminary examination by Anas, is about to obtain final approval which will allow the taking off of activities on land during the second six months of current year.
The works relating to the Anas Sarc asr 49/04 – Sarc0 -maxi lot were delivered during the month of February of last year; mobilization is almost complete and the works relating to the foundations of the viaducts and of the tunnels are about to start. The transferral from the executive project work to the detailed project work on land has given way to an adjustment of the economical situation, with no increase in costs.