Within fine summer the ban for the cession of the quotas the Port of Livorno 2000



The ban for the cession of the quotas the Port of Livorno 2000, the society that manages the traffic of the passengers of the cruises and the ferries in the Leighorn port of call and that it is controlled to 72% from the Harbour Authority and to 28% from the Chamber of Commerce of Livorno, will be published within fine summer. It has announced the president of the harbour agency, Giuliano Gallanti, to the Harbour Committee in the course of a reunion in which the study of the Kpmg Corporate Finance on the cession of the society is introduced.

Gallanti has specified that the understanding "is to close the game before the next crocieristica season: we want - it has explained - to be able to publish the ban of contest within and not beyond september". "We will wait for - it has added - the result of the next communal elections, after that we organize, within june, a Harbour Committee in which we will share the results of the analysis of the Kpmg with the new mayor. Therefore, we will be able to begin to already manage the contest for the cession of the quotas Porto 2000 before General August arrives. Once published the ban will pass at least eight months before the effective cession".

According to the advising society, that it has supplied to support of the harbour authority with an investigation of the crocieristico market to international level and in Italy, the better solution is that than "to yield the quota absolute majority with an extension of the concession" that to the current state will expire in six years from now, in 2019. "This perspective - the analysts of the Kpmg assert - would have as advantage that to offer to the great players a governance a clear and remarkable decisional lever; it would favor moreover the possibility to attract important industrial investments and would mitigate the uncertainty of approaches".

Moreover the offered for sale one of beyond 50% of the quotas the society alone would not be enough to attract the attention of the great national industrial operators or the deep ones of private equities. According to the advising society there are in fact some "endogenous" factors that impattano today on the tempistica: the absence of certainties of approaches; a relationship with the not formalized Harbour Company from agreements of along term; the strong trend of contraction of the traffic; the short horizon of the concession (expiration the 2019) and profit in the long period (still is operatively not realized the contained forecast in the Portuale Town development plan to create to Alto Fondale an only pole dedicated to the cruises and to free the Descent Bordering, today garrisoned from the Which dropped society Terminal Bordering that it takes care of handling of several bulk and goods).

With respect to the tempistica of the sale, the study emphasizes that only the immediate cession of the quotas absolute majority of Porto 2000 could anticipate the effects benefits of the operation and to avoid the risk of a desert auction. "Porto 2000 - law in the study - needs of the resolution of some nodal elements, before or contextually to the contest procedure. The privatization must be functional to the timely one throws again business of long period. It is favorable that to the composition of the society they participate subject with tried entrepreneurial ability in the crocieristico field and of documented to solidity financial institution. The next future of Porto 2000 must be in fact characterized from challenging investments, that they can moreover justify an extension of the current concession". The study evidences the obligatory nature to sell the majority of the quotas: "no operator - the Kpmg explains - really would be interested to acquire the quotas a society whose governance is still in the hands of the associates publics".

During the reunion of the Harbour Committee the analysts of the Kpmg have introduced the analysis of the evolution of the Italian and international crocieristico market that previews a strengthening of the historical goal of the Caribbean and a decrease for the area of the Mediterranean, that it has recorded first rest beginning from 2013. From an analysis of the first ten ports of the Mediterranean in terms of number of passengers he comes in fact evidenced as the peak of the volumes is reached in 2011, with a strong contraction pairs to about -8% in 2012. Even if the year as soon as passed it has made to record an light resumption, the forecasts for the 2014 indicate an ulterior contraction of -5%. Italy does not escape to this trend negative, with a contraction of the number of estimated passengers of about the -7% attended for 2014 and to 10,5 million from the National Observatory of Tourism. Livorno does not make exception: if in the 2013 they were journeyed for the Leighorn docks 737 thousand crocieristi (- 29% regarding 2012), in the 2014 they are altogether 730 thousand (- 0.9%).

With reference to the division of the revenues between ferries and cruises, the advising society rimarca that first they cover to Livorno a dominant position regarding the second ones, while these last ones progressively have been gone orienting towards the transit service.

In the study happened fusion operations of in the crocieristico field from 2005 are analyzed also to 17 acquisition and today. Of these, only three subtend to a true process of privatization. About 65% of the operations analyzed has involved player of region EMEA (Europe, Middle East and Africa) and about 17% player of the Asia-Appease region. The advising society emphasizes moreover that the acquisition operations or has had to object market shares of control or is finalized to the acquisition of the control total. "It emerges - Kpmg observes - more and more consolidated presence of the shipowners in the shareholders of the societies of management and control of the crocieristici terminals. In spite of the progressive contractions of the Mediterranean market and in spite of the strong competition of other national ports, the privatization of Porto 2000 can be an answer to the forecasts of development of the European market, that it grows to constant rhythms".