Traiana, a historic company that operates a multipurpose terminal in Civitaveciglia on approximately 50,000 square meters of yards adjacent to quay 23, on which it operates exclusively, has asked the Port System Authority of the Central-Northern Tyrrhenian Sea to extend the concession by five years (from 2032 to 2037) and to also expand the related state-owned land area.
This circumstance emerges from the opinion issued on the matter by the Transport Regulatory Authority, which, “having referred to the AdSP, as the granting body, for any verification of admissibility and any assessment regarding the actual necessity of the proposed adjustments for the purpose of maintaining the functionality of the concession,” is instead called upon to evaluate the consistency of the request with the PEF – the concession’s Economic and Financial Plan.
On this point, according to the regulator’s opinion, something will need to be revised in Traiana’s request, given that the Art has reported a “discrepancy regarding the time horizon of the concession” between the PEF and the depreciation plan.
The latter, the Authority writes, “ends in 2044, therefore the depreciation of investments appears to be completed at a date later than what would be the expiry date of the concession if the extension request were accepted (2037). Furthermore, as of the year 2037, tangible fixed assets of €5,596,787 still remain, resulting not only from the incomplete depreciation of new investments but presumably also from further investments planned and carried out previously.”
According to the regulator, “these circumstances appear to be in contrast with the provisions, as well as the general rationale, of the applicable rules concerning the alignment of the concession duration with the investment plan, also aimed at avoiding the creation of takeover costs for new concession holders upon the expiry of the concession. In conclusion, it appears necessary that the investment plan and the related depreciation period are consistent with the extension of the concession duration in question.”
In practice, considering that the concession regulation and guidelines do not allow extensions exceeding five years, Traiana will have to revise its investment plan downwards, so that in 2037, when a public tender will necessarily have to be held to reassign the concession, there are no takeover costs for potential interested parties for the area.
A.M.
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