On 21 August, the Regulatory Authority of Trasporti has published two opinions requested by the Transport Authority Port System of the Central Tyrrhenian Sea relatively the extension of the duration of the concession contracts requested from the So.Te.Co. and Co.Na.Te.Co., companies that operate the container terminals of the same name in the port of Naples. So.Te.Co., owner of a concession expiring on 2 April 2029, on 28 March 2029 asked the Campania Port Authority for a five-year extension of the duration of the concession in order to be able to amortize and recover the investments relating to interventions necessary for the adaptation of port facilities and for the maintenance of the functionality of the of the concession. Similarly Co.Na.Te.Co., holder of a concession expiring on 23 March 20298, on 7 November 20298 The Port Authority has been asked to extend the duration of the duration of the contract by five years of the concession on the same grounds.

In its two opinions, the ART highlighted that 'it appears that it is necessary that the investment plan and the related period of amortization are consistent with the extension of the duration of the concession in question' and noted that, with regard to the applications submitted by the two companies terminalists, the economic-financial plan "is not fully completed due to failure to fill in the annual breakdown of investments made for individual interventions and due to the failure to include depreciation related to investments made before 2025, but not yet fully depreciated on that date'. It also noted that in the "provisional financial plan, the enhancement of the of item 2 - operating cash flow (FCON), is the the sum of the investment management alone, omitting to also take into account the cash flow of the management current; an integration in this sense seems appropriate for the purposes of of the correct valuation of the item in question. It's not the calculation of the net present value was also provided, nor any alternative methodology used, which, on the basis of of the investments planned in the timetable, ensure the adequacy determination of the duration of the extension of the concession in question; therefore, an integration in this sense seems appropriate of the documentation provided".

Finally, the ART reported a discrepancy on the horizon time of the concessions and the duration of the concessions themselves, which is requested to be extended by five years beyond the expiry date currently set that for So.Te.Co. is dated April 2 2029 and for Co.Na.Te.Co. to 23 March 2029. The Authority of Regulation of Transport noted that, in fact, the transport plan amortization ends at So.Te.Co. to 2038 and for Co.Na.Te.Co. per 2036 and "therefore the amortization of investments appears be completed on a date after the date that would result in the of the concession if the request for extension were accepted" (2034)'. The two opinions specify that by the year 2034, moreover, there are still tangible fixed assets for So.Te.Co. and for Co.Na.Te.Co. amounting to approximately 1.2 million and 14.9 million respectively of euros "deriving not only from the lack of complete depreciation of new investments, but presumably also from further investments planned and made previously. Also the time horizon indicated in sheets I. (Demand forecasts) and IV. (Accounting schemes) does not appear consistent with the expiry date of the concession in the event of approval of the extension, given that Both sheets refer to 2035. It should be noted - continue the ART - that these circumstances appear to be in conflict with the provisions, as well as with the general rationale, of the rules applicable to the measurement of the duration of the concessions to the investment plan, also aimed at avoiding the the new concessionaires will be charged with the takeover of the expiry of the concession".