Italy’s Transport Regulation Authority (ART) identified gaps in COLACEM S.p.A.’s economic-financial plan for a proposed Porto Marghera concession—but its opinion says the requested term was four years, not 25. The 25-year figure belongs to a separate Terminal Rinfuse Venezia concession and should not be attributed to COLACEM.
Was COLACEM’s Porto Marghera concession for 25 years?
No. ART’s Parere n. 22/2026 says COLACEM applied for a four-year maritime-state concession at Porto Marghera under Article 18 of Law 84/1994. The opinion, dated 1 April 2026, is a review of documents submitted in the concession process; it is not a final award or rejection.
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The 25-year reference concerns a separate concession for Terminal Rinfuse Venezia (TRV), while the Port Authority also announced a 20-year cement-handling concession for Veneta Cementi. Those separate matters do not establish COLACEM’s requested term. The Port Authority’s announcement on the TRV concession describes that distinct decision.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchWhat gaps did ART flag in the concession plan?
ART’s review found omissions and inconsistencies across multiple sections of COLACEM’s economic-financial plan (PEF). It asked for corrections, explanations or additional material; the opinion does not characterize the issues as fraud or misconduct.
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Demand forecast
The forecast form did not describe each planned activity. For its fourth listed activity, it showed a forecast quantity of 20,000 but omitted the unit of measure and the 2026 price. ART said the demand forecast sheet needed to be completed correctly. The 20,000 figure is an entry in this PEF, not an independently verified traffic statistic.
Investment schedule
ART noted that interventions underlying the application were classified as non-eligible, some investment IDs were entered incorrectly, and the investment total row was blank for years after 2026. An item described as “Attrezz. varia off., magazz. e labor.” had no amount assigned. The authority requested corrections.
Amortization and asset lives
The plan began amortizing each intervention in the year it was completed, whereas the form specified that amortization should start the following year. ART also said the rates did not appear compatible with the useful lives of the assets, drawing particular attention to 100% rates for infrastructure and civil works, and fixed installations.
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The plan showed incomplete total amortization in 2029, the final year of the requested concession, and included an “Anno > 2030” column beyond the requested term. ART asked for corrections and explanations.
Projected financial statements
Projected revenue detail did not match the demand forecast, and depreciation figures did not align with the amortization plan. The operating cash-flow line included investment management but omitted cash flow from current operations. The projected balance sheet’s tangible fixed assets also did not reconcile with the investment and amortization plans.
Residual assets and term justification
The PEF showed fixed assets remaining at the end of the concession. ART said incomplete amortization explained this only in part and raised a concern about consistency with the rules and rationale for matching concession duration to investment plans, including avoiding entry costs for a successor concessionaire.
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The plan did not include a VAN (net present value) calculation or an alternative method demonstrating that the requested term was consistent with the investment timetable. ART asked COLACEM to provide an integration on this point.
Why does a port concession need an economic-financial plan?
A PEF connects the activity forecast to the investments, asset lives, revenues and costs expected over a concession. ART’s framework treats the concession term as commensurate with the investments in the plan. If the demand assumptions, investment schedule, amortization and financial statements do not agree, it is harder to assess whether the requested duration fits the investment programme—and what assets or costs may be left for a successor when the concession ends.
ART describes its remit as supporting fair and non-discriminatory access to port infrastructure and promoting productive efficiency. Its opinion cites Law 84/1994, Ministerial Decree 202 of 28 December 2022 on port-area and quay concessions, and application guidelines adopted by Ministerial Decree 110 of 21 April 2023.
The opinion also says COLACEM’s application was submitted before 1 March 2026, so the earlier regulatory treatment applied. ART notes that the revised port regulation adopted through Delibera 242/2025 took effect on 1 March 2026.
What does the opinion mean for COLACEM’s application?
ART sent its opinion to the Northern Adriatic Sea Port System Authority, the Ministry of Infrastructure and Transport, and COLACEM, and published it. It requested that the PEF be corrected or supplemented. The opinion does not show whether COLACEM later addressed the gaps or whether the concession was ultimately granted, rejected or otherwise decided.
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