Ohl Concesiones2009anexos Oficial Ing
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APPENDIX
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Transcript of Ohl Concesiones2009anexos Oficial Ing
50
APPENDIX
51
Index
1. Toll Roads Brazil 522. Toll Roads Chile 763. Toll Roads Spain 894. Toll Roads Mexico 1005. Toll Roads Peru 1156. Toll Roads Argentina 1177. Railways 1218. Airports 1279. Commercial Ports 131
Page
52
ANEXO1. TOLL ROADS BRAZIL
53
The opening of Santa Rita toll plaza, in June 2007, has allowed for a significant increase in traffic volume.
Gross Toll Revenues (thousand Br Reais)
99.737115.087
131.130
162.583
198.927
50.000
100.000
150.000
200.000
2004 2005 2006 2007 2008
26.18636.167
44.241
56.374
68.949
10.000
30.000
50.000
70.000
2004 2005 2006 2007 2008
Revenues (thousand Euros)
EBITDA (thousand Euros)
17.43523.985
31.064
40.716
51.256
10.000
25.000
40.000
55.000
2004 2005 2006 2007 2008
Autovias
Average Daily Traffic (1)
48.609 50.130 51.790
79.362
103.786
30.000
55.000
80.000
105.000
2004 2005 2006 2007 2008(1) Equivalent Vehicles
Operational Data, Revenue and EBITDA
54
Balance Sheet
2008 2007
Tangible Fixed Assets 122.579 149.762
Other non-current Assets 47.077 16.059
Total non-current Assets 169.656 165.821
Trade Debtors and Other Current Assets 4.077 4.081
Cash and Financial Assets 4.599 4.929
Total current Assets 8.676 9.010
TOTAL ASSETS 178.332 174.831
Net Equity 55.038 64.674
Other non-current Liabilities 20.106 27.367
Financial Liabilities 94.862 67.185
Other Current Liabilities 8.326 15.605
TOTAL LIABILITIES 178.332 174.831
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) Brazilian Reais.
Income Statement
2008 2007
Revenues 68.949 56.374
EBITDA 51.256 40.716
Depreciation and Amortization (13.877) (12.155)
EBIT 37.379 28.561
Finance Income (13.982) (10.388)
Other Income 180
Profit Before Tax 23.397 18.353
Income Tax Charge (7.515) (6.113)
Profit after Tax 15.882 12.240
Capex 11.424 19.452
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 (2007) Brazilian Reais.
AutoviasIncome Statement and Balance Sheet (thousand €)
55
Autovias
• Toll updating every July according to inflation, measured by IGPM index that takes devaluations into account.
• Monthly payable concession royalty. The pending balance of the royalty is updated yearly with the same index and date of the toll review. In 2008, the concession royalty paid amounted to 11,2 million Brazilian Reais.
• The royalty pending at December 31, 2008 adds up to 56,4 million Brazilian Reais.
CDI: Interbank Deposit Certificate. Currently 11,25%
Other Financing Summary
Type Commercial Bank Loan
Currency Br. Reais
Outstanding Balance 08 72,7 M Reais
Maturity Date November 2010
Variable interest rate CDI + 1% aa
Other Financing Summary
Type Commercial Bank Loan
Currency Br. Reais
Outstanding Balance 08 195 M Reais
Maturity Date January 2010
Variable interest rate CDI + 1,037% aa
Financing and Concession Contract
56
29.843
40.71646.333
52.657
63.879
25.000
40.000
55.000
70.000
2004 2005 2006 2007 2008
21.170
28.02331.344
36.751
48.710
20.000
30.000
40.000
50.000
2004 2005 2006 2007 2008
Centrovias
49.75251.675 52.394
56.78060.727
35.000
45.000
55.000
65.000
2004 2005 2006 2007 2008
115.866129.373 136.232
151.041
183.574
80.000
120.000
160.000
200.000
2004 2005 2006 2007 2008
Operational Data, Revenue and EBITDA
Gross Toll Revenues (thousand Br Reais)
Revenues (thousand Euros)
EBITDA (thousand Euros)
Average Daily Traffic (1)
(1) Equivalent Vehicles
57
Balance Sheet
2008 2007
Tangible Fixed Assets 117.768 140.278
Other non-current Assets 39.491 34.405
Total non-current Assets 157.259 174.683
Trade Debtors and Other Current Assets 3.643 3.824
Cash and Financial Assets 5.895 2.308
Total current Assets 9.538 6.132
TOTAL ASSETS 166.797 180.815
Net Equity 47.553 102.179
Other non-current Liabilities 26.396 41.751
Financial Liabilities 83.952 24.460
Other Current Liabilities 8.896 12.425
TOTAL LIABILITIES 166.797 180.815
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) Brazilian Reais.
Income Statement
2008 2007
Revenues 63.879 52.657
EBITDA 48.710 36.751
Depreciation and Amortization (14.702) (4.811)
EBIT 34.008 31.940
Finance Income (13.395) (5.808)
Other Income (38)
Profit Before Tax 20.613 26.094
Income Tax Charge (7.116) (10.472)
Profit after Tax 13.497 15.622
Capex 14.752 34.650
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 (2007) Brazilian Reais.
CentroviasIncome Statement and Balance Sheet (thousand €)
58
Centrovias
• Toll updating every July according to inflation, measured by IGPM index that takes devaluations into account.
• Monthly payable concession royalty. The pending balance of the royalty is updated yearly with the same index and date of the toll review. In 2008, the concession royalty paid amounted to 13,3 million Brazilian Reais.
• The royalty pending at December 31, 2008 adds up to 81,9 million Brazilian Reais.
Other Financing Summary
Type Commercial Bank Loan
Currency Br. Reais
Outstanding Balance 08 265 M Reais
Maturity Date January de 2010
Variable interest rate CDI + 1,037% aa
Financing and Concession Contract
CDI: Interbank Deposit Certificate. Currently 11,25%
59
18.013
62.80269.169
77.882
54.645
12.000
34.000
56.000
78.000
2004 2005 2006 2007 2008
12.460
37.89044.412
49.24957.615
2.000
22.000
42.000
62.000
2004 2005 2006 2007 2008
Intervias
122.872126.791
128.929
136.189
141.576
112.000
122.000
132.000
142.000
2004 2005 2006 2007 2008
153.215
171.780182.898
196.062
220.921
120.000
155.000
190.000
225.000
2004 2005 2006 2007 2008
Operational Data, Revenue and EBITDA
Gross Toll Revenues (thousand Br Reais)
Revenues (thousand Euros)
EBITDA (thousand Euros)
Average Daily Traffic (1)
(1) Equivalent Vehicles
60
Balance Sheet
2008 2007
Tangible Fixed Assets 119.953 134.027
Other non-current Assets 68.605 15.111
Total non-current Assets 188.558 149.138
Trade Debtors and Other Current Assets 3.508 4.110
Cash and Financial Assets 7.734 6.849
Total current Assets 11.242 10.959
TOTAL ASSETS 199.800 160.097
Net Equity 55.219 58.454
Other non-current Liabilities 25.999 25.949
Financial Liabilities 110.302 65.104
Other Current Liabilities 8.280 10.590
TOTAL LIABILITIES 199.800 160.097
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) Brazilian Reais.
Income Statement
2008 2007
Revenues 77.882 69.169
EBITDA 57.615 49.249
Depreciation and Amortization (7.172) (7.625)
EBIT 50.443 41.624
Finance Income (10.650) (7.138)
Other Income 429
Profit Before Tax 39.793 34.915
Income Tax Charge (11.535) (10.548)
Profit after Tax 28.258 24.367
Capex 15.668 13.483
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 (2007) Brazilian Reais.
InterviasIncome Statement and Balance Sheet (thousand €)
61
Intervias
• Toll updating every July according to inflation, measured by IGPM index that takes devaluations into account.
• Monthly payable concession royalty. The pending balance of the royalty is updated yearly with the same index and date of the toll review. In 2008, the concession royalty paid amounted to 12,3 million Brazilian Reais.
• The royalty pending at December 31, 2008 adds up to 60,3 million Brazilian Reais.
Other Financing Summary
Type Commercial Bank Loan
Currency Br. Reais
Outstanding Balance 08 113,9 M Reais
Maturity Date November 2010
Variable interest rate CDI + 1% aa
Other Financing Summary
Type Commercial Bank Loan.
Currency Br. Reais
Outstanding Balance 08 246,4 M Reais
Maturity Date January 2010
Variable interest rate CDI + 1,037% aa
Financing and Concession Contract
CDI: Interbank Deposit Certificate. Currently 11,25%
62
46.027
53.740
61.819
35.000
45.000
55.000
65.000
2006 2007 2008
30.879
38.815
47.128
20.000
30.000
40.000
50.000
2006 2007 2008
Vianorte
66.30468.429
70.43774.523
79.582
50.000
60.000
70.000
80.000
2004 2005 2006 2007 2008
116.405127.725
135.866
155.005
178.518
90.000
120.000
150.000
180.000
2004 2005 2006 2007 2008
Operational Data, Revenue and EBITDA
Gross Toll Revenues (thousand Br Reais)
Revenues (thousand Euros)
EBITDA (thousand Euros)
Average Daily Traffic (1)
(1) Equivalent Vehicles
63
Balance Sheet
2008 2007
Tangible Fixed Assets 88.650 101.079
Other non-current Assets 90.202 120.020
Total non-current Assets 178.850 221.099
Trade Debtors and Other Current Assets 2.649 2.957
Cash and Financial Assets 4.813 2.669
Total current Assets 7.462 5.626
TOTAL ASSETS 186.314 226.725
Net Equity 43.175 49.552
Other non-current Liabilities 96.547 122.785
Financial Liabilities 26.189 37.510
Other Current Liabilities 20.403 16.878
TOTAL LIABILITIES 186.314 226.725
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) Brazilian Reais.
Income Statement
2008 2007
Revenues 61.819 53.740
EBITDA 47.128 38.815
Depreciation and Amortization (21.189) (20.174)
EBIT 25.839 18.641
Finance Income (15.127) (13.897)
Other Income (41)
Profit Before Tax 10.812 4.703
Income Tax Charge (2.381) (1.660)
Profit after Tax 8.431 3.043
Capex 15.972 21.040
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 (2007) Brazilian Reais.
VianorteIncome Statement and Balance Sheet (thousand €)
64
Vianorte
Main Financing Summary
Type BNDES Loan
Status Repayment phase
Currency Br. Reais
Outstanding Balance 08 69,7 M Reais
Repaid amount 08 14,1 M Reais
Available amount 08 n/a
Maturity year 2013
Fixed interest rate n/a
Variable interest rate TJLP + (4,5% - 7,5%)
• Toll updating every July according to inflation, measured by IGPM index that takes devaluations into account.
• Monthly payable concession royalty. The pending balance of the royalty is updated yearly with the same index and date of the toll review. In 2008, the concession fixed and variable royalty paid amounted to 37,1 million Brazilian Reais.
• The royalty pending at December 31, 2008 adds up to 321,9 million Brazilian Reais.
TJLP: Tasa Juros Largo Plazo: Long Term Interest Rate. Currently 6,25%
Financing and Concession Contract
65
Autovias / Centrovias / Intervias / Vianorte
Period Revenues CAC
% Ebitda Inflation (average)
2009-2013 8,9% 71,1% 4,3%
2013-2017 8,9% 75,0% 4,5%
2017-2021 -20,5% 80,8% 4,5%
2021-2027 8,3% 84,5% 4,5%
In Local Currency (Million Brazilian Reais)
Year 2009 2010 2011 2012 2013Capex (1) 170 80 60 60 100
(1) OHL Brasil Financial Disclosure, March 2009.
Projection Hypothesis
66
Rio de Janeiro – Espírito Santo
Balance Sheet
2008 2007
Tangible Fixed Assets 36.506
Other non-current Assets
Total non-current Assets 36.506 0
Trade Debtors and Other Current Assets 100
Cash and Financial Assets 795
Total current Assets 895 0
TOTAL ASSETS 37.401 0
Net Equity 9.631
Other non-current Liabilities 0
Financial Liabilities 709
Other Current Liabilities 27.061
TOTAL LIABILITIES 37.401 0
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) Brazilian Reais.
Income Statement
2008 2007
Revenues 0 0
EBITDA 0 0
Depreciation and Amortization
EBIT 0 0
Finance Income
Other Income
Profit Before Tax 0 0
Income Tax Charge
Profit after Tax 0 0
Capex 35.398 0
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 (2007) Brazilian Reais.
Income Statement and Balance Sheet (thousand €)
67
Other Financing Summary
Type Promissory Notes
Currency Br. Reais
Date of Signature January 2009
Outstanding Balance March/09 27,1 M Reais
Maturity Date July 2009
Variable interest rate CDI + 5% aa
Rio de Janeiro – Espírito Santo
• Toll updating every February according to inflation, measured by IPCA index that takes devaluations into account.
Financing and Concession Contract
CDI: Interbank Deposit Certificate. Currently 11,25%
68
São Paulo – Belo Horizonte
Balance Sheet
2008 2007
Tangible Fixed Assets 67.067
Other non-current Assets
Total non-current Assets 67.067 0
Trade Debtors and Other Current Assets 207
Cash and Financial Assets 3.017
Total current Assets 3.224 0
TOTAL ASSETS 70.291 0
Net Equity 17.306
Other non-current Liabilities 34.840
Financial Liabilities 1.929
Other Current Liabilities 16.216
TOTAL LIABILITIES 70.291 0
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) Brazilian Reais.
Income Statement
2008 2007
Revenues 245 0
EBITDA 21 0
Depreciation and Amortization (119)
EBIT (98) 0
Finance Income (12)
Other Income
Profit Before Tax (110) 0
Income Tax Charge
Profit after Tax (110) 0
Capex 53.818 0
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 (2007) Brazilian Reais.
Income Statement and Balance Sheet (thousand €)
69
Other Financing Summary
Type Promissory Notes
Currency Br. Reais
Date of Signature January 2009
Outstanding Balance March/09 54,7 M Reais
Maturity Date July 2009
Variable interest rate CDI + 5% aa
São Paulo – Belo Horizonte
• Toll updating every December according to inflation, measured by IPCA index that takes devaluations into account.
Financing and Concession Contract
CDI: Interbank Deposit Certificate. Currently 11,25%
70
Balance Sheet
2008 2007
Tangible Fixed Assets 75.698
Other non-current Assets
Total non-current Assets 75.698 0
Trade Debtors and Other Current Assets 605
Cash and Financial Assets 1.631
Total current Assets 2.236 0
TOTAL ASSETS 77.934 0
Net Equity 13.747
Other non-current Liabilities 37.707
Financial Liabilities 1.011
Other Current Liabilities 25.469
TOTAL LIABILITIES 77.934 0
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) Brazilian Reais.
Income Statement
2008 2007
Revenues 119 0
EBITDA 99 0
Depreciation and Amortization (5)
EBIT 94 0
Finance Income
Other Income
Profit Before Tax 94 0
Income Tax Charge
Profit after Tax 94 0
Capex 73.268 0
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 (2007) Brazilian Reais.
São Paulo – CuritibaIncome Statement and Balance Sheet (thousand €)
71
Other Financing Summary
Type Promissory Notes
Currency Br. Reais
Contract Signature January 2009
Outstanding Balance March/09 56,8 M Reais
Maturity Date July 2009
Variable interest rate CDI + 5% aa
São Paulo – Curitiba
• Toll updating every December according to inflation, measured by IPCA index that takes devaluations into account.
Financing and Concession Contract
CDI: Interbank Deposit Certificate. Currently 11,25%
72
Curitiba - Florianópolis
Balance Sheet
2008 2007
Tangible Fixed Assets 41.639
Other non-current Assets
Total non-current Assets 41.639 0
Trade Debtors and Other Current Assets 392
Cash and Financial Assets 1.513
Total current Assets 1.905 0
TOTAL ASSETS 43.544 0
Net Equity 10.563
Other non-current Liabilities 21.174
Financial Liabilities 22
Other Current Liabilities 11.785
TOTAL LIABILITIES 43.544 0
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) Brazilian Reais.
Income Statement
2008 2007
Revenues 0 0
EBITDA 0 0
Depreciation and Amortization
EBIT 0 0
Finance Income
Other Income
Profit Before Tax 0 0
Income Tax Charge
Profit after Tax 0 0
Capex 41.639 0
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 (2007) Brazilian Reais.
Income Statement and Balance Sheet (thousand €)
73
Other Financing Summary
Type Promissory Notes
Currency Br. Reais
Date of Signature January 2009
Outstanding Balance March/09 35,4 M Reais
Maturity Date July 2009
Variable interest rate CDI + 5% aa
Curitiba - Florianópolis
• Toll updating every February according to inflation, measured by IPCA index that takes devaluations into account.
Financing and Concession Contract
CDI: Interbank Deposit Certificate. Currently 11,25%
74
Balance Sheet
2008 2007
Tangible Fixed Assets 31.012
Other non-current Assets
Total non-current Assets 31.012 0
Trade Debtors and Other Current Assets 448
Cash and Financial Assets 2.116
Total current Assets 2.564 0
TOTAL ASSETS 33.576 0
Net Equity 7.753
Other non-current Liabilities 19.094
Financial Liabilities
Other Current Liabilities 6.729
TOTAL LIABILITIES 33.576 0
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) Brazilian Reais.
Income Statement
2008 2007
Revenues 120 0
EBITDA (7) 0
Depreciation and Amortization (10)
EBIT (17) 0
Finance Income
Other Income
Profit Before Tax (17) 0
Income Tax Charge
Profit after Tax (17) 0
Capex 31.012 0
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 (2007) Brazilian Reais.
Curitiba – Rio Grande do SulIncome Statement and Balance Sheet (thousand €)
75
Other Financing Summary
Type Promissory Notes
Currency Br. Reais
Date of Signature January 2009
Outstanding Balance March/09 28,4 M Reais
Maturity Date July 2009
Variable interest rate CDI + 5% aa
Curitiba – Rio Grande do Sul
• Toll updating every December according to inflation, measured by IPCA index that takes devaluations into account.
Financing and Concession Contract
CDI: Interbank Deposit Certificate. Currently 11,25%
76
ANEXO2. TOLL ROADS CHILE
77
19.793
23.679
28.326 29.118
31.488
17.000
22.000
27.000
32.000
2004 2005 2006 2007 2008
10.390
12.804
16.750 17.326
19.205
8.000
12.000
16.000
20.000
2004 2005 2006 2007 2008
Autopista del Sol
55.31760.135 61.042
65.652
71.201
42.000
52.000
62.000
72.000
2004 2005 2006 2007 2008
15.03116.106
18.81720.816
24.099
12.000
16.000
20.000
24.000
2004 2005 2006 2007 2008
Operational Data, Revenue and EBITDA
Gross Toll Revenues (Million Chilean Pesos)
Revenues (thousand Euros)Average Daily Traffic (1)
(1) Equivalent Vehicles
EBITDA (thousand Euros)
78
Balance Sheet
2008 2007
Tangible Fixed Assets 85.884 103.472
Other non-current Assets 26.063 17.927
Total non-current Assets 111.947 121.399
Trade Debtors and Other Current Assets 2.623 23.655
Cash and Financial Assets 50.716 58.735
Total current Assets 53.339 82.390
TOTAL ASSETS 165.286 203.789
Net Equity 3.898 31.321
Other non-current Liabilities 23.202 18.053
Financial Liabilities 126.060 140.710
Other Current Liabilities 12.126 13.705
TOTAL LIABILITIES 165.286 203.789
• Balance Sheet: Closing exchange rate 1 € = 884 (2008); 733 (2007) Chilean Pesos.
Income Statement
2008 2007
Revenues 31.488 29.118
EBITDA 19.205 17.326
Depreciation and Amortization (7.301) (7.334)
EBIT 11.904 9.992
Finance Income (17.854) (15.359)
Other Income (242)
Profit Before Tax (5.950) (5.609)
Income Tax Charge 2.144 2.390
Profit after Tax (3.806) (3.219)
Capex 6.480 840
• Income Statement: Average exchange rate 1 € = 767 (2008); 718 (2007) Chilean Pesos.
Autopista del SolIncome Statement and Balance Sheet (thousand €)
79
Autopista del Sol
Main Financing Summary
Type Bond issues (1)
Status Repayment phase
Currency UF
Outstanding Balance 08 4,56 M UF / 0,98 M UF
Repaid amount 08 0,22 M UF
Available amount 08 n/a
Maturity year 2018
Fixed interest rate 5,8% / 4%
Variable interest rate n/a
• Annual toll updating according to inflation, measured by CPI.
• Yearly 196.832 UF infrastructure royalty up to 2012, reported as operating expense.
(1) Secured by monoline
UF: Unidad de Fomento (1 UF = 21.452 Chilean Pesos)
Financing and Concession Contract
80
Autopista del Sol
Period Revenues CAC
% EBITDA Inflation (average)
2009-2013 8,5% 61,1% 3,5%
2013-2017 1,1% 79,2% 3,5%
2017-2019 7,4% 75,4% 3,5%
In Local Currency (Million Chilean Pesos)
Year 2009 2010 2011 RemainderRevenues 26.846 29.347 32.246 301.959
Capex 7.608 705 559 15.661
• Revenue reduction for the 2015/ 2018 period is due to the toll pricing down, provided in the contract.
• The rise of EBITDA in percentage terms results from the conclusion of the infrastructure royalty payment, on 2012.
Projection Hypothesis
81
28.286 27.947
31.184
34.26336.206
22.000
27.000
32.000
37.000
2004 2005 2006 2007 2008
10.417
12.772
15.560 15.39616.648
8.000
11.000
14.000
17.000
2004 2005 2006 2007 2008
7.8438.687
10.33711.128
12.717
7.000
9.000
11.000
13.000
2004 2005 2006 2007 2008
7.278
9.475
11.745 11.64212.292
4.000
7.000
10.000
13.000
2004 2005 2006 2007 2008
Autopista Los LibertadoresOperational Data, Revenue and EBITDA
Gross Toll Revenues (Million Chilean Pesos)
Revenues (thousand Euros)Average Daily Traffic (1)
(1) Equivalent Vehicles
EBITDA (thousand Euros)
82
Balance Sheet
2008 2007
Tangible Fixed Assets 87.736 109.275
Other non-current Assets 20.811 21.626
Total non-current Assets 108.547 130.901
Trade Debtors and Other Current Assets 2.283 5.263
Cash and Financial Assets 15.375 19.993
Total current Assets 17.658 25.256
TOTAL ASSETS 126.205 156.157
Net Equity 1.748 13.562
Other non-current Liabilities 18.203 21.409
Financial Liabilities 104.686 119.890
Other Current Liabilities 1.568 1.296
TOTAL LIABILITIES 126.205 156.157
• Balance Sheet: Closing exchange rate 1 € = 884 (2008); 733 (2007) Chilean Pesos.
Income Statement
2008 2007
Revenues 16.648 15.396
EBITDA 12.292 11.642
Depreciation and Amortization (3.615) (3.543)
EBIT 8.677 8.099
Finance Income (17.989) (15.532)
Other Income 73
Profit Before Tax (9.312) (7.360)
Income Tax Charge 2.888 1.823
Profit after Tax (6.424) (5.537)
Capex 329 5.499
• Income Statement: Average exchange rate 1 € = 767 (2008); 718 (2007) Chilean Pesos.
Autopista Los LibertadoresIncome Statement and Balance Sheet (thousand €)
83
Autopista Los Libertadores
Main Financing Summary
Type Bond issues (1)
Status Repayment phase
Currency UF
Outstanding Balance 08 0,34 M UF / 2,98 M UF / 1,19 M UF
Repaid amount 08 0,37 M UF
Available amount 08 n/a
Maturity year 2010 / 2025
Fixed interest rate 5,0% / 5,8% / 3,4%
Variable interest rate n/a
• Annual toll updating according to inflation, measured by CPI.
(1) Secured by monoline
UF: Unidad de Fomento (1 UF = 21.452 Chilean Pesos)
Financing and Concession Contract
84
Autopista Los Libertadores
Period Revenues CAC
% EBITDA Inflation (average)
2009-2013 12,1% 61,6% 3,5%
2013-2017 9,7% 79,2% 3,5%
2017-2021 9,9% 82,1% 3,5%
2021-2025 10,2% 84,7% 3,5%
In Local Currency (Million Chilean Pesos)
Year 2009 2010 2011 RemainderIngresos 13.304 15.354 16.788 539.829
Capex 17.501 880 249 26.014
Projection Hypothesis
85
13.786
0
5.000
10.000
15.000
2008
3.463
1.000
2.000
3.000
4.000
2008
2.662
0
1.000
2.000
3.000
2008
1.852
500
1.000
1.500
2.000
2008
Autopista Los Andes
The above shown data corresponds to the June – December 2008 period.
Operational Data, Revenue and EBITDA
Gross Toll Revenues (Million Chilean Pesos)
Revenues (thousand Euros)Average Daily Traffic (1)
(1) Equivalent Vehicles
EBITDA (thousand Euros)
86
Balance Sheet
2008 2007
Tangible Fixed Assets 207.708 187.919
Other non-current Assets 14.105 8.703
Total non-current Assets 221.813 196.622
Trade Debtors and Other Current Assets 8.059 10.483
Cash and Financial Assets 122.752 18.650
Total current Assets 130.811 29.133
TOTAL ASSETS 352.624 225.755
Net Equity 7.384 21.094
Other non-current Liabilities 116.257 28.694
Financial Liabilities 217.725 156.434
Other Current Liabilities 11.258 19.533
TOTAL LIABILITIES 352.624 225.755
• Balance Sheet: Closing exchange rate 1 € = 884 (2008); 733 (2007) Chilean Pesos.
Income Statement
2008 2007
Revenues 3.463 0
EBITDA 1.852 0
Depreciation and Amortization (400)
EBIT 1.452 0
Finance Income (3.003)
Other Income
Profit Before Tax (1.551) 0
Income Tax Charge 910
Profit after Tax (641) 0
Capex 49.470 84.235
• Income Statement: Average exchange rate 1 € = 767 (2008); 718 (2007) Chilean Pesos.
Autopista Los Andes
Income Statement and Balance Sheet (thousand €)
87
Autopista Los Andes
Main Financing Summary
Type Syndicated Loan
Status Fully disposed (1)
Currency UF
Outstanding Balance 08 8,9 M UF
Repaid amount 08 2,6 M UF
Available amount 08 0 M UF
Maturity year 2025
Fixed interest rate (90%) 6,68% / 6,26% (2)
Variable interest rate (10%) TAB in UF + 1,75%
• Includes a subsidized government grant of 3,2 M UF.
• Annual toll update according to inflation measured by CPI + 3,5%.
(1) Does not include VAT credit, which is in availability period. Automatic renewal 400k UF
(2) SWAP + credit conditions
UF: Unidad de Fomento (1 UF = 21.452 Chilean Pesos)
TAB: Bank Rate
Financing and Concession Contract
88
Autopista Los Andes
Period Revenues CAC
% EBITDA Inflation (average)
2009-2013 32,3% 70,7% 3,5%
2013-2017 16,1% 82,8% 3,5%
2017-2021 15,0% 87,8% 3,5%
2021-2035 10,9% 92,8% 3,5%
In Local Currency (Million Chilean Pesos)
Year 2009 2010 2011 RemainderIngresos 6.331 9.634 14.198 2.564.726
Capex 37.100 246 255 27.673
Projection Hypothesis
89
ANEXO3. TOLL ROADS SPAIN
90
76.711 76.541
86.88882.995
77.303
60.000
70.000
80.000
90.000
2004 2005 2006 2007 2008
8.2488.952
9.82210.428
11.090
5.000
7.000
9.000
11.000
2004 2005 2006 2007 2008
8.2488.952
9.82210.428
11.090
5.000
7.000
9.000
11.000
2004 2005 2006 2007 2008
7.2498.067
8.8659.403
10.063
4.000
6.000
8.000
10.000
2004 2005 2006 2007 2008
Autovía M-45
(1) IMD
Operational Data, Revenue and EBITDA
Gross Toll Revenues (thousand Euros)
Revenues (thousand Euros)Average Daily Traffic (1)
EBITDA (thousand Euros)
91
Balance Sheet
2008 2007
Tangible Fixed Assets 79.872 82.395
Other non-current Assets 18.992 24.621
Total non-current Assets 98.864 107.016
Trade Debtors and Other Current Assets 2.405 2.394
Cash and Financial Assets 715 2.229
Total current Assets 3.120 4.623
TOTAL ASSETS 101.984 111.639
Net Equity 14.590 21.022
Other non-current Liabilities 8.674 9.476
Financial Liabilities 75.680 76.697
Other Current Liabilities 3.040 4.444
TOTAL LIABILITIES 101.984 111.639
Income Statement
2008 2007
Revenues 11.090 10.428
EBITDA 10.063 9.403
Depreciation and Amortization (2.490) (2.900)
EBIT 7.573 6.503
Finance Income (3.982) (3.946)
Other Income
Profit Before Tax 3.591 2.557
Income Tax Charge (1.077) (883)
Profit after Tax 2.514 1.674
Capex (33) 234
Autovía M-45Income Statement and Balance Sheet (thousand €)
92
Autovía M-45
Main Financing Summary
Type Loan
Status Repayment
Currency €
Outstanding Balance 08 72,0 M €
Repaid amount 08
Available amount 08 n/a
Maturity year 2027
Fixed interest rate (100%) 4,95%
Variable interest rate n/a
• “Shadow” toll. Revenues through grant according to number of vehicles / km covered in the concession road, within the annual limits provided in the contract.
• Annual grant calculated according to a schedule of traffic bands, both for light and heavy vehicles, as per the relevant unit price. Unit prices updated yearly at 95% of CPI.
Financing and Concession Contract
93
Autovía M-45
Period Revenues CAC
% EBITDA Inflation (average)
2009-2013 3,6% 89,8% 2,5%
2013-2017 3,3% 90,5% 2,5%
2017-2021 3,5% 90,8% 2,5%
2021-2027 4,0% 91,5% 2,5%
In Local Currency (Million Euros)
Year 2009 2010 2011 RemainderRevenues 11,8 12,2 12,6 277,2
Capex 0,0 0,0 0,5 15,9
Projection Hypothesis
94
2.053
9.85111.356
10.575
0
4.000
8.000
12.000
2004 2005 2006 2007 2008
620
4.8145.714 5.489
0
2.000
4.000
6.000
2004 2005 2006 2007 2008
620
4.8185.720 5.489
0
2.000
4.000
6.000
2004 2005 2006 2007 2008
554
2.153
1.130
-694-1.000
-200
600
1.400
2.200
2004 2005 2006 2007 2008
Autopista M-12Operational Data, Revenue and EBITDA
Gross Toll Revenues (thousand Euros)
Revenues (thousand Euros)Average Daily Traffic (1)
EBITDA (thousand Euros)
(1) Equivalent Vehicles
95
Balance Sheet
2008 2007
Tangible Fixed Assets 298.685 349.914
Other non-current Assets 63.897 24.677
Total non-current Assets 362.582 374.591
Trade Debtors and Other Current Assets 437 672
Cash and Financial Assets 16.686 17.315
Total current Assets 17.123 17.987
TOTAL ASSETS 379.705 392.578
Net Equity 10.149 67.417
Other non-current Liabilities 130.454 84.751
Financial Liabilities 238.002 239.166
Other Current Liabilities 1.100 1.244
TOTAL LIABILITIES 379.705 392.578
Autopista M-12Income Statement and Balance Sheet (thousand €)
Income Statement
2008 2007
Revenues 5.489 5.714
EBITDA 1.130 2.153
Impairment Provision (48.000)
Depreciation (3.641) (3.835)
EBIT (50.511) (1.682)
Financial Income (15.747) (14.566)
Other Income (968)
Profit Before Tax (66.258) (17.216)
Income Tax Charge 19.878 5.597
Profit After Tax (46.380) (11.619)
Capex 367 295
96
Autopista M-12
Main Financing Summary
Type Syndicated loan
Status Repayment
Currency €
Outstanding Balance 08 238 M €
Repaid amount 08 1,56 M €
Available amount 08 n/a
Maturity year 2023
Fixed interest rate (80%) 6,36%
Variable interest rate (20%) Euribor + 1,5%
• Annual toll adjustment according to CPI.
• Operation started on June 2005 and new T4 terminal opened on February 2006.
Financing and Concession Contract
97
Balance Sheet
2008 2007
Tangible Fixed Assets 26.113 1.074
Other non-current Assets 34.116 31.975
Total non-current Assets 60.229 33.049
Trade Debtors and Other Current Assets 4.083 18
Cash and Financial Assets 375 9.714
Total current Assets 4.458 9.732
TOTAL ASSETS 64.687 42.781
Net Equity 37.510 42.193
Other non-current Liabilities 6.879 17
Financial Liabilities 8.761
Other Current Liabilities 11.537 571
TOTAL LIABILITIES 64.687 42.781
Income Statement
2008 2007
Revenues 0 0
EBITDA 0 0
Depreciation and Amortization
EBIT 0 0
Finance Income
Other Income
Profit Before Tax 0 0
Income Tax Charge
Profit after Tax 0 0
Capex 25.062 1.074
Autovía de Aragón Tramo 1Income Statement and Balance Sheet (thousand €)
98
Autovía de Aragón Tramo 1
Main Financing Summary
Type Loan
Status Disposition phase
Currency €
Outstanding Balance 08 7,6 Mn €
Repaid amount 08 n/a
Available amount 08 108,9
Maturity year 2025
Fixed interest rate (75%) 4,96%
Variable interest rate EURIBOR + 0,50%-0,85%
• “Shadow” toll. Revenues through grant according to number of vehicles / km covered in the concession road, within the annual limits provided in the contract.
• Annual grant calculated according to a schedule of traffic bands, both for light and heavy vehicles, as per the relevant unit price. Unit prices updated on a yearly basis according to CPI.
Financing and Concession Contract
99
Period Revenues CAC
% EBITDA Inflation (average)
2010-2013 41,3% 76,2% 2,5%
2013-2017 9,3% 78,8% 2,5%
2017-2021 4,3% 81,6% 2,5%
2021-2026 2,0% 82,3% 2,5%
In Local Currency (Million Euros)
Year 2009 2010 2011 RemainderRevenues 1,1 6,7 18,2 433,1
Capex 62,3 77,3 0,0 64,3
Autovía de Aragón Tramo 1
Projection Hypothesis
100
ANEXO4. TOLL ROADS MEXICO
101
43.440
86.311
102.317
119.673
30.000
60.000
90.000
120.000
2004 2005 2006 2007 2008
6.896
36.936
49.18253.221
1.000
19.000
37.000
55.000
2004 2005 2006 2007 2008
56.174
507.628
738.765868.950
50.000
350.000
650.000
950.000
2004 2005 2006 2007 2008
3.449
51.65767.412
106.131
0
36.000
72.000
108.000
2004 2005 2006 2007 2008
CONMEXOperational Data, Revenue and EBITDA
Gross Toll Revenues (thousand Mx Pesos)
Revenues (thousand Euros)Average Daily Traffic (1)
EBITDA (thousand Euros)
(1) Equivalent Vehicles
102
Income Statement
Total (3) Guaranteed Profitability (2) 2008 (1) Total (3) Guaranteed
Profitability (2) 2007 (1)
Revenues 53.221 0 53.221 49.182 0 49.182
EBITDA 106.131 60.164 45.967 67.412 24.877 42.535
Depreciation and Amortization (4.622) (4.622) (8.512) (8.512)
EBIT 101.509 60.164 41.345 58.900 24.877 34.023
Finance Income 19.469 (19.469) 21.318 (21.318)
Other Income (5) (5) 11 11
Profit Before Tax 101.504 79.633 21.871 58.911 46.195 12.716
Income Tax Charge (28.384) (22.297) (6.087) (16.478) (12.935) (3.543)
Profit after Tax 73.120 57.336 15.784 42.433 33.260 9.173
Capex 190.894 35.022
(1) Data from the concessionaire; (2) Adjustment to equalize yearly performance of the concession holder to the guaranteed return; (3) Consolidated contribution to OHL Group Income Statement.
• Income Statement: Average exchange rate 1 € = 16,33 (2008); 15,05 (2007) Mexican Pesos.
CONMEXIncome Statement (thousand €)
103
Balance Sheet
TotalGuaranteed Profitability (2) 2008 (1) Total
Guaranteed Profitability (2) 2007 (1)
Tangible Fixed Assets 488.830 488.830 356.668 356.668
Other non-current Assets 177.966 159.780 18.186 133.639 121.863 11.776
Total non-current Assets 666.796 159.780 507.016 490.307 121.863 368.444
Trade Debtors and Other Current Assets 29.280
29.280 29.977 29.977
Cash and Financial Assets 39.413 39.413 29.240 29.240
Total current Assets 68.693 68.693 59.217 59.217
TOTAL ASSETS 735.489 159.780 575.709 549.524 121.863 427.661 Net Equity 254.685 116.692 137.993 253.815 90.021 163.794
Other non-current Liabilities 95.311 43.088 52.223 61.370 31.842 29.528
Financial Liabilities 301.711 301.711 204.012 204.012
Other Current Liabilities 83.782 83.782 30.327 30.327
TOTAL LIABILITIES 735.489 159.780 575.709 549.524 121.863 427.661
(1) Data from the concessionaire; (2) Adjustment to equalize yearly performance of the concession holder to the guaranteed return; (3) Consolidated contribution to OHL Group Balance Sheet.
• Balance Sheet: Closing exchange rate 1 € = 19,00 (2008); 16,04 (2007) Mexican Pesos.
CONMEXBalance Sheet (thousand €)
104
CONMEX
Main Financing Summary
Type Syndicated loan
Status Grace period
Currency Mexican Pesos
Outstanding Balance 08 6.000 M Pesos
Repaid amount 08 Repayment as of Jun-2008
Available amount 08 n/a
Maturity year 2028
Fixed interest rate (1) (80%) (3) Fixed rate + (2,25% - 3,00%)
Variable interest rate (2) (20%) TIIE + (2,25% - 3,00%)
• Charges updated on a yearly basis according to INPC or anytime the index exceeds 5%.
• The concession has a guaranteed annual 10% real IRR in local currency.
(1) Fixed rate loan tranche starts with a 10,51% rate for 2009 and ends with a 10,24% rate on 2017(2) Variable rate according to year of operation and to loan tranche. Starts with a 2,25% weighted rate and ends with 3,00%(3) Percentage with fixed rate varies along the tenor from a 80% on 2009-14, 70% 2015-19 and 60% 2020-24
TIIE: Mexican Benchmark Interbank Deposit Rate. Currently 7,135%INPC: National Consumer Price Index
Financing and Concession Contract
105
CONMEX
Period Revenues CAC
% EBITDA Inflation (average)
2009-2013 34,2% 85,0% 4,0%
2013-2017 9,8% 86,9% 4,0%
2017-2021 8,0% 88,0% 4,0%
2021-2037 7,4% 90,0% 4,0%
In Local Currency (Million Mexican Pesos)
Year 2009 2010 2011 RemainderRevenues 999 1.604 2.860 247.624
Capex 5.748 4.825 409 9.661
Projection Hypothesis
106
9152.034
7.085
10.165
0
4.000
8.000
12.000
2004 2005 2006 2007 2008
26.913 27.930
90.752
145.410
0
50.000
100.000
150.000
2004 2005 2006 2007 2008
398971
3.319
5.884
0
2.000
4.000
6.000
2004 2005 2006 2007 2008
Amozoc-Perote Road
4.2405.618
14.970
18.911
4.000
9.000
14.000
19.000
2004 2005 2006 2007 2008
Operational Data, Revenue and EBITDA
Gross Toll Revenues (thousand Mx Pesos)
Revenues (thousand Euros)Average Daily Traffic (1)
EBITDA (thousand Euros)
(1) Equivalent Vehicles
107
Balance Sheet
2008 2007
Tangible Fixed Assets 162.780 157.343
Other non-current Assets 1.004 1.144
Total non-current Assets 163.784 158.487
Trade Debtors and Other Current Assets 10.673 5.239
Cash and Financial Assets 6.198 3.336
Total current Assets 16.871 8.575
TOTAL ASSETS 180.655 167.062
Net Equity 22.468 23.931
Other non-current Liabilities 71.690 81.535
Financial Liabilities
Other Current Liabilities 86.497 61.596
TOTAL LIABILITIES 180.655 167.062
• Balance Sheet: Closing exchange rate 1 € = 19,00 (2008); 16,04 (2007) Mexican Pesos.
Income Statement
2008 2007
Revenues 10.165 7.085
EBITDA 5.884 3.319
Depreciation and Amortization (2.219) (1.271)
EBIT 3.665 2.048
Finance Income
Other Income
Profit Before Tax 3.665 2.048
Income Tax Charge (1.026) (585)
Profit after Tax 2.639 1.463
Capex 30.103 71.853
• Income Statement: Average exchange rate 1 € = 16,33 (2008); 15,05 (2007) Mexican Pesos.
Amozoc-Perote RoadIncome Statement and Balance Sheet (thousand €)
108
Amozoc-Perote Road
Main Financing Summary
Type OHL Loan
Status Disposition phase
Currency Mexican Pesos
Outstanding Balance 08 218 M Pesos
Repaid amount 08 n/a
Available amount 08 0 M Pesos
Maturity year n/a
Fixed interest rate n/a
Variable interest rate TIIE +3%
• Yearly toll updating according to INPC.
• Investment financed partly with an outright grant from FINFRA (Infrastructure Investment Trust established by the Federal Government) that amounts to 1.146 M. Pesos.
• As of December 2008, disposed grant amount comes to 1.110 M Pesos.
• Complete operation started November 12, 2008.
• A contract clause provides sharing revenues with Federal Government in case real IRR on invested capital exceeds the tender projections, that is, a 14,66% real rate in local currency.
TIIE: Mexican Benchmark Interbank Deposit Rate. Currently 7,135%INPC: National Consumer Price Index
Financing and Concession Contract
109
Amozoc-Perote Road
Period Revenues CAC
% EBITDA Inflation (average)
2009-2013 13,3% 71,3% 4,0%
2013-2017 6,9% 76,9% 4,0%
2017-2021 6,4% 78,9% 4,0%
2021-2033 6,3% 81,5% 4,0%
In Local Currency (Million Mexican Pesos)
Year 2009 2010 2011 RemainderRevenues 281 326 379 19.449
Capex 0 1 48 715
Projection Hypothesis
110
Balance Sheet
2008 2007
Tangible Fixed Assets 3.261
Other non-current Assets 22.714
Total non-current Assets 25.975 0
Trade Debtors and Other Current Assets 481
Cash and Financial Assets 23
Total current Assets 504 0
TOTAL ASSETS 26.479 0
Net Equity 26.318
Other non-current Liabilities
Financial Liabilities
Other Current Liabilities 161
TOTAL LIABILITIES 26.479 0
• Balance Sheet: Closing exchange rate 1 € = 19,00 (2008); 16,04 (2007) Mexican Pesos.
Income Statement
2008 2007
Revenues 0 0
EBITDA 0 0
Depreciation and Amortization
EBIT 0 0
Finance Income
Other Income
Profit Before Tax 0 0
Income Tax Charge
Profit after Tax 0 0
Capex 3.026 0
• Income Statement: Average exchange rate 1 € = 16,33 (2008); 15,05 (2007) Mexican Pesos.
Libramiento Norte de PueblaIncome Statement and Balance Sheet (thousand €)
111
• Real 10% guaranteed profitability.
• Charges updated on a yearly basis according to INPC or anytime the index exceeds 5%.
• Financing under study.
Libramiento Norte de Puebla
INPC: National Consumer Price Index
Concession Contract
112
Period Revenues CAC
% EBITDA Inflation (average)
2011-2013 8,9% 80,2% 4,0%
2013-2017 8,7% 82,6% 4,0%
2017-2021 8,2% 85,2% 4,0%
2021-2038 7,5% 89,5% 4,0%
In Local Currency (Million Mexican Pesos)
Year 2009 2010 2011 RemainderRevenues 0 0 234 22.510
Capex 945 1.253 116 180
Libramiento Norte de Puebla
Projection Hypothesis
113
Balance Sheet
2008 2007
Tangible Fixed Assets 13.174
Other non-current Assets 52.998
Total non-current Assets 66.172 0
Trade Debtors and Other Current Assets 13.411
Cash and Financial Assets 56
Total current Assets 13.467 0
TOTAL ASSETS 79.639 0
Net Equity 70.161
Other non-current Liabilities
Financial Liabilities
Other Current Liabilities 9.478
TOTAL LIABILITIES 79.639 0
• Balance Sheet: Closing exchange rate 1 € = 19,00 (2008); 16,04 (2007) Mexican Pesos.
Income Statement
2008 2007
Revenues 0 0
EBITDA 0 0
Depreciation and Amortization
EBIT 0 0
Finance Income
Other Income
Profit Before Tax 0 0
Income Tax Charge
Profit after Tax 0 0
Capex 13.174 0
• Income Statement: Average exchange rate 1 € = 16,33 (2008); 15,05 (2007) Mexican Pesos.
Viaducto BicentenarioIncome Statement and Balance Sheet (thousand €)
114
Period Revenues CAC
% EBITDA Inflation (average)
2010-2013 64,4% 79,5% 4,0%
2013-2017 17,9% 84,9% 4,0%
2017-2021 23,0% 91,6% 4,0%
2021-2037 9,0% 95,1% 4,0%
In Local Currency (Million Mexican Pesos)
Year 2009 2010 2011 RemainderRevenues 0 116 399 110.841
Capex 3.065 2.942 0 16.427
Viaducto Bicentenario
Projection Hypothesis
115
ANEXO5. TOLL ROADS PERU
116
Period Revenues CAC
% EBITDA Inflation (average)
2010-2012 11,9% 81,5% 3,5%
2012-2016 7,3% 74,4% 3,5%
2016-2020 3,3% 78,5% 3,5%
2020-2026 2,9% 79,0% 3,5%
In Local Currency (Million Peruvian Nuevos Soles)
Year 2009 2010 2011 RemainderRevenues 44,5 70,2 92,9 5.855,0
Capex 20,3 97,1 146,6 637,3
Autopista del Norte
Projection Hypothesis
117
ANEXO6. TOLL ROADS ARGENTINA
118
10.34410.788 11.126 10.709 11.257
5.000
7.000
9.000
11.000
2004 2005 2006 2007 2008
4.5985.208
4.210
2.756
598500
2.000
3.500
5.000
2004 2005 2006 2007 2008
Autopista Ezeiza-Cañuelas
168.377
188.566
202.920
216.067 214.720
160.000
180.000
200.000
220.000
2004 2005 2006 2007 2008
34.278
38.23341.246
44.046
50.312
30.000
37.000
44.000
51.000
2004 2005 2006 2007 2008
Operational Data, Revenue and EBITDA
Gross Toll Revenues (thousand Ar Pesos)
Revenues (thousand Euros)Average Daily Traffic (1)
EBITDA (thousand Euros)
(1) Equivalent Vehicles
119
Balance Sheet
2008 2007
Tangible Fixed Assets 50.079 51.779
Other non-current Assets 1.778 1.542
Total non-current Assets 51.857 53.321
Trade Debtors and Other Current Assets 1.440 1.330
Cash and Financial Assets 260 658
Total current Assets 1.700 1.988
TOTAL ASSETS 53.557 55.309
Net Equity 21.523 24.471
Other non-current Liabilities 1.165 5.158
Financial Liabilities 20.708 23.924
Other Current Liabilities 10.161 1.756
TOTAL LIABILITIES 53.557 55.309
• Balance Sheet: Closing exchange rate 1 € = 4,80 (2008); 4,64 (2007) Argentinean Pesos.
Income Statement
2008 2007
Revenues 11.257 10.709
EBITDA 598 2.756
Depreciation and Amortization (2.245) (2.101)
EBIT (1.647) 655
Finance Income (5.409) (2.792)
Other Income
Profit Before Tax (7.056) (2.137)
Income Tax Charge
Profit after Tax (7.056) (2.137)
Capex 2.402 4.142
• Income Statement : Average exchange rate 1 € = 4,66 (2008); 4,29 (2007) Argentinean Pesos.
Autopista Ezeiza-CañuelasIncome Statement and Balance Sheet (thousand €)
120
Autopista Ezeiza-Cañuelas
Main Financing Summary
Type Bilateral loan
Status Repayment
Currency Argentinean Pesos
Outstanding Balance 08 56,5 / 39,1 M Pesos
Repaid amount 08 13,27 M Pesos
Available amount 08 n/a
Maturity year Dec. 2010 (1) / 2009
Fixed interest rate n/a
Variable interest rate Tasa Encuesta Corregida + 7% / CER +8%
• The contract establishes tolls in USD according to an exchange rate 1 USD = Peso.
• After Emergency Act 2001, tolls were converted to Pesos and frozen. Every new construction investment scheduled was halted as well.
• On February 2006 a new Agreement was signed and later on confirmed by a Presidential Decree that provides:
• 15% toll increase from January 1st, 2008
• Commitment to a complete renegotiation of the contract in order to restore the economic – financial balance.
• As of January 1st, 2008, the Argentinean Government authorized a 15% toll increase for light vehicles.
• On March 10th, 2009, an addendum to the Concession Agreement was proposed in order to allow a toll increase in light vehicles from $0,80 to $1,30 in off- peak hours and up to $1,70 in rush hours. The addendum also compromises AECSA to a $60 M investment in new infrastructure works that will allow a progressive toll increase from $0,20 - $0,30 and up to $0,50. The proposed addendum is still pending signature and official confirmation by Presidential Decree.
(1) Single installmentTasa Encuesta Corregida: Benchmark of short term cost of banking system funds. Currently 13,371%CER: CPI-linked index
Financing and Concession Contract
121
ANEXO7. RAILWAYS
122
Passengers / Year (millions)
3
7
1
3
5
7
2007 2008
Metro Ligero Oeste
12.146
27.225
0
10.000
20.000
30.000
2007 2008
12.308
27.225
0
10.000
20.000
30.000
2007 2008
4.787
7.298
1.000
3.000
5.000
7.000
2007 2008
Operational Data, Revenue and EBITDA
Gross Toll Revenues (thousand Euros)
Revenues (thousand Euros)
EBITDA (thousand Euros)
123
Balance Sheet
2008 2007
Tangible Fixed Assets 559.215 512.558
Other non-current Assets 17.460 16.348
Total non-current Assets 576.675 528.906
Trade Debtors and Other Current Assets 18.008 43.318
Cash and Financial Assets 38.441 9.735
Total current Assets 56.449 53.053
TOTAL ASSETS 633.124 581.959
Net Equity 83.337 118.893
Other non-current Liabilities 19.928 3.997
Financial Liabilities 520.626 447.913
Other Current Liabilities 9.233 11.156
TOTAL LIABILITIES 633.124 581.959
Income Statement
2008 2007
Revenues 27.225 12.308
EBITDA 7.298 4.787
Depreciation and Amortization (13.450) (3.761)
EBIT (6.152) 1.026
Finance Income (22.260) (9.537)
Other Income 193
Profit Before Tax (28.219) (8.511)
Income Tax Charge 8.467 2.553
Profit after Tax (19.752) (5.958)
Capex 60.512 276.363
Metro Ligero OesteIncome Statement and Balance Sheet (thousand €)
124
Metro Ligero Oeste
Main Financing Summary
Type Syndicated loan
Status Disposition
Currency €
Outstanding Balance 08 502 M €
Repaid amount 08 n/a
Available amount 08 19 M € (1)
Maturity year 2029
Fixed interest rate (75%) 4,4% + (0,8% - 1%)
Variable interest rate (25%) Euribor + (0,8% - 1%)
• “Shadow toll”: the Community of Madrid compensates according to the number of passengers.
• The contract provides the redressing of the economic / financial balance when passengers demand is under 68% or over 100% of the public contract projections
• Yearly fare updates according to CPI.
• Debt repayment start scheduled for June 2010.
(1) Includes additional investment tranche
Financing and Concession Contract
125
Metro Ligero Oeste
Period Revenues CAC
% EBITDA Inflation (average)
2009-2013 12,0% 54,8% 2,5%
2013-2017 7,0% 62,6% 2,5%
2017-2021 6,8% 67,2% 2,5%
2021-2035 6,4% 74,9% 2,5%
In Local Currency (Million Euros)
Year 2009 2010 2011 RemainderRevenues 39,2 48,5 53,8 3.392,7
Capex 10,0 1,0 1,0 345,2
Projection Hypothesis
126
Balance Sheet
2008 2007
Tangible Fixed Assets 39.104
Other non-current Assets 72.007 71.662
Total non-current Assets 111.111 71.662
Trade Debtors and Other Current Assets 9.361 23.908
Cash and Financial Assets 5.388 107
Total current Assets 14.749 24.015
TOTAL ASSETS 125.860 95.677
Net Equity 94.865 94.571
Other non-current Liabilities 123
Financial Liabilities
Other Current Liabilities 30.995 983
TOTAL LIABILITIES 125.860 95.677
Income Statement
2008 2007
Revenues 0 0
EBITDA 0 0
Depreciation and Amortization
EBIT 0 0
Finance Income
Other Income
Profit Before Tax 0 0
Income Tax Charge
Profit after Tax 0 0
Capex 39.104 0
Cercanías Móstoles NavalcarneroIncome Statement and Balance Sheet (thousand €)
127
ANEXO8. AIRPORTS
128
3 3,2
4,1
1
2
3
4
2006 2007 2008
5.844
17.608
25.779
4.500
12.000
19.500
27.000
2006 2007 2008
3.094
8.777
15.878
2.000
7.000
12.000
17.000
2006 2007 2008
Aeropuerto Internacional de Toluca
80.355
265.005
420.173
50.000
170.000
290.000
410.000
2006 2007 2008
* Includes revenues from airport, complementary and commercial services.
Operational Data, Revenue and EBITDA
Passengers / Year (millions)
Gross Revenues* (thousand Mx Pesos)
Revenues (thousand Euros)
EBITDA (thousand Euros)
129
Balance Sheet
2008 2007
Tangible Fixed Assets 133.355 84.709
Other non-current Assets
Total non-current Assets 133.355 84.709
Trade Debtors and Other Current Assets 5.589 6.746
Cash and Financial Assets 39.082 42.917
Total current Assets 44.671 49.663
TOTAL ASSETS 178.026 134.372
Net Equity 130.752 112.037
Other non-current Liabilities 45.395 20.767
Financial Liabilities
Other Current Liabilities 1.878 1.568
TOTAL LIABILITIES 178.026 134.372
• Balance Sheet: Closing exchange rate 1 € = 19,00 (2008); 16,04 (2007) Mexican Pesos.
Income Statement
2008 2007
Revenues 25.779 17.608
EBITDA 15.878 8.777
Depreciation and Amortization (4.909) (4.200)
EBIT 10.968 4.577
Finance Income 2.715 420
Other Income
Profit Before Tax 13.684 4.997
Income Tax Charge (1.971)
Profit after Tax 13.684 3.026
Capex 66.013 76.221
• Income Statement: Average exchange rate 1 € = 16,33 (2008); 15,05 (2007) Mexican Pesos.
Aeropuerto Internacional de TolucaIncome Statement and Balance Sheet (thousand €)
130
Aeropuerto Internacional de Toluca
Period Revenues CAC
% EBITDA Inflation (average)
2009-2013 12,2% 65,2% 4,0%
2013-2017 10,3% 69,9% 4,0%
2017-2021 9,9% 73,7% 4,0%
2021-2055 7,2% 84,6% 4,0%
In Local Currency (Million Mexican Pesos)
Year 2009 2010 2011 RemainderRevenues 620 703 790 359.246
Capex 0 0 0 15.526
Projection Hypothesis
131
ANEXO9. COMMERCIAL PORTS
132
New Port Terminals (surface in m2)
31.760
120.515
146.000
20.000
70.000
120.000
170.000
PASSENGERS BULK MULTIPURPOSE
277 270
100
200
300
400
2007 2008
Puerto de Alicante
2.536
5.732
0
2.000
4.000
6.000
2007 2008
170
-116-130
-30
70
170
2007 2008
Operational Data, Revenue and EBITDA
Passengers / Year (thousands)
Revenues (thousand Euros)
EBITDA (thousand Euros)
133
Balance Sheet
2008 2007
Tangible Fixed Assets 95.094 69.782
Other non-current Assets 2.410 1.194
Total non-current Assets 97.504 70.976
Trade Debtors and Other Current Assets 7.812 9.588
Cash and Financial Assets 2.636 966
Total current Assets 10.448 10.554
TOTAL ASSETS 107.952 81.530
Net Equity 9.734 15.570
Other non-current Liabilities 3.346 320
Financial Liabilities 89.226 58.624
Other Current Liabilities 5.646 7.016
TOTAL LIABILITIES 107.952 81.530
Income Statement
2008 2007
Revenues 5.732 2.536
EBITDA (116) 170
Depreciation and Amortization (1.738) (420)
EBIT (1.854) (250)
Finance Income (2.504)
Other Income 410
Profit Before Tax (3.948) (250)
Income Tax Charge 1.184 76
Profit after Tax (2.764) (174)
Capex 27.092 37.374
Puerto de AlicanteIncome Statement and Balance Sheet (thousand €)
134
Puerto de Alicante
Main Financing Summary
Type Syndicated loan
Status Disposition phase
Currency €
Outstanding Balance 08 82,48 M €
Repaid amount 08 n/a
Available amount 08 3,34 M €
Maturity year 2025
Fixed interest rate (70%) 4,32% + (0,9% - 1%)
Variable interest rate (30%) Euribor + (0,9% - 1%)
• The concession holder receives payment from two sources:
• Official harbor duties, yearly updated according to inflation.
• Commercial rates established by the concession holder, subject to a maximum fixed by the Public Administration.
• Debt repayment start scheduled for June 2009.
(1) Includes additional investment tranche
Financing and Concession Contract
135
Puerto de Alicante
Period Revenues CAC
% EBITDA Inflation (average)
2009-2013 22,7% 32,2% 2,5%
2013-2017 10,7% 44,9% 2,5%
2017-2021 8,8% 50,1% 2,5%
2021-2035 3,6% 52,9% 2,5%
In Local Currency (Million Euros)
Year 2009 2010 2011 RemainderRevenues 8,6 13,3 16,1 1.354,2
Capex 13,5 0,0 0,0 0,0
Projection Hypothesis
