Tollway Presentation Combined Final
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THE HUNGARIAN TOLLWAY PROJECTTHE HUNGARIAN TOLLWAY PROJECT
LASMAROHA SIMBOLONLASMAROHA SIMBOLON
TAKU ICHIHASHITAKU ICHIHASHI
WARATHORN WONGSAWANGSIRIWARATHORN WONGSAWANGSIRI
YOUNGIN YOON YOUNGIN YOON
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GENERAL BACKGROUNDGENERAL BACKGROUND
LOCATION: Central EuropeCentral Europe
CAPITAL:
Budapest.
Budapest.
BOUNDARIES: Slovakia, Ukraine, Romania, SerbiaSlovakia, Ukraine, Romania, Serbia,
Croatia, Slovenia and Austria.Croatia, Slovenia and Austria.
TOTAL AREA: approximately 93,030 square kilometers.approximately 93,030 square kilometers.
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MAP OF HUNGARYMAP OF HUNGARY
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GENERAL BACKGROUND (cont.)GENERAL BACKGROUND (cont.)
LANDSCAPE: TheThe landscapelandscape ofof HungaryHungary isis mostlymostly flatflat
toto rollingrolling plainsplains of of thethe CarpathianCarpathian
BasinBasin andand mostmost of of thethe countrycountry hashas ananelevationelevation ofof fewerfewer thanthan 200200 metersmeters
POPULATION: AsAs of of JulyJuly 20092009,, 1010,,020020,,000000 withwith thethe
growthgrowth raterate ofof --00..22%%
OFFICIAL LANGUAGE: HungarianHungarian
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ECONOMIC BACKGROUNDECONOMIC BACKGROUND
EUROPEAN UNION:EUROPEAN UNION: Hungary joined EU in 2004Hungary joined EU in 2004
MAJOR FINANCIAL PROBLEM:MAJOR FINANCIAL PROBLEM:
High deficit rate compared with otherHigh deficit rate compared with other countries in EUcountries in EU
SOLUTION TO THE FINANCIAL PROBLEMS:SOLUTION TO THE FINANCIAL PROBLEMS:
Heavy borrowings from the IMF andHeavy borrowings from the IMF and other financialother financial
institutions at the end of 2008 have helped to balance ainstitutions at the end of 2008 have helped to balance a
large current account and budget deficitlarge current account and budget deficit
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ECONOMIC BACKGROUND (cont.)ECONOMIC BACKGROUND (cont.)
CURRENCY:CURRENCY: The currency used in Hungary isThe currency used in Hungary is
Hungarian ForintHungarian Forint(HUF). Hungary is(HUF). Hungary is
not able to adopt the EURO currencynot able to adopt the EURO currency
due to the high deficit ratedue to the high deficit rate
EXCHANGE RATE:EXCHANGE RATE: 11 US Dollar =US Dollar = 180180..420420 HungarianHungarian
ForintForint , 11 Euro =Euro = 270270..364364 HungarianHungarian
ForintForint
MONETARY POLICY:MONETARY POLICY: The Magyar Nemzeti Bank controlsThe Magyar Nemzeti Bank controls
the monetary policy of Hungary jointlythe monetary policy of Hungary jointly
with the governmentwith the government
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CREDIT RATINGCREDIT RATING
Standard & Poors Ratings Services (S&P)Standard & Poors Ratings Services (S&P)
Foreign Currency LT Debt :Foreign Currency LT Debt : BBBBBB--
Moodys Corporation (Moodys)Moodys Corporation (Moodys)
Foreign Currency LT Debt :Foreign Currency LT Debt : Baa1Baa1
Fitchs Rating (Fitchs)Fitchs Rating (Fitchs)
Foreign Currency LT Debt :Foreign Currency LT Debt : BBBBBB
Japan Credit Rating AgencyJapan Credit Rating Agency
Foreign Currency LT Debt :Foreign Currency LT Debt : BBB+BBB+
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POLITICAL BACKGROUNDPOLITICAL BACKGROUND
STATE:STATE: An independent, democratic andAn independent, democratic and
constitutional stateconstitutional state
PRESIDENT:PRESIDENT: Mr. Lszl Slyom is the PresidentMr. Lszl Slyom is the President
since Junesince June 20052005
PRIME MINISTER:PRIME MINISTER: Mr. GyrgyMr. Gyrgy GordonGordon Bajnai is theBajnai is the
Prime Minister sincePrime Minister since 20092009
NATIONAL ASSEMBLY:NATIONAL ASSEMBLY: consists ofconsists of 386386 members, whomembers, who
have a tenure ofhave a tenure of 44 yearyear
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President and Prime MinisterPresident and Prime Minister
Mr. LszlSlyom Mr. GyrgyGordon Bajnai
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LEGAL BACKGROUNDLEGAL BACKGROUND
HungarysHungarys lawslaws andand regulationsregulations areare inin lineline withwith thethe EUsEUs
standardstandard sincesince itit becamebecame aa membermember ofof EUEU onon MayMay 11,, 20042004
PriorPrior toto EUEU accession,accession, thethe GovernmentGovernment enactedenacted manymany
lawslaws toto createcreate aa businessbusiness--friendlyfriendly environmentenvironment
TheThe InvestmentInvestment ActAct:: GrantingGranting incentivesincentives toto foreignforeign
investorsinvestors
TheThe CompanyCompany ActAct:: LimitedLimited LiabilityLiability CompanyCompany (Kft(Kft..)) andand
CompanyCompany LimitedLimited byby SharesShares (Rt(Rt..))
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LEGAL BACKGROUND (cont.)LEGAL BACKGROUND (cont.)
EnvironmentalEnvironmental LawLaw:: areare inin compliancecompliance withwith thethe
environmentalenvironmental regulationsregulations ofof thethe EU,EU, asas suchsuch compliancecompliance
waswas oneone of of thethe requirementsrequirements forfor HungarysHungarys EUEUmembershipmembership
BankruptcyBankruptcy LawLaw:: establishesestablishes thethe followingfollowing prioritiespriorities ofof
claimsclaims toto bebe paidpaid:: 11)) liquidationliquidation costscosts;; 22)) securedsecured debtsdebts;; 33))
claimsclaims ofof individualsindividuals;; 44)) socialsocial securitysecurity andand taxtax obligationsobligations;;55)) allall otherother debtsdebts.
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LEGAL BACKGROUND (cont.)LEGAL BACKGROUND (cont.)
HungaryHungary hashas acceptedaccepted bindingbinding internationalinternational arbitrationarbitration inin
casescases wherewhere thethe resolutionresolution ofof disputesdisputes betweenbetween foreignforeign
investorsinvestors andand thethe statestate isis unsuccessfulunsuccessful
HungaryHungary isis alsoalso aa signatorysignatory toto thethe 19581958 NewNew YorkYork
ConventionConvention onon thethe RecognitionRecognition andand EnforcementEnforcement ofof
ForeignForeign ArbitralArbitral AwardsAwards
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SKSK
AA
SLSLOO
HRHRYUYU
RORO
UAUA
RbafzesRbafzes
ParassapusztaParassapuszta
VcVc
TornyosnmeTornyosnme
titi
RszkeRszke
IlocskaIlocska
LetenyeLetenye
DunajvrosDunajvros
EgerEger
VeszprmVeszprm
GyGyrr
TatabnyaTatabnya
KaposvrKaposvr
PcsPcs
BoglrlelleBoglrlelle
SzekszrdSzekszrd
SopronSopron
MohcsMohcs
KecskemtKecskemt
BkscsabBkscsab
aa
NyregyhzaNyregyhza
MiskolcMiskolc
DebrecenDebrecen
FzesabonyFzesabony
BajaBaja
PolgrPolgr
SzolnokSzolnok
Existing motorway,MarchExisting motorway,March 20062006Motorway (Motorway (20032003--20062006))
Motorway (Motorway (200872015200872015))Expressway (Expressway (20032003--20072007))
Expressway (Expressway (20082008--20152015))Expressway under construction (Expressway under construction (20082008--20152015))
NagylakNagylak
Duna
Duna
TiszaTiszaM3M3
00
M3M3
M3M3
M33
55
M4M4
MM88
MM44
M0M0
M2M2
M8M8
M1M1
55
M1M1
M9M9
M77
00
MM77 M6M6
M9M9
M6M6
M4M4
33
M4M4
44
ZalaegerszeZalaegersze
ggBkeresztrBkeresztr
NagykanizsaNagykanizsa
M25M25
M8M8
66SzombathelySzombathely
BUDAPESTBUDAPEST
EmEmdd
SzegedSzeged
KiskunflegyhzaKiskunflegyhza
M5M5
SzkesfehrvSzkesfehrv
rr
Motorway development plan of Hungary
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Our BidOur Bid
283 million283 million
54% Debt54% Debt ;; 46% Equity46% Equity
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FinancingFinancing
Project Ownership StructureProject Ownership Structure
BNP (10%)BNP (10%)
The Government (10%)The Government (10%)
Institutional Investors (80%)Institutional Investors (80%)
Debt CompositionDebt Composition
IFC Loan (IFC Loan (71 million = 25%)71 million = 25%)
Bond Issue (Bond Issue (81 million = 75%)81 million = 75%)
6.5%6.5%Interest RateInterest Rate
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TimingTiming
Financing period:Financing period: 1 year1 year
Construction time:Construction time: 1 year1 year
First revenues in early 2012First revenues in early 2012
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283 million283 million includes:includes:
Construction CostsConstruction Costs
Engineering and Constructor FeesEngineering and Constructor Fees
Legal FeesLegal Fees
Loan FrontLoan Front--End FeesEnd Fees
PrePre--Operation Interest ExpensesOperation Interest Expenses
but does not include:but does not include:
Resurfacing costsResurfacing costs
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LOWLOW Currency RiskCurrency Risk
HUF SemiHUF Semi--pegged to the EUROpegged to the EURO
Hungary may adopt the EURO soonHungary may adopt the EURO soon
Mitigation OptionMitigation Option: interest rate swaps: interest rate swaps
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LOWLOW Inflation RiskInflation Risk
ShortShort--term inflation projections are favorableterm inflation projections are favorable
Hungary will likely adopt the EURO in the long termHungary will likely adopt the EURO in the long term
Mitigation OptionMitigation Option: the Project is denominated entirely: the Project is denominated entirely
in EUROin EURO
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Relevant LawsRelevant Laws
Act of 1991. XVI (Act of 1991. XVI (CConcessiononcession)) and its amendment (Actand its amendment (Act
of 2000. XXXIV)of 2000. XXXIV)
Act of 1991. XLIX (Act of 1991. XLIX (Liquidation and DissolutionLiquidation and Dissolution ) and its) and its
amendment (Act of 2006. VI)amendment (Act of 2006. VI)
Act of 2003. CXXAct of 2003. CXXXXIII (III (PPublicublic IInterest andnterest and DDevelopmentevelopment
ofof EExpresswayxpressway NNetworketwork)) and its supplement (and its supplement (Act ofAct of2005. LXV2005. LXV))
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Legal Risks and MitigationLegal Risks and Mitigation
What is the choice of law?What is the choice of law?
Do the project contracts work?Do the project contracts work?
Are the project lenders able to enforce theirAre the project lenders able to enforce their
collateral?collateral?
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Legal Risks and Mitigation (cont.)Legal Risks and Mitigation (cont.)
Property LawProperty Law
TheThe GovernmentGovernment willwill ownown thethe landland..
RiskRisk:: ValidValid titletitle
RiskRisk mitigationmitigation:: providingproviding rightright ofof way,way, permissionpermission toto
exerciseexercise rightsrights over over thethe land,land, providingproviding thethe projectproject
companycompany aa guarantyguaranty ofof validvalid title,title, payingpaying thethe
compensationcompensation toto privateprivate ownerowner whowho makesmakes anyany claimclaim
onon thethe titletitle
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Legal Risks and Mitigation (cont.)Legal Risks and Mitigation (cont.)
Concession LawConcession Law
Risk:Risk: the rights to stepthe rights to step--inin
RiskRisk mitigationmitigation:: specifyingspecifying aa provisionprovision inin thethe
concessionconcession agreementagreement regardingregarding thethe assignmentassignment ofof
concessionconcession rightsrights andand dutiesduties toto aa thirdthird partyparty inin casecase ofof
defaultdefault underunder thethe financialfinancial agreementsagreements
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Legal Risks and Mitigation (cont.)
Bankruptcy LawBankruptcy Law
Risk: Any creditor can initiate aAny creditor can initiate a
bankruptcy lawsuitbankruptcy lawsuit
The recovery of debt repaymentThe recovery of debt repayment
Risk mitigation:
Interest rateInterest rate
Financial covenant provisions, andFinancial covenant provisions, and
opening of an offshore escrow accountopening of an offshore escrow account
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Legal Risks and Mitigation (cont.)
Contract LawContract Law
Environmental LawEnvironmental Law
JurisdictionJurisdiction
International Dispute ResolutionInternational Dispute Resolution -- ArbitrationArbitration
Foreign Exchange ControlForeign Exchange Control
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Legal Risks and Mitigation (cont.)
PoliticalRiskPoliticalRisk :: Moderate to HighModerate to High
FactorsFactors
CommunismCommunism Background
EconomicCrisisEconomicCrisis
Mitigation:Mitigation:
Purchase Insurance from OPICPurchase Insurance from OPIC
Purchaseinsurance fromcompanies withPurchaseinsurance fromcompanies with
expertise/knowledgeincentralEuropeexpertise/knowledgeincentralEurope
IFC,ispartofthe WordBankGroup,to lendthe ProjectIFC,ispartofthe WordBankGroup,to lendthe Project
anamountequaltoapproximately 25% ofitstotal valueanamountequaltoapproximately 25% ofitstotal value
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PREPRE--COMPLETION RISKSCOMPLETION RISKS
Main construction risksMain construction risks
Completion on scheduleCompletion on schedule
Completion in the quality standardCompletion in the quality standard
Completion on budgetCompletion on budget
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PREPRE--COMPLETION RISKS (cont.)COMPLETION RISKS (cont.)
Construction RisksConstruction Risks(On Schedule)(On Schedule) AllocationAllocation Strabag will be paid upfront (Strabag will be paid upfront (4040%) and installments%) and installments
((2020%) at the time of completion of each phase%) at the time of completion of each phase
Rationale:Rationale: To fulfill the completion on time, StrabagTo fulfill the completion on time, Strabag
shouldbecontrolledinallconstructiondurationshouldbecontrolledinallconstructionduration
The last installment will be divided into two portions (i)The last installment will be divided into two portions (i)
1010% in cash and (ii)% in cash and (ii) 1010% in equity% in equity
Rationale: Strabag is also an owner of suchRationale: Strabag is also an owner of such
constructionconstruction
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PREPRE--COMPLETION RISKS (cont.)COMPLETION RISKS (cont.)
Construction Risks (On Schedule) AllocationConstruction Risks (On Schedule) Allocation
If delayIf delay penalty feespenalty fees
Rationale:Rationale: Tomitigatetimingrisksby warning StrabagTomitigatetimingrisksby warning Strabag
nottodelayanyconstructionnottodelayanyconstruction
Strabag shall provideStrabag shall provide a Performance Bonda Performance Bond (100% of(100% of
the total value of the contract) releasing date upon thethe total value of the contract) releasing date upon the
completion of the projectcompletion of the project
Rationale:Rationale: ToguaranteethecompletionToguaranteethecompletion
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PREPRE--COMPLETION RISKS (cont.)COMPLETION RISKS (cont.)
Construction Risks (On Schedule) AllocationConstruction Risks (On Schedule) Allocation
Prohibition of extending the deadline except for ForceProhibition of extending the deadline except for Force
MajeureMajeure
RationaleRationale: Forthisproject,the Ownerdoesnotallow: Forthisproject,the Ownerdoesnotallow
extendingthedeadline.extendingthedeadline.
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PREPRE--COMPLETION RISKS (cont.)COMPLETION RISKS (cont.)
Construction Risks (Quality) AllocationConstruction Risks (Quality) Allocation
Warranty of constructionWarranty of construction
RationaleRationale:: ToTo motivatemotivate StrabagStrabag toto carefullycarefully constructconstruct
thethe motorwaysmotorways.. StrabagStrabag shallshall provideprovide thethe OwnerOwner
aa GuaranteeGuarantee BondBond ((3030%%)) whichwhich willwill bebe returnedreturned toto
StrabagStrabag afterafter thethe warrantywarrantyperiodperiod expiredexpired
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PREPRE--COMPLETION RISKS (cont.)COMPLETION RISKS (cont.)
Construction Risks (Quality) Allocation (cont.)Construction Risks (Quality) Allocation (cont.)
RightRight ofof firstfirst refusalrefusal StrabagStrabag hashas aa rightright ofof firstfirst refusalrefusal toto
conductconduct aa futurefuture majormajor resurfacingresurfacing ofof thethe highwayshighways withwith thethe
conditioncondition ofof thethe satisfactorysatisfactory performanceperformance underunder thethe contractcontract..
RationaleRationale:: TheThe OwnerOwner givesgives anan incentiveincentive forfor StrabagStrabag toto
complycomply withwith thethe agreementagreement
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PREPRE--COMPLETION RISKS (cont.)COMPLETION RISKS (cont.)
Construction Risks (On Budget) AllocationConstruction Risks (On Budget) Allocation
CostCost overrunsoverruns -- thethe riskrisk ofof costcost overrunsoverruns will,will, then,then, bebe
allocatedallocated toto StrabagStrabag
RationaleRationale:: ToTo ensureensure thatthat shortageshortage ofof capitalcapital willwill notnot
preventprevent thethe projectproject fromfrom beingbeing completed,completed, thethe sponsorssponsors
ofof thethe projectproject willwill provideprovide aa standbystandby letterletter ofof cr editcredit
((3030%%))
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PREPRE--COMPLETION RISKS (cont.)COMPLETION RISKS (cont.)
Environmental RisksEnvironmental Risks
Environmental risk is moderateEnvironmental risk is moderate
Air pollutionAir pollution
Noise pollutionNoise pollution
Mitigation of Environmental riskMitigation of Environmental risk
Provision regarding the observation of environmentalProvision regarding the observation of environmental
regulationsregulations
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POSTPOST--COMPLETION ANALYSISCOMPLETION ANALYSIS
Operation Risks AllocationOperation Risks Allocation
TrafficandRevenueRiskTrafficandRevenueRisk: LowtoModerate: LowtoModerate
FactorsFactors AccurateEstimationof TrafficFlowAccurateEstimationof TrafficFlow
GovernmentTransportation PolicyRiskGovernmentTransportation PolicyRisk
GovernmentSupportRiskGovernmentSupportRisk-- NonNon--InterferenceInterference
PublicSupportRiskPublicSupportRisk
Mitigation:Mitigation: Hiringexperiencedindependent forecastcompanyHiringexperiencedindependent forecastcompany
OthersourcesofincomeOthersourcesofincome
ConcessionAgreementtogainsupport fromgovernmentConcessionAgreementtogainsupport fromgovernment
Advertisement,education,employmenttogainpublicAdvertisement,education,employmenttogainpublic
supportsupport
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MitigationMitigation : AccurateEstimationof TrafficFlow: AccurateEstimationof TrafficFlow
Hiring experienced independent forecastHiring experienced independent forecast
companycompany
Other sources of incomes such as rental fromOther sources of incomes such as rental fromadvertisement board and rental from the Oasisadvertisement board and rental from the Oasis
including parking lots, gas station, fast food,including parking lots, gas station, fast food,
minimart and restrooms.minimart and restrooms.
Negotiate wit
hthe government to support ourNegotiate wit
hthe government to support ourproject in term of tax benefits if the traffic flow isproject in term of tax benefits if the traffic flow is
below the estimation.below the estimation.
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MitigationMitigation:: ConcessionAgreementtogainConcessionAgreementtogainsupport fromgovernmentsupport fromgovernment
((11)) GovernmentGovernment shallshallnotnot permitpermit oror supportsupport otherother locallocalserviceservicetoto competecompete thethe ourour tolltoll wayway project, project, includingincluding butbut notnotlimitedlimited toto futurefuture expansionexpansion ofof competingcompeting roads,roads, bridgesbridges
andand tunnels,tunnels, ferryferry service,service, railwayrailway roadsroads andand anyany otherotherpublicpublic transittransit projects projects thatthat willwill provideprovide alternativealternative transittransitoptionsoptions wouldwould bebe builtbuilt alongalong thethe proposedproposed tolltollroadroad..
((22)) GovernmentGovernment willwill compensatecompensate thethe investorsinvestors ifif damagedamage isisdonedone byby locallocalcompetitioncompetition oror otherotherformsforms ofofoppositionopposition..
((33)) GovernmentGovernment shallshall completecomplete thethe feederfeeder roadsroads andandcompensatecompensate thethe projectprojectforfor thethe completioncompletion delaydelayandand shallshallnotnot impostimpost tollstolls onon thethe feederfeeder roadsroads andand toto maintainmaintain thethefeederfeeder roadsroads..
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Operation Risk: cont.Operation Risk: cont.
ManagementRiskManagementRisk: Low: Low
FactorsFactors
Maintenance,repair,tollcollectionMaintenance,repair,tollcollection
Mitigation:Mitigation:
ExperiencedoperationcompanyExperiencedoperationcompany
OperationagreementOperationagreement
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Operation Risk: cont.Operation Risk: cont.
TechnologyRiskTechnologyRisk : Low: Low
FactorsFactors
TechnologymanagementTechnologymanagement
Mitigation:Mitigation:
Technologyservice licenseTechnologyservice license
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Operation Risk: cont.Operation Risk: cont.
ThirdThird--PartyLiabilityPartyLiability : Low: Low
FactorsFactors
LiabilitytothirdLiabilitytothird--party fromusingthetoll wayparty fromusingthetoll way
Mitigation:Mitigation:
ThirdThird--party liabilityinsurancecoverageparty liabilityinsurancecoverage
throughouttheconcessionthroughouttheconcession
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Q&A