Obrascon Huarte Lain Sa · BME:OHLA
Obrascon Huarte Lain Sa — OHL Concesiones — Investor Presentation (April 2010)
153 slides from Obrascon Huarte Lain Sa's investor presentation, Apr 20, 2010
Slide 1: Presentation: OHL Concesiones
Presentation: OHL Concesiones April 20th, 2010
Slide 2: Contents
Contents Page 1. Basis of the presentation 03 2. Investment arguments and criteria 05 3. Growth process and current Presence 08 4. Organization and human resources 13 5. 2009 and key magnitudes 17 6. New concessions and stake acquisitions 32 7. Financing under negotiation 37 8. Strategy 39 9. Valuat
Slide 3: 1. Basis of the Presentation
1. BASIS OF THE PRESENTATION = OHL “ Concesiones
Slide 4: Basis of the presentation
Basis of the presentation 1. The consolidated figures included in this presentation are “Pro-Forma”, and cover, besides data on OHL Concesiones, S.L., information on those concessions that: • Are property of other companies of the OHL Group • Are being transferred to OHL Concesiones, S.L., and • Are
Slide 5: 2. Investment Arguments and Criteria
2. INVESTMENT ARGUMENTS AND CRITERIA
Slide 6: Investment criteria
Investment criteria • Selective high-yield investment with: - Controlled risk. - Self-financing capacity without recourse to OHL Group. • Recurrent revenues and margins. • Complementary with the rest of the OHL Group business. • Knowledge of customers, markets, technology and other aspects. 6
Slide 7: Investment criteria
Investment criteria • Geographical scope: • Chosen countries (“home markets”): Brazil, México, Chile, Peru and Spain. • Countries under study: U.S.A., Canada, Europe, India and China. • Opportunities, selectively in other geographical areas. • Interest percentage: We favour majority holdings that co
Slide 8: 3. Growth Process and Current Presence
3. GROWTH PROCESS AND CURRENT PRESENCE
Slide 9: OHL Group's core business
OHL Group’s core business • Fully-owned OHL Group subsidiary, Revenues (€ Mn) established on November 2000. 5.000 4.500 17% 4.000 743 • With growing importance in the OHL 3.500 542 14% Group, currently accounting for 17% 3.000 of revenues and 61% of EBITDA. 2.500 2.000 3,466 86% 3,647 83% 1.500 1.00
Slide 10: Proven growth track record
Proven growth track record Establishment of Acquisition of Awarding of Acquisition Brazilian Federal Bicentenario Los Poetas- 94% holding in Floatation of OHL Centrovias and Vianorte and Toluca Roads Viaduct Autopista Los Luis Cabrera Autovias CONMEX and Adquisición OHL Brasil Acquisition Concesione
Slide 11: Transport infrastructures global manager
Transport infrastructures global manager Highways 4,405 km of toll highways. Details (main concessions) - 4,246 km in operation. Concession - 159 km in construction. Construction Operation Total Type Airports Highways 4 19 23 Integral management. More than 2 million Airports 0 1 1 pasangers in 2009.
Slide 12: Geographical presence
Geographical presence Global presence • Consolidated presence in attractive markets with outstanding growth potential markets. • Experience and know-how to develop the activity in other markets. 12
Slide 13: 4. Organization and Human Resources
4. ORGANIZATION AND HUMAN RESOURCES
Slide 14: Main concessions
Main concessions ARGENTINA BRAZIL CHILE SPAIN MEXICO PERU 71% 60% 100% 65% 100% Circuito Exterior 100% 87% Autopista Autopista Infraestructura Mexiquense OHL Brasil M-45 FASE I Autopista del Norte Ezeiza-Cañuelas Los Andes 2000 100% 100% São Paulo Autopista M-12 69% Federal Network Autopista 100% St
Slide 15: Organizational chart
Organizational chart Board of Directors ___________________________ Chairman Juan Villar-Mir de Fuentes Chief Executive Officer Juan Osuna Business Development Legal Counsel Chief Financing Officer Director Chief Construction Officer Chief Opperating Officer M. Carmen Honrado Felipe Ezquerra Carlos
Slide 16: Human resources
Human resources OHL Concesiones SL, business Staff 2009: 6,396 people chairmanship, takes on the following functions: 8000 • Analysis, management and supervision of 6000 business developments and tendering or 4000 acquisition processes. 5,313 6,396 2000 • Financing and optimization of the concession
Slide 17: 5. 2009 and Key Magnitudes
5. 2009 AND KEY MAGNITUDES = OHL “ Concesiones
Slide 18: General environment
General environment • The international financial crisis was reflected in the year 2009. • In this context Latin America performed well: Institutional, macroeconomic, and local financial systems stability. Significant recovery of the economic growth forecasted for 2010. Significant recovery of the B
Slide 19: 2009 highlights (I)
2009 highlights (I) Homogeneous growths, 37.0% in revenues and 27.4% in EBITDA. Revenues performance 2008-2009 € Mn EBITDA performance 2008-2009 € Mn 800 743 Var. +37.0% 500 456 Var. +27.4% 358 542 400 600 300 400 200 200 100 0 0 2008 2009 2008 2009 € Mn 2008 2009 € Mn 2008 2009 Revenues 542 743 EBI
Slide 20: 2009 highlights (II)
2009 highlights (II) Important aspect: Beginning of operation of the Brazilian federal highways, whom have contributed in 2009 with 20,0% of Revenues and 14,3% of EBITDA Backlog growth with a new concession: Los Poetas - Luis Cabrera Highway. Mexico City. (Signed in 2010). Financing: Close of all th
Slide 21: 2009 highlights (III)
2009 highlights (III) Autopista del Norte (Peru): February 2010 • 150 million dollars (110 million Euros (1) ). • Use: Construction of the Pativilca - Trujillo de la Panamericana sector. • Banco Central de Perú (BCP), Corporación Andina de Fomento (CAF), y Crédit Agricole CIB. Federal Concessions (B
Slide 22: 2009 highlights (IV)
2009 highlights (IV) Operations: • Brazilian federal highways: Gradual opening of the toll booths during the year. Of a total of 29 tool booths, 28 are in operation since September 2009. • Autopista del Norte (Peru): Beginning of collection in March 2009. • Viaducto Bicentenario (Mexico): In Novembe
Slide 23: 2009 highlights (V)
2009 highlights (V) Disposals: • Sale of 9.72% of the participation in I-2000 for 11.7 million Euros in August 2009 generating a net result of 9 million Euros. I-2000 holds 100% of the shares of the Chilean concession companies; Autopista del Sol and Autopista de los Libertadores. After the sale the
Slide 24: 2009 traffic and toll performance
2009 traffic and toll performance 2008/2009 traffic and toll performance Good traffic performance in Latin America in Country Company Traffic Toll (8) the actual economic global context: Argentina Aecsa (1) -2.9% 1.9% Strong growths in Conmex (+6.4%) and in Amozoc-Perote (+36.1%) despite the GNP Bra
Slide 25: Revenues and EBITDA detail
Revenues and EBITDA detail EBITDA Revenues € Mn EBITDA € Mn PAÍS: Margin/Revenues Company 2009 2008 Var.% 2009 2008 Var.% 2009 2008 Aecsa 9.9 11.3 -12.4% -2.5 0.6 n.a. -25.3% 5.3% ARGENTINA 9.9 11.3 -12.4% -2.5 0.6 n.a. -25.3% 5.3% Autovias 70.5 68.9 2.3% 53.0 51.3 3.3% 75.2% 74.5% Centrovias 67.8 6
Slide 26: Long term orderbook
Long term orderbook Long term orderbook performance € Mn Orderbook geographical Breakdown 66000 60,373 2% 1% Argentina 60000 51,490 36% Brazil 54000 C.A.G.R. + 44.3% 48000 46,175 Chile 42000 46% Spain 36000 Mexico 30000 23,856 10% 5% Peru 24000 16,744 18000 12000 8,51710,035 6000 3,208 4,566 Orderbo
Slide 27: Main concessions key data I
Main concessions key data I (€ Mn) Total OHL investment Average Highways Country State Km % OHL investment value daily traffic (1) Aecsa Argentina Operation 60 340 71% 100.1 208,465 Subtotal Argentina 60 340 100.1 Autovias Brazil Operation 316 421 60% 103,160 Centrovias Brazil Operation 218 353 60%
Slide 28: Main concessions key data II
Main concessions key data II (€ Mn) Operated Total OHL investment Passengers / Others Country Stage % OHL Facilities Investment value year Oeste Light Rail Spain Operation 22 km 2 Lines 925 51% 65.9 7,445,563 Cercanías Móstoles- Spain Construction 15 km 1 Line 424 100% 116.2 NA Navalcarnero 30 Ha. I
Slide 29: Main concessions portfolio life
Vi -20 -10 0 10 20 30 40 50 an o Au r te 8 to 12 Ce via nt s 9 ro 11 Ez A. v ia ei de s 9 12 A. za lS Lo -Ca o s ñu l 9 14 l ib e Duration (years) er las A. ta 16 11 Ar dor ag e ón s 12 16 T In . 1 t 17 Eu er 2 A. ro via M E ós je glo s 9 18 to Ae sa le s- ro 4 pu 5 11 18 R. Na S. J va e rt lc o Pa
Slide 30: Variation of net and gross fixed assets
Variation of net and gross fixed assets Net Fixed Assets (€ thousand) Consolidated gross fixed assets Country Concession % OHL 2009 2008 Difference (€ Millions) Argentina Aecsa 71% 58,564 66,587 (8,023) Autovias 60% 172,614 140,291 32,323 Total as of 12/2008 3,429 Centrovias 60% 156,603 125,654 30,9
Slide 31: Financial debt variation (Non-recourse to OHL)
Financial debt variation (Non-recourse to OHL) Financial Debt Variation (€ thousand) Concession Gross Debt Cash & Equivalents Net Debt Country Company 2009 2008 Difference 2009 2008 Difference 2009 2008 Difference Argentina Aecsa 10,992 20,708 (9,716) 687 260 427 10,305 20,448 (10,143) Autovias 115,
Slide 32: 6. New Concessions and Stake Acquisitions
6. NEW CONCESSIONS AND STAKE ACQUISITIONS
Slide 33: Los Poetas - Luis Cabrera (I)
Los Poetas - Luis Cabrera (Via Sur Poniente) (I) Los Poetas - Luis Cabrera highway Los Poetas - Luis Cabrera highway OHL Concesiones Stake 50 % Client Government of the Federal District Concession Period Beginning April of 2010 Duration 30 years since the beginning of operation. Total investment 6 b
Slide 34: Los Poetas - Luis Cabrera (II)
Los Poetas - Luis Cabrera (Via Sur Poniente) (II) 34
Slide 35: Los Poetas - Luis Cabrera (III)
Los Poetas - Luis Cabrera (Via Sur Poniente) (III) Project Description • The new project will be a toll highway, with 4 and 6 lane segments, offering a significant saving in time, 15 to 45 minutes, to the vehicles that travel daily through the west and south of the City of Mexico. • The toll will be
Slide 36: Stakes acquisition
Stakes acquisition • 50% of the Alicante Port concession (October 2009). OHL Concesiones becomes the sole shareholder of the concession. • 16.2% of the Toluca Airport concession in Mexico (September 2009). OHL increases its stake in the concession from 32.8% to 49%. • 14% of the Amozoc-Perote highwa
Slide 37: 7. Financing Under Negotiation
7. FINANCING UNDER NEGOTIATION
Slide 38: Financing in negotiation
Financing in negotiation • Federal Concessions (Brazil): Negotiating long-term loans with the BNDES. Estimated signing of the loans for the second semester of 2010. Amount: 2.7 – 3.7 billion Reais (1,133 – 1,552 million Euros) (50% - 70% of the planned investments). •Concession in the State of Sao P
Slide 39: 8. Strategy
8. STRATEGY = OHL “ Concesiones
Slide 40: Business strategy
Business strategy • Consolidation and growth: • New projects: • Take advantage of the strategic position in Brazil and Mexico. • Selective analysis of other opportunities. • Geographical Location: • Countries chosen: (“home markets”) Brazil, Mexico, Chile, Peru and Spain. • Countries under study: U.
Slide 41: Business strategy
Business strategy • Sectors: • With priority in highways, segment in which OLH Concesiones can claim a deep expertise as operator. • Also airports, commercial ports and railways. • Financial Policy: • Financing equity with cash flow generated by the group. • Optimization of every concession financin
Slide 42: 9. Valuation
9. VALUATION = OHL “ Concesiones
Slide 43: Valuation criteria (I)
Valuation criteria (I) General Criteria: Net Present Value coming from the discount of future shareholder’s cash flow. • Cash Flows in €: Calculated on the basis of the local cash flows affected by a parity change hypothesis, according to inflation differential and starting from current exchange rat
Slide 44: Valuation criteria (II)
Valuation criteria (II) • Aecsa, M-12 Eje Aeropuerto and Cercanías Móstoles Navalcarnero: Book value since the contracts are in a negotiation process . • Other minor concessions: Book Value. 44
Slide 45: OHL Brasil valuation
OHL Brasil valuation Hypothesis Cash flow discount (CFD) valuation in accordance with the general criteria. The market value has increased significantly in the last year, therefore reducing the differential with OHL price estimation. Reais/Shares April 2009 April 2010 January / April average value 1
Slide 46: Valuation base
Valuation base € Mn Discount Rate Valuation Valuation Book Value Country Valuation Method 30/04/2010 30/04/2009 31/12/2009 Argentina Book value - 78.0 78.0 100.1 Brazil Discounted cash flows 8.9% 935.8 497.6 101.4 Chile Discounted cash flows 8.0% 310.0 455.2 67.2 Discounted cash flows Spain (except
Slide 47: Basic valuation performance
Basic valuation performance Valuation Performance € Mn Base Rolling Exchange Discount Acquisi- Base value value Disposals Others Base value April 2009 2,640.8 forward rates rates tions April 2010 April 2009 Rolling forward 325.6 Exchange rates -131.9 Discount rates 351.9 Acquisitions (Amozoc- Perote
Slide 48: Improved valuation
Improved valuation € Mn Valuation method Discount rate Valuation Valuation Book Value Country 30/04/2010 30/04/2009 31/12/2009 Argentina Book value - 78.0 78.0 100.1 Brazil Discounted cash flows 8.4% 996.1 534.5 101.4 Chile Discounted cash flows 7.5% 337.6 489.1 67.2 Discounted cash flows Spain (exc
Slide 49: Conservative valuation
Conservative valuation € Mn Valuation method Discount rate Valuation Valuation Book value Country 30/04/2010 30/04/2009 31/12/2009 Argentina Book value - 78.0 78.0 100.1 Brazil Discounted cash flows 9.9% 828.1 432.0 101.4 Chile Discounted cash flows 9.0% 261.7 396.1 67.2 Discounted cash flows Spain
Slide 50: Appendix
APPENDIX = OHL “ Concesiones
Slide 51: Appendix
Appendix Page 1. Toll Roads Brazil 3 2. Toll Roads Chile 37 3. Toll Roads Spain 50 4. Toll Roads Mexico 62 5. Toll Roads Peru 81 6. Toll Roads Argentina 86 7. Railways 90 8. Airports 96 9. Commercial Ports 100 2
Slide 52: 1. Toll Roads Brazil
1. TOLL ROADS BRAZIL = OHL “ Concesiones
Slide 53: Autovias
Autovias Operational Data, Revenue and EBITDA Average Daily Traffic (1) Revenues (Euros thousand)) 105.000 103.786 103.160 68.949 70.524 70.000 56.374 79.362 80.000 50.000 44.241 36.167 48.609 50.130 51.790 30.000 26.186 55.000 30.000 10.000 2004 2005 2006 2007 2008 2009 2004 2005 2006 2007 2008 200
Slide 54: Autovias
Autovias Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 70.524 68.949 Tangible Fixed Assets 156.695 122.579 EBITDA 52.993 51.256 Other Non-Current Assets 57.965 47.077 Depreciation & Amortization (13.344) (13.877) Total Non-Current Assets
Slide 55: Autovias
Autovias Financing and Concession Contract Other Financing Summary • Toll updating every July according to Type Commercial Bank Loan inflation, measured by IGPM index that takes Currency Brazilian Reais. devaluations into account. Outstanding Balance 09 71,9 Million Reais • Monthly payable concessio
Slide 56: Autovias
Autovias Financing and Concession Contract Bond Issue • Bond issues in closing process Type Bond issues Currency Brazilian Reais Bond issue date April 2010 Amount of issue 285 Million reais Year of maturity 2015 quarterly amortization 1 year grace period Variable interes rate CDI + 1,6 % aa Bond Iss
Slide 57: Centrovias
Centrovias Operational date, Revenue and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 70.000 67.761 65.000 61.709 63.879 60.727 56.780 55.000 52.657 55.000 51.675 52.394 49.752 46.333 40.716 45.000 40.000 29.843 25.000 35.000 2004 2005 2006 2007 2008 2009 2004 2005 2006 2007 2008 2009
Slide 58: Centrovias
Centrovias Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 67.761 63.879 Tangible Fixed Assets 149.428 117.768 EBITDA 51.895 48.710 Other non-current Assets 48.625 39.491 Depreciation and Amortization (11.726) (14.702) Total non-current Ass
Slide 59: Centrovias
Centrovias Financing and Concession Contract Other Financing Summary • Toll updating every July according to inflation, measured by IGPM index that takes Type Commercial Bank Loan devaluations into account. Currency Brazilian Reais • Monthly payable concession royalty. The Outstanding Balance 09 261
Slide 60: Centrovias
Centrovias Financing and Concession Contract Bond Issue • Bond issues in closing process Type Bond issues Currency Brazilian Reais Bond issue date April 2010 Amount of issue 286 Million reais Year of maturity 2015 quarterly amortization 1 year grace period Variable interes rate CDI + 1,7 % aa Bond I
Slide 61: Intervias
Intervias Operational data, Revenue and EBITDA Average Daily Traffic (1) Revenues (Euros thousand ) 81.000 77.882 80.291 141.576 141.447 142.000 69.169 136.189 62.802 58.000 54.645 132.000 128.929 126.791 122.872 122.000 35.000 18.013 112.000 12.000 2004 2005 2006 2007 2008 2009 2004 2005 2006 2007
Slide 62: Intervias
Intervias Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2008 2008 Revenues 80.291 77.882 Tangible Fixed Assets 163.998 119.953 EBITDA 59.593 57.615 Other non-current Assets 89.034 68.605 Depreciation and Amortization (5.385) (7.172) Total non-current Assets
Slide 63: Intervias
Intervias Financing and Concession Contract Other Financing Summary • Toll updating every July according to Type Commercial Bank Loan inflation, measured by IGPM index that takes Currency Brazilian Reais devaluations into account. Outstanding Balance 09 112,7 Million Reais • Monthly payable concessi
Slide 64: Intervias
Intervias Financing and Concession Contract Bond Issue • Bond issues in closing process Type Bonds issues Currency Brazilian Reais Bond issue date April 2010 Amount of issue 308 Million reais Year of maturity 2015 quarterly amortization 1 year grace period Variable interes rate CDI + 1,5 % aa CDI: I
Slide 65: Vianorte
Vianorte Operational data, Revenue and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 79.582 78.204 65.000 62.923 80.000 61.819 74.523 70.437 53.740 70.000 68.429 55.000 66.304 46.027 60.000 45.000 50.000 35.000 2004 2005 2006 2007 2008 2009 2006 2007 2008 2009 (1) Equivalent Vehicles Gr
Slide 66: Vianorte
Vianorte Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 62.923 61.819 Tangible Fixed Assets 112.468 88.650 EBITDA 46.649 47.128 Other non-current Assets 106.308 90.202 Depreciation and Amortization (20.114) (21.189) Total non-current Asset
Slide 67: Vianorte
Vianorte Financing and Concession Contract Main Financing Summary • Toll updating every July according to Type BNDES Loan inflation, measured by IGPM index that takes Currency Repayment Phase devaluations into account. Outstanding Balance 09 Brazilian Reais • Monthly payable concession royalty. The
Slide 68: Vianorte
Vianorte Financing and Concession Contract Bond Issue • Bond issues in closing process Type Bonds issues Currency Brazilian Reais Bond issue date April 2010 Amount of issue 154 Million reais Year of maturity 2015 quarterly amortization 1 year grace period Variable interes rate CDI + 1,7 % aa Bond Is
Slide 69: Autovias / Centrovias / Intervias / Vianorte
Autovias / Centrovias / Intervias / Vianorte Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2014 9,0% 78,3% 4,4% 2014-2018 0,6% 81,1% 4,0% 2018-2022 -14,3% 83,0% 4,0% 2022-2027 8,7% 85,5% 4,0% In Local Currency (Million Brazilian Reais) Year 2010 2011 2012 2013 2014 Capex
Slide 70: Rio de Janeiro – Espírito Santo
Rio de Janeiro – Espírito Santo Operational data, Revenues and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 90.000 22.275 84.770 23.000 80.000 17.000 70.000 11.000 60.000 5.000 2009 2009 (1) Equivalent Vehicles Gross Toll Revenues (Reais thousand) EBITDA (Euros thousand) 70.000 66.855
Slide 71: Rio de Janeiro – Espírito Santo
Rio de Janeiro – Espírito Santo Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 22.275 0 Tangible Fixed Assets 86.556 36.506 EBITDA 10.305 0 Other non-current Assets 845 Depreciation and Amortization (1.169) Total non-current Assets 87.401
Slide 72: Rio de Janeiro – Espírito Santo
Rio de Janeiro – Espírito Santo Financing and Concession Contract Other Financing Summary • Toll updating every February according to inflation, measured by IPCA index. Type Bridge loan BNDES Currency Brazilian Reais Date of Signature August 2009 Outstanding balance 09 128,3 Million Reais Maturity d
Slide 73: São Paulo – Belo Horizonte
São Paulo – Belo Horizonte Operational data, Revenues and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 250.000 233.323 34.000 31.721 200.000 26.000 150.000 18.000 100.000 10.000 2009 2009 (1) Equivalent Vehicles Gross Toll Revenues (Reais thousand) EBITDA (Euros thousand) 95.000 93.743
Slide 74: São Paulo – Belo Horizonte
São Paulo – Belo Horizonte Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 31.721 245 Tangible Fixed Assets 161.340 67.067 EBITDA 12.355 21 Other non-current Assets 2.481 Depreciation and Amortization (1.773) (119) Total non-current Assets
Slide 75: São Paulo – Belo Horizonte
São Paulo – Belo Horizonte Financing and Concession Contract Other Financing Summary • Toll updating every December according to inflation, measured by IPCA index. Type Bridge loan BNDES Currency Brazilian Reais Date of Signature June 2009 Outstanding balance 09 177,0 Million Reais Maturity date Jan
Slide 76: São Paulo – Curitiba
São Paulo – Curitiba Operational data, Revenues and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 300.000 60.000 278.801 50.603 250.000 50.000 200.000 40.000 150.000 30.000 2009 2009 (1) Equivalent Vehicles Gross Toll Revenues (Reais thousand) EBITDA (Euros thousand) 150.000 146.552 30.
Slide 77: São Paulo – Curitiba
São Paulo – Curitiba Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 50.603 119 Tangible Fixed Assets 152.183 75.698 EBITDA 27.443 99 Other non-current Assets 118 Depreciation and Amortization (2.738) (5) Total non-current Assets 152.301 75
Slide 78: São Paulo – Curitiba
São Paulo – Curitiba Financing and Concession Contract Other Financing Summary • Toll updating every December according to inflation, measured by IPCA index. Type BNDES Bridge Loan Currency Brazilian Reais Date of Signature June 2009 Outstanding balance 09 238,7 Million Reais Maturity date January 2
Slide 79: Curitiba - Florianópolis
Curitiba - Florianópolis Operational data, Revenues and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 250.000 30.000 209.993 25.164 200.000 25.000 150.000 20.000 100.000 15.000 2009 2009 (1) Equivalent Vehicles Gross Toll Revenues (Reais thousand) EBITDA (Euros thousand) 80.000 10.000 7
Slide 80: Curitiba - Florianópolis
Curitiba - Florianópolis Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 25.164 0 Tangible Fixed Assets 108.133 41.639 EBITDA 7.957 0 Other non-current Assets Depreciation and Amortization (1.273) Total non-current Assets 108.133 41.639 Tra
Slide 81: Curitiba - Florianópolis
Curitiba - Florianópolis Financing and Concession Contract Other Financing Summary • Toll updating every February according to inflation, measured by IPCA index. Type BNDES bridge loan Currency Brazilian Reais Date of Signature June 2009 Outstanding balance 09 146,6 Million Reais Maturity date Janua
Slide 82: Curitiba – Rio Grande do Sul
Curitiba – Rio Grande do Sul Operational data, Revenues and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 70.000 63.221 23.000 20.220 50.000 17.000 30.000 11.000 10.000 5.000 2009 2009 (1) Equivalent Vehicles Gross Toll Revenues (Reais thousand) EBITDA (Euros thousand) 65.000 8.000 7.34
Slide 83: Curitiba – Rio Grande do Sul
Curitiba – Rio Grande do Sul Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 20.220 120 Tangible Fixed Assets 63.739 31.012 EBITDA 7.340 (7) Other non-current Assets 98 Depreciation and Amortization (1.120) (10) Total non-current Assets 63.
Slide 84: Curitiba – Rio Grande do Sul
Curitiba – Rio Grande do Sul Financing and Concession Contract Other Financing Summary • Toll updating every December according to inflation, measured by IPCA index. Type BNDES bridge loan Currency Brazilian Reais Date of Signature August 2009 Outstanding balance 09 95,3 Million Reais Maturity date
Slide 85: Federal Brazilian concessions
Federal Brazilian concessions Projection Hypothesis Period CAC revenues % EBITDA Average inflation 2010-2014 10,7% 51,1% 4,4% 2014-2018 8,7% 59,5% 4,0% 2018-2022 8,7% 66,1% 4,0% 2022-2027 8,7% 72,3% 4,0% In Local Currency (Million Brazilian Reais) Year 2010 2011 2012 2013 2014 Capex (1) 880 910 930
Slide 86: 2. Toll Roads Chile
2. TOLL ROADS CHILE = OHL “ Concesiones
Slide 87: Autopista del Sol
Autopista del Sol Operational data, Revenues and EBITDA Revenues (Euros thousand) Average Daily Traffic (1) 34.069 74.472 34.000 75.000 71.201 31.488 28.326 29.118 65.652 65.000 28.000 60.135 61.042 23.679 55.317 55.000 22.000 19.793 45.000 16.000 2004 2005 2006 2007 2008 2009 2004 2005 2006 2007 20
Slide 88: Autopista del Sol
Autopista del Sol Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 34.069 31.488 Tangible Fixed Assets 97.463 85.884 EBITDA 21.721 19.205 Other non-current Assets 26.036 26.063 Depreciation and Amortization (7.574) (7.301) Total non-current
Slide 89: Autopista del Sol
Autopista del Sol Financing and Concession Contract Other Financing Summary • Annual toll updating according to inflation, Type Bond issues (1) measured by CPI. Situation Amortization • Yearly 196.832 UF infrastructure royalty until Currency UF 2012, reported as operating expense. Outstanding balanc
Slide 90: Autopista del Sol
Autopista del Sol Projection Hypothesis Period Revenues % EBITDA Average • Revenue reduction for the 2015/ CAC Inflation 2017 period is due to the reduction 2010-2012 7,2% 63,6% 2,3% in the toll prices provided in the 2012-2014 7,0% 82,4% 3,5% contract for that period. 2014-2018 1,3% 76,4% 3,5% • Th
Slide 91: Autopista Los Libertadores
Autopista Los Libertadores Operational data, Revenues and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 36.206 36.671 18.000 17.604 37.000 16.648 34.263 15.560 15.396 32.000 31.184 15.000 28.286 27.947 12.772 27.000 12.000 10.417 22.000 9.000 2004 2005 2006 2007 2008 2009 2004 2005 2006
Slide 92: Autopista Los Libertadores
Autopista Los Libertadores Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 17.604 16.648 Tangible Fixed Assets 102.357 87.736 EBITDA 13.092 12.292 Other non-current Assets 23.226 20.811 Depreciation and Amortization (3.780) (3.615) Total no
Slide 93: Autopista Los Libertadores
Autopista Los Libertadores Financing and Concession Contract Other Financing Summary • Annual toll updating according to inflation, Type Bond Issues (1) measured by CPI. Situation Amortization Currency UF Outstanding balance 09 0,11 UF Mn / 3,16 UF Mn / 1,18 UF Mn Repaid Amount 09 0,24 UF Mn (2) Ava
Slide 94: Autopista Los Libertadores
Autopista Los Libertadores Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2014 7,2% 63,3% 2,3% 2014-2018 9,4% 78,6% 3,5% 2018-2022 9,0% 81,4% 3,5% 2022-2025 10,1% 83,4% 3,5% In Local Currency (Million Chilean Pesos) Year 2010 2011 2012 Remainder Revenues 14.215 15.096 16.1
Slide 95: Autopista Los Andes
Autopista Los Andes Operational data, Revenues and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 8.000 15.000 13.786 13.823 7.123 6.000 10.000 5.000 4.000 3.463 0 2.000 2008 2009 2008 2009 (1) Equivalent Vehicles Gross Toll Revenues (Pesos million) EBITDA (Euros thousand) 6.000 5.490 5.
Slide 96: Autopista Los Andes
Autopista Los Andes Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 7.123 3.463 Tangible Fixed Assets 281.140 207.708 EBITDA 4.924 1.852 Other non-current Assets 37.918 14.105 Depreciation and Amortization (1.758) (400) Total non-current As
Slide 97: Autopista Los Andes
Autopista Los Andes Financing and Concession Contract Other Financing Summary • The financing includes a subsidized loan amounting to 2.7 UF Million corresponding to Type Syndicated Loan 3 installments of the subsidy to be received. Situation Totally drawn Currency UF • Annual toll update according
Slide 98: Autopista Los Andes
Autopista Los Andes Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2014 16,6% 61,0% 2,3% 2014-2018 16,8% 76,0% 3,5% 2018-2022 15,0% 84,0% 3,5% 2022-2036 13,5% 92,0% 3,5% In Local Currency (Million Chilean Pesos) Year 2010 2011 2012 Remainder Revenues 6.852 7.498 8.973 1.75
Slide 99: 3. Toll Roads Spain
3. TOLL ROADS SPAIN = OHL “ Concesiones
Slide 100: Autovía M-45
Autovía M-45 Operational data, Revenues and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 11.090 11.480 90.000 86.888 11.000 10.428 82.995 9.822 8.952 80.000 76.711 76.541 77.303 76.565 9.000 8.248 70.000 7.000 60.000 5.000 2004 2005 2006 2007 2008 2009 2004 2005 2006 2007 2008 2009 (1)
Slide 101: Autovía M-45
Autovía M-45 Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 11.480 11.090 Tangible Fixed Assets 76.820 79.872 EBITDA 10.435 10.063 Other non-current Assets 22.946 18.992 Depreciation and Amortization (3.009) (2.490) Total non-current Asset
Slide 102: Autovía M-45
Autovía M-45 Financing and Concession Contract Other Financing Summary • “Shadow” toll. Revenues through grant Type Loan according to number of vehicles / km covered in the concession road, within the annual Situation Amortization limits provided in the contract. Currency Euros Outstanding balance 0
Slide 103: Autovía M-45
Autovía M-45 Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2014 3,0% 88,1% 2,5% 2014-2018 3,5% 88,5% 2,5% 2018-2022 3,9% 89,0% 2,5% 2022-2027 3,8% 89,8% 2,5% In Local Currency (Million Euros) Year 2010 2011 2012 Remainder Revenues 11,7 11,9 12,5 250,2 Capex 0,0 0,0 0,0 8,
Slide 104: Autopista M-12
Autopista M-12 Operational data, Revenue and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 12.000 11.356 5.714 10.575 6.000 5.489 9.851 4.814 5.021 9.120 8.000 4.000 4.000 2.000 2.053 620 0 0 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 (1) Equivalent Vehicles Gross Toll Revenues (
Slide 105: Autopista M-12
Autopista M-12 Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 5.021 5.489 Tangible Fixed Assets 295.433 298.685 EBITDA 703 1.130 Other non-current Assets 55.607 63.897 Impairment Provision (48.000) Total non-current Assets 351.040 362.582
Slide 106: Autopista M-12
Autopista M-12 Financing and Concession Contract Other Financing Summary • Annual toll adjustment according to CPI. Type Syndicated loan • Operation started on June 2005 and new T4 Status Repayment terminal opened on February 2006. Currency Euros Outstanding Balance 09 239 Million € Repaid amount 09
Slide 107: Autovía de Aragón Tramo 1
Autovía de Aragón Tramo 1 Operational data, Revenue and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 100.000 94.591 2.500 2.109 80.000 2.000 60.000 1.500 40.000 1.000 2009 2009 (1) IMD Gross Toll Revenues (Euros thousand) EBITDA (Euros thousand) 2.500 2.000 1.846 2.109 2.000 1.500 1.50
Slide 108: Autovía de Aragón Tramo 1
Autovía de Aragón Tramo 1 Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 2.109 0 Tangible Fixed Assets 47.406 26.113 EBITDA 1.846 0 Other non-current Assets 29.146 34.116 Depreciation and Amortization (867) Total non-current Assets 76.552
Slide 109: Autovía de Aragón Tramo 1
Autovía de Aragón Tramo 1 Financing and Concession Contract Main Financing Summary Type Loan • “Shadow” toll. Revenues through grant according to number of vehicles / km covered Status Disposition phase in the concession road, within the annual Currency Euros limits provided in the contract. Outstan
Slide 110: Autovía de Aragón Tramo 1
Autovía de Aragón Tramo 1 Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2013 56,8% 82,8% 2,5% 2013-2017 4,2% 83,8% 2,5% 2017-2021 3,9% 84,7% 2,5% 2021-2026 1,6% 85,3% 2,5% In Local Currency (Million Euros) Year 2010 2011 2012 Remainder Revenues 7,1 10,6 22,8 499,3 Capex 5
Slide 111: 4. Toll Roads Mexico
4. TOLL ROADS MEXICO = OHL “ Concesiones
Slide 112: CONMEX
CONMEX Operational data, Revenue and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 127.360 53.221 50.440 135.000 55.000 49.182 119.673 102.317 36.936 100.000 86.311 37.000 65.000 19.000 43.440 6.896 30.000 1.000 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 (1) Equivalent Vehicles G
Slide 113: CONMEX
CONMEX Income Statement (thousand €) Income Statement Guaranteed Guaranteed Total (3) Profitability (2) 2009 (1) Total (3) Profitability (2) 2008 (1) Revenues 50.440 0 50.440 53.221 0 53.221 EBITDA 90.999 47.520 43.479 106.131 60.164 45.967 Depreciation and (4.909) (4.909) (4.622) (4.622) Amortizati
Slide 114: CONMEX
CONMEX Balance Sheet (thousand €) Balance Sheet Guaranteed Guaranteed Total (3) Profitability (2) 2009 (1) Total (3) Profitability (2) 2008 (1) Tangible Fixed Assets 764.142 764.142 488.830 488.830 Other non-current Assets 245.572 224.503 21.069 177.966 159.780 18.186 Total non-current Assets 1.009.
Slide 115: CONMEX
CONMEX Financing and Concession Contract Main Financing Summary • Charges updated on a yearly basis Type Syndicated loan according to INPC or anytime the index Status Disposition phase exceeds 5%. Currency Mexican Pesos • The concession has a guaranteed annual Total debt 12,5 billion Mex. Pesos 10%
Slide 116: CONMEX
CONMEX Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2014 34,2% 86,0% 4,0% 2014-2018 8,6% 88,7% 4,0% 2018-2022 8,1% 90,0% 4,0% 2022-2041 7,4% 87,4% 4,0% In Local Currency (Million Mex. Pesos) Year 2010 2011 2012 Remainder Revenues 1.099 2.048 3.134 333.723 Capex 7.987 281
Slide 117: Carretera Amozoc-Perote
Carretera Amozoc-Perote Operational data, Revenue and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 28.000 25.731 15.000 13.870 18.911 10.165 20.000 10.000 14.970 7.085 12.000 5.000 2.034 5.618 915 4.240 4.000 0 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 (1) Equivalent Vehicles G
Slide 118: Carretera Amozoc-Perote
Carretera Amozoc-Perote Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 13.870 10.165 Tangible Fixed Assets 148.908 162.780 EBITDA 9.893 5.884 Other non-current Assets 1.384 1.004 Depreciation and Amortization (3.156) (2.219) Total non-curr
Slide 119: Carretera Amozoc-Perote
Carretera Amozoc-Perote Financing and Concession Contract Main Financing Summary • Yearly toll updating according to INPC. Type OHL Loan • Investment financed partly with an outright Status Disposition phase grant from FINFRA (Infrastructure Investment Currency Mexican Pesos Trust established by the
Slide 120: Carretera Amozoc-Perote
Carretera Amozoc-Perote Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2014 10,3% 71,8% 4,0% 2014-2018 6,7% 75,7% 4,0% 2018-2022 6,2% 77,8% 4,0% 2022-2033 4,8% 81,5% 4,0% In Local Currency (Million Mexican Pesos) Year 2010 2011 2012 Remainder Revenues 316 356 407 17.197 Ca
Slide 121: Libramiento Norte de Puebla
Libramiento Norte de Puebla Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 0 0 Tangible Fixed Assets 4.668 3.261 EBITDA 0 0 Other non-current Assets 18.755 22.714 Depreciation and Amortization Total non-current Assets 23.423 25.975 Trade D
Slide 122: Libramiento Norte de Puebla
Libramiento Norte de Puebla Concession Contract • Real 10% guaranteed profitability. • Charges updated on a yearly basis according to INPC or anytime the index exceeds 5%. • Financing under study. INPC: National Consumer Price Index 73
Slide 123: Libramiento Norte de Puebla
Libramiento Norte de Puebla Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2013-2017 8,7% 84,5% 4,0% 2017-2021 8,3% 84,5% 4,0% 2021-2025 8,0% 84,5% 4,0% 2025-2038 7,3% 84,5% 4,0% In Local Currency (Million Mexican Pesos) Year 2010 2011 2012 Remainder Revenues 0 0 0 23.568 Capex
Slide 124: Viaducto Bicentenario
Viaducto Bicentenario Operational data, Revenue and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 15.000 13.861 600 10.000 400 330 5.000 200 0 0 2009 2009 (1) Equivalent Vehicles Gross Toll Revenues (thousand Mx Pesos) EBITDA (Euros thousand) 8.000 16.907 17.000 6.246 6.000 12.000 4.000
Slide 125: Viaducto Bicentenario
Viaducto Bicentenario Income Statement (thousand €) Income Statement Guaranteed Guaranteed Total (3) Profitability (2) 2009 (1) Total (3) Profitability (2) 2008 (1) Revenues 330 0 330 0 0 0 EBITDA 16.907 17.390 (483) 0 0 0 Depreciation and Amortization EBIT 16.907 17.390 (483) 0 0 0 Finance Income 6
Slide 126: Viaducto Bicentenario
Viaducto Bicentenario Balance Sheet (thousand €) Balance Sheet Guaranteed Guaranteed Total (3) Profitability (2) 2009 (1) Total (3) Profitability (2) 2008 (1) Tangible Fixed Assets 177.264 177.264 13.174 13.174 Other non-current Assets 59.652 17.521 42.131 52.998 52.998 Total non-current Assets 236.
Slide 127: Viaducto Bicentenario
Viaducto Bicentenario Financing and Concession Contract Main Financing Summary • Toll updated on a yearly basis according to INPC or anytime the index exceeds 5%. Type Syndicated loan • Tranche 1 started operating on September 21, Status Disposition phase 2009. Currency Mexican Pesos • The concessio
Slide 128: Viaducto Bicentenario
Viaducto Bicentenario Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2013 81,7% 67,9% 4,0% 2013-2017 12,5% 87,8% 4,0% 2017-2021 25,6% 93,3% 4,0% 2021-2037 9,0% 96,7% 4,0% In Local Currency (Million Mex. Pesos) Year 2010 2011 2012 Remainder Revenues 95 392 499 108.271 Capex
Slide 129: Autopista Los Poetas – Luis Cabrera
Autopista Los Poetas – Luis Cabrera Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2012-2016 19,9% 75,9% 4,0% 2016-2020 8,2% 79,1% 4,0% 2020-2024 7,5% 81,5% 4,0% 2024-2041 4,8% 84,1% 4,0% In Local Currency (Million Mex. Pesos) Year 2010 2011 2012 Remainder Revenues 0 0 368 50.6
Slide 130: 5. Toll Roads Peru
5. TOLL ROADS PERU = OHL “ Concesiones
Slide 131: Autopista del Norte
Autopista del Norte Operational data, Revenue and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 7.543 15.000 14.164 7.500 10.000 5.000 5.000 2.500 0 0 2009 2009 (1) Equivalent Vehicles Gross Toll Revenues (Nuevos Soles th.) EBITDA (Euros thousand) 31.552 32.000 6.000 5.428 22.000 4.000
Slide 132: Autopista del Norte
Autopista del Norte Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 7.543 0 Tangible Fixed Assets 3.383 EBITDA 5.428 0 Other Non-Current Assets 271 Depreciation and Amortization Total Non-Current Assets 3.654 0 Trade Debtors and Other EBIT
Slide 133: Autopista del Norte
Autopista del Norte Financing and Concession Contract Main Financing Summary • Annual fare updating once the works have Type Syndicated loan been accepted, 50% is indexed to Peru’s Status Disposition phase inflation and the remainder 50% to the US Dollar exchange rate fluctuation and the Currency US
Slide 134: Autopista del Norte
Autopista del Norte Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2013 20,0% 75,8% 2,9% 2013-2017 8,4% 73,9% 2,8% 2017-2021 5,9% 78,2% 2,8% 2021-2033 5,5% 79,7% 2,8% In Local Currency (Million Nuevos Soles) Year 2010 2011 2012 Remainder Revenues 63 83 98 4.629 Capex 115 1
Slide 135: 6. Toll Roads Argentina
6. TOLL ROADS ANEXO ARGENTINA 86
Slide 136: Autopista Ezeiza-Cañuelas
Autopista Ezeiza-Cañuelas Operational data, Revenue and EBITDA Average Daily Traffic (1) Revenues (Euros thousand) 220.000 216.067 214.720 10.788 11.126 11.257 11.000 10.709 208.465 10.344 202.920 9.891 200.000 188.566 9.000 180.000 168.377 7.000 160.000 5.000 2004 2005 2006 2007 2008 2009 2004 2005
Slide 137: Autopista Ezeiza-Cañuelas
Autopista Ezeiza-Cañuelas Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 9.891 11.257 Tangible Fixed Assets 42.514 50.079 EBITDA (2.458) 598 Other Non-Current Assets 1.591 1.778 Depreciation and Amortization (2.250) (2.245) Total Non-Curre
Slide 138: Autopista Ezeiza-Cañuelas
Autopista Ezeiza-Cañuelas Financing and Concession Contract Main Financing Summary • The contract establishes tolls in USD according to an Type Bilateral loan exchange rate 1 USD = Peso. Status Repayment • After Emergency Act 2001, tolls were converted to Currency Argentinean Pesos Pesos and frozen.
Slide 139: 7. Railways
7. RAILWAYS = OHL “ Concesiones
Slide 140: Metro Ligero Oeste
Metro Ligero Oeste Operational data, Revenue and EBITDA Passengers / year (million) Revenues (Euros thousand) 32.691 8 8 33.000 7 27.225 6 23.000 12.308 4 13.000 3 3.000 2 2007 2008 2009 2007 2008 2009 Operating Income (Euros thousand) EBITDA (Euros thousand) 32.691 14.657 33.000 15.000 27.225 23.00
Slide 141: Metro Ligero Oeste
Metro Ligero Oeste Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 32.691 27.225 Tangible Fixed Assets 556.297 559.215 EBITDA 14.657 7.298 Other Non-Current Assets 25.597 17.460 Depreciation and Amortization (15.421) (13.450) Total Non-Curr
Slide 142: Metro Ligero Oeste
Metro Ligero Oeste Financing and Concession Contract Main Financing Summary • “Shadow toll”: the Community of Madrid Type Syndicated loan compensates according to the number of passengers. Status Disposition Currency € • The contract provides the redressing of the economic / financial balance when O
Slide 143: Metro Ligero Oeste
Metro Ligero Oeste Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2014 24,0% 55,4% 2,5% 2014-2018 4,8% 70,8% 2,5% 2018-2022 4,1% 75,5% 2,5% 2022-2035 3,6% 76,0% 2,5% In Local Currency (Million Euros) Year 2010 2011 2012 Remainder Revenues 32,3 36,2 69,4 2.855,4 Capex 0,9 0
Slide 144: Cercanías Móstoles Navalcarnero
Cercanías Móstoles Navalcarnero Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 0 0 Tangible Fixed Assets 142.496 39.104 EBITDA 0 0 Other Non-Current Assets 72.017 72.007 Depreciation and Amortization Total Non-Current Assets 214.513 111.11
Slide 145: 8. Airports
8. AIRPORTS = OHL “ Concesiones
Slide 146: Aeropuerto Internacional de Toluca
Aeropuerto Internacional de Toluca Operational data, Revenue and EBITDA Passengers / year (million) Revenues (Euros thousand) 4,1 27.000 25.779 4 3,2 3 19.500 17.608 3 15.382 2,4 2 12.000 5.844 1 4.500 2006 2007 2008 2009 2006 2007 2008 2009 Gross Revenues * (Mx pesos thousand) EBITDA (Euros thousan
Slide 147: Aeropuerto Internacional de Toluca
Aeropuerto Internacional de Toluca Income Statement and Balance Sheet (thousand €) Consolidated by the Equity Method Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 15.382 25.779 Tangible Fixed Assets 123.357 133.355 EBITDA 7.667 15.878 Other Non-Current Assets 158 Depreciation and Amort
Slide 148: Aeropuerto Internacional de Toluca
Aeropuerto Internacional de Toluca Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2014 11,6% 66,6% 4,0% 2014-2018 10,1% 70,9% 4,0% 2018-2022 10,0% 74,6% 4,0% 2022-2055 7,1% 84,9% 4,0% In Local Currency (Million Mexican Pesos) Year 2010 2011 2012 Remainder Revenues 703 790
Slide 149: 9. Commercial Ports
9. COMMERCIAL ANEXO PORTS 100
Slide 150: Puerto de Alicante
Puerto de Alicante Operational data, Revenue and EBITDA New Port Terminals (surface in m2) Revenues (Euros thousand) 5.732 6.107 6.200 170.000 146.000 120.515 4.200 120.000 2.536 2.200 70.000 31.760 20.000 200 2007 2008 2009 PASSENGERS BULKS MULTIPURPOSE Passengers / year (thousands) EBITDA (Euros t
Slide 151: Puerto de Alicante
Puerto de Alicante Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2009 2008 2009 2008 Revenues 6.107 5.732 Tangible Fixed Assets 118.951 95.094 EBITDA 317 (116) Other Non-Current Assets 4.862 2.410 Depreciation and Amortization (2.663) (1.738) Total Non-Current Assets
Slide 152: Puerto de Alicante
Puerto de Alicante Financing and Concession Contract Main Financing Summary • The concession holder receives payment Type Syndicated loan from two sources: Status Disposition phase • Official harbor duties, yearly updated Currency € according to inflation. Outstanding Balance 09 82,57 Million € • Co
Slide 153: Puerto de Alicante
Puerto de Alicante Projection Hypothesis Period Revenues % EBITDA Average CAC Inflation 2010-2014 14,8% 36,1% 2,5% 2014-2018 10,6% 46,5% 2,5% 2018-2022 8,8% 51,0% 2,5% 2022-2035 3,2% 52,9% 2,5% In Local Currency (Million Euros) Year 2010 2011 2012 Remainder Revenues 11,9 15,6 16,9 1.014,5 Capex 5,6