Atlas Arteria · ASX:ALX
Atlas Arteria — Macquarie Atlas Roads — Investor Presentation (March 2012)
75 slides from Atlas Arteria's investor presentation, March 2012
Slide 1: ASX Release: March 2012 Investor Presentation
Macquarie Atlas Roads Limited Macquarie Atlas Roads International Limited ACN 141 075 201 EC43828 No. 1 Martin Place Telephone 612 8232 3333 Rosebank Centre SYDNEY NSW 2000 Facsimile 612 8232 4713 11 Bermudiana Road GPO Box 4294 Internet: www.macquarie.com/mqa Pembroke HM08 SYDNEY NSW 1164 DX 10287
Slide 2: Macquarie Atlas Roads Investor Presentation March 2012
MACQUARIE ATLAS ROADS INVESTOR PRESENTATION MARCH 2012 1
Slide 3: Disclaimer
Disclaimer Di l i Disclaimer Macquarie Atlas Roads (MQA) comprises Macquarie Atlas Roads Limited (ACN 141 075 201) (MARL) and Macquarie Atlas Roads International Limited (Registration No. 43828) (MARIL). Macquarie Fund Advisers Pty Limited (ACN 127 735 960) (AFSL 318 123) (MFA) is the manager/advise
Slide 4: Disclaimer
Disclaimer H Hong K Kong This document has been prepared and intended to be disposed solely to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong for the purpose of providing preliminary information and does not constitute any offer to the pub
Slide 5: Agenda
Agenda 1. Overview 5 2. APRR 16 3. Other Assets 26 4. Dividends 41 5. Outlook 47 Appendix 50 Note: Dollar amounts throughout the presentation are Australian Dollars unless stated otherwise. 4
Slide 6: 1. Overview
1. Overview
Slide 7: About MQA
About MQA An established global portfolio Macquarie Atlas Roads (MQA) is a global toll road operator and developer that was listed on the ASX on 25 January 2010 — Current market capitalisation: $759,097,1361 — ASX ranking: Top 200 MQA was created out of the restructure of Macquarie Infrastructur
Slide 8: MQA portfolio
MQA portfolio MQA’s toll road investments are located in France, UK, USA and Germany1 1. MQA owns various percentage stakes in these assets. 7
Slide 9: Traffic and revenue performance
Traffic and revenue performance Strong financial performance relative to traffic driven by toll increases and cost efficiencies MQA Pro Forma Performance vs pcp MQA Pro Forma Performance vs pcp Year ended 31 December 20101 Year ended 31 December 20111 5.4% 4.5% 4.0% 3.0% 2.1% (0.7%) Traffic Revenue2
Slide 10: MQA structure
MQA structure MQA's structure is integral to its strategy MQA has no corporate level debt and A$16.1m in available cash1 Each asset is in a separate holding company structure All asset level debt is project finance, with no recourse to MQA or any other portfolio asset There are no cross-defa
Slide 11: Strategy & objectives
Strategy & objectives MQA to commence dividend payments1 Manage debt maturities mat rities over time / de-risk assets Explore and maximise value by way of sale or securing dividend Deliver growth in the existing portfolio 1. Based on current outlook, dividends from MQA are anticipated to commence in
Slide 12: Strategy & objectives (cont'd)
Strategy & objectives (cont’d) (cont d) Portfolio strategy will focus on enhancing the value of APRR (France) and Dulles Greenway (USA) — APRR is expected to deliver strong cash flows over the next few years — Dulles Greenway is expected to deliver cash flows over the medium to longer term Remai
Slide 13: MQA value considerations
MQA value considerations APRR/Eiffarie is MQA’s largest and most valuable asset APRR + Other assets = MQA MQA structure lends itself to a sum of the parts valuation — All assets remain standalone with no recourse to MQA and no cross collateralisation or cross default APRR/Eiffarie represents opp
Slide 14: MQA value considerations (cont'd)
MQA value considerations (cont’d) (cont d) Remaining portfolio includes 5 assets with weighted average concession life remaining of 53 years1 Dulles Greenway — Cash accumulating until distribution tests passed — Concession life remaining of 44 years — Long-term debt M6 Toll and Indiana Toll Road
Slide 15: Governance
Governance MQA has majority independent Boards and Macquarie Atlas Roads structure independent Chairmen Base fee calculated quarterly on market capitalisation Macquarie 100% Market capitalisation of MQA Base management fee MQA Up to A$1.0bn 2.00%: plus Resources Between A$1.0bn and A$3.0bn 1.25%;
Slide 16: MQA performance
MQA performance MQA has outperformed the S&P/ASX 300 MQA vs Benchmark performance Industrials Accumulation Index (the Benchmark) 2.25 20,000 by 165%1 since listing 2.00 18,000 Two performance fees have been calculated to date — 2010 performance fee: A$12.5m 16,000 1.75 — 2011 performance fee: A$50
Slide 17: 2. APRR
2. APRR
Slide 18: Eiffarie/APRR
Eiffarie/APRR Concession 31 December 2032 (APRR, AREA) expiry 31 December 2042 (Maurice Lemaire) 31 December 2060 (ADELAC) Tolling 2011 - 2013: annual tariff increase of 85% CPI ex tobacco plus 0.5% under Contrats de Plan Post 2013: annual tariff increase of 70% of CPI ex tobacco as per co
Slide 19: APRR performance
APRR performance 12 months to December 2011: traffic +1.6%, toll revenue +4.2%; EBITDA +5.5% – Light vehicle traffic in 1Q and 4Q 2010 was negatively impacted by heavy snow while traffic for 2Q 2010 benefited from air disruptions arising from volcanic ash cloud, rail strikes and excellent snow con
Slide 20: APRR traffic analysis
APRR traffic analysis Traffic growth mainly reflecting continued strength of recovery in HGV Light vehicle traffic (which comprised 85% of total VKT in 2011) is above pre-recession levels while heavy vehicles have not yet fully recovered Heavy vehicle performance is closely correlated to the ind
Slide 21: APRR operational efficiencies
APRR operational efficiencies Total costs increased 1.5% in 2011 however Operating Expenses (€m) EBITDA margin continues to improve Taxes and duties increased 10% reflecting 69.2% EBITDA Margin 650 increases in TAT and CET 68 4% 68.4% 68.0% — TAT increased due mainly to higher traffic 600 and an i
Slide 22: Eiffarie/APRR ownership structure
Eiffarie/APRR ownership structure Minority acquisition Post-acquisition structure2 In June 2010, Eiffarie acquired an additional 13.7% interest in APRR, increasing its stake to 95.2% Takeover offer and acquisition of remaining minorities Other Macquarie subsequently commenced Managed Funds MEIF
Slide 23: Eiffarie/APRR refinancing plan completed
Eiffarie/APRR refinancing plan completed 9 Minority acquisition — Eiffarie ownership now at 98.93% — Court decision on squeeze-out expected during 2012 9 Financial advisor appointed 9 Liquidity build up at APRR — Total debt issuance of €2.55bn bonds over last 14 months 9 Eiffarie debt reduction from
Slide 24: Eiffarie/APRR new debt package
Eiffarie/APRR new debt package Successful outcome achieved against challenging backdrop Total of €3.5bn bank facilities secured to replace debt at Eiffarie and the revolving credit facility at APRR Cash sweep profile favourable to distributions from Eiffarie in early years Completion of the re
Slide 25: Eiffarie/APRR financing
Eiffarie/APRR financing báÑÑ~êáÉL^moo=aÉÄí=j~íìêáíó=mêçÑáäÉ=(Post Eiffarie/APRR refinancing) E€ãFN 4,500 4,156 4 000 4,000 3,500 3,000 2,500 2,000 1,500 1,331 1,214 1,115 928 1,000 530 504 500 348 206 4 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+ CNA EMTN Other bank loans Index linked debt
Slide 26: APRR traded bond yields
APRR traded bond yields APRR well supported in the bond markets, with recent new issues oversubscribed APRR Bonds: Mid-Yield to Maturity 6.0% % 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 €700m b €700 bond d - 7.5% 7 5% 2015 €1,000m €1 000 bbond d - 5.0% 5 0
Slide 27: 3. Other Assets
3. Other Assets
Slide 28: Dulles Greenway
Dulles Greenway Concession expiry 15 February 2056 Fixed Fi d ttollll iincreases until til D Dec 2012 From 2013 to 2020, escalate by greater Tolling of CPI +1%, Real GDP, or 2.8% By application to the SCC thereafter Ownership 50% estimated economic interest Length 22km Located in Loudo
Slide 29: Dulles Greenway – traffic corridor
Dulles Greenway – traffic corridor The Dulles Greenway has two key competitors – Route 7 and Waxpool Rd Route 7 6 lanes Competing roads have received Improvements to junctions considerable capacity upgrades since 2005, and traffic signals g since 2006 diverting significant traffic away from the
Slide 30: Dulles Greenway – performance
Dulles Greenway – performance 12 months to December 2011: traffic -2.6%, toll revenue +2.6%; EBITDA +9.2% – Weaker traffic conditions across the corridor generally, higher fuel prices and the impact of toll increases on the Greenway and the connecting Dulles Toll Road (DTR) – Traffic volumes on th
Slide 31: Dulles Greenway traffic analysis
Dulles Greenway traffic analysis Annual traffic growth (2009-2011) Quarterly traffic growth 2011 Traffic decline reflecting significant toll increases 1Q 2011 comparison benefitting from heavy and adverse economic climate snow in the p pcp p +2.6% 2.0% +1.8% +13.0% Toll revenue increase 1.0% -%
Slide 32: Dulles Greenway initiatives
Dulles Greenway initiatives Internalised operations & maintenance delivered ~US$3m of annualised savings First full year of internalised operations & maintenance (commenced in May 2010) Total opex includes non-recurring legal expenses of US$0.7m — InI addition dditi a non-recurringi expense off
Slide 33: Dulles Greenway – financing
Dulles Greenway – financing Debt 100% fixed rate bonds, amortisation schedule locked in until 2056. No refinancing requirement aìääÉë=dêÉÉåï~ó=aÉÄí=j~íìêáíó=mêçÑáäÉ=ErpAãFN 350 650 600 300 550 250 200 150 615 100 54 57 61 62 63 62 61 60 50 55 50 47 48 48 48 46 43 33 32 17 21 0 2012 2013 2014 2015
Slide 34: M6 Toll
M6 Toll Concession expiry 31 January 2054 Tolling Market based tolling Ownership 100% Length 43 km Bypasses B th the Cit City off Bi Birmingham i h and the M6 motorway, one of the most Location / congested motorways in the UK Strategic Attraction Significant industrial, housing and econo
Slide 35: M6 Toll – performance
M6 Toll – performance 12 months to December 2011: traffic -10.2%, toll revenue -7.0%; EBITDA -8.3% – Traffic levels have been impacted by weak economic conditions in the UK as well as the implementation of Active Traffic Management (ATM - hard shoulder running) on the competing section of the M6,
Slide 36: M6 Toll traffic analysis
M6 Toll traffic analysis M6 Toll serves as a congestion relief road for the M6 motorway M6 motorway is benefiting from improved operations between J8 and J10a, and between J4 and J5 Traffic Variation 2011 on 2005 (April – July)1 20,000 15,000 10,000 5,000 0 2005 2006 2007 2008 2009 2010 2011 -5,00
Slide 37: M6 Toll looking forward
M6 Toll looking forward Medium term outlook likely to be mixed Hard Shoulder Running Macro trends of declining fuel sales and declining real wages suggest near term outlook is likely to remain subdued Construction works on the M6 motorway in Legend 2012/2013 should benefit the M6 Toll traffic in
Slide 38: M6 Toll – financing
M6 Toll – financing Di t ib ti Distributions Distribution of £15.1m to MQA during 2010 and a further £8.6m in February 2011 No further distributions are anticipated prior to the debt refinancing due to the recent traffic performance as well as the step ups in cash sweep % and interest rates Debt
Slide 39: Chicago Skyway
Chicago Skyway Concession expiry 24 January 2104 Set schedule from 2005 to 2017 2011 ~17% – 2011: 17% increase for cars Tolling After 2017, tolls can escalate annually by greater of 2%, CPI, or nominal GDP per capita Ownership 22.5% (22.5% MIP; 55% Cintra) Length 12.5km, majority elevated
Slide 40: Indiana Toll Road
Indiana Toll Road Concession expiry 29 June 2081 Tolls increase annually on 1 July by the T lli Tolling t off 2% or the greater th percentage t i increase off the CPI index and nominal GDP per capita Ownership 25% (25% MIP; 50% Cintra) L Length th 253km, 253k lilimited it d access, di divide
Slide 41: Warnow Tunnel
Warnow Tunnel Concession expiry 15 September 2053 Inflation linked when pre-tax equity IRR is between 17% 25% 17%-25% – if IRR <17%, tolls may rise at a rate Tolling higher than inflation – if IRR >25%, tolls remain fixed Toll increases subject to toll application audit by the Land Ministry of T
Slide 42: 4. Dividends
4. Dividends
Slide 43: Dividend framework
Dividend framework Based on current outlook, dividends from MQA are anticipated to commence in 2013 MQA will pass through Eiffarie distributions after addressing corporate requirements: — Meeting corporate expenses (including base and any performance fees paid in cash) — Maintaining a prudent capi
Slide 44: Dividend considerations: Quantum
Dividend considerations: Quantum The steps by which the Eiffarie refinancing was executed and the terms of the new debt present important considerations for cash flow to Eiffarie shareholders 1. Quantum of any APRR dividend to Eiffarie for the remainder of 2012 to be limited to profit accrued during
Slide 45: Dividend considerations: Timing
Dividend considerations: Timing The steps by which the Eiffarie refinancing was executed and the terms of the new debt present important considerations for cash flow to Eiffarie shareholders 1. Timing of APRR dividends to Eiffarie: first dividend anticipated by 31 December 2012 — APRR typically pays
Slide 46: Dividend considerations
Dividend considerations Dividends from MQA are subject to a number of factors APRR operating performance APRR’s credit rating Satisfaction of debt covenants at APRR and distribution tests at Eiffarie Exchange rates: AUD/EUR Meeting corporate costs and retaining appropriate capital reserve
Slide 47: Simplified distribution mechanics
Simplified distribution mechanics Cash flow: APRR to MQA shareholders EIFFARIE/FE APRR dividend A Add: APRR tax instalments to FE B Less: Other1 C Less: Eiffarie net interest D Less: FE tax payments to State E Distributable cash F=A+B–C–D–E Less: Debt repayment (Cash sweep) G = CASH SWEEP % *(F) (F)
Slide 48: 5. Outlook
5. Outlook
Slide 49: 2012 Outlook
2012 Outlook APRR/Eiffarie 1Q traffic expected to be weak but improving for 2012 based on leading indicators Toll increase in February 2012 to benefit revenue Remainder portfolio assets Improving traffic performance for US roads generally UK traffic conditions expected to remain weak Reven
Slide 50: Upcoming events
Upcoming events 12 April 2012: MQA Annual General Meeting 23 April 2012: March 2012 quarter revenue and traffic release 23 July 2012: June 2012 quarter revenue and traffic release 30 August 2012: MQA Half Yearly Results Presentation 23 October 2012: September 2012 quarter revenue and traff
Slide 51: Appendix
Appendix
Slide 52: Register Analysis
Register Analysis1 Retail 8.36% Macquarie 19.43%2 Other Foreign Institutions 26.73% Lazard 13 92% 13.92% Octavian 6.39% Other Australian Institutions 25 17% 25.17% 1. Register data as at 31 January 2012; substantial holdings as per most recent substantial holding notice. 2. Macquarie’s principal hol
Slide 53: MQA statutory accounts
MQA statutory accounts Statutory accounting MQA consolidates the results and balances of its controlled asset (M6 Toll) MQA equity accounts its non-controlled assets (APRR, Dulles Greenway, Chicago Skyway, Indiana Toll Road, Warnow Tunnel) Equity q y accounting g Initially recognise assets at
Slide 54: Consolidated profit & loss account
Consolidated p profit & loss account Statutory accounts – 12 months ended 31 December 2011 Non- N MQA Total T t l MQA Total T t l MQA controlled 12m to Period to (A$m) Corporate M6 Toll assets 31 Dec 2011 31 Dec 2010 Total revenue 1.1 90.8 - 91.9 103.1 Financing costs - (102.6) - (102.6) (95.6) Othe
Slide 55: Consolidated balance sheet
Consolidated balance sheet Statutory accounts – as at 31 December 2011 Non- N MQA Total T t l MQA Total T t l MQA controlled as at as at (A$m) Corporate M6 Toll assets 31 Dec 2011 31 Dec 2010 Current assets 26.9 37.1 - 64.0 75.4 Investments in associates - - 753.4 753.4 931.1 Property, plant and equ
Slide 56: Proportionally consolidated performance
Proportionally consolidated performance Actual A t l Pro forma P f Actual A t l 12m to 12m to Change 11m to (A$m) 31 Dec 11 31 Dec 10 (%) 31 Dec 10 Operating revenue 712.2 691.6 3.0% 709.1 Operating expenses (193.8) (193.0) 0.4% (195.7) EBITDA from road assets 518.4 498.6 4.0% 513.4 Asset maintenanc
Slide 57: MQA cash flow summary
MQA cash flow summary Available cash A$m Unlikely to receive any material income until 2013 Opening balance – 1 January 2011 19.1 Distribution from M6 Toll 13.7 — Small distribution may be received from Eiffarie during 2H 2012 subject to a Cash inflow from assets 13.7 number of conditions Interest
Slide 58: Statutory accounts vs Management Information Report (MIR)
Statutory accounts vs Management Information Report (MIR) Statutory result for the period Proportionally consolidated financial performance M6 Toll results consolidated. Non-controlled toll road asset Aggregation of operating results of proportionate interests in results included in share of losses
Slide 59: Statutory accounts vs MIR (cont'd)
Statutory accounts vs MIR (cont’d) Statutory cash flow statement Aggregated cash flow statement MQA owns 100% of the M6 Toll and consequently The cash flows and closing cash balance presented in the MIR consolidates the road operator company group cash flows excludes those balances of the road opera
Slide 60: Reconciliation – statutory results to proportionate earnings
Reconciliation – statutory results to proportionate earnings 12 months ended 2 Feb to 31 Dec 2011 31 Dec 2010 A$m A$m Loss attributable to MQA security holders (289.5) (142.5) M6 Toll related adjustments: Less: Non-cash financing costs 47.9 43.1 Less: Depreciation and amortisation net of maintenance
Slide 61: Reconciliation – statutory to MIR operating cash flows
Reconciliation – statutory to MIR operating cash flows 12 months th ended d d 2F Febb tto 31 Dec 2011 31 Dec 2010 A$m A$m Net statutory operating cash flows 44.9 67.0 M6 Toll related adjustments: Less: Toll revenue received (105.4) (112.5) Less: Interest and other income received (4.1) (4.5) Add: Ne
Slide 62: Reconciliation – statutory to MIR closing cash balance
Reconciliation – statutory to MIR closing cash balance As att A As att A 31 Dec 2011 31 Dec 2010 A$m A$m Statutory closing cash balance 56.1 66.0 Less: M6 Toll closing cash balance (35.8) (42.9) Closing cash balance per MIR 20.3 23.1 61
Slide 63: Traffic and revenue performance
Traffic and revenue performance Change Quarter vs. pcp Asset 2011 2010 vs. pcp Mar 11 Jun 11 Sep 11 Dec 11 APRR Light Vehicle VKT (m) 18,203 17,953 1.4% Heavy Vehicle VKT (m) 3,297 3,203 2.9% Total VKT (m) 21,500 21,157 1.6% 4.1% (0.8%) 0.7% 3.2% T ll Revenue Toll R (€ ) (€m) 1 961 1,961 1 882 1,882
Slide 64: Traffic and revenue performance (cont'd)
Traffic and revenue performance (cont’d) (cont d) Change Quarter vs. pcp Asset 2011 2010 vs. pcp Mar 11 Jun 11 Sep 11 Dec 11 Chicago Skyway Av Workday Traffic 40 647 40,647 43 476 43,476 (6 5%) (6.5%) Av Non-workday Traffic 45,152 48,312 (6.5%) Av All day Traffic 42,066 44,987 (6.5%) (6.5%) (5.5%) (
Slide 65: Proportionate earnings – by asset
Proportionate earnings – by asset Actual Proportionate Earnings split by asset for the 12 months ended 31 December 2011 Dulles Chicago Warnow APRR1 Greenw ay M6 Toll Skyw ay ITR Tunnel Total A$m A$m A$m A$m A$m A$m A$m Operating revenue 521 3 521.3 32 4 32.4 90 6 90.6 14 6 14.6 44 9 44.9 83 8.3 712
Slide 66: Debt maturity profile of assets
Debt maturity profile of assets Debt maturity profile of assets Year (as at 31 December 2011)1 Currency 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+ APRR/Eiffarie €m 529.8 4,101.5 1,115.3 1,331.1 927.7 1,391.0 714.0 504.2 4.4 188.0 Dulles Greenway y US$m 47.3 47.6 48.0 48.3 46.0 43.4 39.9 31.9
Slide 67: Asset debt metrics
Asset debt metrics D bt metrics Debt ti C Currency N tD Net bt Debt N tD Net bt / Debt EBITDA/I t t EBITDA/Interest DSCR L kU Lock-Up 2011 H d i Hedging (as at 31 Dec 2011)1 (Local m) EBITDA (x) (x) (x) (x) (%) APRR/Eiffarie2 € 9,841.2 7.06x 3.85x 2.57x 1.25x 92.3% Dulles Greenway3 US$ 851.5 16.35x
Slide 68: Debt hedging profile
Debt hedging profile Proportionally consolidated using 31 December 2011 foreign exchange rates 100.0% 90.0% 80.0% 70.0% 60 0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 The above hedging profile reflects the current coverage levels for each financial y
Slide 69: Asset debt ratings
Asset debt ratings Asset debt ratings Rating Rating Agency Rating since (as at 31 Dec 2011) APRR1 BBB- Standard and Poor’s June 2009 Baa3 Moody’s Moody s August 2008 Dulles Greenway2 BBB- Standard and Poor’s September 2009 Ba1 Moody’s June 2011 BBB- Fitch July 2010 Chicago Skyway3 AA- Standard and P
Slide 70: Eiffarie loan facility: key terms
Eiffarie loan facility: key terms Item Terms Item Terms Total facility amount €2.765bn Interest 6 months Period Maturity February 2017 Lock-Up Group Net Debt/EBITDA <=7.94x as Margin 300bps Tests at 30 June 2012 (ratio decreases Margin step-up 50bps / 50bps each 6 months until 5.87x by 31 Dec ((Yr 4
Slide 71: APRR revolving credit facility: key terms
APRR revolving credit facility: key terms Item Terms Facility amount €0.720bn M t it Maturity F b February 2017 Margin 150bps Margin step-up 50bps if APRR if rated below investment grade by S&P, Moody’ss or Fitch Moody Utilisation fee 50bps p.a. on total drawn facility amount Commitment fee 35% of m
Slide 72: APRR/Eiffarie debt summary
APRR/Eiffarie debt summary Estimated balances post refinancing €m (as at 29 February 2012) APRR gross debt1 ~7 937 3 7,937.3 APRR cash balance1 ~681.0 APRR net debt1 ~7,256.3 Eiffarie gross debt2 2,765 Eiffarie cash balance2 ~91 Eiffarie net debt2 ~2,674 Consolidated Net Debt/EBITDA3 ~7.1x APRR Net
Slide 73: Foreign Exchange Rates
Foreign Exchange Rates Spot foreign exchange rates 31 December 2011 Euro 0.7908 Pound Sterling 0.6605 United States Dollar 1.0246 The spot exchange rates in this table are the exchange rates that have been applied to the translation of proportionate net debt as at 31 December 2011. Quarter ended Qua
Slide 74: Macro factors – fuel deliveries
Macro factors – fuel deliveries Fuel consumption trends between France, US and UK have diverged since 2008 Motor vehicle fuel deliveries1 105 100 95 90 85 03 04 05 06 07 08 09 10 11 Jun 04 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Dec 11 Jun 1 1 Dec 0 0 Dec 0 0 Dec 0 0 Dec 0 0 Dec 0 0 Dec 0 0 Dec 0
Slide 75: Macro factors – real wages
Macro factors – real wages UK consumer purchasing power has steadily declined since 2008 Real wages1 105.0 100.0 95.0 90.0 85.0 Jun 04 4 Dec 04 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Dec 11 Dec 03 4 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Jun 11 France US (Private) UK (CPI Adj.) UK (RPI Adj.) S
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