Stalexport Autostrady S.a. · GPW:STX
Stalexport Autostrady — Investor Presentation (March 2011)
18 slides from Stalexport Autostrady's investor presentation, Mar 24, 2011
Slide 1: Presentation of Stalexport Autostrady Group
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.1 Presentation of Stalexport Autostrady Group London, March 24, 2011
Slide 2: Stalexport Autostrady Group: Introduction
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.2 STALEXPORT AUTOSTRADY GROUP: INTRODUCTION Key characteristics Road Map First toll motorway in Poland, between Cracow and Katowice, opened in 1997 Term: 30 year concession ending 2027 Section length: 61 km (2+2 lanes) Tolling System: open manual system
Slide 3: Poland: Overview
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.3 POLAND: OVERVIEW Key macroeconomic data Population of 38M people 6th largest economy in European Union Average GDP growth 3.9% in last 10 years Budget deficit of 7.9% GDP Public debt of 55% GDP Corporate Income Tax (CIT) on flat rate of 19% [%] 2007 20
Slide 4: Polish Motorway Network: Today and Tomorrow
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.4 POLISH MOTORWAY NETWORK: TODAY AND TOMORROW Development of Polish motorway network Motorway State Private section owned* concessionaires in operation 550km 300km under construction 640km 160km new greenfields 320km * sections operated and managed by Ge
Slide 5: Overview on Regulation of the Concession Agreement on A4 Motorway
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.5 OVERVIEW ON REGULATION OF THE CONCESSION AGREEMENT ON A4 MOTORWAY Sides Minister of Infrastructure of Poland Concessionaire: Stalexport Autostrada Małopolska S.A. (100% subsidiary of Stalexport Autostrady S.A.) collection of tolls from users of the mot
Slide 6: Concessionaire's Rights: Tolling
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.6 CONCESSIONAIRE’S RIGHTS: TOLLING Real tolls Established in the Concession Agreement mechanism of Maximum Toll Rate linked to inflation and GDP Toll Rates in PLN on each toll plaza Maximum Applied Light Vehicles 14.00 8.00 Heavy Vehicles 35.50 24.50 Con
Slide 7: Concessionaire's Obligations: Construction Works
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.7 CONCESSIONAIRE’S OBLIGATIONS: CONSTRUCTION WORKS Construction of Toll Collection Plazas in Brzęczkowice and Balice Construction of Maintenance Centers in Brzęczkowice and Rudno Executed Construction of a telecommunication system and motorway traffic ma
Slide 8: Traffic Performance (ADT)
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.8 TRAFFIC PERFORMANCE (ADT) Periodic 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 ADT 26,293 28,980 31,732 27,360 26,159 29,520 35,016 29,294 ADT change in 2009: 0% ADT change in 2010: 5% 10.3% 7.1% 3.3% 2.5% 1.9% -0.5% -2.2% -4.7%
Slide 9: Traffic Performance by Category
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.9 TRAFFIC PERFORMANCE BY CATEGORY 2009 data 2010 data Periodic 1Q 2Q 3Q 4Q Comments 9.1% LIGHT traffic mainly includes transit between the 5.8% 5.7% cities of Katowice and Cracow (and further in VEHICLES both directions) 4.0% (LGV) 1.9% relatively low se
Slide 10: 2010 Performance Highlights
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.10 2010 PERFORMANCE HIGHLIGHTS 2008* 2009* 2010 year-end FX rate [EURO/PLN] 4.172 4.108 3.960 average FX rate [EURO/PLN] 3.527 4.341 4.004 Operating performance Traffic AADT 28,670 28,603 30,020 Toll revenues MPLN 119.801 128.383 155.197 MEURO 33.970 29.
Slide 11: Change in EBITDA: 2010 v. 2009
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.11 CHANGE IN EBITDA: 2010 V. 2009 MPLN increase of consolidated EBITDA by PLN 20.7M (+ 21%) 2.2 0.8 2.0 6.4 recovery of increase of historical winter maintenance trade receivables 20.5 and repairs of damaged recovery of infrastructure historical trade of
Slide 12: Polish Infrastructure Market
km/km2 0 1 2 3 4 5 6 0 50 000 100 000 150 000 200 000 250 000 300 000 350 000 Cyprus Finland Esthonia Germany Latvia Romania Slovenia Portugal Bulgaria Slovakia Ireland Greece Lithuania Sweden Denmark Latvia Slovakia Lithuania Finland Spain Hungary Greece Esthonia Austria Ireland Sweden Poland Belgi
Slide 13: Potential Development Directions
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.13 POTENTIAL DEVELOPMENT DIRECTIONS Projects announced by Ministry of Infrastructure in National Road Construction Program for years 2011-2015 to be implemented in PPP formula Construction and Operation of Construction and Operation of Motorway Motorway
Slide 14: Potential Development of Market
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.14 POTENTIAL DEVELOPMENT OF MARKET Rendering maintenance services Operation of the Manual on the motorway sections Toll Collection System managed further motorway sections by the Public Side (after 2012) Construction and Operation Warszawa-Kukuryki ca. 1
Slide 15: Budget Deficit: Perspective of Privatization of Polish Motorways?
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.15 BUDGET DEFICIT: PERSPECTIVE OF ”PRIVATIZATION” OF POLISH MOTORWAYS? Motorways in GDDKiA management: currently – 550km Based on the UE countries untill 2013 – ca. 1.150km experience (France, Italy, Spain) transfer of the motorway operation to private e
Slide 16: Final Remarks
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.16 FINAL REMARKS Operations in country with strong potential of development Clear and stable regulatory environment Room for further increase in toll rates (Maximum Toll Rate) Constant increase in traffic with low sensitivity on tariff increase Available
Slide 17: Disclaimer
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.17 DISCLAIMER This presentation has been prepared by and is the sole responsibility of Stalexport Autostrady S.A. (the “Company”) for the sole purpose described herein. In no case may it or any other statement (oral or otherwise) made at any time in conn
Slide 18: Contact
PRESENTATION OF STALEXPORT AUTOSTRADY GROUP p.18 If you have further questions please contact: Mieczysław Skołożyński Mariusz Serwa Vicepresident of the Management Board, CFO Vicepresident of the Management Board, CFO e-mail: mskolozynski@stalexport-autostrady.pl e-mail: mserwa@autostrada-a4.com.pl
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