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Ohl Concesiones2009anexos Oficial Ing

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  • 1. APPENDIX 50
  • 2. Index Page 1. Toll Roads Brazil 52 2. Toll Roads Chile 76 3. Toll Roads Spain 89 4. Toll Roads Mexico 100 5. Toll Roads Peru 115 6. Toll Roads Argentina 117 7. Railways 121 8. Airports 127 9. Commercial Ports 131 51
  • 3. 1. TOLL ROADS BRAZIL ANEXO 52
  • 4. Autovias Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 103.786 68.949 105.000 70.000 56.374 79.362 80.000 50.000 44.241 36.167 48.609 50.130 51.790 26.186 30.000 55.000 10.000 30.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 (1) Equivalent Vehicles Gross Toll Revenues (thousand Br Reais) EBITDA (thousand Euros) 198.927 51.256 200.000 55.000 162.583 40.716 40.000 150.000 131.130 31.064 115.087 99.737 23.985 25.000 100.000 17.435 10.000 50.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 The opening of Santa Rita toll plaza, in June 2007, has allowed for a significant increase in traffic volume. 53
  • 5. Autovias Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 68.949 56.374 Tangible Fixed Assets 122.579 149.762 Other non-current Assets 47.077 16.059 EBITDA 51.256 40.716 Total non-current Assets 169.656 165.821 Depreciation and Amortization (13.877) (12.155) Trade Debtors and Other 4.077 4.081 EBIT 37.379 28.561 Current Assets Cash and Financial Assets 4.599 4.929 Finance Income (13.982) (10.388) Total current Assets 8.676 9.010 Other Income 180 TOTAL ASSETS 178.332 174.831 Profit Before Tax 23.397 18.353 Net Equity 55.038 64.674 Income Tax Charge (7.515) (6.113) Other non-current Liabilities 20.106 27.367 Profit after Tax 15.882 12.240 Financial Liabilities 94.862 67.185 Other Current Liabilities 8.326 15.605 TOTAL LIABILITIES 178.332 174.831 11.424 19.452 Capex • Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) • Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 Brazilian Reais. (2007) Brazilian Reais. 54
  • 6. Autovias 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 Br. Reais • Monthly payable concession royalty. The Outstanding Balance 08 72,7 M Reais pending balance of the royalty is updated Maturity Date November 2010 yearly with the same index and date of the toll review. In 2008, the concession royalty Variable interest rate CDI + 1% aa paid amounted to 11,2 million Brazilian Reais. Other Financing Summary • The royalty pending at December 31, 2008 adds up to 56,4 million Brazilian Reais. Type Commercial Bank Loan Currency Br. Reais Outstanding Balance 08 195 M Reais Maturity Date January 2010 Variable interest rate CDI + 1,037% aa CDI: Interbank Deposit Certificate. Currently 11,25% 55
  • 7. Centrovias Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 70.000 65.000 63.879 60.727 56.780 52.657 55.000 51.675 52.394 55.000 46.333 49.752 40.716 40.000 45.000 29.843 25.000 35.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 (1) Equivalent Vehicles Gross Toll Revenues (thousand Br Reais) EBITDA (thousand Euros) 48.710 50.000 200.000 183.574 151.041 160.000 40.000 36.751 136.232 129.373 31.344 115.866 28.023 120.000 30.000 21.170 80.000 20.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 56
  • 8. Centrovias Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 63.879 52.657 Tangible Fixed Assets 117.768 140.278 Other non-current Assets 39.491 34.405 EBITDA 48.710 36.751 Total non-current Assets 157.259 174.683 Depreciation and Amortization (14.702) (4.811) Trade Debtors and Other 3.643 3.824 EBIT 34.008 31.940 Current Assets Cash and Financial Assets 5.895 2.308 Finance Income (13.395) (5.808) Total current Assets 9.538 6.132 Other Income (38) TOTAL ASSETS 166.797 180.815 Profit Before Tax 20.613 26.094 Net Equity 47.553 102.179 Income Tax Charge (7.116) (10.472) Other non-current Liabilities 26.396 41.751 Profit after Tax 13.497 15.622 Financial Liabilities 83.952 24.460 Other Current Liabilities 8.896 12.425 TOTAL LIABILITIES 166.797 180.815 14.752 34.650 Capex • Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) • Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 Brazilian Reais. (2007) Brazilian Reais. 57
  • 9. 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 Br. Reais • Monthly payable concession royalty. The pending balance of the royalty is updated Outstanding Balance 08 265 M Reais yearly with the same index and date of the Maturity Date January de 2010 toll review. In 2008, the concession royalty paid amounted to 13,3 million Brazilian Variable interest rate CDI + 1,037% aa Reais. • The royalty pending at December 31, 2008 adds up to 81,9 million Brazilian Reais. CDI: Interbank Deposit Certificate. Currently 11,25% 58
  • 10. Intervias Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 77.882 141.576 78.000 69.169 142.000 62.802 136.189 54.645 56.000 132.000 128.929 126.791 122.872 34.000 122.000 18.013 12.000 112.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 (1) Equivalent Vehicles Gross Toll Revenues (thousand Br Reais) EBITDA (thousand Euros) 57.615 62.000 220.921 225.000 49.249 44.412 196.062 37.890 42.000 182.898 190.000 171.780 153.215 22.000 155.000 12.460 120.000 2.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 59
  • 11. Intervias Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 77.882 69.169 Tangible Fixed Assets 119.953 134.027 Other non-current Assets 68.605 15.111 EBITDA 57.615 49.249 Total non-current Assets 188.558 149.138 Depreciation and Amortization (7.172) (7.625) Trade Debtors and Other 3.508 4.110 EBIT 50.443 41.624 Current Assets Cash and Financial Assets 7.734 6.849 Finance Income (10.650) (7.138) Total current Assets 11.242 10.959 Other Income 429 TOTAL ASSETS 199.800 160.097 Profit Before Tax 39.793 34.915 Net Equity 55.219 58.454 Income Tax Charge (11.535) (10.548) Other non-current Liabilities 25.999 25.949 Profit after Tax 28.258 24.367 Financial Liabilities 110.302 65.104 Other Current Liabilities 8.280 10.590 TOTAL LIABILITIES 199.800 160.097 Capex 15.668 13.483 • Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) • Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 Brazilian Reais. (2007) Brazilian Reais. 60
  • 12. Intervias 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 Br. Reais • Monthly payable concession royalty. The Outstanding Balance 08 113,9 M Reais pending balance of the royalty is updated Maturity Date November 2010 yearly with the same index and date of the Variable interest rate CDI + 1% aa toll review. In 2008, the concession royalty paid amounted to 12,3 million Brazilian Reais. Other Financing Summary • The royalty pending at December 31, 2008 Type Commercial Bank Loan. adds up to 60,3 million Brazilian Reais. Currency Br. Reais Outstanding Balance 08 246,4 M Reais Maturity Date January 2010 Variable interest rate CDI + 1,037% aa CDI: Interbank Deposit Certificate. Currently 11,25% 61
  • 13. Vianorte Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 79.582 65.000 61.819 80.000 74.523 70.437 53.740 68.429 55.000 70.000 66.304 46.027 45.000 60.000 50.000 35.000 2004 2005 2006 2007 2008 2006 2007 2008 (1) Equivalent Vehicles Gross Toll Revenues (thousand Br Reais) EBITDA (thousand Euros) 178.518 50.000 47.128 180.000 155.005 38.815 40.000 150.000 135.866 127.725 30.879 116.405 30.000 120.000 20.000 90.000 2006 2007 2008 2004 2005 2006 2007 2008 62
  • 14. Vianorte Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 61.819 53.740 Tangible Fixed Assets 88.650 101.079 Other non-current Assets 90.202 120.020 EBITDA 47.128 38.815 Total non-current Assets 178.850 221.099 Depreciation and Amortization (21.189) (20.174) Trade Debtors and Other 2.649 2.957 EBIT 25.839 18.641 Current Assets Cash and Financial Assets 4.813 2.669 Finance Income (15.127) (13.897) Total current Assets 7.462 5.626 Other Income (41) TOTAL ASSETS 186.314 226.725 Profit Before Tax 10.812 4.703 Net Equity 43.175 49.552 Income Tax Charge (2.381) (1.660) Other non-current Liabilities 96.547 122.785 Profit after Tax 8.431 3.043 Financial Liabilities 26.189 37.510 Other Current Liabilities 20.403 16.878 TOTAL LIABILITIES 186.314 226.725 Capex 15.972 21.040 • Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) • Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 Brazilian Reais. (2007) Brazilian Reais. 63
  • 15. Vianorte Financing and Concession Contract Main Financing Summary • Toll updating every July according to inflation, measured by IGPM index that takes Type BNDES Loan devaluations into account. Status Repayment phase • Monthly payable concession royalty. The Currency Br. Reais pending balance of the royalty is updated Outstanding Balance 08 69,7 M Reais yearly with the same index and date of the toll review. In 2008, the concession fixed and Repaid amount 08 14,1 M Reais variable royalty paid amounted to 37,1 million Available amount 08 n/a Brazilian Reais. Maturity year 2013 • The royalty pending at December 31, 2008 Fixed interest rate n/a adds up to 321,9 million Brazilian Reais. Variable interest rate TJLP + (4,5% - 7,5%) TJLP: Tasa Juros Largo Plazo: Long Term Interest Rate. Currently 6,25% 64
  • 16. Autovias / Centrovias / Intervias / Vianorte Projection Hypothesis Period Revenues % Ebitda Inflation CAC (average) 2009-2013 8,9% 71,1% 4,3% 2013-2017 8,9% 75,0% 4,5% 2017-2021 -20,5% 80,8% 4,5% 2021-2027 8,3% 84,5% 4,5% In Local Currency (Million Brazilian Reais) Year 2009 2010 2011 2012 2013 Capex (1) 170 80 60 60 100 (1) OHL Brasil Financial Disclosure, March 2009. 65
  • 17. Rio de Janeiro – Espírito Santo Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 0 0 Tangible Fixed Assets 36.506 Other non-current Assets EBITDA 0 0 Total non-current Assets 36.506 0 Depreciation and Amortization Trade Debtors and Other 100 EBIT 0 0 Current Assets Cash and Financial Assets 795 Finance Income Total current Assets 895 0 Other Income TOTAL ASSETS 37.401 0 Profit Before Tax 0 0 Net Equity 9.631 Income Tax Charge Other non-current Liabilities 0 Profit after Tax 0 0 Financial Liabilities 709 Other Current Liabilities 27.061 TOTAL LIABILITIES 37.401 0 Capex 35.398 0 • Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) • Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 Brazilian Reais. (2007) Brazilian Reais. 66
  • 18. Rio de Janeiro – Espírito Santo Financing and Concession Contract Other Financing Summary • Toll updating every February according to inflation, measured by IPCA index that takes Type Promissory Notes devaluations into account. Currency Br. Reais Date of Signature January 2009 Outstanding Balance March/09 27,1 M Reais Maturity Date July 2009 Variable interest rate CDI + 5% aa CDI: Interbank Deposit Certificate. Currently 11,25% 67
  • 19. São Paulo – Belo Horizonte Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 245 0 Tangible Fixed Assets 67.067 Other non-current Assets EBITDA 21 0 Total non-current Assets 67.067 0 Depreciation and Amortization (119) Trade Debtors and Other 207 EBIT (98) 0 Current Assets Cash and Financial Assets 3.017 Finance Income (12) Total current Assets 3.224 0 Other Income TOTAL ASSETS 70.291 0 Profit Before Tax (110) 0 Net Equity 17.306 Income Tax Charge Other non-current Liabilities 34.840 Profit after Tax (110) 0 Financial Liabilities 1.929 Other Current Liabilities 16.216 TOTAL LIABILITIES 70.291 0 Capex 53.818 0 • Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) • Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 Brazilian Reais. (2007) Brazilian Reais. 68
  • 20. São Paulo – Belo Horizonte Financing and Concession Contract Other Financing Summary • Toll updating every December according to inflation, measured by IPCA index that takes Type Promissory Notes devaluations into account. Currency Br. Reais Date of Signature January 2009 Outstanding Balance March/09 54,7 M Reais Maturity Date July 2009 Variable interest rate CDI + 5% aa CDI: Interbank Deposit Certificate. Currently 11,25% 69
  • 21. São Paulo – Curitiba Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 119 0 Tangible Fixed Assets 75.698 Other non-current Assets EBITDA 99 0 Total non-current Assets 75.698 0 Depreciation and Amortization (5) Trade Debtors and Other 605 EBIT 94 0 Current Assets Cash and Financial Assets 1.631 Finance Income Total current Assets 2.236 0 Other Income TOTAL ASSETS 77.934 0 Profit Before Tax 94 0 Net Equity 13.747 Income Tax Charge Other non-current Liabilities 37.707 Profit after Tax 94 0 Financial Liabilities 1.011 Other Current Liabilities 25.469 TOTAL LIABILITIES 77.934 0 Capex 73.268 0 • Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) • Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 Brazilian Reais. (2007) Brazilian Reais. 70
  • 22. São Paulo – Curitiba Financing and Concession Contract Other Financing Summary • Toll updating every December according to inflation, measured by IPCA index that takes Type Promissory Notes devaluations into account. Currency Br. Reais Contract Signature January 2009 Outstanding Balance March/09 56,8 M Reais Maturity Date July 2009 Variable interest rate CDI + 5% aa CDI: Interbank Deposit Certificate. Currently 11,25% 71
  • 23. Curitiba - Florianópolis Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 0 0 Tangible Fixed Assets 41.639 Other non-current Assets EBITDA 0 0 Total non-current Assets 41.639 0 Depreciation and Amortization Trade Debtors and Other 392 EBIT 0 0 Current Assets Cash and Financial Assets 1.513 Finance Income Total current Assets 1.905 0 Other Income TOTAL ASSETS 43.544 0 Profit Before Tax 0 0 Net Equity 10.563 Income Tax Charge Other non-current Liabilities 21.174 Profit after Tax 0 0 Financial Liabilities 22 Other Current Liabilities 11.785 TOTAL LIABILITIES 43.544 0 Capex 41.639 0 • Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) • Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 Brazilian Reais. (2007) Brazilian Reais. 72
  • 24. Curitiba - Florianópolis Financing and Concession Contract Other Financing Summary • Toll updating every February according to inflation, measured by IPCA index that takes Type Promissory Notes devaluations into account. Currency Br. Reais Date of Signature January 2009 Outstanding Balance March/09 35,4 M Reais Maturity Date July 2009 Variable interest rate CDI + 5% aa CDI: Interbank Deposit Certificate. Currently 11,25% 73
  • 25. Curitiba – Rio Grande do Sul Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 120 0 Tangible Fixed Assets 31.012 Other non-current Assets EBITDA (7) 0 Total non-current Assets 31.012 0 Depreciation and Amortization (10) Trade Debtors and Other 448 EBIT (17) 0 Current Assets Cash and Financial Assets 2.116 Finance Income Total current Assets 2.564 0 Other Income TOTAL ASSETS 33.576 0 Profit Before Tax (17) 0 Net Equity 7.753 Income Tax Charge Other non-current Liabilities 19.094 Profit after Tax (17) 0 Financial Liabilities Other Current Liabilities 6.729 TOTAL LIABILITIES 33.576 0 Capex 31.012 0 • Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007) • Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66 Brazilian Reais. (2007) Brazilian Reais. 74
  • 26. Curitiba – Rio Grande do Sul Financing and Concession Contract Other Financing Summary • Toll updating every December according to inflation, measured by IPCA index that takes Type Promissory Notes devaluations into account. Currency Br. Reais Date of Signature January 2009 Outstanding Balance March/09 28,4 M Reais Maturity Date July 2009 Variable interest rate CDI + 5% aa CDI: Interbank Deposit Certificate. Currently 11,25% 75
  • 27. 2. TOLL ROADS CHILE ANEXO 76
  • 28. Autopista del Sol Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 31.488 71.201 32.000 72.000 29.118 65.652 28.326 60.135 61.042 62.000 27.000 55.317 23.679 52.000 22.000 19.793 42.000 2004 2005 2006 2007 2008 17.000 2004 2005 2006 2007 2008 (1) Equivalent Vehicles EBITDA (thousand Euros) Gross Toll Revenues (Million Chilean Pesos) 24.099 24.000 19.205 20.000 20.816 17.326 16.750 20.000 18.817 16.000 16.106 12.804 15.031 16.000 12.000 10.390 12.000 8.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 77
  • 29. Autopista del Sol Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 31.488 29.118 Tangible Fixed Assets 85.884 103.472 Other non-current Assets 26.063 17.927 EBITDA 19.205 17.326 Total non-current Assets 111.947 121.399 Depreciation and Amortization (7.301) (7.334) Trade Debtors and Other 2.623 23.655 EBIT 11.904 9.992 Current Assets Cash and Financial Assets 50.716 58.735 Finance Income (17.854) (15.359) Total current Assets 53.339 82.390 Other Income (242) TOTAL ASSETS 165.286 203.789 Profit Before Tax (5.950) (5.609) Net Equity 3.898 31.321 Income Tax Charge 2.144 2.390 Other non-current Liabilities 23.202 18.053 Profit after Tax (3.806) (3.219) Financial Liabilities 126.060 140.710 Other Current Liabilities 12.126 13.705 TOTAL LIABILITIES 165.286 203.789 Capex 6.480 840 • Balance Sheet: Closing exchange rate 1 € = 884 (2008); 733 (2007) • Income Statement: Average exchange rate 1 € = 767 (2008); 718 Chilean Pesos. (2007) Chilean Pesos. 78
  • 30. Autopista del Sol Financing and Concession Contract Main Financing Summary • Annual toll updating according to inflation, measured by CPI. Type Bond issues (1) • Yearly 196.832 UF infrastructure royalty up Status Repayment phase to 2012, reported as operating expense. Currency UF Outstanding Balance 08 4,56 M UF / 0,98 M UF Repaid amount 08 0,22 M UF Available amount 08 n/a Maturity year 2018 Fixed interest rate 5,8% / 4% Variable interest rate n/a (1) Secured by monoline UF: Unidad de Fomento (1 UF = 21.452 Chilean Pesos) 79
  • 31. Autopista del Sol Projection Hypothesis • Revenue reduction for the 2015/ 2018 period is due to the toll pricing down, provided in the contract. Period Revenues % EBITDA Inflation CAC (average) • The rise of EBITDA in percentage 2009-2013 8,5% 61,1% 3,5% terms results from the conclusion 2013-2017 1,1% 79,2% 3,5% of the infrastructure royalty payment, on 2012. 2017-2019 7,4% 75,4% 3,5% In Local Currency (Million Chilean Pesos) Year 2009 2010 2011 Remainder Revenues 26.846 29.347 32.246 301.959 Capex 7.608 705 559 15.661 80
  • 32. Autopista Los Libertadores Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 16.648 36.206 37.000 17.000 15.560 15.396 34.263 31.184 32.000 14.000 12.772 28.286 27.947 10.417 27.000 11.000 22.000 8.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 (1) Equivalent Vehicles EBITDA (thousand Euros) Gross Toll Revenues (Million Chilean Pesos) 12.717 12.292 13.000 13.000 11.745 11.642 11.128 9.475 10.000 11.000 10.337 7.278 8.687 9.000 7.000 7.843 7.000 4.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 81
  • 33. Autopista Los Libertadores Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 16.648 15.396 Tangible Fixed Assets 87.736 109.275 Other non-current Assets 20.811 21.626 EBITDA 12.292 11.642 Total non-current Assets 108.547 130.901 Depreciation and Amortization (3.615) (3.543) Trade Debtors and Other 2.283 5.263 EBIT 8.677 8.099 Current Assets Cash and Financial Assets 15.375 19.993 Finance Income (17.989) (15.532) Total current Assets 17.658 25.256 Other Income 73 TOTAL ASSETS 126.205 156.157 Profit Before Tax (9.312) (7.360) Net Equity 1.748 13.562 Income Tax Charge 2.888 1.823 Other non-current Liabilities 18.203 21.409 Profit after Tax (6.424) (5.537) Financial Liabilities 104.686 119.890 Other Current Liabilities 1.568 1.296 TOTAL LIABILITIES 126.205 156.157 Capex 329 5.499 • Balance Sheet: Closing exchange rate 1 € = 884 (2008); 733 (2007) • Income Statement: Average exchange rate 1 € = 767 (2008); 718 Chilean Pesos. (2007) Chilean Pesos. 82
  • 34. Autopista Los Libertadores Financing and Concession Contract Main Financing Summary • Annual toll updating according to inflation, measured by CPI. Type Bond issues (1) Status Repayment phase Currency UF Outstanding Balance 08 0,34 M UF / 2,98 M UF / 1,19 M UF Repaid amount 08 0,37 M UF Available amount 08 n/a Maturity year 2010 / 2025 Fixed interest rate 5,0% / 5,8% / 3,4% Variable interest rate n/a (1) Secured by monoline UF: Unidad de Fomento (1 UF = 21.452 Chilean Pesos) 83
  • 35. Autopista Los Libertadores Projection Hypothesis Period Revenues % EBITDA Inflation CAC (average) 2009-2013 12,1% 61,6% 3,5% 2013-2017 9,7% 79,2% 3,5% 2017-2021 9,9% 82,1% 3,5% 2021-2025 10,2% 84,7% 3,5% In Local Currency (Million Chilean Pesos) Year 2009 2010 2011 Remainder Ingresos 13.304 15.354 16.788 539.829 Capex 17.501 880 249 26.014 84
  • 36. Autopista Los Andes Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 4.000 13.786 15.000 3.463 3.000 10.000 2.000 5.000 1.000 0 2008 2008 (1) Equivalent Vehicles EBITDA (thousand Euros) Gross Toll Revenues (Million Chilean Pesos) 2.000 3.000 1.852 2.662 2.000 1.500 1.000 1.000 0 500 2008 2008 The above shown data corresponds to the June – December 2008 period. 85
  • 37. Autopista Los Andes Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 3.463 0 Tangible Fixed Assets 207.708 187.919 Other non-current Assets 14.105 8.703 EBITDA 1.852 0 Total non-current Assets 221.813 196.622 Depreciation and Amortization (400) Trade Debtors and Other 8.059 10.483 EBIT 1.452 0 Current Assets Cash and Financial Assets 122.752 18.650 Finance Income (3.003) Total current Assets 130.811 29.133 Other Income TOTAL ASSETS 352.624 225.755 Profit Before Tax (1.551) 0 Net Equity 7.384 21.094 Income Tax Charge 910 Other non-current Liabilities 116.257 28.694 Profit after Tax (641) 0 Financial Liabilities 217.725 156.434 Other Current Liabilities 11.258 19.533 TOTAL LIABILITIES 352.624 225.755 Capex 49.470 84.235 • Balance Sheet: Closing exchange rate 1 € = 884 (2008); 733 (2007) • Income Statement: Average exchange rate 1 € = 767 (2008); 718 Chilean Pesos. (2007) Chilean Pesos. 86
  • 38. Autopista Los Andes Financing and Concession Contract Main Financing Summary • Includes a subsidized government grant of 3,2 M UF. Type Syndicated Loan Status Fully disposed (1) • Annual toll update according to inflation Currency UF measured by CPI + 3,5%. Outstanding Balance 08 8,9 M UF Repaid amount 08 2,6 M UF Available amount 08 0 M UF Maturity year 2025 Fixed interest rate (90%) 6,68% / 6,26% (2) Variable interest rate (10%) TAB in UF + 1,75% (1) Does not include VAT credit, which is in availability period. Automatic renewal 400k UF (2) SWAP + credit conditions UF: Unidad de Fomento (1 UF = 21.452 Chilean Pesos) TAB: Bank Rate 87
  • 39. Autopista Los Andes Projection Hypothesis Period Revenues % EBITDA Inflation CAC (average) 2009-2013 32,3% 70,7% 3,5% 2013-2017 16,1% 82,8% 3,5% 2017-2021 15,0% 87,8% 3,5% 2021-2035 10,9% 92,8% 3,5% In Local Currency (Million Chilean Pesos) Year 2009 2010 2011 Remainder Ingresos 6.331 9.634 14.198 2.564.726 Capex 37.100 246 255 27.673 88
  • 40. 3. TOLL ANEXO SPAIN ROADS 89
  • 41. Autovía M-45 Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 11.090 90.000 11.000 10.428 86.888 9.822 82.995 8.952 80.000 9.000 77.303 76.711 76.541 8.248 70.000 7.000 60.000 5.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 (1) IMD EBITDA (thousand Euros) Gross Toll Revenues (thousand Euros) 11.090 10.063 11.000 10.428 10.000 9.403 9.822 8.865 8.952 8.067 9.000 8.000 8.248 7.249 7.000 6.000 5.000 4.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 90
  • 42. Autovía M-45 Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 11.090 10.428 Tangible Fixed Assets 79.872 82.395 Other non-current Assets 18.992 24.621 EBITDA 10.063 9.403 Total non-current Assets 98.864 107.016 Depreciation and Amortization (2.490) (2.900) Trade Debtors and Other 2.405 2.394 EBIT 7.573 6.503 Current Assets Cash and Financial Assets 715 2.229 Finance Income (3.982) (3.946) Total current Assets 3.120 4.623 Other Income TOTAL ASSETS 101.984 111.639 Profit Before Tax 3.591 2.557 Net Equity 14.590 21.022 Income Tax Charge (1.077) (883) Other non-current Liabilities 8.674 9.476 Profit after Tax 2.514 1.674 Financial Liabilities 75.680 76.697 Other Current Liabilities 3.040 4.444 TOTAL LIABILITIES 101.984 111.639 Capex (33) 234 91
  • 43. Autovía M-45 Financing and Concession Contract Main Financing Summary • “Shadow” toll. Revenues through grant according to number of vehicles / km covered Type Loan in the concession road, within the annual Status Repayment limits provided in the contract. Currency € • Annual grant calculated according to a Outstanding Balance 08 72,0 M € schedule of traffic bands, both for light and Repaid amount 08 heavy vehicles, as per the relevant unit price. Unit prices updated yearly at 95% of CPI. Available amount 08 n/a Maturity year 2027 Fixed interest rate (100%) 4,95% Variable interest rate n/a 92
  • 44. Autovía M-45 Projection Hypothesis Period Revenues % EBITDA Inflation (average) CAC 2009-2013 3,6% 89,8% 2,5% 2013-2017 3,3% 90,5% 2,5% 2017-2021 3,5% 90,8% 2,5% 2021-2027 4,0% 91,5% 2,5% In Local Currency (Million Euros) Year 2009 2010 2011 Remainder Revenues 11,8 12,2 12,6 277,2 Capex 0,0 0,0 0,5 15,9 93
  • 45. Autopista M-12 Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 11.356 5.714 12.000 5.489 6.000 10.575 9.851 4.814 8.000 4.000 4.000 2.000 2.053 620 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 (1) Equivalent Vehicles EBITDA (thousand Euros) Gross Toll Revenues (thousand Euros) 5.720 5.489 6.000 2.153 2.200 4.818 4.000 1.400 1.130 554 600 2.000 620 -200 0 2004 2005 2006 2007 2008 -694 -1.000 2004 2005 2006 2007 2008 94
  • 46. Autopista M-12 Income Statement and Balance Sheet (thousand €) Balance Sheet Income Statement 2008 2007 2008 2007 Revenues 5.489 5.714 Tangible Fixed Assets 298.685 349.914 EBITDA 1.130 2.153 Other non-current Assets 63.897 24.677 Impairment Provision (48.000) Total non-current Assets 362.582 374.591 Depreciation (3.641) (3.835) Trade Debtors and Other 437 672 Current Assets EBIT (50.511) (1.682) Cash and Financial Assets 16.686 17.315 Financial Income (15.747) (14.566) Total current Assets 17.123 17.987 Other Income (968) TOTAL ASSETS 379.705 392.578 Profit Before Tax (66.258) (17.216) Net Equity 10.149 67.417 Income Tax Charge 19.878 5.597 Other non-current Liabilities 130.454 84.751 Profit After Tax (46.380) (11.619) Financial Liabilities 238.002 239.166 Other Current Liabilities 1.100 1.244 TOTAL LIABILITIES 379.705 392.578 Capex 367 295 95
  • 47. Autopista M-12 Financing and Concession Contract Main 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 € Outstanding Balance 08 238 M € Repaid amount 08 1,56 M € Available amount 08 n/a Maturity year 2023 Fixed interest rate (80%) 6,36% Variable interest rate (20%) Euribor + 1,5% 96
  • 48. Autovía de Aragón Tramo 1 Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 0 0 Tangible Fixed Assets 26.113 1.074 Other non-current Assets 34.116 31.975 EBITDA 0 0 Total non-current Assets 60.229 33.049 Depreciation and Amortization Trade Debtors and Other 4.083 18 EBIT 0 0 Current Assets Cash and Financial Assets 375 9.714 Finance Income Total current Assets 4.458 9.732 Other Income TOTAL ASSETS 64.687 42.781 Profit Before Tax 0 0 Net Equity 37.510 42.193 Income Tax Charge Other non-current Liabilities 6.879 17 Profit after Tax 0 0 Financial Liabilities 8.761 Other Current Liabilities 11.537 571 TOTAL LIABILITIES 64.687 42.781 Capex 25.062 1.074 97
  • 49. Autovía de Aragón Tramo 1 Financing and Concession Contract Main Financing Summary • “Shadow” toll. Revenues through grant according to number of vehicles / km covered Type Loan in the concession road, within the annual Status Disposition phase limits provided in the contract. Currency € • Annual grant calculated according to a Outstanding Balance 08 7,6 Mn € schedule of traffic bands, both for light and Repaid amount 08 n/a heavy vehicles, as per the relevant unit price. Unit prices updated on a yearly basis Available amount 08 108,9 according to CPI. Maturity year 2025 Fixed interest rate (75%) 4,96% Variable interest rate EURIBOR + 0,50%-0,85% 98
  • 50. Autovía de Aragón Tramo 1 Projection Hypothesis Period Revenues % EBITDA Inflation (average) CAC 2010-2013 41,3% 76,2% 2,5% 2013-2017 9,3% 78,8% 2,5% 2017-2021 4,3% 81,6% 2,5% 2021-2026 2,0% 82,3% 2,5% In Local Currency (Million Euros) Year 2009 2010 2011 Remainder Revenues 1,1 6,7 18,2 433,1 Capex 62,3 77,3 0,0 64,3 99
  • 51. 4. TOLL ANEXO MEXICO ROADS 100
  • 52. CONMEX Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 119.673 53.221 55.000 120.000 49.182 102.317 36.936 86.311 37.000 90.000 60.000 19.000 43.440 6.896 30.000 1.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 (1) Equivalent Vehicles EBITDA (thousand Euros) Gross Toll Revenues (thousand Mx Pesos) 106.131 108.000 950.000 868.950 738.765 67.412 72.000 650.000 507.628 51.657 350.000 36.000 3.449 56.174 50.000 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 101
  • 53. CONMEX Income Statement (thousand €) Income Statement Guaranteed Guaranteed Total (3) 2008 (1) Total (3) 2007 (1) Profitability (2) Profitability (2) Revenues 53.221 0 53.221 49.182 0 49.182 EBITDA 106.131 60.164 45.967 67.412 24.877 42.535 Depreciation and (4.622) (4.622) (8.512) (8.512) Amortization EBIT 101.509 60.164 41.345 58.900 24.877 34.023 Finance Income 19.469 (19.469) 21.318 (21.318) Other Income (5) (5) 11 11 Profit Before Tax 101.504 79.633 21.871 58.911 46.195 12.716 (28.384) (22.297) (6.087) (16.478) (12.935) (3.543) Income Tax Charge 73.120 57.336 15.784 42.433 33.260 9.173 Profit after Tax 190.894 35.022 Capex (1) Data from the concessionaire; (2) Adjustment to equalize yearly performance of the concession holder to the guaranteed return; (3) Consolidated contribution to OHL Group Income Statement. • Income Statement: Average exchange rate 1 € = 16,33 (2008); 15,05 (2007) Mexican Pesos. 102
  • 54. CONMEX Balance Sheet (thousand €) Balance Sheet Guaranteed Guaranteed Profitability (2) Total (1) Profitability (2) 2007 (1) 2008 Total Tangible Fixed Assets 488.830 488.830 356.668 356.668 177.966 159.780 18.186 133.639 121.863 11.776 Other non-current Assets 666.796 159.780 507.016 490.307 121.863 368.444 Total non-current Assets 29.280 29.977 29.977 Trade Debtors and Other 29.280 Current Assets Cash and Financial Assets 39.413 39.413 29.240 29.240 68.693 59.217 59.217 Total current Assets 68.693 TOTAL ASSETS 735.489 159.780 575.709 549.524 121.863 427.661 254.685 116.692 137.993 253.815 90.021 163.794 Net Equity 52.223 61.370 31.842 29.528 Other non-current Liabilities 95.311 43.088 Financial Liabilities 301.711 301.711 204.012 204.012 83.782 30.327 30.327 83.782 Other Current Liabilities 735.489 159.780 575.709 549.524 121.863 427.661 TOTAL LIABILITIES (1) Data from the concessionaire; (2) Adjustment to equalize yearly performance of the concession holder to the guaranteed return; (3) Consolidated contribution to OHL Group Balance Sheet. • Balance Sheet: Closing exchange rate 1 € = 19,00 (2008); 16,04 (2007) Mexican Pesos. 103
  • 55. CONMEX Financing and Concession Contract Main Financing Summary • Charges updated on a yearly basis according to INPC or anytime the index exceeds 5%. Type Syndicated loan Status Grace period • The concession has a guaranteed annual 10% real IRR in local currency. Currency Mexican Pesos Outstanding Balance 08 6.000 M Pesos Repaid amount 08 Repayment as of Jun-2008 Available amount 08 n/a Maturity year 2028 Fixed interest rate (1) (80%) (3) Fixed rate + (2,25% - 3,00%) Variable interest rate (2) (20%) TIIE + (2,25% - 3,00%) (1) Fixed rate loan tranche starts with a 10,51% rate for 2009 and ends with a 10,24% rate on 2017 (2) Variable rate according to year of operation and to loan tranche. Starts with a 2,25% weighted rate and ends with 3,00% (3) Percentage with fixed rate varies along the tenor from a 80% on 2009-14, 70% 2015-19 and 60% 2020-24 TIIE: Mexican Benchmark Interbank Deposit Rate. Currently 7,135% INPC: National Consumer Price Index 104
  • 56. CONMEX Projection Hypothesis Period Revenues % EBITDA Inflation CAC (average) 2009-2013 34,2% 85,0% 4,0% 2013-2017 9,8% 86,9% 4,0% 2017-2021 8,0% 88,0% 4,0% 2021-2037 7,4% 90,0% 4,0% In Local Currency (Million Mexican Pesos) Year 2009 2010 2011 Remainder Revenues 999 1.604 2.860 247.624 Capex 5.748 4.825 409 9.661 105
  • 57. Amozoc-Perote Road Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 18.911 12.000 19.000 10.165 14.970 7.085 8.000 14.000 9.000 4.000 2.034 5.618 915 4.240 4.000 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 (1) Equivalent Vehicles EBITDA (thousand Euros) Gross Toll Revenues (thousand Mx Pesos) 145.410 150.000 5.884 6.000 90.752 100.000 4.000 3.319 50.000 26.913 27.930 2.000 971 398 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 106
  • 58. Amozoc-Perote Road Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 10.165 7.085 Tangible Fixed Assets 162.780 157.343 Other non-current Assets 1.004 1.144 EBITDA 5.884 3.319 Total non-current Assets 163.784 158.487 Depreciation and Amortization (2.219) (1.271) Trade Debtors and Other 10.673 5.239 EBIT 3.665 2.048 Current Assets Cash and Financial Assets 6.198 3.336 Finance Income Total current Assets 16.871 8.575 Other Income TOTAL ASSETS 180.655 167.062 Profit Before Tax 3.665 2.048 Net Equity 22.468 23.931 Income Tax Charge (1.026) (585) Other non-current Liabilities 71.690 81.535 Profit after Tax 2.639 1.463 Financial Liabilities 86.497 61.596 Other Current Liabilities 180.655 167.062 TOTAL LIABILITIES Capex 30.103 71.853 • Balance Sheet: Closing exchange rate 1 € = 19,00 (2008); 16,04 • Income Statement: Average exchange rate 1 € = 16,33 (2008); 15,05 (2007) Mexican Pesos. (2007) Mexican Pesos. 107
  • 59. Amozoc-Perote Road Financing and Concession Contract Main Financing Summary • Yearly toll updating according to INPC. Type OHL Loan • Investment financed partly with an outright grant from FINFRA (Infrastructure Investment Status Disposition phase Trust established by the Federal Currency Mexican Pesos Government) that amounts to 1.146 M. Outstanding Balance 08 218 M Pesos Pesos. Repaid amount 08 n/a • As of December 2008, disposed grant Available amount 08 0 M Pesos amount comes to 1.110 M Pesos. Maturity year n/a • Complete operation started November 12, 2008. Fixed interest rate n/a • A contract clause provides sharing revenues Variable interest rate TIIE +3% with Federal Government in case real IRR on invested capital exceeds the tender projections, that is, a 14,66% real rate in local currency. TIIE: Mexican Benchmark Interbank Deposit Rate. Currently 7,135% INPC: National Consumer Price Index 108
  • 60. Amozoc-Perote Road Projection Hypothesis Period Revenues % EBITDA Inflation CAC (average) 2009-2013 13,3% 71,3% 4,0% 2013-2017 6,9% 76,9% 4,0% 2017-2021 6,4% 78,9% 4,0% 2021-2033 6,3% 81,5% 4,0% In Local Currency (Million Mexican Pesos) Year 2009 2010 2011 Remainder Revenues 281 326 379 19.449 Capex 0 1 48 715 109
  • 61. Libramiento Norte de Puebla Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 0 0 Tangible Fixed Assets 3.261 Other non-current Assets 22.714 EBITDA 0 0 Total non-current Assets 25.975 0 Depreciation and Amortization Trade Debtors and Other 481 EBIT 0 0 Current Assets Cash and Financial Assets 23 Finance Income Total current Assets 504 0 Other Income TOTAL ASSETS 26.479 0 Profit Before Tax 0 0 Net Equity 26.318 Income Tax Charge Other non-current Liabilities Profit after Tax 0 0 Financial Liabilities 161 Other Current Liabilities 26.479 0 TOTAL LIABILITIES Capex 3.026 0 • Balance Sheet: Closing exchange rate 1 € = 19,00 (2008); 16,04 • Income Statement: Average exchange rate 1 € = 16,33 (2008); 15,05 (2007) Mexican Pesos. (2007) Mexican Pesos. 110
  • 62. 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 111
  • 63. Libramiento Norte de Puebla Projection Hypothesis Period Revenues % EBITDA Inflation CAC (average) 2011-2013 8,9% 80,2% 4,0% 2013-2017 8,7% 82,6% 4,0% 2017-2021 8,2% 85,2% 4,0% 2021-2038 7,5% 89,5% 4,0% In Local Currency (Million Mexican Pesos) Year 2009 2010 2011 Remainder Revenues 0 0 234 22.510 Capex 945 1.253 116 180 112
  • 64. Viaducto Bicentenario Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 0 0 Tangible Fixed Assets 13.174 Other non-current Assets 52.998 EBITDA 0 0 Total non-current Assets 66.172 0 Depreciation and Amortization Trade Debtors and Other 13.411 EBIT 0 0 Current Assets Cash and Financial Assets 56 Finance Income Total current Assets 13.467 0 Other Income TOTAL ASSETS 79.639 0 Profit Before Tax 0 0 Net Equity 70.161 Income Tax Charge Other non-current Liabilities Profit after Tax 0 0 Financial Liabilities 9.478 Other Current Liabilities 79.639 0 TOTAL LIABILITIES Capex 13.174 0 • Balance Sheet: Closing exchange rate 1 € = 19,00 (2008); 16,04 • Income Statement: Average exchange rate 1 € = 16,33 (2008); 15,05 (2007) Mexican Pesos. (2007) Mexican Pesos. 113
  • 65. Viaducto Bicentenario Projection Hypothesis Period Revenues % EBITDA Inflation CAC (average) 2010-2013 64,4% 79,5% 4,0% 2013-2017 17,9% 84,9% 4,0% 2017-2021 23,0% 91,6% 4,0% 2021-2037 9,0% 95,1% 4,0% In Local Currency (Million Mexican Pesos) Year 2009 2010 2011 Remainder Revenues 0 116 399 110.841 Capex 3.065 2.942 0 16.427 114
  • 66. 5. TOLL ROADS PERU ANEXO 115
  • 67. Autopista del Norte Projection Hypothesis Period Revenues % EBITDA Inflation CAC (average) 2010-2012 11,9% 81,5% 3,5% 2012-2016 7,3% 74,4% 3,5% 2016-2020 3,3% 78,5% 3,5% 2020-2026 2,9% 79,0% 3,5% In Local Currency (Million Peruvian Nuevos Soles) Year 2009 2010 2011 Remainder Revenues 44,5 70,2 92,9 5.855,0 Capex 20,3 97,1 146,6 637,3 116
  • 68. 6. TOLL ROADS ARGENTINA ANEXO 117
  • 69. Autopista Ezeiza-Cañuelas Operational Data, Revenue and EBITDA Revenues (thousand Euros) (1) Average Daily Traffic 10.788 11.126 10.709 11.257 220.000 216.067 214.720 11.000 10.344 202.920 200.000 9.000 188.566 180.000 7.000 168.377 160.000 5.000 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 (1) Equivalent Vehicles EBITDA (thousand Euros) Gross Toll Revenues (thousand Ar Pesos) 5.208 51.000 50.312 4.598 5.000 4.210 44.046 44.000 41.246 3.500 2.756 38.233 37.000 2.000 34.278 598 30.000 500 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 118
  • 70. Autopista Ezeiza-Cañuelas Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 11.257 10.709 Tangible Fixed Assets 50.079 51.779 Other non-current Assets 1.778 1.542 EBITDA 598 2.756 Total non-current Assets 51.857 53.321 Depreciation and Amortization (2.245) (2.101) Trade Debtors and Other 1.440 1.330 EBIT (1.647) 655 Current Assets Cash and Financial Assets 260 658 Finance Income (5.409) (2.792) Total current Assets 1.700 1.988 Other Income TOTAL ASSETS 53.557 55.309 Profit Before Tax (7.056) (2.137) Net Equity 21.523 24.471 Income Tax Charge Other non-current Liabilities 1.165 5.158 Profit after Tax (7.056) (2.137) Financial Liabilities 20.708 23.924 10.161 1.756 Other Current Liabilities 53.557 55.309 TOTAL LIABILITIES Capex 2.402 4.142 • Balance Sheet: Closing exchange rate 1 € = 4,80 (2008); 4,64 (2007) • Income Statement : Average exchange rate 1 € = 4,66 (2008); 4,29 Argentinean Pesos. (2007) Argentinean Pesos. 119
  • 71. Autopista Ezeiza-Cañuelas Financing and Concession Contract • The contract establishes tolls in USD according to an Main Financing Summary exchange rate 1 USD = Peso. Type Bilateral loan • After Emergency Act 2001, tolls were converted to Status Repayment Pesos and frozen. Every new construction investment scheduled was halted as well. Currency Argentinean Pesos • On February 2006 a new Agreement was signed and Outstanding Balance 08 56,5 / 39,1 M Pesos later on confirmed by a Presidential Decree that Repaid amount 08 13,27 M Pesos provides: Available amount 08 n/a • 15% toll increase from January 1st, 2008 Maturity year Dec. 2010 (1) / 2009 • Commitment to a complete renegotiation of the Fixed interest rate n/a contract in order to restore the economic – financial balance. Variable interest rate Tasa Encuesta Corregida + 7% / CER +8% • As of January 1st, 2008, the Argentinean Government authorized a 15% toll increase for light vehicles. • On March 10th, 2009, an addendum to the Concession Agreement was proposed in order to allow a toll increase in light vehicles from $0,80 to $1,30 in off- peak hours and up to $1,70 in rush hours. The addendum also compromises AECSA to a $60 M investment in new infrastructure works that will allow a progressive toll increase from $0,20 - $0,30 and up to $0,50. The proposed addendum is still pending signature and official confirmation by Presidential (1) Single installment Decree. Tasa Encuesta Corregida: Benchmark of short term cost of banking system funds. Currently 13,371% CER: CPI-linked index 120
  • 72. 7. RAILWAYS ANEXO 121
  • 73. Metro Ligero Oeste Operational Data, Revenue and EBITDA Passengers / Year (millions) Revenues (thousand Euros) 7 7 27.225 30.000 20.000 5 12.308 3 10.000 3 0 1 2007 2008 2007 2008 EBITDA (thousand Euros) Gross Toll Revenues (thousand Euros) 7.298 27.225 30.000 7.000 4.787 20.000 5.000 12.146 10.000 3.000 0 1.000 2007 2008 2007 2008 122
  • 74. Metro Ligero Oeste Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 27.225 12.308 Tangible Fixed Assets 559.215 512.558 Other non-current Assets 17.460 16.348 EBITDA 7.298 4.787 Total non-current Assets 576.675 528.906 Depreciation and Amortization (13.450) (3.761) Trade Debtors and Other 18.008 43.318 EBIT (6.152) 1.026 Current Assets Cash and Financial Assets 38.441 9.735 Finance Income (22.260) (9.537) Total current Assets 56.449 53.053 Other Income 193 TOTAL ASSETS 633.124 581.959 Profit Before Tax (28.219) (8.511) Net Equity 83.337 118.893 Income Tax Charge 8.467 2.553 Other non-current Liabilities 19.928 3.997 Profit after Tax (19.752) (5.958) Financial Liabilities 520.626 447.913 Other Current Liabilities 9.233 11.156 TOTAL LIABILITIES 633.124 581.959 Capex 60.512 276.363 123
  • 75. Metro Ligero Oeste Financing and Concession Contract Main Financing Summary • “Shadow toll”: the Community of Madrid compensates according to the number of Type Syndicated loan passengers. Status Disposition • The contract provides the redressing of the Currency € economic / financial balance when Outstanding Balance 08 502 M € passengers demand is under 68% or over 100% of the public contract projections Repaid amount 08 n/a • Yearly fare updates according to CPI. Available amount 08 19 M € (1) Maturity year 2029 • Debt repayment start scheduled for June 2010. Fixed interest rate (75%) 4,4% + (0,8% - 1%) Variable interest rate (25%) Euribor + (0,8% - 1%) (1) Includes additional investment tranche 124
  • 76. Metro Ligero Oeste Projection Hypothesis Period Revenues % EBITDA Inflation CAC (average) 2009-2013 12,0% 54,8% 2,5% 2013-2017 7,0% 62,6% 2,5% 2017-2021 6,8% 67,2% 2,5% 2021-2035 6,4% 74,9% 2,5% In Local Currency (Million Euros) Year 2009 2010 2011 Remainder Revenues 39,2 48,5 53,8 3.392,7 Capex 10,0 1,0 1,0 345,2 125
  • 77. Cercanías Móstoles Navalcarnero Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 0 0 Tangible Fixed Assets 39.104 Other non-current Assets 72.007 71.662 EBITDA 0 0 Total non-current Assets 111.111 71.662 Depreciation and Amortization Trade Debtors and Other 9.361 23.908 EBIT 0 0 Current Assets Cash and Financial Assets 5.388 107 Finance Income Total current Assets 14.749 24.015 Other Income TOTAL ASSETS 125.860 95.677 Profit Before Tax 0 0 Net Equity 94.865 94.571 Income Tax Charge Other non-current Liabilities 123 Profit after Tax 0 0 Financial Liabilities Other Current Liabilities 30.995 983 TOTAL LIABILITIES 125.860 95.677 Capex 39.104 0 126
  • 78. 8. AIRPORTS ANEXO 127
  • 79. Aeropuerto Internacional de Toluca Operational Data, Revenue and EBITDA Passengers / Year (millions) Revenues (thousand Euros) 25.779 4,1 27.000 4 3,2 3 17.608 19.500 3 12.000 2 5.844 1 4.500 2006 2007 2008 2006 2007 2008 EBITDA (thousand Euros) Gross Revenues* (thousand Mx Pesos) 420.173 15.878 17.000 410.000 265.005 12.000 290.000 8.777 7.000 170.000 80.355 3.094 50.000 2.000 2006 2007 2008 2006 2007 2008 * Includes revenues from airport, complementary and commercial services. 128
  • 80. Aeropuerto Internacional de Toluca Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 25.779 17.608 Tangible Fixed Assets 133.355 84.709 Other non-current Assets EBITDA 15.878 8.777 Total non-current Assets 133.355 84.709 Depreciation and Amortization (4.909) (4.200) Trade Debtors and Other 5.589 6.746 EBIT 10.968 4.577 Current Assets Cash and Financial Assets 39.082 42.917 Finance Income 2.715 420 Total current Assets 44.671 49.663 Other Income TOTAL ASSETS 178.026 134.372 Profit Before Tax 13.684 4.997 Net Equity 130.752 112.037 Income Tax Charge (1.971) Other non-current Liabilities 45.395 20.767 Profit after Tax 13.684 3.026 Financial Liabilities 1.878 1.568 Other Current Liabilities 178.026 134.372 TOTAL LIABILITIES Capex 66.013 76.221 • Balance Sheet: Closing exchange rate 1 € = 19,00 (2008); 16,04 • Income Statement: Average exchange rate 1 € = 16,33 (2008); 15,05 (2007) Mexican Pesos. (2007) Mexican Pesos. 129
  • 81. Aeropuerto Internacional de Toluca Projection Hypothesis Period Revenues % EBITDA Inflation CAC (average) 2009-2013 12,2% 65,2% 4,0% 2013-2017 10,3% 69,9% 4,0% 2017-2021 9,9% 73,7% 4,0% 2021-2055 7,2% 84,6% 4,0% In Local Currency (Million Mexican Pesos) Year 2009 2010 2011 Remainder Revenues 620 703 790 359.246 Capex 0 0 0 15.526 130
  • 82. 9. COMMERCIAL PORTS ANEXO 131
  • 83. Puerto de Alicante Operational Data, Revenue and EBITDA New Port Terminals (surface in m2) Revenues (thousand Euros) 5.732 6.000 170.000 146.000 4.000 120.515 120.000 2.536 2.000 70.000 31.760 0 20.000 2007 2008 PASSENGERS BULK MULTIPURPOSE EBITDA (thousand Euros) Passengers / Year (thousands) 400 170 170 277 300 270 70 200 -30 100 -130 -116 2007 2008 2007 2008 132
  • 84. Puerto de Alicante Income Statement and Balance Sheet (thousand €) Income Statement Balance Sheet 2008 2007 2008 2007 Revenues 5.732 2.536 Tangible Fixed Assets 95.094 69.782 Other non-current Assets 2.410 1.194 EBITDA (116) 170 Total non-current Assets 97.504 70.976 Depreciation and Amortization (1.738) (420) Trade Debtors and Other 7.812 9.588 EBIT (1.854) (250) Current Assets Cash and Financial Assets 2.636 966 Finance Income (2.504) Total current Assets 10.448 10.554 Other Income 410 TOTAL ASSETS 107.952 81.530 Profit Before Tax (3.948) (250) Net Equity 9.734 15.570 Income Tax Charge 1.184 76 Other non-current Liabilities 3.346 320 Profit after Tax (2.764) (174) Financial Liabilities 89.226 58.624 Other Current Liabilities 5.646 7.016 TOTAL LIABILITIES 107.952 81.530 Capex 27.092 37.374 133
  • 85. Puerto de Alicante Financing and Concession Contract Main Financing Summary • The concession holder receives payment from two sources: Type Syndicated loan • Official harbor duties, yearly updated Status Disposition phase according to inflation. Currency € • Commercial rates established by the Outstanding Balance 08 82,48 M € concession holder, subject to a Repaid amount 08 n/a maximum fixed by the Public Administration. Available amount 08 3,34 M € Maturity year 2025 • Debt repayment start scheduled for June 2009. Fixed interest rate (70%) 4,32% + (0,9% - 1%) Variable interest rate (30%) Euribor + (0,9% - 1%) (1) Includes additional investment tranche 134
  • 86. Puerto de Alicante Projection Hypothesis Period Revenues % EBITDA Inflation CAC (average) 2009-2013 22,7% 32,2% 2,5% 2013-2017 10,7% 44,9% 2,5% 2017-2021 8,8% 50,1% 2,5% 2021-2035 3,6% 52,9% 2,5% In Local Currency (Million Euros) Year 2009 2010 2011 Remainder Revenues 8,6 13,3 16,1 1.354,2 Capex 13,5 0,0 0,0 0,0 135