Proyecto puerto Puerto de la Cruz

MARINE
IN PUERTO
DE LA CRUZ
A profitable and sustainable
investment opportunity

MARINE IN PUERTO DE LA CRUZ A profitable and sustainable

CONTENTS

1. VALUE PROPOSITION 7
1.1. A viable response 9
1.2. Data defining the bidding process 10
1.2.1. The Bidder 10
1.2.2. Location 10
1.2.3. Object of the bidding 10
1.2.4. Approximate investment 10
1.2.5. Main characteristics 11
1.2.6. Profile of the investor 11

2. CONTEXT 13
2.1. A shared dream 15
2.2. An attractive and varied offer 15
2.2.1. The Canary Island. The advantages of one of the leading destinations in the world 15
2.2.2. Tenerife and Puerto de la Cruz: much more than just sun and sand 16
2.2.3. Sailing and boating: an option with a future 19
2.3. A well-established demand for holidays 20
2.3.1. Tenerife. A holiday destination beyond all doubt 20
2.3.2. Puerto de la Cruz. A destination in evolution 23

3. SEVICES 27
3.1. An integrated, coherent and open space 29
3.2. Spatial distribution. A flexible design 29
3.3. Diversity of services. An ocean of possibilities 30

4. ECONOMIC VIABILITY 31
4.1. Realistically based hypotheses 33
4.1.1. General hypotheses 33
4.1.2. Hipotheses of distribution, mix of options and prices 34
4.1.3. Hipotheses of investments and costs 35

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4.2. A profitable and sustainable investment opportunity 37
4.2.1. Summary of profitability and break even point 37
4.2.2. Analysis of the investment 41

5. INVESTOR PROFILE 43
5.1. Capacities and resources 45
5.2. Commitments 45
5.2.1. Comunication and commercialisation plan 45
5.2.2. Maintenance plan and commitment to update 46
5.2.3. Environmetal sustainability plan 46

6. CONCLUSIONS 47
6.1. An opportune investment 49
6.2. A realistic investment 49

7. GLOSSARY 51

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PUERTO DEPORTIVO EN PUERTO DE LA CRUZ Una oportunidad de inversión
rentable y sostenible

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1. VALUE PROPOSITION investment opportunity

1. VALUE PROPOSITION

1.1. A viable response

Puerto de la Cruz is a holiday destination in the North of Tenerife. It was the first borough to be
active in the development of the Canary Islands for tourism.

It has developed a tourism model based on the co-existence of traditions and respect for natural
treasures, landscapes and local essence, with a wide-ranging set of options for holidaymakers.

The marina represents the final step that was lacking in order to complete the options for
tourism. It is unquestionable that new tourism products and services will continue to appear to
satisfy the demand with progressively more specific and segmented needs which will oblige the
destination to continue to evolve. But Puerto de la Cruz, which is a well-established resort with a
history of more than a century as a holiday resort, could not continue to ignore its main resource:
the sea. It has a very full and diverse range of complementary options (sun and sand, nature,
active tourism, golf, congresses, culture and traditions, to name but a few) but it lacked a port
infrastructure which would enable it to display all its potential as a holiday destination.

The residents themselves have understood this demand and have always been in favour of this
facility. Nobody doubts that it would have a multiplier effect on the economic activity of the town.

But it cannot be just any facility. In the first place, it is necessary that the marina should serve the
objective of opening up the town to the sea. It cannot turn its back on the urban setting. For this
reason, it has been conceived as an open space which is integrated with the town. In the second
place, the marina must be coherent with the selected positioning as a quality destination and
must be set up as a superior infrastructure element with the capacity to attract tourism of high
purchasing power. Finally, thanks to its strategic nature, defining the town which it is desired to
build, it must be a viable and responsible project, with the necessary solidity to prevent it from
deteriorating and becoming a mistake which cannot be rectified.

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1.2. Data defining the bidding process

1.2.1. The Bidder

Puertos Canarios is the organisation responsible for the management of the forty-nine port
facilities that are under its aegis: seventeen ports of general interest, nineteen marinas and
thirteen harbours and natural harbours.
The number of passengers on scheduled services who travelled through the ports managed
directly by the Canary Islands Government increased by 7% in 2011 in comparison with 2010, with a
total of 3,457,663 passengers. The number of vehicles amounted to 665,695 up to December 2011,
which was a slight increase (2%) on 2010.

Puertos Canarios is, on these figures, the third port authority in Spain in terms of passenger traffic
and the fifth according to the number of vehicles transported each year.

Puertos Canarios handles the bidding processes for new infrastructure for extension and
improvement of existing facilities and concessions, if applicable, of their management and/or
operation.

1.2.2. Location

In the Canary Islands, in the borough of Puerto de la Cruz, on the island of Tenerife..

1.2.3. Object of the bidding

Construction and operation as a concession for a period of thirty years of a marina with
commercial, recreational and leisure options on the land side, in the borough of Puerto de la Cruz.

1.2.4. Approximate investment

An approximate investment of 80 million euros, of which about thirteen million euros will be
deducted during the thirty years that the concession lasts as a result of the construction of a
fishing quay on the seaward side of the port facilities.

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1. VALUE PROPOSITION investment opportunity

1.2.5. Main characteristics

Investment: eighty million euros.

Period of time for the concession: 30 years

Estimated period of execution: eight years. Execution by phases is possible so as to bring
income forward.

Useful area for activities: 77,000 usable square metres and 1,700 square metres of
underground parking.

Basic offer for port users:

Berths (some 27,000 square metres for transfer or rental to private individuals or companies)

Suppliers of water, electricity, fuel.

Communications

Shower, toilet and changing room facilities

Dry dock

Dry stack boat storage

Mix of activities (attempted):

Recreational water park (up to 25,000 square metres available)

Commercial and leisure area (around 10,000 square metres of space available)

Parking: About 1,000 possible spaces.

1.2.6. Profile of the investor

Local, national, international or mixed investor or investment group.

Proven experience in the construction and operation of marinas and shopping and leisure
projects.

Creative capacity and the ability to create unique projects.

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2. CONTEXT investment opportunity

2. CONTEXT

2.1. A shared dream

It is not unusual that the building of large infrastructure projects generates a rejection among
the resident population. Above all, in surroundings which are considered to be especially
vulnerable due to their ecological and landscape values.

This is most certainly not the case in Puerto de la Cruz. The majority of the population supports
the idea of the marina with enthusiasm. The port is a historical demand. Throughout the years,
there have been a succession of acts of support which have always had the backing of the
majority of the residents.

2.2. An attractive and varied offer

2.2.1. The Canary Islands. The advantages of one of the leading destinations in the world

A strategic location. A site within arm's reach of three continents.
Over twelve million tourists every year
A privileged climate.
High-quality accommodation
A powerful, diverse and attractive range of complementary options
First-class communications facilities.
A safe destination
An ideal setting for sailing with many islands, both large and small
Over twelve thousand boats come to the Canaries every year
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Un entorno ideal para la navegación en un espacio con múltiples islas e islotes
Más de 12.000 embarcaciones pasan al año por Canarias

2.2.2. Tenerife and Puerto de la Cruz: much more than just sun and sand

Tenerife.
A complete and accessible option.

Local Resources.

Natural, landscape and cultural treasures. Tenerife is a continent in miniature. In a relatively small
space there is an enormous diversity of landscapes: luxuriant forests, desert landscapes,
volcanoes, cliffs, golden sands and exotic, black, volcanic beaches, a clear sky, full of stars,...

Connectivity and accessibility.

In Tenerife there are two airports with very intense passenger traffic making the island a highly
accessible holiday destination. The following table shows the total number of tourists who
entered through the airports in 2010 and 2011.

Holiday indicators on the Island of Tenerife in 2011 Variation from 2010
Total 5.160.203
Occupation (%) Hotel 3.189.953
Non-Hotel 1.970.250
Total 40.230.487
Nigths Hotel 23.545.131
Non-Hotel 16.685.356
Total 7,80
Average stays (days) Hotel 7,38
Non-Hotel 8,47
Total 63,6
Occupation (%) Hotel 73,8
Non-Hotel 53,1

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Origin Destination 2010 2011 Variation %
Canaries 10.536.385 11.916.428 13,10%
Total Tenerife 3.890.160 4.410.472 13,38%
% Tenerife/Canaries 36,92% 37,01% 0,25%
Canaries 1.927.407 1.733.431 -10,06%
Spain Tenerife 869.162 751.782 -13,50%
% Tenerife/Canaries 45,09% 43,37% -3,83%
Canaries 8.608.978 10.182.997 18,28%
Foreign Tenerife 3.020.995 3.658.689 21,11%
% Tenerife/Canaries 35,09% 35,93% 2,39%

Furthermore, there is also a port with numerous visits by cruise liners. Tenerife is on the routes
of the world's most important cruise companies.

Cruise traffic 2011 Visits 2011 Variation from 2010
Cruise passengers 607.343 13,24%
Number of cruise ships 288 13,83%

Safety.

Tenerife is a safe destination with standards of personal safety and medical attention above
the European average.

Experience and training.
Tenerife has been a leading holiday destination for over twenty years. It has highly-trained human
resources of great experience. The population recognises that tourism is the driving force behind
the local economy and has a very positive attitude with regard to the holiday-making
phenomenon.
Accommodation options.
The accommodation offered is highly varied and of high quality.

Complementary options.
n Tenerife's tourism strategy, the objective of diversifying our range of options is one of our
fundamental challenges. Over the last few years, we have created and consolidated new holiday
products and services which make Tenerife one of the world's most comprehensive and varied
holiday destinations:
Golf courses

Sailing and boating
Adventure and other sports
Nature tourism: hill walking, volcanoes, the sky and so on …
Theme and leisure parks
Casinos
Congress tourism
Cultural tourism 17


Puerto de la Cruz.
An indispensable achievement to reinforce the destination.

Local resources.
Puerto de la Cruz is located in the impressive natural and landscape setting of the Orotava Valley.
It has a superb climate almost for the entire year. It maintains a harmonious balance between the
beauty of nature and its landscapes and the development of our activity in tourism in line with a
long tradition as a holiday destination, which exceeds a century of history. It has a seafront full of
natural swimming-pools and beaches of exotic black sand. This is a welcoming city which deeply
values the importance of tourism as a source of wealth and wellbeing

Accommodation options December 2011 Canaries Tenerife Puerto de la Cruz
Total Categories 619 238 60
Hotels 1, 2, 3 Stars 349 124 32
4, 5 Stars 270 114 28
Total Categories 238.629 88.217 17.266
Hotel places 1, 2, 3 Stars 81.557 24.748 4.117
4, 5 Stars 157.072 63.469 13.149
Non-hotel places 51.995 9.625
Total Places 432.001 140.212 26.891

Accommodation options.

Region Facilities % Facilities Berths % Berths
Balearic Islands 55 15,24% 22.141 16,96%
Galicia 52 14,40% 12.021 9,21%
Andalusia 51 14,13% 19.309 14,79%
Catalonia 50 13,85% 30.406 23,29%
Canaries 43 11,91% 8.080 6,19%
Valencia 41 11,36% 19.631 15,04%
Murcia 19 5,26% 6.521 4,99%
Basque Country 20 5,54% 5.647 4,33%
Asturias 17 4,71% 2.413 1,85%
Cantabria 11 3,05% 3.693 2,83%
Melilla 1 0,28% 393 0,30%
Ceuta 1 0,28% 300 0,23%
Total 361 100,00% 130.555 100,00%

Source: Spanish Federation of Associations of Marinas and Tourist Ports (FEAPDT) )
Annual Report on Marinas in Spain (October 2011)
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Island Facilities % Facilities Berths % Berths
Tenerife 15 34,88% 2.419 29,94%
Gran Canaria 9 20,93% 2.504 30,99%
Fuerteventura 6 13,95% 543 6,72%
Lanzarote 6 13,95% 1.260 15,59%
La Palma 2 4,65% 521 6,45%
El Hierro 1 2,33% 125 1,55%
La Gomera 3 6,98% 498 6,16%
La Graciosa 1 2,33% 210 2,60%
Total 43 100,00% 8.080 100,00%

Source: Spanish Federation of Associations of Marinas and Tourist Ports (FEAPDT)
Annual Report on Marinas in Spain (October 201

Complementary options:
Golf courses
Casinos
Theme parks and leisure areas
Footpaths and astronomy tourism
Adventure tourism
Fiestas and traditions

2.2.3. Sailing and boating: an option with a future

The Canaries are located well below other Spanish regions in terms of the number of berths,
in the face of growing demand. The possibilities for developing this sector are still wide open.

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2.3. A well-established demand for holidays

2.3.1. Tenerife. A holiday destination beyond all doubt

Over five million tourists stayed on Tenerife in 2011, 6.80% more than in 2010. In general, all the
indicators show positive progress with regard to the previous year.

These indicators are similar to those of the best years of growth before the worldwide crisis began
in 2008, which continues to affect much of the planet. Tourism remains a solid sector with a good
future in these difficult times of great uncertainty.

Holiday Indicators Island of Tenerife total 2011 Variation 2010
Total 5.160.203 6,8%
Tourists accommodated Hotels 3.189.953 8,6%
Non-hotels 1.970.250 4,1%
Total 40.230.487 11,0%
Nights Hotels 23.545.131 14,6%
Non-hotels 16.685.356 6,4%
Total 7,80 0,30
Average stays (days) Hotels 7,38 0,39
Non-hotels 8,47 0,18
Total 63,6 13,3%
Occupation (%) Hotels 73,8 13,1%
Non-hotels 53,1 12,1%

Source: STDE Tenerife Island Authority

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Total tourist spending also increased slightly in 2011 and remains above 1,000 euros per
holidaymaker.

Total tourist spending, Island of Tenerife 2011 (euros) Variation 2010
Total spending per tourist 1.021,9 1,3%
Total in origin per tourist 673,0 3,0%
Total per tourist at destination 353,2 -1,9%
Total spending per tourist and per day 108,5 4,0%
Total in origin per tourist and per day 71,3 5,7%
Total at the destination per tourist 37,6 0,7%
and per day
Source: Survey to incoming tourism 2011 by the Tenerife Island Authority.

Regarding the distribution of holidaymakers accommodated by nationalities, there has been a
reduction since 2011 in the numbers of Spanish tourists, who have been more deeply affected by
the crisis, accompanied by a very significant increase in foreign tourism, especially from certain
countries (Russia, Italy, France,...) together with a notable increase in the traditional markets
(United Kingdom, Germany).

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Tourists
Nationality accommodated Variation 2010 Share 2011
Spain 1.302.302 -11,2% 25,2%
Holland 154.131 9,1% 3,0%
Belgium 140.759 11,0% 2,7%
Germany 589.284 9,9% 11,4%
France 161.409 45,5% 3,1%
United Kingdom 1.658.315 10,6% 32,1%
Ireland 74.083 9,2% 1,4%
Italy 117.723 30,2% 2,3%
Nordic countries 478.104 23,6% 9,3%
Tourists Sweden 155.732 28,8% 3,0%
accommodated per
Norway 95.462 20,2% 1,8%
nationality 2011
Denmark 95.785 22,4% 1,9%
Finland 131.125 21,3% 2,5%
Switzerland 41.379 33,2% 0,8%
Austria 34.316 13,7% 0,7%
Russia 111.782 36,3% 2,2%
Eastern Europe 93.981 20,9% 1,8%
Remainder of Europe 109.247 18,5% 2,1%
Usa 13.158 3,7% 0,3%
Remainder of America 18.684 -2,2% 0,4%
Rest of the World 61.546 1,6% 1,2%
Total Overseas 3.857.901 14,6% 74,8%
Total 5.160.203 6,8% 100,0%


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2.3.2. Puerto de la Cruz. A destination in evolution

The tourists accommodated in Puerto de la Cruz represent slightly more than 14% of the total
number of holidaymakers accommodated on Tenerife.

Tourist indicators Puerto de la Cruz 2011
Total 727.752
Tourists accommodated Hotel 537.233
Non-hotel 190.519
Total 5.397.757
Nights Hotel 3.903.935
Non-hotel 1.493.822
Total 7,42
Average stay (days) Hotel 7,27
Non-hotel 7,84
Total 59,1
Occupation (%) Hotel 65,3
Non-hotel 47,3

SOURCE: STDE Tenerife Island Authority

Regarding the distribution by nationalities, Puerto de la Cruz, with a traditionally higher share of
Spanish tourists, has felt the economic crisis more strongly than Tenerife as a whole. However,
the percentage growth in foreign tourism has been greater than that of the island as a whole with
very significant increases from certain markets such as France, Russia and the Eastern European
countries. The marina could contribute decisively to attracting and maintaining the loyalty of
guests with greater purchasing power, who are less sensitive to the impact of the economic crisis.

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Tourists
Nationality accommodated Variation 2010 Share 2011
Spain 394.467 -9,8% 54,2%
Germany 155.793 19,9% 21,4%
United Kingdom 53.982 25,6% 7,4%
Nordic countries 51.447 14,9% 7,1%
Finland 26.231 6,1% 3,6%
Sweden 12.837 34,7% 1,8%
Denmark 6.923 9,2% 1,0%
Norway 5.456 30,9% 0,7%
France 18.039 35,2% 2,5%
Italy 6.389 15,9% 0,9%
Russia 4.968 191,2% 0,7%
Puerto de la Austria 4.763 19,8% 0,7%
Cruz: Tourists
Eastern Europe 4.572 89,6% 0,6%
accommodated
Holland 3.409 5,1% 0,5%
by nationalities
Switzerland 3.004 14,4% 0,4%
2011
Belgium 2.080 -5,4% 0,3%
Ireland 1.842 20,4% 0,3%
Rest of Europe 12.131 38,5% 1,7%
USA 1.703 -21,4% 0,2%
Rest of America 4.361 -5,1% 0,6%
Rest of the
4.802 1,4% 0,7%
World

Total Overseas 333.285 21,4% 45,8%

Total 727.752 2,3% 100,0%


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3. SERVICES investment opportunity

3. SERVICES

3.1. An integrated, coherent and open space

The future port is set in a holiday destination, right in the middle of town. It will be a far from
remote infrastructure which is integrated within the urban layout and tourist and local services.

It will be a space that is open to the town and to the sea. An accessible and friendly space which
will combine superb care of the users of the yachting facilities with the possibilities offered by a
location which is totally integrated in the shopping and urban areas.

An space that is respectful to the environment, which harmoniously completes and enriches the
holiday options in the town. A space that is coherent with the seagoing tradition of Puerto de la
Cruz and with its character of a town for coexistence. A town where tourism is naturally integrated
in the daily dynamic of its residents.

A place to stroll, enjoy, sail, shop...

3.2. Spatial distribution. A flexible design

A space of almost 80,000 square metres with approximately 27,000 metres on the seaward side
and 50,000 square metres to the landward.
A space to be laid out which leaves an ample margin for the creativity and imagination of the
investors.
To the seaward side, there is availability of over 250 berths for sale or hire; for private users or for
companies offering nautical activities.

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On the landward side, there will be a range of services to the users of the watercraft which
guarantees the performance of first-class facilities as well as the large remaining space (around
50,000 square metres) for sale or rental of premises for commercial and leisure activities or for
recreational facilities or a water park.

The possibility exists of carrying out the work by phases and bringing forward the start up of
certain services which will make it possible to create profitability within a relatively short time.

3.3. Diversity of services. An ocean of possibilities

The investors will be able to define the catalogue of services with great flexibility. The future
concession holders will have the opportunity to apply their experience and creativity to building a
powerful and attractive mix of options.

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4. ECONOMIC VIABILITY investment opportunity

4. ECONOMIC VIABILITY

4.1. Realistically based hypotheses

Many of the hypotheses set out below are tentative and deal with a possible scenario from among
the many that may be designed. The prices are estimates based on reports and documentary
sources on marinas.

4.1.1. General Hypotheses

General Hypotheses of the Model
Period of the licence 30 years
Period of building work 8 years
Total initial investment 80.500.191 euros
Total useful area 77.000,00 m2
Total sea area 35,00%
Total land area 65,00%
Concession fee 468.290,48 euros
Period of time till maturity 8 years
Growth of income 3%
Growth of costs 2%
Percentage of self-financing 25%
Interest rate of external finance 3,75%
Period of time for external finance 6 years
Rate of charge of tax on profit 30%
Tipo de descuento VAN 6%

The period of time for maturity refers to the space of time foreseen in order to complete the allocation of all the
berths and premises for commercialisation.

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4.1.2. Hypothesis of distribution, mix of options and prices

Products/
Area m2 Places Unit Euros Occupation
Services
Transfer of
Ownership of 21.560,00 €/m2 1.900,00 100%
Berths
Transfer of
Ownership of 5.005,00 €/m2 2.388,50 100%
Locales
Transfer of
Ownership of 2.695,00 €/m2 2.300,00 100%
Chárter
Transfer of
Ownership of 5.005,00 €/m2 1.200,00 100%
Marina Seca
Use of berths 2.695,00 €/m2/day 0,45 100%
Use of premises 5.005,00 €/m2 120,50 90%
Leisure
activities 25.025,00 €/year 1.000.000,00
(water park)
Port services
10.010,00 €/year 200.000,00

Fee for
maintenance €/m2/year 45,00
of Berths
Fee for
of Marina
Fee for
of Premises
Fee for
of Charter
Parking 1.000 places €/año/space 1.800,00 80%

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4.1.3. Hypothesis of investments and costs

Investments and annual depreciation:

Annual depreciation
Investments Total Amount
Rate of depreciation Depreciation
Prior tasks 1.163.156,04 4,00% 46.526,24
Phase 1: Parking 9.000.000,00 4,00% 360.000,00
Phase 2: Commercial 12.000.000,00 4,00% 480.000,00
Phase 3: Fishing 13.000.000,00 4,00% 520.000,00
Phase 4: Sea area 45.000.000,00 4,00% 1.800.000,00
Other 337.035,37 4,00% 13.481,41
Total 80.500.191,41 4,00% 3.220.007,66

Calendar of execution of the investments:

Phases Fiscal year 1 Fiscal year 2 Fiscal year 3 Fiscal year 4
Prior tasks 80,00% 10,00% 5,00%
Previas 930.524,83 116.315,60 58.157,80
Phase 1: 80,00% 20,00%
Parking 7.200.000,00 1.800.000,00
Phase 2: 70,00% 20,00% 10,00%
Commercial 8.400.000,00 2.400.000,00 1.200.000,00
Phase 3: 35,00% 45,00% 20,00%
Fishing 4.550.000,00 5.850.000,00 2.600.000,00
Phase 4: 10,00% 15,00% 15,00% 15,00%
Sea area 4.500.000,00 6.750.000,00 6.750.000,00 6.750.000,00
10,00% 10,00% 10,00% 10,00%
Other
33.703,54 33.703,54 33.703,54 33.703,54
31,82% 21,06% 13,22% 8,43%
Total
25.614.228,37 16.950.019,14 10.641.861,34 6.783.703,54

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Phases Fiscal year 5 Fiscal year 6 Fiscal year 7 Fiscal year 8 Total
Prior tasks 5,00% 100,00%
58.157,80 1.163.156,04
Fase 1: 100,00%
Parking 9.000.000,00
Fase 2: 100,00%
Commercial 12.000.000,00
Fase 3: 100,00%
Fishing 13.000.000,00
Fase 4: 15,00% 15,00% 15,00% 100,00%
Sea area 6.750.000,00 6.750.000,00 6.750.000,00 45.000.000,00
10,00% 10,00% 10,00% 30,00% 100,00%
Other
33.703,54 33.703,54 33.703,54 101.110,61 337.035,37
8,43% 8,43% 8,43% 0,20% 100,00%
Total
6.783.703,54 6.783.703,54 6.783.703,54 159.268,41 80.500.191,41

Annual costs:

Concept Annual amount (euros)
Concession fee 468.290,48
Recovery of the Fee -433.333,33
Staff costs 292.500,00
Maintenance costs 805.001,91
Other operating costs 572.000,00
Total Fixed Costs 1.704.459,06

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4.2. A profitable and sustainable investment opportunity

4.2.1. Summary of profitability and break even point

With the hypotheses indicated, the profitability of the project at the end of the thirty-year
concession would be as expressed in the following table:

Product /service Income EBITDA BAII
Transfer of Ownership
40.964.000,00 31.489.364,76 17.411.255,20
of Berths
11.954.442,50 9.189.478,57 5.081.091,91
of Premises
6.198.500,00 4.764.838,09 2.634.597,83
of Charter
6.006.000,00 4.616.861,75 2.552.778,02
of Dry Stack Boat Storage
Use of Berths 14.697.380,98 11.297.998,02 6.246.944,90
Use of premises 20.437.693,46 15.710.623,58 8.686.795,64
Leisure activities
33.452.883,70 25.715.507,69 14.218.745,61
(water park)
Port Services 6.690.576,74 5.143.101,54 2.843.749,12
Maintenance fee
32.455.987,77 24.949.185,56 13.795.026,99
for berths
Maintenance fee
3.513.798,66 2.701.086,02 1.493.497,83
for Marina
Maintenance fee
2.108.279,20 1.620.651,61 896.098,70
for Premises
Maintenance fee
4.056.998,47 3.118.648,20 1.724.378,37
for Charter
Parking 51.700.152,53 39.742.333,78 21.974.527,62
Total 234.236.694,02 180.059.679,16 99.559.487,75

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Product/service Is Project BDI Project Final costs
5.223.376,56 12.187.878,64 1.248.766,90
of Berths
1.524.327,57 3.556.764,34 364.425,16
of Premises
790.379,35 1.844.218,48 188.958,15
of Charter
765.833,41 1.786.944,61 183.089,88
Use of Berths 1.874.083,47 4.372.861,43 448.042,25
Use of premises 2.606.038,69 6.080.756,95 623.032,79
Leisure activities
4.265.623,68 9.953.121,93 1.019.794,30
(water park)
Port Services 853.124,74 1.990.624,39 203.958,86
Maintenance fee
4.138.508,10 9.656.518,90 989.404,43
for berths
Maintenance fee
448.049,35 1.045.448,48 107.116,38
for Marina
Maintenance fee
268.829,61 627.269,09 64.269,83
for Premises
Maintenance fee
517.313,51 1.207.064,86 123.675,55
for Charter
Parking 6.592.358,29 15.382.169,34 1.576.053,10
Total 29.867.846,33 69.691.641,43 7.140.587,59

38


Product/service BAI IS BDI
16.162.488,30 4.848.746,49 11.313.741,81
of Berths
4.716.666,76 1.415.000,03 3.301.666,73
of Premises
2.445.639,68 733.691,90 1.711.947,77
of Charter
2.369.688,13 710.906,44 1.658.781,69
Use of Berths 5.798.902,65 1.739.670,79 4.059.231,85
Use of premises 8.063.762,85 2.419.128,86 5.644.634,00
Leisure activities
13.198.951,31 3.959.685,39 9.239.265,92
(water park)
Port Services 2.639.790,26 791.937,08 1.847.853,18
Maintenance fee
12.805.622,56 3.841.686,77 8.963.935,79
for berths
Maintenance fee
1.386.381,45 415.914,43 970.467,01
for Marina
Maintenance fee
831.828,87 249.548,66 582.280,21
for Premises
Maintenance fee
1.600.702,82 480.210,85 1.120.491,97
for Charter
Parking 20.398.474,52 6.119.542,36 14.278.932,17
Total 92.418.900,16 27.725.670,05 64.693.230,11

39


The profitability threshold is as reflected in the following table:

Product/ Profitability threshold (income)
service EBITDA BAII BAI
9.474.635,24 23.552.744,80 24.801.511,70
of Berths
2.764.963,93 6.873.350,59 7.237.775,74
of Premises
1.433.661,91 3.563.902,17 3.752.860,32
of Charter
1.389.138,25 3.453.221,98 3.636.311,87
Use of Berths 3.399.382,97 8.450.436,08 8.898.478,33
Use of premises 4.727.069,89 11.750.897,83 12.373.930,61
Leisure activities
7.737.376,01 19.234.138,09 20.253.932,40
(water park)
Port Services 1.547.475,20 3.846.827,62 4.050.786,48
Maintenance fee
7.506.802,21 18.660.960,78 19.650.365,21
for berths
Maintenance fee
812.712,64 2.020.300,83 2.127.417,21
for Marina
Maintenance fee
487.627,58 1.212.180,50 1.276.450,33
for Premises
Maintenance fee
938.350,28 2.332.620,10 2.456.295,65
for Charter
Parking 11.957.818,75 29.725.624,91 31.301.678,01
Total 54.177.014,86 134.677.206,27 141.817.793,86

40


Product/ Profitability threshold (income)
service BDI Proyecto BDI
28.776.121,36 29.650.258,19
of Berths
8.397.678,16 8.652.775,77
of Premises
4.354.281,52 4.486.552,23
of Charter
4.219.055,39 4.347.218,31
Use of Berths 10.324.519,55 10.638.149,13
Use of premises 14.356.936,52 14.793.059,47
Leisure activities
23.499.761,78 24.213.617,79
(water park)
Port Services 4.699.952,36 4.842.723,56
Maintenance fee
22.799.468,87 23.492.051,98
for berths
Maintenance fee
2.468.350,18 2.543.331,64
for Marina
Maintenance fee
1.481.010,11 1.525.998,99
for Premises
Maintenance fee
938.350,28 2.332.620,10
for Charter
Parking 11.957.818,75 29.725.624,91
Total 54.177.014,86 134.677.206,27

Margin 180.059.679,16 99.559.487,75 92.418.900,16 69.691.641,43 64.693.230,11
Security
76,87% 42,50% 39,46% 29,75% 27,62%

4.2.2. Analysis of the investment

Results VAN TIR Pay Back
Project 18.126.131,30 9% 10
Funded project 4.564.388,54 7% 17
Project Shareholder 21.569.679,07 15% 11

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42


44

5. INVESTOR PROFILE investment opportunity

5. INVESTOR PROFILE

5.1. Capacities and resources

local, Spanish, international or mixed investors or investment groups may take part in the bidding
process.

Experience in the construction and operation of similar infrastructure projects is required.
The chosen investor must show solvency and financial capacity and must put a significant
percentage of its own funds into the project.

Finally, the provision of imaginative solutions and ideas which will generate synergies with the
environment and will amplify the multiplier effect of the port on the local economy will be
especially valued.

5.2. Commitments

5.2.1. Communication and commercialisation plan

The investor must present a communication and commercialisation plan for the infrastructure
with his application. The objective is to ensure that all the effort necessary is made to achieve the
commercial success of the marina.

45


5.2.2. Maintenance plan and commitment to update

Furthermore, the investor must develop a maintenance plan which will guarantee the future
quality of the infrastructure and which can be easily adapted to the technologies and innovations
which may be applicable and which will improve the provision of the services.

5.2.3. Environmental sustainability plan

Finally, the investor must fulfil all the environmental demands and guarantee a sustainable and
eco-efficient use of the facilities.

46


48

6. CONCLUSIONS investment opportunity

6. CONCLUSIONS

6.1. An opportune investment

A widely-welcomed and socially acceptable investment.
?

An investment that is coherent with the strategy for the development of tourism and with
?
the characteristics of the setting and the specific nature of the destination.

An investment which involves high added value for the town and with a large multiplying
?
potential for the local economy.

6.2. A realistic investment

Large potential income.
?

A profitable and sustainable investment.
?

Short period of time to recover the investment.
?

? with a high signalling effect for the investor.
A project

49


50


52

7. GLOSSARY investment opportunity

7. GLOSSARY

? of Ownersihp. This is a transfer for the period of time that the concession of the
Transfer
right to use the berths or premises lasts. This right can be transferred in turn to a third party
by the original licensee. The transfer implies the payment of an initial sum plus the annual
payment of maintenance fees.

Use. Use
? refers to the specific right for a certain period to use a set of business premises
or a berth or a port service.

Port Services. These are services directly related with attention to watercraft: dry dock,
?
workshop, supplies to boats, etc.

Maintenance fees. These are annual fees to defray the costs of maintenance of the
?
facilities which the holders of the rights have to pay.

Charter.
? Services of sailing or boat trips made with sailing companies.

? (Earnings Before Interest, Taxes, Depreciation, and Amortization). This is profit
EBITDA
before interest, taxes on profits, depreciation and amortization.

BAII. This
? is profit before interest and taxes on profits (EBIT).

BDI Project. This is the profit obtained after taxes without taking into account the financial
?
expenses or interest (Project PAT - Profit After Tax).

BAI . the Profit before corporation tax.
? Is

BDI. This
? is the net profit or profit after tax. It is the profit which, at the discretion of the
company, will be distributed to the shareholders (dividends) or will be re-invested in the
company (reserves).

Threshold of Profitability or Break Even Point. This is the level of sales at which the total
?
costs are equal to the income and therefore the profit is zero. It marks the point beyond which
additional income will generate profits. It can be calculated for EBITDA, BAII (EBIT), the
Profit After Tax (Project BDI); the Profit before corporation tax (BAI) and the net profit (BDI).

53


? Safety Margin. This is the difference expressed as a percentage between sales at break
even and sales calculated in accordance with the defined hypotheses or scenario. This
indicates the extent to which sales must drop in order not to have any profit.

Cash flow. This is the net accumulation of liquid assets in one year. The cash flows can be
?
calculated without including the outgoings and income from funds deriving from financing by
third parties and shareholders (project or operational cash flows); including income and
outgoings due to funding from third parties (financial cash flows or those of the financed
project); and, including the contributions of shareholders or net equity (shareholder cash
flows).

? rate. This is the rate at which the annual cash flows are updated over the thirty
Discount
years of the period of the concession to determine the Net Present Value (NPV).

VAN (Valor actual Neto; in English NPV) .This is a method of valuation of investments which
?
consists of determining the equivalence at time 0 of the future cash flows which are generated
by the investment project discounted at a certain rate and comparing this equivalence with the
initial layout. When this equivalence is greater than the initial outlay, it may be advisable for the
project to be accepted.

? Interna de Retorno; Internal Rate of Return, IRR). This is the discount rate at
TIR (Tasa
which the Net Present Value is equal to zero. It is used to decide on the acceptance or rejection
of an investment project. For this purpose the IRR is compared with a minimum rate or short
rate (cost of the investment opportunity). If the rate of performance of the project (IRR) is
greater than the short rate, the investment is accepted; otherwise, it is rejected.

? (period of time for recovery). This is the time that is taken for the future cash flows
Pay-Back
to offset the investment made.

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55

Proyecto puerto Puerto de la Cruz

Proyecto puerto Puerto de la Cruz

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