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Mário Covas Ring Road – West Segment
06/10/08
Concession for the Mário Covas Ring Road –West Segment
Object of Concession
Av. Raimundo Magalhães (SP-332) – km 0.0
Rod. Dos Bandeirantes (SP-348) – km 3.9
Rod. Anhanguera (SP-330) – km 7.0
Rod. Castello Branco (SP-280) – km 14.4
Interseção da Padroeira – km 19.7 (Padroeira
Rod. Raposo Tavares (SP-270) – km 24.4
ç (Intersection)
R d Ré i Bitt t (BR 116) k 29 4West Segment
Rod. Régis Bittencourt (BR-116) – km 29.4g
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Characteristics of Mário Covas Ring Road –West Segment
• Onerous Concession model:
Fi d t R$ 2 billi (10% h 24 i t ll t R$ 75 MM)Fixed grant: R$ 2 billion (10% cash + 24 installments R$ 75 MM)
Variable grant: 3% of gross revenue
• Operation term: 30 years;
• Readjustment: IPCA index on July 1st;
• Tariff offered: R$ 1.1684 (base date – July/07);
• Urban highway 100% tolled;
• 13 toll plazas;
• Length: 29.4 km.
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Concession for the Mário Covas Ring Road –West Segment
Initial Investment Program (6 months)
• Paving;
• Right of Way;
• Drainage;
•Highway Safety;Highway Safety;
• Signaling; R$ 49.0 million
• Structures;
• Buildings and Yards;
• Lighting;
• Toll Plazas• Toll Plazas.
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Concession for the Mário Covas Ring Road –West Segment
Operating Services
• Towing Services;
• First Aid and Medical Care Services;
• Traffic Inspection Services;
A i l R Ri ht f W• Animal Rescue on Right of Ways;
• Water Truck Services• Water Truck Services.
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CCR Traffic Assumptions
Main Considerations:
L i t d t th R$ 1 1684 t iff
Year CCR GDP Elasticity2009 130,650 4.81 1.192010 174,610 4.85 6.95
Vehicles-equivalents CCR Premises
• Lower evasion rate due to the R$ 1,1684 tariffR$ 3,00 tariff = 60.7%R$ 1,1684 tariff = 91.7%
2011 202,657 4.87 3.312012 214,550 4.88 1.202013 227,116 4.87 1.202014 240,337 4.84 1.202015 254,195 4.80 1.20
• Higher vehicle count2006/07 + 13%
• Higher impact of the South Segment (2010/11)
2016 268,682 4.76 1.202017 283,805 4.72 1.192018 299,583 4.67 1.192019 316,050 4.62 1.192020 333,251 4.56 1.192021 351 237 4 49 1 20 • Higher impact of the South Segment (2010/11)
2010 CCR: 26.3%2011 CCR: 9.6%
2021 351,237 4.49 1.202022 370,054 4.43 1.212023 389,734 4.37 1.222024 410,279 4.32 1.222025 431,651 4.28 1.222026 453 750 4 23 1 21
• GDP x traffic elasticity = 1.3x
• Higher annual average GDP: 4 3% x 3 0%
2026 453,750 4.23 1.212027 476,411 4.18 1.192028 499,388 4.13 1.172029 522,358 4.09 1.132030 544,936 4.03 1.072031 566,699 3.97 1.01 • Higher annual average GDP: 4.3% x 3.0%
• Import traffic
,2032 587,246 3.91 0.932033 606,270 3.85 0.842034 623,660 3.78 0.762035 639,636 3.72 0.692036 654,894 3.65 0.652037 670,517 3.58 0.672038 343,256 3.58 0.67
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Investments – Works
Assumptions
I t t CCRInvestments CCRImplementations and Improvements 169,804,721
Special Maintenance 156,831,998Expropriation 10,889,000
Research and Projects 33,381,665TOTAL WORKS 370,907,384
Engelog
• Engineering and technology center > assumptions are based on the experienceEngineering and technology center > assumptions are based on the experienceacquired in the management of the current concession portfolio;
• Concrete pavement requires lower maintenance;
• New maintenance technology;
• Use of engineering solutions already in use in the other concessions in theState of São Paulo;
• Gains of scale in contracting.
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Investments – Equipment, Systems and Vehicles
AssumptionsInvestments CCRInvestments CCR
Equipment and Operating Systems 83,453,900Administrative, Operating and Police Vehicles (PMRv): 10,814,400
TOTAL EQUIPMENT, SYSTEMS, VEHICLES 94,268,300, , , ,
EngelogEngelog
• Engineering and technology center – the equipment and operating systems willbe similar to those projected and contracted in other concessions in São Paulostate;state;
• Vehicle fleet were dimensioned to meet the requirements stipulated in theconcession contract.
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Operating Costs
AssumptionsCOSTS CCRCOSTS CCR
Administrative and Operating Labor Force 593,612,898Administrative and Operating Consumption 404,656,898
Routine Maintenance 155,725,818Insurances and Guarantees 113,935,526
TOTAL 1,267,931,140
Synergies
• Labor Force: sharing, when possible, with ViaOeste, thus optimizing costs;
• Routine Maintenance: gains of scale through hiring made by Engelog;
• Insurances and Guarantees: gains of scale via umbrella policy.
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Financing
AssumptionsBridge Loan:g
• Type: promissory notes;
• Amount: R$ 650 million;
• Compensation: CDI + 1.25%;
• Term: 180 days;
• Payment of face value and compensation: upon maturity date• Payment of face value and compensation: upon maturity date.
Long-Term Financing:
• Instrument: A/B Loan – BID + Commercial banks;
• Amount: approximately US$ 950 million;
• Interest Rate: Libor + 2.40% p.a. (+/- 0.20%);
• Term: up to 7 years renewable for 8 years• Term: up to 7 years, renewable for 8 years.
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Features of the Proposal
Main Considerations• Gross Revenue: R$ 14.3 billion (constant currency);( y);
• Net Revenue: R$ 13.0 billion (constant currency);
• EBITDA Margin: 85% (average 30 years);
• Real IRR Unleveraged: 9.3% p.a.;
• Real IRR Leveraged: 15.2% p.a.;
• Cash Generation Initial Date: November;• Cash Generation Initial Date: November;
• Takeout Capital Structure: 25% capital / 75% debt;
• Grant: the fixed portion (R$ 2 billion) is booked as early expenses, since itsp ( ) y pdisbursement occurs in the beginning of the concession. The variable part, 3% oftoll revenues, is booked as cost, since its disbursement occurs throughout theconcession, or 30 years;
• Scheduled date for entry into the south portion: 1st quarter 2010.
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Questions & Answers