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GMR INFRASTRUCTURE LTD BUSINESS OVERVIEW
APRIL 2013
1
Presentation Flow
Key Highlights … 2
Business Structure … 3
Corporate Structure … 4
Airports … 5
Energy … 6
Highways … 13
Financial Summary … 17
Appendix
2
Key Highlights
1 Leading positions across all its operating segments i.e. airports, power and roads
Airports: Largest private developer and operator of airports in India
Power: 5GW of capacity expected to be commissioned by Mar-15 making the company among top 7 power producers
Roads: Mixed portfolio of Annuity and Toll projects with 8 out of 9 projects operational
Leading Infrastructure player – Ideally positioned to capture significant growth opportunities in Infrastructure sector
3 Opportunity from growing investment in infrastructure
India still “building infrastructure for the past”
Significant growth in infrastructure spending expected to help achieve target GDP growth of 9%-10% over the next
decade and to compensate for recent slippages
4 Professional management team with demonstrated track record
Strong management team with extensive experience in successfully developing and managing large-scale infrastructure
projects in India and Overseas
2 Superior quality and scale of assets
Strong execution track record. Delhi Airport was executed in 37 months which is much quicker as compared to other large
international Airports
Delhi Airport ranked 2nd in the world in 25-40 mppa(1) category and Hyderabad Airport ranked 2nd in the world in 5-15
mppa category in Service Quality (ASQ)(2)
Hyderabad Airport adjudged “The Best Cargo Airport & Best Cargo Terminal of the Year” by Air Cargo Association of India
Notes: (1) Million passengers per annum (2) Ranking by Airports Council International (ACI) for 2012
GMR Group is one of India's leading infrastructure companies with business interests across airports, energy, highways and urban infrastructure
5 Evolving Business Strategy
Transformation through consolidation
Equity release and deleverage of balance sheet through divestment of assets at right valuations
Asset Light & Asset Right approach for growth - to follow the principle of “Develop, Build, Create Value, and Divest”
3
Airports
Delhi Airport (PAX Cap. 60 mn, FY12 Traffic 35.88 mn)
Hyderabad Airport (PAX Cap. 12 mn, FY12 Traffic 8.6 mn)
Istanbul Sabiha Gokçen Airport (PAX Cap. 25 mn, FY12 Traffic 13.82 mn)
Power Generation, Transmission and Coal
Mine
Generation Assets in Operation: 1,136 MW, 7 Assets
Generation Assets Under Construction: 3,838 MW, 3 Projects
Generation Asset (Coal based) Under Development: 1,320 MW, 1 Project
Generation Assets (Hydro) Under Development: 2,140 MW, 5 Projects
Transmission Lines in Rajasthan Under Construction: 350 km, 2 Projects
Coal Mines: Reserves of 1609 mn tons, 3 Assets
Highways
Assets in Operation (Annuity): 255 kms, 3 Assets
Assets in Operation (Toll): 446 kms, 5 Assets
Assets under Construction: 29 km, 1 Project
Others
Urban Infrastructure
At Delhi Airport 250 acres for Commercial Development
At Hyderabad Airport 1,000 acres for Commercial Development 250 acres Aviation SEZS 250 acres Logistics SEZ
Setting up Industrial Investment Region (IR) cluster of approx. 3000 acres at Tamil Nadu (Krishnagiri)
Multi Product Large Area Development of approx. 10000 acres at Andhra Pradesh (Kakinada)
EPC Division
Business Structure
GMR has been presented with the prestigious `Most Admired Infrastructure Company – Overall’ at the 5th KPMG Infrastructure
Today Awards 2012-13 in association with KPMG
0
100
200
300
Operational Under Cons Total
30
178 208 0
71 71
CAPEX
To beIncurred
Incurred
279 249
INR bn
30
0
100
Operational Under Cons Total
55 25
80 3 3
CAPEX
To beIncurredIncurred
83 28
INR bn
0
100
200
DIAL GHIAL SGIA Total
129
29 32
189 CAPEX INR bn
* CAPEX as of December 31, 2012
4
Corporate Structure
Airports
(GMR Airports Limited)
Energy
(GMR Energy Limited)
Roads
(GMR Highways Limited)
Operational Group Stake** Operational Group Stake** Operational Group Stake**
Delhi International Airport 54% GMR Energy Limited 100% Tuni Anakapalli 100%
GMR Hyderabad International Airport
63% GMR Power Corporation 51% Tambaram Tindivanam 100%
Vemagiri Power Generation 100% Pochanpalli 100%
Sabiha Gokçen International Airport
40% GMR Renewable Energy 100% Ambala Chandigarh 100%
EMCO Energy - Phase I - 300MW 100% Faruknagar Jadcheria*** 100%
Under-construction Tindivanam Ulunderpet 100%
EMCO Energy - Phase II - 300MW 100% Hungund Hospet (Partial) 51%
GMR Rajahmundry Energy 100% Hyderabad Vijaywada 90%
GMR Kamalanga Energy 80% Under-construction
GMR Chattisgarh Energy 100% Chennai ORR 90%
Under-development
SJK Powergen 70%
GMR Badrinath Hydro Power 100%
Talong Hydro Power 100%
Holi Bajoli Hydro Power 100%
Himtal Hydro power 80%
GMR Upper Karnali 69%
97% * 98% * 100%
Promoter & Promoter Group 71.6%
FIIs 11.5%
MF & DIIs 4.5%
Others 12.3%
Shareholding Pattern
As on Mar 31 2013
* Balance with Employee Welfare Trust ** Group Stake includes any Direct or Indirect stake by GIL *** GMR Highways Ltd. signed a definitive agreement with Macquarie SBI Infrastructure Investments Pte Ltd and SBI Macquarie Infrastructure Trust to divest 74% stake
The Group has been conferred with the Most Caring Company Award-2013 at a ceremony in Mumbai G I L
5
Project GMR Stake Annual Passenger
Capacity Traffic in FY 2012
Total Capital Expenditure
Concession Terms Awards and Recognition
DIAL New Delhi, India
54% 60 mn 35.88 mn Pax; 317,283 ATMs
Rs. 128 bn for Phase I
($ 2,560 mn)
30 + 30 years concession
46% Revenue share
250 acres Real Estate parcel
SKYTRAX – World Airport award – World’s most improved airport in 2012 & No. 1 airport in India
World’s 2nd best airport in 25-40 mppa category and 4th best overall (ASQ 2012)
GHIAL Hyderabad, India
63% 12 mn 8.6 mn Pax;
99,658 ATMs
Rs. 29.2 bn for Phase I
($ 584 mn)
30 + 30 years concession
4% revenue share
1,000 acres Real Estate parcel
250 + 250 acres SEZ
SKYTRAX – World Airport award 2012 – 3rd best airport in India
Awarded ‘National Tourism Award 2011-12 under Best Airport category in India
World’s 2nd best airport in 5-15 mppa category (ASQ 2012)
Honoured with the “Best Cargo Airport & Best Cargo Terminal of the Year” awards, recently. The esteemed Air Cargo Agents Association of India (ACAAI), announced the awards during its 39th Annual Convention held at Istanbul on 22nd - 25th November, 2012.
Air Transport News (ATN) award for Airport of the Year under 10 Million Passengers at the 2013 ATN Awards Ceremony.
SGIA Istanbul, Turkey
40% 25 mn 13.82 mn Pax; 117,242 ATMs
€ 451 mn
($ 557 mn)
~22 years concession
€2.17 bn fee over concession period
Selected as Best Airport in World Low Cost Airline Awards in 2010
Won Turkey’s Most Successful Tourism Investment award in 2010
Airport Asset Details
# Exchange Rate : 1USD = ` 50.00 # Exchange Rate : 1USD = € 0.81
GMR is the largest private developer and operator of Airports in India
6
Energy Projects
GMR Energy Singapore Pte Ltd.
(800MW)
PT Barasentosa Lestari, Indonesia (700 MT)
Bajoli Holi (180MW / Hydro)
Alaknanda (300MW / Hydro)
Upper Marsyangdi (600MW / Hydro)
Upper Karnali (900MW / Hydro)
Talong (160MW / Hydro)
Maru Transmission
Aravali Transmission
Wind Project (2.1MW)
Chhattisgarh (1,370MW / Coal)
EMCO (600MW / Coal)
Kakinada (220MW / Gas)
Chennai (200MW / Diesel)
Rajahmundry (768MW / Gas)
Kamalanga (1,400MW / Coal)
Rampia Coal Mines (645 MT)
Vemagiri (388.5MW / Gas)
Solar Project (25MW)
Operational Assets
Projects Under Construction
Projects Under Development
Legends:
Transmission Projects
Coal Mines
1,136MW in operation and 7,298MW under implementation
Wind Project (1.25MW)
Golden Energy Mines, Indonesia (1.9 BT)
SJK Powergen (1320MW / Coal)
Presence across the entire value chain makes it one of India’s few
fully integrated players
7
Power Assets Portfolio Summary
Capacity by stage Capacity build-up
Fuel type split1
1,136
8,434
2,035
1,453
1,670 480
1,660
-1,000
1,000
3,000
5,000
7,000
9,000
Till date FY14 FY15 FY16 FY17 FY18 FY19 Total
MW Operational 1,136 13%
Under construction
3,838 46% Under
development 3,460 41%
8,434MW
300
3,070 1,320
4,690 2,140
2,140
608
768
1,376
228
228
1,136
3,838 3,460
8,434
-1,000
1,000
3,000
5,000
7,000
9,000
Operational Underconstruction
Underdevelopment
Total
MW
Coal Hydro Natural Gas Others
Note: 1. Others includes LSHS (200MW), solar (25MW) and wind energy (3.35MW) for the operational projects.
8
Project (Capacity MW)
GMR Stake Fuel Type Project Cost Commencement of
Generation Power Off-take Source of Fuel Further Development
Chennai Tamil Nadu
(200 MW)
51% LSHS1 Rs. 8,250 mn
($ 165 mn) February 1999
100% Regulated Tariff
15 yrs PPA till 2014 at 68.5% PLF
Kakinada Andhra Pradesh
(220 MW)
100% Natural Gas Rs. 6,030 mn
($ 121 mn)
July 2010
(Post Conversion) 100% Merchant Tariff
Relocated the Barge to Kakinada in Apr 2010
Converted into Gas-fired Plant
Gas allocation received from KG Basin
Vemagiri Andhra Pradesh
(388 MW)
100% Natural Gas Rs. 11,530 mn
($ 231 mn) April 2009
100% Regulated Tariff
23 yrs PPA
Gas allocation received from KG Basin
APCC has introduced the EPSS, wherein DISCOMs shall procure expensive power based on RLNG from four plants (VPGL being one of them) as of now and sell to willing buyers
Patan Gujarat
(25 MW)
100% Solar Energy Rs. 3,660 mn
($ 73 mn) December 2011
PPA with GUVNL2 @ Rs.15/kWh for 12 years and @ Rs. 5/kWh for remaining period
Kutch Gujarat
(2.1 MW)
100% Wind Power Rs. 122 mn
($ 2 mn) July 2011
Sale to GUVNL under REC scheme of GERC
Tirupur District Tamil Nadu
(1.25 MW)
100% Wind Power Rs. 66 mn
($ 1 mn) December 2011
Power sale to TANGEDCO3 as per PPA terms
Warora (EMCO) Maharashtra
(600 MW)
100% Coal **Rs. 38,000 mn
($ 760 mn)
Unit I of 300MW commissioned in Mar 13
Unit II of 300MW expected in Jul 13
200 MW to MSEDCL (Maharashtra) - Case 1 bid
200 MW to Dadra and Nagar Heveli - Case1 Bid
Firm Linkage for 570 MW
Land Acquired
MOEF Clearance Obtained
Water Allocated
BTG supply contract awarded to SEC
*1,136 MW of Operational Power Generation Capacity
* Includes only Unit I: 300MW for Warora (EMCO); ** Estimated Project Cost; 1: Low Sulphur Heavy Stock; 2. GUVNL: Gujarat Urja Vikas Nigam Limited; 3: TANGEDCO: Tamilnadu Generation and Distribution Corporation Ltd.
9
Project (Capacity MW)
GMR Stake
Fuel Type Estimated Capex Expected CoD Financial Closure
Off take Arrangement Source of Fuel Milestones Achieved
Rajahmundry Andhra Pradesh
(768 MW)
100% Natural
Gas
Rs. 40,600 mn
($ 812 mn)
Based on Gas availability
Sep 2010 100% Merchant High on the gas allocation
list from KG Basin
Unit 1 synchronized
Land available at site
Water available
EPC contract - L&T
BTG package - GE
STG package – Alstom
Kamalanga Orissa
(1,400 MW) 80% Coal
Rs. 84,127 mn
($ 1,683 mn)
Unit I - Apr 13; Unit II - Jul 13; Unit III -
Oct 13 and Unit IV - Apr 16
May 2009 (for 1,050
MW)
300 MW to HPGPL (Haryana) - Case 1 bid
260 MW to BSEB (Bihar) - Case 1 bid
350 MW to Orissa GRIDCO - Regulated
Firm linkage for 500 MW & tapering linkage for 550 MW
Allotted Rampia mine (to be developed) in JV with others; can also source via e-auction / import
Land Acquired
MOEF Clearance Obtained
Water Allocated
EPC Contract – SEPCO
First unit successfully synchronized with the central grid on January 27, 2013
Chhattisgarh Raipur
(1,370 MW)
100% Coal Rs. 82,900 mn
($ 1,658 mn)
Unit I - Oct 13; Unit II - Apr 14
Dec 2010
479.5 MW to CSPTRADCO (Chhattisgarh)-Regulated
Recommended for coal linkage by CEA
Land Acquired
MOEF Clearance Obtained
Water Allocated
EPC contract for BTG awarded to Doosan
*3,838 MW of Thermal Power Projects under Construction
* Includes Unit II: 300MW for Warora (EMCO) # Exchange Rates : 1USD = ` 50.00
10
Project (Capacity MW)
GMR Stake Fuel Type Expected CoD Concession Period Milestones Achieved
Badrinath Uttranchal
(300 MW)
100% Hydro Power FY 2018
45 years from Implementation Agreement
13% free power to State
DPR approved by CEA
Environmental Clearance obtained; Stage I - Forest Clearance obtained: Stage II – Under progress
Land acquisition in process
CDM: Under validation
Bajoli Holi Himachal Pradesh
(180 MW)
100% Hydro Power FY 2018
40 years from CoD
Rs. 820 mn premium paid to the Govt
Royalty power for:
Year 1-12: 12%; Year 13-30: 18%; Year > 30: 30%
DPR approved by CEA
Environmental Clearance obtained; Stage I - Forest Clearance obtained: Stage II – Clearance obtained
CDM: PDD under preparation
Talong Arunachal Pradesh
(160 MW)
88% Hydro Power FY 2019 40 years from CoD
14% power to be supplied as royalty
Environment Study Approved by MOEF
TOR approved for higher capacity
DPR submitted to CEA for Approval
Plan to apply for CDM Benefits
Upper Karnali Nepal
(900 MW)
69% Hydro Power FY 2019
30 years from Generation License
12% free power to NEA
Free equity of 27% to GoN
Approval from GoN obtained for capacity enhancement
Survey License received
Power to be exported to India
CDM application under progress
PDA under negotiation with GON
Received consent letter from MEA for import of power from Nepal
Upper Marsyangdi Nepal
(600 MW)
80% Hydro Power FY 2019 30 years from Generation License
Approval from GoN obtained for capacity enhancement
Survey license received
CDM application under progress
Power to be exported to India
PDA under negotiation with GON
Received consent letter from MEA for import of power from Nepal
Shahdol (SJK) Madhya Pradesh
(1,320 MW)
70% Coal FY 2017
Acquiring Land
Water Allocated
LOI issued to Doosan for EPC
Connectivity granted to Jabalpur pooling station
Power Projects under Development
* Plans to have short-term PPAs with States in Northern India # Exchange Rate : 1USD = ` 50.00;
11
Project GMR Stake Length Estimated Capex Expected
CoD Configuration Milestones Achieved
Maru Rajasthan
100% 265 KM Rs. 2,233 mn
($ 45 mn) Q1FY2014
Two 400 KV S/C and one 220 KV D/C transmission lines
1 sub-station
Possession of land (61 acres) completed
Transmission Service Agreement completed
EPC contract awarded to L&T
Received Transmission License
Aravali Rajasthan
100% 85 KM Rs. 1,306 mn
($ 26 mn) Q1FY2014
One 400 KV S/C transmission lines
1 sub-station
Possession of land (46 acres) completed
Transmission Service Agreement completed
EPC contract awarded to L&T
Received Transmission License
Diversification in Power (Transmission)
# Exchange Rate : 1USD = ` 50.00
12
Fuel security: Coal Mining Asset Overview
Rampia Mine Block and Dip side of Rampia, Orissa
Blocks jointly allocated to six companies: GMR, Lanco, Reliance, Navbharat, Arcelor Mittal & Vedanta
Location: Dist. Sundergarh, Odisha
Area of the block: 12 sq. km.
Estimated reserves: 645 mn tons
Expected to receive the Prospecting License by end of FY14
The production will start in 43 months after getting the prospecting license
PT Barasentosa Lestari, Indonesia
Acquired PT Barasentosa Lestari in Sep 08 having coal mine in South Sumatra Province
700 mn tons coal resources in ~25,000 hectares
Out of which Coal reserves of 104 mn tons identified in 5,500 Hectares
Coal production expected to commence by FY13
Trial production commenced in Nov 2011
Gradual increase in production expected from 1 mtpa to 5 mtpa over 3 years
Plan to export coal
Less than 10kms by road to barge loading facility
300kms by barge to trans-shipment point
Golden Energy Mines, Indonesia
Acquired 30% stake in in PT Golden Energy Mines TbK (“GEMS”), a Sinar Mas Group company in Indonesia for US$500mn
GMR has effective management and board participation at PT Golden Energy level
Coal reserves: 860 mn tons
Coal resources: 1.9 bn tons
GMR would get coal for a period of 25 years with annual quantity gradually increasing from 1 mtpa in the 1st year to 10 mtpa in the 7th year
Conditional SPA entered with United Fiber System (UFS), a listed entity in Singapore, for swapping PT GEMs shares into UFS shares.
Fuel Sources
13
Hyderabad
Chandigarh-Ambala Highway (GACEPL)
Tambaram-Tindivanam Highway (GTTEPL)
Tindivanam-Ulunderpet Highway (GTUEPL)
Tuni-Anakapalli Highway (GTAEPL)
Adloor-Gundla Pochanpalli Highway (GPEPL)
Farukhnagar-Jadcherla Highway (GJEPL)
Hyderabad-Vijaywada Highway (GHVEPL)
Chennai Outer Ring (GCORRP)
Hungund-Hospet Highway (GHHEPL)
Projects Under Construction
Operational Projects
Legends:
Highways Assets Details
701 kms in Operation and 29 kms Under Implementation
Recently Awarded
Significant scale-up in the Highways business from the under-construction projects
14
Project GMR Stake Road Length Project Cost Scope of Work CoD Concession Period
GTAEPL
Tuni – Anakapalli 100% 59 KMS
Rs. 2,950 mn
($ 59 mn)
2 to 4 laning of existing stretch on NH45
DCDFOM1 of the existing road
December 2004 17.5 years from June 2002
GTTEPL
Tambaram –Tindivanam 100% 93 KMS
Rs. 3,620 mn
($ 72 mn)
2 to 4 laning of existing Adloor – Gundla stretch of NH7
Maintenance and strengthening of the existing road
October 2004 17.5 years from June 2002
GPEPL
Pochanpalli 100% 103 KMS
Rs. 7,043 mn
($ 141 mn)
2 to 4 laning of stretch on NH7
Maintenance and strengthening of the existing road
March 2009 20 years from September
2006
Operational Highways Projects - Annuity
1 Designing, Constructing, Developing, Financing, Operating and Maintaining * Estimated Project Cost # Exchange Rate : 1USD = ` 50.00
15
Project GMR Stake Road Length Project Cost Scope of Work CoD Concession Period
GACEPL
Ambala – Chandigarh 100% 35 KMS
Rs. 4,993 mn
($ 100 mn)
2 to 4 laning of stretch on NH21 & NH22
Maintenance and strengthening of the existing road
November 2008 20 years from May 2006
GJEPL**
Faruknagar – Jadcherla 100% 58 KMS
Rs. 5,155 mn
($ 103 mn)
2 to 4 laning of stretch on NH45
EPC and O&M contract on a turnkey basis
February 2009 20 years from August
2006
GUEPL
Tindivanam – Ulundurpet 100% 73 KMS
Rs. 8,817 mn
($ 176 mn)
2 to 4 laning of stretch on NH5
EPC and O&M contract July 2009
20 years from October 2006
GHHEPL
Hungund – Hospet 51% 99 KMS
*Rs. 16,509 mn
($ 330 mn)
DCDFOM1 of existing 2 lane to 4 lane of the stretch on NH 13
Presently, 2 out or 3 toll plazas are operational
November 2012 (partial) / March
2013
19 years from September 2010
GHVEPL
Hyderabad – Vijaywada 90% 181 KMS
Rs. 21,934 mn
($ 439 mn)
Designing, engineering, financing, procuring, constructing, operating and maintaining of existing 2 lane to the four/six lane of the stretch on NH9
December 2012 25 years from April 2010
Operational Highways Projects - Toll
* Estimated Project Cost ** GMR Highways Ltd. signed a definitive agreement with Macquarie SBI Infrastructure Investments Pte Ltd and SBI Macquarie Infrastructure Trust to divest 74% stake 1 Designing, Constructing, Developing, Financing, Operating and Maintaining # Exchange Rate : 1USD = ` 50.00
16
Project GMR Stake Road Length Concession
Type Estimated Project
Cost Scope of Work Expected CoD Concession Period
GCORRPL
Chennai Outer Ring Road
90% 29 KMS Annuity Rs. 11,998 mn
($ 240 mn)
DCDFOM of the six lane and two service lanes from the Vandalur to Nemilicheri section in the state of Tamilnadu
FY 2014 20 years from June 2010
Highways Projects under Construction
# Exchange Rate : 1USD = ` 50.00
17
Consolidated Profit & Loss
H1FY2013 FY2012
Airports 27,924 44,054
Power 13,913 23,750
Roads 2,116 4,056
EPC 8,630 12,346
Others 2,791 5,770
Less: Inter Segment (5,373) (5,246)
Gross Revenue 50,000 84,730
Less: Revenue Share / Rebate in Energy 6,907 8,866
Net Revenue 43,092 75,864
Total Expenditure 31,537 59,268
EBITDA 11,556 16,595
EBITDA margin 26.8% 21.9%
Other Income 1,458 2,434
Exceptional Item - (1,621)
Interest & Finance Charges 9,656 16,531
Depreciation 5,095 9,358
PBT (1,737) (8,481)
Tax 1,393 2,111
Current Tax 1,074 1,598
MAT Credit (77) (38)
Deferred Tax 396 551
PAT (Before Minority Interest) (3,130) (10,591)
Less: Minority Int. / Share of Associates (394) (4,555)
PAT (After Minority Interest) (2,736) (6,036)
INR mn
18
Balance Sheet
Particulars 30-Sep-12 31-Mar-12
Assets:
Non Current Assets:
Fixed Assets 450,148 388,492
Goodwill on Consolidation 32,363 31,745
Non-current investments 1,059 1,492
Deferred tax assets 1,021 1,359
Long term loans and advances 37,502 32,045
Trade receivables 1,660 1,337
Other non-current assets 8,361 11,425
Non Current Bank Balance 9,353 4,391
541,466 472,285
Current Assets:
Current investments 9,044 5,724
Inventories 3,241 2,595
Trade receivables 15,604 17,037
Cash and cash equivalents 31,975 42,561
Short-term loans and advances 9,243 9,877
Other current assets 13,713 12,203
82,819 89,997
Total 624,286 562,282
Particulars 30-Sep-12 31-Mar-12
Equity and Liabilities
Shareholders’ Funds
(a) Share Capital 3,892 3,892
(b) Reserves & Surplus 67,912 71,485
71,804 75,378
Pref Shares by Subsidiaries 19,801 19,801
Minority Interest 17,534 17,917
Net Worth 109,139 113,096
Long Term Liabilities:
a) Long Term Borrowings (other than DF) 299,561 247,192
b) Deferred Tax Liability 427 377
b) Trade Payables 170 117
c) Other Long Term Liabilities 23,012 25,265
d) Long Term Provisions 1,436 1,491
e) Pass through Debts / Interest Free Loans 6,323 6,475
330,930 280,916
Current Liabilities:
a) Short-term borrowings 81,406 73,156
b) Trade Payables 11,197 12,367
c) Other Current liabilities 58,372 47,458
c) Short Term Provisions 2,763 1,822
b) Current maturities of long-term borrowings
(other than DF) 21,673 25,261
d) Pass through Debts / Interest Free Loans 8,807 8,206
184,217 168,269
Total 624,286 562,282
INR mn
19
Key Balance Sheet Details
Debt / Equity
30-Sep-12 31-Mar-12
Gross Debt 4,02,639 3,45,608
Less: Cash & Cash equivalents 50,372 52,676
Net Debt 3,52,268 2,92,932
Net Worth 1,09,139 1,13,096
Net Debt/Equity 3.23 2.59
INR mn
Gross Debt for Projects under Implementation:
30-Sep-12 31-Mar-12
Rajahmundry 25,358 24,624
Kamalanga 30,965 22,976
EMCO 22,791 18,020
Chhattisgarh 29,354 21,855
GMR Energy (Singapore) 33,345 16,930
Transmission Projects 1,031 -
Energy - Others 1,500 1,500
Hungund - Hospet 7,660 5,630
Hyderabad - Vijaywada 14,732 11,534
Chennai Outer Ring Road 4,046 3,315
Others 7,799 7,050
Net Debt/Equity 1,78,581 1,33,434
INR mn
Capital Employed
30-Sep-12 31-Mar-12
Airport 1,62,693 1,61,521
Energy 2,45,199 2,04,660
Highways 65,173 58,634
EPC 2,814 2,556
Others (Net of Inter-segment) 66,805 57,811
5,42,683 4,85,180
Less: Unallocated Assets / (Liabilities) (4,33,544) (3,72,084)
Total 1,09,139 1,13,096
INR mn
20
Consolidated Financial Performance
EBITDA (INR mn) 3
Gross Revenues (INR mn) 1
EBITDA (USD mn) 4
Gross Revenues (USD mn) 2
# Exchange Rate : 1USD = ` 50.00
* 9MFY13 figures annualised for CAGR
44,762 51,234
64,653
84,730
73,780
FY09 FY10 FY11 FY12 9MFY13
CAGR: 22%
895 1,025
1,293
1,695
1,476
FY09 FY10 FY11 FY12 9MFY13
CAGR: 22%
10,670
13,643
15,555 16,595 17,075
FY 09 FY 10 FY 11 FY 12 9MFY13
CAGR: 21%
213
273 311
332 342
FY09 FY10 FY11 FY12 9MFY13
CAGR: 21%
Appendix
22
Current Proposed
Completion Date 2010
PAX Capacity (mn) 60 100
Cargo Cap (mn tons) 0.5 3.6
Runways 3 4
PTB Area (mn sq. ft) 5.4 17.2
GMR Infrastructure 54%
Airport Authority of India 26%
Malaysia Airports 10%
Fraport 10%
Delhi Airport
Consortium Partners in DIAL
Financing Plan (Phase-I) (Rs. mn)
Development Roadmap
Concession Overview
Phase-IB: Development of New
Integrated Terminal (T3)
Phase-IA: Modernization of Existing
Terminals (T1 & T2)
Land Side Facilities
168 Check-in Counters
49 Outbound and 46 Inbound
Immigration counters
92 Walklators, 31 Escalators,
63 Lifts, 141 Washrooms
Multilevel Car Park Facility for 4,300
cars & Surface Parking 2,300 cars
Air Side Facilities
78 Aerobridge
48 Contact & 9 Remote Parking Stands
Land Side Facilities
Domestic Departure & Arrival
Terminals refurbished in Dec 08
International Terminal (T2)
refurbished in Jun 08
New Domestic Departure Terminal
(T1D) started in Apr 2009
Air Side Facilities
Runway of 4,430 m & parallel Taxiway
Terminal 3
Phase-IA completed in Feb 2009
Phase-IB completed in Mar 2010
Handled 35.88 mn PAX (2011-12)
Handled 0.50 mn tons of Cargo (2011-12) Concession Date April 2006
Concession Period 30 + 30 years
Revenue Share 46% of revenue
25000
14840 19312
14715
52660 126527
Equity # ADFCollected till01/06/2011
AdditionalADF Stage 1
& 2^
Interest FreeDeposits
Loans fromFis/Banks
Total ProjectCost @
# includes Rs.1500 mn upfront fee excluded from capex as per AERA order no. 28/2011-12 ^ As approved by AERA vide order no. 28/2011-12 @ as approved by AERA, plus upfront fee
23
Delhi Airport: Annual Operational Performance
Cargo handled (in ‘000s of Tonnes)
Air Traffic Movements (ATMs in ‘000s) Passenger Traffic (in millions)
3
2
includes non billable domestic cargo.
Revenue growth (in Rs millions) 4
157.9 185.8 201.2
240.4
59.5 63.4
74.8
76.9
FY 09 FY 10 FY11 FY12
109.9 165.0 136.0 135.2
287.2
334.5 390.9 367.6
FY 09 FY 10 FY11 FY12
Domestic International Non aero revenue also includes cargo and CPD income
3,420 4,221 4,648 4,829
6,055 7,311
7,784 10,097
FY 09 FY 10 FY11 FY12
Aero Non-aero
15.1 17.8 20.7 25.1
7.8 8.3
9.3
10.8
FY 09 FY 10 FY11 FY12
1
24
Delhi Airport: 250 Acres of Property Development
250 Acres of Aerotropolis Development Aerotropolis Phase - I : 45 Acres of Hospitality District
45 Acres Divided into
14 Asset Areas (Asset Area 5
divided as 5A/5B)
Total GBA (FSI) = 6.12 msf
Hospitality = 11 assets
(5.04 msf)
Commercial = 3 assets
(1.08 msf)
Commercial development at airport envisages development of an
alternate commercial hub, right in the heart of NCR
Master plan by YRM & PF
Location lends dual advantage of central location with effective
connectivity & proximity to demand
Hospitality District, the first phase of development, constitutes of
hospitality and commercial assets.
Awarded development rights for 14 asset areas through
competitive bidding
Total area: 45.08 acres (Developable Area of 6.12 msf)
Bids awarded to Accor, InterGlobe Hotels, Juniper Hotels, Aria
Hotels, Lemon Tree, Bird Group, DB Hospitality, Blue Coast
Hotels, Pride Hotels, Sweta Estates, Bharti Realty
Development at site in full swing
Majority of Land Bank Core Airport
infrastructure
NH 8
Gurgaon
*LP = Land Parcel
25
Concession Effective from April 2008
Concession Period 30 + 30 years
Revenue Share 4% of revenue (deferred till 11th year)
Hyderabad Airport
Consortium Partners in GHIAL*
Air Side Facilities
Runway (4,260 m) with Parallel Taxiway
30 Remote Parking Stands
Facility of 12 Aerobridges
5 Cargo Parking Stands
Land Side Facilities
146 Check-in Counters
46 Immigration Counters
3 nos. 90 m & 1 no. 70 m Baggage Carousels
Car Park Facility for 3,500 cars
Financing Plan (Phase-I) (Rs. mn)
Development Roadmap
Terminal Building
Phase-I operationalized in Mar 2008
Currently handling 8.60 mn PAX pa
Currently handling 0.81 mn tons of Cargo Concession Overview
Current Proposed
PAX Capacity (mn) 12 40
Cargo Cap (mn tons) 0.10 0.45
Runways 1 2
PTB Area (mn sq. ft) 1.17 3.90
GMR Infrastructure 63%
Airport Authority of India 13%
Govt. of Andhra Pradesh 13%
Malaysia Airports 11%
* GHIAL: GMR Hyderabad International Airports Ltd
26
Hyderabad Airport: Annual Operational Performance
Cargo handled (in ‘000 Tons)
Air Traffic Movements (ATMs) in ‘000 Passenger Traffic (in millions)
3
2 1
Domestic International
Revenue growth (in Rs millions) 4
4.80 5.75
6.7
1.69
1.88
1.9
FY 10 FY11 FY12
66.90 69.47 85.55
13.56 13.82
14.11
FY 10 FY11 FY12
29.35 36.39 34.47
37.12
44.39 47.00
FY 10 FY11 FY12
2,199 2,969
3,503
2,012
2,197
2,488
FY 10 FY11 FY12
Aero Non-aero
27
Hyderabad Airport: 1,500 Acres of Property Development
* Superior connectivity with city centre (45 minutes) and HiTech City (30 minutes), Metro lines planned
Healthport
(~25 Acres)
Multi-Specialty Hospital focused on medical tourism as the anchor
Research, Clinical Trial, Medical education and Training facilities
Funport
(~145 Acres)
Amusement Park with Destination Retail and Multi Purpose Arena as the anchor
Commercial District (~ 75 Acres)
Convention Centre cum Exhibition Facility as the anchor
Office Space, Hotels, Restaurants & supporting Retail facilities
Eduport
(~40 Acres)
International Business Institution and an International School as anchors, supporting Retail and Sports Facility
Agreement signed with Schulich Business School, York University, Canada for establishing GMR Campus of Schulich Business School
Creating a theme-based, anchor-led mixed-use Airport City in 1,000 acres (Phase-I: 275 acres)
Development of Aviation and Logistics SEZs in 500 acres
250 acres of Aviation SEZ
MRO over 25 Acres (JV with Malaysian Aerospace)
4 bays (2 narrow body,1 wide body,1 paint bay)
Operations commenced in Nov 2011
Training Centre with CFM International (Aircraft Engine Manufacturer) operational
Plan to develop a world-class Aerospace Park which would include:
Airframe & Engine MROs, manufacturing of components and sub-systems, Design, Engineering and Technical Support services
Advantages of clustering several Aviation Industry segments
Availability of knowledgeable and experienced workforce, service customisation and synergy from sharing of resources
250 acres of Logistics SEZ
Planned as Cargo Trans-shipment Hub
Districon appointed for a feasibility study for establishing
Freight Distribution Centre
Perishable Cargo Centre
Express Cargo Facilities
28
Airport Capacity
Project Features
Air Side facilities
Runway with 45 m (width) and 3,000 m (length)
Parallel Taxiway 2 Rapid Exit Taxiways (RET) – 45 m (width)
Apron Parking capacity for 48 planes
Cargo Terminal of 8,200 sq. m
Istanbul Sabiha Gokçen International Airport
Financing Plan (Euro mn)
Very strong annual traffic growth
FY 2012 traffic was 13.82
mn PAX (13% higher than
FY11)
Consortium Partners in ISGIA*
Concession Overview
GMR Infrastructure 40%
Limak 40%
Malaysia Airports 20%
* ISGIA: Istanbul Sabiha Gokçen International Airport Ltd
Concession Date May 2008
Concession Period 20 years (extended by additional 1 year and 300 days)
Concession fees €1.93bn over the concession period. First payment in 2011
Previous Current
PAX Capacity 5 mn 25 mn
Cargo Capacity - 145,000 tons
PTB Area (sq. m) 25,600 210,000
29
SGIA: Annual Operational Performance
Fuel Farm Operations (in ‘000s of Tonnes)
Air Traffic Movements (ATMs) in ‘000 Passenger Traffic (in millions)
3
2 1
Revenue growth* (in Rs millions) 4
607 1,012
1,290 562
1,056
1,218
186
281
241
FY 10 FY11 FY12
Aero Non-aero Fuel (net)
5.31
8.06 9.22
2.42
4.18
4.6
FY 10 FY11 FY12
44.45
68.35 74.09
26.35
43.50 43.50
FY 10 FY11 FY12
81.16 104.23
65.13
109.58
152.70
137.27
FY 10 FY11 FY12
Domestic International
* Figures correspond to 40% stake in ISGIA
