Investment portfolio

 

The MQA portfolio has the following key characteristics:

  • a global portfolio, with assets in France, USA, UK and Germany
  • long concession terms remaining (weighted average 30 years)1
  • a mixture of market based and scheduled toll increases providing revenue growth; and
  • no major refinancing requirements until 2015.
     As at 31 December 2012
Asset MQA % Interest Location Road Opened / Privatised Concession Expiry Road Length Tolling Structure2
APRR 19.44% Eastern France 2004 31 December 2032 (APRR, AREA)
31 December 2060 (ADELAC)
31 December 2068 (Maurice Lemaire)
2,264 km % of CPI
Dulles Greenway 50.0%3 Virginia, USA 1995 15 February 2056 22 km CPI +
Chicago Skyway 22.5% Chicago, USA 2005 24 January 2104 12.5 km CPI +
Indiana Toll Road 25.0% Indiana, USA 2006 29 June 2081 252.7km CPI +
Warnow Tunnel 70.0% Rostock, Germany 2003 15 September 2053 2.0 km CPI +
M6 Toll 100.0% West Midlands, UK 2003 31 January 2054 43 km Market based
     Summary of MQA Portfolio financial information and key financial statistics
Asset Traffic Metric Traffic (2012) Revenue (m) EBITDA (m) EBITDA Ratio
APRR4 Total VKT(m) 21,143 €2,038.6 €1,427.5 70.0%
Dulles Greenway Av All day Traffic 46,342 US$72.4 US$58.2 80.5%
Chicago Skyway Av All day Traffic 42,228 US$69.9 US$61.4 87.8%
Indiana Toll Road Av All day Traffic (FLET)5 27,639 US$195.1 US$158.9 81.4%
Warnow Tunnel Av All day Traffic 10,281 €8.4 €5.5 65.1%
M6 Toll Av All day Traffic 35,699 £60.6 £51.7 85.4%
  1. Weighted by proportionate EBITDA. APRR's remaining concession life is 20 years, with the weighted average concession life of the remainder of the portfolio being 52 years
  2. Simplified description
  3. Reflects estimated economic interest
  4. Performance of APRR on a standalone basis
  5. Full Length Equivalent Trips (FLET) for Indiana Toll Road is derived by taking a weighted average of the Ticket and Barrier systems’ average daily traffic