About Macquarie

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MQA» About MQA» Investment portfolio

About MQA

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 +
M6 Toll	100.0%	West Midlands, UK	2003	31 January 2054	43 km	Market based
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 +

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%
M6 Toll	Av All day Traffic	35,699	£60.6	£51.7	85.4%
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%

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
Simplified description
Reflects estimated economic interest
Performance of APRR on a standalone basis
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

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This information is a general description of the Macquarie Group only. Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and you should seek independent advice. No information set out above constitutes advice, an advertisement, an invitation, an offer or a solicitation, to buy or sell any financial product or security or to engage in any investment activity, or an offer of any banking or financial service. Some products and/or services mentioned on this website may not be suitable for you and may not be available in all jurisdictions.

Macquarie only carries on banking activities in those countries it is authorised to do so. Macquarie Bank Limited (MBL) is authorised by the Australian Prudential Regulation Authority (APRA) in Australia to carry out banking business in Australia. Each of MBL, acting through its London branch, and Macquarie Bank International Limited, is authorised and regulated by the UK Financial Services Authority to carry on banking business in the United Kingdom. MBL, acting through its Seoul Branch, is authorised and regulated by the Financial Services Commission in Korea to carry out banking business in Korea. MBL, acting through its Singapore Branch, is authorised and regulated by the Monetary Authority of Singapore to carry out banking business in Singapore. MBL, acting through its Hong Kong branch, is authorised and regulated by the Hong Kong Monetary Authority to carry on banking business in Hong Kong.

Other than MBL, any Macquarie Group entity noted on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity's obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

Macquarie Group Limited and its related corporations are not otherwise currently authorised to accept deposits or conduct banking business in any other jurisdiction. Other members of the Macquarie Group are subject to regulation in the regions in which they operate. Further information can be found on this website or by contacting us.

Macquarie Bank Limited maintains Representative Offices in the states of Illinois, New York and Texas, but is not authorised to conduct business in the US.

The Fund information on this website is general in nature. All securities and financial product or instrument transactions involve risks. Past performance of any product described on this site is not a reliable indication of future performance.