Investment portfolio

 

The MQA portfolio has the following key characteristics:

  • a global portfolio, with assets in the France, USA, UK and Germany
  • long concession terms remaining (weighted average 32 years)1
  • a mixture of market based and scheduled toll increases providing revenue growth; and
  • no major refinancing requirements until 2013.
        As at 31 December 2010
Asset MQA % Interest Location Road Opened / Privatised Concession Expiry Road Length Tolling Structure2
APRR ~19.44%3 Eastern France 2004 31 December 2032 (APRR, AREA)
31 December 2042 (Maurice Lemaire)
31 December 2060 (ADELAC) 		2,264 km % of CPI
Dulles Greenway 50.00%4 Virginia, USA 1995 15 February 2056 22 km Market based/CPI +
M6 Toll 100.00% West Midlands, UK 2003 31 January 2054 42 km Market based
Chicago Skyway 22.50% Chicago, USA 2005 24 January 2104 12.5 km CPI +
Indiana Toll Road 25.00% Indiana, USA 2006 29 June 2081 252.7km CPI +
                                         Summary of MQA Portfolio financial information and key financial statistics
Asset Traffic Metric Traffic (12 Months to 31 Dec 2010) Revenue (m) EBITDA (m) EBITDA Ratio
APRR5 Total VKT(m) 21,157 €1,939.6 €1,326.1 68.4%
Dulles Greenway Av All day Traffic 47,663 US$65.3 US$47.7 73.1%
M6 Toll Av All day Traffic 39,781 £62.7 £55.1 87.9%
Chicago Skyway Av All day Traffic 44,987 US$59.5 US$50.7 85.1%
Indiana Toll Road Av All Day Full Length Equivalent Trips (Ticket) 24,041 US$173.8 US$138.9 79.9%
Av All Day Full Length Equivalent Trips (Barrier) 50,573
  1. Weighted by proportionate EBITDA. APRR’s remaining concession life is 22 years, with the weighted average concession life of the remainder of the portfolio being 53 years
  2. Simplified description
  3. Estimated interest post compulsory acquisition of remaining APRR shares by Eiffarie
  4. Reflects estimated economic interest
  5. Performance of APRR on a standalone basis.