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MIIF» Investment portfolio» Hua Nan Expressway (HNE)

Investment portfolio

Hua Nan Expressway (HNE)

Overview
Financials

HNE is a 31-kilometre dual-carriage urban toll road in the city of Guangzhou, the capital of Guangdong province in China. It is the main artery for north-south traffic in Guangzhou, enabling easy access to south China and is intersected by eight expressways and urban arteries, ensuring excellent connectivity.

Investment	Description
Date of acquisition	19 November 2007
Cost of acquisition⁽¹⁾	S$295.7 million
Valuation⁽²⁾	S$236.5 million
Distributions since acquisition	S$85.6 million
MIIF's ownership	81.0% interest
% of MIIF portfolio	25.9%

Originally announced acquisition of $329.5m included $295.7m invested at acquisition, and $33.8m to be drawn at a later date contingent upon certain events. This contingency is now no longer required and will not be drawn.
Based on 31 March 2012 valuations.

Financials

Financial highlights for the three months ended 31 March
RMBm	2012	2011	Variance Fav/(Adv)⁽¹⁾
Revenue	137.2	121.9	12.6%
EBITDA	112.2	98.6	13.8%
EBITDA margin	81.8%	80.9%	0.9%
Distributions to MIIF (S$m)	-	-	-

Favourable/(Adverse)

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Did you know?

MIIF was the first infrastructure fund listed on the Singapore Exchange Securities Trading Limited (SGX).

MIIF SGX releases

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