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You are here:  Macquarie International Infrastructure Fund (MIIF) > Investment portfolio > HNE


Toll Roads:
Hua Nan Expressway (HNE)

 
Investment Description
Date of acquisition 19 November 2007
Cost of acquisition(1) S$295.7 million
Valuation(2) S$258.6 million
MIIF's ownership 81.0% interest
% of MIIF portfolio 24.2%
  1. 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.
  2. Based on 31 December 2009 valuations.

Asset overview

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.

Financials

Financial highlights for the
twelve months ended 31 December 2009
RMBm 2009 2008 Variance Fav/(Adv)(1)
Revenue 484.4 446.7 8.4%
EBITDA 393.4 353.8 11.2%
EBITDA margin 81.2% 79.2% 2.0%
Distributions to MIIF (S$m) 14.23 13.21(2) 7.7%
  1. Favourable/(Adverse)
  2. Excludes the 2008 special distribution of S$14.4 million.
Investment portfolio
ArqivaCAC CXPHNE Miaoli Wind TBC
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