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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$296.2 million
Distributions since acquisition S$41.8 million
MIIF's ownership 81.0% interest
% of MIIF portfolio 28.5%
  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 30 June 2010 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
six months ended 30 June
RMBm 2010 2009 Variance Fav/(Adv)(1)
Revenue 258.7 212.0 22.0%
EBITDA 214.7 170.6 25.8%
EBITDA margin 83.0% 80.5% 2.5%
Distributions to MIIF (S$m) - - -
  1. Favourable/(Adverse)

Investment portfolio
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