4. Autovias
Operational Data, Revenue and EBITDA
Revenues (thousand Euros)
(1)
Average Daily Traffic
103.786 68.949
105.000
70.000
56.374
79.362
80.000 50.000 44.241
36.167
48.609 50.130 51.790 26.186
30.000
55.000
10.000
30.000
2004 2005 2006 2007 2008
2004 2005 2006 2007 2008
(1) Equivalent Vehicles
Gross Toll Revenues (thousand Br Reais) EBITDA (thousand Euros)
198.927
51.256
200.000 55.000
162.583
40.716
40.000
150.000 131.130
31.064
115.087
99.737 23.985
25.000
100.000
17.435
10.000
50.000
2004 2005 2006 2007 2008
2004 2005 2006 2007 2008
The opening of Santa Rita toll plaza, in June 2007, has allowed for a significant increase in traffic volume.
53
5. Autovias
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 68.949 56.374 Tangible Fixed Assets 122.579 149.762
Other non-current Assets 47.077 16.059
EBITDA 51.256 40.716
Total non-current Assets 169.656 165.821
Depreciation and Amortization (13.877) (12.155)
Trade Debtors and Other
4.077 4.081
EBIT 37.379 28.561 Current Assets
Cash and Financial Assets 4.599 4.929
Finance Income (13.982) (10.388)
Total current Assets 8.676 9.010
Other Income 180
TOTAL ASSETS 178.332 174.831
Profit Before Tax 23.397 18.353
Net Equity 55.038 64.674
Income Tax Charge (7.515) (6.113)
Other non-current Liabilities 20.106 27.367
Profit after Tax 15.882 12.240 Financial Liabilities 94.862 67.185
Other Current Liabilities 8.326 15.605
TOTAL LIABILITIES 178.332 174.831
11.424 19.452
Capex
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007)
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66
Brazilian Reais.
(2007) Brazilian Reais.
54
6. Autovias
Financing and Concession Contract
Other Financing Summary • Toll updating every July according to
inflation, measured by IGPM index that takes
Type Commercial Bank Loan
devaluations into account.
Currency Br. Reais
• Monthly payable concession royalty. The
Outstanding Balance 08 72,7 M Reais
pending balance of the royalty is updated
Maturity Date November 2010 yearly with the same index and date of the
toll review. In 2008, the concession royalty
Variable interest rate CDI + 1% aa
paid amounted to 11,2 million Brazilian
Reais.
Other Financing Summary
• The royalty pending at December 31, 2008
adds up to 56,4 million Brazilian Reais.
Type Commercial Bank Loan
Currency Br. Reais
Outstanding Balance 08 195 M Reais
Maturity Date January 2010
Variable interest rate CDI + 1,037% aa
CDI: Interbank Deposit Certificate. Currently 11,25%
55
8. Centrovias
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 63.879 52.657 Tangible Fixed Assets 117.768 140.278
Other non-current Assets 39.491 34.405
EBITDA 48.710 36.751
Total non-current Assets 157.259 174.683
Depreciation and Amortization (14.702) (4.811)
Trade Debtors and Other
3.643 3.824
EBIT 34.008 31.940 Current Assets
Cash and Financial Assets 5.895 2.308
Finance Income (13.395) (5.808)
Total current Assets 9.538 6.132
Other Income (38)
TOTAL ASSETS 166.797 180.815
Profit Before Tax 20.613 26.094
Net Equity 47.553 102.179
Income Tax Charge (7.116) (10.472)
Other non-current Liabilities 26.396 41.751
Profit after Tax 13.497 15.622 Financial Liabilities 83.952 24.460
Other Current Liabilities 8.896 12.425
TOTAL LIABILITIES 166.797 180.815
14.752 34.650
Capex
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007)
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66
Brazilian Reais.
(2007) Brazilian Reais.
57
9. Centrovias
Financing and Concession Contract
Other Financing Summary • Toll updating every July according to
inflation, measured by IGPM index that takes
Type Commercial Bank Loan
devaluations into account.
Currency Br. Reais
• Monthly payable concession royalty. The
pending balance of the royalty is updated
Outstanding Balance 08 265 M Reais
yearly with the same index and date of the
Maturity Date January de 2010
toll review. In 2008, the concession royalty
paid amounted to 13,3 million Brazilian
Variable interest rate CDI + 1,037% aa
Reais.
• The royalty pending at December 31, 2008
adds up to 81,9 million Brazilian Reais.
CDI: Interbank Deposit Certificate. Currently 11,25%
58
11. Intervias
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 77.882 69.169 Tangible Fixed Assets 119.953 134.027
Other non-current Assets 68.605 15.111
EBITDA 57.615 49.249
Total non-current Assets 188.558 149.138
Depreciation and Amortization (7.172) (7.625)
Trade Debtors and Other
3.508 4.110
EBIT 50.443 41.624 Current Assets
Cash and Financial Assets 7.734 6.849
Finance Income (10.650) (7.138)
Total current Assets 11.242 10.959
Other Income 429
TOTAL ASSETS 199.800 160.097
Profit Before Tax 39.793 34.915
Net Equity 55.219 58.454
Income Tax Charge (11.535) (10.548)
Other non-current Liabilities 25.999 25.949
Profit after Tax 28.258 24.367 Financial Liabilities 110.302 65.104
Other Current Liabilities 8.280 10.590
TOTAL LIABILITIES 199.800 160.097
Capex 15.668 13.483
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007)
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66
Brazilian Reais.
(2007) Brazilian Reais.
60
12. Intervias
Financing and Concession Contract
Other Financing Summary • Toll updating every July according to
inflation, measured by IGPM index that takes
Type Commercial Bank Loan
devaluations into account.
Currency Br. Reais
• Monthly payable concession royalty. The
Outstanding Balance 08 113,9 M Reais
pending balance of the royalty is updated
Maturity Date November 2010
yearly with the same index and date of the
Variable interest rate CDI + 1% aa toll review. In 2008, the concession royalty
paid amounted to 12,3 million Brazilian
Reais.
Other Financing Summary
• The royalty pending at December 31, 2008
Type Commercial Bank Loan.
adds up to 60,3 million Brazilian Reais.
Currency Br. Reais
Outstanding Balance 08 246,4 M Reais
Maturity Date January 2010
Variable interest rate CDI + 1,037% aa
CDI: Interbank Deposit Certificate. Currently 11,25%
61
14. Vianorte
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 61.819 53.740 Tangible Fixed Assets 88.650 101.079
Other non-current Assets 90.202 120.020
EBITDA 47.128 38.815
Total non-current Assets 178.850 221.099
Depreciation and Amortization (21.189) (20.174)
Trade Debtors and Other
2.649 2.957
EBIT 25.839 18.641 Current Assets
Cash and Financial Assets 4.813 2.669
Finance Income (15.127) (13.897)
Total current Assets 7.462 5.626
Other Income (41)
TOTAL ASSETS 186.314 226.725
Profit Before Tax 10.812 4.703
Net Equity 43.175 49.552
Income Tax Charge (2.381) (1.660)
Other non-current Liabilities 96.547 122.785
Profit after Tax 8.431 3.043 Financial Liabilities 26.189 37.510
Other Current Liabilities 20.403 16.878
TOTAL LIABILITIES 186.314 226.725
Capex 15.972 21.040
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007)
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66
Brazilian Reais.
(2007) Brazilian Reais.
63
15. Vianorte
Financing and Concession Contract
Main Financing Summary • Toll updating every July according to
inflation, measured by IGPM index that takes
Type BNDES Loan
devaluations into account.
Status Repayment phase
• Monthly payable concession royalty. The
Currency Br. Reais
pending balance of the royalty is updated
Outstanding Balance 08 69,7 M Reais yearly with the same index and date of the
toll review. In 2008, the concession fixed and
Repaid amount 08 14,1 M Reais
variable royalty paid amounted to 37,1 million
Available amount 08 n/a
Brazilian Reais.
Maturity year 2013
• The royalty pending at December 31, 2008
Fixed interest rate n/a adds up to 321,9 million Brazilian Reais.
Variable interest rate TJLP + (4,5% - 7,5%)
TJLP: Tasa Juros Largo Plazo: Long Term Interest Rate. Currently 6,25%
64
16. Autovias / Centrovias / Intervias / Vianorte
Projection Hypothesis
Period Revenues % Ebitda Inflation
CAC (average)
2009-2013 8,9% 71,1% 4,3%
2013-2017 8,9% 75,0% 4,5%
2017-2021 -20,5% 80,8% 4,5%
2021-2027 8,3% 84,5% 4,5%
In Local Currency (Million Brazilian Reais)
Year 2009 2010 2011 2012 2013
Capex (1) 170 80 60 60 100
(1) OHL Brasil Financial Disclosure, March 2009.
65
17. Rio de Janeiro – Espírito Santo
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 0 0 Tangible Fixed Assets 36.506
Other non-current Assets
EBITDA 0 0
Total non-current Assets 36.506 0
Depreciation and Amortization
Trade Debtors and Other
100
EBIT 0 0 Current Assets
Cash and Financial Assets 795
Finance Income
Total current Assets 895 0
Other Income
TOTAL ASSETS 37.401 0
Profit Before Tax 0 0
Net Equity 9.631
Income Tax Charge
Other non-current Liabilities 0
Profit after Tax 0 0 Financial Liabilities 709
Other Current Liabilities 27.061
TOTAL LIABILITIES 37.401 0
Capex 35.398 0
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007)
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66
Brazilian Reais.
(2007) Brazilian Reais.
66
18. Rio de Janeiro – Espírito Santo
Financing and Concession Contract
Other Financing Summary • Toll updating every February according to
inflation, measured by IPCA index that takes
Type Promissory Notes
devaluations into account.
Currency Br. Reais
Date of Signature January 2009
Outstanding Balance March/09 27,1 M Reais
Maturity Date July 2009
Variable interest rate CDI + 5% aa
CDI: Interbank Deposit Certificate. Currently 11,25%
67
19. São Paulo – Belo Horizonte
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 245 0 Tangible Fixed Assets 67.067
Other non-current Assets
EBITDA 21 0
Total non-current Assets 67.067 0
Depreciation and Amortization (119)
Trade Debtors and Other
207
EBIT (98) 0 Current Assets
Cash and Financial Assets 3.017
Finance Income (12)
Total current Assets 3.224 0
Other Income
TOTAL ASSETS 70.291 0
Profit Before Tax (110) 0
Net Equity 17.306
Income Tax Charge
Other non-current Liabilities 34.840
Profit after Tax (110) 0 Financial Liabilities 1.929
Other Current Liabilities 16.216
TOTAL LIABILITIES 70.291 0
Capex 53.818 0
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007)
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66
Brazilian Reais.
(2007) Brazilian Reais.
68
20. São Paulo – Belo Horizonte
Financing and Concession Contract
Other Financing Summary • Toll updating every December according to
inflation, measured by IPCA index that takes
Type Promissory Notes
devaluations into account.
Currency Br. Reais
Date of Signature January 2009
Outstanding Balance March/09 54,7 M Reais
Maturity Date July 2009
Variable interest rate CDI + 5% aa
CDI: Interbank Deposit Certificate. Currently 11,25%
69
21. São Paulo – Curitiba
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 119 0 Tangible Fixed Assets 75.698
Other non-current Assets
EBITDA 99 0
Total non-current Assets 75.698 0
Depreciation and Amortization (5)
Trade Debtors and Other
605
EBIT 94 0 Current Assets
Cash and Financial Assets 1.631
Finance Income
Total current Assets 2.236 0
Other Income
TOTAL ASSETS 77.934 0
Profit Before Tax 94 0
Net Equity 13.747
Income Tax Charge
Other non-current Liabilities 37.707
Profit after Tax 94 0 Financial Liabilities 1.011
Other Current Liabilities 25.469
TOTAL LIABILITIES 77.934 0
Capex 73.268 0
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007)
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66
Brazilian Reais.
(2007) Brazilian Reais.
70
22. São Paulo – Curitiba
Financing and Concession Contract
Other Financing Summary • Toll updating every December according to
inflation, measured by IPCA index that takes
Type Promissory Notes
devaluations into account.
Currency Br. Reais
Contract Signature January 2009
Outstanding Balance March/09 56,8 M Reais
Maturity Date July 2009
Variable interest rate CDI + 5% aa
CDI: Interbank Deposit Certificate. Currently 11,25%
71
23. Curitiba - Florianópolis
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 0 0 Tangible Fixed Assets 41.639
Other non-current Assets
EBITDA 0 0
Total non-current Assets 41.639 0
Depreciation and Amortization
Trade Debtors and Other
392
EBIT 0 0 Current Assets
Cash and Financial Assets 1.513
Finance Income
Total current Assets 1.905 0
Other Income
TOTAL ASSETS 43.544 0
Profit Before Tax 0 0
Net Equity 10.563
Income Tax Charge
Other non-current Liabilities 21.174
Profit after Tax 0 0 Financial Liabilities 22
Other Current Liabilities 11.785
TOTAL LIABILITIES 43.544 0
Capex 41.639 0
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007)
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66
Brazilian Reais.
(2007) Brazilian Reais.
72
24. Curitiba - Florianópolis
Financing and Concession Contract
Other Financing Summary • Toll updating every February according to
inflation, measured by IPCA index that takes
Type Promissory Notes
devaluations into account.
Currency Br. Reais
Date of Signature January 2009
Outstanding Balance March/09 35,4 M Reais
Maturity Date July 2009
Variable interest rate CDI + 5% aa
CDI: Interbank Deposit Certificate. Currently 11,25%
73
25. Curitiba – Rio Grande do Sul
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 120 0 Tangible Fixed Assets 31.012
Other non-current Assets
EBITDA (7) 0
Total non-current Assets 31.012 0
Depreciation and Amortization (10)
Trade Debtors and Other
448
EBIT (17) 0 Current Assets
Cash and Financial Assets 2.116
Finance Income
Total current Assets 2.564 0
Other Income
TOTAL ASSETS 33.576 0
Profit Before Tax (17) 0
Net Equity 7.753
Income Tax Charge
Other non-current Liabilities 19.094
Profit after Tax (17) 0 Financial Liabilities
Other Current Liabilities 6.729
TOTAL LIABILITIES 33.576 0
Capex 31.012 0
• Balance Sheet: Closing exchange rate 1 € = 3,22 (2008); 2,62 (2007)
• Income Statement: Average exchange rate 1 € = 2,66 (2008); 1 € = 2,66
Brazilian Reais.
(2007) Brazilian Reais.
74
26. Curitiba – Rio Grande do Sul
Financing and Concession Contract
Other Financing Summary • Toll updating every December according to
inflation, measured by IPCA index that takes
Type Promissory Notes
devaluations into account.
Currency Br. Reais
Date of Signature January 2009
Outstanding Balance March/09 28,4 M Reais
Maturity Date July 2009
Variable interest rate CDI + 5% aa
CDI: Interbank Deposit Certificate. Currently 11,25%
75
29. Autopista del Sol
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 31.488 29.118 Tangible Fixed Assets 85.884 103.472
Other non-current Assets 26.063 17.927
EBITDA 19.205 17.326
Total non-current Assets 111.947 121.399
Depreciation and Amortization (7.301) (7.334)
Trade Debtors and Other
2.623 23.655
EBIT 11.904 9.992 Current Assets
Cash and Financial Assets 50.716 58.735
Finance Income (17.854) (15.359)
Total current Assets 53.339 82.390
Other Income (242)
TOTAL ASSETS 165.286 203.789
Profit Before Tax (5.950) (5.609)
Net Equity 3.898 31.321
Income Tax Charge 2.144 2.390
Other non-current Liabilities 23.202 18.053
Profit after Tax (3.806) (3.219) Financial Liabilities 126.060 140.710
Other Current Liabilities 12.126 13.705
TOTAL LIABILITIES 165.286 203.789
Capex 6.480 840
• Balance Sheet: Closing exchange rate 1 € = 884 (2008); 733 (2007)
• Income Statement: Average exchange rate 1 € = 767 (2008); 718
Chilean Pesos.
(2007) Chilean Pesos.
78
30. Autopista del Sol
Financing and Concession Contract
Main Financing Summary • Annual toll updating according to inflation,
measured by CPI.
Type Bond issues (1)
• Yearly 196.832 UF infrastructure royalty up
Status Repayment phase
to 2012, reported as operating expense.
Currency UF
Outstanding Balance 08 4,56 M UF / 0,98 M UF
Repaid amount 08 0,22 M UF
Available amount 08 n/a
Maturity year 2018
Fixed interest rate 5,8% / 4%
Variable interest rate n/a
(1) Secured by monoline
UF: Unidad de Fomento (1 UF = 21.452 Chilean Pesos)
79
31. Autopista del Sol
Projection Hypothesis • Revenue reduction for the 2015/
2018 period is due to the toll
pricing down, provided in the
contract.
Period Revenues % EBITDA Inflation
CAC (average)
• The rise of EBITDA in percentage
2009-2013 8,5% 61,1% 3,5%
terms results from the conclusion
2013-2017 1,1% 79,2% 3,5% of the infrastructure royalty
payment, on 2012.
2017-2019 7,4% 75,4% 3,5%
In Local Currency (Million Chilean Pesos)
Year 2009 2010 2011 Remainder
Revenues 26.846 29.347 32.246 301.959
Capex 7.608 705 559 15.661
80
36. Autopista Los Andes
Operational Data, Revenue and EBITDA
Revenues (thousand Euros)
(1)
Average Daily Traffic
4.000
13.786
15.000
3.463
3.000
10.000
2.000
5.000
1.000
0
2008
2008
(1) Equivalent Vehicles
EBITDA (thousand Euros)
Gross Toll Revenues (Million Chilean Pesos)
2.000
3.000 1.852
2.662
2.000 1.500
1.000 1.000
0 500
2008 2008
The above shown data corresponds to the June – December 2008 period.
85
37. Autopista Los Andes
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 3.463 0 Tangible Fixed Assets 207.708 187.919
Other non-current Assets 14.105 8.703
EBITDA 1.852 0
Total non-current Assets 221.813 196.622
Depreciation and Amortization (400)
Trade Debtors and Other
8.059 10.483
EBIT 1.452 0 Current Assets
Cash and Financial Assets 122.752 18.650
Finance Income (3.003)
Total current Assets 130.811 29.133
Other Income
TOTAL ASSETS 352.624 225.755
Profit Before Tax (1.551) 0
Net Equity 7.384 21.094
Income Tax Charge 910
Other non-current Liabilities 116.257 28.694
Profit after Tax (641) 0 Financial Liabilities 217.725 156.434
Other Current Liabilities 11.258 19.533
TOTAL LIABILITIES 352.624 225.755
Capex 49.470 84.235
• Balance Sheet: Closing exchange rate 1 € = 884 (2008); 733 (2007)
• Income Statement: Average exchange rate 1 € = 767 (2008); 718
Chilean Pesos.
(2007) Chilean Pesos.
86
38. Autopista Los Andes
Financing and Concession Contract
Main Financing Summary • Includes a subsidized government grant of
3,2 M UF.
Type Syndicated Loan
Status Fully disposed (1)
• Annual toll update according to inflation
Currency UF measured by CPI + 3,5%.
Outstanding Balance 08 8,9 M UF
Repaid amount 08 2,6 M UF
Available amount 08 0 M UF
Maturity year 2025
Fixed interest rate (90%) 6,68% / 6,26% (2)
Variable interest rate (10%) TAB in UF + 1,75%
(1) Does not include VAT credit, which is in availability
period. Automatic renewal 400k UF
(2) SWAP + credit conditions
UF: Unidad de Fomento (1 UF = 21.452 Chilean Pesos)
TAB: Bank Rate
87
39. Autopista Los Andes
Projection Hypothesis
Period Revenues % EBITDA Inflation
CAC (average)
2009-2013 32,3% 70,7% 3,5%
2013-2017 16,1% 82,8% 3,5%
2017-2021 15,0% 87,8% 3,5%
2021-2035 10,9% 92,8% 3,5%
In Local Currency (Million Chilean Pesos)
Year 2009 2010 2011 Remainder
Ingresos 6.331 9.634 14.198 2.564.726
Capex 37.100 246 255 27.673
88
42. Autovía M-45
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 11.090 10.428 Tangible Fixed Assets 79.872 82.395
Other non-current Assets 18.992 24.621
EBITDA 10.063 9.403
Total non-current Assets 98.864 107.016
Depreciation and Amortization (2.490) (2.900)
Trade Debtors and Other
2.405 2.394
EBIT 7.573 6.503 Current Assets
Cash and Financial Assets 715 2.229
Finance Income (3.982) (3.946)
Total current Assets 3.120 4.623
Other Income
TOTAL ASSETS 101.984 111.639
Profit Before Tax 3.591 2.557
Net Equity 14.590 21.022
Income Tax Charge (1.077) (883)
Other non-current Liabilities 8.674 9.476
Profit after Tax 2.514 1.674 Financial Liabilities 75.680 76.697
Other Current Liabilities 3.040 4.444
TOTAL LIABILITIES 101.984 111.639
Capex (33) 234
91
43. Autovía M-45
Financing and Concession Contract
Main Financing Summary • “Shadow” toll. Revenues through grant
according to number of vehicles / km covered
Type Loan
in the concession road, within the annual
Status Repayment
limits provided in the contract.
Currency €
• Annual grant calculated according to a
Outstanding Balance 08 72,0 M €
schedule of traffic bands, both for light and
Repaid amount 08 heavy vehicles, as per the relevant unit price.
Unit prices updated yearly at 95% of CPI.
Available amount 08 n/a
Maturity year 2027
Fixed interest rate (100%) 4,95%
Variable interest rate n/a
92
46. Autopista M-12
Income Statement and Balance Sheet (thousand €)
Balance Sheet
Income Statement
2008 2007
2008 2007
Revenues 5.489 5.714 Tangible Fixed Assets 298.685 349.914
EBITDA 1.130 2.153 Other non-current Assets 63.897 24.677
Impairment Provision (48.000) Total non-current Assets 362.582 374.591
Depreciation (3.641) (3.835) Trade Debtors and Other
437 672
Current Assets
EBIT (50.511) (1.682)
Cash and Financial Assets 16.686 17.315
Financial Income (15.747) (14.566) Total current Assets 17.123 17.987
Other Income (968) TOTAL ASSETS 379.705 392.578
Profit Before Tax (66.258) (17.216) Net Equity 10.149 67.417
Income Tax Charge 19.878 5.597 Other non-current Liabilities 130.454 84.751
Profit After Tax (46.380) (11.619) Financial Liabilities 238.002 239.166
Other Current Liabilities 1.100 1.244
TOTAL LIABILITIES 379.705 392.578
Capex 367 295
95
47. Autopista M-12
Financing and Concession Contract
Main Financing Summary • Annual toll adjustment according to CPI.
Type Syndicated loan
• Operation started on June 2005 and new T4
Status Repayment
terminal opened on February 2006.
Currency €
Outstanding Balance 08 238 M €
Repaid amount 08 1,56 M €
Available amount 08 n/a
Maturity year 2023
Fixed interest rate (80%) 6,36%
Variable interest rate (20%) Euribor + 1,5%
96
48. Autovía de Aragón Tramo 1
Income Statement and Balance Sheet (thousand €)
Income Statement Balance Sheet
2008 2007 2008 2007
Revenues 0 0 Tangible Fixed Assets 26.113 1.074
Other non-current Assets 34.116 31.975
EBITDA 0 0
Total non-current Assets 60.229 33.049
Depreciation and Amortization
Trade Debtors and Other
4.083 18
EBIT 0 0 Current Assets
Cash and Financial Assets 375 9.714
Finance Income
Total current Assets 4.458 9.732
Other Income
TOTAL ASSETS 64.687 42.781
Profit Before Tax 0 0
Net Equity 37.510 42.193
Income Tax Charge
Other non-current Liabilities 6.879 17
Profit after Tax 0 0 Financial Liabilities 8.761
Other Current Liabilities 11.537 571
TOTAL LIABILITIES 64.687 42.781
Capex 25.062 1.074
97
49. Autovía de Aragón Tramo 1
Financing and Concession Contract
Main Financing Summary • “Shadow” toll. Revenues through grant
according to number of vehicles / km covered
Type Loan
in the concession road, within the annual
Status Disposition phase
limits provided in the contract.
Currency €
• Annual grant calculated according to a
Outstanding Balance 08 7,6 Mn €
schedule of traffic bands, both for light and
Repaid amount 08 n/a
heavy vehicles, as per the relevant unit price.
Unit prices updated on a yearly basis
Available amount 08 108,9
according to CPI.
Maturity year 2025
Fixed interest rate (75%) 4,96%
Variable interest rate EURIBOR + 0,50%-0,85%
98
