1 / 18

Airport Concessions Lima / Peru an Example for Brazil?

Airport Concessions Lima / Peru an Example for Brazil?. PPP Americas, 12 May 2010 Felix von Berg, Fraport AG. Content.  Lima airport concession and the Peruvian model for airport concessions  Implications for Brazil. Content.

zonta
Télécharger la présentation

Airport Concessions Lima / Peru an Example for Brazil?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Airport Concessions Lima / Peruan Example for Brazil? • PPP Americas, 12 May 2010 • Felix von Berg, Fraport AG

  2. Content  Lima airportconcessionandthePeruvian model forairportconcessions  ImplicationsforBrazil PPP Americas 11-13 May 2010, FraportPresentation

  3. Content  Lima airport concession and the Peru-vian model for airport concessions  ImplicationsforBrazil PPP Americas 11-13 May 2010, FraportPresentation

  4. Fraport – managing 13 Airports worldwide under various legal forms St Peters- burg Amsterdam Hanover Hannover Hahn Wien Varna & Varna Burgas Burgas Athen Antalya Antalya Xi ‘an FRANKFURT FRANKFURT Xi‘an Shanghai Orlando Kairo Delhi * Cairo Delhi Hong Kong Riyadh Jeddah Dakar Senegal* Lima Lima Lima Fraport Fraport MajorityMinority Ownership of airport Concessions Management Contract PPP Americas 11-13 May 2010, FraportPresentation

  5. Jorge Chavez International Airport (JCIA) Key Facts • Traffic 2009 • 8,786m passengers • 232,374 tons of cargo • 104,965 air traffic movements • Non-stop destinations • National: 16 • International: 29 • Jorge Chavez Int, Airport • Runway: 3,507,5 m • 84,570 m² passenger terminals • 304,881 m² of apron • 63 commercial shops run by 34 different companies • 19 passenger loading bridges PPP Americas 11-13 May 2010, FraportPresentation

  6. Concessionoutline • Typlical “build, operate and transfer” concession with full air & landside opera-tion of airport (w/o air traffic control) by concessionaire (Lima Airport Partners) • Concession start 2001, duration 30 years + 10 year extention option • Take-over of existing staff, but not of bureaucratic structures – quasi start-up • Investments • during concession > US$ 1bn • Up-to-date > US$ 266m • Mainly rigid requirements for expansion - not demand based investment criteria • Service Level IATA B as main quality parameter PPP Americas 11-13 May 2010, FraportPresentation

  7. RiskMitigation / Sharing • Concession fee: %-age of revenues • CPI–X tariff regulation • Tax stability agreement for investors • Solid bankability • with usual assignments possible, step-in rights for banks and certain guarantees for debt providers by Peruvian state • Initial financing by OPIC and German KfW • 2007: Refinancing of LAP with bond issue • achieved IG-rating before Peru did • Won Euromoney’s and International Financial Law Review’s “Deal of the year“ Latin America / Americas PPP Americas 11-13 May 2010, FraportPresentation

  8. 2009 tariffs* in real termsbelow 2001 Successful concession (I/III) PAX Concession • PAX development • Before concession • PAX CAGR (3%) = • Ø-GDP growth (2,5%) • After concession: PAX • CAGR 10% versus • 5% Ø-GDP growth 10 m CAGR: 10% CAGR: 3% 5 m 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 CAPEX (US$) 75 m • Investments • Before concession • minimal investments • After concession • focussed investments to • increase capacity, quality • and retail revenues 50 m averageyearlyinvest: ~ US$ 30m 25 m averageyearlyinvest: ~ US$ 6 Mio 1994 1995 1996 1997 1998 1999*** 2000*** 2001 2002 2003 2004 2005 2006 2007 2008 2009 Contributiontothepublicsector** (US$) • Net effect for public • sector • contribution in year 1 • already • ~ 1,5 x EBITDA and • ~ 2 x EBITDA ,/, Capex • of best year prior to • privatization 100 m 75 m averagecontributionp,a,: ~ US$ 65 Mio 50 m 25 m averagecontributionp,a,: ~ US$ 11 Mio 1994** 1995 1996 1997 1998 1999*** 2000*** 2001 2002 2003 2004 2005 2006 2007 2008 2009 * Weightedaverage ** Calculatedbeforeprivatizationas pro forma EBITDA ,/, Capex, after privatizationas total concessionfeestopublicsector + taxes, ***No pro forma dataavailabe, PPP Americas 11-13 May 2010, FraportPresentation

  9. From taking over the airport in 2001.........Successful concession (II/III) substation retailarea substation apron LAP concession May 2009

  10. ....to one of the best airports in the regionSuccessful concession (III/III) Skytrax World Airport AwardsTM 1. Place – „Airport oftheyear“ South America 2. Place – „Airport oftheyear“ South America 2. Place – „Airport oftheyear“ South America 1. Place – „Airport oftheyear“ South America 1. Place – „Airport oftheyear“ South America World Travel Awards Winner Leading Airport South America 2009 2005 2006 2008 2009 2010 2009 PPP Americas 11-13 May 2010, FraportPresentation

  11. FundingofPeruvian Airport Sector Nothern Peru Regionals • Not profitable airports • Awarded on basisof least subsidyforoperations • Capexfundedbystate $ Lima airportconcessionfeepayments Dedicated Fund $ $ Southern Peru Regionals (tenderongoing) PPP Americas 11-13 May 2010, FraportPresentation

  12. Content  Lima airport concession and the Peruvian model for airport concessions  ImplicationsforBrazil PPP Americas 11-13 May 2010, FraportPresentation

  13. DraftConcession Program forBrazilian Airport Sector Infraero operating 67 airports with 97% Brazilian commercial traffic self-sustaining airports (17)* • Concession program with [25] years terms, tendered individually or in groups. Concessionaire’s responsibilities • Operation and maintenance with international efficiency and quality standards • Investment obligation to meet growing demand • Concession fee to be paid to the government Remaining 50 airports • Stay with the Infraero / public administration. Funding from • Own operating cash-flow • Concession fee payments from 17 airports * Of the 67 Infraero airport all 18 with PAX > 1m (exlcuding Natal airport) were studied. All but Cuibá airport were identified as economically viable under above mentioned concession regime PPP Americas 11-13 May 2010, FraportPresentation

  14. Ball-park calculation for 17 airports under concession regime (conservative case, in real terns) Year PPP Americas 11-13 May 2010, FraportPresentation

  15. Funding of 67 airports: ball-park comparison - public sector view (conservative case, in real terns) Year one total concession fees > Infraero 2008 operating cash-flow withoutinvestments Infraero / publicsector fundingwithconcessions 2004-2008 Infraeroableto generate Ø cash- flowforinvest- ments ~ R$ 0,4bn Fundingofinvestments 2005-2008 (actual) Concession program can cover thegap 2009-2012 Estimatedrequir. Ø investment ~ 1,4bn Note: 1) ATC and treasury will remain with existing shares of tariffs (67 airports) PPP Americas 11-13 May 2010, FraportPresentation

  16. 176 Million Passengers, 13 Airports, 1 Airport Manager Frankfurt Airport Burgas Airport Varna Airport Thankyou foryourattention! Indira Gandhi International Airport, Delhi Antalya Airport Cairo International Airport Jorge Chávez International Airport, Lima Flughafen Hannover-Langenhagen Aéroport International Blaise Diagne, Dakar King Khalid International Airport, Riyadh King Abdulaziz Internation Airport, Jiddah Xi´anXianyang International Airport Fraport, The Airport Manager Pulkovo International Airport, St, Peterburg PPP Americas 11-13 May 2010, Fraport Presentation

  17. Annex PPP Americas 11-13 May 2010, FraportPresentation

  18. Main assumptions and model considerations of outlined concession model description Award criteria • Award on basis of highest proposed concession fee payment (percentage) • [Consideration of technical proposal &quality of business plan (pass/fail criterion or as additional award criterion) suggested] Demand • Based on 2004-2008 traffic growth and IAC data as well as AGC (/Fraport) analysis based on current air traffic distribution, trends and capacity constraints Tariffs Opex Investments • Current tariff-regime kept in concession model. Concessionaire get’s current Infraero tariff share (“Parcela Infraero” and “Ataero Infraero”). ATC (“Ataero Aeronáutica”) and treasury (“Parcela Tesouro”) retain their share • Infraero’s productivity and efficiency parameters were analyzed and adjusted in accordance with international benchmarks [not very aggressively] • Based on current capacity and demand forecast, investments were modeled to meet IATA service level C [much higher quality standard than currently in place] Concession term • 25 years • [could be adjusted on a case-by-case basis in order to make some concessions more attractive and stimulate stronger tender competition ] PPP Americas 11-13 May 2010, FraportPresentation

More Related