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Investment Rail and Road Portugal. ASECAP António Ramalho , CEO EP/REFER Lisbon, 29 May 2015. Investment Model – 10 years. In the last 10 years the State has invested 1/3 in railways and 2/3 in highways This trend deepened in recent 5 years: 25% - 75%
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InvestmentRail andRoadPortugal ASECAP António Ramalho, CEO EP/REFER Lisbon, 29 May 2015
Investment Model – 10 years In the last 10 years the State has invested 1/3 in railways and 2/3 in highways This trend deepened in recent 5 years: 25% - 75% This investment volume has significantly improved our international competitive position Road Network Rail Network Source: World Economic Forúm The Global Competitiveness Report 2014 - 2015 However the investment hasn't stopped the traffic reduction and the unbalance between modes
Financing Model Total=1.831M€ Total=754M€ • Non-Sustainable Model • Weak Integrated Planning • Weak Economic Performance • However there is investment capacity Funding Gap 7.2M 3.4M
TheRoad to sustainability 2012-2014
The measures introduced between 2012 and 2014 reduce the peak net debt of 27 B€ (2035) to 7 B€ (2029), and the Net Debt / Ebitda of 21x to 8x(1)… 26,7 B€ 21,0X 7,8X 7,4 B€ (1) October 2012 business plan adjusted to the current projection tolls
… due to the renegotiation of PPP's, the strong reduction in operating costs and the confidence of the Shareholder, realized on share capital increase (2)(3) ReportingYear: 2035 Billion € • Comparison of October 2012 business plan adjusted and the last EP business plan (Fev15) • The calculation of savings includes the capitalization of interest
The New Challenge 2015-2020
An Intermodal Revolution 1. System organization 3. System funding • Strategic Planning • Merger of the Representations • Integrated Regulation • Common Procurement • Transferof Dark-Green Funds • Access integration and value capture • Asset optimization 2. System operation 4. Capabilities valuation • Operational Planning • Single Corporate Management • Integrated Management of supply • Port-Interland expansion (co-modality) • Creation of Intermodal Competence Centers • Integrated Internationalization • Refunding of conservation engineering
A New Model of Management 1. A New Model for Concessions 2. A New Set of Priorities • Motorways not Roads • Risk should be shared not transferred • Commercial Risk allocated to Private, Financial Risk allocated to Public • Who pays defines the selling proposition • To investors: liquidity • To the grantor: sustainability 3. A New Business Approach • Sharing risks • Alignment of incentives
Priority to Asset Valuation Usage Fee Revenue Increase Concessions Cost reduction Procurement CSI Tolls Asset valuation Headcount Net Debt Non-core Business Facilities 2040 2014 Base Scenario Ambitious Scenario
Priority to Road Maintenance Evolution of the road fatalities in Portugal PRN2000 - 85% concluded Portugal: -48% (-521 VM) RR Nacional: -58% (-390 VM) Rede EP, SA: -61% (-354 VM) Rede Municipal: -31% (-131 VM 2005/2012 86% 55% 98% 100% Pavements Maintenance Bridges Maintenance
Priority to International Rail Freight Atlantic Corridor • Priorities • Conclusion - CorridorSines- Caia/Madrid • Design andBuilding -CorridorAveiro - Vilar Formoso/Salamanca • AtlanticLine Sines-Vigo • Interoperability Iberian Plan - UIC Gauge + ERTMS • Electrification • Circulation of trains with 750 m • Increase capacity for 1.400 tonneswith simple traction in national and international freight connections Non-electrified sections Change of gauge Limitations of hauled load Lack of capacity
