PPPs for Transport in Germany: Present and Future Dealing with PPPs for Transport in Times of Economic Uncertainty Madrid, 26 th of September 2012

Transcription

1 PPPs for Transport in Germany: Present and Future Dealing with PPPs for Transport in Times of Economic Uncertainty Madrid, 26 th of September 2012

2 Content Content Tasks and functions of the VIFG Division Toll / Financial Management Division Infrastructure and Finance Concessions and PPP PPP-Projects in Germany Contact 2

3 Tasks and functions of the VIFG Foundation of the VIFG The VIFG was founded in 2003 following the recommendations of the Pällmann-Kommission and is based on the VIFG act. ABMG 11 (toll revenues): The toll revenues belong to the federal government. Costs for operation and control of the toll system as well as the harmonization measures for road transportation and the administration costs for the VIFG are paid from toll revenues. The remaining toll revenues completely fixed for objects in the traffic budget aiming to achieve the improvement of the transportation infrastructure, mainly for the trunk roads. The revenues and the costs are balanced different in budget. Government objectives: Point out the connection between charging the users and using the charges Finance programs for transportation infrastructure projects Adjustment between annual budgets Relief the public sector of certain tasks 3

4 Tasks and functions of the VIFG Tasks and functions of the VIFG Financing Function Provision of investment capital Financial management Transparency on usage of toll revenues Controlling and Reporting on federal trunk roads PPP Competence Centre for Transport Competence Centre for PPP in transport and economic procurement Tasks in project development and implementation F- and A-Model projects Development of new private operator programs 4

5 Tasks and functions of the VIFG Federal Road Network At a Glance km of federal highway gross fixed asset approx. 177 bn km of federal roads gross fixed asset approx. 184 bn. Public Budget Funds for federal road network 2008 to 2012* in bn EUR ,0 7,1 6,5 6,0 5,8 * Excluded operation costs. Needs: minimum 8 bn. p.a. Income of HGV toll ,325 bn 4,51 bn 4,477 bn Operation costs of toll system and expenditures for harmonization measures: Approx. 1,3 bn; hence income toll (net):approx. 3,2 bn. 5

6 Tasks and functions of the VIFG HGV-Toll on German Highways HGV-Toll (> 12 t) on Highways Toll charges depending on Distance travelled Number of axles and emission class Earmarking of toll revenues for Enhancement of transport infrastructure, mainly for federal road network Operating the system Toll revenues are entitled to the federal government, revenues and expenses are accounted in federal budget and operated by the VIFG 6

7 Division Toll / Financial Managment Division Toll / Financial Managment: Duties and Responsibility until 2010 HGV Toll The VIFG was in charge of an intermodal transport funding program of federal roads, rails and waterways until Federal Roads Public Budget VIFG Federal Rails Federal Waterways Former duties and responsibilities of the VIFG: Allocate HGV tolls to the appropriate intermodal transport system. Balancing among the intermodal transport system in case of an annual additional or under financial demand. In case of financial surplus - estimation in next budget years. Guarantee that all toll income spend efficiently and visible for the intermodal transport systems to improve quality and safety. (monitoring, reports, surveys ) 7

8 Division Toll / Financial Engineering Investments of Toll Income Forwarded by VIFG Year Road Rail Waterways Total ,70 Mio. 246,70 Mio. 271,10 Mio ,50 Mio ,00 Mio. 450,30 Mio. 312,10 Mio ,40 Mio ,70 Mio. 682,50 Mio. 227,20 Mio ,40 Mio ,00 Mio. 954,40 Mio. 265,20 Mio ,60 Mio ,90 Mio ,40 Mio. 369,00 Mio ,40 Mio ,90 Mio ,40 Mio. 441,80 Mio ,10 Mio ,80 Mio ,90 Mio. 420,40 Mio ,10 Mio ,54 Mio ,54 Mio. Total ,54 Mio ,60 Mio ,80 Mio ,04 Mio. 8

9 Division Toll / Financial Engineering Toll Income and Toll Investments 2012 [Mio. ] [Mio. ] ,8 Mio. (20,6%) Anteil Amount der of realisierten toll income Mauteinnahmen according to am public Haushaltsansatz budget 2012 Stand: ,0 Mio. (8,7%) Anteil Amount der investiven of toll investments Mittelabrufe am according Haushaltsansatz to public budget Stand: Datenquelle: BMVBS VIFG, Berlin Datenquelle: VIFG VIFG, Berlin 9

10 Division Toll / Financial Engineering Heavy Truck Tolling Public has tendered a toll collection system Toll collection System is operated by a private company (Toll Collect) Toll Collect is paid by a availability payment Tolls are going into the federal budget A new tender for the toll collection system is planned 10

11 Classification Payment Performance Concession and PPP Classification of long-term contracts in Germany F-Model User toll (section) A-Model Shadow toll A-Model Availability fee Comparable scope of benefits The concessionaire receives a toll from the user, to finance the investment. The private partner receives from the government a payment per user. The private partner receives from the government a payment according the defined availability (e. g. 95 %) Concession PPP PPP 11

12 PPP decision models Guidance of ministers for finance from state level Phases Steps of PPP- Value for Money Assessment I II Needs, financing possibilities and profitability of measures PPP Aptitude test Making of a conventional comparison value Preliminary VfM - Assessment Predetermination of the upper limit in the budget-estimation III Final VfM - Assessment IV Project controlling The application of the guidance is advised by Ministry of Finance The guidance should not be an instruction for accomplishments, but should define minimum standards for all sectors 12

13 Evalua tion Bid Negotia tion Negotiation Prequalification Evalua tion Clarifica tion Bid Select ion Presenta tion Request Request Structured Negotiated Procedure Publication Procedure Presentation of consortium Presentation of concept: Construction, Maintenance, Operation, Financing Verification of suitability Prequalified candidates 4 Final selection max. 2 alternative bids Indicative bid that states where there is a need to negotiate Unaltered bids Inquiries by Contracting Authority binding clarification/explanation by bidder Award Preferred bidder [Planning negotiations] Technical negotiations Financial negotiations Legal negotiations Best and final offer Final offer Contracting party 2 (2 reserve bidders) 1 Preselection Both bids with equal risk structure Financing commitment Final selection 13

14 Division Infrastructure / Finance PPP for highways lesson learnt Network Effects: Positive effect on economic growth by early implementation of projects. All projects features a reduced construction time. Reduced traffic impacts (decrease of costs for traffic impacts) Strengthening of the national construction industry for global PPP markets. SMEs participate in all Pilot Projects: % of project volume are generated regional/local. Feasibility study provides economic performance indicators and benchmarks for public procurement. Boost of innovation in fields of building, operating and maintain of. 14

15 Division Infrastructure / Finance PPP for highways lesson learnt Project Effects: Price guarantee by efficient risk allocation. High quality in construction and operation (e.g. construction services, winter road service without problems) Rapidly awarding procedure (18 24 month) even compared to international project with similar project volume. Efficient procurement of federal roads by using life cycle approach. Visible cash flow for the complete project time. Reduction of impact of the annual public budget. 15

16 A-Models in Germany PPP-Projects on German Highways A-Model Pilot Projects and new Projects 1. Bavaria A8 (AS Augsburg-West AD München-Allach) Construction completed 2. Thuringia A4 (State Border Hesse/Thuringia AS Gotha) Construction completed 3. Lower Saxony A1 (AD Buchholz AK Bremen) Awarded 4. Baden-Wuerttemberg A5 (Malsch Offenburg) Awarded 5. Bavaria A8 (AK Ulm-Elchingen AD Augsburg-West) Awarded 6. Thuringia A9 (AS Lederhose State Border Thuringia/Bavaria) Awarded 7. Schleswig-Holstein A7 (AD Bordesholm AD HH-Northwest) In Tender Tender expected 8. Baden-Wuerttemberg A6 (Wiesloch-Rauenberg Weinsberg) 9. North Rhine-Westphalia A1 / A30 (Lotte Münster / Rheine Lotte) * 10. Hesse Measures in line of A45 * 11. Lower Saxony A7 (Salzgitter Drammetal) 12. Rhineland-Palatinate Measures in line of A60 / A643 * Project start is depending on public permisson and positive VfM / *projects still to be designed 16

17 Total Private Investment 17

18 Present Situation The German projects are bankable due to the structure and the size of the projects. Higher participation of public authorities (start-up financing) Model with traffic risks Models with availability risks Financing commitments in the negotiation procedure Involvement EIB Uncertainty Bafo until Financial Close Uncertainty regarding Index Shortening of binding periods 18

19 Future Situation Strategic Level Public Budget Ranking constant budget line No changes are expected in medium terms User Financing Extend tolling More competition between investment alternatives Alternative possibilities for asset allocation 19

20 Future Situation Operational Level Raising efficiency Risk allocation Payment mechanism VfM-test Preparation of Tender phase PSC vs. PPP Bank financing vs. bond financing 20

21 Appendix 21

22 A-Model A-Model: PPP-projects Project contract with private partner Extension from 4 to 6 lanes Operating and maintenance (e. g. 30 Years) Remuneration through toll revenues of the section + start-up financing 2 types of A-models Shadow toll Availability fee 22

23 PPP-Projects on Federal Highways Pilot Projects A-Model A8 Project Information Road Section AS Augsburg-West AD München-Allach Length 53 km (operation & maintenance), inclusive 37 km extension Project Volume 290 m; est. construction costs: approx. 250m ; concession volume approx. 730m Concessionaire Lender autobahnplus A8 GmbH (BAM PPP / Egis / Fluor / Trapp / Berger Bau) DEPFA Bank Financial Adviser KPMG Time Schedule Legal Adviser Lovells Status Construction completed Financial Information Tender March 2005 Total Debt 289m Total Equity 27m Prequalification Sept Equity Bridge Facility 27m Equity Ratio 11,7 % BAFO Feb Senior Debt 241m Margin bps Financial Close May 2007 Standby Mezzanine 12m Concession Begin May 2007 Debt Service Reserve 9m Construction Stand: September ,5 years Source: Dealogic / Infra-News / Deutscher Bundestag - Drucksache 16/10234 / autobahnplus A8 GmbH 23

24 PPP-Projects on Federal Highways Pilot Projects A-Model A4 Project Information Road Section State Border Hesse / Thuringia AS Gotha (Bypass Hörselberge) Length 44 km (operation and maintenance), inclusive 24,5 km extension and new construction Project Volume 300m; est. construction costs approx. 200 m; concession volume approx. 550m Concessionaire Lender Via Solutions Thüringen GmbH & Co. KG (HochTief / Vinci) EIB / Dexia / HBOS Financial Adviser Deutsche Bank Milestones Legal Adviser Freshfields Status Construction completed Financial Information Tender Aug Total Debt 280m Total Equity 25m Prequalification Jan EIB 100m Equity Ratio 8,3 % BAFO Aug Dexia 9m Margin bps Financial Close Oct HBOS 90m Concession Begin Oct Construction 3,5 years (time savings 0,5) Stand: September 2012 Source: Dealogic / Infra-News / Deutscher Bundestag - Drucksache 16/10234 / Via Solutions Thüringen GmbH & Co. KG 24

25 PPP-Projects on Federal Highways Pilot Projects A-Model A1 Project Information Road Section Length AD Buchholz Bremer Kreuz 72,5 km (construction and maintenance), inclusive 65,5 km operation Project Volume 650m; est. construction costs: approx. 540m; concession volume approx. 1bn Concessionaire A1 mobil GmbH & Co. KG (Bilfinger Berger / Laing Roads / Johann Bunte ) Milestones Lender Financial Adviser Legal Adviser Unicredit / Caja Madrid / DZ Bank sinc Nov Commerzbank / Deka Bank Macquarie Freshfields Status Under Construction Financial Information Tender Dec ils Total Debt 600m Total Equity 50m Prequalification May 2007 Syndicated Loan Equity Ratio 7,7 % BAFO Apr Financial Close July 2008 Concession Begin Aug Senior Debt Equity Bridge Facility Debt Service Reserve 445m 52m 35 m Margin(construction) (6-12 year) (13-20 year) (21-29 year) 125 bps 120 bps 130 bps 140 bps Construction Stand: September years Source: Dealogic / Infra-News / Deutscher Bundestag - Drucksache 16/10234 / A1 mobil GmbH & Co. KG 25

26 PPP-Projects on Federal Highways Pilot Projects A-Model A5 Project Information Road Section Malsch Offenburg Length 59,8 km (operation and maintenance), inclusive 41,5 km extension (Baden-Baden - Offenburg) Project Volume 670m; est. construction costs: approx. 350m; concession volume approx. 1bn Concessionaire Lender Via Solutions Südwest GmbH & Co. KG (Vinci / Strabag / Meridiam Infrastructure) BBVA, KBC, NIBC, Santander, EIB Financial Adviser Deutsche Bank Milestones Legal Adviser Freshfields Status Under Construction Financial Information Tender Dec Total Debt 450m Total Equity 110 m Prequalification Feb EIB 225m Equity Ratio 15 % BAFO Dec Participation of 4 other banks 225 m Margin bps Financial Close March 2009 Debt Tenor 28,5 years Concession Begin Apr Cash Sweep 35m Construction Stand: September 2012 approx. 6 years Source: Dealogic / Infra-News / Regierungspräsidium Freiburg / Via Solutions Südwest GmbH & Co. KG 26

27 PPP-Projects on Federal Highways Projects of 2nd Wave A-Model A8 II Project Information Road Section Length Project Volume Concessionaire Lender Financial Adviser AK Ulm/Elchingen AS Augsburg-West 58 km (operation and maintenance), inclusive 41 km extension (Günzburg - Augsburg) 400m; concession volume approx. 1.3bn Pansuevia GmbH & Co. KG (Hochtief / Strabag) UniCredit, BBVA (Banco Bilbao Vizcaya Argentaria), LBWW and EIB UniCredit Milestones Status Under Construction Tender Jan Prequalification Apr BAFO Sept Financial Close May 2011 Concession Begin June 2011 Legal Adviser Freshfields Financial Information Total Debt 290m EIB 149m Participation of 3 other banks 225m Debt Tenor 19 years Start-up funding(net) 75m Total Equity 80m Equity Ratio 20 % Margin bps Construction Stand: September 2012 approx. 3,5 years Source: Dealogic / Infra-News / Autobahndirektion Südbayern / PANSUEVIA GmbH & Co. KG 27

28 PPP-Projects on Federal Highways Projects of 2nd Wave Availability Model A9 Project Information Road Section Length Project Volume Concessionaire Lender Financial Adviser AS Lederhose State Border Thuringia/ Bavaria 46,5 km (operation and maintenance), inclusive 19 km extension (Triptis Schleiz) 300m; est. construction costs: approx. 105m Via Gateway Thüringen GmbH & Co. KG (Vinci / BAM / Roland Meister) KfW IPEX, BBVA (Banco Bilbao Vizcaya Argentaria) Deutsche Bank Milestones Legal Adviser Hogan Lovells Status Under Construction Financial Information Tender March2009 Total Debt 120m Total Equity 12m Prequalification Feb Senior Debt 104m Equity Ratio 10 % BAFO June 2011 Equity Bridge Facility 16m Margin app. 250 bps Financial Close Sept Debt Tenor 19,5 years Concession Begin Oct Instalments (net) 88m Construction Stand: September 2012 approx. 3,5 years Source: Dealogic / Infra-News / DEGES / Via Gateway Thüringen GmbH & Co. KG 28

29 F-Model The F-Model The use of the model is limited to tunnels, bridges and passes by law. The private concessionaire builds, finances und operates a road for 30 years. The concessionaire receives a direct toll from the users. 2 implemented projects: Warnowquerung, Rostock (opened in 2003) Travequerung, Lübeck (also called Herrentunnel ; opened in 2005) More projects are currently under development. 29

30 F-Model Structure of the F-Model using similar transport infrastructure is free of charge Toll on F-Model Toll transfer Federal / State Government Concession contract F-Model operator Legend Toll forwarding Contractual relation Start-up financing Start-up financing 30

31 F-Model The F-Model Warnowtunnel Project-Details Road Section: Tunneling Warnow B 105 Length; 4 km, incl. 790 m tunnel (4 lanes) Project value: 215 Mio. ; Construction costs: 157 Mio. Concessionaire: Bouygues Travaux Publics S.A. (30%) / Macquarie Infrastructure Group (MIG) (70%) Source: Warnowquerung GmbH & Co. KG SPV: Financing Banks Warnowquerung GmbH & Co. KG Leading (1999): Deutsche Bank / Nord LB / KfW per Sept. 2008: Deutsche Bank London / ING / Merril Lynch / NIBC / Sumitomo / Swedbank / DePfa Dublin /DBLux /HeLaBa / KfW / EIB / Camulus Master Fund / DVB Milestones Status: Operating Tender: Dec Construction: March 2000 Concession begin: Operating since Sept Concession: Since July 2006: 50 Years Construction 3,5 Years Financial advisor DB Luxemburg, Luxembourg Legal advisor Görg Lawyers, Berlin Financing-Details Total Debt: 160 Mio. Senior Debt: 52 Mio. Mezzanine Debt: 31 Mio. Subordinated Debt: 77 Mio. Total equity: 41 Mio. Equity-Ratio: 20 % Debt/Equity-Ratio: 80 / 20 Start-up Financing - Stand: December 2008 Source: Infra-News / Warnowquerung GmbH & Co. KG 31

32 F-Model The F-Model Herrentunnel Project-Details Road Section: Tunneling Trave B 75 / B 104, Lübeck Length; 2,1 km, incl. ca. 780 m tunnel Project value: 180 Mio. Concessionaire: Bilfinger Berger / HochTief (zu je 50%) Source: Herrentunnel Lübeck GmbH & Co. KG SPV: Financing Banks Financial advisor n. a. Herrentunnel Lübeck GmbH & Co. KG HSH Nordbank AG und KfW Also engaged is the European Investment Bank (EIB) Milestones Status: Operating Tender: March 1997 Construction: Oct Concession begin: Sept Concession: 30 Years Construction 4 Years Stand: December 2008 Source: Infra-News / Herrentunnel Lübeck GmbH & Co. KG Legal advisor Freshfields Bruckhaus Deringer LLP Financing-Details Source of funds: 158 Mio. Total equity: 22 Mio. Internal financing 12 Mio. Equity-Ratio: 12 % Basic amount 90 Mio. Debt/Equity-Ratio: -- / -- KfW-Debt 28 Mio. Marge -- bps Commercial debt: 28 Mio. 32

33 Contact Verkehrsinfrastrukturfinanzierungsgesellschaft VIFG VerkehrsInfrastruktur- FinanzierungsGesellschaft mbh Georgenstraße Berlin Phone: +49 (30) Fax: +49 (30) URL: vifg@vifg.de Frank Ulber frank.ulber@vifg.de Phone +49 (30)