Opening new higways to headway. ITINERE GROUP A new leader in highway concessions

Transcription

1 Opening new higways to headway ITINERE GROUP A new leader in highway concessions 1

2 Index I. Group s description Page History and activities 3 Group structure 6 Group s concessions 8 II. Concessions in operations: Description, key data, financing and valuation 18 Spain 19 Ena acquisition 54 Chile 76 Other companies (under development and affiliates) 102 III. Financial Outlook and Itinere valuation 103 IV. Future strategy 108 2

3 I. Group s Description History and activities Organizative structure Group s concessions

4 History and activities Itinere started operations in 1997, year of its first awarding in Chile.Today Itinere is the second spanish group in terms of income and kilometres under management (20% market share) in domestic highway concessions. Significant international vocation and a demonstrated growth potential with a considerable generation of new projects since its foundation,with an investment on highways of 4,202 Mn Euros as of December 2003 (capital employed 97/03 cagr: +301%). The activity of Itinere comprises the design, financing, development, management and maintenance of all types of infrastructure transport concessions, specially highways. With presence in 24* concessionaires and management control in 12 of them and income expected of more than 300 Mn Euros in 2004.(>100% Vs. 03) Concessions portfolio sum up 2,668* Km., with 8,535 Mn Euros of total invested capital, mainly in Europe with a 90% (Spain/ Portugal) and the remaining 10% in South America (Chile/Brazil). * Do not include Palma-Manacor and San Jose San Ramon (Costa Rica) concessions, both awarded in

5 History and activities Itinere Infraestructuras is the activity head, 100% subsidiary of SyV Group, which main activity includes the strategic definition, selection of geographic areas, contracting, development and financing of new concessions. It also manages the control and identification of synergies of those ones in operation. Itinere Group* has a management team of 39 people, with more than 20 years of experience in the sector that groups all the concessions in operation that provides the concessional service (with an outstanding workforce of nearly 1,300 people). Group funding is fully structured based on cash flow generation of each concessionaire, with a high level of external funding by project. The existence of a largely regulated framework, with a recurrent income flow, due to its public service nature, allows to a high capacity of selfinancing and leverage for each project with a positive effect in the profitability for Itinere as shareholder. (*) Itinere and Ena corporate services. 5

6 Group Structure: Itinere s companies chart Itinere 100% Otras* Others* Ena Itinere 100% Avasacyr 100% Itinere Chile 100% Aunor 45% Ena 50% Avasa 50% Valle Chacabuco 100% Acega 3,4% 3.4% Audasa 100% R-5 Los Lagos 88,1% 88.1% M-45 33% Guadalmetro 27,8% 27.8% Accesos Madrid R-3/R -5 6,8% 6.8% Aucalsa 100% Audenasa 50% Autoestradas Galicia 100% Otras Others Accesos Madrid R-3/R -5 11,7% 11.7% R- 5 El Elqui 72,7% 72.7% R. Pacífico 50% A. Vespucio 50% R. Litoral 50% * 40% stake in Palma- Manacor shadow toll highway and 35% stake in San Jose-San Ramon in Costa Rica, set up in May and June 2004, are not included. It is also not including 35% of San Jose-San Ramon highway in Costa Rica, which was awarded in June, R-4 5% 10% Eje Aeropuerto 20% Acega 9% Los Lagos 11,9% 11.9% 6

7 Structured organization : Somague s companies chart In December 2003 SyV suceeded to acquire control of Somague Group, with presence in 5 concessionaires in Portugal (3) and Brazil (2). SOMAGUE (*) 93.07% SOMAGUE CONCESSOES E SERVICIOS 100% PORTUGAL BRAZIL BRAzIL VIA LITORAL 12% SOMEST 100% BRAEST 96% 100% LUSOPONTE 17.2 % VIA NORTE 12.4% TRIÁNGULO DO SOL 40% AUTO ESTRADAS DO ATLÁNTICO 20% *Post right issue of July 2004, according to Sacyr Vallehermoso AGM approval in June

8 Group s concessions: Lenght and Location Management grade Name of the concessionaire Nº Km Type of the concession Country Location Audasa Interurban Spain Noreast of Spain-Galicia. Ferrol-Tuy stretch Audenasa Interurban Spain Noreast of Spain-Navarra.Tudela-Irurzun stretch Aucalsa 88.5 Interurban Spain Noreast of Spain. Leon-Campomanes stretch (Asturias) Management Autoestradas de Galicia 57.6 Interurban Spain Noreast Spain-Galicia. Coruña-Carballo and Puxeiros-Val Miñor stretch Los Lagos Interurban Chile South of Chile. Rio Bueno-Puerto Montt stretch El Elqui Interurban Chile Centre-North Chile. Los Vilos-La Serena stretch Valle Chacabuco 21.5 Metropolitan Chile Centre of Chile. Santiago-Centenario/Avda. Valle and Ruta 5 North stretch Avasa Interurban Spain North of Spain. Zaragoza-Bilbao stretch Rutas del Pacifico Interurban Chile Centre of Chile. Santiago-Valparaiso-Viña del Mar stretch Co-management Red Vial Litoral Central 79.8 Interurban Chile Centre of Chile. Cartagena-Algarrobo stretch. Variante las Pataguas Autopistas Metropolitanas 24.0 Urban Chile Centre of Chile. Ruta 78 - Avda. Grecia stretch Aunor 62.0 Interurban Spain Southeast of Spain-Murcia. Alcantarilla-Caravaca stretch Guadalmetro 19.0 Suburban Spain Southeast of Spain-Andalucia. Line 1 Subway Sevilla Euroglosa Urban Spain Centre of Spain-Madrid. N V-N IV stretch Acega 56.0 Interurban Spain Noreast of Spain-Galicia. Santiago-A.S. Domingo stretch Henarsa (R-2) 65.0 Metropolitan Spain Centre of Spain-Madrid. M 40- Guadalajara (R-2) stretch Accesos Madrid (R3/R5)M Metropolitan Spain Centre of Spain-Madrid. M 30- Arganda del Rey/Navalcarnero stretch(r-5)m50 Autop. Madrid Sur (R-4) 53.9 Metropolitan Spain Centre of Spain-Madrid. M 40- Ocaña stretch(r-4) Participated Eje Aeropuerto 8.7 Urban Spain Centre of Spain-Madrid. M 40- Airport stretch Lusoponte 20.5 Urban Portugal Centre of Portugal-Lisboa. Río Tajo Bridges Autoestrada do Atlantico Metropolitan Portugal Centre of Portugal-Lisboa. Rio Maior-Leiria and Caldas da Rainha- Santarem y Marinha Grande stretch Via Litoral 44.2 Metropolitan Portugal Portugal-Isle of Madeira. ER 101 highway Triangulo do Sol Interurban Brazil East of Brasil-Sao Paulo. Araquaira town Via Norte Interurban Brazil East of Brasil-Sao Paulo. Riberao Preto town TOTAL 2,

9 Group s concessions: Km. under concession Development of km in operation ,450 2,541 2,649 2, ,629 1, , * ** 2004 (Est) 2005 (Est) 2006 (Est) *Somague and Avasa acquisition **Ena acquisition 9

10 Group s concessions: Life of the contracts and Status Description of the period and state of the concession Management grade Name Year of awarding Starting year end of concession No. of years left (since Jan. 04) State of the concession (May 04) Audasa In operation Audenasa In operation Aucalsa In operation Management Autoestradas de Galicia In operation Los Lagos In operation El Elqui In operation Valle Chacabuco Under construction Avasa In operation Rutas del Pacifico (E*) 15 In operation Co-management Red Vial Litoral Central In operation Autopistas Metropolitanas Under construction Aunor In operation Guadalmetro Under construction Euroglosa In operation Acega In operation Henarsa (R-2) In operation Accesos Madrid (R3/R5)M In operation Participated Autopistas Madrid Sur (R-4) In operation Eje Aeropuerto Under construction Lusoponte In operation Autoestrada do Atlantico In operation Via Litoral In operation Triangulo do Sol In operation Via Norte In operation * End of the concesion pending on the achievement of some acumulated income. 10

11 Group s concessions: Total investment Capital employed of each of the concessions Mn Euros Management grade Concession % of atributtable shareholding (1) Capital employed (Net fixed assets) (2) Attributable capital employed (1)X(2) Investment (Attributable) Attributable Equity Itínere/Somague Investment* Audasa 50.0% 1, Audenasa 25.0% ENA Aucalsa 50.0% Management Autoestradas de Galicia 50.0% Los Lagos 94.1% El Elqui 72.7% Valle Chacabuco** 100.0% ,0 0,0 Avasa 50.0% 1, Rutas del Pacifico 50.0% Co-management Red Vial Litoral Central 50.0% Autopistas Metropolitanas 50.0% Aunor 45.0% Guadalmetro** 27.8% Euroglosa % Acega 7.9% (P) 2.3 Henarsa R-2 7.5% (P) 5.2 Accesos Madrid (R3/R5)M % Autop. Madrid Sur R-4 5.0% including ENA Affiliates Eje Aeropuerto 10.0% including ENA Lusoponte* 17.2% Autoestrada do Atlantico* 20.0% Via Litoral* 12.0% Triangulo do Sol* 40.0% Via Norte* 12.4% TOTAL 8,438 2, ,312 *Somague considered at 100% stake. Includes acquisition debt of Enaitinere and Avasacyr for Mn as of Dec. 03 **Valle Chacabuco was established in February 2004, without construction investment as of Dec. 03. Line 1 of Sevilla underground started its construction in January

12 Group s concessions: Financing Structure Concessions profile as a public service allows a high use of external financing, linked to the cash flow generation of each project (99% of the debt is project finance). 79.7% of Itinere debt is guaranteed and enjoys a long maturity, which permits a sound financial matching with assets it finances. Itinere consolidated endebtness as of Dec. 03 Mn Euros Type Amount Currency Average Vencimiento en % Issue Financial cost >09 Long term debt Loans Loans and others 1,509.3 Euros 85%, Euros: 3.48%/5.14% Yen: 2.52% ,779.0 Short term debt Loans Loans and others % others* $US: 2.15%/Eb+175 UF:2.76%/Eb TOTAL 2, % 65.0% *Foreign debt breakdown: Mn in $ Mn in Chilean Pesos 18.0 Mn in japaneseyens In June 2004 two bond issues where placed (Audasa and Aucalsa) for 364 Mn Euros with 10 years maturity at an effective rate of 4.86% (benchmarking debt at 4.4%). This means increasing the debt maturity to more than 5 years to 78.3% of the total. 12

13 Group s concessions: Geographic distribution (Itinere/Somague) Capital employed by geographic area (Concessions fixed assets at 100%) Dec.03 Investment by geographic area (Attributable investment cost in concessions) Dec.03 Chile 10.0% Brazil 0.4% Chile 13.8% Brazil 0.4% Portugal 19.0% Portugal 2.8% Spain 70.6% Spain 83.0% Domestic market has a dominant weight, with more than 70% of total invested capital and 83% of the equity invested by Itinere. 13

14 Group s concessions: Total investment Mn Euros 5000 Investment in concessions Consolidated data *

15 Group s concessions: Income by geographic distribution Distribution by geographic area (data as of Dec. 03) Mn Euros Consolidated income* % vs/ Total Consolidated Ebitda % vs/ Total Audasa % % Audenasa % % Aucalsa % % Autoestradas de Galicia % % Avasa % % Euroglosa Spain Acega - - Henarsa (R-2) - - Accesos Madrid (R3/R5)M Autopistas Madrid Sur (R-4) - - Eje Aeropuerto - - Guadalmetro - - Aunor % 3.9 Subtotal % % Lusoponte - - Portugal Autoestrada do Atlantico - - Via Litoral - - Subtotal - 0.0% - 0.0% Los Lagos % % El Elqui % % Chile Valle Chacabuco - - Rutas del Pacifico % % Red Vial Litoral Central % 1.1 Subtotal % % Brazil Triangulo do Sol - - Via Norte - - Subtotal - 0.0% 0.0% TOTAL % % *ENA full year 15

16 Group s concessions: Income and Ebitda geographic breakdown Income (Dec. 03)* Ebitda (Dec. 03)* Chile 17.7% Chile 14.4% *Ena consolidated full year Spain 82.3% Spain 85.6% The weight of the domestic concessions is significant, with a key role for Audasa and Avasa, that amounted to 56.6% of the income and 64.0% of the Ebitda in

17 Group s concessions: Tariff framework The contractual framework for price revision is set on yearly basis and according to the following system by geographic area: Spain: Central Admnistration concessions: Annual revision according to interannual CPI registered from October last year and adjusted by the traffic level generated in the period. Regional Administration concessions: Annual revision according to interannual CPI registered last year. Portugal: Annual revision according to each Law decree in force ruling each concession, with a maximun of 90% of previous year registered CPI. Chile: annual revision, according to interannual registered CPI, at the month in which the concession started operations (possible additional revisions related to levels of roads congestions and increases higher than average CPI of the period). Brazil: annual revision according to the annual CPI change. Some concessions includes correction exchange rate factor with USD. 17

18 II. Concessions in operations Description Key actions Financing Valuation

19 II: Concessions in operations: A-SPAIN

20 Sector framework Regulator/concessionaire. The Ministry for Public Works is the public body that awards more concessions. Regional governments also have the power to develop it. The dominant system is toll on drivers, however regional governments have used also shadow tolls in some areas. Legal framework: Concession contract includes the development, financing, exploiting, and mantaining of the transport infrastructure, subject to the compromise of economic-financial balance along all their life. Tariff regulator: The awarding administration authorized each year the revision index applicable as from 1, January of every year, in line with the average y-o-y CPI registered at October last year. Supervision in the fullfilling of the concessional framework corresponds to the Public Council for Roads Concessions, within Public Works Ministry. Public control includes, among other activities, the annual accounting censorship, right of access to Board of Director meetings, authorization for capital and debt issues, internal codes of service degree and annual revisions of the maintenance conditions of the infrastructure. 20

21 Sector volume and competitive position of Itinere Sector breakdown in Spain: At the end of 2003 the sector had 2,614 Km in toll highways in operation, of which SyV-Itinere held a 20.8% stake. SPAIN Km in operation. (atributtable) SPAIN 2003 Income Others 22.4% SyV-Itinere 20.8% Cintra 10% Otros 10% Cintra 6.8% Abertis 50.0% SyV-Itinere 20% Abertis 60% 21

22 II.A.1 AUDASA GENERAL INFO Starting date: October 16, 1973 Status: in operation. Location: AP-9, Ferrol and Tuy access (215 Km.) as a link between the atlantic dorsal of Galicia and Portugal. Life of the concession: 75 years End date: August 18, 2048 SyV acquired 50% of the capital in October 2003 through the acquisition of its head at 100%, ENA. Other shareholders that participate indirectly through ENA: SCH: 20%, Torreal: 15%, Caixa Galicia: 10%, Caixa Nova: 10% and Caja Almonte: 5%. 22

23 II.A.1 AUDASA LOCATION AP Km. Tuy 23

24 II.A.1 AUDASA Key data: DESCRIPTION Activity: construction, maintenance and operation of the highway that connects the north with the south of the atlantic façade of Galicia with 215 Km (Ferrol- Portugal), and connects A-3 portuguese highway with Lisboa. The concession was awarded at the end of with the first strecht in operation between A Barcala and Santiago North in The orography of the area, with 453 passages, 103 bridges and viaducts and 7 tunnels, make this highway an irreplaceable infrastructure for the strong traffic registered in the area, which has the biggest socio-economic activity of Galicia region. In 2000 an additional strecht was awarded (North access to Ferroll) and the concessional period was extended until 2048 (up to 75 years). This strecht was opened, together with the Rebullón strecht (linking to the portuguese frontier), at the end of This was followed by a negotiated discount in the average tariff of 7%, which is compensated by the Administration annualy. 24

25 II.A.1 AUDASA INCOME 88/03 Income Perfomance (Mn ) 88/03 ADT Performance CAGR 88/03: 14.83% CAGR 88/03: 6.75% Uses and traffic structure (2003): Average daily traffic: 21,958 vehicles Average daily car volume: 146,474 vehicles Average journey covered by vehicle: 23 Km. 25

26 II.A.1 AUDASA OPERATING PERFORMANCE Operating results Mn Euros Change 03/02 Income % Operating Costs % EBITDA % Depreciation % Reversion fund % EBIT % Financial costs % Deferred financial Costs Ordinary Profit % PBT % Tax % Net profit % Capex % Free Cash flow % *Including investment in toll system for 4.3 Mn Euros Key operating data: Low seasonality along the year with high use by commutters. User type: 90% light vehicles. Agreements with administrations: 7% discount on North access and 19% in the Southern access (Pontevedra) according to an agreement dated February 2000 (Royal Decree 7/99). Billing system (2003): 37% paid in cash, Audasa card: 22%, electronic system: 11% (implemented since April 2003) and others: 30%. Network economies: control centre shared with Autoestradas de Galicia. Clients management and maintenance services are unified. 26

27 II.A.1 AUDASA CAPITAL EMPLOYED 2003 Balance structure Mn Euros Investment Financing Highway investment 1,428 Equity 433 In operations 1,428 Financial debt 806 In progress 0 Reversion fund 151 Deferred expenses 98 Other liabilities 191 Other assets 56 TOTAL 1,582 TOTAL 1,582 Financing 22% 27% 51% Equity Financial debt Other liabilities 27

28 II.A.1 AUDASA FINANCING STRUCTURE Consolidated debt structure(100%) Mn Euros Type Amount Currency Average Maturity in Financial cost >09 Long term debt Short term debt Debentures Debentures Euro Euro Loans and others Loans and others Euro/swiss Fr** Euro 4.00% 5.07% TOTAL % 29.4% 70.6% *Do not include non-interest bearing prepayments of the Administration for Mn Euros. **7.9 Mn Euros In 2003 fixed rate debt amounted to 92.4% of the total. In june 2004 were issued Mn Euros (10 years maturity) at 4.89% effective rate (risk free rate at 4.4%). This has allowed to increase debt maturity above 2008 up to 72% of the total. 28

29 II.A.2 AUDENASA GENERAL INFO. Starting date: July 28, 1973 Status: In operation Location: AP-15, Irurzun-Tudela stretch in Navarra. Life of the concession: 56 years. End date: June 30, 2029 SyV acquired 25% of the capital in October 2003 through the acquisition of 50% of ENA, owner of 50% of Audenasa and having the management control. Other shareholders: Gobierno de Navarra, and that participate indirectly through ENA: SCH: 10%, Caixa Galicia: 5%, Caixanova: 5%, Torreal: 2.5% y Caja El Monte: 2.5% 29

30 II.A.2 AUDENASA LOCATION AP

31 II.A.2 AUDENASA Key data: DESCRIPTION Activity: construction, maintenance and operation of the Tudela- Irurzun highway, with a lenght of 112 Km. It connects the North and the South of Navarra and also links with Leizarán highway (Guipúzcoa), La Barranca (Álava) and Avasa s highway, that covers the Ebro s high valley. The first stretcht was opened in 1976, between Tafalla and Noain and reached 100% of activity in The highway has toll subsidies granted by the Government of Navarra. This leads to a higher traffic and is compensated annualy by the administration to the concessionaire. The future Medinaceli-Tudela highway would be an important traffic generator for the road that would become an alternative route to the Irun-Madrid motorway in the movements towards the Centre and South of the Peninsula. 31

32 II.A.2 AUDENASA INCOME 34 Income Performance 88/03 (Mn ) ADT Performance 88/ CAGR 88/03: 11.56% CAGR 88/03: 10.36% Uses and traffic structure (2003): Average daily traffic: 14,885 vehicles Average daily car volume: 37,763 vehicles Average journey covered by vehicle: 40.2 Km. 32

33 II.A.2 AUDENASA OPERATING PERFORMANCE Operating results Mn Euros Change 03/02 Income % Operating Costs % EBITDA % Depreciation % Reversion fund % EBIT % Financial costs % Deferred financial Costs Ordinary Profit % PBT % Tax Net profit % Key operating data: Low seasonality, with a minimum in January (82%) and a peak in July (113%). User type: high use by heavy vehicles, (24%) and 76% of light traffic. Agreements with administrations: Toll discounts on heavy vehicles and for regular users, compensating the turnover effect according to CPI and monthly traffic registered in the corridor. Capex % Free Cash flow % Billing system: 71% through electronic system. 33

34 II.A.2 AUDENASA CAPITAL EMPLOYED 2003 Balance structure Mn Euros Investment Financing Highway investment 290 Equity 194 In operations 287 Financial debt 95 In progress 3 Reversion fund 36 Deferred expenses 20 Other liabilities 9 Other assets 24 TOTAL 334 TOTAL 334 Financing 14% 28% 58% Equity Financial debt Other liabilities 34

35 II.A.2 AUDENASA FINANCIAL STRUCTURE Consolidated debt structure (100%) Mn Euros Type Amount Currency Average maturity Financial cost >09 Long term debt Debentures 75.8 Euro/swiss franc 3.10 Loans and others 0.8 Euro Short term debt Debentures - Euro Loans and others 18.0 Euro TOTAL % 99.1% 0.9% *13.3 Mn Euros are in swiss francs. In 2003 the debt at fixed rate amounted to 99.1% of the total. Debt in foreign currency (50% in Dec. 03) has an exchange rate insurance granted by the central administration. Debt in japanese yens (18 Mn ) was fully repayed with generated cash flow last June

36 II.A.3 AUCALSA GENERAL INFO Starting date: October 17, 1975 Status: In operation. Location: León-Campomanes stretcht, in the border area between Castilla-León and Asturias. Life of the concession: 75 years End date: October, 17, 2050 SyV acquired 50% of the share capital in October 2004 through the 50% acquisition of ENA, owner at 100% of the concession. Other shareholders that participate indirectly through ENA: SCH: 20%, Torreal: 5%, Caixa Galicia: 10%, Caixanova: 10% and Caja El Monte: 5% 36

37 II.A.3 AUCALSA LOCATION AP Km. 37

38 II.A.3 AUCALSA Key data: DESCRIPTION Activity: construction, maintenance and operation of the Castilla-León and Asturias concession between León y Campomanes with a lenght of 88.5 Km. The highway goes through the Cantabric mountain chain through 7 tunnels and one viaduct that makes it a fast route without competition in the connection between Asturias and the Centre and South of Spain. In 1983 the first stretch was opened, reaching 100% of operation in June 1997, after the construction of different tunnels. In 2000 the concession contract was modified, increasing the concessional life up to the legal maximun of 75 years, corresponding to October, 17, Furthermore, there was an agreement to apply a discount of 7% over toll tariffs, which is compensated annually by the public administration. 38

39 II.A.3 AUCALSA INCOME 30 Income Performance 88/03 (Mll de ) ADT Performance 88/ CAGR 88/03: 9.68% CAGR 88/03: 7.09% Uses and traffic structure (2003): Average daily traffic: 8,048 vehicles Average daily car volume: 8,770 vehicles Average journey covered by vehicle: 71.4 Km. 39

40 II.A.3 AUCALSA OPERATING PERFORMANCE Operating results Mn Euros Change 03/02 Income % Operating Costs % EBITDA % Depreciation % Reversion fund % EBIT % Financial costs % Deferred financial Costs % Ordinary Profit % PBT % Tax % Net profit % Capex % Free Cash flow % Key operating data: High seasonality of the concession. Peaks in weekends and in holiday seasons (up to 170%). User type: balanced distribution between light (84%) and heavy vehicles (16%). Agreements with administrations: In 2000 Central administration agreed a 7% discount over toll prices, being compensated annually to the awardee. Open toll system. Network economies: recent opening of Leon-Benavente highway has notably increased the traffic, due to the improvement in the movements from north coast to south/centre Spain. 40

41 II.A.3 AUCALSA CAPITAL EMPLOYED 2003 Balance structure Mn Euros Investment Financing Highway investment 627 Equity 343 In operations 627 Financial debt 283 In progress 0 Reversion fund 50 Deferred expenses 102 Other liabilities 68 Other assets 15 TOTAL 744 TOTAL 744 Financing 16% 46% 38% Equity Financial debt Other liabilities 41

42 II.A.3 AUCALSA FINANCIAL STRUCTURE Consolidated debt structure (100%) Mn Euros Type Amount Currency Average maturity Financial cost >09 Long term debt Short term debt Debentures Debentures Euro Euro 4.30% 2.50% Loans and others Loans and others 2 44 Euro Euro 4.21% 4.25% TOTAL % 98.9% 1.1% *Is not including payable advances (with no interest) of the administration for 51.8 Mn Euros. Adjusting the cost would be 2.89%. In 2003 the fixed rate debt amounted 17.9% of the total. In June 2004 were issued Mn Euros of 10 years bonds at an effective cost of 4.84% (risk free rate at 4.4%). This has led to an increase of the maturity beyond 2008 up to 82.1% of total debt. 42

43 II.A.4 AUTOESTRADAS DE GALICIA GENERAL INFO. Starting date: March, 30, Status: In Operation. Location: Atlantic Coast of Galicia, in two different stretches in Rias Altas and in Rias Bajas. Life of the concession: 50 years. End date: February, 1, 2045 SyV acquired 50% of the capital in October 2003 through de 50% acquisition of ENA Group, owner of 100% of Autoestradas de Galicia. Other shareholders that participate indirectly through ENA: SCH: 20%, Torreal: 5%, Caixa Galicia: 10%, Caixanova: 10%, Caja El Monte: 5% 43

44 II.A.4 AUTOESTRADAS DE GALICIA LOCATION AG Km. AG Km. BAYONA 44

45 II.A.4 AUTOESTRADAS DE GALICIA DESCRIPTION Key data: Activity: construction, maintenance and operation of two highways located between A Coruña-Carballo (AG-55) and Puxeiros-Val Minor (AG-57), that conects the Atlantic vertical highway with areas of high density of population in the High and Low coastal areas of Galicia, respectively. AG-55 was opened to traffic in 31st December 1997 and the south tranch (AG-57) in May AG-55 highway is used as a connecting corridor in Bergantiños shire betweem A Coruña and Carballo, in a stretch of 32.6 Km. AG-57 highway connects Puxeiros Val Miñor, located in the metropolitan area of Vigo, along the municipality of Val Miñor in Pontevedra in a stretch of 25 Km. 45

46 II.A.4 AUTOESTRADAS DE GALICIA INCOME Income Performance 97/03 (Mn ) ADT Performance 98/ CAGR 97/03: 19.33% CAGR 98/03: 4.97% Uses and traffic structure (2003) Average daily traffic: 9,528 vehicles Average daily car volume: 22,773 Opening of north stretch Average journey covered by vehicle: 14.7 Km. Consolidation of north and south stretch (latter with lower traffic) 46

47 II.A.4 AUTOESTRADAS DE GALICIA OPERATING PERFORMANCE Operating performance Mn Euros Change 03/02 Income % Operating Costs % EBITDA % Depreciation % Reversion fund % EBIT % Financial costs Deferred financial Costs % Ordinary Profit % PBT % Tax % Net profit % Key operating data: Seasonality: High use in labour days and in summer season in the southern stretch. User type: 94% of light vehicles Agreements with administrations: Billing system: Close toll access Network economies: It is the natural extension of Audasa, with which shares roads maintenance and traffic control centre. Capex % Free Cash flow % *Includes capital subsidies transferred to results 47

48 II.A.4 AUTOESTRADAS DE GALICIA CAPITAL EMPLOYED 2003 Balance structure Mn Euros Investment Financing Highway investment 125 Equity 29 In operations 125 Financial debt 15 In progress 0.0 Reversion fund 9 Deferred expenses 3 Other liabilities 90 Other assets 15 TOTAL 143 TOTAL 143 Other liabilities include 68.6 Mn Euros of capital subsidies. Financing 20% 69% 11% Equity Financial debt Other liabilities 48

49 II.A.4 AUTOESTRADAS DE GALICIA FINANCIAL STRUCTURE Consolidated debt structure(100%) Mn Euros Type Amount Currency Average maturity Financial cost >09 Long term debt Debentures 0 Loans and others 15.1 Euro 3.91% Short term debt Debentures 0 Loans and others TOTAL % 33.1% 66.9% In 2003 a 99.3% of the debt was at fixed rate. 49

50 II. Concessions in operation: Ena Acquisition

51 Ena s acquisition operation History In May 2003 Itinere led, with a 50% stake, the consortium which was awarded for the privatization of Ena Group, consolidating its position as 2nd group in management of highway concessions in Spain. ENA s concessionaire companies contributed with 474 km in operation and has allowed Itinere to reach a market share of 20.8% of toll highways sector in Spain. Itinere acquisition price amounted to 813 Mn Euros, distributed in 600 Mn Euros of debt and 213 Mn in equity. Its acquisition, completed in October 2003, produced the creation of Enaitinere as the intermediary vehicle for the ownership and financing of the operation, serviced by the cash flows generated by Ena Group. 51

52 Ena s acquisition operation Ownership Structure ITINERE 100% Ena Itinere Caixa Galicia* SCH* Caixanova* TOrreal* C. El Monte* 10% 20% 10% 5% 5% 50% Ena, S.A. Group Companies Other Affiliates Audasa 100 % Audenasa 50% Aucalsa 100% Autoestradas Galicia 100% *Shareholding through intermediary financing companies 52

53 Ena s acquisition operation Financing The operating financial structure of Ena acquisition is completely connected to the cash flow generation of its concessionaire companies, but its financing structure, credit quality and free cash flow capacity remains intact. Financing structure of the acquisition vehicle: Mn Debt Nature End date Type* Enaitinere 600 loan 2010 Euribor+ 170 p.b. (5 years) sindicated (7 years) Euribor p.b. (rest of the years) *10 years SWAP coverage signed for 480 Mn at 3.76% Enaitinere debt is connected to Ena Group, which has a high income generation recurrency, a debt service coverage and a strong financing due to the nature of the business. 53

54 Ena s acquisition operation 2003 Balance Sheet ENA: 2003 Balance structure Mn Euros Investment Financing Highway investment 2,448 Equity 982 In operations 2,445 Financial debt 1,195 In progress 3 Reversion fund 247 Deferred expenses 223 Other liabilities 442 Other assets 195 TOTAL 2,866 TOTAL 2,866 Net Debt = 1.12 Equity Ebitda = 3.07 times Financial expenses* * Adjusted by capitalized and deferred expenses. Ena enjoys of an outstanding free disposition cash flow generation capacity to cover with sufficiency the debt service of its head Enaitínere. ENAITINERE EXTERNAL DEBT SERVICE 1st year (2004) 5th year(2008) 7th year (2010) (1) Free equity generated Ena (2) Enaitinere financial cost* (3) Enaitinere coverage *Adjusted full year The Ebitda of Ena Group is forecasted to grow between a 90%-100% for 2010, against a balanced financial cost of Enaitínere due to the existent coverage. 54

55 II.A.5 AVASA GENERAL INFO. Starting date: November, 3, 1973 Status: In operation Location: Bilbao-Zaragoza (295 Km.), as a link between the Mediterranean sea and the Vizcaya gulf. Life of the concession: 53 years End date: November, 3, 2026 SyV acquired the 50% of the capital in October, 2000 Other shareholders: Abertis 50% 55

56 II.A.5 AVASA LOCATION AP Km. 56

57 II.A.5 AVASA Key data: DESCRIPTION Activity: construction,maintenance and operation of the longest toll highway in Spain between Bilbao and Zaragoza (295 Km.) as a link between the mediterranean coast, Ebro valley and Viscay bay. In 2000 an agreement reached with the adminitration resulted in an extension of the concessional period with a reduction of tariffs (period extended>15 years and tariffs cut <30%). This produced a profitable impact for Avasa, that allowed to recover the level of income ex-agreement only in a period of two years, backed on the strong increase experienced in traffic volumes. Besides, after the purchase, Avasa funding was restructured. Total financing amounted to 1,017 Mn, of which 207 Mn corresponded to Itinere, other 207 Mn to Iberpistas/Abertis with the remaining left as debt held in Avasa. Avasa participates in some concessions as minority shareholder: Madrid Radial-2 (connection between N-1 and Guadalajara city). 57

58 II.A.5 AVASA INCOME ADT Performance 88/03 Income Performance 88/03 (Mn ) CAGR 88/03: 5.30% 110 CAGR 88/03: 6.39% Uses and traffic structure (2003): Year 2000: Renegociation of the concessional framework Average daily traffic: 12,843 vehicles. Average daily car volume: 62,409. Average journey covered by vehicle: 60.6 Km. 58

59 II.A.5 AVASA OPERATING PERFORMANCE Operating results (50% consolidated) Mn Euros Change 03/02 Income ,1 7.3% Operating Costs ,7 5.9% EBITDA ,4 7.5% Depreciation ,6 35.0% Reversion fund ,6 7.1% EBIT ,2 7.1% Financial costs ,0-5.8% Deferred financial Costs 8.6 9,3-6.7% Ordinary Profit ,5 11.0% PBT % Tax % Net profit % Capex % Free Cash flow % Key operating data Seasonality of the concession.intense traffic volumes in the nort area, Bilbao- Mirada de Ebro (> ADT) and lower in the southeast. Traffic peaks in summer season. User type:14% heavy traffics, mainly in the north section. Closed toll system, with fiber optic along all the road Billing system: Avasa debit card and electronic collection system available as from October

60 II.A.5 AVASA CAPITAL EMPLOYED 2003 Balance structure Mn Euros Investment Financing Highway investment 1,147 Equity 284 In operations 1,147 Financial debt 611 In progress 0 Reversion fund 566 Deferred expenses 364 Other liabilities 80 Other assets 31 TOTAL 1,542 TOTAL 1,542 Financing 13% 28% 59% Equity Financial debt Other liabilities 60

61 II.A.5 AVASA FINANCIAL STRUCTURE Avasa debt Structure (50% consolidated) Mn Euros Type Amount Currency Average maturity Financial cost >09 Long term debt Debentures Loans and others Euro Short term debt Debentures Loans and others 22.7 Euro TOTAL % 15.0% 85.0% Avasacyr (100%) Long term debt Loans and others Euro 5.41% 32.9% 67.1% The acquisition of Avasa was made through the instrumental company Avasacyr, 100% owned by Itinere. 61

62 II.A.6 AUNOR GENERAL INFO. Starting date: September, 1, Status: In operation. Location: Alcantarilla- Caravaca de la Cruz section in Murcia region (southeast of Spain). Life of the concession: 30 years. End date: September, 8, 2029 SyV owns 45% of the capital since its constitution. Other shareholders: Grupo OHL: 45% and BBVA: 10% 62

63 II.A.6 AUNOR LOCATION Caravaca Alcantarilla 63

64 II.A.6 AUNOR Key data: DESCRIPTION Activity: construction, maintenance and operation of Murcia Northwest highway, through the extension and widening of Alcantarilla- Caravaca section which has a lenght of 62 km. This highway was awarded by the regional government of Murcia. It is a shadow toll system, which includes a tariff mecanism with minimum guaranteed income, refered to traffic volume ranges registered from Band 1 to Band 3. Bands performance are calculated on year basis. Its running structure shows a decreasing charge per vehicle in Band 2 and free as Band 3 is reached Tariffs structure (Mn vehicles/km.) Light vehicles Heavy vehicles Veh/Km. Price Veh/Km. Price Band Band 2 136, Band

65 II.A.6 AUNOR OPERATING PERFORMANCE Operating performance (45% consolidated) Mn Euros Change 03/02 Income % Operating Costs EBITDA % Depreciation % Reversion fund % EBIT , % Financial costs % Deferred financial Costs % Ordinary Profit % PBT % Tax % Net profit % Key operating data: Concession seasonality: Stable traffic levels along the year with a soft low in August. ADT grew 17.5% in 2003 vs 2002, first year at full operation, to 9,881 vehicles. User type very regular, with a 16% of heavy vehicles and low variation in different year seasons. Agreements with administrations: Murcia Regional Governement provides a minimum guarateed income of 276 Mn Euros during concession life Capex % Free Cash flow % 65

66 II.A.6 AUNOR CAPITAL EMPLOYED 2003 Balance structure Mn Euros Investment Financing Highway investment 97 Equity 16 In operations 97 Financial debt 64 In progress 0 Reversion fund 5 Deferred expenses 2 Other liabilities 23 Other assets 10 TOTAL 109 TOTAL % Financing 15% 59% Equity Financial debt Other liabilities 66

67 II.A.6 AUNOR FINANCIAL STRUCTURE Consolidated debt structure(100%) Mn Euros Type Amount Currency Average maturity Financial cost >09 Long term debt Short term debt Debentures Loans and others 27.7 Euribor Euro Debentures Loans and others 1.2 Euribor TOTAL % 13.6% 86.6% 67

68 II. Concessions in operations: B-CHILE

69 Sector Profile 2003 Macro economic performance. Best position in South America. Sustained economic growth (GDP +3.3%). Public deficit under control (03: 1%), low interests rates (2.25%), inflation (1,1%) and developed fnancial system (57% private credit/gdp), with solid presence of international financial institutions. Sector framework. Ruler/concessionaire: tendering and control of all types of infrastructure concessions corresponds to the Ministry for Public Works that published its first Concessions Law in It supervises concessions development through the General Coordination Unit for awardee groups. Contractual framework: Law of concessions number on year 1.996, states the principle of economic-financial balance, due to its nature of public service. It includes guaranteed income for some projects, reimboursement mecanisms, advanced cancellation and exchange rate risk coverage (previous to the consolidation of the domestic financial and savings system). Tariff regulator: The Ministry for Public Works generally applies an annual tariff revision, equivalent to the last year CPI. The tariffs are rated on Unidades de Fomento (U.F, constant Chilean peso currency). This implies prices annual revision reflects the deviation between the current Peso and the U.F. 69

70 Sector volume and Itinere competitive position The sector has 1,870 Km. of toll highways, with a market share for SyV-Itinere of a 23%. Chile - Km. Under management Others 42% Itinere- SyV Group 23% Ohl 14% Cintra 21% 70

71 II.B.1 RUTA 5: RÍO BUENO - PUERTO MONTT GENERAL INFO Concesionaria de Los Lagos S.A. Starting date: September, 20, 1998 Status: In operation. Location: Río Bueno-Puerto Montt strecht of the panamerican highway, in the Centre- South of Chile. Life of the concession: 25 years. End date: September, 20, 2023 Itinere owns 88.1% of direct stake and 5.9% atributtable through the 11.9% stake of Ena Group. Other shareholders: Ena minorities: 5.9% 71

72 II.B.1 RUTA 5: RÍO BUENO - PUERTO MONTT LOCATION Concesionaria de Los Lagos S.A Km. 72

73 II.B.1 RUTA 5: RÍO BUENO - PUERTO MONTT DESCRIPTION Concesionaria de Los Lagos S.A. Key data: Activity: construction, manteinance and operation of Ruta 5 pan american highway in the section between Río Bueno and Puerto Montt, which includes Puerto Montt city bypass, with a total lenght of Km. The highway it is an interurban double lane road which runs accross Los Lagos region, the third most populated of Chile (1.8 Mn inhabitants) and has 2 main access and 12 side access. The economic- financial plan is set in U.F. (Unidades de Fomento) that adjust the inflation into the concession income stream and is calculated on monthly basis. 73

74 II.B.1 RUTA 5: RÍO BUENO - PUERTO MONTT INCOME Concesionaria de Los Lagos S.A. The structure of the guaranteed income and subsidies ensures up to a 67% of the total expected income in the concession life: Income insurance structure vs/ total Forecasted toll income+ subsidies: (1) 100% Public subsidies: (2) 38.18% Minimun guaranteed income (M.G.I): (3) 28.93% (Subsidy+ M.G.I./Total forecasted income) (2)+(3) 67.11% *A 67.11% of the total forecasted income is guaranteed by the public administration. Operating performance (since concession opening) Mn Euros /02 ADT n.a. 3,778 3, % INCOME (Chilean Peso Mn) ,583 13, % 74

75 II.B.1 RUTA 5: RÍO BUENO - PUERTO MONTT OPERATING PERFORMANCE Concesionaria de Los Lagos S.A. Operating performance (100% consolidated) Mn Euros Change 03/02 Income % Operating Costs % EBITDA % Depreciation % Reversion fund EBIT % Financial costs % Deferred financial Costs % Ordinary Profit ,110.7% PBT ,228.2% Tax % Net profit ,153.2% Capex Free Cash flow % *Maintenance costs recognized as costs of the period. Key operating data: Significant concession seasonability during summer months, up to 150%, and in Puerto Montt by pass. User type: High percentage of heavy vehicles (30%), due to regional industrial activity. Open toll system with two main gates (North/south) and 12 side access Agreements with administrations: Minimum guaranteed income of 8.1 Mn U.F, with a yearly increasing subsidy of 10.7 Mn U.F. USD exchange rate insurance with a free variation range of +-/10% (This produced 18.4 Mn of positive exchage differences in 2003) 75

76 II.B.1 RUTA 5: RÍO BUENO - PUERTO MONTT CAPITAL EMPLOYED Concesionaria de Los Lagos S.A Balance structure Mn Euros Investment Financing Highway investment 204 Equity 79 In operations 204 Financial debt 134 In progress 0.0 Reversion fund 2 Deferred expenses 8 Other liabilities 5 Other assets 8 TOTAL 220 TOTAL 220 Financing 3% 36% 61% Equity Financial debt Other liabilities 76

77 II.B.1 RUTA 5: RÍO BUENO - PUERTO MONTT FINANCIAL STRUCTURE Concesionaria de Los Lagos S.A. Consolidated debt structure(100%) Mn Euros Type Amount Currency Average maturity Financial cost >09 Long term debt Debentures Libor 1 Loans and others US $ year+1.3% (Dec. Short term debt Debentures 03: 2.76%) Loans and others TOTAL % 58.2% Exchange rate insurance between constant peso (U.F) and US $ granted by the public administration, with a franchise of 10% and during all the life of the concession. 77

78 II.B.2 RUTA 5: LOS VILOS - LA SERENA GENERAL INFO. Concesionaria del Elqui S.A. Starting date: December, 16, Status: In operation Location: Los Vilos La Serena strecht of the panamerican highway, in the Centrenorth of Chile. Life of the concession: 25 years. End date: December, 16, 2022 SyV created the company after the awarding of the concession and controls a 72.6% stake. Other shareholders: Abertis: 25% and Epsa: 2.3%. 78

79 II.B.2 RUTA 5: LOS VILOS - LA SERENA LOCATION Concesionaria del Elqui S.A Km. 79

80 II.B.2 RUTA 5: LOS VILOS - LA SERENA DESCRIPTION Concesionaria del Elqui S.A. Key data: Construction, maintenance and operation of Ruta 5, in the strecht Los Vilos- La Serena, with a lenght of 229 Km. The highway was opened to traffic in 1999 and has two main entries (north and south) and 4 side access. Concession Economic and Financing Plan is denominated in constant chilean pesos, U.F, that takes into account consumption inflation of (every month the chilean Ministry of Economy reports the changing value of the U.F ). The concession enjoys an scheme of the minimum guaranteed income and subsidies granted by the chilean government for all its life. 80

81 II.B.2 RUTA 5: LOS VILOS - LA SERENA INCOME Concesionaria del Elqui S.A. The guaranteed income structure and subsidies guarantee up to 85.5% of the total expected income of the concession: Income insurance structure: vs/ total Forecasted toll income + subsidies: (1) 100% Public subsidies: (2) 44.24% Minimun Income Guaranteed (M.I.G): (3) 41.25% (Subsidy+ M.I.G./total forecasted income) (2)+(3) 85.49% Operating performance (since the beginning of the concession) Mn Euros /02 ADT 3,055 3,090 3, % INCOME* (Chilean Peso Mn) 6,278 14,419 13, % *2002 includes an income of 1.27 Mn Chilean Pesos as a bonus for anticipated opening of the concession operations. Adjusted by this one-off income increased 2.4% in

82 II.B.2 RUTA 5: LOS VILOS - LA SERENA OPERATING PERFORMANCE Concesionaria del Elqui S.A. Operating performance (100% consolidated) Mn Euros Change 03/02 Income % Operating Costs % EBITDA % Depreciation % Reversion fund EBIT % Financial costs % Deferred financial Costs % Ordinary Profit % PBT % Tax % Net profit % Capex Free Cash flow % *Maintenance costs recognized as costs of the period. Key operating data: Seasonability of the concession: High in summer season in the north section and more reduced and stable in the southern area (3,000 veh/day) User type: South section register a higher amount of heavy vehicles (up to 150% out of summer), due to the mining activity in the region. Open toll system. Agreements with administrations: Minimun guaranteed income of 10.8 Mn U.F, subsidies of 11.6 Mn U.F and USD exchange rate insurance with a free variation range of +-/10% (This produced 15.5 Mn of positive exchange differences in 2003) 82

83 II.B.2 RUTA 5: LOS VILOS - LA SERENA CAPITAL EMPLOYED Concesionaria del Elqui S.A Balance structure Mn Euros Investment Financing Highway investment 188 Equity 84 In operations 188 Financial debt 112 In progress 0 Reversion fund 2 Deferred expenses 15 Other liabilities 7 Other assets 2 TOTAL 205 TOTAL 205 Financing 5% 41% 54% Equity Financial debt Other liabilities 83

84 II.B.2 RUTA 5: LOS VILOS - LA SERENA FINANCIAL STRUCTURE Concesionaria de Los Lagos S.A. Consolidated debt structure(100%) Mn Euros Type Amount Currency Average maturity Financial cost >09 Long term debt Short term debt Debentures Loans and others Libor 1 year+1.3% US $ Debentures (Dec. 03: 2.76%) Loans and others TOTAL % 36.6% Exchange rate insurance for constant chilean peso (U.F)/ US $ covered by the Chilean governement with a franchise of +/- 10% during the life of the concession. 84

85 II.B.3 RUTAS DEL PACÍFICO GENERAL INFO. Rutas del Pacífico S.A. Starting date: August, 31, 1998 Status: In operation. Location: Santiago de Chile - Valparaíso/Viña del Mar section. Life of the concession: variable, conditioned to reaching a total accumulated income amount of Mn U.F. End date: expected for SyV created the company in 2000 with a 50% of the capital. Other shareholders: ACS 50% 85

86 II.B.3 RUTAS DEL PACÍFICO LOCATION Rutas del Pacífico S.A. 129 Km. 86

87 II.B.3 RUTAS DEL PACÍFICO DESCRIPTION Rutas del Pacífico S.A. Key data: Activity: Construction, maintenance and operation of Ruta 68 that connects Santiago and Valparaíso, with a lenght of 109 Km. It includes the southern stretch of the highway that connects Viña Alemana and Viña del Mar (20 Km.). The end date of the concession is variable and will take place when the updated accumulated value of concession income will reach Mn U.F, expected for In December 2001, an 85% of the concession was opened, sharing toll revenue produced between the Ministry for Public Works, the Concessionaire and the contractors group. This was a premiun granted by the administration for the early completion of the works and startup of operations. In April 2002 was placed a bond issue of 11.4 Mn U.F, the largest issued in the year in Latin America, which was awarded with many prizes, such as the Latin American Deal of the year

88 II.B.3 RUTAS DEL PACÍFICO OPERATING PERFORMANCE Operating performance (50% consolidated) Mn Euros Change 03/02 Income % Operating Costs % EBITDA % Depreciation % Reversion fund EBIT % Financial costs % Deferred financial Costs % Ordinary Profit % PBT % Tax % Net profit % Capex Free Cash flow % *Maintenance costs recognized as costs of the period. Key operating data: Concesionaria del Elqui S.A. High seasonality in holidays and weekends. Average daily traffic grew up to 13.8% in 2003 vs 2002, first complete year in operations, with 15,968 vehicles. User type: Medium level of heavy vehicles, with a 16% of the total. Open toll system, with 6 side access. It is been developed an electronic toll system. Agreement with Administrations. Life concession is subject to reaching a certain level of accumulated income, equivalent to 12.2 Mn U.F. 88

89 II.B.3 RUTAS DEL PACÍFICO CAPITAL EMPLOYED Rutas del Pacífico S.A Balance structure Mn Euros Investment Financing Highway investment 335 Equity 95 In operations 335 Financial debt 264 In progress 0 Reversion fund 1 Deferred expenses 18 Other liabilities 13 Other assets 20 TOTAL 373 TOTAL 373 8% Financing 24% 68% Equity Financial debt Other liabilities 89

90 II.B.3 RUTAS DEL PACÍFICO FINANCIAL STRUCTURE Rutas del Pacífico S.A. Consolidated debt structure (50%) Mn Euros Type Amount Currency Average maturity Financial cost >09 Long term debt Debentures %- 6.3% Loans and others chilean Short term debt Debentures peso - - Loans and others TOTAL % 44.0% 56.0% The concession is funded on a chilean pesos bond issue made in 2002, one of the largest issued in Latin America, with a book value as of December 2003 of Mn. 90

91 II.4 OTHER CONCESSIONAIRE COMPANIES Under development and participated The shareholder value in other concessions, affliliates and under development, amounts to 229 Mn Euros, highlighting Américo Vespucio South in Santiago de Chile, with 108 Mn Euros. Under management and in progress Affiliates Concession Name NPV (7%) / (Chile 8%) Equity Investment* Added Value Mll Euros Americo Vespucio Sur Red Vial Litoral Central Acceso Nororiente , Neopistas ,0 4.8 Operadoras Chile 7.2 0,8 6.3 M ,3 5.9 Acega 4.7 2,3 2.4 R-2** ,2 7.6 Accesos Madrid R3/R ,0 0.7 R-4** Eje Aeropuerto** Linea 1 Metro Sevilla ,9 1.7 TOTAL *Equity invested by SyV as of 31 Dec. 03 ** Affiliates through Avasa and Ena 91

92 III. Financial Outlook Itinere Valuation

93 III. Financial Outlook GRUPO SyV Itinere Valuation Itinere has an income portfolio of 54,247 Mn Euros, contained in its concessions with a high operating margin, that reached 72.9% in Attributable shareholder dividend amounts to 14,623 Mn Euros, to receive during the life of the current concessions, with a present value of 2,000 Mn Euros. Value of the investment in equity SyV SPAIN (Mn Euros) Discount rates 6.5% 7.0% 7.5% NPV 1,907 1,696 1,522 Investment cost* Value Added 1,578 1,367 1,193 Value of the investment in equity SyV CHILE (Mn Euros) Discount rates 7.5% 8.0% 8.5% NPV Investment Cost* Value Added Value of the investment in equity SyV TOTAL* (Mn Euros) NPV 2,236 2,000 1,803 Investment Cost* Value Added 1,736 1,500 1,303 *Equity invested by SyV. 93

94 III. Financial Outlook SyV Itinere Group Valuation Itinere s residual value is distributed between a 84.8% in domestic concessions and a 15.2% in Chile, the most stable and developed economy in Latin America, where a larger rate of return and additional concessions guarantees are required. Valuation by beographic area 304 Mn Euros Spain Chile 1,696 Itinere has a significant capacity for value creation, which, in the case of being considered at the light of on-going new concessions awardings, would produce a considerable increase of its value. 94