Information  X 
Enter a valid email address

Macquarie Korea I F (MKIF)

  Print      Mail a friend

Friday 29 January, 2016

Macquarie Korea I F

Reports 2015 full year financial and performance

RNS Number : 4318N
Macquarie Korea Infrastructure Fund
29 January 2016
 

29 January 2016

MACQUARIE KOREA INFRASTRUCTURE FUND
REPORTS 2015 FULL YEAR FINANCIAL AND PERFORMANCE RESULTS

Macquarie Korea Infrastructure Fund ("MKIF") today announced its results for the financial year ended 31 December 2015 (the "Period"), together with the asset performance results for the same period.

 

Highlights for the Period include:

 

§ The final second half distribution for the Period approved by the board of directors of MKIF today was KRW 254 
per share

-       The total distribution for the Period is KRW 464 per share based on 331,459,341 total shares outstanding

-       The second half distribution will be paid on 29 February 2016 to MKIF's shareholders based on  the record 
  date of 31 December 2015

 

§ On a non-consolidated basis, MKIF recorded revenue of KRW 219.5 billion and net income of KRW 153.8 billion. Excluding the one-offs[1], revenue and net income increased by 25.2% and 34.6%, respectively compared with the previous corresponding period ("pcp"). The increase in revenue was primarily due to the dividend income of KRW 40.9 billion paid by Incheon International Airport Expressway ("NAHC") and Soojungsan Tunnel ("SICL")[2]

 

§   The underlying traffic volume and revenue[3] of MKIF's eleven toll roads grew by 8.8% and 8.5%, respectively on pcp. Traffic volume of the three new toll-road assets[4] reached 82.6% of the Concession Agreement forecast volume compared with 78.6% in the previous year, recording a weighted average traffic volume increase of 11.0% over pcp

 

§ MKIF completed capital restructuring of its two toll road assets, Incheon Airport Expressway and Yongin-Seoul Expressway, that involved new debt packages and partial return of share capital (the "Transactions").[5]  The combined impact to MKIF from the Transactions include:

-       Immediate cash inflow of KRW 58 billion[6]

-       Higher dividend income over the next 3 years  (NAHC)

-       Deferred interest reduced, accelerating cash inflow (YSE)

-       Target investment return remains largely unchanged

 

§   Key operational and financial highlights of Busan New Port Phase 2-3 ("BNP") include:

-     BNP handled 1.37 million TEU during the Period, a 2.5% decrease over pcp, primarily due to a slower than expected ramp-up of the Ocean 3 volume.  Ocean 3 is the BNP's main shipping line partner and is one of the 
four major global shipping alliances formed early 2015

-     Recorded KRW 72.1 billion of revenue and KRW 25.7 billion of EBITDA during the Period, a growth of 4.9% 
and 14.7%, respectively on pcp, mainly driven by increase in tariffs and decrease in operating expenses

-     Completed the capacity expansion on time and on budget in May 2015, increasing its handling capacity to 2.5 million TEU per annum from 1.8 million TEU[7]

-     For FY2016, BNP targets approximately 1.8 million TEU of handling volume and over KRW 101.9 billion and 
KRW 45.1 billion of revenue and EBITDA, respectively[8]

o Ocean 3 vessel scheduling is complete, and BNP starts the year with a 12-month estimated forward 
service schedule of over 1.6 million TEU

o Throughput demand for the New Port is expected to continue - the New Port volume grew by 7.5% 
during the Period, handling approximately 12.8 million TEU[9]
, leaving only BNP with existing and 
expansion capacity among the five terminals in the New Port over the next 4-5 years

o BNP anticipates additional volume growth from the recent market activities including the recently 
announced acquisition of APL shipping line by CMA CGM and the proposed merger of COSCO and 
China Shipping - CMA CGM and China Shipping are Ocean 3 alliance members and APL and COSCO are major customers of the New Port

 

§  The capital restructuring activities during the Period have further improved MKIF's balance sheet position

-       Proportionately consolidated cash balance[10] of KRW 214.3 billion

-       Continued de-gearing of asset level debt with a weighted average maturity of 7.1 years

-       Proportionately consolidated gearing[11] reduced to  30.5% from 36.0% in the previous year

-       Refinancing of the corporate bond of KRW 60 billion expected in May 2016

 

§ Three local concession assets of MKIF are undergoing legal disputes with their respective government authorities, as shown in the following table:

 

Asset

Case

Status

Government Authority

Baekyang Tunnel ("BYTL")

Soojungsan Tunnel ("SICL")

Administrative order to reinstate the original capital structure at the time of the concession agreement signing

−   Busan District Court ruled in favour of BYTL and SICL in October 2014

−   Busan City appealed the case to the Busan Appellate Court

Busan City

 

Claim of overdue payments [12]

 

−   Petition submitted to Busan District Court in January 2016

Gwangju 2nd Beltway, Section 1 ("KBICL")

Administrative order to reinstate the original capital structure at the time of the concession agreement signing

−   Undergoing a Supreme Court process

Gwangju City

Administrative order to suspend MRG payments

(Completed)

−   Seoul Administrative Court confirmed  the order was not legitimate and dismissed the case in August 2015

Machang Bridge

("MCB")

- award received

Claim of overdue MRG

−   MCB  received 2013 support payment of KRW 13.1 billion and overdue interest in February 2015

−   Award by consent from the arbitral tribunal of the International Court of Arbitration of the International Chamber of Commerce received in  April 2015

Gyeongsangnamdo

(Provincial government)

 

 A presentation providing further details of MKIF's 2015 financial and operating results and outlook can be found on MKIF's website (www.macquarie.com/mkif).

 

Financial Results1

      (Unit: KRW million)


2015


2014

Revenue

219,488


181,243

Interest income

178,114


177,838

Dividend income

40,9232


                   3,3863

Other income

451


19

Operating Expenses

65,677


55,418

Management fee

35,353


30,803

Performance fee

7,8354


-

Interest expense

19,370


19,629

Other expenses

3,119


4,986

Net Income

153,811


125,825

EPS5

464


380

Normalised6 Net Income

164,772


122,439

Normalised EPS

497


370

1.     Audited, non-consolidated basis

2.     Dividend income from Incheon International Airport Expressway(KRW 28.9 billion) and Soojungsan Tunnel (KRW12.0 billion)

3.     One-off gain from the liquidation dividend from the CNEC ABS SPC (tranche 3)

4.     Performance fee for 2nd quarter 2015

5.     Based on the number of shares outstanding of 331.5 mil shares

6.     Excludes one-off gains and losses

 

 

Traffic Results

 


2015 4th  Quarter (PCP)

2015  Full Year (YoY)

Asset

Traffic (%)

Revenue (%)

Traffic (%)

Revenue (%)

Weighted Average growth1

9.6%

9.5%

8.8%

8.5%

1.  On a weighted average basis based on revenue size of each asset and the MKIF's equity interest in each concession company.

 

 

BNP  performance

 


FY2014A

FY2015A

Change over   pcp

FY2016 Forecast*

Volume  (TEU mil)

1.41

1.37

-2.5%

1.80

Revenue (KRW billion)

68.7

72.1

4.9%

101.9

EBITDA (KRW billion)

22.4

25.7

14.7%

45.1

EBITDA margin (%)

32.6%

35.6%

+300bps

~49%

* Actual performance may vary from the forecast provided by BNP

 

For further information, please contact:

 

Jason Pak

Chief Operating Officer

Macquarie Korea Infrastructure Fund

+ 82 2 3705 8550

[email protected]

 

Ally An

Investor Relations

Macquarie Korea Infrastructure Fund

+ 82 2 3705 8565

[email protected]

 

This release is not an offer or solicitation for sale of the securities of Macquarie Korea Infrastructure Fund ('MKIF') in the United States or in any jurisdiction where any offer, sale or solicitation in respect of such securities is not permitted. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or in any jurisdiction where such offer or sale is not permitted. The securities of MKIF have not been registered under the Securities Act, and may not be offered or sold in the United States absent registration or exemption from registration under the Securities Act. There will be no public offer of the securities in the United States. 

Not for distribution in the United States or in any jurisdiction where any offer, sale or solicitation in respect of the contemplated securities is not permitted.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Any securities will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire any securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

This release does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in MKIF, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.

MKIF or Macquarie Korea Asset Management Co., Ltd. (MKAM) is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of this entity do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.

Investments in MKIF are subject to investment risk, including possible delays in repayment or loss of income and/or capital investment. Neither MKIF, nor any member of the Macquarie Group companies, including MKAM, guarantees the performance of MKIF, the repayment of capital or the payment of a particular rate of return on MKIF securities.



Appendix 1. Financial results1 

 

Financial Position Statements

As of 31 December 2015 and 2014

 

             (Unit: KRW million)


2015


2014

Assets





Invested Assets

1,617,610


1,681,571


Cash & deposits

15,680


48,864


Loans

1,089,746


1,079,604


Equity securities

512,184


553,103


Others

439,746


462,936


Interest receivable

433,604


455,070


Other receivables

2,430


2,368


Deferred costs, net

3,712


5,498

Total Assets

2,057,356


2,144,507






Liabilities





Accounts Payable

1


1


Management fee payable

8,867


8,277


Long-term debt

109,444


208,565


Bond

249,688


249,510


Other liabilities

3,210


1,636

Total Liabilities

371,210


467,989






Shareholders' Equity





Share Capital

1,670,986


1,670,986


Retained Earnings

15,160


5,532

Total Shareholders' Equity

1,686,146


1,676,518

Total Liabilities and Shareholders' Equity

2,057,356


2,144,507

 

1.     Audited, non-consolidated basis

 

 

 



 

Statements of Income

For the years ended 31 December 2015 and 2014

         

(Unit: KRW million)


2015


2014

Revenue

219,488


181,243

Interest income

178,114


177,838

Dividend income

40,9231


3,3862

Other income 

451


19

Expenses

65,677


55,418

Management fee

35,353


30,803

Performance fee

7,8353


-

Custodian fee

330


332

Administrator fee

208


207

Interest expense

19,370


19,629

Other expense

2,581


4,447

Net Profits


125,825

 

1.     Dividend income from Incheon International Airport Expressway(KRW 28.9 billion) and Soojungsan Tunnel (KRW12.0 billion)

2.     One-off gain from the liquidation dividend from the CNEC ABS SPC (tranche 3)

3.     Performance fee for 2nd quarter 2015

 



Statements of Cashflow

For the years ended 31 December 2015 and 2014

         

(Unit: KRW million)


2015


2014

Cash flows from operating activities:





Cash inflows from operating activities

439,443


120,726


Collection of equity securities

55,645


-


Collection of other loans receivable

141,115


19,013


Interest and other income

242,683


101,713


Cash outflows from operating activities:

(209,848)


(40,546)


Investments

(166,030)


(8,600)


Fees and expenses

(43,818)


(31,946)

Net cash provided by (used in) operating activities

229,595


80,180

Cash flows from financing activities:





Repayment of long-term debt

(155,000)


(200,305)


Drawdown from long-term debt

52,500


334,800


Distributions paid

(144,185)


(164,404)


Interest expense

(15,994)


(13,808)


Borrowing related expenses

(100)


(2,350)

Net cash provided by (used in) financing activities

(262,779)


(46,067)

Net increase(decrease) in cash and deposits

(33,184)


34,113

Cash and deposits at beginning of the period

48,864


14,751

Cash and deposits at end of the period

15,680


48,864  



Appendix 2. Traffic Results

 

1.       Traffic and Revenue - Portfolio Summary

 

1.    On a weighted average basis[13], traffic and revenue increased by 8.8% and 8.5%, respectively, during the Period, when compared to pcp. On the same basis, traffic and revenue for the fourth quarter (the Quarter) increased by 9.6% and 9.5%, respectively, on pcp.

 

§  Traffic growth of the portfolio during the Period was largely attributable to:

-      The three newer toll road assets[14] delivered traffic growth of 11.0% on pcp

-      Traffic volumes of Incheon International Airport Expressway and Incheon Grand Bridge rose due to increase in residential population of Cheongna, Yeongjong and Song-do districts and growing number of airport passengers travelling to and from Incheon International Airport

-      Both Gwangju Second Beltway Section 1 and Section 3-1 recorded close to 10% of the traffic volume growth on pcp largely due to the extension of the adjacent roads and more road users attracted to Naju Innovation CIty

-      Traffic volume across Machang Bridge increased significantly by 23.2% during the Period on pcp  due to the new road connection (Yanggok-Wanam route of the national highway and Changwon-Busan Expressway: stage 2) from 13 October 2013 and a newly-built industrial complex in Changwon operating since June 2014

 

Traffic for each toll road asset is calculated as the annual average daily traffic volume. Except as stated otherwise, revenues for each toll road asset represents actual average daily revenue collected (excluding VAT). Actual revenue collected does not include minimum revenue guarantee compensation payments received from the relevant government authority or the toll freeze compensations related to the CPI growth. Accordingly, revenue performance in the concession companies is not a direct guide to the revenue performance of MKIF. 

 

The revenue growth recorded by the concession companies in which MKIF invests reflects traffic volume growth, as well as inflation linked toll rate increases, and may also be influenced by changes to the traffic mix, between heavy and light vehicles, for which different toll rates apply.

 


2015 Fourth Quarter

2015 Year to Date

% of MKIF

Portfolioc

Asset

Traffic (%)a

Revenue (%)b

Traffic (%)a

Revenue (%)b

Incheon International Airport Expressway

13.1%

-3.4%

10.3%

2.4%

4.7

Baekyang Tunnel

4.0%

18.9%

4.3%

9.4%

0.2

Gwangju Second Beltway, Section  1

10.4%

10.9%

9.9%

10.2%

13.1

Gwangju Second Beltway, Section  3-1

9.0%

9.0%

9.2%

9.3%

3.9

Woomyunsan Tunnel

6.0%

6.1%

5.4%

5.6%

1.3

Cheonan-Nonsan Expressway

7.5%

7.9%

6.5%

6.5%

16.9

Soojungsan Tunnel

3.3%

28.7%

5.3%

14.1%

5.5

Machang Bridge

20.0%

20.4%

23.2%

23.8%

7.0

Yongin-Seoul Expressway

15.2%

7.4%

13.8%

11.8%

9.4

Seoul-Chuncheon Expressway

8.3%

8.4%

7.0%

7.0%

8.5

Incheon Grand Bridge

11.4%

11.2%

13.6%

13.6%

10.2

Weighted Average

9.6%

9.5%

8.8%

8.5%


a. Percentage increase from prior corresponding period, based on average daily traffic

b. Percentage increase from prior corresponding period, based on average daily revenue

c. Percentage based on total commitments by MKIF to all investments in the MKIF portfolio

                                                  



2.         Traffic and Revenue - Individual Concession Company Performance

 

Incheon International Airport Expressway

 

Category

PCP

Year on Year

Q4 2014

Q4 2015

% Change

2014

2015

% Change

Average daily traffic (vehicles / day)

 61,766

69,863

13.1%

60,467

66,713

10.3%

Average daily revenue (1,000 won)

373,331

360,652

-3.4%

368,479

377,327

2.4%

Note:      Revenue declined by 3.4% over pcp despite the 13.1% of traffic volume growth due to the toll discount implemented as of September 2015. Toll fare reduced from KRW 7,600 to KRW 6,600 on 1 September 2015

 

Baekyang Tunnel

 

Category

PCP

Year on Year

Q4 2014

Q4 2015

% Change

2014

2015

% Change

Average daily traffic (vehicles / day)

75,536

78,567

4.0%

73,587

76,764

4.3%

Average daily revenue (1,000 won)

  54,310

 64,583

18.9%

52,816

57,804

9.4%

Note:      Toll collection system, which allows payments to be settled by Hi-Pass card, was installed on the outermost lane in February 2015 and an additional Hi-Pass lane opened in March 2015 adjacent to the existing innermost Hi-Pass lane. Higher revenue growth than volume growth is due to toll fare increase from KRW 800 to KRW 900 effective from 1 September 2015

 

Gwangju Second Beltway, Section 1

 

Category

PCP

Year on Year

Q4 2014

Q4 2015

% Change

2014

2015

% Change

Average daily traffic (vehicles / day)

43,006

47,486

10.4%

41,974

46,140

9.9%

Average daily revenue (1,000 won)

45,485

50,423

10.9%

44,287

48,812

10.2%

Note:      Lane expansion of Gwangju-to-Hwasoon road completed in November 2014 contributed towards overall traffic and revenue growth

 

Gwangju Second Beltway, Section 3-1

 

Category

PCP

Year on Year

Q4 2014

Q4 2015

% Change

2014

2015

% Change

Average daily traffic (vehicles / day)

35,442

38,626

9.0%

34,092

37,211

9.2%

Average daily revenue (1,000 won)

37,508

40,887

9.0%

36,009

39,341

9.3%

Note:      Both traffic and revenue increased compared with pcp as state-owned enterprises including Korea Electric Power Co., Ltd, have relocated their headquarters to Naju Innovation City to the south-west of Gwangju

 

Woomyunsan Tunnel

 

Category

PCP

Year on Year

Q4 2014

Q4 2015

% Change

2014

2015

% Change

Average daily traffic (vehicles / day)

28,565

30,282

6.0%

27,101

28,576

5.4%

Average daily revenue (1,000 won)

61,785

65,541

6.1%

58,551

61,809

5.6%

Note:      Traffic and revenue increased over pcp as the residential population of Woomyun district increased upon completion of a new apartment complex

 

Cheonan-Nonsan Expressway

 

Category

PCP

Year on Year

Q4 2014

Q4 2015

% Change

2014

2015

% Change

Average daily traffic (vehicles / day)

47,629

51,216

7.5%

46,950

49,979

6.5%

Average daily revenue (1,000 won)

399,506

431,051

7.9%

392,258

417,908

6.5%

Note:      Traffic and revenue increased compared with pcp due to a growing traffic inflow from Nam-Pungse IC, which opened in July 2014

 

Soojungsan Tunnel

 

Category

PCP

Year on Year

Q4 2014

Q4 2015

% Change

2014

2015

% Change

Average daily traffic (vehicles / day)

47,763

49,322

3.3%

45,761

48,183

5.3%

Average daily revenue (1,000 won)

34,933

44,974

28.7%

33,419

38,135

14.1%

Note:      Opening of the Hi-Pass toll collection system in January 2014 and subsequently enhanced accessibility and convenience continue to contribute towards the growth of traffic and revenue. Higher revenue growth than volume growth is due to the toll fare increase from KRW 800 to KRW 1,000 effective from 1 September 2015

 

Machang Bridge

 

Category

PCP

Year on Year

Q4 2014

Q4 2015

% Change

2014

2015

% Change

Average daily traffic (vehicles / day)

28,888

34,662

20.0%

26,054

32,086

23.2%

Average daily revenue (1,000 won)

64,875

78,126

20.4%

58,128

71,964

23.8%

Note:      A new road connection opened in October 2013, and traffic continues to grow as customers become aware of the benefits that the bridge's routes provide. In addition, a newly-built industrial complex, which started operations in June 2014 in Changwon contributes towards higher commuter traffic

 

Yongin-Seoul Expressway

 

Category

PCP

Year on Year

Q4 2014

Q4 2015

% Change

2014

2015

% Change

Average daily traffic (vehicles / day)

80,559

92,818

15.2%

75,856

86,357

13.8%

Average daily revenue (1,000 won)

144,488

155,144

7.4%

 136,019

152,076

11.8%

Note:      Traffic and revenue increased compared with pcp due to higher traffic driven by Yongin area's growing residence occupancy and detour traffic from the congested Gyeongbu Expressway. Average daily traffic volume for the Period marked 87.6% of the CA forecast. Toll fare reduced from KRW 2,000  to KRW 1,800 (small vehicle) on 29 October 2015

 

 

 

Seoul-Chuncheon Expressway

 

Category

PCP

Year on Year

Q4 2014

Q4 2015

% Change

2014

2015

% Change

Average daily traffic (vehicles / day)

40,272

43,614

8.3%

41,020

43,900

7.0%

Average daily revenue (1,000 won)

255,906

277,392

8.4%

260,182

278,320

7.0%

Note:      Average daily traffic volume for the Period marked 79.8% of the CA forecast

 

Incheon Grand Bridge

 

Category

PCP

Year on Year

Q4 2014

Q4 2015

% Change

2014

2015

% Change

Average daily traffic (vehicles / day)

34,909

38,900

11.4%

35,402

40,231

13.6%

Average daily revenue (1,000 won)

180,235

200,375

11.2%

183,241

208,200

13.6%

Note:      Traffic volume and revenue rose due to an increase in residential population of Yeongjong and Song-do districts and a growing number of airport passengers travelling to and from Incheon International Airport. Average daily traffic volume for the Period marked 79.7% of the CA forecast

 

3.         Prior Period Compensation Payments Received from Government Authorities

 

The concession companies may receive revenue compensation payments from the relevant government authority in addition to revenue received from traffic. Generally, revenue compensation and other compensation payments are received within 6 to 18 months after the end of the year to which they relate.

 

There are outstanding MRG receivables remaining to be paid for some of the assets.  Necessary negotiations are underway with relevant government authorities to expedite the receipt of the overdue payments.

 

(Unit: KRW million)

Asset Name

MRG  receivable for 2014

Outstanding amount1

Amount

   Received        amount

     Due date without     additional interest

Incheon International Airport Expressway

   99,406

98,906

February 2016

1382

Baekyang Tunnel

     6,536

3,910

April 2015

10,4713

Gwangju Second Beltway, Section 1

   21,906

-

December 2015

63,2804

Gwangju Second Beltway, Section 3-1

     6,715

-

December 2015

6,715

Woomyunsan Tunnel

    4,435

-

February 2015

17,0085

Cheonan-Nonsan Expressway

   53,296

-

February 2016

6956

Soojungsan Tunnel

11,575

10,627

April 2015

3,7517

Machang Bridge

     6,984

6,984

February 2015

-

Yongin-Seoul Expressway8

-

-

February 2016

-

Seoul-Chuncheon Expressway

   7,299

-

February 2016

2,189

Incheon Grand Bridge

10,979

10,945

February 2016

342

1.   Including all unpaid and overdue compensations

2.   Payment pending for a small portion of the requested amount. Negotiation underway with Ministry of the Land, Infrastructure and Transportation

3.   Unpaid amount from 2010 to 2014 (2010: 1,894mil, 2011: 1,321mil, 2012: 1,958mil, 2013: 2,673mil, 2014: 2,625mil). To claim overdue support payment, petition submitted to Busan District Court in January 2016

4.   Unpaid amount of 2012 to 2014 (2012: 20,261mil, 2013: 21,113mil, 2014: 21,906mil) Deferred interest is currently in effect and payment of the remaining amount is under negotiation with Gwangju Metropolitan City

5.   Refinancing of Woomyunsan Tunnel completed on 14 January 2016. Overdue unpaid MRG of KRW 17.0 billion and MRG for 2015 of KRW 5.6 billion settled as part of the capital restructuring transaction

6.   Unpaid amount of KRW 695 million will be separately requested (for the compensation of Nam Pungse IC operation expense)

 that is for the settlement of operating express of Nam-Pungse IC

7.   Unpaid amount from 2011 to 2014 (2011: 935mil, 2012: 926mil, 2013: 943mil, 2014:947mil). To claim overdue support payment, petition submitted to Busan District Court in January 2016

8.   Toll compensation receivable of KRW 21 mil was settled as a result of capital restructuring transaction



1.   2015: NAHC refinancing (gain of KRW 0.4 billion), YSE refinancing (loss of KRW 3.5 billion) & MKIF performance fee (KRW 7.8 billion)  /2014: liquidation dividend income from CNE ABS SPC (tranche 3)

2.   Interim dividend from NAHC  (KRW 28.9 billion) and SICL (KRW 12.0 billion)

3.   On a weighted average basis based on revenue size of each asset and the MKIF's equity interest in each concession company

4.   Yongin-Seoul Expressway, Seoul-Chuncheon Expressway and Incheon Grand Bridge

5.   For further details of the Transactions, please refer to MKIF disclosure on 24 August 2015 (NAHC) and 23 October 2015 (YSE)

6.   Net cash proceeds to MKIF from NAHC of KRW 21.7 billion and YSE of KRW 36.3 billion

 

 

 

 

7.   Handling capacity for 2015 of 2.2mil TEU as the construction was completed in May 2015

8.   Actual performance may vary from the forecast provided by BNP

9.   Source: Busan Port Authority. Total container handling volume of the five container terminals (including BNP) that operate within the New Port of Busan

10. Proportionately consolidated cash balance (including MKIF cash balance of KRW 15.7billion)

11. Gearing = MKIF Net Debt/(MKIF Net Debt + MKIF market capital (3-month average)), where MKIF Net Debt = proportionate net debt from assets + corporate net debt. Excludes shareholder loans

12. BYTL: KRW 10.5 billion (toll compensation) / SICL:  KRW 3.8 billion (minimum revenue support and toll compensation)

 

 

13. On a weighted average basis based on revenue size of each asset and the MKIF's equity interest in each concession company

14. Yongin-Seoul Expressway, Seoul-Chuncheon Expressway and Incheon Grand Bridge


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR DMGZMRLGGVZG

a d v e r t i s e m e n t