HOCHTIEF Aktiengesellschaft · XETR:HOT
HOCHTIEF Aktiengesellschaft — Investor Day (November 2006)
8 slides from HOCHTIEF Aktiengesellschaft's investor day presentation, Nov 17, 2006
Slide 1: PPP – People, Projects and Perspectives: Generating value – our portfolio management
PPP – People, Projects and Perspectives Generating value – our portfolio management HOCHTIEF Capital Markets Day November 17, 2006 E LU VA Dr Ulrich Stucke, CFO Dr Ansgar Bendiek, Head of Business Planning and Asset Management HOCHTIEF PPP Solutions GmbH 1
Slide 2: Objectives of our portfolio management
Objectives of our portfolio management Asset Management: • Managing and controlling our projects (i.e. financial models, business planning) • Generating and optimising shareholder value • Managing and diversifying of risks • Optimising allocation of capital • Timing of optimal portfolio investment/
Slide 3: Concession and operation business
Concession and operation business • Earnings streams to HOCHTIEF PPP Solutions from concession companies: - Fee income: e.g. success fees, management fees - Dividends/interest on shareholder loans • IRR target >14% (incl. Fee income), target return is risk adjusted • > EUR 1.5bn projected aggregate
Slide 4: Principle of Life cycle Valuation
Principle of Life cycle Valuation accumulated Cash flows (nominal) monetary units Value of Equity (DCF calculation) Cash flows (nominal) Financial Close Start of operation t Construction Ramp-up Growth Maturity Risk-premium phase (%) 3 2 + Risk-premium type (%)* 2-4 2-4 2-4 2-4 + Risk free rate (%)
Slide 5: HT PPPS portfolio as of 11/2006
HT PPPS portfolio as of 11/2006 accumulated Cash flows (nominal) monetary units Value of Equity (DCF calculation) Cash flows (nominal) Financial Close Start of operation t Preferred Construction Ramp-up Growth Maturity 11/2006 bidder • Maliakos Kleidi, • San Cristobal Express* • Herrentunnel Lübeck
Slide 6: Portfolio Valuation
Portfolio Valuation HOCHTIEF PPP Solutions - Portfolio as of 06/2006 (EURm) Status: Committed Paid-in NPV * NPV Difference due to Financial Close Equity Equity of anticipated as of Growth of Growth of Cash Flows 31.12.2005 Portfolio Value Tollroads, Public Buildings 115.5 104.0 208.0 207.4 a) 6.0 b)
Slide 7: Portfolio Valuation – Additional Projects
Portfolio Valuation – Additional Projects Growth of Portfolio since 06/06 Acquired: Five Schools, Ireland Financial Close: Schools East Ayrshire, UK Schools Bangor & Nendrum, UK San Cristobal Express*, Chile Preferred Bidder: Schools Salford, UK Maliakos Kleidi, Greece Ypsilon Project, Austria BAFO-
Slide 8: Portfolio Valuation – Value Sensitivities
Portfolio Valuation – Value Sensitivities HOCHTIEF PPP Solutions - Portfolio value in EURm as of 06/2006 Portfolio valuation NPV of anticipated Cash Flows 208.0 ∅ Discount rate 11.87% Value Sensitivities ∅ Discount rate 11.5% 11.0% 10.5% NPV of anticipated Cash Flows 215.8 229.4 247.3 8
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