Ferrovial N.v. · BME:FER
Ferrovial — Investor Day (May 2017)
82 slides from Ferrovial's investor day presentation, May 25, 2017
Slide 1: Investor Day 2017 Cintra
INVESTOR DAY 2017 cintra
Slide 2: Disclaimer
DISCLAIMER The information contained within this document may constitute inside information as stipulated under the Market Abuse Regulation. Upon the publication of this document via the web page of the Comisión Nacional del Mercado de Valores and of Ferrovial, S.A., this inside information is now c
Slide 3: Disclaimer
DISCLAIMER The securities of the Company and Ferrovial have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledg
Slide 4: Ferrovial Investor Day 2017
ferrovial Investor Day 2017
Slide 5: Investor Day 2017 Cintra
INVESTOR DAY 2017 cintra
Slide 6: Welcome
WELCOME ERNESTO LOPEZ MOZO
Slide 7: Module 1: Introduction & Business Model
MODULE 1 INTRODUCTION & BUSINESS MODEL
Slide 8: Introduction: Cintra, a unique investment opportunity
INTRODUCTION Cintra, a unique investment opportunity ENRIQUE DIAZ-RATO
Slide 9: Index
INDEX CINTRA, A UNIQUE INVESTMENT OPPORTUNITY 1 - Where do we come from? 2 - What makes Cintra different (as an investment opportunity)? 3 - Why Cintra’s focus on high complexity concessions? 4- Cintra’s distinctive approach to business: - Efficiency, pioneering and its rewards 5 - A brief quantitat
Slide 10: Where do we come from?
1 WHERE DO WE COME FROM? Investor Day 2017
Slide 11: Where do we come from? History & milestones
1. WHERE DO WE COME FROM? HISTORY & MILESTONES First concession project Bilbao-Behobia Highway (Spain) First Chilean project Talca-Chillan Highway (Chile) First all - electronic, open access, free tolling project 407 ETR (Canada) Listing of Cintra on the Madrid stock exchange First project in USA Ch
Slide 12: Where do we come from? History & milestones
1. WHERE DO WE COME FROM? HISTORY & MILESTONES 2005 _ Strategic partner of the Texas Department of Transportation Merger with Ferrovial a) Ue First Managed Lanes concession awarded -. 2009 under competition NTE & LBJ Express (United States) First Australian project Toowoomba Cintra wins the largest
Slide 13: Where do we come from? Concessions and countries
1. WHERE DO WE COME FROM? 27 CONCESSIONS 10 COUNTRIES 1,984 KM MANAGED 20.8 Be MANAGED INVESTMENT 1,164 me* 632 me* IRELAND M-3 M4 UNITED KINGDOM M-8/M-73/M-74 - SLOVAKIA D4/R7 - GREECE COLOMBIA BBY ma Serrano Park Abb Almanzora PORTUGAL SS SALES EBITDA y u AUSTRALIA an Toowoomba 9,560 me" | int: 96
Slide 14: What makes Cintra different?
| i - y) WHAT MAKES CINTRA DIFFERENT? -- (AS AN INVESTMENIOPPO TUNITY)
Slide 15: What makes Cintra different?
2. WHAT MAKES CINTRA DIFFERENT? (AS AN INVESTMENT OPPORTUNITY) SUPERB QUALITY OF ASSETS AT PRESENT A compelling story of dividends and value GOING FORWARD A massive upside of untapped value: - 407 ETR: a supposedly “mature” asset in operation - ML: projects in ramp-up phase and under construction EX
Slide 16: Why focus on high complexity concessions?
3 |-WHY FOCUS ON. HIGH COMPLEXITY +. CONCESSIONS? Investor Day 2017
Slide 17: Why focus on high complexity concessions?
3. WHY FOCUS ON HIGH COMPLEXITY CONCESSIONS? g GREAT VALUE FOR SHAREHOLDERS - Very high potential of value creation - A “pioneer premium” Gg VAST POTENTIAL PIPELINE - Economic standpoint: an efficient solution for congested corridors - Political standpoint: an increasingly acceptable public policy s
Slide 18: Cintra's distinctive approach to business
Slide 19: Cintra's distinctive approach to business
4. CINTRA’S DISTINCTIVE APPROACH TO BUSINESS FOCUS EFFICIENCY, PIONEERING AND ITS REWARDS ASSET TYPE AWARD PROCESS LOCATION - Institutional predictability HIGH COMPLEXITY OPEN . ; CONCESSIONS COMPETITION GOOD ECONOMIC PROSPECTS: High returns / Sophisticated risk - Higher potential of value creation
Slide 20: Cintra's distinctive approach to business (cont.)
4. CINTRA’S DISTINCTIVE APPROACH TO BUSINESS (cont.) EFFICIENCY, PIONEERING AND ITS REWARDS HCC REWARDS FOR EFFICIENCY Larger room for EFFICIENCIES vy Larger REWARDS Stronger INCENTIVES Existing assets > MAXIMUM PROFITABILITY New business > COMPETITIVE ADVANTAGES REWARD FOR PIONEERING NEW PROJETS: P
Slide 21: Zi=
2 Zi=
Slide 22: A brief quantitative approach to Cintra's untapped value
5. A BRIEF QUANTITATIVE APPROACH TO CINTRA’S UNTAPPED VALU AT PRESENT UPSIDE co2s) Original equity €309M Investor Day,2017-—~, Dividends 6 Dividends 10x paid bs paid 407 ETR oo ———— Value? Estimated 42x (Consensus 25x Value (1,6 Value at Present) Impact on impact on ' F ial errovial + shes toe 10.5
Slide 23: Investor Day 2017
Investor Day 2017
Slide 24: Today's speakers & agenda
6. TODAY’S SPEAKERS & AGENDA Francisco Clemente José Angel Tamariz Carlos Ugarte Andrés Sacristan Carlos Ramirez f & Other Head of Canada (Formerly Head of Financial Analysis Head of Europe & Others) ferrovial Investor Day 2017 24 - Head of USA Formerly NTE & LB CEO) cintra
Slide 25: Agenda
AGENDA MODULE1 INTRODUCTION & BUSINESS MODEL 9.00 WELCOME Ernesto Lopez Mozo 9.05 CINTRA, A UNIQUE INVESTMENT OPPORTUNITY Enrique Diaz-Rato 9.35 BUSINESS MODEL Carlos Ramirez 9.50 PREMIUM OPERATOR Nicolas Rubio Ricardo Sanchez Andrés Sacristan Francisco Clemente 10.35 | COFFEE BREAK MODULE 2 CURRENT
Slide 26: Investor Day 2017 Cintra
INVESTOR DAY 2017 cintra
Slide 27: Cintra's business model
CINTRA’S BUSINESS MODEL CARLOS RAMIREZ ferrovial Investor Day 2017
Slide 28: Index
INDEX CINTRA’S BUSINESS MODEL 1 - How does the highway concession business create value for shareholders? 2 - Different concession models 3 - Cintra’s portfolio: very high value potential -28- Investor Day 2017 cintra
Slide 29: . —_
. —_
Slide 30: How does the highway concession business create value for shareholders?
1. HOW DOES THE HIGHWAY CONCESSION BUSINESS. 2 Investor Day 2017 CREATE VALUE FOR SHAREHOLDERS? A Highway Concession: a contractually defined set of rights and obligations with regards to vehicles moving in a certain route during a period of time - Basic Rights: collect tolls (or other payments) - B
Slide 31: How do sponsors create value? De-risking
1. HOW DOES THE HIGHWAY CONCESSION BUSINESS CREATES VALUE FOR SHAREHOLDERS? HOW DO SPONSORS CREATE VALUE? - THE NORMAL WAY: meeting expected cash flows as we put risks behind, that is, DE-RISKING or reducing the market discount rate of the business as projects mature - AN IMPORTANT “NICE TO HAVE”: c
Slide 32: How do sponsors create value? Risks by phase
1. HOW DOES THE HIGHWAY CONCESSION BUSINESS CREATES VALUE FOR SHAREHOLDERS? HOW DO SPONSORS CREATE VALUE? 4 2 a CONCESSION TERM Construction Ramp-up Growth / Maturity Construction Ramp-up Growth / Maturity Design & Construction Cost environmental, RoW - - Traffic / Revenue Traffic / Revenue Traffic
Slide 33: Value creation: derisking & rolling forward
1. HOW DOES THE HIGHWAY CONCESSION BUSINESS CREATES VALUE FOR SHAREHOLDERS? HOW DO SPONSORS CREATE VALUE? - THE ROLLING FORWARD EFFECT: progressive increase of value as we get closer to back ended cash flows VALUE CREATION: DERISKING & ROLLING FORWARD €100M invested in one of our ML's * w > z > YrO
Slide 34: Different concession models
ir | savaTlT PLACE © Ee — of DIFFERENT CONCESSION MODELS os Investor Day 2017
Slide 35: Different concession models
2. DIFFERENT CONCESSION MODELS FROM VALUE STANDPOINT VERY DIFFERENT “animals” fall within the category of “Highway Concessions” Availability Payment Projects Demand Risk Projects LOW Not CPI indexed CPI indexed COMPLEXITY (ie. Toowoomba) {ie. Norte Litoral) CPI Indexed tariffs Tariffs linked to real
Slide 36: Different concession models: what makes the difference?
2. DIFFERENT CONCESSION MODELS «+» WHAT MAKES THE DIFFERENCE? LOW COMPLEXITY CONCESSION AVAILABILITY PAYMENT CPI INDEXED. Gi THE BID IRR: the higher the Bid IRR, the larger the room to reduce the rate of discount Low Bid IRR 08M + Copex + Tax (11%) wee Debt Service > [Front ended CFs (Low rev CAGR (
Slide 37: High complexity vs low complexity concessions
2. DIFFERENT CONCESSION MODELS HIGH COMPLEXITY vs LOW COMPLEXITY CONCESSIONS HOW DOES EACH FACTOR IMPACT VALUE CREATION? ‘ Value Generated _ Ferrovial Price per Equity Invested BID IRR Year 10°, Share Impact @ 11% Bid IRR Concession €100M 11% €639M €0.87 - THE BID IRR 15% Bid IRR Concession €100M 15
Slide 38: Cintra portfolio: very high value potential
Slide 39: Cintra portfolio: very high value potential
3. CINTRA PORTFOLIO: VERY HIGH VALUE POTENTIAL Cintra Portfolio Concer aun Equity an a hee Estimated Revenue (eM) (€M) (years) CAGR Aftsfheanmalntsy 407 ETR 7,723 1 81% 309 / 13% 82 3.9% Biolects USA ML’s 1,260 / 13% 1,480 / 61% 44-52 6% - 8% Middle + Low O.D.R.P. 456 / 5% 482 / 20% 13-38 A% - 6% Co
Slide 40: Investor Day 2017 Cintra
INVESTOR DAY 2017 cintra
Slide 41: Premium Operator speakers
NICOLAS RUBIO -RICARDO SANCHEZ - ANDRES SACRISTAN - FRANCISCO CLEMENTE Investor Day 2017,
Slide 42: Index: Premium operator
INDEX PREMIUM OPERATOR 1. Generating value within the contractual framework - Operational cash-flows 2. Generating value when facing situations beyond contractual framework -Renegotiations 3. Optimizing financial Cash-Flows - Financial structure 4. When and how to divest before project maturity - As
Slide 43: Generating value within the contractual framework
1 GENERATING VALUE WITHIN THE CONTRAGTUAL FRAMEWORK Investor Day 2017
Slide 44: Premium operator - background
PREMIUM OPERATOR - BACKGROUND ferrovial TWO KEY CAPABILITIES DEFINE A “PREMIUM” OPERATOR - Extracting the highest possible value out of the project portfolio - Developing competitive advantages for future bids WHY IS THIS RELEVANT FOR CINTRA? - Our focus asset types are sophisticated - Operating str
Slide 45: Cintra's three crucial management levers
CINTRA’S THREE CRUCIAL MANAGEMENT LEVERS SOURCE OF COMPETITIVE ADVANTAGES Ability to generate more revenues out of a ~ TO EXTRACT THE HIGHEST POSSIBLE given set of rights custome VALUE OUT OF THE PROJECT PORTFOLIO Ability to comply with a given set of obligations} EXPECTATIONS - TO OUTMATCH COMPETIT
Slide 46: First management lever: generate more revenues
FIRST MANAGEMENT: LEVER , ABILITY TO-GENERATE MORE REVENUES OUT OF A GIVEN SEE OF RIGHTS Investor Day 2017
Slide 47: First management lever: generate more revenues
FIRST MANAGEMENT LEVER ferrovial ABILITY TO GENERATE MORE REVENUES OUT OF A GIVEN SET OF RIGHTS BASED ON FUNDAMENTAL INSIGHTS THAT CAN ONLY BE OBTAINED BY MANAGING UNIQUE ASSETS & HAVING POWERFUL INCENTIVES TO DO SO SPECIFIC EXAMPLES: 1 wrtuences Touran 2 /TIMESAVING Is NOT THe 3 USER REACTION TO TO
Slide 48: How design influences usage
HOW DESIGN INFLUENCES USAGE RAMP DESIGN ACCESS TO MANAGED LANES: WITH A DEDICATED LANE OR WITH A SLIP RAMP? MANAGED LANES erry aM ttt mm am Se Se ee eee GENERAL PURPOSE LANES --------------------- FRONTAGE LANES MANAGED LANES. cSrccssccseccs soos eS GENERAL PURPOSE laa lea al acl LANES ooo eee ee ee
Slide 49: Toll road use when time-saving is not the driving factor
TOLL ROAD USE WHEN TIME-SAVING IS NOT THE DRIVING FACTOR OFF-PEAK CAPTURE RATE TRAFFIC MODELS ARE BASED ON TRAVEL TIME SAVINGS AND VALUE OF TIME MODELS DO NOT EVEN ATTEMPT TO ESTIMATE OFF- PEAK CAPTURE RATES - Real-life experience is the only way to properly quantify off-peak capture... - Identifyin
Slide 50: User reaction to toll rate increase
USER REACTION TO TOLL RATE INCREASE: ferrovial WILLINGNESS TO PAY - “WILLINGNESS TO PAY”; CUSTOMERS’ PERCEPTION OF THE BENEFIT OF USING ROAD - USUALLY “GUESSTIMATED” THROUGH OPINION SURVEYS (STATED PREFERENCES) - ACCURATE VALUES CAN ONLY BE OBTAINED FROM REAL-LIFE EXAMPLES (REVEALED PREFERENCES) OPT
Slide 51: Wide variation in use patterns between cars and trucks
(a eT WIDE VARIATION IN USE PATTERNS BETWEEN CARS, SMALL AND HEAVY TRUCKS HIGHLY INACCURATE PREDICTION BY MODELS OBSERVED BEHAVIOR IN MANAGED LANES VERY DIFFERENT THAN EXPECTED
Slide 52: Expanding the universe of potential customers
EXPANDING THE UNIVERSE OF POTENTIAL CUSTOMERS IN-SCOPE TRAFFIC OPTIMIZATION IN-SCOPE TRAFFIC: PORTION OF CORRIDOR TRAFFIC FOR : fi WHICH THE TOLL ROAD IS A SUITABLE OPTION a= —_— - Objective: maximize in-scope traffic by optimizing project connectivity a - New Big Data technologies provide accurate
Slide 53: Second management lever: comply with obligations at lower cost
NAGEMENT LEVER TO COMPLY WITH A GIVEN SET OF a Ties 7 SOBLIGATIQNS AT A LOWER COST la Se Poa as = ‘ “Ame | 2 ~ a ii SS a, : SS 7 Se - a yr” we Sa Coes SSS
Slide 54: Global management model
GLOBAL MANAGEMENT MODEL ACROSS PORTFOLIO ALWAYS IMPORTANT, BECOMES KEY COMPETITIVE ADVANTAGE IN AVAILABILITY 1. LIFE-CYCLE DESIGN 2 - Optimal combination of initial Capex and long term Capex and Opex 3) BENCHMARKING BETWEEN ASSETS 4 - Defining, measuring and monitoring efficiency indicators - Compar
Slide 55: Life-cycle design: seeking the most efficient long term solution
LIFE-CYCLE DESIGN: SEEKING THE MOST ferrovial EFFICIENT LONG TERM SOLUTION EXAMPLE: PAVEMENT STRATEGY AT BIDDING Developer Financial Contractor pricing optimization Design alternative Pricing design rehabilitation analysis of rehabilitation options strategies alternative strategies combinations Most
Slide 56: Ultimate objective: full & efficient use of resources
ULTIMATE OBJECTIVE: FULL & EFFICIENT USE OF RESOURCES - Key Performance Indicators (KPI) measured and compared between assets - Periodic review of project performance against budget and other assets - Best practices identified and spread across portfolio - Management incentivized by internal competi
Slide 57: Continuing cost improvement
CONTINUING COST IMPROVEMENT COLLECTION COST PER TRANSACTION CINTRA’S EUROPEAN TOLL ROADS BENCHMARKING POINTED TO INEFFICIENCIES THAT WERE ADDRESSED BY LEVERAGING INNOVATION - Toll plaza IT in-house automation - Promoting toll collectors to off-site toll controllers using remote devices - Development
Slide 58: Acid test: benchmarking with other operators
ACID TEST: BENCHMARKING WITH OTHER O PERATORS Opex/km Opex/km SPAIN: 26% 4 IRELAND sours | “1 = Ee [J oe AUSOL COMP 1 COMP 2 M3 M4 M6 COMP1 COMP2 Opex/km Opex/km SPAIN: = - NORTH Pim PORTUGAL ei EAST | | | iE J COMP1 cOMP2 cOMPs comPé MRS, RoR, EAZOMES' comra: come 4 Opex/ki USA ee While ensuring 75
Slide 59: Third management lever: efficient relationship with contractor
THIRD MANAGEMENT LEVER EFFICIENT RELATIONSHIP WITH A SKILLFUL AND RELIABLE CONTRACTOR Investor Day 2017
Slide 60: The power of being associated with Ferrovial Agroman
THE POWER OF BEING ASSOCIATED WITH FERROVIAL AGROMAN Gg DEVELOPER-CONTRACTOR COOPERATION IS KEY TO SUCCESS IN GREENFIELDS g LONG TERM AND CLOSE RELATIONSHIP WITH FERROVIAL AGROMAN BRINGS: - Optimal the design and construction solution - Designing the most value-efficient combination of initial and l
Slide 61: Management levers at work
MANAGEMENT LEVERS AT WORK
Slide 62: The I-66 managed lanes procurement case
THE I-66 MANAGED LANES PROCUREMENT CASE FIRST MANAGEMENT LEVER: GENERATING MORE REVENUE - Connectivity improvements to maximize in-scope traffic - Toll rates differentiation by vehicle class ~ Dynamic price optimization * Combined impact: +34% revenue SECOND MANAGEMENT LEVER: OPERATING MORE EFFICIEN
Slide 63: Renegotiating contracts: a sustainable approach
ferrovial * Investor Day 2017 RENEGOTIATING CONTRACTS: A SUSTAINABLE APPROACH ANDRES SACRISTAN
Slide 64: Renegotiating
| RENEGOTIATIN A ‘ra
Slide 65: Renegotiating contracts: a sustainable approach
RENEGOTIATING CONTRACTS: A SUSTAINABLE APPROACH In the long term business arena the unexpected can occur and adapting to new circumstances is required. Contract renegotiation is an opportunity to create value OLD FASHIONED NEGOTIATIONS SUCH AS EXCHANGING TERM EXTENSIONS FOR CAPEX ARE OVER: - Increme
Slide 66: Case study: Norte Litoral & Algarve SCUTS (Portugal)
CASE STUDY: NORTE LITORAL & ALGARVE SCUTS (PORTUGAL) eee - Both traffic risk shadow-tolls were performing well at project level - Country economic woes put P3 model at risk requiring fiscal adjustments PORTUGUESE STATE PURSUED TWO “PUBLIC INTEREST” GOALS GRANTOR’S - Creating a revenue source: tollin
Slide 67: Case study: Central Greece & Ionian Roads projects
CASE STUDY: CENTRAL GREECE & ferpvia! IONIAN ROADS PROJECTS - Traffic-risk toll roads undergoing massive construction extensions, totaling €3.7B investment - 2008-10: State collapses, work stops, triggering multiple contract defaults and claims. Teams are demobilized EXPOSURE -62% - After the second
Slide 68: Case study: four toll road concessions in Chile
CASE STUDY: FOUR TOLL ROAD Ferrovial CONCESSIONS IN CHILE - Cintra in the early 2000's was awarded several greenfield traffic risk projects - Asian crisis led to stagnation in the Chilean infra market and inability to deliver committed projects GRANTOR’S - Chilean State’s “public interest" was to ma
Slide 69: Optimal financial structure
OPTIMAL FINANCIAL STRUCTURE FRANCISCO CLEMENTE Eide ferrovial = Investor Day 2017 =
Slide 70: Index: Optimal financial structure
INDEX OPTIMAL FINANCIAL STRUCTURE 1 - Optimal financial structure -Why is it important? - Project Finance vs. Corporate Finance - Financial structures of Cintra’s main assets -70- Investor Day 2017 cintra
Slide 71: Optimal financial structure
a HOBTIHAPEINANCIAL STRUCTURE Investor Day 2017
Slide 72: Optimal financial structure
OPTIMAL FINANCIAL STRUCTURE - It is the largest source of funds, and must be tailor-made to meet project needs WHY IS IT SO = - As any other resource, efficient use gives the opportunity to get more and IMPORTANT? better projects PROJECT FINANCE CORPORATE FINANCE APPROACHES Debt allocated at the pro
Slide 73: Financial structure of Cintra's main assets
CINTRA’S MAIN ASSETS 2 | FINANCIAL STRUCTURE OF
Slide 74: Financial structure of Cintra's main assets (I)
FINANCIAL STRUCTURE OF CINTRA’S MAIN ASSETS (1) TERMS & ! CONDITIONS OPTIMAL FINANCIAL STRUCTURE 407 ETR CINTRA'S MLs PROJECT PRICING Competitive tension Bond issuances oversubscribed Up to 7X Up to 5X > 2 wi MATURITIES Flexible repayment profile, Evenly spread overtime Very long tenors (>40y) with
Slide 75: Financial structure of Cintra's main assets (II)
FINANCIAL STRUCTURE OF CINTRA’S MAIN ASSETS (II) TERMS & OPTIMAL FINANCIAL STRUCTURE 407 ETR CINTRA'S ML s PROJECT CONDITIONS —_ a REVENUES High resilience to revenue downturns >60% decrease 60-70% decrease BREAK-EVEN , Revenue break-even to default (sponsor's case) rs} Cash flow & debt service in s
Slide 76: Asset rotation: why? when? what?
fe j | ; wi | = i = ASSET ROTATION: WHY? WHEN? WHAT? FRANCISCO CLEMENTE
Slide 77: Index: Asset rotation
Investor Day 2017 INDEX ASSET ROTATION: WHY? WHEN? WHAT? - Goals and type of transactions - List of examples: - Chicago Skyway - Portugal cintra ay ae
Slide 78: Asset rotation
1 oe ASSET ROTATION ” * Investor Day 2017
Slide 79: Asset rotation
ASSET ROTATION ferrovial In the last 10 years €1,953M €3,050M Cintra divested cash-in capital gain 14 assets RATIONALE FOR ASSET ROTATION OBJECTIVE TYPE - “Opportunistic transaction”: based on a different view of assets value VALUE CREATION - Capital redeployment: alternative investments with higher
Slide 80: Chicago Skyway (USA)
ferrovial Investor Day 2017 CHICAGO SKYWAY (USA) DEAL FEB 16 ENTERPRISE VALUE - Good market momentum WHY? - Highly leveraged project - Mandatory refinancing (2017) fopreniniere eee $2,836M —$1,830M + CAPITAL would have required a large amount SALE SU RGHASE of fresh equity (> $1B) 37.3x €230M EV/EBI
Slide 81: Norte Litoral & Algarve (Portugal)
NORTE LITORAL & ALGARVE (PORTUGAL) WHY? ¥ OPPORTUNISTIC ‘¥ CAPITAL REDEPLO’ WHAT? - Monetize value after contract renegotiation in Oct'15 - High asset price - Proceeds of sale to fund growth (166) - Partial divestment Norte-Litoral 51% / Algarve 49% - Cintra remains as an “industrial shareholder & a
Slide 82: The rest of the divestments
THE REST OF THE DIVESTMENTS PROJECT DATE TYPE STAKE CASH-IN CAPITAL GAIN CAR PARK BUSINESS June - 2009 “Pragmatic sale" 100% €400M €50M 407 ETR Oct - 2010 “Pragmatic sale” 10% €658M €2,471M CHILEAN ASSETS | 2010 & 2011 “Pragmatic sale” 100% €366M €274M M45 Jan- 2011 Opportunistic 50% €68M €27M 177 D