Asset snapshots
Autoroutes Paris-Rhin-RhÔne (APRR)
France
Asset description
- APRR is the concessionaire of a motorway network located in the east of France. It consists of three separate concessions: APRR, Autoroutes Rhône-Alpes (AREA) and the Maurice Lemaire Tunnel – together the APRR Group
- With a 2,215km motorway network, the APRR Group is the second largest motorway network in France and the fourth largest in Europe
- The concession has a further 44km of motorways to be constructed and opened by 2011
- Concession end: December 2032 (the Maurice Lemaire concession ends in December 2068)
- MIG’s interest: 20.4%
- Value: A$909.8 million.
Year in review
Results*
- Traffic: 2.5% increase on prior corresponding period (pcp)
- Revenue: 8.6% increase on pcp
Other
- Completion of several large scale capital works projects including the drilling of the safety tunnel for the Maurice Lemaire Tunnel; the completion of safety improvement works on the Epine Tunnel on the A43 after two years work; the first phase of widening the Belfort–Montbélliard section on the A36; and the opening of a 10km section on the A51 south of Grenoble
- An increase in the number of automated toll stations led to an increase in automated transactions to 50.5% at the end of December, an increase of about 5% on the previous year.
*Half-year results to 30 June 2007.
25th April Bridge
Vasco da Gama Bridge
Lisbon/Portugal
Asset description
- Two toll bridges over the Tagus River in Lisbon, Portugal. The concession required the building of the Vasco da Gama Bridge and allowed collection of tolls on this and the existing 25th April Bridge
- Opened: Vasco da Gama Bridge opened in March 1998, 25th April Bridge opened in 1966
- Concession period: 36 years, ends 2030
- MIG’s interest: 30.6%
- Value: A$217.0 million.
Year in review
Results
- Traffic: 0.4% decrease on pcp
- Revenue: 3.5% increase on pcp
Other
- The company’s contact-less card system for automated toll payments, with its low cost per transaction, increased its market share from 7.1% of transactions to 7.6% at the expense of cash transactions
- Accreditation was achieved to the ISO 9001:2000 and OHSAS 18001:1999 quality and safety systems
- Negotiations commenced with the Government regarding compensation arrangements for certain changes to the concession agreement.
M6 TOLL
Birmingham/UK
Asset description
- 42km motorway which bypasses Birmingham and connects to the existing M6 at both ends
- Opened: December 2003
- Concession period: 53 years, ends 2054
- MIG’s interest: 100%
- Value: A$2,469.2 million.
Year in review
Results
- Traffic: 10.1% increase on pcp
- Revenue: 18.7% increase on pcp
Other
- Contractor litigation claims were settled, with the final cost amount falling within the initial
tender price
- A revised toll schedule was introduced in January 2007.
WARNOW TUNNEL
Rostock/Germany
Asset description
- 4km toll road and tunnel under the Warnow River in the northern German city of Rostock
- Opened: September 2003
- Concession period: 50 years, ends 2053
- MIG’s interest: 70%
- Value: A$2.4 million.
Year in review
Results
- Traffic: 8.3% increase on pcp
- Revenue: 11.0% increase on pcp
Other
- The asset was granted a 20-year concession extension in February 2007
- A revised toll schedule was introduced in the same month.
Westlink m7
Sydney/Australia
Asset description
- 40km motorway in western Sydney linking the M5 at Prestons in the south, the M4 at Eastern Creek in the west and the M2 at Baulkham Hills in the north
- Opened: December 2005
- Concession period: 34 years, ends 2037
- MIG’s interest: 47.5%
- Value: A$760.6 million.
Year in review
Results*
- Traffic: 17.6% increase on pcp
- Revenue (average daily revenue): 23.2% increase on pcp
Other
- MIG acquired an additional 2.5% stake in Westlink M7 in September 2006 for A$34.3 million, bringing MIG’s total interest to 47.5%
* Traffic and revenue growth calculated on the period from 16 January to 30 June.
407 ETR
Toronto/Canada
Asset description
- Spans 108km across the greater Toronto area with 41 interchanges
- Opened: June 1997 (tolling began in October 1997) and leased to the private sector in 1999
- Concession period: 99 years, ends 2098
- MIG’s interest: 30%
- Value: A$3,039.3 million.
Year in review
Results
- Traffic: 3.6% increase on pcp
- Revenue: 8.7% increase on pcp
Other
- 8.3% toll increase became effective on 1 February 2007
- In February 2007 a 407 ETR frequent user rewards program, ETR Rewards, was launched
- In October 2006 a 54 lane km expansion was completed
- An additional 50 lane km expansion project is under way between Highway 401 and Highway 427.
Chicago Skyway
Chicago/US
Asset description
- 12.5km toll road in Chicago, Illinois, connecting the Dan Ryan Expressway to the Indiana Toll Road and providing a critical link into downtown Chicago and surrounding communities
- Opened: 1959 and leased to the private sector in January 2005
- Concession period: 99 years, ends 2104
- MIG’s interest: 22.5%
- Value: A$243.0 million.
Year in review
Results
- Traffic: 0.6% decrease on pcp
- Revenue: 3.2% decrease on pcp
Other
- The final stage of a major road rehabilitation program is under way with completion scheduled
for November 2007
- MIG sold 50% of its interest in Chicago Skyway to Macquarie Infrastructure Partners (MIP) in December 2006.
South Bay Expressway
San Diego/US
Asset description
- 14km toll road in San Diego, California
- Opening: 2007
- Concession period: 35 years, ends 2042
- MIG’s interest: 50%
- Value: A$161.8 million.
Year in review
Results
- South Bay Expressway is under construction
Other
- All major construction activities are progressing satisfactorily, with opening expected later this year
- Pre-opening marketing is under way, and customer enrolment has commenced
- MIG sold 50% of its interest in South Bay Expressway to MIP in December 2006.
Indiana Toll Road
Indiana/US
Asset description
- 253km toll road spanning northern Indiana, connecting to the Chicago Skyway in the west and the Ohio Turnpike in the east
- The westernmost 37km operates on a barrier tolling system and acts primarily as a commuter link to Chicago and the surrounding area
- The eastern section operates on a ticket tolling system and is primarily an interurban road
- Opened: 1956 and leased to the private sector in June 2006
- Concession period: 75 years, ends June 2081
- MIG’s interest: 25%
- Value: A$255.0 million.
Year in review
Results
- Traffic (west section): 1.2% decrease on pcp
Traffic (east section): 0.3% decrease on pcp
- Revenue: 41.2% increase on pcp
Other
- On 22 June 2007 ETC was implemented on the barrier system
- Phase one of the mandatory expansion program is currently under way
- 25% heavy vehicle toll increase became effective on 1 April 2007
- MIG sold 50% of its interest in Indiana Toll Road to MIP in December 2006.
Dulles Greenway
Northern Virginia/US
Asset description
- 23km toll road in Loudoun County, Virginia, part of road corridor connecting Leesburg and other suburban communities with Washington DC
- Opened: September 1995, MIG invested in
September 2005
- Concession period: 61 years, ends 2056
- MIG’s interest: 50%
- Value: A$395.0 million.
Year in review
Results
- Traffic: 4.6% decrease on pcp
- Revenue: 7.8% increase on pcp
Other
- A toll increase application was lodged with the State Regulator in July 2006. A decision on the application has not yet been received
- MIG sold 50% of its interest in Dulles Greenway to MIP in December 2006.
