1. The race towards 43rd ASECAP Study & Information Days 2015
Robert M. Nowak – Autostrada Wielkopolska SA II President
Epic Sana Hotel
27-29 May 2015

2. Background (2007-2009) 106 km A2 Motorway - TEN corridor
Within AWSA Concession contract
Higly required stretch
But low traffic projections
4 years of negotiations ( )
UEFA decision re „EURO2012” in 2007
Different remuneration schemes proposed by state advisors - unbankable

3. Background (2007-2009) 106 km A2 Motorway - TEN corridor
Within AWSA Concession contract
Higly required stretch
But low traffic projections
4 years of negotiations ( )
UEFA decision re „EURO2012” in 2007
Different remuneration schemes proposed by state advisors - unbankable

4. However……. The race towards EURO 2012
Differences in approach, many years of ineffective negotiations
EURO 2012 on top of the political agenda
2008 switch from full traffic risk into availability scheme
Negative impact of economic turmoil following the LB collapse
1 more year of negotiations to reach the financial close
Need to set up new SPV and transfer concession rights
Necessity to combine open and closed tolling systems
However…….

5. Yes, we can……………….. Managing the risk despite diversity
Lack of time improved negotiations
Political courage of the decision makers to revisit the risk profile
Strong support from EIB
3 months of negotations with Lenders – Financial Close June 2009
Biggest toll motorway project 2009/2011:
ca. 1,5 bilion € overall project cost
ca. 1,3 bilion € construction cost turn key contract
ca. 1 bilion € EIB, ca. 0,4 € bilion commercial banks
ca. 0,2 € bilion junior funds including equity
Commencement of works - July 2009
Completion of works – November 2011
Commencement of tolling – May 2012

6. The power of commitment
Strong determination of the concessionaire and belief in the project
Flexibility of the government towards slightly different risk profile
Teams working to achieve one common goal
Project executed :
Six months ahead of the tolling commencement deadline
Within the budget
No events of bancruptcy of construction partners

7. The only fast clearing system between SPVs in Europe
Unique clearing system allows the immediate distribution of the toll revenue among two concessionaires (AWSA and AWSA II):
No monthly phasing
No mutual set-off
No impact on final user
No double receipts
Transparency towards Ministry of Infrastructure

8. Finally …..
This challenge made them happy……

9. Finally ….. This challenge made them happy……
22 June 2012, Gdańsk Ergo Arena
Germany 4 : 2 Greece

10.
Thank you
Questions please 