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 theasset 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:
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
Normalised6Net 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
20154thQuarter (PCP)
2015Full 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 Jason.Pak@macquarie.com
Ally An Investor Relations Macquarie Korea Infrastructure Fund + 82 2 3705 8565 Ally.An@macquarie.com
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
153,811
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
2015Year 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 negotiationsare 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
Receivedamount
Due date withoutadditional 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 Expresswayand Incheon Grand Bridge
This information is provided by RNS
The company news service from the London Stock Exchange
END
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