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A2 Motorway Project: Overcoming Challenges for EURO 2012

Learn about the successful completion of the A2 Motorway project, a crucial stretch for EURO 2012, despite low traffic projections and complex negotiations. Discover the unique clearing system between the concessionaires for efficient toll revenue distribution.

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A2 Motorway Project: Overcoming Challenges for EURO 2012

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

  2. Background (2007-2009) • 106 km A2 Motorway- TEN corridor • WithinAWSA Concessioncontract • Higlyrequiredstretch • But lowtrafficprojections • 4 years of negotiations(2004-2008) • UEFA decision re „EURO2012” in 2007 • Differentremunerationschemesproposed by stateadvisors - 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 (2004-2008) • UEFA decision re „EURO2012” in 2007 • Different remuneration schemes proposed by state advisors - unbankable

  4. The race towards EURO 2012 • Differencesin approach, many years of ineffectivenegotiations • EURO 2012 on top of the political agenda • 2008 switch from fulltrafficriskintoavailabilityscheme • Negativeimpact of economicturmoilfollowing the LB collapse • 1 moreyear of negotiations to reach the financialclose • Need to set upnew SPV and transfer concessionrights • Necessity to combine open and closedtollingsystems • However…….

  5. Managing the risk despite diversity • Yes, we can……………….. • Lack of timeimprovednegotiations • Politicalcourage of the decisionmakersto revisit the risk profile • Strongsupport from EIB • 3 months of negotations with Lenders – Financial Close June 2009 • Biggesttollmotorwayproject 2009/2011: • ca. 1,5 bilion € overallprojectcost • ca. 1,3 bilion € constructioncostturnkeycontract • ca. 1 bilion € EIB, ca. 0,4 € bilion commercialbanks • ca. 0,2 € bilion junior fundsincluding equity • Commencement of works - July 2009 • Completion of works – November 2011 • Commencement of tolling – May 2012

  6. The power of commitment • Strongdetermination of the concessionaire and beliefin the project • Flexibility of the governmenttowardsslightly different risk profile • Teamsworking to achieve one commongoal • Project executed : • Sixmonthsahead of the tollingcommencementdeadline • Within the budget • No events of bancruptcy of constructionpartners

  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 • TransparencytowardsMinistry 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. www.autostrada-a2.pl Thank you Questions please 

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