Investor Presentaiton
VINCI
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Financial Covenants
Some financing agreements include early repayment clauses applicable in the event of non-
compliance with financial ratios, of which the main ones are described below:
Financing
agreements
Authorized
Amounts
Amoun
ts used
(in M€)
(in M€)
VINCI
Acquisition loan
1,750.0
1,750.0
Ratios
Net financial debt (excluding Concessions) to CAFICE (excluding
Concessions) + dividend received (excl. exceptional dividend) of
concession operating companies
Threshold
Ratios at
31/12/10
< 3.25
(1.1)
ASF
Syndicated
1,115.0
1,115.0
Holding
term loan
Consolidated net financial debt to consolidated CAFICE
Dividends to (Net interest + nominal to repay)
< 9
5.4
> 1.15
12.7
ASF
CNA loans
4,970.4
4,970.4
Syndicated term
loan
755.8
755.8
Consolidated net financial debt to consolidated EBITDA
Consolidated EBITDA to Consolidated financial expenses
Net debt to CAFICE
≤7
4.9
> 2.2
4.5
≤7
4.8
CAFICE to financial expenses
> 2.2
4.6
Syndicated credit
facility
2,000.0
0
VINCI
Park
Amortizing loan
416.7
416.7
Net financial debt to CAFICE
CAFICE to financing costs
Amortizing loan
(tranche 1 & 2)
177.6
177.6
Net financial debt to CAFICE
CAFICE to financing costs
<7
4.3
> 2.2
6.5
<7
4.3
> 3.0
6.5
(*) CAFICE = Cash flow from operations before tax and cost of financing
The credit facilities signed in S1 2011 by Cofiroute (€0,5 bn) and Vinci (€4 bn) do not include financial
covenants.
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