blaise diagne airport

As AIBD Financial Advisor

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EUR 400 Million Airport Departure Payments Financing Facility

Financing Dakar’s New Interna@onal Airport


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n  Aéroport Interna,onal Blaise Diagne – Société Anonyme (“AIBD-‐SA”) is delighted to present to your esteemed ins,tu,on a key infrastructure project in Senegal:

à Dakar’s new interna@onal airport (the “New Airport”).

n  AIBD-‐SA seeks your involvement in the financing of the New Airport under a circa EUR 400 million Airport Departure Payments Financing Facility.

n  This Financing is a unique opportunity to fund a landmark infrastructure self-‐standing project in Western Africa which will benefit to Senegal and the whole region.

Welcome Message


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1-‐ Transac,on Highlights

2-‐ Context and Project Concept

3-‐ The New Airport, a Strategic Investment for Senegal

4. Project Par,es and Contractual Structure

5. Financing Structure

6. Air Traffic Forecasts and Financial Projec,ons

7. Transac,on’s Main Assets

8. Works’ Progress

Contents


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1 – Transac@on Highlights


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UNPRECEDENTED STATE-‐OF-‐THE-‐ART INFRASTRUCTURE PROJECT

FOR SENEGAL AND THE SUB-‐REGION

n  Urgently needed infrastructure project in response to:

n  Growing traffic / Latest security requirements / Dakar conges,on.

n  Largest infrastructure project undertaken in Senegal for decades;

n  Cornerstone of the Senegalese Accelerated Growth Strategy and decentraliza@on policy;

n  Promo@ng local content with 3,000 jobs provided through the construc@on period;

n  And possibly another 3,000 Jobs (direct + indirect) as at commencement of opera@ons;

n  Confirming the role of Dakar as a crucial sub-‐regional hub, and paving the way for an intercon@nental hub.

Transac@on Highlights (1/4)


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INTERNATIONALLY REPUTABLE ACTORS UNDERTAKING THE PROJECT

n  SBG: Key Player enjoying Outstanding presence in the Arabian Gulf:

n  Large experience and proven track-‐record in the Airport construc,on;

n  Strong technical and financing capabili,es;

n  Very Successful track-‐record in Senegal.

n  FRAPORT: Worldwide Leader in Airport management:

n  Leading-‐edge provider of integrated airport services with longstanding and unique experience;

n  Numerous similar experiences in concession management in Saudi Arabia, Egypt, and Turkey.



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EURO-‐DENOMINATED FACILITY MAINLY BACKED BY OFFSHORE FLOWS

WITH A STRONG AND COMPREHENSIVE INTERNATIONAL SECURITY PACKAGE

n  A EUR-‐denominated Airport Charge collected by IATA on each passenger leaving any Senegalese airport, and fully dedicated to the repayment of the Facility;

n  Transferred directly by IATA to a Collec@on Account held by BNP Paribas in Paris; n  The Facility benefits from an efficient interna@onal security package comprising:

n  A pledge on the Airport Charge,

n  An assignment of IATA’s receivables;

n  A Cash Collateral Agreement;

n  Addi,onal securi,es such as a “delega,on” of the insurances and Constructor’s guarantees; and

n  Comfort le\ers from the Republic of Senegal.



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STRONG OFFSHORE CASH-‐FLOWS EXISTING SINCE APRIL 2005

WITH VERY SATISFACTORY TRACK-‐RECORD

n  Strong exis@ng EUR cash-‐flow linked to the country’s air traffic largely mi@ga@ng the Project’s risk;

n  Excellent track-‐record of the collec@on process since April 2005:

n  Robust economics even with very conserva@ve traffic growth profiles, and good resilience to major disrup@ons:



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2 – Context and Project Concept


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2.1 – Context and Project Concept Context Project Concept


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2.1 Context: Project Loca@on


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Sta@s@cs SENEGAL Area (km²) 197,161 Popula,on (in million)

Popula,on density (inhabitants per km²)

12.2 62

Main Ci,es Popula,on (in thousands) -‐ Dakar (capital) -‐ Thiès -‐ Kaolack -‐ Saint-‐Louis

2,462 262 179 164

Popula,on Growth (2007) (%) 2.4

11,2 11,5 11,8 12,1 12,4 12,7 13

2.4%2.4%2.4%2.5%2.6%2.7% 2.6%

2003a 2004a 2005a 2006a 2007b 2008c 2009c

Population (m) Population growth (%)

a Actual. b Economist Intelligence Unit estimates. c Economist Intelligence

2.1 Context: Project Loca@on


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2.1 Context: Senegal -‐ Economic Highlights: B+ S&P Ra@ng (2008)

2007 Ratios, GDP at factor cost (%)

16,0%

64,6%

19,4%Agricul ture/GDP

Industry/GDP

Services/GDP

E conomis t Intelligence Unit es timates

GDP Breakdown per Sector

Indebtedness

68,4%

42,0% 38,4%

18,4% 16,5% 14,4% 14,7%

74,4% 77,2% 67,2% 65,6%

25,3% 35,2% 30,7%

0%

20%

40%

60%

80%

100%

2003a 2004a 2005a 2006a 2007b 2008c 2009c

Total debt/GDP Foreign currency reserves/total debt

Current account balance (US$m)

1 257 1 509 1 536 1 510 1 604 2 081 2 114

-‐2 066 -‐2 496

-‐2 807 -‐3 077

-‐3 890 -‐4 787 -‐4 852 -‐5 000

-‐4 000

-‐3 000

-‐2 000

-‐1 000

0

1 000

2 000

3 000

2003a 2004a 2005b 2006b 2007b 2008c 2009c

Goods: exports fob Goods: imports fob Trade balance

a. Actual b. Economist Intelligence Unit es:mates c. Economist Intelligence Unit forecasts

Source: Economist Intelligence Unit


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n The New Airport construc,on takes part of a wider na@onal plan implemented by the Senegalese Government in order to favor economic growth: the Accelerated Growth Strategy -‐ in French the Stratégie de Croissance Accélérée (“SCA”).

n SCA’s ambi,on is to increase annual real GDP growth over 7% p.a.

n This strategy concentrates on large-‐scale infrastructure programs: n  The New Airport designed to:

n  Replace the exis,ng Leopold Sedar Senghor airport of Dakar-‐Yoff; n  Meet the growing demand in mid-‐term and long-‐term air traffic.

n  The Toll Road: n  Will link Dakar to Thies (60 km), and will service the New Airport.

n  The Free-‐trade zone (Dakar Integrated Special Economic Zone):

n  In partnership with Dubai World;

n  Located near the New Airport; n  Will s,mulate freight and passenger traffic;

n  Will strengthen ,es with the Gulf Region.

2.1 Context: Major Infrastructure Projects

Large Infrastructure Projects Under Way

His Excellency Maître Abdoulaye Wade laying the New Airport’s founda,on stone

His Excellency Maître Abdoulaye Wade visi,ng the Toll Road site

His Excellency Maître Abdoulaye Wade launching the construc,on of the DISEZ


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n  Senegal is strategically located at the westernmost point in Africa:

n  Between Europe and South America;

n  Between the USA and South Africa;

n  Between the Middle East and the Americas;

n  Therefore, reachable within reasonable flight ,me from all parts of Europe, the Americas and Africa itself.

n  Huge tourism poten@al:

n  Senegal benefits from a mild tropical climate;

n  Senegal is well endowed with renowned quality natural and cultural highlights;

n  Senegal is only 5 hours away from Europe, the largest source of tourism flows.

n  Tourism therefore represents:

n  6.8% of GDP and one of the largest sources of foreign currencies;

n  One of the priori,es of the Government’s Stratégie de Croissance Accélérée (“SCA”) to boost economic growth.

n  However, today Senegal’s huge tourist poten,al is in need of a quality airport infrastructure to further boost its growth.

New AIBD airport Current AILSS airport Other airport

Touris,c zones

2.1 Context: A Growing Air Traffic


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n  Air traffic in Senegal enjoyed a strong growth in the last 13 years:

n Average annual rate of 6.8%, despite the air traffic crisis following 2001 events;

n From 850,000 Total (departures+arrivals) PAX in 1995 to 1,800,000 in 2007;

n European and African flights represented 97% of total interna,onal traffic in 2007 (non-‐transit).

n This strong growth has been supported by the following key drivers:

n Significant combined demographic and economic growths;

n A rising Diaspora of Senegalese workers in Europe and the USA;

n Large investments in the tourism sector.

n Despite a na,onal popula,on of only 12.2 M, Dakar Airport ranks 2nd in Western Africa in terms of total flights per annum behind Nigeria (with 138 M inhabitants).

2.1 Context: A Growing Air Traffic

Passenger traffic in Senegal (1994 -‐ 2008)

353 387 410454

499 520 545578

620698

735 722756

828 834

0

200

400

600

800

1 000

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

in tho

usand PA

X

Historical Depar@ng PAX Numbers at AILSS (1994-‐2007)

Total Flights in Selected African Countries

Total popula,on

0 5,000

10,000 15,000 20,000 25,000 30,000 35,000

Tota

l flig

hts

per

annu

m

2005/06 2006/07 2007/08

(TP: 138 M)

(TP: 13 M)

(TP: 23 M) (TP: 18 M) (TP: 18 M) (TP: 67 M) (TP: 12 M)

TP = Total country population


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2.1 Context: the Exis@ng Aéroport Interna@onal Léopold Sédar Senghor

n  The exis,ng Dakar's airport is located within Dakar center and surrounded by Dakar's suburbs;

n  Current infrastructure was built in the 1960s and has not seen significant improvements since then;

n  Located downtown, the current airport has no available land to grow;

n  Located within a populated area, the current airport poses not only security issues, but also environmental ones due to the huge conges@on surrounding the airport as well as pollu@on and noise disturbances;

n  1.5 million PAX/year capacity only;

n  Only 800 ha, 1 runway with only 1 exit taxiway;

n  Limited passenger capacity and growth poten,al is a significant threat to Senegal’s development ambi@ons;

n  Poor Quality Service Level: from E to C depending on area and period.

An outdated airport infrastructure

The Exis,ng AILSS Airport The Exis,ng AILSS Airport

The Exis,ng AILSS Airport


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2.2 – Context and Project Concept Context Project Concept


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2.2 Project Concept: need for a New Airport to support growing traffic

n  The construc,on of a New Airport is a priority for the Senegalese Authori,es, in order to:

n  Improve Air Transport infrastructures in Senegal so as to:

n  Endow Senegal with a 3 million PAX/year capacity Interna,onal Airport on 4,000 ha to sustain a growing traffic to/from the country;

n  Reinforce Senegal posi,on as a transporta@on hub/gateway and a preferen,al technical stop in West Africa;

n  Meet new interna,onal air transport regula,ons both in terms of security and infrastructure quality;

n  Foster the economic and poli@cal strategic growth plan for Senegal through increasing passenger and freight capaci,es;

n  Review on a na,onal scale the Senegalese Land Use Management:

n  Relieve conges,on surrounding the exis,ng airport;

n  Accelerate the decentraliza,on policy process implemented by the Government;

n  Develop space for airport-‐related industrial ac,vi,es;

n  Favor tourism by providing an easier direct access to the touris,c sites;

n  Develop the Dakar Integrated Special Economic Zone (“DISEZ”), and

n  Encourage the crea,on of new alterna,ve centers of development (ex: the Thiès Region).


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3 – The New Airport, a Strategic Investment for Senegal


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4.2 Project Contracts: Summary

AIBD

Project Insurers

Al Rajhi Bank

Operator

FRAPORT

Insure

Issues Guarantees

Construc,on

Contract

Opera,on Contract

EPC Contractor

SBG

Engineering & Supervision Contract

Ownership

100% Government of Senegal Concession

Agreement

Assistance Contract

Technical Assistants

Engineering & Supervising Consultant


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3. The Main Players in the New Airport Construc@on & Opera@ons

AIBD

Government of Senegal

Ownership 100%

EPC Contractor

Award

Award Operator


FRAPORT

SBG



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3. The New Airport


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3. The New Airport’s Site

n  The New Airport Site was selected among 10 poten,al sites for a new interna,onal airport based on the following criteria:

n  To be located within a 60 km radius of Dakar;

n  Minimum available land for the site had to be 1,800 ha ( > twice the size of the current airport);

n  The ability to accommodate up to 5,000,000 passenger traffic in longer term;

n  To be closer to the main Senegalese tourist areas;

n  Distance to other urban centers : Proximity to both Thiès and Mbour;

n  Land Accessibility: Proximity of roads and transporta@on infrastructure.

Exis,ng airport New Airport Tourist area Business area


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3. The New Airport’s Facili@es

Parking Area

Boarding Gates Control Tower

Access Gates


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n  The development plan covers airfield and infrastructure components as well as the following facili,es:

n  4,000-‐ha land (from 800 in the exis,ng airport); n  42,000-‐square meter terminal; n  3,500-‐m long runway with taxiways designed for B747-‐400

and Airbus A380;

n  Control tower and 30-‐stand apron with six contact stands; n  700-‐vehicle car park; n  7,850-‐square meters cargo terminal; n  Presiden,al Pavilion; n  Hajj terminal dedicated to pilgrims.

n  The New Airport Facili,es will further offer to the future Passengers:

n  an ini,al capacity of 3,000,000 passengers per year (from 1,800,000 in the exis,ng airport);

n  B service quality level according to the IATA cer@fica@on as of start of opera,ons and a minimum of C thereayer;

n  ICAO and United States Federal Avia,on Administra,on (“FAA”) levels of safety and security.

Presiden,al Pavillion

Airport Overview

Boarding Gates


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n  No@ceable Advantages: n  Safe and efficient taxiways to facilitate aircray movements;

n  Linear configura,on on 2 levels with 6 air bridges;

n  Generous and well organized aircray parking areas; n  VIP area; n  Airfield layout designed to op,mize arrival and departure

capability during good and poor weather condi,ons;

n  U,li,es (water, electricity, telecommunica,ons, sewing sta,on, etc.);

n  Ground Services Equipment Storage;

n  Fuel storage and Catering installa,ons; n  Hydrant System;

n  General Avia,on hangar; n  Aircray maintenance hangar;

n  Future dual 2-‐lane highway (APIX’s Toll Road Project) leading to:

n  Main terminal arrival level;

n  Departure bridge and parking areas.

View from taxiways

Boarding Gates

Parking Area


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3. The New Airport’s Environmental and Social Aspects


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ENVIRONMENTAL AND SOCIAL MONITORING OF THE SITE ü  Valida,on process of the ESIA/ESMP has been completed; ü  ESIA report submi\ed to MOE on March 2010 and « Affidavit of environment conformity » delivered on April, 2010; ü  Construc,on Environmental Management Guidelines (CEMG) completed and sent to DBC/EU;

ü  Environmental and Social Management Plan (ESMP) prepared and implemented by DBC/EU; ü Environmental and social audits conducted by ESD/AIBD on January and June 2010


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DISPLACEMENT/RELOCATION ACTIVITIES

ü Finaliza,on of the Revised Rese\lement Ac,on Plan (RRAP) on progress: the report will be completed first week of September;

ü  The tender documents for the construc,on of 300 houses are to be finalized at the end of the month;

ü  The tender documents for the construc,on of the social infrastructures are on prepara,on.


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4 – Project Par@es & Contractual Structure


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4.1 – Project Par@es & Contractual Structure Project Parties Contractual Structure


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4.1 The Main Players in the New Airport Construc@on & Opera@ons

AIBD


Ownership 100%

EPC Contractor

Award

Award Operator


FRAPORT

SBG



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4.1 Project Par@es: AIBD-‐SA

AIBD


Ownership 100%


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n  Created in February 2006 by the Government of Senegal to be in charge of the financing, development, and construc,on of the New Airport;

n  AIBD SA is a public company fully owned by the State of Senegal , incorporated as a “Société Anonyme à Par:cipa:on Publique Majoritaire”;

n  AIBD-‐SA and the State of Senegal signed a 30-‐year Concession Agreement on 8 June 2006, manda,ng AIBD-‐SA for the concep,on, construc,on, comple,on, maintenance, management and development of the New Airport;

n  AIBD-‐SA’s specific objec,ves are:

n  To conduct the Project within the ,meline, the budget and the quality defined at its incep,on;

n  To ensure on behalf of the State of Senegal an op,mal management of the Airport; and

n  To mobilize the necessary financings.

n  AIBD-‐SA’s Management:

n  Mrs. Aminata Niane, General Director of APIX – Chairperson; n  Mr. Modou Khaya, Chief Execu,ve Officer

AIBD-‐SA : Aéroport Interna@onal Blaise Diagne – SA



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n  AIBD-‐SA’s mission is split into 3 phases along the Project life, with a light structure scalable in accordance to the various phases’ requirements

n  Phase I: Development Phase (2006 – 2007) inter alia: n  Analysis, coordina,on, and valida,on of technical and design studies; n  Award of EPC Contract, Opera,on & Management Contract;

n  Selec,on of an Engineering and Supervising Consultant.

n  Phase II: Construc,on Phase (2008 – 2011) inter alia: n  Global monitoring of all design & construc,on ac,vi,es;

n  Follow-‐up on construc,on works, supply of airport’s equipments, u,lity and telecommunica,ons systems, etc.;

n  Reliable and regular repor,ng to the relevant authori,es; n  Leading discussions to op,mize the profitability and u,liza,on of the

infrastructure.

n  Phase III: Exploita,on Phase (2012 – 2036) inter alia: n  Monitoring of Daport good performance in line with defined

objec,ves;

n  Ensuring the complete reimbursement of the Facility;

n  A\rac,ng addi,onal airlines and increasing traffic in Senegal;

n  Monitoring the revenues generated by the airport ac,vi,es.


AIBD-‐SA : Aéroport Interna@onal Blaise Diagne – SA


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AIBD


Ownership 100%

EPC Contractor

Award

Award Operator


FRAPORT

SBG



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4.1 Project Par@es: The EPC Contractor

AIBD


Ownership 100%

EPC Contractor

Award

SBG


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n  Signing of the Lump Sum Turnkey “Design and Build” EPC Contract between AIBD SA and SBG on April 3rd, 2007:

n  pursuant to an interna,onal compe,,ve tender launched in August 2006 and prepared by STUDI;

n  19 bidders in the first round, 6 in the second round, and 2 in the third round;

n  Decision based on technical and financial qualifica,on criteria (accoun,ng for respec,vely 80% and 20% of the total grade).

n  SBG’s proposal main advantages:

n  Longstanding experience in large-‐scale works of such nature:

n  Cairo, Kuala Lumpur, Port Sudan, Fujairah, Aden, Jeddah and Riyadh Airports.

n  Necessary resources to complete the works within the allocated ,me constraints;

n  Proficient technical advisor (DAR) who also benefits from similar experience: studies and work supervision mandates for Dubai, Amman and Cairo airports.

SAUDI BIN-‐LADEN GROUP (“SBG”)



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SAUDI BIN-‐LADEN GROUP: Overview

n  Saudi Binladin Group is a 75-‐year old construc@on group headquartered in Jeddah that historically focused on infrastructure projects in the Kingdom of Saudi Arabia. Its ac,vi,es are now spread throughout Middle East & Africa with around 35,000 employees;

n  SBG’s business model focuses on large turnkey contracts for sizeable infrastructure projects;

n  The company has expanded over the years to encompass a broad range of ac@vi@es and is now organised through 8 autonomous opera@ng divisions:

n  Public Buildings & Airport, Infrastructure Works, Special Buildings, Architecture & Construc,on, Industrial & Power Projects, Electromechanical, Opera,on & Maintenance, Petrochemical & Mining.

n  SBG benefits from an efficient track record of successful large projects:

n  Makkah Taif Highway, Khamis Mushait Najran Highway, Jizan Airport and its extensions, Taif-‐Abha-‐Jazan Highway, Diwan Underpass in Taif, and the Makkah Governate Building.



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SAUDI BIN-‐LADEN GROUP: Airports / Senegal Experience

n  SBG’s Large experience in the Airport field: Recent Similar Projects:

n  construc,on of over 20 large-‐scale interna,onal airports airports in Saudi Arabia and neighbouring countries: Jeddah and Riyadh (Saudi Arabia), Fujairah (UAE), Kuala Lumpur (Malaysia), Port Sudan (Sudan);

n  contruc,on of a new passenger terminal in Sharm El-‐Sheikh (Egypt) ;

n  expansion and redevelopment of Sharjah Airport (UAE) ;

n  renova,on works at Aden Interna,onal Airport (Yemen);

n  expansion of Cairo airport (Egypt). n  SBG’s strategy regarding the New Airport:

n  SBG will build 5 manufacturing units to procure the worksite materials;

n  SBG will execute the majority of the works using its own personnel;

n  30 to 40% of the works will be subcontracted to local companies: par,cularly the ul,mate construc,on works before comple,on.

n  SBG’s experience in Senegal:

n  Successful experience with the refurbishing of the Méridien-‐Président hotel for the 11th Session of the Islamic Summit Conference held in Dakar in March 2008;

n  The Blaise Diagne Interna,onal Airport represents SBG’s current challenge in the con,nent.



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AIBD


Ownership 100%

EPC Contractor

Award

Award Operator


FRAPORT

SBG



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4.1 Project Par@es: The Management, Opera@on & Maintenance Contractor

AIBD


Ownership 100%

EPC Contractor

Award

Operator

FRAPORT

SBG

Award


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n  Signing of the Opera@on and Maintenance Contract between AIBD SA and Daport (Fraport’s subsidiary) on 19 December 2006 pursuant to an interna,onal compe,,ve bid;

n  Decision based on technical and financial criteria (respec,vely 10 and 3 criteria accoun,ng for 70% and 30% of the total grade);

n  7 companies par,cipated, 3 were short-‐listed;

n  Daport’s proposal main advantages:

n  Reliable experience; n  Op,miza,on of revenues through ambi,ous

commercial and marke,ng policy;

n  A\rac,ve financial proposal; n  Reliable safety, security and risk management

policies, maintenance policy;

n  Procedures up to interna,onal standards;

n  Op,mized passenger and cargo terminals;

n  Quality and reliable airport assistance policy.

n  Daport entered into an advisory contract with the ADS for the opera,on and management of the exis@ng airport un,l the New Airport will be put into opera,on.

DAPORT SA

Contrac FlughhafenKonzessions Gmbh

AFRIPORT

DAPORT

Luxembourg

Senegal

Germany

Technical Service Agreement



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DAPORT SA n  Fraport AG:

n  Revenue: EUR 2,329.0 M (2007);

n  EBITDA: EUR 580.5 M (2007);

n  Employees: 30,437 (2007).

n  Majority Stakes:

n  Frankfurt Airport: -‐ One of the most important hub airports in the global avia,on system; -‐ Employees: approx. 68,000 (2007); -‐ PAX: Approx. 54.2 M (2007); -‐ Freight: 2.2 M t (2007); -‐ Flight movements: 492,569 (2007);

n  Jorge Chavez Intl Airport Lima: 7.5 M PAX (2007);

n  Frankfurt-‐Hahn Airport: 4 M PAX (2007);

n  Burgas Airport: 1.9 M PAX (2007);

n  Varna Airport: 1.5 M PAX (2007);

n  Minority Stakes:

n  India: Delhi; n  Germany: Hannover-‐Langenhagen;

n  FRAPORT’s/DAPORT’s similar projects (Concessions):

n  Saudi Arabia: Riyadh and Jeddah (13 Employees);

n  Egypt: Cairo (5 Employees);

n  Turkey: Antalya.

Lima

FRANKFURT

Hong Kong Shanghai

Amsterdam

Antalya

Hahn

Delhi Orlando

Senegal*

Xi ‘an

Kairo *

Athen

Wien

Hannover

Varna Burgas

Lima

FRANKFURT

Hong Kong Shanghai

Antalya

Hahn

Delhi Orlando

Dakar*

Xi ‘an

Athen

Wien

Hannover

Varna Burgas

Kairo* Riad* Jeddah*



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AIBD


Ownership 100%

EPC Contractor

Award

Award Operator


FRAPORT

SBG



48

4.1 Project Par@es: AIBD’s Consultant & Technical Assistants

AIBD


Ownership 100%

EPC Contractor

Award

Operator


FRAPORT

SBG


Award


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STUDI Group n  STUDI Group is a 500 people independently privately-‐owned

mul@disciplinary engineering consultancy firm created in Tunisia in 1970;

n  STUDI Group has concluded more than 300 assignments in more than 50 countries, and expects a 2008 turnover of more than USD 30 million;

n  STUDI Interna@onal is opera@ng in all social and economic development fields, notably:

n  airports; n  land transport infrastructures and urban development; n  energy; n  environment;

n  economy and strategy, etc.

n  STUDI’s clients are: n  Governments / Public Services / Local Authori,es n  Interna,onal Financial Ins,tu,ons n  Private companies

n  STUDI’s services: n  Technical studies; n  construc,on management; n  works control and supervision; n  technical assistance; n  planning, master plans, feasibility studies; n  environmental studies; n  Training.



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SACI / STUDI / EGISAVIA

n  SACI:

n  Is STUDI Group branch for West Africa;

n  It is based in Dakar.

n  STUDI Interna@onal is present in Senegal since early 1990’s;

n  STUDI Interna@onal was responsible for projects in the following fields:

n  Airport (DIASS, Zinguinchor, Saint Louis); n  Roads and Highways; n  Dams;

n  Water and Sani@za@on;

n  Energy; n  Environment;

n  Ports; n  Ins@tu@onal Studies.

n  SOFREVIA – EGIS AVIA:

n  SOFREVIA is a French company specialized in aeronau@cal equipments recently bought by Egis Group (now Egis Avia);

n  EgisAvia has been involved in over 1,000 projects in 140 countries, and in major airport transac@ons in Africa.



51

4.1 Project Par@es: AIBD’s Engineering & Supervising Consultant

n 

n  Supervises the Development, Construc,on and Comple,on Phases;

n  Validates all technical, economic, environmental, social and financial feasibility studies for AIBD-‐SA;

n Monitors the construc,on works (control of compliance on programs and schedules, contract management, valua,on and valida,on of all equipment delivered, etc.) as well as all environmental ma\ers.


52

4.1 Project Par@es: AIBD’s Technical Assistants

n  Ac,ng as “Technical Assistant” focusing on Project monitoring and management;

n Monitors the Project’s Prepara,on, the Design and Engineering Studies, and the Construc,on Phase: reviews contractual documents, trains AIBD staff, validates quality, costs, and ,meline as well as warm up programs, etc.

n  Ac,ng as “Addi,onal Technical Assistant”;

n  BAERA provides to AIBD-‐SA addi,onal monitoring capaci,es on site with an addi,onal workforce of 5 engineers and technicians.


53

4.2 – Project Par@es & Contractual Structure Project Parties Contractual Structure


54

4.2 Project Contracts: AIBD-‐SA Documents AIBD-‐SA Concession Agreement : Main terms

n  Signed on 8 June 2006 for a 30-‐year period between the State of Senegal and AIBD-‐SA; n  The State of Senegal authorizes AIBD-‐SA to :

n  Execute the concep,on, construc,on, comple,on, financing, maintenance, management and development of the New Airport, and to which AIBD-‐SA is en,tled to outsource each stage.

n  AIBD is required to : n  publish financial informa,on every year; n  subscribe an all-‐risks insurance policy covering its liabili,es and responsibili,es as “constructor” and

“operator” (transferred to SBG and Daport).

Fiscal Agreement between AIBD-‐SA and the State of Senegal: Main Terms

n  Fiscal Agreement signed on 19 June 2008, based on Senegalese law n°2007-‐25 which grants special fiscal status to companies opera,ng an investment project worth more than FCFA 250bn on Senegalese soil;

n  AIBD SA is exempted from all sales taxes and import du,es and taxes, including value added tax for good and services imported for construc,on or opera,on of the New Airport. The exemp,on also applies to SBG and other contractors in charge of construc,on;

n  AIBD-‐SA is exempted from all other forms of direct taxes, including without limita,on taxa,on on dividends to shareholders and withholding tax;

n  AIBD-‐SA benefits from favorable income tax terms: The tax rate applicable to its Senegal-‐based profits is 15% versus a standard 25%, plus AIBD is en,tled to a tax-‐credit equal to 50% of its investment expenses related to the construc,on and opera,on of the New Airport;

n  Moreoever, if the State of Senegal grants more favourable condi,ons to any company in the future, AIBD-‐SA will be automa,cally en,tled to benefit from such condi,ons.


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4.2 Project Contracts: SBG’s EPC Contract

Main Terms and Condi@ons Lump Sum Turnkey “Design and Build” EPC Contract

Purpose To design, construct and procure the New Airport under a Lump Sum Turn Key scheme.

Commencement Date 4th of December 2007.

Contract Price Lump sum price of EUR 440M.

Performance Guarantee The Contractor provided a Performance Guarantee of 5% of the contract price issued by Al Rajhi Bank, Riyadh, Saudi Arabia.

Reten@on Guarantee AIBD-‐SA is to withhold 7% of all payments due to Contractor by way of reten,on.

Scheduled Comple@on Date Maximum construc,on period of 47 months, Scheduled Comple@on Date is established as of November 2011.

Delay Liquidated Damages SBG is to pay Delay Liquidated Damages for each day of delay beyond the scheduled comple,on date, and on a higher scale ayer 60 days. Delay Liquidated Damages are capped at 5% of the Contract Price.

Advance Payment AIBD-‐SA paid on 28 September 2007 under the EUR 100 million Bridge Loan Facility an Advance Payment represen,ng 20% of the contract price to the SBG, i.e. EUR 69,895,933.00

Insurance

On 19 June 2007, SBG contracted with Sonam Assurance SA an Insurance Policy related to the works under the Contract and valid from 1 July 2007 to 04 December 2011. It includes insurances during the construc,on period for: Third party risks coverage; Worker’s compensa,on; Worksite risk coverage; and Decennial liability and civil and professional liability.


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4.2 Project Contracts: DAPORT’s O&M Contract

DAPORT’S Management, Opera@on, and Maintenance Contract

n  25-‐year Management of Aeronau,cal Opera,ons and Non Aeronau,cal Opera,ons contract;

n  Aeronau,cal opera,ons:

n  Management, monitoring and maintenance (terminals, runways, taxis and parking areas, access roads, etc.);

n  Opera,on: passengers handling, refueling, on board catering;

n  Help and support of airplanes on taxi and parking areas.

n  Non aeronau,cal opera,ons:

n  Management, monitoring & maintenance (terminals, telecommunica,ons, power supply, gas and fuel supply, etc.);

n  Opera,ons of airport restaurants, store, hotels, passengers informa,on and recep,on services;

n  Promo,on and adver,sement of the New Airport, a\rac,on of new airlines, real estate expansion, etc.;

n  Daport’s Revenues: aeronau,cal and non-‐aeronau,cal fees (excl. RDIA and fees due to ASECNA for inter alia traffic management ):

n  Aeronau,cal fees transferred from exis,ng airport: landing, take off and parking fees, security fees, fuel fees, etc.;

n  Non-‐Aeronau,cal fees: Equipment fees, parking fees, retail revenues, ground and luggage handling fees, etc.

n  Concession Fee to State of Senegal:

n  Fixed Component: FCFA 1 bn p.a. through monthly equal payments (to be yearly adjusted to official infla,on rate);

n  Variable Component: year 1-‐3: 17% of Daport Turnover, year 3-‐11: 20% of Daport Turnover, year 11-‐25: 23% of Daport turnover.


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5 – Financing Structure


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5.4 Financing Structure: Documenta@on Framework

AIBD Al Rajhi Bank

Guarantor’s Delega:on Agreement Facility

Agreement

Ownership

100% Government of Senegal

Pledge Agreement of the RDIA

Cash Collateral Agreement

Assignment Deed by way of

Security

Master Agreement Rela,ng to the RDIA

IATA

Airline Companies No:fica:ons

RDIA Collec:on Agreement

Concession

Agreement

Lenders Lenders


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6 – Traffic Forecasts and Financial Projec@ons


60

6.1 – Traffic Forecasts


61

6.1 Traffic Forecasts: SDG’s Traffic Study

n  Interna,onal traffic consul,ng firm SDG has been selected from a consultant short-‐list in order to provide a traffic report to BNP Paribas and future Finance Par@es;

n  SDG is Europe’s largest independent specialist transport consultancy and has established a high level of credibility in the financial community.

à  3 main scenarios were proposed for traffic projec,ons:

à  Low case: 5,96%

à  Base case: 6,56%

à  High case: 7,65%

à  SDG scenarios are coherent and in line with those es,mated by Studi (2004 Traffic Report)

à  In the Base Case scenario, SDG’s yearly growth rate is es,mated at 5.6% vs. 5.4% growth in Studi’s base case via an econometric approach

Passenger traffic in Senegal -‐ past evolution and forecasts

0,0

0,5

1,0

1,5

2,0

2,5

3,0

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

in million

PAX

Low scenario Base scenario High scenario

Interna,onal Depar,ng Passenger Traffic in Senegal Past evolu,on and forecasts

Steer Davis Gleave (“SDG”):

n  A “Top-‐Down” projec@on which employs appropriate market segmenta,on and key traffic drivers iden,fied in the market background, as well as

n  A “Bouom-‐Up” analysis, which focuses on key routes to and from Dakar whilst es,ma,ng the poten,al impact of new routes.

SDG Methodology


PHOTOS

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MAIN TERMINAL – 42,000 M2

NEXT


Niveau arrivée


HAJJ TERMINAL 2,270 M2


CONTROL TOWER – 2,000 M2


FIRE STATION – 1,400 M2 NEXT


FIRE STATION – 1,400 M2

DREEM TANK – 60 M3 (Disposi@f de ravitaillement en eau et en émulseur)

NEXT

As AIBD Financial Advisor RUNWAY

NEXT

IMPREGNATION

As AIBD Financial Advisor ACCESS ROAD 2 Total Length: 2,280 m


WAREHOUSE – 1,250 M2


CARGO ADMIN . BUILDING – 1,280 M2


CARGO BUILDING – 5,500 M2

NEXT


CENTRAL UTILITY COMPLEX – 3,200 M2

v  Ces eaux sont pompées en premier lieux sur une distance de 5.6km à par,r de la STP v  Un réservoir de stockage pour lírriga,on1200 m3 v  Eau potable et de lu\e contre l’incendie 2400 m3 environ v  Centrales de produc,on frigorifique , Puissance frigorifique totale 10900 kW v  deux lignes 30 KV débitent chacune sur un transformateur MT/MT 30KV/5.5 KV d’une puissance de 10 MVA placé au niveau du Central U,lity Complex


81

AIBD-‐SA

Modou KHAYA AIBD SA Chief Execu,ve Officer

+221 33 889 65 00 [email protected]

Contact