Table 1. Comparison of prices paid for toll road Concessions in France a nd the U.S. ( US$million(1))

 

APRR

Sanef

ASF

Skyway

Indiana Toll Road

Year

 

2005

 

2005

2005

2004

2005

Gross Revenues

1,854

1,359

2,919

41

99

EBITDA

1,149

873

1,853

29

64

Concession Price (2)

14,122

10,645

23,161

1,830

3,850

Price as Multiple of EBITDA

12.3x

12.2x

12.5x

63.1x

60.2x

Percent Difference Between

 

 

 

 

 

High and Second Bid

1.6%

1.7%

n.a.(3

161.4%

26.2%

(1)  Using an exchange rate of $1.18 to 1 Euro.

(2)  In the case of the French toll concessions, price includes assumed debt.

(3)  There was only one bidder for the ASF concession.

Source: Author's