It is not possible to identify profit levels and the annual rate of return, because of the lack of information. Profit information was available in only 15 transactions and the rate of return in another - see Appendix 5. However, there have been examples of high profits, although it has not been possible to identify the rates of return for these projects for the reasons cited above - see Table 25.
The profit levels in eight examples ranged from 44.3% in Skanska's Autopista Central Highway project (Chile) rising to 73.8% in Atlantia's sale of equity in Autopista Tirrenica (Italy) and 74.3% in the ACS sale of equity in I-595 Florida (US) - see Table 24. Skanska obtained an average profit of 51.6% in its four equity transactions (sources in Appendix 5).
Table 24: Examples of high profit levels
PPP Company | PPP project and year of equity transaction | Sale price (m) | Profit (m) |
ACS | US - I-595 Florida (2012) | US$806.7 | US$599.7 |
Atlantia | Italy - Autopista Tirrenica (2011) | €67.7 | €50.0 |
Skanska | Chile - Autopista Central Highway (2010) | US$790.0 | US$350.0 |
BRISA | Brazil - CCR with seven road concessions | €1,318.2 | €845.5 |
Skanska | Norway - Orkdalsvegan E39 road (2010) | US$23.5 | US$13.9 |
ACS | Chile - 2 toll roads | €700.0 | €600.0 |
Skanska | Brazil - Ponte de Pedra hydroelectric (2007 | US$85.0 | US$45.0 |
Skanska | Mozambique - Maputo Harbour (2007) | US$15.8 | US$10.5 |
Source: Appendix 5, Global PPP equity transactions 2002-2012