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ORIX's Concession Business Bank of America Merrill Lynch2016 Japan Conference ORIX’s Concession Business ORIX Corporation Shuji Irie Corporate Senior Vice President Head of Investment and Operation Headquarters Responsible for Concession Business Development Department September 15, 2016 Copyright © 2016 ORIX Corporation(TSE: All rights 8591; reserved. NYSE: IX) Table of Contents 1. Concession Business 2. About the Kansai Airports Project (KAP) 3. Post-KAP Strategy Appendix Copyright © 2016 ORIX Corporation All rights reserved. 1 1. Concession Business Copyright © 2016 ORIX Corporation All rights reserved. 2 Positioning of Concession PFI among other PPP Overview of PPP/PFI PPP(Public Private Partnership) Utilize private sector’s creativity and improve administrative efficiency through public private partnership in the construction, maintenance, and operation of public facilities PFI(Private Finance Initiative) A method, based on the PFI Act, of utilizing financing, management/operation, and technical capability from the private sector in the construction, maintenance, and operation of public facilities. Type I PFI business under the “Right to Operate Public Facility etc.” system （Concession PFI） Type II Type III Revenue generating business Other PPP/PFI business （Expansion or operation of existing ①Service sold to public sector revenue-generating facilities to collect ②Comprehensive BPO initial investment outlay） Type IV Utilize existing public real estate business Source: Action Plan 2016.5 (Cabinet Office, Government of Japan) Copyright © 2016 ORIX Corporation All rights reserved. 3 PFI until 2012 vs. Current PFI PFI until 2012 Current PFI ¥4.1 tn/418 projects between Targeting ¥21 tn for the 10 years Scale FY1999-2012 between FY2013-2023 Central government/Municipality Business proposal initiated by private Planning Body determines project plan sector is possible Mostly educational facilities, government buildings, Subject Including infrastructure assets accommodation facilities for government workers Implementation of the concession PFI, 80% were “services sold to the public PPP Scheme expansion of financially free-standing sector” projects Reliant on creditability of Investors can take part of the risk Funding Scheme government body depending on the project Copyright © 2016 ORIX Corporation All rights reserved. 4 Recent History and Background of Concession PFI 2011 Revision of PFI As a measure to revamp public infrastructures, to further utilize capital in the private sector, the concession method was made Act possible in the revised PFI Act Target to implement PPP/PFI projects totaling ¥12 tn (of which ¥2- 2013 New PFI Target 3 tn are concession PFI) was stated in the Japan Revitalization Strategy for the 10 year period up to 2022 October, established PFI promotion office In a joint meeting of Council on Economic and Fiscal Policy Council and 2015 May Industrial Competitiveness Council, it was resolved to accelerate the Target Schedule implementation of PFI projects over a three-year intensive implementation period running to the end of FY2017) Accelerated A number of projects under key focus area were stated: 6 airports, 6 water systems, 6 sewerages, 1 toll road 3 educational facilities and 6 public housing facilities were added in the 2016 May focus area New Target Ten year target increased from ¥10-12 tn to ¥21 tn （of which, Concession ¥7 tn, Revenue generating business ¥5 tn, Utilize existing public real estate ¥4 tn, Other PFI projects ¥5 tn） Copyright © 2016 ORIX Corporation All rights reserved. 5 ２. About the Kansai Airports Project (KAP) Copyright © 2016 ORIX Corporation All rights reserved. 6 Overview Consistent with its commitment to KIX continues to work around the clock with serving as a familiar, dynamic urban enthusiasm to handle the endless flow of airport, ITM provides travelers with people and goods to earn the trust, valuable experiences imbued with affection and respect of our customers and convenience and hospitality. contribute to the development of the Japanese economy and society. Copyright © 2016 ORIX Corporation All rights reserved. 7 Potential of KIX/ITM and Kansai ORIX and Vinci Airports believe in the potential of these airports, and in the region Copyright © 2016 ORIX Corporation All rights reserved. 8 Overview of Structure （Consortium） Japanese Government Other ORIX VINCI Airports Shareholders 66.5% 100% KIALC NKIAC Consideration for operating Dividends, right interests Investment and finance Land Subsidiaries’ Itami Return share, Facilities (Land& performance Kansai Movables Facilities) guarantee Airports deposit transfer to Finance Concessionaire Operating rights->Concessionaire Repayment Operation area Lender Railway(NKIAC) <Structure> Term: April 1 , 2016 - March 31, 2060 (44 years) NKIAC ・KIALC (owner of land) continue to own land and facilities and grant operating right to concessionaire Engage in the operation of both Aviation and non-aviation related business The aviation control business, customs , immigration control and quarantine business and railway business are outside the scope of the business of the Concessionaire. Copyright © 2016 ORIX Corporation All rights reserved. 9 The Best Team for the Future • Know-how and experience in • Brings demonstrated airport finance and real estate business operation expertise • Kansai origins, footprint, solid • International network business network • Committed to the region • Strong Commitment to the region • Entrepreneurial spirit • Entrepreneurial spirit • Agile, flexible business style • Agile, flexible business style • Similar mindset to ORIX • Similar mindset to VINCI Airports Copyright © 2016 ORIX Corporation All rights reserved. 10 Action Towards becoming ASIA’s leading airport Traffic and revenue targets Copyright © 2016 ORIX Corporation All rights reserved. 11 3. Post-KAP Strategy Copyright © 2016 ORIX Corporation All rights reserved. 12 Major Concession PFI Projects and Candidates Wakkanai airport Kansai airports Asahikawa airport New Chitose airport （Concessionaire: ORIX consortium） （ Memanbetsu airport Osaka Int. Airport: 14.54 mn passengers in 2015) Hakodate airport （Kansai Int. Airport: 23.21 mn passengers in 2015) Water supply/sewage (Otsu) Kushiro airport Aomori airport Obihiro airport Sendai airport ・・・Projects where bidding process Tajima airport (Concessionaire: Tokyu consortium） has finished (No. of passengers in 2015: 3.15 mn） Kobe airport Aichi prefecture toll road Hiroshima airport （Maeda consortium granted with preferred negotiation right） Fukuoka airport Concession starts: October 2016 Shizuoka airport Sewage(Hamamatsu) Takamatsu airport Water supply/sewage (Osaka) Nanki Shirahama airport Annual Passengers in Concession Airports Current Status mn (2015) Starts Takamatsu 1.81 April 2018 Implementation policy announced in July, and application guideline for bidders announced in September Implementation policy and application guideline for bidders to be announced in September and October 2016 Kobe 2.45 Spring 2018 respectively Fukuoka 20.97 April 2019 Implementation policy to be announced between March and April 2017 Hiroshima Airport Revitalization Meetings, which started in December 2015, have been discussing on the topic Hiroshima 2.67 (2019) of utilizing concession PFI New Chitose 20.46 Implementation policy to be announced in summer 2018. The concession is expected to include all 7 airports （ April 2020 incl. 7 airports in （ ） in Hokkaido (New Chitose, Kushiro, Wakanai, Hakodate, Asahikawa, Obihiro, Memanbetsu) Hokkaido) 25.62 Copyright © 2016 ORIX Corporation All rights reserved. 13 Other Candidate Projects in the Concession PFI Market Airport Toll Road Water System/Sewage Educational Facility Op. Revenues ¥450.6 bn Op. Revenues ¥238.3 bn Op. Revenues ¥4,281.3 bn Museum（and quasi-ones） Op. Profits ¥10.3bn EBITDA ¥135.7 bn Net Income ¥315.2 bn 4,246 Public sports facility *FY2014 figures *FY2014 figures *FY2014 figures 27,469 Market Scale *Aggregate of 27 airports *Aggregate of 33 regional toll *Aggregate of public water system Cultural hall 1,742 operated by the government road companies operators including 1348 water Others 20,347 suppliers, 749 simple water suppliers, and 591 sewage operators FY2016 FY2016 Bidding to start (Takamatsu) Discussion points to be FY2016 FY2016 Schedule reviewed by Ministry of After FY2017 Bidding to start (Aichi) Bidding to start (Hamamatsu/Sewage) education, culture, sports, (Kobe, New Chitose, Fukuoka, science, and technology. Hiroshima, and others) Air transportation demand, Major highway Regional demand (correlates with Main CF factors Regional demand commercial facilities demand/development population) Potential ○ Commercial ◎ △ × （facility type dependent） Upside Regional/national economic Regional economic condition Regional economic Main Risks condition, FX, plague, political and competition from other Shrinking population condition risks..etc transportation alternatives Trading companies, railway Railway companies, Project Sponsors companies, regional business Water engineering companies, trading Sports/Leisure related Construction (Presumption) circles, real estate companies, municipalities companies, house builders companies/consultants developers…etc. Note: Ports are also potential concession PFI candidates Copyright © 2016 ORIX Corporation All rights reserved. 14 ORIX’s Concession Business Important Position in the Group ORIX leverages its operational know-how to evolve, diversify and adapt its portfolio to take advantage of changing macroeconomic conditions Credit Screening
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