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Part Five: Infrastructure Finance November 21 2012 A blueprint for British business Part five: infrastructure finance SUPPORTEDBY www.ft.com/blueprint 2 FINANCIAL TIMES WEDNESDAY NOVEMBER 21 2012 FINANCIAL TIMES WEDNESDAY NOVEMBER 21 2012 3 BLUEPRINT FOR BRITISH BUSINESS | INTRODUCTION BLUEPRINT FOR BRITISH BUSINESS | INTRODUCTION CONTENTS Big schemes need big money Investing in infrastructure could boost the economy but investors still need to be convinced, says Brian Groom 2 OVERVIEW S BRITAIN TRIES TO LIFT Some parts of infrastructure remain relatively this is only a third of the £2bn that the new Many economists put their faith in itself out of economic gloom, healthy – notably rail, where work is continuing group had been hoping to raise in its first year. infrastructure to give the economy a boost one area is attracting particu- on London’s Crossrail and Thameslink lines. Gershon Cohen, chief executive and fund prin- ‘The real issue is about taking Case study VolkerWessels 3 CASE STUDY lar attention: investment in There is a reasonable amount of work in other cipal of infrastructure funds at Lloyds Bank, How VolkerWessels UK is faring in the infrastructure. Not only do its regulated areas such as water, gas and telecom- believes money will be found for important steps to give confidence to y “luck and judgment”, the Dutch- construction industry effects percolate deep into the munications. But road construction, dependent projects. “If we can arrive at a point where the owned infrastructure contractor 4 ECONOMICS economy, say enthusiasts, but on government and local authority spending, has public sector can bring forward a visible pipeline private businesses’ VolkerWessels UK is doing better The need for projects that can be undertaken the UK also faces pressing been in freefall. The Construction Products Asso- of high-quality investment opportunities, I than many in the construction quickly without long drawn-out planning decisions on energy, roads, rail, water and air- ciation projects a 40 per cent decline in roads believe there would be few problems raising the Horizon Nuclear Power, a joint venture that has industry, says Alan Robertson, its 6 URBAN REGENERATION Aport expansion that will shape its productive investment this year and 5 per cent in 2013. finance,” he says. plans to build as many as six nuclear reactors, Bchief executive.The luck is that its business is The success of a number of national projects capacity for the 21st century. Against this backdrop, companies that adapt to Decisions also need to be made, he argues, on for £696m, has helped boost confidence in Brit- focused mainly on areas where there is still could set an example for regional companies The government has announced many initia- the structural changes reshaping the industry the procurement methodology to be used – ain’s nuclear plans. By 2023, the UK will have work, notably rail, ports and airports. The judg- 7 ENERGY tives, including a national infrastructure plan, can still succeed. Costain, the civil engineering whether it is traditional build and design, shut down all but one of its existing nuclear ment is that is concentrating on areas where it How to do more to exploit the UK’s natural planning reforms, a Green Investment Bank, an company, has focused on winning bigger projects financed through taxes; or done through utilities power plants and badly needs new generating sees a commitment to investment. advantages effort to unlock £20bn of institutional investment from blue-chip clients in areas such as transport, with a regulated asset base and charging of capacity. VolkerWessels UK saw its turnover grow by 8 INVESTMENT over a decade, a £40bn guarantee scheme to energy, water and waste – a strategy that is users; or through the private finance initiative. Alasdair Reisner, director of external affairs at 20 per cent last year to £666m and it made a Infrastructure requires both public and underwrite private sector projects, and an over- paying off. Its first-half operating profit was up Since the credit crisis, bank finance has the Civil Engineering Contractors Association, £12.2m pre-tax profit, after a £1.5m loss the pre- private funding haul of the private finance initiative to fund 16 per cent and its order book rose to £2.4bn. become concentrated at the shorter-term end of says attention needs to be paid not just to the vious year. That is still below the £17.5m it 10 FINANCING schools, hospitals and other schemes. “Big customers are looking to work with a the market. But institutional investors and insur- financing of infrastructure projects, but to who made in 2008. “It’s not where we want it to be Complicated schemes might initially look As yet, few of these ideas have resulted in smaller number of tier-one service providers, ance companies have been increasing the propor- ultimately will pay the bill. One solution is user and we have various plans to grow the profit simple on paper projects on the ground. Potentially, billions of but on a much longer-term basis, with a broader tion of investment allocated to infrastructure charging: ministers plan, for example, to intro- margin,” Mr Robertson says. 11 OPINION pounds could be available from new sources of range of services and bigger contracts,” says because it provides a good match for their long- duce road tolling on an expanded section of the The company has just finished a £32m con- Maria Eagle talks about co-ordinating road, finance such as pension funds, insurance compa- Andrew Wyllie, chief executive. “They are all term liabilities. A14 in Cambridgeshire, the first time tolling has tract to resurface the runway at Gatwick air- rail and air projects nies, asset managers, private wealth management looking to consolidate their supply chains.” One problem is that British pension funds tend been introduced on an existing stretch of road. port and it is starting a £35m scheme to build groups, private equity houses and sovereign Clients are looking to construction groups to be small compared, for example, with the Another is to ask other beneficiaries to contrib- a new quay at Southampton docks for ABP. wealth funds. About two-thirds of infrastructure that can provide a service starting from the large Canadian funds, and lack in-house expertise ute, as in Crossrail, where a special levy on It is also in the middle of a £334m project CONTRIBUTORS finance comes from the private sector. concept of a scheme, through planning and to make judgments on greenfield projects. There London businesses is funding a quarter of the to extend Manchester’s Metrolink tramway, PILITA CLARK is the FT’s environment But there are barriers to overcome, not least design to delivery, as Costain is doing with its is also only a small number of fund managers £16bn cost. Mr Reisner suggests insurers might jointly with Laing O’Rourke. correspondent the need for clear strategic priorities and cer- £400m contract to redevelop London Bridge sta- they can turn to with experience of investing in be persuaded to help fund flood defences if these Mr Robertson says there are pockets of pri- NORMA COHEN is the FT’s economics tainty about policies on energy and airports. tion for Network Rail. This approach has reper- the construction phase. would cut claims. vately funded investment, but the market needs correspondent Ways also need to be found to overcome the cussions down the chain. Where Costain five Mr Gershon says: “The more projects that need He does not, however, hold out much hope of “government commitment and certainty” if MARIA EAGLE is the shadow secretary of fears of investors who like the long-term income years ago had 18,000 suppliers on its database, funding, the more experienced fund management short-term improvement in the construction infrastructure is to be developed. “Periodically state for transport streams from infrastructure but are nervous of today it works with only 3,000 or 4,000. Mr Wyllie platforms like mine will emerge.” industry’s prospects. His organisation’s surveys we see government take steps forward and BRIAN GROOM is the FT’s business and construction risks such as cost overruns. still sees a role, though, for working with special- Aside from financial constraints, infrastructure suggest there is less work around sometimes things go backwards.” employment editor “The real issue is not about government spend- ist organisations such as the UK’s strong core of companies in some sectors, notably energy, face than before and the outlook is less As an example of the latter, he cites the DAVID OAKLEY is the FT’s investment ing more, it’s about taking the steps necessary engineering design consultants. frustrations over policy uncertainty and political than positive. slashing of subsidies for solar projects last year. correspondent to give confidence to private businesses,” says The industry’s overall prospects, however, conflict. Phil McVan, managing director of Myr- “The middle market, companies He also says deferring a decision on south-east GILL PLIMMER is an FT reporter Richard Threlfall, head of infrastructure at depend on finding the finance to get projects iad CEG Wind, a supplier of small wind turbines with £50m-£300m turnover, is a airport expansion until after the next election PAUL SOLMAN is a freelance journalist KPMG, the advisory firm. moving. George Osborne, the chancellor, faces a to farmers, says expansion has been held back fairly nasty place to be at the means “we are going to suffer a three or four- HESHAM ZAKAI is a freelance journalist All this comes at a time when, as Mr Threlfall challenge to attract tens of billions of pounds of this year by resistance from local councils. moment,” Mr Reisner says. year delay in terms of whether Heathrow gets puts it, the construction industry is “close to pension money into infrastructure – underlined Mr McVan says decisions are taken by people “You’ve probably got a expanded, or Stansted or Luton or Boris island”.
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