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41908-014: Extended Annual Review Report

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41908-014: Extended Annual Review Report Extended Annual Review Report Project Number: 41908-001 Loan Number: LN2389/EI7270 September 2015 Loan Central and Western Airports Development Project (People’s Republic of China) This is the abbreviated version of the document that excludes commercially sensitive and confidential business information that is subject to exceptions to disclosure set forth in ADB’s Public Communications Policy 2011. CURRENCY EQUIVALENTS Currency Unit – yuan (CNY) At Appraisal At Program Completion 28 September 2007 31 December 2014 CNY1.00 – $0.13 $0.16 $1.00 – CNY7.52 CNY6.20 ABBREVIATIONS ADB – Asian Development Bank CAAC – Civil Aviation Administration of China CSR – corporate social responsibility DSCR – debt service coverage ratio EIA – environmental impact assessment EMP – environmental management plan EMS – environmental management systems EROIC – economic return on invested capital HAG – HNA Airport Holding (Group) Company, Limited HNA – HNA Group Company, Limited IRR – internal rate of return NOPLAT – net operating profit less adjusted taxes OPEX – operational expenditure PRC – People’s Republic of China PSOD – Private Sector Operations Department SASAC – State-owned Asset Supervision and Administration Commission SPIA – Sanya Phoenix International Airport Co., Ltd. XARR - Extended Annual Review Report YEMC – Yichang Environmental Monitoring Center YSA – Yichang Sanxia Airport WEIGHTS AND MEASURES m – meter m2 – square meter km 2 – square kilometer NOTES (i) The fiscal year (FY) of the People’s Republic of China ends on 31 December. FY before a calendar year denotes the year in which the fiscal year ends, e.g., FY2000 ends on 31 December 2000. (ii) In this report, "$" refers to US dollars. Vice -Pr esident D. Gupta, Private Sector and Cofinancing Operations Director General T. Freeland, Private Sector Operations Department (PSOD) Director C. Roberts, Portfolio Management Division, PSOD Team leade r J. Limjap, Investment Specialist, PSOD Team me mbers F.P. Macabuhay, Project Analyst, PSOD M.A. Manabat, Senior Investment Officer, PSOD A. Porras, Senior Safeguards Officer, PSOD B. Quang, Safeguards Specialist, PSOD K. Taniguchi, Senior Economist, PSOD In preparing any country program or strategy, financing any project, or by making any designation of or reference to a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area. CONTENTS Page BASIC DATA i EXECUTIVE SUMMARY ii I. THE PROJECT 1 A. Project Background 1 B. Key Project Features 2 C. Progress Highlights 2 II. EVALUATION 3 A. Project Rationale and Objectives 3 B. Development Impact 3 C. ADB Additionality 6 D. ADB Investment Profitability 6 E. ADB Work Quality 6 F. Overall Evaluation 7 III. ISSUES, LESSONS, AND RECOMMENDED FOLLOW-UP ACTIONS 7 A. Issues and Lessons 7 B. Recommended Follow-Up Actions 8 APPENDIXES 1. Project-Related Data 9 2. Results and Ratings for Project Contributions to Private Sector Development and ADB Strategic Development Objectives—Infrastructure 11 3. Industry and Operations Review 16 4. Environmental Impact 18 5. Social Impact 20 BASIC DATA Central and Western Airports Development Project (41908-PRC) As per A DB Loan Documents Actual Key Project Data (CNY million) (CNY million) Total Project Cost 7,650 a 1,231 b ADB Investment: Loan: Committed 1,200 1,200 Disbursed 400 Outstanding - Equity: $50 Committed $50 Disbursed $50 Returned $127.78 c Financial and Economic Internal Rates of Appraisal XARR Return (%) Financial Internal Rate of Return (project 15.74% 32.26% financial rate of return on equity) Economic Internal Rate of Return - d 40.8% Project Administration and Monitoring No. of Missions No. of Person - Days Due Diligence and Loan Negotiation 8 19 Project Administration 10 23 XARR Mission 1 21 a For the period 2007–2011. b For the period 2007–2013. c includes penalty interest amounting to $8.94 million d Not evaluated EXECUTIVE SUMMARY On 11 December 2007, the Board approved an equity investment of up to $50 million in HNA Airport Holding (Group) Company Limited (HAG) and a loan to HAG consisting of two tranches: A Tranche, for up to CNY1.2 billion, funded by the Asian Development Bank (ADB), and B Tranche, for up to $200 million, funded by commercial banks. The proceeds of the equity investment and loan were applied to the financing of HAG’s airport portfolio in the People’s Republic of China (PRC). The project supported HAG’s expansion and capital expenditure plan to privatize, rehabilitate, expand, upgrade, and operate small- and medium-sized airports in the PRC’s central and western regions. The project is ADB’s first private sector investment in the transportation sector in the PRC and its 21 st private sector investment in the country. Using the criteria of the ADB Project Administration Instructions 6.07B for Extended Annual Review Reports for Nonsovereign Operations issued in July 2008, the Central and Western Airports Development Project was evaluated for (i) its development impact, (ii) ADB’s additionality, (iii) ADB’s investment profitability, and (iii) ADB’s work quality. The development result was evaluated using four criteria: (i) contributions to private sector development and ADB strategic development objectives; (ii) economic performance; (iii) environmental, social, health, and safety performance; and (iv) business success. The contributions to private sector development and ADB strategic development objectives are rated satisfactory. ADB was able to arrange a 50% unfunded risk participation by HSH Nordbank, an international commercial bank that had limited capacity to enter the local currency market owing to the lack of yuan funding capacity. The bond issuance used to finance the project also helped the PRC’s local capital market. The project’s economic sustainability is rated excellent . The reevaluated project economic return on invested capital (EROIC) is 40.8%, which is well above the 12.0% social discount rate. The EROIC sensitivity was tested under various adverse scenarios, and it remained well above 12.0%. The sensitivity analysis indicated that the results were not altered by parameter changes, which clearly demonstrates the robustness of the model. There is no economic return estimate from the report and recommendations of the President. The project is rated satisfactory for environmental, social, health, and safety performance. The project has adequately met the national laws and ADB’s requirements for environmental and social safeguards. The potential environmental impacts during construction and operation were deemed minor and insignificant. There are no outstanding issues related to social safeguards. The project significantly mitigated social impacts for both involuntary resettlement and ethnic minority issues. Notwithstanding the opposition of the management of the Civil Aviation Administration of China (CAAC) to the further privatization of airports, HAG has been registering positive operating and financial performance. HAG anchored its business plan on the expansion and organic growth of its portfolio of airports. As part of its strategy, it divested its interests in its smaller airports, as the operating costs exceeded revenues, while expanding its bigger airports to accommodate higher volumes of passengers and cargo. The halt in the privatization of airports in the PRC resulted in a significant amount of idle funds for HAG. In order to optimize yields from the idle funds, HAG provided loans and advances to its affiliates, including its parent, HNA Group Company Limited. The project is rated excellent for business success. iii ADB’s additionality is rated satisfactory. ADB’s participation was important in boosting private sector involvement in the aviation industry of the PRC. ADB’s equity investment and long-term local currency debt were able to address these issues and targeted investment needs in the less developed regions in the PRC that are the focal areas of ADB’s operations, in accordance with the country strategy and the government’s expectations with respect to ADB’s operations. The project is rated satisfactory for ADB investment profitability. The loan margin and fees yielded a gross contribution to ADB income that exceeds (i) the amount compatible with the direct transaction cost, (ii) the risk profile of the project, and (iii) the country risk at the time of investment. ADB’s overall work quality is rated satisfactory . ADB conducted due diligence on technical, legal, environmental, social, and financial aspects to confirm the project’s fundamentals and development impacts. ADB provided assistance in HAG’s compliance to reportorial requirements as well as waiver requests to address breaches in the facility agreement. ADB has kept itself updated on the project and HAG’s performance in all material areas through the reports submitted by the borrower. Overall, the project is rated successful. Although HAG was not able to procure more airports as originally planned because of the unanticipated regulatory restrictions imposed by the CAAC on privatization, it is both financially and operationally successful. HAG focused on the organic growth of the remaining airports in its portfolio, where annual volumes of passengers and cargo have consistently increased. Variations between actual performance and the assumptions in the report and recommendations of the President were largely precipitated by regulatory challenges. The CAAC management decided to put airport privatization on hold
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