PPP in Practice High Speed Line Netherlands. Infraspeed Maintenance. Ruud Schellekens. Goal
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1 PPP in Practice High Speed Line Netherlands Infraspeed Maintenance Ruud Schellekens Goal HSL-line Facts & Figures The Parties Two examples (problem/change) 1
2 Track Description Hoofddorp RAS Rotterdam West RAS Rotterdam Lombardijen Noordelijk Holland Shield-driven Tunnel Groene Hart Zuid Holland Midden Barendrecht Zuid Holland Zuid Breda RAS Brabant Noord Brabant Zuid Hoofddorp RAS Rotterdam West RAS Rotterdam Lombardijen Breda RAS HSL Facts & Figures Noordelijk Holland Shield-driven Tunnel Groene Hart Zuid Holland Midden Barendrecht Zuid Holland Zuid Brabant Noord Brabant Zuid - Amsterdam - Schiphol: 17 kilometer - Schiphol - Hoofddorp: 5 kilometer - Hoofddorp - start High Speed Track: 2 kilometer - start High Speed Track - end High Speed Track : 42 kilometer - end High Speed Track - Rotterdam Station: 4 kilometer - Rotterdam Station - Rotterdam Lombardijen: 7 kilometer - Rotterdam Lombardijen - start High Speed Track : 5 kilometer - start High Speed Track Belgium Border: 43 kilometer. 25% at surface level; 75% HSL-Zuid-tracé 170 civil works viaducts, 4 tunnels,dive-unders one aquaduct A few bridges Investment Civil works 6. Billion EURO Otherworks 1. Billion EURO PPP 2
3 First: The good news Project delivered ON-TIME First 5 years availability OK! No serious safety incidents.... Conclusion: ===PPP-works for all parties=== But. Monthly Availability 101,00% 100,00% 99,00% 98,00% 97,00% 96,00% 95,00% 94,00% jan-07 apr-07 jul-07 okt-07 jan-08 apr-08 jul-08 okt-08 jan-09 apr-09 Availability with Bonus minutes(%) jul-09 Start Operation AMS-ROT 160Km/h Availability without Bonus minutes(%) Start Operation AMS-PAR 300/160 Km/h okt-09 jan-10 apr-10 jul-10 okt-10 jan-11 apr-11 jul-11 okt-11 Full line 300 Km 3
4 PPP Challenges Many parties involved >20 Different roles Different Interests/Goals Risk allocation is Key System integration Partnership (Cooperation) Parties Safety Authority: IVW Railway Manager: PRORAIL STATE Infraspeed Advisors Freshfields Bruckhaus Derringer (Legal) Ernst & Young (Accounting, Fiscal) Marsh UK (Insurance) Delta Rail (Independent Safety Assessor) Maintenance SPC Infraspeed EPC Shareholders Lenders Advisors Institutionals Industrials Rabobank ING Bank KBC Bank KfW Dexia Credit Local HypoVereinsbank BNG + 20 Syndicated Banks Allen & Overy (Legal) Scott Wilson (Techno) Heath Lambert (Insure PKF (financial auditor) PUBLIC 4
5 What does the State, look for? Risk mitigation: which party can best control the risks? Fit for purpose Service Level Agreement Functionality and Quality of the Systems Value for money (to the taxpayer) Public Sector Comparator PFI: Time is money budget stability for the Public Sector Long term stability & contractual relationships Private sector risk improves quality Lump Sum, Turn Key, date certain contracts Safety/environment What do Lenders look for? Risk aversion Allocation : which party can best control the risks? Reflected in contracts and insurance Predictable Investments Revenues CASHFLOW costs Reliable contract parties Stick to the rules - no surprises! 5
6 What do Institutional investors look for? Risk aversion Allocation : which party can best control the risks? Reflected in contracts and insurance Predictable Investments Revenues CASHFLOW costs Reliable contract parties Stick to the rules - no surprises! Return on Investment Profit NB: view of Lenders and Institutional investors is alike! What do Industrials look for? Manageable Risks Allocation : which party can best control the risks? Reflected in contracts Scope of work to different parties Return on Sales Positive Cash flow Margin/Profit Reliable contract parties/partners Protect Reputation 6
7 My view on PPP ADVISOR PUBLIC (STATE) COMPETITIVE BEST IN CLASS AVAILABILITY PROFIT REPUTATION INDUSTRIAL Contracts Risk distribution ADVISOR INSTITUTIONALS LENDERS RELIABILITY RETURN ON INVESTMENT Risk Allocation State Infrastructure Provider General Principle: IP takes all the risks subject to exceptions Exceptions: Delay Events (time + money) Non-Attributable Events (time + money) eg civil defects <10 yrs Relief Events (time) eg force majeure, strikes > 48 hrs Compensation Events (money) eg change in law INDUSTRIAL PUBLIC (STATE) INSTITUTIONALS LENDERS 7
8 Risk Allocation Institutionals/Lenders Industrials General Principle: Contractual risks/obligation towards the STATE are forwarded (back to back) to the Industrials. Industrials takes all the risks subject to exceptions Exceptions: Risks that belong to the STATE Finance/Tax risks Risks above CAPS INDUSTRIAL PUBLIC (STATE) INSTITUTIONALS LENDERS Allocation of risks PUBLIC (STATE) INSTITUTIONALS LENDERS INDUSTRIAL State Infraspeed EPC MC Ground Risk Civils assets Other interface risks Construction cost overruns Delay in completion Consents Traffic Defects in system assets Performance Deductions Operating cost overruns/renewals Derailment Discriminatory change in law/taxes Other change in tax Force Majeure Caps insufficient Infraspeed is only responsible for limited residual risk 8
9 Examples of Non-Attributable Events State breach Civils Assets / Connecting Systems Defects Contamination Sound emission levels Train not compliant with requirements Failing traction power supply (in-feed 150kV) Failure by task organisations (Prorail VL, Infra) Soil settlement PUBLIC (STATE) PPP Cash-flow model Infraspeed Construction Costs Euro (millions) 0 Maintenance & Renewals Costs Performance Payments Development Period Availability Period 9
10 Availability Duration of trains on track = X Delay of trains due to errors = Y Availability = 1- Y/X % Time table Error Simulation Accuracy < 2% Availablity Monthly Availability Penalty Performance Fee Train Delay Penalty ( ) performance payment availability penalty penalty 100 % 95 % 94 % 93 % 90 % 99 % 98 % 97 % 96 % 92 % 91 % Availability (%) 10
11 First Example: a planned change or new requirement POSITION OF THE STATE PUBLIC (STATE) COMPETITIVE BEST IN CLASS AVAILABILITY Response to a Change RELIABILITY RETURN ON INVESTMENT INSTITUTIONALS Risk to Industrials Everything works I do not want a Change This changes the cashflow The risk increases Risk must be accepted by Industrials The lenders must approve It jeopardizes the Loan..price up LENDERS Approve Necessary 11
12 Response to a Change PROFIT REPUTATION INDUSTRIAL Risk increases need more profit I am the only one that can execute the change ;-) I will not take the magnitude of the risk (whole system) On a small change Everything works I do not want a Change This changes the cashflow The risk increases Risk must be accepted by Industrials The lenders must approve It jeopardizes the Loan..price up INDUSTRIAL PUBLIC (STATE) INSTITUTIONALS LENDERS Result Changes are: Expensive (high risk no competition) State needs to take the availability risk Lenders need to approve Process is complex and time consuming Many advisors get involved What to do with the financing?... Changes do not benefit from PPP 12
13 Second Example: a problem INDUSTRIAL Problem PUBLIC (STATE) INSTITUTIONALS LENDERS Example ETCS Level 2 Problem: Trains now and then loose connection to RBC and come to a stop Involved parties Train Operating Company (OBU) GSM-r Operator Infrastructure Provider (RBC) 13
14 Solution It is Public Private Partnership Parties need each other to solve the problem Bring all involved parties together: Suppliers OBU and RBC and GSM-r Train Operating Company Infrastructure Provider Share knowledge!contract! Is a forbidden word Define an approach to analyse and solve 25 Result RBC communication Loss HSL-Z south section 20 number Week 2011 Wal Clock S Trein Overig GSM-R Grens Traxx én Thalys VL_lifesign 14
15 What is needed for Partnership It all starts with TRUST TRUST starts with Transparency TRANSPARENCY starts with communication COMMUNICATION starts with People PEOPLE need to communicate The goal is simple Did you ever do a communications training together with your -external- customer? If you are married for 30 years: Do It! 15
16 Maybe it works different in Spain Johan Cruijff about his work in Spain: There is unity now, in principle everybody here does what I ask them. Because they are not Dutch.as soon as you take a breath Dutch say: yes but.. 16
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