Financial, Operational, Readjustment and Banding Data

Main Financial Data

 Rate adjustments and Contract Terms

Concessions

 

Concession Extension (KM) End of the Concession Agreement Stake Annual adjustment Last adjustment Adjustment index Last % applied
AutoBAn 317  Dec/37 100% July 1 Jul/23 IPCA 3.94%
RioSP  625.8  Feb/52 100% September 1 Sep/23 IPCA 8.37%
ViaLagos(1) 57 Jan/47 100% August 1 Aug/23 Index basket -0.30%
ViaOeste 169.3 Mar/25 100% July 1 Jul/23 IPCA 3.94%
RodoAnel Oeste 32 May/38 99.6% July 1 Jul/23 IPCA 3.94%
Renovias 345.7 Oct/24 40% July 1 Jul/23 IPCA 3.94%
SPVias 516 Sep/29 100% July 1 Jul/23 IPCA 3.94%
ViaRio 13 Apr/47 66.66% January 1 Jan/20 IPCA 3.91%
MSVia(2) 845.4 Apr/44 100% September 14 Ago/23 IPCA 16.82%
ViaSul 473.4 Feb/49 100% February 15 Feb/24 IPCA 4.62%
ViaCosteira 220.4 Aug/50 100% May 2 May/23 IPCA 4.12%

(1) -0.30% / Variation between IRT 2022 x IRT 2023

(2) Due to the amendment to the re-bidding process of MSVia in June 2021 the agreement may be terminated before the date initially provided for in the concession agreement.

Urban Mobility

 

Concession Extension (KM) End of the Concession Agreement Stake Annual adjustment Last adjustment Adjustment index Last % applied Contractual Tariff
ViaQuatro (1) 12.8 Jun/40 75% February 1 Feb/24 IPC 8.09% R$ 3.62
Barcas S.A. Feb/24 100% February 12 Feb/22 IPCA 11.60% R$ 7.70
VLT Carioca 28 Dec/38 95.17% January 1 Jun/23 IPCA 3.20% R$ 3.97
Metrô Bahia 41 Oct/43 100% April 1 Apr/24 85% of the IPCA and 15% of the Electricity Price 5.70% R$ 4.09
ViaMobilidade – Lines 5 and 17 27.8 Aug/38 83% February 1 Feb/24 85% of the IPC and 15% of the Electricity Price 1.35% R$ 2.49
ViaMobilidade – Lines 8 and 9 (2)  78.9 Jan/52 80% September 1 Sep/23 IPCA  0.78%  R$ 3.67

(1) 50% of the IPC / 50% of the IGPM until the 15th year of the concession, after that, 100% of the IPC

(2) 1st to 6th year: 20% of the INCC, 50% of the IPCA, and 30% of the IGPM, after the 6th year, 100% of the IPCA

 

Airport Concession

 

Concession End of the Concession Agreement Stake Annual adjustment Last adjustment Adjustment index Last % applied
Quiport
Jan/41 46.5% February Feb/23 Index basket (6) 6.72%
Aeris May/36 97.15% June Dec/18 CPI or PPI 10%
Curaçao (2) Apr/33 79.8% January Jan/22 Index basket (6) 29% International / 15% Domestic
BH Airport May/44 38.25% June Jun/23 IPCA 4.79%
Bloco Sul (3) Nov/51 100% December  Apr/23 IPCA N/A
Bloco Central (3) Nov/51 100% December Apr/23 IPCA N/A
Pampulha Feb/52 100% February Mar/23 IPCA 3%

(1) Quiport: Regulated Fees: defined by using a written formula that calculates the average of the U.S. CPI and the Ecuadorian CPI in the last year;
Non-regulated Fees: defined in the commercial contracts executed by the Concessionaire.

Curaçao: Fee of Area A: Curaçao consumer price index, total population;
Fee of Area A – Gross Revenue: percentage to be defined according to the number of passengers (excluding index) based on the higher value;
10% of Incremental Gross Revenue (currently not applicable).

(7) Part of the adjustment applied in 2022 balanced the effects caused by the COVID-19 pandemic in the airport.

(8) South and Central Blocks:

For the pricing of regular aviation in the airports of Curitiba, Navegantes, Goiânia, Foz do Iguaçu, São Luís, Teresina, and Londrina, the concept of ceiling revenue per passenger is used. The ceiling is defined by ANAC and adjusted every December by the IPCA index.

For the pricing of regular aviation in Joinville, Palmas, Petrolina, Imperatriz, Bagé, Uruguaiana, and Pelotas, the concept of tariff freedom is used and the tariffs are adjusted by the concessionaire based on good pricing practices and by checking with the involved parties.

The tariff freedom concept is also applied for general and executive airport tariffs, and for storage and handling tariffs (except for transit cargo) of all the airports mentioned here and also for the airports of Bacacheri and Pampulha.

Transit cargo tariffs (imported or exported) are regulated by the tariff ceiling and annually adjusted by the IPCA in all the airports mentioned here.

Mitigation Bands

1: Barcas does not have a mitigation mechanism for demand risk.
2: The mitigation mechanism for VLT will come into effect on the date operations begin for Terminal Intermodal Gentileza (TIG).

Metro Bahia
Frustrated demand ranges Criterion
90% – 110% CCR´s risk
75% – 89.99% and 110.01% – 125% Application of specific sharing percentages
<74.99% – >125.01% Right to be rebalanced
Accounting recognition Monthly
Receiving of cash Yearly (April to March)
Validity
Until the end of the concession agreement
ViaMobilidade – Lines 8 and 9
Frustrated demand ranges Criterion
0 – 15% CCR´s risk
15% – 25% CCR takes 40% of the risk. The Granting Authority takes 60% of the risk
25% – 40% CCR takes 10% of the risk. The Granting Authority takes 90% of the risk
<40% Right to be rebalanced
Accounting recognition During the Quarter
Receiving of cash During the following 3 months
Validity 20 years from the start of the concession agreement
ViaMobilidade - Lines 5 and 17

 

Frustrated demand ranges Criterion
100% – 90% Business risk (CCR)
89% – 80% Recomposition between 89.6% and 86% of contractual demand
79% – 60% Recomposition between 85.9% and 84% of contractual demand
Under 60% Subject to economic-financial rebalancing
Accounting recognition During the Quarter
Receiving of cash During the following 3 months
Validity Until the end of the concession agreement
ViaQuatro

 

Frustrated demand ranges Criterion
100% – 90% Business risk (CCR)
89% – 80% Recomposition between 89.6% and 86% of contractual demand
79% – 60% Recomposition between 85.9% and 84% of contractual demand
Under 60% Subject to economic-financial rebalancing
Accounting recognition During the Quarter
Receiving of cash During the following 3 months
Validity 6 years from the full commercial operational startup of Estação Vila Sônia (as of May 9, 2022)