241122
2
PFI DCF 3
PFI
PFI VFM Value For Money PFI 5
PFI 6
7
PFI PFI 200910 12 20102 20104 PFIPFI PFI 20106 PFIPFI 21PFI 20108 201011 20111 20113 20115 201111 201212 20122 20123 PFI 200 PFI PFI PFI PFI 8
9
10
12
PFI PFI PFI 13
PPP/PFI PFI PPP 14
15 PPP/PFI PPP/PFI or or or or or or or or or PFI 3 JR
PPP/PFI A A C B B B C C D 10 16 20 t
PPP/PFI 17
PPP/PFI PPP/PFI 10 20 t 18
PPP/PFI BOT BTO 19
PPP/PFI BOT 20
PPP/PFI PFI 21
PPP/PFI PFIPFI PFI PFI A PFI PFI20 B 22
PPP/PFI 23
24
26
Technical & Art 27
Discounted Cash Flow 28
29 680 68 75 82 91 100 100 100 100 100 100 FCF 10 10 DCFCF DD FCF 10 M&A DCF FCF DCF
EV/EBITDA EV EBITDA EBITDA EBITDA EBITDA Earnings Before Interest Taxes Depreciation and Amortization TOBMBO 30
(1) (3) (2) ( ) (4) (5) 31
EBITDA 2012 477 2014 605 100% 50% 32
Up Up Up Up Up LCC Up Up Up 33
13km190km 20019 2006 Passenger Terminal World 500 LCC 2,011m 14,251 577(2011) 8215 2001/9:(50%) (50%) 2006/10:(50%) (50%) 2009: (50%) (49%)(1%) 34
2001 35
2010 2011500 6 5 200812 3 7 2,500m 2,500 526(2011) 812 1998: Queensland Airports Limited (QAL) 36
1998QAL 37
E-Mail kuroishi-msk@shinnihon.or.jp 38