New Access Highway to Ibiza Airport, Baleares

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Business Units

New Access Highway to Ibiza Airport, Baleares

This contract is part of the Strategic Infrastructure and Transport Plan (PEIT) approved by the Council of Ministers on 15 July 2005.

On 16 April 2007, the Ministry of Development approved the PPAP model for awarding concessions for the adaptation, renovation and upkeep of first-generation dual carriageways and, during that year, a total of 993.2 km were awarded for a 19-year concession period in 10 tenders, of which Viario A-31 SA was awarded 111.4 km (11.25%) on 6 November 2007.

Grupo Ortiz holds a 26% stake in the Company, which commenced operations in December 2007.

Within this group of tenders (10 tenders), Viario A-31 SA was the third to complete the works undertaken.

The investment, which is 100% implemented, was initially financed under Project Finance until the Bond was issued in 2014. It was MARF's first Bone project.

In 2010 there was an amendment to the Contract in which some extra work costs were recognised, as a result of which the Ministry of Development contributed, by means of an Equity Loan, 33.8 million Euro to be repaid in full in the last year of the Concession.

This amendment to the contract in turn led to a rebalancing in which a 36% increase in rates was approved along with a refinancing in which it obtained greater leverage for the project.

The shareholders have recovered the equity loan and have begun to receive dividends.


Revenues are obtained on the basis of the number of vehicles travelling on each of the sections, multiplied by the length of each section and by the current rates for each year. The concessionaire company has been collecting the invoices without any delay from the outset.

Traffic is at slightly lower levels than expected in the financial rebalancing as a result of the fall in traffic at national level due to the economic crisis, but the optimisation of operation and maintenance costs means that the EBITDA remains at higher levels than initially forecast.

Not only has the Company not been penalised during the years of the contract, but it is actually being rewarded (with extra income) for the correct fulfilment of indicators.

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