CEO: Real price of Prague Airport reaches CZK 75bn

Prague, Jan 12 (CTK) - The real price of Letiste Praha, operating Prague's
Ruzyne airport, is Kc75bn, chairman of the board of directors and CEO of
Letiste Praha Miroslav Dvorak said in an interview for Monday's issue of
daily Hospodarske noviny.

The name of the investor should be known at end-2009. The price of the
airport should correspond to the total of the sum of a loan, which
investors are able to obtain for the purchase of the airport, and a market
price of airports on the bourse, Dvorak said. Investors are currently
willing to invest ten times more in such an investment.

"It (market price of airports on the bourse) is around 15 times the EBITDA
(Earnings before Interest, Taxes, Depreciation and Amortization). If we add
this to the 10 times (the sum of the loan and market price of airports on
bourse), which you obtain from a bank, we get to 25 times (the EBITDA). Our
EBITDA is about Kc3bn, hence, the price can reach up to around Kc75bn," he
said to the daily.

If banks provided loans as earlier, it would have been more, he added.

Before the financial crisis broke out there was no problem to get a loan
worth 15 to 20 times the EBITDA. Thus, more emphasis will be put on own
sources, Dvorak said.

Among investors interested in the purchase of the airport are airport
operators, infrastructure funds and financial institutions. The latter will
probably fall out of the game due to the start of the financial crisis,
Dvorak said. The interested investors include, for instance, the Vienna
airport Flughafen Wien, Germany's Fraport, France's Aeroports de Paris and
Czech financial groups PPF, Penta Investments and J&T.

The investment group Penta has recently sold to the airport land on which
it plans to build a parallel runway, HN wrote.

The state-run company Sprava Letiste Praha posted a gross profit of Kc1.7bn
in Jan-Nov 2008, up nearly one-fifth year-on-year. The results are for
eleven months, as since December 2008, the company has been operating as a
joint-stock company Letiste Praha which the state wants to sell to a
private investor.

Analysts estimate the revenues from the sale of the airport at Kc70bn to
Kc100bn, pointing to the fact at the same time that the crisis may cut the
earnings.