Negative Equity And High Absolute DebtPersistently negative equity and sizable nominal debt materially limit financial flexibility, increase refinancing and covenant risk, and constrain the ability to win or fund new projects. In project-driven infrastructure, a stressed capital base raises the probability of distress under adverse cycles.
Consistent Net Losses Despite Operating GainsBelow-the-line items (notably interest and other charges) overwhelm operating profits, preventing retained earnings accumulation. Continued net losses erode equity, limit credit access, and make it harder to convert operating strength into sustainable balance sheet repair over the medium term.
Volatile Cash Flows And Traffic DependenceHistoric cash-flow volatility and reliance on toll/usage volumes make receipts sensitive to traffic and economic cycles. That variability raises the risk that recent cash improvements could reverse in downturns, complicating debt service and upkeep of concession commitments over time.