Transurban Group Ltd. · ASX:TCL
Transurban — FY2009 Earnings Presentation
75 slides from Transurban's earnings presentation, Aug 26, 2009
Slide 1: Transurban Group 2008/09 Full-Year Results Release and Investor Presentation
asx release For personal use only 26 August 2009 Transurban Group 2008/09 Full-Year Results Release and Investor Presentation Please find attached Transurban Group’s 2008/09 Full-Year Results Release and Investor Presentation. Elizabeth Mildwater Company Secretary Investor & media enquiries Henry By
Slide 2: Results for the Year Ended 30 June 2009
asx release 26 August 2009 For personal use only RESULTS FOR THE YEAR ENDED 30 JUNE 2009 UNDERLYING PROPORTIONAL EBITDA INCREASES BY 11.5% The Transurban Group (TCL) today announced its financial results for the year ended 30 June 2009. The Group reported proportional EBITDA of $556.8 million, an in
Slide 3: Highlights and Commentary on Performance of Operating Assets
Page 2 Highlights Revenue gains were achieved by all assets Resilient traffic across the portfolio despite deterioration in broader economic environment Cost reductions of $26.6 million to the ongoing cost base of the business For personal use only Maturing non-recourse project debt was successfully
Slide 4: M1 Eastern Distributor and M4 Commentary
M1 Eastern Distributor (Sydney) – Airport Motorway Group Traffic volume for the year ended 30 June 2009 was 17.3 million transactions, a decrease of 0.6 per cent on the prior year. A truck toll price increase in October 2008 and the full year effect of a car toll price increase in April 2008 led to
Slide 5: Pocahontas and Other Business Development Activities
Pocahontas 895 (Virginia USA) Traffic volumes for the year ended 30 June 2009 were 5.3 million transactions, a decrease of 11.6 per cent on the prior year. The decrease was driven by the impact of toll prices increases and weakening economic conditions in the USA. Toll revenue increased by 0.6 per c
Slide 6: Distributions
Page 5 DISTRIBUTIONS A final distribution of 11 cents per stapled security will be paid on 28 August 2009 in respect of the six months ended 30 June 2009. This brings total distribution for the financial year ended 30 June 2009 to 22 cents, which is in line with previous guidance. The final distribu
Slide 7: Appendix – Key Financials (Proportional)
Page 6 APPENDIX – KEY FINANCIALS Proportional results 30 June 09 30 June 08 % change $M $M For personal use only Toll Revenue 778.7 723.4 7.6 Fee revenue 46.7 43.2 8.1 Other Revenue 18.3 19.0 (3.7) Operating Costs (209.9) (223.1) (5.9) Business Development Costs (26.0) (28.4) (8.5) Corpora
Slide 8: Appendix – Key Financials (Statutory)
Page 7 APPENDIX – KEY FINANCIALS Statutory results 30 June 09 30 June 08 % change $M $M For personal use only Toll Revenue 678.3 628.9 7.9 Fee and other revenue 59.8 1 56.4 6.0 Operating costs (including (187.8) (201.1) (6.6) concession fees) Net business development costs (24.4) (14.0) 74.3
Slide 9: Transurban 2009 Full Year Results Presentation
TRANSURBAN 2009 FULL YEAR RESULTS PRES SENTATION 26 AUGUST 2009 For personal use only 1
Slide 10: Disclaimer
DISCLAIMER For personal use only This publication is prepared by the Transurban Group comprising Transurban Holdings Limited (ACN 098 143 429), Transurban Holding Trust (ARSN 098 807 419) and Transurban International Limited (ARBN 121 746 825). The responsible entity of Transurban Holding Trust is T
Slide 11: Agenda
AGENDA For personal use only 1. Highlights 2. Financials 3. Funding arrangements 4 Business update 4. 5. Conclusion 3
Slide 12: Highlights
HIGHLIGHTS For personal use only Resilient traffic Achieved cost savings Sydney M7 900 80% 800 Revenue Sydney M5 70% Direct costs Toll and fee rrevenue and DIrect costs ($ 'Millions) 700 EBITDA margin 60% Sydney M2 600 EBITDA margin (%) 50% 500 Sydney M4 40% 400 CityLink 30% 300 (normalised) 200 20%
Slide 13: Progress in Key Areas
PROGRESS IN KEY AREAS For personal use only Traffic on Australian assets Revenue growth on all assets CityLink M1 upgrade M2 widening US DRIVe strategy Capital Beltway I-95/395 GLIDe Refinancing activities for maturing debt Cost reductions Capital discipline 5
Slide 14: TCL – A Differentiated Offering
TCL – A DIFFERENTIATED OFFERING For personal use only Quality toll roads among the best performing globally Assets A t with ith strong t credit dit characteristics Healthy balance sheet Interests aligned with investors Relentless cost focus Pipeline Pi li off incremental i t l growth th
Slide 15: Transurban Financials
TRANSURBAN FINANCIALS For personal use only TOM HONAN – CHIEF FINANCIAL OFFICER 7
Slide 16: Statutory Reporting
STATUTORY REPORTING For personal use only Total revenue - $1,129.6 million (2008 : $1,067.7 million) - 5.8% − Toll revenue - $678.3 million (2008 : $628.9 million) - 7.9% − Fee and other revenue - $451.3 million (2008 : $438.8 million) - 2.8% EBITDA (statutory basis) - $479.5 million (2008
Slide 17: Growing Revenue and EBITDA
GROWING REVENUE AND EBITDA For personal use only Proportional results for year ended 30 June 2009 30 June 09 30 June 08 % Change $M $M Toll revenue 778.7 723.4 7.6 Fee revenue 46.7 43.2 8.1 Other revenue 18.3 19.0 (3.7) Operating costs (209 9) (209.9) (223 1) (223.1) (5 9) (5.9) Business dev
Slide 18: Continued Revenue Growth
CONTINUED REVENUE GROWTH For personal use only Revenue growth on all assets Toll revenue growth by asset 2008/09 Toll revenue growth by element 2008/09 800 800 790 790 1.6 778.7 778.7 3.2 780 10.3 780 4.0 26 2.6 11.5 770 9.0 1.0 770 40.3 3.5 (0.4) 760 3.9 760 $ 'Millions $ 'Millions 5.9 (9.4) 750 23
Slide 19: Cost Saving Achieved
COST SAVING ACHIEVED For personal use only Underlying EBITDA movement – 2008/09 620 610 5.2 1.4 600 2.4 19.0 590 583.4 2.8 580 55 3 55.3 (18 5) (18.5) 570 (7.2) $ 'Millions 560 Cost reductions of $26.6 million to the ongoing cost structure 550 540 530 523.0 520 510 500 Conceession Capittalised EBITD
Slide 20: Cost Controlled Across the Business
COST CONTROLLED ACROSS THE BUSINESS For personal use only Total cost movement – 2008/09 310 300.9 300 4.6 $' Millions 290 6.0 2.4 5.2 280.1 280 2.6 270 Corrporate Customer Other Buusiness Totaal costs managgement Totaal costs Technnology seervice devt CCosts 22008 22009 & Info Asset 1. The above inc
Slide 21: Cost Control Aiding Margin Expansion
COST CONTROL AIDING MARGIN EXPANSION For personal use only Relationship between Total Group Toll Revenue, direct costs and EBITDA margin Revenues continue R ti tto grow 900 80% while direct costs come down, 800 enhancing the EBITDA margin 70% Tooll revenue and Dire ct costs ($ 'Millions) 00 700 60
Slide 22: Underlying Free Cash Growth
UNDERLYING FREE CASH GROWTH For personal use only Free cash 30 June 09 30 June 08 % Change $M $M Underlying free cash (refer Appendix slide 57) 283.2 268.7 5.4 CEO transition - (16.1) Restructuring costs (10.6) - DRIVe and CBE financial close impacts (8.8) 32.7 M5 share buy-back 17.5 - M7 interest
Slide 23: Sustained Growth
SUSTAINED GROWTH For personal use only Toll revenue, EBITDA and free cash 2005 to 2009 900 Millions 800 $ 'M 700 600 500 400 300 200 100 0 2005 2006 2007 2008 2009 Financial year Toll revenue Underlying y g EBITDA Underlying y g free cash 1. Free cash calculation includes net interest cash outflows
Slide 24: Funding Transurban
For personal use only FUNDING TRANSURBAN 16
Slide 25: Optimisation of Funding
OPTIMISATION OF FUNDING For personal use only FY09 Targets Longer term focus for corporate liquidity – Successfully refinanced Hills M2 (May 2009) Complete refinancings – Successfully refinanced M1 Eastern Distributor (July 2009) – Reduced reliance on domestic banks Diversify funding sources – $
Slide 26: Total Group Drawn Debt
TOTAL GROUP DRAWN DEBT For personal use only Group 30 June 2009 30 June 2008 Movement Explanation Debt AUD1 Corporate 3,003 2,884 + 119 $80m drawn working capital, $39m 2006 accreting USPP N recourse (P Non (Proportional) ti l) 1 727 1,727 1 701 1,701 + 26 $11m reduction $11 d ti in i M4 debt, d bt
Slide 27: Key Debt Metrics
KEY DEBT METRICS For personal use only 30 June 2009 30 June 2008 Transurban Transurban Corporate Non recourse Corporate Non recourse Group Group Weighted average maturity (years)1 10.1 6.9 13.9 10.1 7.9 12.7 Weighted average cost of AUD debt 6 4% 6.4% 6 5% 6.5% 6 4% 6.4% 6 8% 6.8% 6 9% 6.9% 6 8% 6.8
Slide 28: Corporate Debt Maturities
CORPORATE DEBT MATURITIES For personal use only No major near term refinancing Refinancing requirements – 8-year forward view at half yearly intervals 500 450 Majority of near-term ent if USD) 400 facilities undrawn 129 350 CityLink cash flow AUD $ million (equivale 300 providing strong support
Slide 29: Non-Recourse Debt Maturities (100%)
NON RECOURSE DEBT NON-RECOURSE MATURITIES (100%) For personal use only Post-refinancing of M2 and M1 Refinancing requirements – 8-year forward view at half yearly intervals 800 700 on (equivalent iff USD) 600 500 500 400 AUD $ millio 300 500 500 200 291 260 250 100 195 175 60 0 Jun-09 Dec-09 Jun-10
Slide 30: Non-Recourse Debt Maturities: Benefits of Refinancing
NON RECOURSE DEBT NON-RECOURSE MATURITIES For personal use only Benefits of recent refinancing activities At 31 December 2008 Post refinancing g of M1 & M2 800 800 700 700 AUD $ million (equivvalent if USD) alent if USD) 600 600 500 500 AUD $ million (equiva 500 400 400 300 300 516 500 500 500 500 5
Slide 31: Well Positioned in a Difficult Environment
WELL POSITIONED IN A DIFFICULT ENVIRONMENT For personal use only L d appetite Lender tit ffor exposure tto quality lit ttollll road d assets t New lenders provided funds for Transurban assets Foreign banks willing to increase exposure to Transurban Lenders providing longer tenor Diverse fund
Slide 32: Transurban Business Update
TRANSURBAN BUSINESS UPDATE For personal use only CHRIS LYNCH – CHIEF EXECUTIVE OFFICER 24
Slide 33: Transparent Secure Returns
TRANSPARENT SECURE RETURNS For personal use only – FY09 distributions declared 22 cents – Underlying free cash 5.4% – Achieved annualised cost savings target – Underlying EBITDA 11.5% – Proportional FY09 toll revenue 7.6% – Hills M2 and M5 widening negotiations – M1 upgrade - CityLink – Capita
Slide 34: Portfolio Continues to Deliver
PORTFOLIO CONTINUES TO DELIVER For personal use only Traffic Toll Revenue EBITDA Growth Growth (%) Growth (%) (%) CityLink (2.7) 6.81 12.2 Hills M2 1.0 3.5 4.8 Eastern Distributor M1 (0.6) 6.9 10.5 M4 0.6 20.0 21.9 Westlink M7 4.5 9.2 14.6 M5 1.6 1.3 1.1 Pocahontas (USD) (11 6) (11.6) 06 0.6 (1.3) 1
Slide 35: Embedded Inflation Protection
EMBEDDED INFLATION PROTECTION For personal use only Asset Toll Escalation Escalated quarterly by the greater of quarterly CPI or 1.1065% (being 4.5% p.a. as a quarterly compound CityLink rate) for the first 15 years years, then quarterly by CPI. CPI This is subject to a cap of annual CPI plus 2 2.5%
Slide 36: Resilience of Transurban Roads
RESILIENCE OF TRANSURBAN ROADS For personal use only % Transurban proportional toll revenue Traffic on Transurban roads 10.3% versus global peers Sydney M7 Warnow Tunnel Sydney M5 10.1% Euroscut Norte Litoral Sydney M2 16.0% 98 2% 98.2% Sydney M4 6.9% Non-Urban Roads CityLink (normalised) 47.3% A4 ‐
Slide 37: Class Trends
CLASS TRENDS For personal use only T Truck k versus car growth th – NSW assets t 2009 (versus prior year corresponding month) 4.0% Car C ttraffic ffi has h remained i d 2.0% strong across portfolio 0.0% Decline in truck traffic J January F b February M h March A il April M May J June observed b
Slide 38: Transurban Asset Snapshot
TRANSURBAN ASSET SNAPSHOT For personal use only 30
Slide 39: CityLink
CITYLINK For personal use only Latent demand in corridor Traffic Toll Revenue EBITDA Continued growth on (2.7%) 6.8% 12.2% Western Link 10% − Short trips increased 10.6% 8% Workday peak volumes continue 3.2% 6.8% t hold to h ld d despite it construction t ti iimpacts t 6% (lane closures/speed
Slide 40: CityLink
CITYLINK For personal use only Heavy construction period complete Traffic Toll Revenue EBITDA Opening of additional lanes (2.7%) 6.8% 12.2% on CityLink to occur following completion of the adjoining CityLink 13 month Average Workday Traffic movement Monash Freeway upgrade 0.0% – Progressive traf
Slide 41: Hills M2
HILLS M2 For personal use only Enhancements to revenue Traffic Toll Revenue EBITDA recovery process 1.0% 3.5% 4.8% Toll price increase for cars from 1 July 2009 4% 2.1% 3.5% − Increase to $4.95 from $4.40 3% Increase I in i truck t k toll t ll multiplier lti li ffrom 2.5 to 3 times 2% 0.7% − B
Slide 42: Hills M2 Timeline for Widening
HILLS M2 TIMELINE FOR WIDENING For personal use only Next step in-principle agreement Traffic Toll Revenue EBITDA (IPA), currently in final negotiations 1.0% 3.5% 4.8% If investment returns are suitable Transurban will proceed Nine months from IPA to financial close – Environmental assessment
Slide 43: M1 Eastern Distributor
M1 EASTERN DISTRIBUTOR For personal use only Traffic growth continues through to Traffic Toll Revenue EBITDA Sydney Harbour Bridge/Tunnel (0.6%) 6.9% 10.5% Weaker traffic observed at city 8% bound exit points 7% 7.6% 6.9% (0.0%) (0.1%) 6% 5% Eastern Distributor Plaza work day growth vs. prior ye
Slide 44: M4 Motorway
M4 MOTORWAY For personal use only Concession ends 15 February 2010 Traffic Toll Revenue EBITDA − End of concession handover 0.6% 20.0% 21.9% on track 25% Rent from M4 Service Centre to 18.7% 0.8 % 20.0% continue to 2017 20% (0.1%) 15% 10% 5% 0.6% 0% (5%) Traffic Toll Class Mix Revenue Toll Growt
Slide 45: Westlink M7
WESTLINK M7 For personal use only Strong CPI uplifts captured in FY09 Traffic Toll Revenue EBITDA − Inflation impact captured in quarterly 4.5% 9.2% 14.6% toll price calculation Traffic growth remains strongest on 10% 0.2 % 0.1 % 9.2% 4.4 % southern section of road 9% 8% 7% 6% 5% 4.5% 4% 3% 2% T
Slide 46: Westlink M7 Traffic Growth by Section
WESTLINK M7 TRAFFIC GROWTH BY SECTION For personal use only Traffic Toll Revenue EBITDA 3.1% 4.5% 9.2% 14.6% 10.0% 3.9% 9.0% 8 0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 3 0% 2.0% 1.0% 6.4% 0.0% M7 North M7/M4 Int. M7 South 38
Slide 47: M5 Motorway
M5 MOTORWAY For personal use only Widening discussions continue Traffic Toll Revenue EBITDA EBITDA margin largest in the TCL 1.6% 1.3% 1.1% portfolio – Greater than 90% 2.5% 0.5% 2 0% 2.0% 1.6% (0.3%) 1.5% 1.3% (0.5%) 1.0% 0.5% 0.0% FY09 Traffic Toll Class Mix Revenue FY09 Toll Growth Escalation
Slide 48: Pocahontas
POCAHONTAS 895 For personal use only Toll price increases 1 January 2009 Traffic Toll Revenue EBITDA Focus on controllable costs (11.6%) 0.6% (1.3%) Most M t discretionary di ti assett in i the th portfolio Construction of Richmond Airport C Connector t under d way – Completion expected in 2
Slide 49: Capital Beltway
CAPITAL BELTWAY For personal use only Innovative transport solution – Dynamic tolling to regulate traffic flow – Transurban is first mover Construction on track Traffic and revenue projections reviewed – Corridor demographics g p remain strong (wealth/employment) – Peak traffic volumes sustain
Slide 50: Capital Beltway Commuter Demand Evident
CAPITAL BELTWAY COMMUTER DEMAND EVIDENT For personal use only Responses to the question – “Which one of the following issues do you view as the biggest problem you face living in the Greater Washington, DC area?” April 2009 survey of 1200 regional residents 60% Second in a series of 50% benchmar
Slide 51: US Development
US DEVELOPMENT For personal use only I-95 / 395 HOT Lanes project – Project delayed by VDOT – Future timing unclear DRIVe – Review of options continuing with partner – Current agenda fully funded 43
Slide 52: Conclusion and Outlook
TRANSURBAN CONCLUSION AND OUTLOOK For personal use only 44
Slide 53: Transparent Secure Returns
TRANSPARENT SECURE RETURNS For personal use only Proven resilience of Transurban roads amid economic downturn Improvements to ongoing cost structure have exceeded estimates Major upgrade to largest Transurban asset, Cit Li k nearing CityLink, i completion l ti Refinancing activities progress
Slide 54: Outlook
OUTLOOK For personal use only Continued traffic resilience across Australian asset portfolio Commence delivery of traffic uplift from CityLink upgrade through FY10 Ongoing benefit from cost controls Further progress on incremental growth opportunities within the portfolio 46
Slide 55: Appendices
TRANSURBAN APPENDICES For personal use only 47
Slide 56: Management Reporting Adjustments One-offs
MANAGEMENT REPORTING ADJUSTMENTS For personal use only ONE-OFFS EBITDA Cash Effect 30 June 09 30 June 08 30 June 09 30 June 08 $M $M $M $M L Loss on CEU IInvestment t t (22 4) (22.4) (27 2) (27.2) - - Onerous lease provision (4.2) - - - Profit on sale of Pocahontas and success fees - 30.4 - - CEO tr
Slide 57: Key Financial Highlights Statutory
KEY FINANCIAL HIGHLIGHTS STATUTORY For personal use only 30 June 09 30 June 08 % Change $M $M Toll revenue 678.3 628.9 7.9 F and Fee d other th revenue 59 8 59.8 56 4 56.4 60 6.0 Operating costs (187.8) (201.1) (6.6) Net business development costs (24.4) (14.0) 74.3 Net CEU Investment loss (22.4) (2
Slide 58: Reconciliation of Statutory P&L to Statutory EBITDA June 2009
RECONCILIATION OF STATUTORY P&L TO STATUTORY EBITDA For personal use only 30 JUNE 2009 Interest & FX gain Offset Other finance fee moved construction Reallocation Statutory Net business CEU $M revenue revenue from accounting of capitalised Total P&L development loss reallocation moved to net other d
Slide 59: Reconciliation of Statutory P&L to Statutory EBITDA June 2008
RECONCILIATION OF STATUTORY P&L TO STATUTORY EBITDA For personal use only 30 JUNE 2008 $M Stat P&L AASB-I12 RestatedS Disc. ops Other Interest/ finance FX gain/loss Net business Offset Allocation of CEU loss Total (reported adjustment tat P&L (including revenue fee revenue moved from development con
Slide 60: Reconciliation of Proportional to Statutory EBITDA
RECONCILIATION OF PROPORTIONAL TO STATUTORY EBITDA For personal use only 30 June 09 30 June 08 $M $M Statutory EBITDA 479.5 407.0 L Less: M1 EBITDA attributable tt ib t bl tto Mi Minority it IInterest t t (13 7) (13.7) (12 3) (12.3) Less: M4 EBITDA attributable to Minority Interest (45.3) (37.1) Add
Slide 61: Result by Asset (Consolidated) June 2009
RESULT BY ASSET (CONSOLIDATED) ( ) 30 JUNE 2009 For personal use only Bus Dev/ $M CityLink Hills M2 Tollaust M1 M4 Roam Total Corporate Revenue Toll revenue 368 4 368.4 124 9 124.9 - 78 8 78.8 106 2 106.2 - - 678 3 678.3 Fees and other revenue 33.8 0.5 7.9 0.2 4.3 14.1 (1.0) 59.8 Total revenue 402.2
Slide 62: Result by Asset (Equity) June 2009
RESULT BY ASSET (EQUITY) ( Q ) 30 JUNE 2009 For personal use only M5 Westlink Pocahontas DRIVe $M Total Motorway M7 895 Operations Revenue Toll revenue 157 0 157.0 160 2 160.2 18 5 18.5 - 335 7 335.7 Fee and other revenue 12.5 2.2 - - 14.7 Total revenue 169.5 162.4 18.5 - 350.4 Total cost (26.6) (35
Slide 63: Result by Asset (Consolidated) June 2008
RESULT BY ASSET (CONSOLIDATED) ( ) 30 JUNE 2008 For personal use only Pocahontas Bus Dev/ $M CityLink Hills M2 Tollaust M1 M4 Roam Total (2mths) Corporate Revenue Toll revenue 344.9 119.0 - 73.7 88.5 2.8 - - 628.9 Fees and other revenue 29.4 0.8 6.9 0.3 4.3 - 13.9 0.8 56.4 Total revenue 374.3 119.8
Slide 64: Result by Asset (Equity) June 2008
RESULT BY ASSET (EQUITY) ( Q ) 30 JUNE 2008 For personal use only DRIVe M5 Westlink Pocahontas 895 $M Operations Total Motorway M7 (10 months) (10 months) Revenue Toll revenue 155.0 147.0 12.6 - 314.6 Fee and other revenue 11.9 3.8 - - 15.7 Total revenue 166.9 150.8 12.6 0.0 330.3 Total cost ((25.5)
Slide 65: Free Cash
FREE CASH For personal use only 30 June 09 30 June 08 % Change $M $M Cashflows from operating activities (Refer Group Statutory Accounts) 320.0 353.1 Cashflows from operating activities – M1 and M4 (126.5) (113.3) Controlled cash 193.5 239.8 (19.3) M1 Eastern Distributor 45.4 44.5 M4 – Statewide Roa
Slide 66: Proportional Finance Costs
PROPORTIONAL FINANCE COSTS For personal use only 30 June 09 30 June 08 $M $M Statutory finance costs (161.4) (193.6) Less: M1 net finance (revenue)/costs attributable to Minority Interest (1 6) (1.6) (3 4) (3.4) Less: M4 net finance costs attributable to the Minority Interest 2.8 2.4 Add: M5 proport
Slide 67: Cash Based Interest Charges Remain Consistent
CASH BASED INTEREST CHARGES REMAIN CONSISTENT For personal use only FINANCE COSTS Proportional Statutory 30 June 09 30 June 08 Change 30 June 09 30 June 08 Change $M $M % $M $M % Debt interest expense – cash (382 4) (382.4) (395 5) (395.5) (3 3) (3.3) (240 3) (240.3) (277 5) (277.5) (13 4) (13.4) De
Slide 68: Taxation Paid
TAXATION PAID STATUTORY AND PROPORTIONAL For personal use only 30 June 09 30 June 08 Statutory tax paid includes $M $M Corporate 0.5 (0.5) M1 Eastern Distributor (8 9) (8.9) (0 3) (0.3) Hills M2 1.4 1.1 M4 (25.7) (19.7) Transurban US (3.3) (0.3) Westlink holding companies (0 8) (0.8) (0 1) (0.1) Tot
Slide 69: Maintenance Expense Included in Operating Costs
MAINTENANCE EXPENSE INCLUDED IN OPERATING COSTS For personal use only 30 June 09 30 June 08 Asset $M $M CityLink 11.5 12.6 Hills M2 39 3.9 43 4.3 M1 – Eastern Distributor 3.2 3.4 M4 – Statewide Roads - - M5 – Interlink 2.3 2.1 M7 – Westlink 56 5.6 56 5.6 Pocahontas Parkway 2.6 1.8 1. The above infor
Slide 70: Fewer Overheads Capitalised into Projects
FEWER OVERHEADS CAPITALISED INTO PROJECTS For personal use only 30 June 09 30 June 08 $M $M Hills M2 – widening 2.9 1.6 Cit Li k – M1 upgrade CityLink d 24 2.4 38 3.8 CityLink – Infrastructure projects 0.6 2.7 Pocahontas 1.1 1.6 23 NSW development projects – 5.4 11 USA development projects – 3.5 15
Slide 71: Group Debt Facilities at June 2009
GROUP DEBT FACILITIES AT 30 JUNE 2009 For personal use only Transurban corporate debt AUD ($M) USD ($M) Working capital lines¹ 80 12 Term bank debt 600 – US P Private i t PlPlacements t 1 273 1,273 140 Domestic unwrapped bonds 450 – Domestic wrapped bonds 600 – Total 3,003 152 Non recourse (AUD $M)
Slide 72: Corporate Debt Maturities Full Profile
CORPORATE DEBT MATURITIES For personal use only Full profile 600 165 AUD $ million ((or equivalent) 500 400 129 300 150 300 200 240 375 136 300 300 180 217 219 206 A 100 173 121 125 80 100 80 0 15 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Financial Yea
Slide 73: Non-Recourse Debt Maturities (100%)
NON-RECOURSE NON RECOURSE DEBT MATURITIES (100%) For personal use only Non-recourse debt maturity profile 2010 to 2030 800 700 AUD $ million (equivvalent if USD) 600 500 500 400 300 500 500 200 291 260 250 100 195 175 60 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20
Slide 74: Non-Recourse Debt Maturities Beyond 2030
NON-RECOURSE NON RECOURSE DEBT (100%) For personal use only Maturities beyond 2030 1,600 1,400 nt if USD) 1,200 847 AUD $ million (equivalen 1 000 1,000 800 600 400 604 200 377 56 132 0 9 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 Financial Year Pocahontas - drawn Pocahontas - undrawn Capital
Slide 75: For personal use only
For personal use only 67