Transurban Group Ltd. · ASX:TCL
Transurban — Non-Deal Roadshow (March 2007)
19 slides from Transurban's roadshow presentation, March 2007
Slide 1: Strength Growth Discipline
STRENGTH GROWTH DISCIPLINE March 2007
Slide 2: Disclaimer
Disclaimer The Transurban Group is a triple stapled security listed on the Australian Stock Exchange comprising Transurban Holdings Limited (ACN 098 143 429), Transurban Holdings Trust (ARSN 098 807 419) and Transurban International Limited (ARBN 121 746 825). The responsible entity of the Transurba
Slide 3: Introduction
Introduction The strength of the Transurban brand is based on the owner / operator model The model has delivered for investors and positioned the Group for continued disciplined growth
Slide 4: Transurban today
Transurban today CityLink • Top ten road investor globally 100% Ownership and • Premier assets generating strong cash flow Operations • Well positioned for US growth Hills M2 • Group market cap ~ A$6.9B Pocahontas 100% Ownership and Operations • FY07 forecast yield ~ 7% (1) 4 WM7 Westlink M7 11 47.5
Slide 5: Balance sheet strength
Balance sheet strength • Strong cash flows and EBITDA growth • Low gearing - 0.38* • A- senior debt rating • ICR currently 2.03 • 88% of long term debt hedged at 6.5% • Debt maturity - weighted average 8.81 years *Debt to enterprise value (CARS as equity & 47.5% of M7 debt )
Slide 6: Another successful half year
Another successful half year • EBITDA 19.4% • Revenue 15.9% • Operational costs 8.8% • Corporate costs 5.2% • Paid FY07 half year distribution of 26.5 cents – full year guidance of 54 cents • FY08 distribution guidance of 57 cents
Slide 7: Growing distributions
Growing distributions 60 FY07: 57 • Substantially tax 50 54 deferred 50 Cents Per Security • Forecast yield FORECAST FORECAST 40 ~ 7% (1) 35 30 25.5 20 20 10 5.3 0 2002 2003 2004 2005 2006 2007 2008 1. Based on $7.69 security price
Slide 8: Quality Assets
QUALITY ASSETS Select View/Master/Slide Master to type classification here
Slide 9: CityLink – Melbourne's economic spine
CityLink – Melbourne’s economic spine 1st Half FY 2007 • Traffic 3.3% • Revenue 8.7% Enhancements • Tulla - Calder interchange – Forecast traffic uplift of 1% • West Gate – CityLink – Monash upgrade – Forecast traffic uplift of 7%
Slide 10: Sydney growth corridor – Westlink M7
Sydney growth corridor Westlink M7 Dec Quarter 2006 • Traffic 5.9%* • Revenue 8.5%* Future drivers – Continued land use growth – Local road congestion *Percentage change over prior quarter
Slide 11: Sydney growth corridor – Hills M2
Sydney growth corridor Hills M2 1st half FY 2007 • Traffic 12.6% • Revenue 17.4% M2 enhancements • Widening • 100% electronic tolling
Slide 12: “Natural owner” of SRG assets
“Natural owner” of SRG* assets Only Transurban can unlock the value of an integrated network through: • Full ETC to deliver higher traffic • Improved customer service * • Lower costs • Asset optimisation * • Network enhancements * *Sydney Roads Group
Slide 13: The merged group
The merged group • $8.2B* group market cap Pocahontas • Geographically diversified 3% • Synergies and savings M7 of $8m p.a. 11% • Higher operating cash SRG CityLink • Improved ICRs 15% 46% • Asset integration Hills M2 opportunities 25% *Based on $7.69 Security Price
Slide 14: North America
NORTH AMERICA Select View/Master/Slide Master to type classification here
Slide 15: Virginia, USA projects
Virginia, USA projects • Acquired Pocahontas Parkway • Preferred status I- 95 HOT Lanes • Exclusive Capital Beltway HOT Lanes
Slide 16: Project pipeline
Project pipeline Asset Location Status I-495 (Capital Beltway) Virginia Exclusive I-95/395 Virginia Exclusive Dulles Toll Road Virginia Short listed (on hold) SH 161 Texas Short listed I-635 (LBJ Fwy) Texas Short listed I-285 Managed Lanes Georgia Bidding Gateway Project British Columbia Awaiting RF
Slide 17: DRIVe – Direct Road Investment Vehicle
DRIVe – Direct Road Investment Vehicle • Initial commitment US$2.86B, US$2B from co-investors
Slide 18: Conclusion
Conclusion • Brand recognition • Strong financial performance • Balance sheet strength • Continue to extract value from existing assets • Global growth platform
Slide 19: Transurban
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