Transurban Group Ltd. · ASX:TCL
Transurban — H1 2014 Earnings Presentation
64 slides from Transurban's earnings presentation, Feb 13, 2014
Slide 1: ASX release: Transurban Investor Presentation
asx release 13 February 2014 Transurban Investor Presentation Please find attached the Investor Presentation that will be given to analysts this morning. Amanda Street Company Secretary For further information please contact: Henry Byrne General Manager, Communications, Media and Investor Relations
Slide 2: 2014 Half-Year Results
2014 HALF-YEAR RESULTS 13 FEBRUARY 2014
Slide 3: Disclaimer & Basis of Preparation
DISCLAIMER & BASIS OF PREPARATION 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 (ACN 121 746 825). The responsible entity of Transurban Holding Trust is T
Slide 4: Agenda
AGENDA 1 Half-year in review 2 Financial results 3 Market update 4 Conclusion 3
Slide 5: FY14 Half-Year Review
FY14 HALF-YEAR REVIEW SCOTT CHARLTON CHIEF EXECUTIVE OFFICER
Slide 6: Half-Year Highlights
HALF-YEAR HIGHLIGHTS FINANCIAL Average daily traffic growth – Proportional toll Proportional FY14 distribution Australian assets revenue growth1 EBITDA growth guidance increased 3.4 % 13.1% 11.1% 35 ¢ 1. Refer to slide 2 for explanation of proportional toll revenue and proportional EBITDA. 5
Slide 7: Half-Year Highlights: Distribution Growth
HALF-YEAR HIGHLIGHTS DISTRIBUTION GROWTH FY14 distribution guidance 2009 2010 2011 2012 2013 2014 of 35 cents (increased from 34 cents) 35¢ Expectation of 7 cent 31¢ 29.5¢ fully franked dividend 27¢ component 24¢ 22¢ Expected to be 100% free cash covered Interim distribution of 17 cents declared COM
Slide 8: Half-Year Highlights: Operational
HALF-YEAR HIGHLIGHTS OPERATIONAL TOLLING & CUSTOMER OPERATIONS & CORPORATE MANAGEMENT MAINTENANCE Work under way Successfully completed Inaugural debt capital to roll out GLIDe tolling major resurfacing on markets financing for system on Sydney assets CityLink tunnels Transurban’s NSW assets Dynamic
Slide 9: Half-Year Highlights: Safety
HALF-YEAR HIGHLIGHTS SAFETY TRANSURBAN'S INJURY COLLISION INDEX (MAJORITY-OWNED ASSETS) CUSTOMER SAFETY IMPROVEMENTS NSW Injury collisions per 100 million vehicle kilometres 8 Upgrade to signage and traffic management system 7 on Eastern Distributor under way as part of broader 6 operations system u
Slide 10: Half-Year Highlights: Network Development
HALF-YEAR HIGHLIGHTS NETWORK DEVELOPMENT VICTORIA NSW USA Working with Victorian M2 Upgrade complete 95 Express Lanes 66% Government to develop complete interface with East-West M5 West Widening – Beltway capital restructure Link 63% complete under way to ensure asset Considering potential M1-M21 –
Slide 11: Half-Year Highlights: Portfolio Performance
HALF-YEAR HIGHLIGHTS PORTFOLIO PERFORMANCE1 % OF PROPORTIONAL TRAFFIC TOLL REVENUE EBITDA TOLL REVENUE ASSET GROWTH (%) GROWTH (%) GROWTH (%) 48.5% CityLink 2.1% 8.6%3 11.3% 16.9% Hills M2 12.6% 32.3% 37.0% 6.2% Lane Cove Tunnel 8.7% 11.5% 21.2% 7.1% M1 Eastern Distributor 2.5% 3.7% (8.7%)4 10.3% We
Slide 12: Half-Year Highlights: Portfolio Development
HALF-YEAR HIGHLIGHTS PORTFOLIO DEVELOPMENT FINANCIAL YEAR 2008 2009 2010 2011 2012 2013 2014 2015 2016 95 EXPRESS LANES $991.4 $943.9 M5 WIDENING $891.0 CROSS CITY TUNNEL1 $773.9 ✔ PROPORTIONAL $724.9 $688.7 HILLS M2 UPGRADE TOLL REVENUE ✔ AU$ MILLIONS 495 EXPRESS LANES ✔ M1 – CITYLINK UPGRADE ✔ LAN
Slide 13: Strategy: Differentiated Model
STRATEGY DIFFERENTIATED MODEL ROAD INFRASTRUCTURE COMPETITIVE CLEAR MARKET PARTNER OF CHOICE ADVANTAGE DEFINITION Providing effective and Network planning and Eastern seaboard of innovative urban transport forecasting Australia and northern solutions Operations and customer Virginia, USA Ability to
Slide 14: Half-Year Financial Results
HALF-YEAR FINANCIAL RESULTS SAMANTHA HOGG CHIEF FINANCIAL OFFICER
Slide 15: Statutory Results: Summary
STATUTORY RESULTS SUMMARY HY 2014 ($M) HY 2013 ($M) Net Profit 80.9 81.1 0.2% Toll Revenue 450.6 397.7 + 13.3% Fee & Other Road Revenue 47.0 41.7 + 12.7% EBITDA (Statutory Basis) 381.1 340.8 + 11.8% FY14 H1 Distributions Interim distribution of 17.0 cents, including 3.5 cent fully franked component
Slide 16: Statutory Results
STATUTORY RESULTS HALF-YEAR TO 31 DECEMBER 2013 31 DEC 13 ($M) 31 DEC 12 ($M) % CHANGE Toll revenue 450.6 397.7 13.3% Fee and other revenue 47.0 41.7 12.7% Construction revenue 53.7 124.6 (56.9%) Business development & other revenue 20.6 21.2 (2.8%) Total revenue 571.9 585.2 (2.3%) Operating costs (
Slide 17: Proportional Results: Summary
PROPORTIONAL RESULTS SUMMARY HY 2014 ($M) HY 2013 ($M) Toll Revenue 556.2 491.8 + 13.1% % Key drivers include new 495 Express Lanes Fee Revenue 45.5 36.1 + 26.0% 0% fee revenue and improvements in violations recovery processes on CityLink TTMS & Other Revenue 26.6 34.7 23.3% 3% Underlying costs incr
Slide 18: Proportional Results
PROPORTIONAL RESULTS HALF-YEAR TO 31 DECEMBER 31 DEC 13 ($M) 31 DEC 12 ($M) % CHANGE Toll revenue 556.2 491.8 13.1% Fee revenue 45.5 36.1 26.0% TTMS revenue 17.0 18.3 (7.1%) Other revenue 9.6 16.4 (41.4%) Total revenue 628.3 562.6 11.7% Operating costs (132.2) (114.9) (15.1%) Business development co
Slide 19: Direct Costs
DIRECT COSTS Direct costs increased COMPONENTS OF $9.3M UNDERLYING COST INCREASE $19.8 million – 12.7% New 495 Express Lanes operations – $10.4m increase Corporate costs vs pcp Includes increased Focus on lower (one-off maintenance business TTMS development costs provision expense development costs
Slide 20: Margin Growth
MARGIN GROWTH CONSISTENT PORTFOLIO PERFORMANCE EBITDA EBITDA MARGIN EBITDA MARGIN Consistent margin growth across all ASSET H1 FY14 H1 FY13 MARGIN assets in the portfolio with the exception % CHANGE of the Eastern Distributor CityLink 90.3% 87.9% 2.4% Hills M2 83.7% 80.8% 2.9% Lane Cove Tunnel 64.7%
Slide 21: Free Cash Flow
FREE CASH FLOW FREE CASH FLOW 31 DEC 13 ($M) 31 DEC 12 ($M) % CHANGE Free cash1 240.0 192.8 24.5% Underlying free cash per security (cents) – weighted average 16.2 13.2 22.7% securities on issue at half-year end Network enhancements in Sydney contributing to growth Historical weighting of cash to se
Slide 22: Funding Update
FUNDING UPDATE REFINANCING OPPORTUNITIES COST1 OF MATURING CORPORATE DEBT2 Average cost1 of near- term maturing debt2 400 7.25% 6.76% 5.22% 6.64% 7.42% 9.0% 350 7.42% 8.0% 6.7% 300 7.0% 7.25% $AU millions 6.0% 250 5.22% 5.0% 200 4.0% Corporate credit rating3: A- / Baa1 / A- 300 150 6.76% 6.64% 250 3
Slide 23: Market Update
MARKET UPDATE SCOTT CHARLTON CHIEF EXECUTIVE OFFICER
Slide 24: NSW Market: Network Development
NSW MARKET NETWORK DEVELOPMENT Hills M2 Upgrade completion driving traffic uplift in corridor Average traffic growth across Hills M2, Westlink M7 and LCT was 10.7% for the December quarter Further network enhancements being developed Lane Cove Rd on-ramps Financial close of M1-M2 on track for late c
Slide 25: Hills M2 Upgrade
HILLS M2 UPGRADE TRAVEL TIME SAVINGS Alternate route: Old Windsor Road/Pennant Hills Road/Carlingford WESTBOUND Hills M2 Alternate route Road/Epping Road between Seven Hills Road and Lane Cove Tunnel EASTBOUND 24
Slide 26: M5 West Widening
M5 WEST WIDENING TARGETING STAGED LANE OPENINGS MID 2014 ZONE 3 ZONE 2 ZONE 1 Y E HW HUM HENRY LAWSON FAIRFORD DRIVE RD HOXTON PARK RD NEWBRIDGE RD BURY RD MILP CANTER ERR A RD Y HW HE AT FAIRFORD E THE RIVER M RD H RD HU CO MOOREBANK HENRY LAWSON AVE KING GEORGES RD TE DRIVE CAMDEN RD VALLEY WAY An
Slide 27: M1-M2 Proposal: Key Milestones
M1-M2 PROPOSAL KEY MILESTONES CONTRACTOR ENVIRONMENTAL GOVERNMENT PROCUREMENT IMPACT STATEMENT APPROVAL December March April September Late 2013 2014 2014 2014 2014 v Tenders Preferred Public exhibition Targeted Targeted received and contractor of Environmental project financial assessed selected Im
Slide 28: M1-M2 Proposal: A New Procurement Model
M1-M2 PROPOSAL A NEW PROCUREMENT MODEL COMPARATIVE ADVANTAGES OF PRIVATE SECTOR LED PROCUREMENT OF M1-M2 Outcome Mandatory functional requirements document (8 pages) rather than prescriptive Scope of Work and Technical Criteria focus driving (1,000s of pages) – this enabled bidders to bring innovati
Slide 29: Cross City Tunnel
CROSS CITY TUNNEL EXPANDING NETWORK FOOTPRINT Senior secured debt acquired in December 2013 for $475 million Conclusion of receiver’s asset sale process anticipated first half 2014 Transurban preferred bidder in sale process Opportunity for operational synergies with adjoining Eastern Distributor (7
Slide 30: Investment Discipline
INVESTMENT DISCIPLINE RECENT EXAMPLE TRAFFIC COMPARISON – INDEXED CUMULATIVE CAPEX COMPARISON – INDEXED 1.8 120.00 1.61 vendor P50 case 91 38% above Vendor capex 80.00 1.4 TCL traffic estimate over 1.40 estimates at concession life concession 34% of TCL end capex estimate 40.00 31 1.17 1.0 Jan 2013
Slide 31: Victoria: Network Development
VICTORIA NETWORK DEVELOPMENT CityLink enhancements Continuing work with VicRoads on improvements to Western Link / West Gate freeway interchange congestion points Motorcycle tolling introduced 1 January 2014 East-West Link Working closely with Victorian Government to develop interface and assess imp
Slide 32: Victoria: Active Network Management
VICTORIA ACTIVE NETWORK MANAGEMENT Successful resurfacing of CityLink ADDRESSING OVERHEIGHT VEHICLE INCIDENTS tunnels completed First resurfacing of tunnels since CityLink overheight vehicle detection system upgrade motorway opening; expected to 1. Additional height detectors have 15-year lifespan 2
Slide 33: USA: Network Development
USA NETWORK DEVELOPMENT LEESBURBG 95 ROCKVILLE 295 Existing network Focus on 495 Express Lanes ramp up and KENSINGTON COLLEGE delivery of 95 Express Lanes PARK SILVER VDOT funded 2-mile extension of the merge area HERNDON SPRING G 297 of the northern terminus of the 495 Express WASHINGTON WASHINGTON
Slide 34: 495 Express Lanes: Revenue and Pricing Profile
495 EXPRESS LANES REVENUE AND PRICING PROFILE $70,000 Traffic and revenue remain $60,000 below project case expectations $50,000 $40,000 Project review complete $30,000 Downward adjustment to traffic $20,000 $10,000 and revenue projections $- Ramp-up profile extended December quarter average daily r
Slide 35: Express Lanes: Capital Restructure
495 EXPRESS LANES CAPITAL RESTRUCTURE Working collaboratively with key stakeholders, including lenders, to ensure emerging revenue profile supports capital structure Approximately US$430 million of project debt and related swaps expected to be repaid Approximately US$280 million additional equity in
Slide 36: Express Lanes: Strong Policy Outcomes
495 EXPRESS LANES STRONG POLICY OUTCOMES GOVERNMENT CUSTOMERS PUBLIC TRANSPORT Substantial improvements to Consistently faster, more Reliable travel times allowed key part of northern Virginia predictable travel times reintroduction of bus network services in corridor Speed in Express Lanes Involved
Slide 37: 95 Express Lanes: On Schedule for Completion
95 EXPRESS LANES ON SCHEDULE FOR COMPLETION LATE 2014 KEY PROJECT DIFFERENCES FACTOR 495 EXPRESS LANES 95 EXPRESS LANES Length 10 miles 29 miles; plus the ability to connect to 495 adding another 10-12 miles of free flow travel CONSTRUCTION PROJECT COMPLETION Access/Egress No slip lanes Multiple ent
Slide 38: Queensland: Potential New Market
QUEENSLAND POTENTIAL NEW MARKET Network of QML assets presents strategic opportunities consistent with existing TCL networks Sector specialist focused purely on road network operation and development Complex network and future investment requirements present opportunities for TCL’s operational and d
Slide 39: Queensland: Potential New Market
QUEENSLAND POTENTIAL NEW MARKET !& #!# Process for sale of QML under way #%& TCL participating alongside strategic partners Consortium members among the largest Australian and global funds, including #!% AustralianSuper – collectively manage ~$77 billion in Australian superannuation & !# Brisbane Ai
Slide 40: Conclusion
CONCLUSION FINANCIAL PORTFOLIO FREE CASH NEW MANAGEMENT GROWTH OPPORTUNITIES Continuing focus on Strong first half free cash Victorian opportunities to operational efficiencies and supports full year growth expand Western Link active network management outlook section of CityLink Expansion of Transu
Slide 41: Appendix 1: Detailed Financials
APPENDIX 1 DETAILED FINANCIALS
Slide 42: Reconciliation: Statutory EBITDA to Proportional EBITDA
RECONCILIATION STATUTORY EBITDA TO PROPORTIONAL EBITDA 31 DEC 13 ($M) 31 DEC 12 ($M) % CHANGE Statutory EBITDA 381.1 340.8 11.8% Less: EBITDA attributable to Non-controlling interest (8.5) (9.3) 8.6% Add: M5 South West Motorway proportional EBITDA 44.0 44.5 (1.1%) Add: Westlink M7 proportional EBITD
Slide 43: Statutory Income Statement to EBITDA – December 2013
RECONCILIATION STATUTORY INCOME STATEMENT TO EBITDA – 31 DECEMBER 2013 $ MILLIONS OFFSET CONSTRUCTION OTHER REVENUE NET BUSINESS REALLOCATION OF STATUTORY P&L ACCOUNTING DISCLOSURE TOTAL REALLOCATION DEVELOPMENT CAPITALISED COSTS UNDER AASB I 12 Toll revenue 450.6 450.6 Fee & other road revenue 47.0
Slide 44: Result by Asset – Consolidated Assets December 2013
RESULT BY ASSET – 100% CONSOLIDATED ASSETS – 31 DECEMBER 2013 $ MILLIONS CITYLINK HILLS M2 LANE COVE TUNNEL TOLLAUST M1 ED ROAM OTHER TOTAL Toll revenue 269.2 94.2 34.3 52.9 450.6 Fee & other revenue 26.0 3.0 1.4 9.3 1.4 3.7 19.9 64.7 Total revenue 295.2 97.2 35.7 9.3 54.3 3.7 19.9 515.3 Total cost
Slide 45: Result by Asset – Equity Assets December 2013
RESULT BY ASSET – 100% EQUITY ASSETS – 31 DECEMBER 2013 $ MILLIONS M5 SOUTH WEST POCAHONTAS 495 EXPRESS 95 EXPRESS WESTLINK M7 DRIVE TOTAL MOTORWAY 895 LANES LANES Toll revenue 93.6 114.8 8.9 11.6 228.9 Fee & other revenue 8.7 2.5 3.2 14.4 Total revenue 102.3 117.3 8.9 14.8 243.3 Total cost (14.2) (
Slide 46: Statutory Income Statement to EBITDA – December 2012
RECONCILIATION STATUTORY INCOME STATEMENT TO EBITDA – 31 DECEMBER 2012 $ MILLIONS OTHER REVENUE NET BUSINESS OFFSET CONSTRUTION ACCOUNTING REALLOCATION OF STATUTORY P&L TOTAL REALLOCATION DEVELOPMENT DISCLOSURE UNDER AASB 1 12 CAPITALISED COSTS Toll revenue 397.7 397.7 Fee & other road revenue 41.7
Slide 47: Result by Asset – Consolidated Assets December 2012
RESULT BY ASSET – 100% CONSOLIDATED ASSETS – 31 DECEMBER 2012 LANE COVE CITYLINK HILLS M2 TOLL AUST M1 ED ROAM OTHER TOTAL TUNNEL Toll revenue 244.7 71.2 30.8 51.0 397.7 Fees and other revenue 22.4 2.2 0.9 4.4 0.3 8.3 29.0 67.5 Total revenue 267.1 73.4 31.7 4.4 51.3 8.3 29.0 465.2 Total cost (52.0)
Slide 48: Result by Asset – Equity Assets December 2012
RESULT BY ASSET – 100% EQUITY ASSETS – 31 DECEMBER 2012 $ MILLIONS M5 SOUTH WEST POCAHONTAS 495 EXPRESS WESTLINK M7 DRIVE TOTAL MOTORWAY 895 LANES Toll revenue 96.7 104.8 7.4 0.8 209.7 Fee and other revenue 6.4 1.8 0.2 8.4 Total revenue 103.1 106.6 7.4 1.0 218.1 Total cost (14.2) (23.8) (3.1) (3.2)
Slide 49: Free Cash Flow
FREE CASH FLOW 31 DEC 13 31 DEC 12 % ($M) ($M) CHANGE Cash flows from operating activities (refer Group Statutory accounts) 226.9 181.0 25.4% Adjusted for: M7 Term Loan Notes interest received (21.0) (18.7) (12.3%) M5 Term Loan Notes interest received (0.9) (100%) Payments for maintenance capital ex
Slide 50: Reconciliation of Free Cash
RECONCILIATION OF FREE CASH 31 DEC 13 31 DEC 12 % ($M) ($M) CHANGE Proportional EBITDA 463.2 416.9 11.1% Adjusted for proportional: Maintenance provision 24.2 15.4 57.1% Operating and working capital movements (18.2) (8.2) (122.0%) Non-cash items (6.7) (6.2) (8.1%) Net interest paid (214.4) (192.4)
Slide 51: Taxation
TAXATION STATUTORY AND PROPORTIONAL STATUTORY (TAX PAID) / REFUNDS RECEIVED INCLUDES 31 DEC 13 ($M) 31 DEC 12 ($M) M1 Eastern Distributor (7.3) M4 0.3 Transurban USA 0.5 Westlink M7 holding companies (2.2) (1.9) Corporate Total (1.7) (8.9) PROPORTIONAL (TAX PAID) / REFUNDS RECEIVED INCLUDES 31 DEC 1
Slide 52: Maintenance Expense
MAINTENANCE EXPENSE INCLUDED IN OPERATING COSTS ADDITIONAL MAINTENANCE PROVISION RECOGNISED DURING THE YEAR – 100% 31 DEC 13 ($M) 31 DEC 12 ($M) CityLink 6.5 5.2 Hills M2 2.3 1.1 Lane Cove Tunnel 2.9 2.4 M1 Eastern Distributor 7.5 2.3 M5 South West Motorway 2.0 2.3 Westlink M7 3.8 5.2 Pocahontas 895
Slide 53: Finance Costs – December 2013
FINANCE COSTS NET FINANCE COSTS PAID – 31 DECEMBER 2013 NON-CASH ITEMS CONCESSION & OTHER PROPORTIONAL STATUTORY DEBT FEES ACCRETION, NET INTEREST OWNERSHIP MAINTENANCE NON-CASH NET INTEREST NET INTEREST AMORTISATION TIFIA, TLN & USP PAID UNWIND ITEMS PAID CONTROLLED ENTITIES CityLink 100.0% (17.7)
Slide 54: Finance Costs – December 2012
FINANCE COSTS NET FINANCE COSTS PAID – 31 DECEMBER 2012 NON-CASH ITEMS CONCESSION & ACCRETION, OTHER NET PROPORTIONAL STATUTORY DEBT FEES OWNERSHIP MAINTENANCE TIFIA, TLN & NON-CASH INTEREST NET INTEREST NET INTEREST AMORTISATION UNWIND USP ITEMS PAID PAID CONTROLLED ENTITIES CityLink 100.0% (27.6)
Slide 55: Appendix 2: Detailed Treasury & Funding
APPENDIX 2 DETAILED TREASURY & FUNDING
Slide 56: Group Drawn Debt at 31 December 2013
GROUP DRAWN DEBT AT 31 DECEMBER 2013 TRANSURBAN AUD ($ MILLION) USD ($ MILLION) CORPORATE DEBT Working capital lines1 139 Term bank debt 775 US Private Placements 1,336 162 Domestic AUD bonds 1,050 EMTN (C$ and Euro Notes) 632 225 Total 3,932 387 NON RECOURSE NON RECOURSE ASSET DEBT OWNERSHIP PROPOR
Slide 57: Total Group Drawn Debt
TOTAL GROUP DRAWN DEBT PROPORTIONAL DRAWN DEBT GROUP DEBT AUD1 31 DEC 2013 30 JUNE 2013 MOVEMENT EXPLANATION3 $399 is the portion of Euro bonds swapped to A$ which was used to prepay term debt ($100m) and will be used to repay $250m Corporate 3,932 3,219 713 domestic bonds maturing in March 2014. $1
Slide 58: Key Debt Metrics
KEY DEBT METRICS 31 DECEMBER 2013 30 JUNE 2013 TRANSURBAN NON TRANSURBAN NON CORPORATE CORPORATE GROUP RECOURSE GROUP RECOURSE Weighted average maturity (years)1 9.6 years 4.0 years 14.0 years 9.7 years 3.9 years 13.6 years Weighted average cost of AUD debt2 6.2% 6.0% 6.4% 6.6% 6.5% 6.7% Weighted av
Slide 59: Corporate Debt Maturities
CORPORATE DEBT MATURITIES BY FINANCIAL YEAR 1,000 900 800 206 700 AUD MILLION 133 600 500 500 275 300 400 350 254 300 136 129 200 165 250 160 100 215 200 219 181 125 94 60 - 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 A$ Notes Bridge Facility US Private Placement Worki
Slide 60: Asset Debt Maturities
ASSET DEBT MATURITIES BY FINANCIAL YEAR – AS AT DECEMBER 2013 1,800 1,600 335 447 1,400 1,200 A$ MILLION 658 1,000 500 800 340 400 600 288 400 658 505 151 342 200 300 260 255 225 190 80 58 - M2 Hills M5 Lane Cove Tunnel M7 Westlink M1 95 Express Lanes TIFIA Funding 95 Express Lanes Private Activity
Slide 61: Appendix 3: Portfolio Summary
APPENDIX 3 PORTFOLIO SUMMARY
Slide 62: Operating Asset Portfolio: Summary Statistics
OPERATING ASSET PORTFOLIO SUMMARY STATISTICS M5 SOUTH WEST M1 EASTERN LANE COVE POCAHONTAS 495 EXPRESS HILLS M2 WESTLINK M7 CITYLINK MOTORWAY DISTRIBUTOR TUNNEL 895 LANES OVERVIEW NSW NSW NSW NSW NSW VIC USA USA Opening date Aug 1992 May 1997 Dec 1999 Dec 2005 Mar 2007 Dec 2000 Jan 2002 Nov 2012 Con
Slide 63: Tolling Escalation
TOLLING ESCALATION EMBEDDED INFLATION PROTECTION MOTORWAY ESCALATION1 Escalated quarterly by the greater of quarterly CPI or 1.1065% (being 4.5% p.a. as a quarterly compound rate) for the first CityLink 15 years, then quarterly by CPI. This is subject to a cap of annual CPI plus 2.5%, which cannot b
Slide 64: 2014 Half-Year Results
2014 HALF-YEAR RESULTS 13 FEBRUARY 2014