Transurban Group Ltd. · ASX:TCL
Transurban — FY2009 Earnings Presentation
67 slides from Transurban's earnings presentation, Aug 26, 2009
Slide 1: 2009 Full Year Results Presentation
TRANSURBAN 2009 FULL YEAR RESULTS PRES SENTATION 26 AUGUST 2009 1
Slide 2: Disclaimer
DISCLAIMER 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 Transurban Infrastructu
Slide 3: Agenda
AGENDA 1. Highlights 2. Financials 3. Funding arrangements 4 Business update 4. 5. Conclusion 3
Slide 4: Highlights
HIGHLIGHTS 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% Sydney M1 100 10% (1.
Slide 5: Progress in Key Areas
PROGRESS IN KEY AREAS 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 6: TCL – A Differentiated Offering
TCL – A DIFFERENTIATED OFFERING 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 opportunities Greate
Slide 7: Financials
TRANSURBAN FINANCIALS TOM HONAN – CHIEF FINANCIAL OFFICER 7
Slide 8: Statutory Reporting
STATUTORY REPORTING 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 : $407.0 million) -
Slide 9: Growing Revenue and EBITDA
GROWING REVENUE AND EBITDA 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 development costs (26.0)
Slide 10: Continued Revenue Growth
CONTINUED REVENUE GROWTH 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 23.6 750 740 40 740 730
Slide 11: Cost Saving Achieved
COST SAVING ACHIEVED 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 EBITDA EBITDA Business Toll
Slide 12: Cost Controlled Across the Business
COST CONTROLLED ACROSS THE BUSINESS Total cost movement – 2008/09 310 300.9 300 4.6 $' Millions 290 6.0 2.4 5.2 280.1 280 2.6 270 Corrporate Customer Other Buusiness Totaal costs managgement Totaal costs Technnology seervice devt CCosts 22008 22009 & Info Asset 1. The above includes movements in Ope
Slide 13: Cost Control Aiding Margin Expansion
COST CONTROL AIDING MARGIN EXPANSION Relationship between Total Group Toll Revenue, direct costs and EBITDA margin Revenues continue R ti tto grow 900 80% while direct costs come down, 800 enhancing the EBITDA margin 70% Tooll revenue and Dire ct costs ($ 'Millions) 00 700 60% 600 EBITDA marrgin (
Slide 14: Underlying Free Cash Growth
UNDERLYING FREE CASH GROWTH 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 reserve release - 31.
Slide 15: Sustained Growth
SUSTAINED GROWTH 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 and taxes paid. These
Slide 16: Funding
aden as age ‘ anne Hh ae se fa fe tees ise fat Baie iat aia Sseststes Supiaahe suet Boserraertcciitty a apie aiitt iat Bee brestterait aur iisauabattee cag ay aaa ae TRANSURBAN FUNDING
Slide 17: Optimisation of Funding
OPTIMISATION OF FUNDING 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 – $325 million illi new f
Slide 18: Total Group Drawn Debt
TOTAL GROUP DRAWN DEBT 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 $6m $6 increase i in i
Slide 19: Key Debt Metrics
KEY DEBT METRICS 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% Weighted average cos
Slide 20: Corporate Debt Maturities
CORPORATE DEBT MATURITIES 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 250 of corporate debt
Slide 21: Non-Recourse Debt Maturities
NON RECOURSE DEBT NON-RECOURSE MATURITIES (100%) 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 Dec-10 Jun-11 Dec-11 J
Slide 22: Non-Recourse Maturities: Benefits of Refinancing
NON RECOURSE DEBT NON-RECOURSE MATURITIES 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 500 400 400 300 300 516 500 500 500 500 500 459 200 200 291 260
Slide 23: Well Positioned in a Difficult Environment
WELL POSITIONED IN A DIFFICULT ENVIRONMENT 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 funding sources Capital
Slide 24: Business Update
TRANSURBAN BUSINESS UPDATE CHRIS LYNCH – CHIEF EXECUTIVE OFFICER 24
Slide 25: Transparent Secure Returns
TRANSPARENT SECURE RETURNS – 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 – Capital Beltway construction
Slide 26: Portfolio Continues to Deliver
PORTFOLIO CONTINUES TO DELIVER 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. Normalised to includ
Slide 27: Embedded Inflation Protection
EMBEDDED INFLATION PROTECTION 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%, 5% which cannot be e
Slide 28: Resilience of Transurban Roads
RESILIENCE OF TRANSURBAN ROADS % 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 ‐ AE Porto/Amerante Urb
Slide 29: Class Trends
CLASS TRENDS 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 d across portfolio tf
Slide 30: Asset Snapshot
TRANSURBAN ASSET SNAPSHOT 30
Slide 31: CityLink
CITYLINK 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 reductions) 4% 5.2% 0.
Slide 32: CityLink
CITYLINK 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 traffic uplift (0.5%) expe
Slide 33: Hills M2
HILLS M2 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% − Being phased in over 2
Slide 34: Hills M2 Timeline for Widening
HILLS M2 TIMELINE FOR WIDENING 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 to follow IPA 34
Slide 35: M1 Eastern Distributor
M1 EASTERN DISTRIBUTOR 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 year FY09 4% 3% 2% 1% (4
Slide 36: M4 Motorway
M4 MOTORWAY 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 Growth Escalation Recovery
Slide 37: Westlink M7
WESTLINK M7 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% Traffic Toll Escalation
Slide 38: Westlink M7 Traffic Growth by Section
WESTLINK M7 TRAFFIC GROWTH BY SECTION 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 39: M5 Motorway
M5 MOTORWAY 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 Recovery Revenue Grow
Slide 40: Pocahontas 895
POCAHONTAS 895 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 2011 40
Slide 41: Capital Beltway
CAPITAL BELTWAY 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 sustained despite p external
Slide 42: Capital Beltway Commuter Demand Evident
CAPITAL BELTWAY COMMUTER DEMAND EVIDENT 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% benchmarking b h ki surveys 40
Slide 43: US Development
US DEVELOPMENT 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 44: Conclusion and Outlook
TRANSURBAN CONCLUSION AND OUTLOOK 44
Slide 45: Transparent Secure Returns
TRANSPARENT SECURE RETURNS 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 progressing well and presentin
Slide 46: Outlook
OUTLOOK 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 47: Appendices
TRANSURBAN APPENDICES tet dete ante ee Ee fae Hapa iE eesti Feciuisat HRBicnsasguseaeee
Slide 48: Management Reporting Adjustments One-Offs
MANAGEMENT REPORTING ADJUSTMENTS 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 transition - (16.1) - (1
Slide 49: Key Financial Highlights Statutory
KEY FINANCIAL HIGHLIGHTS STATUTORY 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) (27.2) (17.6) Corporate
Slide 50: Reconciliation of Statutory P&L to Statutory EBITDA June 2009
RECONCILIATION OF STATUTORY P&L TO STATUTORY EBITDA 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 disclosure under costs
Slide 51: Reconciliation of Statutory P&L to Statutory EBITDA June 2008
RECONCILIATION OF STATUTORY P&L TO STATUTORY EBITDA 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 construction capitalised
Slide 52: Reconciliation of Proportional to Statutory EBITDA
RECONCILIATION OF PROPORTIONAL TO STATUTORY EBITDA 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: M5 Proportional EBIT
Slide 53: Result by Asset (Consolidated) June 2009
RESULT BY ASSET (CONSOLIDATED) ( ) 30 JUNE 2009 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 402.2 125.4 7.9 79.0 110.5
Slide 54: Result by Asset (Equity) June 2009
RESULT BY ASSET (EQUITY) ( Q ) 30 JUNE 2009 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) (35.1) (8.8) (8.2) (78.7)
Slide 55: Result by Asset (Consolidated) June 2008
RESULT BY ASSET (CONSOLIDATED) ( ) 30 JUNE 2008 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 6.9 74.0 92.8 2.8 13.9
Slide 56: Result by Asset (Equity) June 2008
RESULT BY ASSET (EQUITY) ( Q ) 30 JUNE 2008 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)) ((39.7)) ((6.1)) ((1
Slide 57: Free Cash
FREE CASH 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 Roads 19.6 12.2 M5 – Inte
Slide 58: Proportional Finance Costs
PROPORTIONAL FINANCE COSTS 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 proportional finance costs (1
Slide 59: Cash Based Interest Charges Remain Consistent
CASH BASED INTEREST CHARGES REMAIN CONSISTENT 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) Debt interest expense –
Slide 60: Taxation Paid Statutory and Proportional
TAXATION PAID STATUTORY AND PROPORTIONAL 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) Total (36.9) (19.8) 30 Ju
Slide 61: Maintenance Expense Included in Operating Costs
MAINTENANCE EXPENSE INCLUDED IN OPERATING COSTS 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 information has been calcul
Slide 62: Fewer Overheads Capitalised into Projects
FEWER OVERHEADS CAPITALISED INTO PROJECTS 30 June 09 30 June 08 $M $M Hills M2 – widening 2.9 1.6 Cit Li k – M1 upgrade CityLink d 24 2.4 38 3.8 CityLink – Infrastructure projects 0.6 2.7 Pocahontas 1.1 1.6 23 NSW development projects – 5.4 11 USA development projects – 3.5 15 Victorian development
Slide 63: Group Debt Facilities at 30 June 2009
GROUP DEBT FACILITIES AT 30 JUNE 2009 Transurban corporate debt AUD ($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) $ Asset Debt Ownership
Slide 64: Corporate Debt Maturities Full Profile
CORPORATE DEBT MATURITIES 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 Year Banklines – drawn
Slide 65: Non-Recourse Debt Maturities (100%)
NON-RECOURSE NON RECOURSE DEBT MATURITIES (100%) 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 2025 2026 2027 2028 2029
Slide 66: Non-Recourse Debt Maturities Beyond 2030
NON-RECOURSE NON RECOURSE DEBT (100%) 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 Beltway - drawn Capit
Slide 67: Transurban
transurban