Atlas Arteria · ASX:ALX
Atlas Arteria — Macquarie Atlas Roads — Shareholder Meeting (April 2016)
19 slides from Atlas Arteria's shareholder meeting presentation, Apr 5, 2016
Slide 1: 2016 Annual General Meeting
Macquarie Atlas Roads Limited Macquarie Atlas Roads International Limited 2016 Annual General Meeting 05 April 2016
Slide 2: Important notice and disclaimer
Important notice and disclaimer Disclaimer Macquarie Atlas Roads (MQA) comprises Macquarie Atlas Roads Limited (ACN 141 075 201) (MARL) and Macquarie Atlas Roads International Limited (Registration No. 43828) (MARIL). Macquarie Fund Advisers Pty Limited (ACN 127 735 960) (AFSL 318 123) (MFA) is the
Slide 3: Important notice and disclaimer
Important notice and disclaimer Japan These materials have been prepared solely for qualified institutional investors in Japan as defined under the Financial Instruments and Exchange Act of Japan (FIEA). They do not constitute an offer of securities for sale in Japan and no registration statement ha
Slide 4: Chief Executive Officer's Address
Chief Executive Officer’s Address Peter Trent MACQUARIE ATLAS ROADS
Slide 5: MQA snapshot
MQA snapshot MQA is a global infrastructure developer and operator, with a market capitalisation of A$2.51 billion Total road length Total km travelled >2,300km 23 billion Across 4 countries On MQA roads in 2015 2015 distribution Benchmark outperformance 16 cents 714% Per MQA stapled security Since
Slide 6: MQA – 2015 highlights
MQA – 2015 highlights Traffic Revenue EBITDA 2.9%1 3.5%1 4.4%1 APRR (20.14%) 2.7% traffic growth reflective of an improvement in the French economic environment Operational performance Disciplined cost management resulted in operating expenses remaining flat in 2015 EBITDA margin of 71.8% Dull
Slide 7: Growing distributions to security holders
MQA – 2015 highlights Growing distributions to security holders Operational • 16.0 cps distributed in 2015, up from 13.2 cps in 2014 performance • 1H 2016 distribution of 9.0 cps paid in March • FY 2016 guidance of 18.0 cps1 cps 20 Distributions 18.0 9.0 15 16.0 13.2 10 9.0 5 5.7 0 2013 2014 2015 20
Slide 8: Simplification via divestment of non-core assets
MQA – 2015 highlights Simplification via divestment of non-core assets Operational performance Indiana Toll Road and Chicago Skyway Combined net proceeds of ~US$120m to MQA Focus on delivering and growing value of core assets Portfolio development APRR Underpins long-term distribution stream to MQA
Slide 9: MQA value proposition
MQA – 2015 highlights MQA value proposition Operational performance Distribution Capital growth growth Growth Distribution growth underpinned by improved operational performance of existing portfolio assets Retained asset-level cash re-invested through capex and Portfolio debt reduction develo
Slide 10: APRR overview
APRR overview APRR is the concessionaire of a 2,323km motorway network in the east of France1 APRR motorway network Recent milestones APRR/Eiffarie refinancing Feb-15 Significant interest savings In-principle agreement Apr-15 reached with French State Amendments to concession contracts Stimulus Pack
Slide 11: APRR performance
APRR performance Continued traffic growth across both light and heavy vehicles Light vehicles (VKTm) Heavy vehicles (VKTm) Traffic 19,500 3,400 +2.9% 2.7% 22.2bn VKT 19,000 +2.6% 3,200 Revenue 18,500 3,000 3.0% €2,213.8m 18,000 2,800 EBITDA 17,500 2,600 4.5% €1,588.6m1 17,000 2,400 2009 2010 2011 20
Slide 12: APRR earnings
APRR earnings Resilience through economic cycles APRR EBITDA1 and France GDP growth2 €1,750m 3.0% 1,589 1,520 1,475 €1,500m 1,399 1,428 2.0% 1,326 1,244 1,265 1,208 €1,250m 1.0% €1,000m 0.0% €750m (1.0%) 1,068 €500m 9413 974 (2.0%) 888 924 841 €250m (3.0%) €0m (4.0%) 2001 2002 2003 2004 2005 2006 20
Slide 13: APRR operations
APRR operations Active management of a 2,323km motorway network to deliver improved operations in 2015 Network improvements Leveraging technology 18km of new motorway 96% automated opened in 2015 (A719 transactions extension and A466 link) 54% ETC1 transactions Refurbishment of ~100 rest I
Slide 14: APRR capital projects
APRR capital projects Continued commitment to maintain and expand the existing network Capital expenditure guidance (real as at December 2015) – 2016-2020: average ~€370m p.a. (includes 2014-2018 management contract and Stimulus Package) – 2021-2035: average ~€180m p.a. Management Contract (2014)
Slide 15: APRR financing
APRR financing Reduction in interest costs as maturing debt is progressively replaced at lower rates Sustainable debt maturity profile with strong liquidity position APRR rated BBB+ (Stable outlook) by both Standard & Poor’s and Fitch APRR/Eiffarie pro forma debt maturity profile1 (€m) APRR/Eiff
Slide 16: Dulles Greenway overview
Dulles Greenway overview Dulles Greenway is a 22km toll road in Loudoun County, northern Virginia1 Dulles Greenway corridor Regional growth underpins traffic performance Loudoun County is one of the fastest growing and most affluent counties in the US2 Dulles Greenway is well positioned to provi
Slide 17: Dulles Greenway performance
Dulles Greenway performance Strong traffic performance across all time periods – peak, non-peak and weekend Dulles Greenway traffic segmentation2 Traffic 5.4% 104 Peak (weekdays) 3 Non-Peak (weekdays) Weekend 51,054 ADT 102 100 Revenue 98 7.9% 96 US$85.1m 94 12 months growth rates • Weekday peak: 3.
Slide 18: Dulles Greenway performance
Dulles Greenway performance A combination of higher traffic volumes and toll increases have led to consistent growth in EBITDA Distribution outlook: no distributions expected before 2019 (US$m) Financial performance vs traffic (ADT) 100 52,000 85.1 78.9 80 74.9 72.4 18.9 50,000 64.1 65.3 67.0 15.9
Slide 19: Summary
Summary Operational Portfolio Distributions Growth performance1 development 1H16 distribution: Portfolio simplification Primary focus remains Traffic 9.0 cps through divestment of on supporting organic 2.9% non-core assets growth within existing FY16 guidance: 18.0 cps2 Balance sheet portf
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