Transurban Group Ltd. · ASX:TCL
Transurban — Investor Presentation (February 2020)
76 slides from Transurban's investor presentation, Feb 11, 2020
Slide 1: Transurban
Transurban WY = —li ) Y Lu (ae.
Slide 2: Disclaimer and Basis of Preparation
DISCLAIMER AND 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
Slide 3: Contents
CONTENTS 04 14 27 35 37 HIGHLIGHTS MARKET UPDATES FINANCIAL RESULTS SUMMARY SUPPLEMENTARY INFORMATION TRANSURBAN 1H20 RESULTS | 11 FEBRUARY 2020 3
Slide 4: Highlights
HIGHLIGHTS PERFORMANCE 2.3% growth in average daily 9.5% EBITDA growth to 109% free cash flow coverage traffic across portfolio1 $1,094 million2 of interim distribution of 31.0 cps 5.1% projected FY20 2.0% underlying cost growth3, 381K hours in customer travel distribution growth reducing to 0.8% gr
Slide 5: Highlights: Operations, Development and Delivery
HIGHLIGHTS OPERATIONS, DEVELOPMENT AND DELIVERY 395 EXPRESS M5 NEW M5 AND LANES WEST NORTHCONNEX traffic and revenue now 100% owned after to open mid-2020, performing in line with remaining 34.62% bringing number of major expectations since tolling minority interest projects completed since commence
Slide 6: Highlights: Customer
HIGHLIGHTS CUSTOMER LINKT 1 MILLION UP TO 67% CUSTOMER REWARDS 83% ACCOUNTS ADDED in travel time saved launched first customer of Linkt account over last two years, during peak periods benefit—a fuel discount customers spending including 500,000 E-way compared to free available at Shell Coles under
Slide 7: Highlights: Community
HIGHLIGHTS COMMUNITY POWER SUPPORTING PURCHASE CONTINUED ESG PUBLIC AGREEMENTS PARTNERSHIP LEADER TRANSPORT substantial progress to with leading research in DJSI (4th) and GRESB (2nd) improvements in 395 supply up to 80% of institute, Neuroscience global sustainability Express Lanes corridor in elec
Slide 8: Group Strategy
GROUP STRATEGY OUR PURPOSE: TO STRENGTHEN COMMUNITIES THROUGH TRANSPORT Our strategy Provide sustainable transport solutions that offer choice, reliability, safety, transparency and value Stakeholder engagement Optimal networks Delivery and operations Disciplined investment TRANSURBAN 1H20 RESULTS |
Slide 9: Delivered on Near-Term Priorities
DELIVERED ON NEAR-TERM PRIORITIES Deliver Maximise Enhance customer committed performance of and community projects operations offerings • Five major projects delivered since beginning of FY19 • Asset enhancement projects and new assets • Improved digital offerings driving enhanced customer with all
Slide 10: Progressively Delivering Projects
PROGRESSIVELY DELIVERING PROJECTS FY19 FY20 FY21 FY22 FY23 FY24 Rozelle Interchange (WCX Stage 3B)2 Concession expires 2060 495 Express Lanes Northern Extension3 Concession expires 2087 M4-M5 Link (WCX Stage 3A) Concession expires 2060 Fredericksburg Extension Concession expires 2087 West Gate Tunne
Slide 11: Significant Progress on Project Pipeline
SIGNIFICANT PROGRESS ON PROJECT PIPELINE1 7,000 17.5% • Portfolio delivery exposure Historical Future Balance of proportional capex to be delivered ($m) 6,000 15.0% decreasing: Capex / Enterprise Value – Remaining capex in major 1H18: 15.9%3 Capex / Enterprise Value (%) 5,000 12.5% 1H20: 7.2%4 proje
Slide 12: Positioned for Emerging Opportunities
POSITIONED FOR EMERGING OPPORTUNITIES Delivered on near-term priorities Continue to enhance core capabilities and operational discipline Scalable organisation with enhanced capability Identified pipeline of projects and acquisitions materialising in core markets Strong capital position Future state
Slide 13: Positioned for Emerging Opportunities
POSITIONED FOR EMERGING OPPORTUNITIES Evolving and dynamic structure Executive Committee structure Chief Financial Officer Adam Watson • Realignment of the Transurban leadership operating model to position Transurban for Group Executive, the future Global search underway Partners, Delivery and Risk
Slide 14: Logan Enhancement Project
LOGAN ENHANCEMENT PROJECT
Slide 15: Sydney Market Update
SYDNEY MARKET UPDATE TOLL REVENUE AVERAGE WORKDAY 1H20 performance GROWTH TRAVEL-TIME SAVINGS4 • Toll revenue growth of 10.8% inclusive of New M4 and additional M5 West interests1 196,000hrs • New M4 traffic ahead of investment case since tunnels opened in July 2019 10.8%1 • Traffic growth across th
Slide 16: Sydney Project Updates
SYDNEY PROJECT UPDATES • Tunnel commissioning activities underway, • Civil works 99% complete and mechanical • Over 1,000 people working on the project, on schedule for mid-2020 opening and electrical works over 80% complete— with over 2.5 million hours worked opening expected mid-2020 • Installatio
Slide 17: Sydney Portfolio and Pipeline
SYDNEY PORTFOLIO AND PIPELINE Near-term asset enhancement opportunities • M7/M12 connection • M7 staged widening • M5 Motorway Upgrade (Westbound—Moorebank Avenue to Hume Highway) Potential market opportunities • Western Harbour Tunnel (WHT) environmental impact statement (EIS) currently on public e
Slide 18: Melbourne Market Update
MELBOURNE MARKET UPDATE TOLL REVENUE AVERAGE WORKDAY 1H20 performance GROWTH TRAVEL-TIME SAVINGS2 • CityLink traffic growth of 1.1% with Southern Link impacted by disruption from West Gate Tunnel Project and peak- 86,000hrs period congestion, Western Link continuing to benefit from additional capaci
Slide 19: West Gate Tunnel Update
WEST GATE TUNNEL UPDATE • The D&C contractor has purported to terminate the D&C subcontract and also noted their intention to continue works on the site. Transurban does not consider the D&C subcontract has been validly terminated and, as such, the contract remains valid • Actively working with the
Slide 20: Melbourne Portfolio and Pipeline
MELBOURNE PORTFOLIO AND PIPELINE Victorian infrastructure project updates • North East Link project—Federal environmental approval to proceed received with tender process underway • Monash Freeway Upgrade Stage 2—construction scheduled to commence in early 2020 with completion scheduled for 2022 TRA
Slide 21: Brisbane Market Update
BRISBANE MARKET UPDATE TOLL REVENUE AVERAGE WORKDAY 1H20 performance GROWTH TRAVEL-TIME SAVINGS1 • Logan and Gateway traffic growth of 5.3% and 4.4% respectively, reflecting benefit of network enhancement projects 76,000hrs • AirportlinkM7 and Clem7 traffic impacted by the redistributive effect of G
Slide 22: Brisbane Portfolio and Pipeline
BRISBANE PORTFOLIO AND PIPELINE Near-term asset enhancement opportunities • Gateway Motorway widening • Logan Motorway widening Potential market opportunities • Coomera Connector Stage 1 and 2 community consultation period closed, business cases and reference designs under development in 2020 TRANSU
Slide 23: North America Market Update
NORTH AMERICA MARKET UPDATE1 TOLL REVENUE AVERAGE WORKDAY 1H20 performance GROWTH TRAVEL-TIME SAVINGS4 • 395 Express Lanes traffic and revenue performing in line with expectations since tolling commenced in 23,000hrs November 20195 16.2%2 • Continued strong growth of Express Lanes toll revenue – 95
Slide 24: North America Project Updates
NORTH AMERICA PROJECT UPDATES FREDERICKSBURG EXTENSION • Financial close reached in July 2019 • Construction progressing, with opening expected in late 2022 • Site clearing, earthworks and preparatory activities underway • Commenced tolling in November 2019, on schedule and on budget1 • Traffic and
Slide 25: Greater Washington Area Portfolio and Pipeline
GREATER WASHINGTON AREA PORTFOLIO AND PIPELINE 240km to Washington DC 130km to Richmond, VA Fredericksburg Region, Virginia Hampton Roads Region, Virginia Potential market opportunities • Government approval gained for first phase of Maryland Express Lanes project—see slide 26 for further detail • P
Slide 26: Maryland Express Lanes
MARYLAND EXPRESS LANES Phased and collaborative approach to development attractive to Transurban • Maryland Department of Transportation (MDOT) to run a multi-step competitive selection process for phase developer with successful party to enter a PPP with MDOT to deliver under a project development
Slide 27: NorthConnex
Transurban | |
Slide 28: Statutory Results
STATUTORY RESULTS 1H19 ($M) 1H20 ($M) • $61 million increase driven by traffic and price escalation across the existing Australian and North American networks Toll revenue 1,298 1,428 • $69 million contribution from new assets including M5 West2 • $61 million increase driven by toll revenue growth f
Slide 29: Proportional Results
PROPORTIONAL RESULTS 1H19 ($M) 1H20 ($M) % CHANGE • $41 million increase driven by traffic and revenue growth across the existing Australian and North American networks Toll revenue1 1,286 1,396 8.6% • $58 million increase from new assets and higher ownership in M5 West2 • $11 million increase due t
Slide 30: Cost Movement
COST MOVEMENT +8.3% +2.0% 351 • Underlying 1H20 cost growth of 0.8% excluding foreign exchange impact +0.8% • Low underlying growth driven by cost discipline and recent initiatives 20 providing scale benefits • Investment in strategic growth projects expected to increase in 2H20 331 327 4 (1) 2 323
Slide 31: EBITDA Margins
EBITDA MARGINS1 1H19 FY19 1H20 • Sydney margin impacted by lower revenue growth from existing assets Sydney2 81.2% 82.0% 81.3% • Melbourne margin impacted by the re-basing of the CityLink maintenance provision (non-cash) as a result of the 10-year concession extension4 Melbourne 88.3% 88.0% 87.0% •
Slide 32: Free Cash Flow Movement
FREE CASH FLOW MOVEMENT +29.6% 927 52 847 +15.8% 160 715 715 31 19 (14) (10) (13) (98) 49 617 36 1H19 free NWRG capital 1H19 free EBITDA 100% Distributions M5 West PABs Net finance Maintenance Working 1H20 free LCT capital Hills M2 1H20 free 1H20 cash flow release cash flow owned non-100% premium co
Slide 33: Capital Releases
CAPITAL RELEASES • $212 million of capital releases in 1H20 from Hills M2 and Lane • 1H20 M2 capital release of $52 million Cove Tunnel, contributing to 109.4% free cash flow coverage of • Capital release previously agreed with NSW State Government as part of interim distribution the original NorthC
Slide 34: Capital Summary
CAPITAL SUMMARY1 GROUP DEBT JUN 19 DEC 19 • Capital strategy remains focused on maintaining strong investment grade credit metrics Group debt2 $19,394M $20,658M • Successfully raised $4.6 billion2 of proportional debt in 1H20, increasing the Group’s weighted average maturity at a lower Weighted aver
Slide 35: New M5—St Peters Interchange
NEW M5—ST PETERS INTERCHANGE
Slide 36: Summary
SUMMARY DELIVERED ON POSITIONED NEW ASSETS FY20 NEAR-TERM FOR EMERGING PROGRESSIVELY DISTRIBUTION PRIORITIES OPPORTUNITIES DELIVERED GUIDANCE including five major through scalable and contributing to growth reaffirmed at 62.0 cps projects completed since organisation, enhanced across the portfolio—
Slide 37: Supplementary Information
WEST GATE TUNNEL PROJECT 01 DETAILED 02 TREASURY 03 CORPORATE 04 GLOSSARY FINANCIALS OVERVIEW
Slide 38: TRANSURBAN 1H20 RESULTS | 11 FEBRUARY 2020
TRANSURBAN 1H20 RESULTS | 11 FEBRUARY 2020
Slide 39: Traffic and Revenue Performance
TRAFFIC AND REVENUE PERFORMANCE DEC 19 QUARTER1 1H201 PROPORTIONAL LARGE VEHICLE PROPORTIONAL LARGE VEHICLE TOLL REVENUE ADT CAR TRAFFIC TRAFFIC TOLL REVENUE ADT CAR TRAFFIC TRAFFIC % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE Sydney2 10.1% 2.3% 2.7% (2.5%) 10.8% 2.2% 2.8%
Slide 40: Traffic and Revenue Data
TRAFFIC AND REVENUE DATA1 % LARGE DEC 18 DEC 19 VEHICLE ASSET QUARTER QUARTER % CHANGE 1H19 1H20 % CHANGE TRAFFIC2 SYDNEY M2 Total Toll Revenue (M) $79 $77 (2.3%) $157 $155 (1.8%) N/A Average Daily Trips (‘000) 138 132 (3.7%) 137 133 (3.1%) 7.6% M5 West Total Toll Revenue (M) $76 $77 1.1% $152 $154
Slide 41: Traffic and Revenue Data
TRAFFIC AND REVENUE DATA1 % LARGE DEC 18 DEC 19 VEHICLE ASSET QUARTER QUARTER % CHANGE 1H19 1H20 % CHANGE TRAFFIC2 BRISBANE Gateway Total Toll Revenue (M) $56 $61 9.6% $113 $122 8.1% N/A Motorway Average Daily Trips (‘000) 117 123 5.0% 118 123 4.4% 22.2% Logan Motorway Total Toll Revenue (M) $46 $53
Slide 42: Proportional Toll Revenue by Asset
PROPORTIONAL TOLL REVENUE BY ASSET DEC 19 QUARTER ($M) 1H20 ($M) OWNERSHIP 100% PROPORTIONAL 100% PROPORTIONAL M2 100% $77 $77 $155 $155 1 M5 West 100% $77 $68 $154 $118 LCT 100% $25 $25 $50 $50 CCT 100% $19 $19 $37 $37 ED 75.1% $40 $30 $79 $60 M7 50% $109 $54 $219 $110 M4 25.5% $77 $20 $147 $37 Cit
Slide 43: Statutory Results
STATUTORY RESULTS 1H19 ($M) 1H20 ($M) % CHANGE Toll revenue 1,298 1,428 10.0% Construction revenue 777 639 (17.8)% Other revenue 39 54 40.9% Total revenue 2,114 2,121 0.3% Employee benefit expense (108) (120) 11.1% Road operating costs (184) (195) 6.2% Construction costs (777) (639) (17.8%) Transact
Slide 44: Reconciliation of Statutory EBITDA to Proportional EBITDA
RECONCILIATION OF STATUTORY EBITDA TO PROPORTIONAL EBITDA 1H19 ($M) 1H20 ($M) % CHANGE Statutory EBITDA 971 1,104 13.7% Less: EBITDA attributable to non-controlling interest—ED (15) (15) 4.0% Less: EBITDA attributable to non-controlling interest—TQ (88) (99) 12.4% Less: EBITDA attributable to non-co
Slide 45: 1H20 Proportional Result by Asset
1H20 PROPORTIONAL RESULT BY ASSET TOLL OTHER EBITDA (excluding NET FINANCE INCOME REVENUE REVENUE significant items) EBITDA D&A COST NPBT TAX NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M $M 100% M2 155 1 129 129 (39) (19) 71 25 96 100% M5 West1 118 6 107 105 (104) (13) (12) (24) (36) 100% LCT 50 - 3
Slide 46: 1H19 Proportional Result by Asset
1H19 PROPORTIONAL RESULT BY ASSET TOLL OTHER EBITDA (excluding NET FINANCE INCOME REVENUE REVENUE significant items) EBITDA D&A COST NPBT TAX NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M $M 100% M2 157 1 131 131 (37) (19) 75 5 80 65.38% M5 West1, 5 85 4 76 68 (58) (11) (1) (18) (19) 100% LCT 52 1 34
Slide 47: 1H20 Net Finance Costs Paid
1H20 NET FINANCE COSTS PAID NON-CASH ITEMS STATUTORY DEBT DISCOUNT INTEREST INTEREST NET INTEREST PROPORTIONAL NET NET INTEREST FEES UNWINDS & CAPITALISATION2 OTHER3 ACCRUALS4 PAID INTEREST PAID CONTROLLED ENTITIES OWNERSHIP $M $M REVALUATIONS 1 $M $M $M $M $M M2 100% (19) 1 (1) - - 7 (12) (12) M5 W
Slide 48: 1H19 Net Finance Costs Paid
1H19 NET FINANCE COSTS PAID NON-CASH ITEMS STATUTORY DEBT DISCOUNT INTEREST INTEREST NET INTEREST PROPORTIONAL NET NET INTEREST FEES UNWINDS & CAPITALISATION2 OTHER3 ACCRUALS4 PAID INTEREST PAID CONTROLLED ENTITIES OWNERSHIP $M $M REVALUATIONS 1 $M $M $M $M $M M2 100% (19) - 7 - - - (12) (12) M5 Wes
Slide 49: Maintenance Provision
MAINTENANCE PROVISION1 MAINTENANCE EXPENSE RECOGNISED2 MAINTENANCE CASH SPEND 1H19 ($M) 1H20 ($M) 1H19 ($M) 1H20 ($M) M2 (3) (4) (3) (2) LCT (2) (3) (2) (1) CCT (3) (3) (3) (5) ED (3) (2) (5) (2) M5 West (2) (3) (2) - M7 (7) (7) (4) (2) M4 - (6) - - CityLink (4) (9) (7) (7) Gateway Motorway (4) (4)
Slide 50: Free Cash Calculation
FREE CASH CALCULATION FREE CASH CALCULATION SOURCE OF INFORMATION/EXPLANATION Cash flows from operating activities Statutory Transurban Holdings Limited operating cash flow (refer Group Statutory accounts) Add back transaction and integration costs related to Transaction and integration related cash
Slide 51: Free Cash Flow
FREE CASH FLOW RECONCILIATION OF STATUTORY CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH 1H19 ($M) 1H20 ($M) FREE CASH FLOW 1H19 1H20 % CHANGE Cash flows from operating activities 552 678 Free cash $715M $927M 29.6% Add back transaction and integration costs related to Weighted average securities
Slide 52: Reconciliation of Proportional EBITDA to Free Cash
RECONCILIATION OF PROPORTIONAL EBITDA TO FREE CASH 1H20 ($M) COMMENTS Proportional EBITDA 1,085 Refer to slide 29 for further detail Significant items 9 Include transaction and integration costs relating to acquisitions Proportional net finance costs paid (cash) (374) Refer to slide 47 for further d
Slide 53: Development Pipeline
DEVELOPMENT PIPELINE 1H201 2H20 FY21 FY22 FY23 FY24 COMMITTED PROJECTS / PROJECTS $50M LOGAN ENHANCEMENT PROJECT—Brisbane ($320M)—COMPLETE UNDER CONSTRUCTION2 USD160M 395 EXPRESS LANES—GWA (USD475M)—COMPLETE $170M NORTHCONNEX—Sydney ($1.3B) NEW M4 TUNNELS (WCX STAGE 1B)—Sydney—COMPLETE $130M NEW M5
Slide 54: Transurban Tax Groups—Estimated Timing
TRANSURBAN TAX GROUPS—ESTIMATED TIMING These disclosures are provided as a supplement to the tax disclosures provided in the 2019 Transurban Investor Day presentation to assist in understanding Transurban’s tax profile. It should not be construed as either tax advice or confirmation of the applicati
Slide 55: Additional Tax Disclosures
ADDITIONAL TAX DISCLOSURES These disclosures are provided as a supplement to the tax disclosures provided in the 2019 Transurban Investor Day presentation to assist in understanding Transurban’s tax profile. It should not be construed as either tax advice or confirmation of the application of the re
Slide 56: TRANSURBAN 1H20 RESULTS | 11 FEBRUARY 2020
TRANSURBAN 1H20 RESULTS | 11 FEBRUARY 2020
Slide 57: Funding Structure at 31 December 2019
FUNDING STRUCTURE AT 31 DECEMBER 2019 Transurban3 BBB+/Baa1/A- Non-Recourse Corporate Sydney Brisbane North America Working EMTN capital2 €3.1B $1.7B 495 Express 95 Express M2 LCT CCT ED3 M73 M5 West WCX TQ3 A25 Lanes Lanes3 Letter of Maple Credit -/A2/- -/A2/A- -/A3/A- BBB/-/- BBB/-/BBB CAD0.7B USD
Slide 58: Group Debt at 31 December 2019
GROUP DEBT AT 31 DECEMBER 2019 FACILITY FACILITY FACILITY PROPORTIONAL STATUTORY (USD M)1 (CAD M)1 ($M)1 TOTAL FACILITY ($M)2 TOTAL DRAWN ($M)2 DRAWN ($M)2 DRAWN ($M)3 CORPORATE DEBT2 Working capital facilities4 - - 1,650 1,650 8 8 8 USPP 162 - 300 532 532 532 551 EMTN (CAD, NOK and EUR Notes) 305 6
Slide 59: Drawn Debt
DRAWN DEBT1 30 JUN 19 31 DEC 19 MOVEMENT AUD2 ($M) ($M) ($M) EXPLANATION Corporate 5,094 5,445 351 Issuance of $570 million Euro Private Placement less maturity of $219 million US PP Additional $46 million of proportional debt drawn at WCX M5 to fund Stage 2 construction, and an additional $70 milli
Slide 60: Key Debt Metrics
KEY DEBT METRICS 30 JUNE 2019 31 DECEMBER 2019 TRANSURBAN TRANSURBAN GROUP CORPORATE NON-RECOURSE GROUP CORPORATE NON-RECOURSE 3 Weighted average maturity (years)1,2 8.3 years 6.4 years 9.5 years 8.4 years 6.7 years 9.5 years4 Weighted average cost of AUD debt1,2 4.6% 5.0% 4.3% 4.3% 4.8% 4.1% Weight
Slide 61: Extension of Group Debt Maturity Profile
EXTENSION OF GROUP DEBT MATURITY PROFILE June 2019 maturity profile1,2 7,000 6,000 Existing debt refinanced during FY20 5,000 $ MILLION 4,000 3,000 2,000 1,000 - FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 - 30 FY31 - 35 FY36+ December 2019 maturity profile1,2 7,000 6,000 New debt raised during FY20 5,0
Slide 62: Corporate Debt Maturities at December 2019
CORPORATE DEBT MATURITIES AT 31 DECEMBER 2019 Working capital facilities USPP EMTN 144A Letters of credit facilities 2,000 1,800 1,600 1,400 833 1,200 269 $ MILLION 783 1,000 211 1,679 800 600 834 733 866 400 825 825 214 706 570 200 206 231 140 94 - FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29
Slide 63: Non-Recourse Debt Maturities at December 2019
NON-RECOURSE DEBT MATURITIES AT 31 DECEMBER 2019 TQ ED M2 M5 M7 LCT CCT WCX M4 WCX M5 WCX M4-M5 Link 495 95 A25 4,500 4,000 316 156 3,500 628 3,000 $ MILLION 2,500 2,784 2,000 1,500 2,000 2,000 1,500 98 49 200 33 40 765 1,000 408 100 345 87 600 535 295 280 454 500 403 400 386 947 90 804 166 752 719
Slide 64: Hedging Profile
HEDGING PROFILE Transurban interest rate hedging profile1,2 35,000 30 JUN 19 31 DEC 19 Interest rate hedged3 100% 97.5% 30,000 Currency hedged4 97.3% 97.5% 25,000 20,000 $ MILLION 15,000 10,000 5,000 - HY20 FY22 FY24 FY26 FY28 FY30 FY32 FY34 FY36 FY38 FY40 FY42 FY44 FY46 FY48 North America Sydney Br
Slide 65: Diversified Funding Sources
DIVERSIFIED FUNDING SOURCES Group debt as at 31 December 20192 Debt funding activities Major debt issuances1 during 1H20: BANK DEBT • $1,650 million Working Capital Facility at Corporate AMTN • $570 million EUR Notes at Corporate AUD PRIVATE PLACEMENT • $500 million Capex Facility at Transurban Quee
Slide 66: TRANSURBAN 1H20 RESULTS | 11 FEBRUARY 2020
TRANSURBAN 1H20 RESULTS | 11 FEBRUARY 2020
Slide 67: Summarised Group Structure
SUMMARISED GROUP STRUCTURE TRANSURBAN HOLDINGS LIMITED TRANSURBAN HOLDING TRUST TRANSURBAN INTERNATIONAL LIMITED CORPORATE ENTITIES ROAD/OPERATING ENTITIES OTHER ENTITIES ROAD/OPERATING ENTITIES CORPORATE ENTITIES Including: Companies operating and maintaining roads Trusts holding asset and financin
Slide 68: Asset Portfolio at 31 December 2019
ASSET PORTFOLIO AT 31 DECEMBER 2019 MELBOURNE SYDNEY OVERVIEW CITYLINK M5 WEST3 M2 M4 ED M7 LCT CCT Opening date Dec 2000 Aug 1992 May 1997 May 1992 Dec 1999 Dec 2005 Mar 2007 Aug 2005 Remaining concession period1 25 years2 7 years 28 years 41 years 29 years 28 years 28 years 16 years Concession end
Slide 69: Asset Portfolio at 31 December 2019
ASSET PORTFOLIO AT 31 DECEMBER 2019 BRISBANE NORTH AMERICA GATEWAY LOGAN GO BETWEEN LEGACY AIRPORTLINK 495 EXPRESS 95 EXPRESS OVERVIEW MOTORWAY MOTORWAY CLEM7 BRIDGE WAY M7 LANES5 LANES6 A257 Opening date Dec 1986 Dec 1988 Mar 2010 Jul 2010 Jun 2015 Jul 2012 Nov 2012 Dec 2014 May 2011 Remaining conc
Slide 70: Future Concession Assets
FUTURE CONCESSION ASSETS1 SYDNEY MELBOURNE ROZELLE WEST GATE NORTHCONNEX M5 WEST2 NEW M53 M5 EAST M4-M5 LINK OVERVIEW INTERCHANGE TUNNEL Concession end date Jun 2048 Dec 2060 Dec 2060 Dec 2060 Dec 2060 Dec 2060 Jan 2045 PHYSICAL DETAILS Length—total 9 km 22 km 11 km 10 km 7.5 km 5 km6 17 km Length—s
Slide 71: Tolling Escalation
TOLLING ESCALATION MOTORWAY ESCALATION MOTORWAY ESCALATION M2 Tolls escalate quarterly by the greater of quarterly CPI or 1% Tolls escalate quarterly by an equivalent of 4.25% per annum from West Gate Tunnel1 construction completion to 30 June 2029 and quarterly CPI thereafter LCT Car tolls escalate
Slide 72: Health, Safety and Environment
HEALTH, SAFETY AND ENVIRONMENT • HSE Leadership KPI refreshed this year, taking an 1H20 safety performance1 Transurban RICI2 action plan approach encompassing all people leaders to create actions that enhance our HSE • Road Injury Crash Index (RICI) of 3.90, inclusive of: accountability and practice
Slide 73: Standard PPP Risk Management Framework
STANDARD PPP RISK MANAGEMENT FRAMEWORK Government agency • Allocation of project Manages project on behalf of government risks to the parties best able to manage them Responsibilities include: • Regulatory approvals (e.g. planning) • SPV transfers the • Project funding design and construction risk t
Slide 74: TRANSURBAN 1H20 RESULTS | 11 FEBRUARY 2020
TRANSURBAN 1H20 RESULTS | 11 FEBRUARY 2020
Slide 75: Glossary
GLOSSARY TERM DEFINITION TERM DEFINITION 95 95 Express Lanes EXECUTIVE COMMITTEE The Executive Committee is comprised of Key Management Personnel and other senior 395 395 Express Lanes executives. See slide 13 for further detail. 495 495 Express Lanes FFO Funds From Operations 1H/2H First or second
Slide 76: Glossary
GLOSSARY TERM DEFINITION TERM DEFINITION M5 WEST M5 West motorway SLN Shareholder Loan Note. An interest bearing shareholder loan. Currently Transurban has M7 Westlink M7 SLNs on TQ and STP MDOT Maryland Department of Transportation SPV Special Purpose Vehicle MTQ Ministère des Transports du Québec
Transurban Group — Investor Presentation (February 2020) on 6ix