Transurban Group Ltd. · ASX:TCL
Transurban — H1 2018 Earnings Presentation
74 slides from Transurban's earnings presentation, Feb 13, 2018
Slide 1: Results for six months ended 31 December 2017
Results for six months ended 31 December 2017 13 February 2018
Slide 2: 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 Transurban Infrastructure Managemen
Slide 3: FY18 distribution guidance and operating highlights
• FY18 distribution guidance of 56.0 cps; growth of 8.7% over FY17 TOLL REVENUE EBITDA • Average traffic growth of 1.4% impacted by disruption from CTW, M2, GROWTH GROWTH LEP and GUN works • Continued focus on customer experience: – LinktGO GPS app launch – GLIDe back-office system implemented in Qu
Slide 4: To be the partner of choice with governments
To be the partner of choice with governments, providing effective and innovative urban road infrastructure and services utilising core capabilities Network Community Development Technology Operations Customer planning / engagement / delivery experience forecasting TRANSURBAN 1H18 RESULTS | 13 FEBRUA
Slide 5: Network and toll revenue contribution
Network and toll Greater Sydney 40.5% Melbourne 33% Brisbane 17% 9.5% revenue contribution Washington Area Toll revenue growth1 9.8% 14.2% 3.5% 17.9%2 EBITDA growth1 10.3% 17.5% 3.6% 19.9%2 ADT growth 2.9% (1.0)% 3.5% 3.4% Capital invested or $2.3 billion $5.1 billion $5.8 billion $3.2 billion commi
Slide 6: Committed projects under construction
FY18 FY19 FY20 FY21 FY22 COMMITTED CITYLINK TULLA WIDENING Melbourne ($1.0 billion) – Complete4 PROJECTS/ PROJECTS WEBB DOCK ACCESS5 Melbourne – Complete UNDER CONSTRUCTION2 INNER CITY BYPASS Brisbane ($37.5 million) MONASH FREEWAY UPGRADE5 Melbourne LOGAN ENHANCEMENT PROJECT Brisbane ($320 million)
Slide 7: Potential pipeline projects by timing
FY18-19 FY20-22 FY23-25 FY26-28 FY29+ WESTCONNEX1 STAGE 1A Sydney – Complete STAGE 1B Sydney STAGE 2 Sydney STAGE 3A Sydney STAGE 3B Sydney POTENTIAL CENTENARY/WESTERN MOTORWAY WIDENING2 Brisbane NETWORK ENHANCEMENTS3 LOGAN MOTORWAY WIDENING2 Brisbane GATEWAY MOTORWAY WIDENING2 Brisbane PACIFIC MOTO
Slide 8: Network potential in North America's most congested cities
NETWORK POTENTIAL IN NORTH AMERICA’S MOST CONGESTED CITIES1 50% GOVERNMENT SUPPORTIVE EXPERIENCE DEMOGRAPHICS IN PPP Los Angeles 40% Vancouver San Francisco Seattle Miami Toronto Congestion level 30% Montreal Austin TIME SAVINGS Boston NETWORK GWA (Washington D.C., VALUE TO 20% Virginia, Maryland) P
Slide 9: Transurban approach and recent market observations
NEW AUSTRALIAN TOLL ROAD ASSETS TRANSURBAN USA ASSET VS RECENT COMPETITOR FORECAST FOR COMPLETED SINCE 2010 COMPARABLE USA ROAD PROJECT Under competitor forecast, if accurate, drivers would experience Third-party toll prices almost 5 times higher than Revenue forecast on the comparable road by 2040
Slide 10: CTW lanes opened three months ahead of schedule
$1.3 billion1 CTW lanes opened three months ahead of schedule Once completed, the project will deliver 15 to 20 minute travel time savings in each direction Significant travel speed and time savings already observed: – Almost 60% increase in average travel speed2 – Almost 40% decrease in average cit
Slide 11: Construction commenced on WGTP
Construction commenced on WGTP 1 Significant benefits for Victoria CityLink – First new major motorway project in Melbourne to commence construction since 2010 Improved access to the Port of Melbourne – Enables government to reallocate >$4 billion to other much needed infrastructure, including publi
Slide 12: Capital expenditure in Queensland improving customer experience
$70 million capital expenditure in Queensland over four years, significantly improving customer experience Tolling GLIDe back-office system roll out Billing and call centre • Upgrade of tolling system and • GLIDe back-office system creates greater flexibility for customers • Successful transition to
Slide 13: Social investment in our communities
Social investment in our communities Transurban recognises the important role community organisations play in the wellbeing of neighbourhoods. Community grants are offered to support organisations who can have a positive impact in the communities where we operate • Heathwood Community Centre – Logan
Slide 14: Independent recognition of Transurban's approach to sustainability
Independent recognition of Transurban’s approach to sustainability • Dow Jones Sustainability Index: – Second-highest-rated company in the Transport and Transportation Infrastructure category, scoring in the 98th percentile • Global Real Estate Sustainability Infrastructure Benchmarking (GRESB) inde
Slide 15: Understanding the future of road safety and emerging technologies
Understanding the future of road safety and emerging technologies helps inform Transurban’s initiatives • Commissioned Monash University Accident Research Centre to analyse crashes on Transurban's Australian roads and compare performance to identified like roads The report found there were significa
Slide 16: Financial results
Financial results
Slide 17: 1H17 and 1H18 financial highlights
1H17 ($M) 1H18 ($M) KEY DRIVERS Toll revenue 1,032 1,131 Toll revenue • $99 million increase driven by traffic growth and toll price escalation EBITDA 769 850 across the Australian and GWA assets Net profit 88 331 EBITDA Interim distribution of 28.0 cps, 1H18 distribution including 2.5 cps fully fra
Slide 18: Revenue, costs and EBITDA growth
1H17 ($M) 1H18 ($M) % CHANGE KEY DRIVERS Toll revenue 1,065 1,176 10.5% Toll revenue • $111 million increase driven by traffic growth and toll price escalation Other revenue 28 32 14.2% Total revenue 1,093 1,208 10.6% Total costs (276) (297) 7.6% Total costs • $21 million increase to support underly
Slide 19: EBITDA margins by region
1H17 FY17 1H18 • EBITDA margins have increased across all regions for 1H18 Sydney 80.9% 80.5% 81.2% • Melbourne EBITDA margin increase due to increases in toll revenue from truck toll multipliers Melbourne 86.0% 86.5% 88.5% • Margin growth for Brisbane tracking in line with expectation • GWA assets
Slide 20: Cost increases to support growth
Cost increases to support growth in underlying business and strategic growth project opportunities +7.6% (5) (2) 297 3 25 276 1H17 total costs Operations Maintenance Strategic growth projects Foreign exchange 1H18 total costs TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018 20
Slide 21: Free cash flow and distribution coverage
NWRG 680 $174 million decrease due to prior period distributions from NWRG. Capital release proceeds as per NCX Development Agreement +15.0% FCF coverage FCF coverage for 33 1H18 is 101.2% (43) (174) 5 582 16 575 Net finance costs Working capital 65 $21 million increase in Includes timing of GST FCF
Slide 22: Debt capital market issuances and funding position
1H18 DEBT CAPITAL MARKET ISSUANCES (TOTAL $1.3B) Market Tenor Positioned to fund growth opportunities Private Activity 22 Years • Committed projects funded from existing balance sheet Bonds 17 Years • $1.9 billion raised in December 2017 through successful entitlement offer EUR Notes 15 Years • Equi
Slide 23: Market updates
Market updates
Slide 24: TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018
TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018 24
Slide 25: Sydney: operations, technology and customer updates
Operations and maintenance Technology and customer • Re-sheeting of M7 now one third complete, • Successful launch of LinktGO GPS app in NSW with all major works expected to be finished • Working with the NSW Government to deliver mid-2018 Toll Relief Program NorthConnex update Potential future proj
Slide 26: TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018
TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018 26
Slide 27: Transurban investment approach
Process Transurban investment approach • Registered interest to participate in purchase of 51% • No asset is a must win of NSW Government’s infrastructure project • Proven disciplined approach to acquisitions – over 25% of portfolio • In consortium with long-standing partners acquired out of receive
Slide 28: TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018
TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018 28
Slide 29: Melbourne: operations and maintenance and delivery updates
Operations and maintenance Monash Freeway Upgrade Delivery and development • New control room to be built to consolidate • The final surface has been applied to • CTW new lanes opened three months operations of CityLink and WGTP sections of Monash Freeway over ahead of schedule in October 2017 • 100
Slide 30: Eastern suburbs and western suburbs
Western suburbs Eastern suburbs C B A A Road widening B Tunnelling C Elevated structure TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018 30
Slide 31: WGTP construction update
WGTP construction update Status • Construction commenced and completion • Two five-story tall (15.6 metres) / 90 metre expected in 2022 long / 4,000 tonne, purpose-built, tunnel • Approximately 700 people currently boring machines procured, commencing employed and 6,000 expected by project tunneling
Slide 32: TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018
TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018 32
Slide 33: New project – Toowoomba
Operations and maintenance New project – Toowoomba • New tunnel network incident response and Second Range Crossing maintenance agreement commenced on • Awarded contract through Legacy Way and Go Between Bridge in 2017 competitive process to deliver • Transition to a holistic approach to tunnel end-
Slide 34: Logan Enhancement Project and Gateway Upgrade North
Inner City Bypass Logan Enhancement Project • Construction has passed halfway, with completion • Major construction commenced, with expected mid-2018 completion expected mid-2019 • Herston Road off-ramp dedicated bus lane opened • Total project cost $512 million in December 2017 • Two industry award
Slide 35: TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018
TRANSURBAN 1H18 RESULTS | 13 FEBRUARY 2018 35
Slide 36: Delivery technology and customer updates
Delivery Technology and customer • Early delivery of three kilometre 95 Express • Fair Travel Program launched, including Lanes Southern Extension in October 2017, heightened Virginia State Police enforcement providing improved traffic flow of HOV violations and vehicle occupancy • 395 Express Lanes
Slide 37: Project summary
Project summary • VDOT has accepted Transurban’s proposal to extend the 95 Express Lanes to the Fredericksburg region • The US$565 million project will extend the 95 Express Lanes by 16 kilometres (10 miles) • Design-build procurement process launched in January 2018 • Construction expected to begin
Slide 38: Corporate geographical market heads
CORPORATE GEOGRAPHICAL MARKET HEADS Scott Charlton Adam Watson Sue Johnson Jennifer Aument CEO CFO2 Group Executive, President, North QLD America Vin Vassallo Tony Adams Andrew Head Michele Huey Group Executive, Group Executive, Group Executive, Group Executive, Development Project Delivery NSW Deve
Slide 39: Distribution guidance of 56.0 cps
Distribution Strong balance Applying Using technology Expanding Using skilled guidance of sheet to fund investment to enhance community resources and 56.0 cps - existing $11 billion discipline to customer engagement proven track record represents pipeline future experience and to deliver major 8.7%
Slide 40: Supplementary information
Supplementary information
Slide 41: Detailed financials
Supplementary information Detailed financials
Slide 42: December quarter and 1H18 toll revenue growth
DEC 17 QUARTER1 1H181 PROPORTIONAL PROPORTIONAL TOLL REVENUE ADT TOLL REVENUE ADT % CHANGE % CHANGE % CHANGE % CHANGE Sydney 7.5% 2.5% 9.8% 2.9% Melbourne 15.0% 0.3% 14.2% (1.0%) Brisbane 1.1% 3.0% 3.5% 3.5% GWA2 18.8% 2.0% 17.9% 3.4% 1. Compared to prior corresponding period. 2. Toll revenue growth
Slide 43: Average daily trips and toll revenue by asset
DEC 16 DEC 17 ASSET QUARTER QUARTER % CHANGE 1H17 1H18 % CHANGE Sydney M2 Total Toll Revenue ($M) $71 $76 7.1% $138 $152 9.5% Average Daily Trips (‘000) 131 133 2.1% 129 133 2.6% LCT Total Toll Revenue ($M) $24 $25 5.8% $46 $50 8.9% Average Daily Trips (‘000) 90 92 2.2% 89 92 2.8% CCT Total Toll Rev
Slide 44: Brisbane and Greater Washington Area asset results
DEC 16 DEC 17 ASSET QUARTER QUARTER % CHANGE 1H17 1H18 % CHANGE Brisbane Gateway Motorway Total Toll Revenue ($M) $55 $55 (1.3%) $110 $112 1.3% Average Daily Trips (‘000) 116 117 0.7% 116 118 1.2% Logan Motorway Total Toll Revenue ($M) $47 $47 1.6% $92 $95 4.3% Average Daily Trips (‘000) 163 169 3.4
Slide 45: Ownership by asset
DEC 17 QUARTER ($M) 1H18 ($M) OWNERSHIP 100% PROPORTIONAL 100% PROPORTIONAL M2 100.0% $76 $76 $152 $152 LCT 100.0% $25 $25 $50 $50 CCT 100.0% $17 $17 $34 $34 ED 75.1% $37 $28 $74 $56 M7 50.0% $110 $55 $223 $111 M5 50.0% $72 $36 $144 $72 CityLink 100.0% $196 $196 $388 $388 Gateway Motorway 62.5% $55
Slide 46: Toll revenue and EBITDA reconciliation
1H17 ($M) 1H18 ($M) % CHANGE Toll revenue 1,032 1,131 9.6% Construction revenue 274 462 69.1% Other revenue 28 31 12.0% Total revenue 1,334 1,624 21.9% Employee benefit expense (78) (92) 17.7% Road operating costs (166) (163) (2.1%) Construction costs (274) (462) 69.1% Corporate/other expenses (47)
Slide 47: Proportional earnings reconciliation of statutory EBITDA to proportional EBITDA
PROPORTIONAL EARNINGS 1H17 ($M) 1H18 ($M) % CHANGE Toll revenue 1,065 1,176 10.5% Other revenue 28 32 14.2% Total revenue 1,093 1,208 10.6% Total costs (276) (297) 7.6% EBITDA 817 911 11.6% RECONCILIATION OF STATUTORY EBITDA TO PROPORTIONAL EBITDA 1H17 ($M) 1H18 ($M) % CHANGE Statutory EBITDA 769 85
Slide 48: Ownership asset results
NET FINANCE INCOME TAX TOLL OTHER COST (EXP) / REVENUE REVENUE EBITDA D&A EXPENSE NPBT BENEFIT NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M 100.0% M2 152 1 129 (37) (19) 73 4 77 100.0% LCT 50 – 33 (11) (15) 7 (2) 5 100.0% CCT 34 – 22 (12) (5) 5 (1) 4 75.1% ED 56 – 41 (19) (16) 6 2 8 100.0% Roam Toll
Slide 49: Ownership asset results
NET FINANCE INCOME TAX TOLL OTHER COST (EXP) / REVENUE REVENUE EBITDA D&A EXPENSE NPBT BENEFIT NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M 100.0% M2 138 1 118 (37) (19) 62 6 68 100.0% LCT 46 – 29 (11) (14) 4 (6) (2) 100.0% CCT 32 – 20 (12) (7) 1 – 1 75.1% ED 50 1 38 (19) (15) 4 3 7 100.0% Roam Toll
Slide 50: Non-cash items and interest
NON-CASH ITEMS CONCESSION PAYMENTS & STATUTORY MAINTENANCE NET PROPORTIONAL NET DEBT PROVISION INTEREST INTEREST INTEREST NET INTEREST CONTROLLED ENTITIES OWNERSHIP INTEREST FEES UNWIND CAPITALISATION ACCRUALS1 PAID PAID CityLink 100.00% (10) (3) 3 – – (10) (10) M2 100.00% (19) – 7 – – (12) (12) LCT
Slide 51: Non-cash items and interest
NON-CASH ITEMS CONCESSION PAYMENTS & STATUTORY MAINTENANCE NET PROPORTIONAL NET DEBT PROVISION INTEREST INTEREST INTEREST NET INTEREST CONTROLLED ENTITIES OWNERSHIP INTEREST FEES UNWIND CAPITALISATION ACCRUALS1 PAID PAID CityLink 100.00% (13) (3) 3 – – (13) (13) M2 100.00% (19) – 3 – – (16) (16) LCT
Slide 52: Maintenance expense recognised and maintenance cash spend
MAINTENANCE MAINTENANCE 2 EXPENSE RECOGNISED CASH SPEND 1H17 ($M) 1H18 ($M) 1H17 ($M) 1H18 ($M) CityLink (7) (3) (5) (6) M2 (1) (3) (2) (1) LCT (4) (3) (3) (2) CCT (4) (3) (2) (3) ED (3) (4) (5) (2) M7 (6) (5) (2) (6) M5 (2) (2) – (2) Gateway Motorway (5) (5) (2) (3) Logan Motorway (6) (3) (15) (26)
Slide 53: Free cash calculation
FREE CASH CALCULATION SOURCE OF INFORMATION/EXPLANATION Cash flows from operating activities Statutory Transurban Holdings Limited operating cash flow (includes cash inflow from M5 TLNs). (refer Group Statutory accounts) Add back transaction and integration costs related to Transaction and integrati
Slide 54: Reconciliation of statutory cash flow from operating activities to free cash
RECONCILIATION OF STATUTORY CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH 1H17 ($M) 1H18 ($M) FREE CASH FLOW 1H17 1H18 % CHANGE Cash flows from operating activities 292 486 Free cash $680M $582M (14.4%) Add back transaction and integration costs related to Weighted average securities 104 - 2,043M
Slide 55: Proportional EBITDA to free cash
1H18 ($M) Comments Proportional EBITDA 911 Refer to slide 47 for further detail Proportional net finance (307) Refer to slides 50 and 51 for further detail costs paid (cash) Add back proportional maintenance 17 Refer to slide 52 for further detail expense (non-100% owned assets) Less proportional ma
Slide 56: Treasury
Supplementary information Treasury
Slide 57: Transurban debt structure
Transurban3 BBB+/Baa1/A- Non- Corporate Recourse Sydney Brisbane GWA Working EMTN capital2 Airportlink 495 Express 95 Express €2.1B A$1.7B M2 LCT CCT ED3 M73 M53 TQ3 M7 Lanes Lanes3 Letter of Maple Credit -/A3/A- -/A3/A- -/A2/- BBB/-/- BBB/-/- BBB/-/BBB BBB-/-/BBB- C$0.3B A$0.5B Term debt A$0.3B AMT
Slide 58: Corporate debt and non-recourse debt facilities
FACILITY FACILITY TOTAL FACILITY TOTAL DRAWN PROPORTIONAL STATUTORY (US$M)1 ($M)1 ($M) ($M) DRAWN ($M) DRAWN ($M) CORPORATE DEBT2 Working capital facilities3 – 1,650 1,650 36 36 36 USPP 162 774 982 982 982 939 EMTN (CAD, NOK and EUR Notes) 305 3,037 3,427 3,427 3,427 3,588 144A 500 802 1,443 1,443 1
Slide 59: AUD and USD debt movements
30 JUN 17 31 DEC 17 MOVEMENT AUD² ($M) ($M) ($M) EXPLANATION Corporate 4,330 4,613 283 Maturity of A$165 million USPP and A$300 million AMTN offset by A$749 million Euro MTN issuance Net A$5 million increase in proportional M7 debt as a result of USPP issuance and term bank repayment. Non-recourse 5
Slide 60: Weighted average maturity and debt ratings
30 JUNE 2017 31 DECEMBER 2017 TRANSURBAN NON- TRANSURBAN NON- GROUP CORPORATE RECOURSE GROUP CORPORATE RECOURSE Weighted average maturity (years)1,2 9.0 years 5.8 years 10.7 years3 9.3 years 6.4 years 10.8 years4 Weighted average cost of AUD debt1,5 4.9% 5.5% 4.5% 4.9% 5.5% 4.4% Weighted average cos
Slide 61: June and December maturity profiles
June 2017 maturity profile1,2,3 6,000 Existing debt refinanced $A MILLION 5,000 during 1H18 4,000 3,000 2,000 1,000 - FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY26 - 29 FY30 - 34 FY35+ December 2017 maturity profile1,2,3 6,000 New debt 5,000 $A MILLION raised 4,000 during 1H18 3,000 2,000 1,000
Slide 62: Working capital facilities and debt maturities
Working capital facilities USPP AMTN EMTN 144A Letters of credit 2,000 1,800 1,600 225 1,400 A$ MILLION 1,200 711 1,000 790 800 600 321 206 208 915 733 400 833 866 233 706 200 360 375 254 219 94 - 1. Debt is shown in the financial year in which it matures. 2. Debt values are shown in AUD as at 31 De
Slide 63: Debt maturities by asset
TQ (incl ALM7) ED M2 M7 CCT M5 LCT 495 95 2,000 1,800 80 1,600 467 278 1,400 179 A$ MILLION 1,200 288 1,000 350 160 800 79 85 98 535 108 609 1,307 600 225 300 90 408 200 400 845 400 40 225 60 100 100 495 475 116 440 100 200 406 250 279 302 293 277 200 200 203 200 - 37 1. The full value of debt facil
Slide 64: Interest rate hedging profile
• 99.1% of debt is interest rate TRANSURBAN INTEREST RATE HEDGING PROFILE1 hedged as at 31 December 2017 18,000 • Hedge tenor is matched to the tenor of the debt on 97%2 of drawn debt 16,000 • All foreign currency debt issued by GWA Sydney Brisbane Corporate Fixed amount Australian entities in 1H18
Slide 65: Debt funding activities
Debt funding activities JUN 17 GROUP DEBT1 DEC 17 GROUP DEBT1 BANK DEBT Major debt issuances during 1H18: AMTN • A$749 million corporate EUR notes AUD PRIVATE PLACEMENT • A$1,650 million corporate syndicated facility CAD NOTES • A$200 million M7 USPP notes EUR NOTES • US$45 million VTIB facility CHF
Slide 66: Corporate overview
Supplementary information Corporate overview
Slide 67: Transurban holdings, trust and international 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 financing Corporate financing entit
Slide 68: Melbourne and Sydney overview
MELBOURNE SYDNEY OVERVIEW CITYLINK WGT M5 M2 ED M7 NCX LCT CCT Under Under Opening date Dec 2000 Aug 1992 May 1997 Dec 1999 Dec 2005 Mar 2007 Aug 2005 construction construction Remaining concession period 17 years 22 years2 9 years 31 years 31 years 31 years 28 years3 31 years 18 years Concession en
Slide 69: Brisbane and Greater Washington Area overview
BRISBANE GREATER WASHINGTON AREA GATEWAY LOGAN GO BETWEEN LEGACY AIRPORTLINK 495 EXPRESS 95 EXPRESS OVERVIEW CLEM7 MOTORWAY MOTORWAY BRIDGE WAY M7 LANES LANES4 Opening date Dec 1986 Dec 1988 Mar 2010 Jul 2010 Jun 2015 Jul 2012 Nov 2012 Dec 2014 Remaining concession period 34 years 34 years 34 years
Slide 70: Embedded inflation protection
EMBEDDED INFLATION PROTECTION MOTORWAY ESCALATION CityLink1 Escalated quarterly by the greater of quarterly CPI or 1.011065% per quarter for the first 16 years (until 31 December 2016), then quarterly by CPI. This is subject to a cap of annual CPI plus 2.5%, which cannot be exceeded West Gate Tunnel
Slide 71: Results Transurban RICI
RESULTS TRANSURBAN RICI • RICI remains steady – this measures the number of serious injury road crashes (where an individual is transported from, or receives medical 7.0 treatment, at scene) per 100 million vehicle kilometres travelled on Transurban’s roads 6.0 • Tragically an employee of our contra
Slide 72: Glossary
Supplementary information Glossary
Slide 73: Glossary of terms
TERM DEFINITION TERM DEFINITION 1776 Global incubator and seed fund for startups FX Foreign Exchange 1H/2H First or second half of a financial year FY Financial year 1 July to 30 June ADT Average Daily Traffic. ADT is calculated by dividing the total number of trips on each asset GBB Go Between Brid
Slide 74: Proportional results and weighted average cost of debt definitions
TERM DEFINITION TERM DEFINITION PCP Prior Corresponding Period VB Virginia Beach PPP Public Private Partnership VDOT Virginia Department of Transportation PROP/ The proportional results are the aggregation of the results from each asset multiplied by VTIB Virginia Transport Infrastructure Bank PROPO