Atlas Arteria · ASX:ALX
Atlas Arteria — Macquarie Atlas Roads — Investor Presentation (September 2013)
75 slides from Atlas Arteria's investor presentation, Sep 2, 2013
Slide 1: Macquarie Atlas Roads September 2013 – Investor Presentation (ASX release)
Macquarie Atlas Roads Limited Macquarie Atlas Roads International Limited ACN 141 075 201 EC43828 No. 1 Martin Place Telephone 612 8232 3333 26 Burnaby Street SYDNEY NSW 2000 Facsimile 612 8232 4713 Hamilton HM11 GPO Box 4294 Internet: www.macquarie.com/mqa BERMUDA SYDNEY NSW 1164 DX 10287 SSE AUSTR
Slide 2: Macquarie Atlas Roads Investor Presentation September 2013
MACQUARIE ATLAS ROADS INVESTOR PRESENTATION SEPTEMBER 2013
Slide 3: Disclaimer
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 manager/adviser of MA
Slide 4: Disclaimer
Disclaimer Hong Kong This document has been prepared and intended to be disposed solely to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong for the purpose of providing preliminary information and does not constitute any offer to the public
Slide 5: Contents
Contents 1. Overview 5 2. APRR 15 3. Other Assets 33 4. Dividends 45 Appendix 51 4
Slide 6: Overview
1 Overview 1. O i
Slide 7: About MQA
About MQA An established global portfolio Macquarie Atlas Roads (MQA) is a global toll road operator and developer that was listed on the ASX on 25 January 2010 – Current market capitalisation: $1 143 690 1321 $1,143,690,132 – ASX ranking: Top 200 MQA was created out of the restructure of Macqua
Slide 8: MQA portfolio
MQA portfolio MQA’s toll road investments are located in France, UK, USA and Germany1 1. MQA owns various percentage stakes in these assets. 7
Slide 9: 1H 2013 snapshot
1H 2013 snapshot Positive traffic, revenue and EBITDA growth 1H 2013 Statutory results summary Portfolio Results Significant one-off items relating to M6 Toll discontinuation of hedge accounting and deconsolidation Profit after tax : A$1.4bn (1H 2012: A$75.2m loss) Traffic Key assets showing s
Slide 10: MQA structure
MQA structure MQA's structure is integral to its strategy MQA has no corporate level debt and A$15.2m in available cash1 Each asset is in a separate holding company structure All asset level debt is project finance, with no recourse to MQA or any other portfolio asset There are no cross-defa
Slide 11: Strategy & objectives
MQA Strategy & objectives MQA to deliver and grow dividends Manage debt maturities over time De-risk assets Pursue value growth through steps towards securing g dividends or sale Deliver growth in the existing portfolio Holding Structure I di id l assett risk Individual i k quarantined ti d ffrom re
Slide 12: Strategy & objectives (cont’d)
Strategy & objectives (cont’d) (cont d) Portfolio strategy will focus on enhancing the value of APRR (France) and Dulles Greenway (USA) — APRR is expected to continue to deliver annual cash flows over its concession life — Dulles Greenway is expected to deliver cash flows in the medium to longer t
Slide 13: MQA value considerations
MQA value considerations MQA is a vehicle for investment in APRR/Eiffarie and Dulles Greenway with additional value from other assets APRR + Dulles Greenway + Other Assets = MQA APRR/Eiffarie is MQA’s largest and most valuable asset — Expected to provide MQA with a long long-term term dividend str
Slide 14: Governance
Governance MQA has majority independent Boards and independent Chairmen Base fee calculated quarterly on market capitalisation Market capitalisation Base management fee MQA structure Up to A$1.0bn 2.00% plus Macquarie Between A$1.0bn and A$3.0bn 1.25% plus Resources More than A$3.0bn 1.00% (Staff,
Slide 15: MQA performance
MQA performance MQA has outperformed its Benchmark by 242% since listing1 Two performance fees have been calculated to date MQA vs Benchmark — 2010 performance fee: A$12.5m A$2.50 20.0 — 2011 performance fee: A$50 1m A$50.1m MQA Market volume (m) These fees are payable in three equal annual A$2.
Slide 16: APRR
2 APRR 2.
Slide 17: APRR/Eiffarie
APRR/Eiffarie Concession 31 December 2032 (APRR, AREA) expiry 31 December 2060 (ADELAC) 31 December 2068 (Maurice Lemaire Tunnel) Tolling 2011-13: annual tariff increase of 85% CPI ex tobacco plus 0.5% under Contrats de Plan Post 2013: annual tariff increase of 70% CPI ex tobacco as per co
Slide 18: APRR performance
APRR/Eiffarie APRR performance Growth maintained through economic cycles APRR EBITDA1 (€m) and France GDP growth2 (%) €1,750m , 3.0% €1,500m 1,399 1,428 2.0% 1,326 1,265 €1 250m €1,250m 1,208 1,244 1 0% 1.0% €1,000m -% 9413 974 1,068 888 924 €750m 841 (1 0%) (1.0%) €500m (2.0%) 1H 1H 694 705 €250m (
Slide 19: APRR performance (cont’d)
APRR/Eiffarie APRR performance (cont’d) Revenue supported by toll increases implemented on 1 February 2013 EBITDA impacted by higher winter maintenance costs 6 months to 30 June 20131 — Traffic: +0.2%; Revenue: +1.9% (€1,001.4m); EBITDA: +1.6% (€704.6m) EBITDA Performance (€m)1 , 6m ended 30 June
Slide 20: APRR traffic analysis
APRR/Eiffarie APRR traffic analysis 1H 2013 LV traffic up 0.5% vs pcp Revenue and traffic analysis 1H 2013 1H 2013 HV traffic down 1.6% vs pcp 16% Light vehicle traffic positive in both 1Q and 35% 2Q 2013 Toll Revenue Traffic Heavy vehicle traffic decline is gradually 65% moderating 84% LV HV Li
Slide 21: APRR traffic – Light vehicles
APRR/Eiffarie APRR traffic – Light vehicles Light vehicle traffic has outperformed GDP. Contribution from growth of real household disposable income APRR Light Vehicles and Economic Indicators1,2 110.0 105.0 100.0 95.0 90.0 85.0 85 0 80.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 LV Traffic GDP D
Slide 22: APRR traffic – Heavy vehicles
APRR/Eiffarie APRR traffic – Heavy vehicles Heavy vehicles correlated to French manufacturing. Foreign trade volumes an additional factor APRR Heavy Vehicles and Economic Indicators1,2 110.0 100.0 90.0 80.0 70.0 60.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 HV Traffic Imports Manufacturing 1. Mo
Slide 23: French economy
APRR/Eiffarie French economy French economic outlook continues to be uncertain France GDP forecasts1 2.5% 2.0% 1.5% 1.0% 0.5% -% 2012 2013 2014 2015 2016 2017 2018 (0.5%) Apr-13 Apr-12 Apr-11 Apr-10 1. International Monetary Fund (IMF). 22
Slide 24: APRR operations
APRR/Eiffarie APRR operations EBITDA margin at 70.0% Operating expenses (ex operating taxes) broadly flat since 2006 €800m 80.0% 67.8% 68.0% 68.4% 69.2% 70 0% 70.0% 67.0% 64.0% €600m 60.0% 232 229 231 236 240 264 1 258 €400m 40.0% 153 162 149 139 156 140 133 €200m 20.0% 209 209 210 220 218 219 220
Slide 25: APRR profit
APRR/Eiffarie APRR profit APRR’s profit impacted by increased net interest expense in 2011 and 2012 €550m 17 (25) 82 €500m (40) (57) €450m 6 7 (36) 17 6 419 (1) (4) €400m D&A, provisiions, other D&A, provisiions, other 395 392 g taxes g taxes Net profit 2010 Net profit 2012 Net profiit 2011 erest er
Slide 26: Free cash flow
APRR/Eiffarie Free cash flow APRR generates substantial cash flow in excess of profit Undistributed cash is reinvested in the business through capital expenditure and debt repayment Group expected to naturally deleverage over time Tax grouping provides additional benefit from deductions at Eif
Slide 27: APRR capital expenditure
APRR/Eiffarie APRR capital expenditure Since 2006, ~€2.75bn has been spent to grow, improve and maintain the network APRR historical capital expenditure (€m) €600m €500m 24 81 €400m 45 159 €300m 187 343 27 44 303 54 69 215 €200m 75 171 165 104 123 168 66 139 €100m 100 110 122 115 102 115 108 94 57 7
Slide 28: Ownership structure
APRR/Eiffarie Ownership structure Ownership Ownership structure June 2010 - Eiffarie acquired an additional 13.7% Other Macquarie interest in APRR, increasing its stake to 95.2% MQA MEIF 1 Managed Funds December 2012 - compulsory acquisition of remaining 38.87% 25.75% 35.38% minorities completed
Slide 29: 2012 Refinancing plan completed
APRR/Eiffarie 2012 Refinancing plan completed Successful outcome achieved against challenging backdrop Eiffarie debt reduction from €3.8bn to €2.8bn — APRR dividend of €1.0bn in January 2012 from accumulated retained earnings (incl. 2011 profit) €3.5bn bank facilities secured to replace debt at
Slide 30: APRR liquidity
APRR/Eiffarie APRR liquidity Strong liquidity position with manageable maturity profile Financing costs expected to trend lower €348m CNA debt repaid in 1H 2013 from cash reserves €300m floating rate notes issued (0.87% margin) due in 2016; applied in July 2013 to prepay €250m loans due 2014 A
Slide 31: Financing
APRR/Eiffarie Financing APRR well supported in bond markets APRR Bonds: Mid-Yield to Maturity 6.0% 5.0% 4.0% 2,765 3.0% 2.0% 1.0% 0.0% Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 €700m - 7.5% 7 5% 2015 €1,000m €1 000m - 5.0% 5 0% 2017 €500m - 4.875% 4 875% 2019 €500m
Slide 32: APRR cash flow to MQA
APRR/Eiffarie APRR cash flow to MQA Potential to improve overall financing terms over time Simplified holding structure MQA 19.44% of free cash flow HoldCo debt – Margin g 300bp p ((350bp p Feb 2015)) Eiffarie HoldCo o dCo sswap: ap 4.6% 6% fixed ed u until t – Cash sweep: 25% free cash flow1 (HoldC
Slide 33: Looking forward
APRR/Eiffarie Looking forward Management contract Tariff path under existing management contract ends in 2013 Discussions ongoing regarding new management contract Land tax Land tax (operational tax based on revenue and network length) increased by ~€24m p.a. (pre-tax) commencing July 20131
Slide 34: Other Assets
3 Oth 3. A t Other Assets
Slide 35: Dulles Greenway
Dulles Greenway Concession expiry 15 February 2056 Fixed toll increases until 2012 F From 2013 tto 2020 l t b 2020, escalate by Tolling greater of CPI +1%, Real GDP or 2.8% By application to the SCC thereafter Ownership 50% estimated economic interest Length 22 km Located in Loudoun Co
Slide 36: Dulles Greenway Performance
Dulles Greenwayy Performance 1H 2013 reflects emerging improvement in local economic conditions 6 months to 30 June 2013 — Traffic: +0.3%; Revenue: +1.9% (US$36.9m); EBITDA: -0.7% (US$28.8m) T ll iincreases iimplemented Toll l t d on 22 JJanuary 2013 EBITDA lower due to higher operating expens
Slide 37: Traffic corridor
Dulles Greenwayy Traffic corridor Dulles Greenway well placed to provide capacity as corridor develops The Dulles Greenway has two key competitors – Route 7 and Waxpool Rd Competing roads have received considerable Dulles Greenway Corridor capacity upgrades since 2005, diverting significant traf
Slide 38: Looking forward
Dulles Greenwayy Looking forward Dulles Corridor Metrorail Project expected to improve accessibility and further stimulate economic and demographic development in areas served 23 mile extension of existing Metrorail system by Metropolitan Washington Airports Authority (MWAA) Scheduled to open: D
Slide 39: Corridor
Dulles Greenwayy Corridor Demographic factors expected to progressively increase congestion in corridor Small traffic growth posted during two consecutive quarters — Performance helped by milder winter weather Dynamic Corridor (Population Growth p.a.%) 3.00% 2.50% 2.00% 1.50% 1.00% 0 50% 0.50% -%
Slide 40: Other developments
Dulles Greenwayy Other developments Dulles Greenway corridor Base traffic continues to show signs of emerging growth — Urban development in Loudoun county continuing – positive for long term traffic trends Commonwealth of Virginia Reported intention of Commonwealth of Virginia to consider a purc
Slide 41: Financing
Dulles Greenwayy Financing Debt 100% fixed rate bonds, amortisation schedule locked in until 2056 No refinancing requirements Dulles Greenway Debt Maturity Profile (US$m) 700 250 Total debt service payable (incl. capitalised interest) each year to 2021 Bonds purchased and cancelled to date (incl. fu
Slide 42: M6 Toll
M6 Toll Concession expiry 31 January 2054 Tolling Market based tolling O Ownership hi 100% Length 43 km Bypasses the City of Birmingham and the M6 motorway,y one of the most Location L ti / congested motorways in the UK Strategic Attraction Significant industrial, housing and economic de
Slide 43: Chicago Skyway
Chicago Skyway Concession expiry 24 January 2104 Set schedule from 2005 to 2017 – 2011: ~17% increase for cars T lli Tolling After 2017, tolls can escalate annually by the greater of 2%, CPI, or nominal GDP per capita Ownership 22.5% (22.5% MIP; 55% Cintra) L Length th 12.5km, 12 5k majori
Slide 44: Indiana Toll Road
Indiana Toll Road Concession expiry 29 June 2081 Tolls increase annually on 1 July by the greater of 2%,, % increase of the CPI index g or nominal GDP per capita Tolling State subsidised ‘toll freeze’ for passenger vehicles using ETC scheduled to remain in place until 2016 Ownership 25% (25%
Slide 45: Warnow Tunnel
Warnow Tunnel Concession expiry 15 September 2053 Tolling linked to pre-tax equity IRR – IRR <17%: % tolls mayy rise at a rate higher than inflation Tolling – IRR 17%-25%: tolls linked to inflation – if IRR >25%: tolls remain fixed Toll increases subject to toll application audit dit by b the th
Slide 46: Dividends
4 Di 4. id d Dividends
Slide 47: Dividend framework
Dividend framework MQA declared its first dividend in March 2013 MQA will pass through Eiffarie distributions after addressing corporate requirements: — Meeting corporate expenses (including base and any performance fees paid in cash) — Maintaining a prudent capital reserve Cash flow from Eiffar
Slide 48: MQA dividend
MQA dividend MQA 2H 2013 dividend guidance of 3.3 cents per security Subject to foreign exchange movements and unforeseen events E t to Expect t declare d l i S in t b and September d pay iin early l O t b October 100% foreign dividend from MARIL1 Dividend reconciliation A$m Forecast available
Slide 49: MQA dividend (cont’d)
MQA dividend (cont d) (cont’d) MQA 1H 2013 dividend APRR pays a dividend out of 1H 2012 profit to Eiffarie during December 2012 Eiffarie calculates distribution based on residual cash after tax grouping and debt repayments as at 31 December 2012 MQA to receive Eiffarie distribution ~2.5 months
Slide 50: Cash flow: APRR to MQA shareholders
APRR/Eiffarie Cash flow: APRR to MQA shareholders Cash flow: APRR to MQA shareholders (€m) Eiffarie/FE 1H 2013 APRR dividend A 188 add APRR tax instalments to FE B 125 less Other1 C (18) less Eiffarie net interest D (101) less FE tax payments/provisions E (38) Distributable cash F=A+B–C–D–E 156 less
Slide 51: MQA free cash flow
MQA free cash flow Cash flow: APRR to MQA shareholders FY 2012 APRR free cash flow (€m) 871 Eiffarie net interest (€m) (184) Eiffarie opex1 (€m) (1) Tax grouping (€m) 174 Consolidated free cash flow (€m) 859 MQA’s proportionate share (19.44%) (€m) 167 MQA’s proportionate share in A$ (19.44%)2 (A$m)
Slide 52: Appendix
A di Appendix
Slide 53: Register Analysis
Register Analysis1 Retail 6.24% Macquarie Other Foreign 21.75% 2 I tit ti Institutions 18.45% Lazard 13.51% Other Australian Institutions 40.06% 1. Register data as at 31 July 2013. Substantial notices as of 29 August 2013. For substantial notices prior to 3 July 2012, the % of issued securities sho
Slide 54: MQA statutory accounts
MQA statutory accounts Accounting changes flagged in June ASX release Cessation of hedge accounting for M6 Toll swaps (in late April) and deconsolidation of the M6 Toll group (in early June) have resulted in significant one-off items in the statutory accounts Deconsolidation of M6 Toll group from
Slide 55: MQA statutory accounts
MQA statutory accounts Statutory accounts for 1H 2013 shaped by deconsolidation of the M6 Toll Statutory accounting MQA Q ceased consolidating g the M6 Toll in June 2013 MQA equity accounts its non-controlled assets: APRR, Dulles Greenway, Chicago Skyway, Indiana Toll Road, Warnow Tunnel and, si
Slide 56: Consolidated profit & loss account
Consolidated p profit & loss account Statutory accounts – half year ended 30 June 2013 Non- MQA Total MQA Total MQA controlled half year to half year to A$m Corporate M6 Toll assets 30 June 13 30 June 12 Total revenue and other income 0.2 - - 0.2 0.3 Management fees (8.4) - - (8.4) (7.1) Other opera
Slide 57: Consolidated balance sheet
Consolidated balance sheet Statutory accounts – as at 30 June 2013 Non- MQA Total MQA Total MQA controlled as at as at A$m Corporate M6 Toll assets 30 June 13 31 Dec 12 Current assets 17.2 - - 17.2 62.4 Investments in associates - - 803.0 803.0 702.8 Property, plant and equipment - - - - 746.7 Tolli
Slide 58: Proportionately consolidated performance
Proportionately consolidated performance Actual Pro Forma Actual 6 months ended 6 months ended Change vs 6 months ended A$m 30 Jun 13 30 Jun 121, 2 pcp 30 Jun 122 Operating revenue 354.2 341.5 3.7% 330.8 Operating expenses (94.9) (89.0) 6.6% (85.9) EBITDA from road assets 259.3 252.5 2.7% 244.8 EBIT
Slide 59: MQA cash flow summary
MQA cash flow summary Available cash A$m Distribution from Financière Eiffarie (FE) of Opening balance – 1 January 2013 13.7 €14.6m in March 2013 reflecting final payment Distributions from assets 18.5 from APRR 1H 2012 profit (€8.0m received in US ttax refund f d 31 3.1 September 2012) Interest o
Slide 60: Statutory accounts vs Management Information Report (MIR)
Statutory accounts vs Management Information Report (MIR) St t t Statutory resultlt for f the th period i d P Proportionally ti ll consolidated lid t d financial fi i l performance f M6 Toll results from 1 January 2013 to 4 June 2013 are shown as Aggregation of operating results of proportionate int
Slide 61: Reconciliation
Reconciliation Statutory results to proportionate earnings A$ A$m 6 months th ended d d 6 months th ended d d 30 Jun 13 30 Jun 12 Gain/(loss) attributable to MQA security holders 1,403.0 (75.2) M6 Toll related adjustments included within profit/(loss) from deconsolidated operations1: Non-cash financ
Slide 62: Reconciliation
Reconciliation Cash flow and cash balance A$m $ 6 months ended 6 months ended 30 Jun 13 30 Jun 12 Net statutory operating cash flows 40.9 26.7 M6 Toll related adjustments: T ll revenue received Toll i d (45 4) (45.4) (49 2) (49.2) Interest income received (0.2) (1.5) Net indirect taxes paid 7.9 8.0
Slide 63: Traffic and toll revenue performance
Traffic and toll revenue performance Change Quarter vs pcp Asset 1H 2013 1H 2012 vs pcp Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 APRR Light Vehicle VKT (m) 8 416 8,416 8 373 8,373 0 5% 0.5% (0 2%) (0.2%) (2 0%) (2.0%) (0 6%) (0.6%) (2 5%) (2.5%) 0 5% 0.5% 0 6% 0.6% Heavy Vehicle VKT (m) 1,604 1,630
Slide 64: Traffic and toll revenue performance
Traffic and toll revenue performance Change Quarter vs pcp Asset 1H 2013 1H 2012 vs pcp Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Chicago Skyway Av All Day Traffic 37 837 37,837 39 290 39,290 (3 7%) (3.7%) (0 7%) (0.7%) 1 1% 1.1% 0 4% 0.4% 0 7% 0.7% (2 4%) (2.4%) (4 8%) (4.8%) Av Daily Toll Rev (US$
Slide 65: Proportionate earnings – by asset
Proportionate earnings – by asset A t l Proportionate Actual P ti t Earnings E i lit for split f 6 months th ended d d 30 June J 2013 Dulles Chicago Indiana Warnow Total A$m APRR1 Greenway M6 Toll Skyway Toll Road Tunnel Operating revenue 252.2 18.2 47.9 8.3 23.8 3.8 354.2 Operating expenses (74 8)
Slide 66: Debt maturity profile of assets
Debt maturity profile of assets As at 30 Jun 131 2H 2013 2014 2015 2016 2017 2018 2019 2020 2021+ APRR/Eiffarie €m - 865.3 1,345.8 1,250.3 4,062.8 1,211.0 579.2 4.4 218.1 Dulles Greenway US$m - 52.8 53.2 50.7 47.8 36.8 35.2 18.6 693.4 M6 Toll £m - - 1,010.9 - - - - - - Chicago Skyway US$m 10.3 19.1
Slide 67: Asset debt metrics
Asset debt metrics1 Net Debt/ EBITDA/ As at 30 Jun 13 Gross Debt Cash Net Debt EBITDA Interest DSCR Lock-Up Hedging APRR/Eiffarie2 €m 10,110.0 903.6 9,206.4 6.40x n/a 2.14x 1.60x 103.6% − APRR €m 7,438.2 671.1 6,767.1 4.70x 4.06x n/a n/a n/a − Eiffarie €m 2,671.8 232.5 2,439.3 n/a n/a 2.38x n/a n/a
Slide 68: Asset debt ratings
Asset debt ratings Rating Rating Agency Rating since1 APRR2 BBB- Standard and Poor’s June 2009 BBB+ Fitch October 2012 Dulles Greenway3 BBB- Standard and Poor’s September 2009 Ba1 Moody’s June 2011 BB+ Fitch April 2013 Chicago Skyway4 AA- Standard and Poor’s Poor s November 2011 A2 Moody’s January 2
Slide 69: Foreign exchange rates
Foreign exchange rates As at Spot foreign exchange rates 28 June 13 Euro 0.7030 Pound Sterling 0.6017 United States Dollar 0.9151 The spot exchange rates in this table are the exchange rates that have been applied to the translations of proportionate net debt as at 30 June 2013. Quarter ended Quarte
Slide 70: Eiffarie term loan facility – key terms
APRR/Eiffarie Eiffarie term loan facility – key terms Item Terms Facility amount €2.765bn Maturity February 2017 Margin 300bps Step-up Year 4: 50bps Year 5: 50bps Interest period Six months Cash sweep Years 1–3: 25% Year 4: 75% Year 5: 100% Subject to a minimum cash sweep − Details can be found f
Slide 71: Eiffarie minimum cash sweep
APRR/Eiffarie Eiffarie minimum cash sweep Year Period end Minimum cash sweep (€m) 2012 June 14 December 30 2013 June 47 December 44 2014 June 53 December 46 2015 0 5 June Ju e 161 6 December 153 2016 June 243 December 114 70
Slide 72: APRR revolving credit facility – key terms
APRR/Eiffarie APRR revolving credit facility – key terms Item Terms Facility amount €0.720bn Maturity February 2017 Margin 150bps Step-up 50bps if APRR is rated non-investment grade by S&P, Moody’s or Fitch Utilisation fee 50bps p.a. on total drawn facility amount Commitment fee 35% of margin Financ
Slide 73: Macro factors: Fuel deliveries
Macro factors Fuel deliveries Fuel consumption trends between France, US and UK have diverged since 2008 Motor vehicle fuel deliveries1 105 100 95 90 85 Dec 03 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 France US UK Sources France: Union Française des Industries Pétrolières US: U
Slide 74: Macro factors: Real wages
Macro factors Real wages UK consumer purchasing power has steadily declined since 2008 Real wages1 105 100 95 90 85 Dec 03 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 France US (Private) UK (CPI Adj.) UK (RPI Adj.) Sources France: INSEE US: US Bureau of Labour Statistics UK: UK Of
Slide 75: European economic sentiment indicator
APRR/Eiffarie European economic sentiment indicator European economic sentiment has been trending up since late 2012 European Economic Sentiment Indicator1,2 120 HGV decline commences 110 100 90 Improving HGV 80 outlook 70 60 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 E
Macquarie Atlas Roads — Investor Presentation (September 2013) on 6ix