Transurban Group Ltd. · ASX:TCL
Transurban — Investor Day (March 2011)
90 slides from Transurban's investor day presentation, Mar 28, 2011
Slide 1: ASX Release: Investor Presentation
asx release 28 March 2011 Investor Presentation Please find attached a presentation which will be provided at a Transurban investor day today. A recording of this presentation will be uploaded to the Transurban website www.transurban.com following completion of the presentation. Amanda Street Compan
Slide 2: Transurban 2011 Investor Day
TRANSURBAN 2011 INVESTOR DAY 28 MARCH 2011
Slide 3: 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 4: Introduction
INTRODUCTION WESLEY BALLANTINE – GM INVESTOR RELATIONS, MEDIA AND GOVERNMENT
Slide 5: Evacuation Plan
EVACUATION PLAN Bcuir LEY — EVACUATION DIAGRAM RL Bhi DIO ASS HS, > Res
Slide 6: Agenda
AGENDA TIME PRESENTATION SPEAKER Wesley Ballantine 9:30am Introduction, safety and logistics GM Investor Relations, Media and Government Chris Lynch 9:35am Strategy and corporate overview Chief Executive Officer Elizabeth Mildwater 10:00am Victorian market update Group GM, Victoria 10:45am Break And
Slide 7: Strategy and Corporate Overview
STRATEGY AND CORPORATE OVERVIEW CHRIS LYNCH – CHIEF EXECUTIVE OFFICER
Slide 8: Strategy
STRATEGY NO CHANGE – FOCUS ON IMPLEMENTATION Diagrammatic depiction rather than actual depiction of incremental value / cash flow benefits 6
Slide 9: TCL Investment Proposition
TCL INVESTMENT PROPOSITION Proven VOLUME GROWTH Strong free cash growth PRICE INCREASES at CPI or better COST BASE that can be leveraged EBITDA CAGR of 10.8% over last 3 Robust balance sheet of 2.7x interest years Premium ASX defensive exposure cover ratio Fully cash backed distributions Track r
Slide 10: Asset Snapshot
ASSET SNAPSHOT STRONG EBITDA GAINS ACROSS PORTFOLIO HALF ENDED 31 DECEMBER 2010 • CityLink delivers % OF PROP TRAFFIC TOLL REVENUE EBITDA double digit growth on TOLL REVENUE GROWTH (%) GROWTH (%) GROWTH (%) all measures 48.8% CityLink 11.4% 15.4% 14.4% 16.6% Hills M2 1.9% 3.5% 6.3% 5.2% 6.0% N/A N/A
Slide 11: Free Cash Flow
FREE CASH FLOW 16.6% INCREASE, DISTRIBUTION GUIDANCE CONFIRMED DISTRIBUTION 31 DEC 10 31 DEC 09 % FREE CASH FLOW change ($M) ($M) Free cash 188.1 161.3 16.6 Free cash per security (cents) – 13.1 12.5 4.8 securities on issue • Distribution guidance for FY11 confirmed to be at least 26 cents per secur
Slide 12: Organisational Structure
ORGANISATIONAL STRUCTURE Chris Lynch Chief Executive Officer Ken Daley Samantha Hogg Tom Honan Michael Kulper Elizabeth Mildwater President, Andrew Head Group GM, Chief Financial President, North Group GM, VIC International Group GM, NSW Corporate Services Officer America Development 10
Slide 13: Delivering
DELIVERING • Growth pipeline delivering • FY2011 benefits are being realised • M2 Upgrade construction has commenced • Capital Beltway construction progressing well • M5 widening discussions ongoing * Proportional toll revenue excluding the M4 11
Slide 14: Victoria Market Update
VICTORIA MARKET UPDATE ELIZABETH MILDWATER, GROUP GENERAL MANAGER VICTORIA
Slide 15: Agenda
AGENDA 1. Safety 2. CityLink Overview 3. Performance 4. M1 Upgrade 5. Ongoing activities 13
Slide 16: Last Saturday
transurban LAST SATURDAY
Slide 17: Safety First
SAFETY FIRST • M1 Upgrade - 1,000,000 man hours of construction work completed with ZERO LTIs • On Southern Link outbound, the monthly accident rate has decreased 64% post construction • Safety improvements have come from • Congestion reduction • Lane use management signs • Ramp metering • Dynamic c
Slide 18: CityLink Overview
CITYLINK OVERVIEW KEY INFRASTRUCTURE FOR MELBOURNE • 22km motorway • 2 state-of-the-art tunnels each with 3 lanes • Fully opened December 2000 • Concession until 2034 • 100% electronically tolled • Key facts • Over 250 million transactions annually with highest daily of 936,000 reached recently • 1.
Slide 19: Victoria P&L Results
VICTORIA P&L RESULTS 1st HALF 2011 RESULTS HIGHLIGHTS – P&L AND TRAFFIC HIGHLIGHTS PROFIT AND LOSS 31 DEC 10 31 DEC 09 31 DEC 10 % CHANGE ($M) ($M) Traffic Revenue Traffic Growth (Half Year) 11.4%1 Toll Revenue 217.9 193.5 1 12.6% Traffic Growth (Quarter) 12.8%1 Fee and other revenue 20.4 18.3 11.5%
Slide 20: Victoria P&L Results
VICTORIA P&L RESULTS 1st HALF 2011 RESULTS HIGHLIGHTS – P&L AND TRAFFIC CITYLINK TOLL REVENUE GROWTH ANALYSIS CITYLINK TRAFFIC GROWTH 18% 4.5% 15.4% ADT GROWTH – 1ST HALF – FY11 VERSUS FY10 16% 0.0% (0.6%) (0.0%) % increase 14% 11.4% Western Link inbound 6.4% 12% 10% Western Link outbound 8.5% 8% Do
Slide 21: M1 Upgrade Overview - Recap
M1 UPGRADE OVERVIEW - RECAP BENEFITS OF THE UPGRADE • Capacity improvement • Traffic volumes • Revenue • Investor value • Travel times • Safety 19
Slide 22: M1 Upgrade Scope and Completion Dates
M1 UPGRADE OVERVIEW – SCOPE AND COMPLETION DATES Westgate Freeway Southern Link Upgrade Complete Outbound – Complete 14 Dec 2009 Westgate Freeway Burnley Tunnel 3rd Lane entry opened 26 Aug 2010 Upgrade incl additional ramps Inbound – Complete 3rd Oct 2010 and lane redesign Southern Link Upgrade Add
Slide 23: West Gate Freeway and CityLink Tunnels
M1 UPGRADE WEST GATE FREEWAY AND CITYLINK TUNNELS 1. Exit off Bolte Bridge to 2. West Gate Freeway 3. Burnley Tunnel West Gate Freeway entrance and Burnley Tunnel Domain tunnel to West Gate Freeway 21
Slide 24: Bolte Bridge - West Gate Freeway Interchange
M1 UPGRADE BOLTE BRIDGE – WEST GATE FREEWAY INTERCHANGE • Three dedicated lanes exit Bolte Bridge: • West Gate Freeway Westbound • Burnley Tunnel • Kings Way and city centre • Removed need for weaving • Traffic growth on Western Link impacting traffic on Bolte Bridge 22
Slide 25: West Gate Freeway
M1 UPGRADE WEST GATE FREEWAY • Weaving reduced along West Gate Freeway • Dedicated lanes allowing free flow traffic 23
Slide 26: CityLink Tunnels
M1 UPGRADE CITYLINK TUNNELS A B • Three lanes now enter Burnley Tunnel from the West Gate Freeway (previously 2) • Burnley Tunnel entrance from the CBD moved from A to B above • Ramp metering on Kings Way entrance monitors traffic flow in tunnels • Westbound traffic has dedicated lanes exiting the t
Slide 27: Southern Link Upgrade
M1 UPGRADE SOUTHERN LINK UPGRADE DOMAIN TUNNEL ENTRANCE BURNLEY TUNNEL EXIT • Four lanes in each direction east of the CityLink Tunnels 25
Slide 28: Freeway Management System
M1 UPGRADE FREEWAY MANAGEMENT SYSTEM 26
Slide 29: Travel Time Savings Southern Link Westbound
Travel Time (mm:ss) 12:30 20:00 22:30 10:00 15:00 17:30 25:00 5:00 0:00 2:30 7:30 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 SOUTHERN Feb-08 Mar-08 M1 UPGRADE Apr-08 May-08 Jun-08 Jul-08 Aug-08 SouthernLink/West Sep-08 Oct-08 Nov-08 LINK / WEST GATE Dec-08 SouthernLink Inbound Jan-09 Feb-09 Ma
Slide 30: Benefits Delivering as Expected
M1 UPGRADE BENEFITS DELIVERING AS EXPECTED Actual traffic growth 16% • Growth strong over past 12 months, in 14% 12% line with expectations • 10% 8% Reaffirms expected 7% uplift by 2016 6% 4% • Moving to a sustainable growth profile 2% 0% Dec Jul (2%) (4%) FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 7%
Slide 31: Southern Link - Additional Works Continue
M1 UPGRADE - SOUTHERN LINK ADDITIONAL WORKS CONTINUE – THE FINAL PIECES • Works associated with Southern Link original scope are complete • Under road strengthening works are ongoing with no impact on traffic. • Final asphalting works to be undertaken - to fit around peak periods using the Freeway M
Slide 32: Melbourne: Broader Government Plans
MELBOURNE BROADER GOVERNMENT PLANS 30
Slide 33: Conclusion
CONCLUSION • M1 Upgrade works are substantially complete • Benefits are delivering as expected • moving towards sustainable growth profile • Freeway Management System (FMS) improving • Congestion • Safety • Driver experience • Travel times • Next steps – consideration of Western Link improvements in
Slide 34: NSW Market Update
NSW MARKET UPDATE ANDREW HEAD, GROUP GENERAL MANAGER NSW
Slide 35: Agenda
AGENDA 1. Safety 2. NSW overview 3. Performance 4. M2 Upgrade 5. LCT Integration 6. M5 Widening 7. Future development of the Sydney orbital network 33
Slide 36: Safety
SAFETY • Constructors on the M2 Upgrade project have reached 80,000 man hours with no Lost Time Injuries (LTI) • Hills M2 will reach 5 years LTI free in April 2011 34
Slide 37: NSW Overview
NSW OVERVIEW MANAGING THE SYDNEY ORBITAL • Ownership interest in 5 toll road assets • Hills M2 (100%) • Lane Cove Tunnel (100%) • M1 Eastern Distributor (75.1%) • Westlink M7 (50%) • M5 (50%) • Ownership and operation of two tolling brands • Roam • Roam Express • Mixture of fully electronic tolling
Slide 38: NSW P&L Results
NSW P&L RESULTS 1st HALF 2011 RESULTS HIGHLIGHTS – P&L AND TRAFFIC TRAFFIC AND REVENUE GROWTH PROFIT AND LOSS TRAFFIC REVENUE 31 DEC 10 31 DEC 09 31 DEC 10 % CHANGE GROWTH (%) GROWTH (%) ($M) ($M) Traffic and revenue Revenue growth Toll Revenue 223.3 216.5 3.1% Hills M2 1.9% 3.5% Fee and other reven
Slide 39: M2 Upgrade Scope of Works
M2 UPGRADE CONSTRUCTION COMMENCED – SCOPE OF WORKS M2 UPGRADE – SCOPE OF WORKS IPA AWARD Herring Rd / Christie Rd Ramps Western Central Eastern Zone Zone Zone Tunnel Zone Windsor Rd Ramps 37
Slide 40: M2 Upgrade Forecast Uplift
M2 UPGRADE FORECAST UPLIFT • M2 Upgrade – commenced construction January 2011 • Disruption to revenue during construction allowed for in business case and partially offset by additional revenue from early opening of new ramps • Contractor incentives to minimise disruption No Project With Project (in
Slide 41: M2 Upgrade Timing and Impact of Works
M2 UPGRADE TIMING AND IMPACT OF WORKS WORKS (INDICATIVE TIMING) FY11 H2 FY12 H1 FY12 H2 FY13 H1 FY13 H2 • Disruption to revenue during construction allowed for in business Windsor Rd Ramps Open case Herring Rd /Christie Rd Ramps Open Other Zones Open INDICATIVE TIMING OF TRAFFIC IMPACT Q3 FY11 Q4 FY
Slide 42: LCT Integration: EBITDA Margin Delivered
LCT INTEGRATION EBITDA MARGIN DELIVERED • Transurban reduced the cost base of Lane CHANGE IN LANE COVE TUNNEL EBITDA MARGIN Cove Tunnel • Reduction in salary costs • Review of maintenance capital expenditure • Reduction in administration costs • Renegotiation of operations and maintenance contract •
Slide 43: LCT Integration: Strong Traffic Growth
LCT INTEGRATION STRONG TRAFFIC GROWTH LCT/MRE HISTORICAL AADT FY08 Q1 52,250 • Strong growth continued at both toll points since Q2 56,422 TCL acquired asset Q3 57,643 Q4 59,641 • Traffic impact expected on LCT from M2 Upgrade FY09 Q1 59,847 construction Q2 60,661 Q3 60,471 • No works occurring at m
Slide 44: M2 - LCT Corridor Traffic Flow
M2 – LCT CORRIDOR TRAFFIC FLOW – EASTBOUND M2 M2 Toll Plaza 34% WM7 66% M2 30% WM7 70% M2 Lane Cove Tunnel Legend Traffic Originating From: 24% WM7 WM7 M2 36% M2 Lane Cove 40% Lane Cove 42
Slide 45: M5 Widening: Focus on Upgrade
M5 WIDENING FOCUS ON UPGRADE • Interlink Roads (ILR) has submitted two proposals to the RTA • Pre Commitment Agreement (PCA) signed with RTA in August 2010 • includes provision of development cost reimbursement • Environmental Assessment (EA) went on public exhibition in September 2010 • Widening bu
Slide 46: M5 Widening: Focus on Upgrade
M5 WIDENING FOCUS ON UPGRADE • Commitment from incoming Coalition Government to complete negotiations and fast track the project • M5 widening part of Coalition‟s „Contract‟ with NSW people 44
Slide 47: Westlink M7 Strong Demographic Growth
WESTLINK M7 STRONG DEMOGRAPHIC GROWTH • August 2009 - NSW Government to rezone 800 hectares within the Western Sydney Employment Area (WSEA) • capacity for up to 16,500 jobs Erskine Park Link Rd • Expected to eventually accommodate ~ 40,000 workers • Strong take up of vacant land continues along M7
Slide 48: Future Development of Sydney Orbital Network
SYDNEY FUTURE DEVELOPMENT OF SYDNEY ORBITAL NETWORK “A NSW Liberals & Nationals Government F3-M2 will commence one of Sydney‟s major missing road links in our first term of Government with the appropriate project to be identified by M4 East Infrastructure NSW” Source: NSW Liberals & Nationals Conges
Slide 49: Conclusion
CONCLUSION • M2 Upgrade currently the focus of development works • Progressing well • M5 widening – business case is strong, discussions with new State Government now required • Lane Cove Tunnel an integral part of the network • Further network opportunities possible • Strong half year result despit
Slide 50: US Market Update
US MARKET UPDATE MICHAEL KULPER, PRESIDENT NORTH AMERICA
Slide 51: Pocahontas Update
transurban = _ POCAHONTAS UPDATE
Slide 52: Pocahontas 895
POCAHONTAS 895 FOCUSSED ON COST REDUCTION AND REVENUE ENHANCEMENT SNAPSHOT OF FINANCIAL RESULTS • Peak pricing toll increased 7 Feb 31 DEC 10 (1st Half FY2011) GROWTH (%) * 2011 Traffic growth 2.9% • $0.25 car increase peak hours (6- Revenue growth (USD) 1.5% 9am, 3-6pm ) EBITDA growth (USD) 178.7%
Slide 53: Asset Enhancements: Richmond Airport Connector
ASSET ENHANCEMENTS RICHMOND AIRPORT CONNECTOR • 1.6 miles long, 4 lane project • Opened 2 months early • 6% under budget • Outstanding safety record • 668 days without a lost time incident • Financed with concessional TIFIA loan • Adding Value to travellers • Trip to the airport shortened by up to 1
Slide 54: I-95 Project Update
transurban = _ I-95 PROJECT UPDATE
Slide 55: Project Timeline
PROJECT TIMELINE I-95 HISTORY February - New scope and enviro. process announced Virginia Legislature Interim January - approves transport (Development) Environmental funding package Agreement Clearance Signed Achieved Arlington Fluor – TCL preferred withdraws lawsuit Environment August - Lawsuit de
Slide 56: Project Rationale
PROJECT RATIONALE • Second leg of Northern Virginia HOT Lane network – links directly into Capital Beltway HOT Lanes • Solves problems that commuters will pay for • Congestion relief • Access to activity centres • Attractive corridor characteristics • Lack of alternate routes • Favourable demographi
Slide 57: Project Scope
PROJECT SCOPE CONTINUING OUR US FOOTPRINT
Slide 58: Project Scope
PROJECT SCOPE CONTINUING OUR US FOOTPRINT Existing HOV service; 30-miles, 2 reversible lanes
Slide 59: Project Scope
PROJECT SCOPE CONTINUING OUR US FOOTPRINT Existing HOV service; 30-miles, 2 reversible lanes Add 3rd lane for 14 miles and improve existing HOV lanes
Slide 60: Project Scope
PROJECT SCOPE CONTINUING OUR US FOOTPRINT Existing HOV service; 30-miles, 2 reversible lanes Improve existing HOV lanes; 6 miles Add 3rd lane for 14 miles and improve existing HOV lanes
Slide 61: Project Scope
PROJECT SCOPE CONTINUING OUR US FOOTPRINT Existing HOV service; 30-miles, 2 reversible lanes Improve existing HOV lanes; 6 miles Add 3rd lane for 14 miles and improve existing HOV lanes Construct 9 mile extension; 2 reversible lanes
Slide 62: Project Scope
PROJECT SCOPE CONTINUING OUR US FOOTPRINT 8 new access points Existing HOV service; 30-miles, 2 reversible lanes Improve existing HOV lanes; 6 miles Add 3rd lane for 14 miles and improve existing HOV lanes Construct 9 mile extension; 2 reversible lanes
Slide 63: Outlook
OUTLOOK • Governor, Transportation Secretary on record supporting project and public funding requirement • A meaningful public funding contribution will be required • Regulatory process now in train • VDOT has indicated a desire to commence construction in 2012 • Negotiation of contract terms and fi
Slide 64: Capital Beltway HOT Lanes Project Update
CAPITAL BELTWAY HOT LANES PROJECT UPDATE KEN DALEY, PRESIDENT INTERNATIONAL DEVELOPMENT
Slide 65: Safety Focus
SAFETY FOCUS ORANGE CONES NO PHONES SIGNAGE • Award-winning Transurban safety campaign aimed at curbing distracted driving in construction work zone, addressing top safety issue • Partnership with AAA, law enforcement and other key stakeholders On-road signage reaches Beltway drivers in the construc
Slide 66: Capital Beltway: The Project
CAPITAL BELTWAY THE PROJECT • Construction of 14 miles of electronically tolled HOT lanes between the Springfield Interchange and north of the Dulles Toll Road • Two new lanes in each direction, increasing the number of lanes to 12 • Upgrades to 11 interchanges involving 53 bridges and a „fifth leve
Slide 67: Capital Beltway: The Project
CAPITAL BELTWAY THE PROJECT 65
Slide 68: Capital Beltway: The Project
CAPITAL BELTWAY THE PROJECT • Transurban is the supplier of the tolling and traffic management system as a subcontractor • Multi lane free flow tolling similar to Melbourne CityLink architecture • Advanced traffic monitoring and incident management • All vehicles required to have a tag • Toll prices
Slide 69: Capital Beltway: The Project
CAPITAL BELTWAY THE PROJECT • Major construction on a route Response to the question – “Which one of the following carrying 200,000 vehicles per day issues do you view as the biggest problem you face living in the Greater Washington, DC area?” • Market research provides a guide to 60 acceptance of t
Slide 70: Capital Beltway HOT Lanes Regional Economics
CAPITAL BELTWAY HOT LANES REGIONAL ECONOMICS 68
Slide 71: Capital Beltway: Location
CAPITAL BELTWAY LOCATION • The Capital Beltway was constructed in 1964, widened in 1977 • The Beltway provides a vital link in the region‟s surface transportation network • Daily traffic on the Northern Virginia segment of the Beltway has tripled since it was expanded in 1977 • Severe congestion is
Slide 72: Washington Regional Status: Population and Employment
WASHINGTON REGIONAL STATUS POPULATION AND EMPLOYMENT WASHINGTON DC AND SURROUNDING COUNTIES • Washington population (2010) was 6.6 million providing employment for 3.9 million • MWCOG 2010 forecasts show strong growth over the planning horizon MILLIONS 2025 2040 Population 7.8 8.6 Employment 4.8 5.5
Slide 73: Washington Regional Status: Wealth
WASHINGTON REGIONAL STATUS WEALTH • Average annual Gross Regional Product (GRP) growth of 5.3% since 1990 • 2009 GRP of $443billion which has doubled in the last 12 years • Second highest GRP per capita in the US ($71,323 in 2009) behind San Francisco • Washington is the fifth largest regional econo
Slide 74: Washington Regional Status: Congestion
WASHINGTON REGIONAL STATUS CONGESTION - WORST IN THE US Urban Area Yearly Delay Travel Time Excess Fuel per Congestion per Auto Index Auto Commuter Cost per Auto Commuter Commuter Hours Rank Value Rank Gallons Rank Dollar Rank s Very Large Average (15 areas) 50 1.26 39 1,166 Washington DC-VA-MD 70 1
Slide 75: Fairfax County: Specific Demographics
FAIRFAX COUNTY SPECIFIC DEMOGRAPHICS HOUSEHOLD WEALTH Fairfax County: United States United States $50, 221 $50, 221 • has a population of over 1 million people and the County budget is larger than that of 8 Fairfax $102,499 States Fairfax Rank: 2 $102,499 Rank: 2 • is home to 4,000 technology compan
Slide 76: Traffic Profile
TRAFFIC PROFILE NORTH OF DULLES TOLL ROAD - SB 80 • Average speeds have declined over 70 60 recent years Speed (mph) 50 2006 40 2007 • Speeds during the peak periods 30 2008 20 2009 regularly drop to or below 30-40 mph 10 2010 0 2 AM 4 AM 6 AM 8 AM 2 PM 4 PM 6 PM 8 PM 12 AM 10 AM 12 PM 10 PM • Avera
Slide 77: Traffic Profile: Northbound Travel Times
TRAFFIC PROFILE NORTHBOUND TRAVEL TIMES (2004) • High traffic volumes result in low 70 speeds, slow travel, and 60 significant delays in peak periods 50 • Significant delays are Miles per Hour 40 experienced for 2-3 hours in peak 30 periods each weekday Springfield Interchange 20 Dulles Toll Road •
Slide 78: Traffic & Revenue Update
TRAFFIC & REVENUE UPDATE • Traffic and revenue study completed prior to Financial Close in 2007 / 2008. Original study completed by Stantec (managed by Transurban) and audited by Arup • MWCOG released updated regional land use forecasts in late 2010 • these inputs are being used to complete an updat
Slide 79: Capital Beltway HOT Lanes Construction Progress Update
CAPITAL BELTWAY HOT LANES CONSTRUCTION PROGRESS UPDATE 77
Slide 80: Construction Update
CONSTRUCTION UPDATE • Design Build Contractor and Independent Engineer forecasting „on time & on budget‟ completion. DB contract now more than 60% complete. • There are no Design Builder claims against the Project company • All design is complete and „approved for construction‟ drawings issued • All
Slide 81: Construction Update
CONSTRUCTION UPDATE The 2010 Construction season was a big year • One lost time injury – the second on the project in over 4.5 million man hours worked • Over 35,000 cubic m of concrete • 250,000 tons of asphalt • 4,200 tons of steel erected • 42,000 square m of retaining walls • 10,000 linear m of
Slide 82: The Project View
transurban THE PROJECT VIEW 80
Slide 83: The Project View
transurban THE PROJECT VIEW 81
Slide 84: SR91 Express Case Study
transurban = _ SR91 EXPRESS CASE STUDY
Slide 85: SR91 Express Lanes
SR91 EXPRESS LANES SR91 Express • The SR91 facility links the counties of Riverside and Orange in California • The SR91 is a 10 mile HOT lane system that has 2 tolled lanes in each direction • The HOT Lanes were opened to the public in December 1995 • Free flow tolling approaches are used to elimina
Slide 86: SR91 Catchment Demographics
SR91 CATCHMENT DEMOGRAPHICS Household Wealth • The SR91 is predominantly seen Annual Unemployment Rates as a commuter route between United UnitedStates $50, States 16 $50,221 221 Riverside and Orange counties 14 Riverside Unemployment Rate (%) 12 • Riverside $55,352 A comparison between the SR91 $55
Slide 87: SR91 Traffic and Revenue Growth
SR91 TRAFFIC AND REVENUE GROWTH $60 16 • The SR91 has shown strong and $50 14 Annual Operating Revenue (Millions) 12 sustained growth in both trips Annual Trips (millions) $40 10 and revenue throughout $30 8 6 • Through the „great recession‟ of $20 4 $10 2008 and 2009 trips and 2 revenues declined m
Slide 88: SR91 Toll Rate Growth
SR91 TOLL RATE GROWTH Average Revenue per Vehicle • Average revenue per vehicle $4.00 Average Revenues per Vehicle has generally continued to $3.50 climb since the SR91 opened, $3.00 $2.50 with only brief periods of flat or $2.00 minor negative growth $1.50 • Average toll per vehicle has $1.00 $0.50
Slide 89: Conclusion
CONCLUSION Construction • Construction progressing well – more than 60% complete • No regulatory or permit requirements outstanding to complete build • Key subcontracts – tolling technology and Operations Centre on time and budget Demographics • Region has shown resilience through economic downturn
Slide 90: • Click to edit Master text styles − Second level
• Click to edit Master text styles − Second level > Third level 88