Slide 1: Transurban 2011 Full Year Results
For personal use only TRANSURBAN 2011 FULL YEAR RESULTS 4 August 2011
Slide 2: Disclaimer
DISCLAIMER For personal use only This publication is prepared by the Transurban Group comprising Transurban Holdings Limited (ABN 86 098 143 429), Transurban Holding Trust (ARSN 098 807 419) and Transurban International Limited (ARBN 121 746 825). The responsible entity of Transurban Holding Trust i
Slide 3: TCL Investment Proposition
TCL INVESTMENT PROPOSITION For personal use only Proven volume growth Strong free cash growth Price Increases at CPI or better Cost Base that can be leveraged EBITDA CAGR of 11.2% over last 3 Robust balance sheet with 2.8x interest years Premium ASX defensive exposure cover ratio Fully cash back
Slide 4: Agenda
AGENDA For personal use only 1. Highlights and corporate update 2. Financial results 3. Financing 4. Asset review 5. Conclusion 6. Appendices Investor and media enquiries: Wesley Ballantine +61 3 8656 8904 3
Slide 5: Highlights
HIGHLIGHTS For personal use only Outstanding safety Safety improvements p. 6 Underlying free cash growth 12.3% annual growth p. 21 M2 Upgrade and Capital Growth pipeline delivering Beltway on track p.10 Declared full year distribution of 12.5% distribution 27 cents growth in FY11 p. 7 4
Slide 6: Organisational Improvement Continues
CORPORATE UPDATE For personal use only ORGANISATIONAL IMPROVEMENT CONTINUES 5
Slide 7: Safety: Embedding a Culture of Safety
SAFETY For personal use only EMBEDDING A CULTURE OF SAFETY • AS 4801 achieved in October 2010 • 68% decrease in LTIFR1 across operating business in FY11 – Reduced from 3.64 to 1.17 • Outstanding construction safety record: – Over three million man hours worked during FY11 – FY11 construction LTIFR 0
Slide 8: Distribution Growth
DISTRIBUTION GROWTH For personal use only 12.5% INCREASE IN FULL YEAR DISTRIBUTION • Final distribution of 14 cents DISTRIBUTIONS • Total FY11 distribution of 27 cents • Second year of robust distribution growth • FY12 distribution guidance of at least 29 cents ACTUAL FORECAST 7
Slide 9: Asset Lifecycle: Components of Growth
ASSET LIFECYCLE For personal use only COMPONENTS OF GROWTH • Portfolio provides diversified sources of 4. Negotiated transactions revenue growth – not all capital intensive 3. Asset enhancements • Traffic growth on all TCL assets in FY11 with benefits of disciplined investment starting to take effec
Slide 10: Asset Lifecycle: TCL Australian Portfolio Continued Growth
ASSET LIFECYCLE TCL AUSTRALIAN PORTFOLIO – CONTINUED GROWTH For personal use only • TCL portfolio diversified mix of asset lifecycle stages • Data shows long term growth potential well after ‘ramp up’ Refer to Appendix 3, page 71 for indexed growth chart. All percentages presented on chart represent
Slide 11: Delivering
DELIVERING For personal use only • Growth pipeline delivering – FY11 benefits realised – M2 Upgrade construction has commenced - 25% complete – CBE construction progressing well - >70% complete – M5 widening discussions ongoing ** * Proportional toll revenue excluding the M4 10 ** Subject to reachin
Slide 12: Financial Results
For personal use only FINANCIAL RESULTS TOM HONAN – CHIEF FINANCIAL OFFICER
Slide 13: Statutory Results
STATUTORY RESULTS For personal use only • Net profit $118.2 million (2010: $59.6 million profit) - 98.2% • Toll revenue $724.1 million (2010: $684.4 million) - 5.8% • Fee and other road revenue $75.1 million (2010: $66.7 million ) - 12.6% • EBITDA (statutory basis) $603.9 million (2010: $527.5
Slide 14: Statutory Results: Income Statement
STATUTORY RESULTS For personal use only INCOME STATEMENT YEAR ENDED 30 JUNE 2011 30 JUNE 11($M) 30 JUNE 10($M) % CHANGE Toll revenue 724.1 684.4 5.8 Fee and other revenue 75.1 66.7 12.6 Construction revenue 220.0 46.8 370.1 Business development and other revenue 17.3 19.3 (10.4) Total revenu
Slide 15: Proportional Result
PROPORTIONAL RESULT For personal use only YEAR ENDED 30 JUNE 2011 30 JUNE 11($M) 30 JUNE 10($M) % CHANGE Toll revenue 891.0 809.7 10.0 Fee revenue 62.8 59.5 5.5 Other revenue 11.8 11.1 6.3 Total revenue 965.6 880.3 9.7 Operating costs (214.6) (208.4) (3.0) Business development costs (12.4)
Slide 16: Asset Snapshot
ASSET SNAPSHOT For personal use only OUTSTANDING TRAFFIC GROWTH ACROSS PORTFOLIO • CityLink delivered 8.8% growth primarily driven by the Southern Link Upgrade • M2 and LCT impacted by construction in second half (per M2 Upgrade business case) % OF PROP TOLL REVENUE ASSET TRAFFIC GROWTH (%) EBITDA G
Slide 17: Toll Revenue Growth
TOLL REVENUE GROWTH For personal use only CITYLINK LEADING GROWTH IN TOLL REVENUE • CityLink - Southern PROPORTIONAL TOLL REVENUE GROWTH 1 JULY 10 TO 30 JUNE 11 Link Upgrade driving toll revenue growth 900.0 51.7 891.0 • LCT more than 880.0 offsetting loss of M4 860.0 Concession 7.6 $ 'Millions 840.
Slide 18: CityLink Upgrade Delivering
CITYLINK UPGRADE DELIVERING For personal use only TRAFFIC UPLIFT POST-CONSTRUCTION, EXTRA LANE IMPACT PROPORTIONAL TOLL REVENUE GROWTH • New capacity on 1 JULY 2010 TO 30 JUNE 2011 CityLink estimated to 900.0 51.7 891.0 deliver more than $16 880.0 million in additional toll 860.0 revenue in FY11 – t
Slide 19: Cost Control: EBITDA Growth
COST CONTROL For personal use only CONTINUING COST CONTROL EBITDA GROWTH • Underlying EBITDA 1 JULY 2010 TO 30 JUNE 2011 grew 13.1% 750.0 • EBITDA growth 730.0 81.3 4.0 4.6 0.3 718.7 710.0 (3.0) enhanced by continued (3.2) (0.6) cost discipline $ 'Millions 690.0 Continuing cost control • 670.0 Conti
Slide 20: Cost Control: Nominal Flat Cost
COST CONTROL For personal use only NOMINAL FLAT COST DIRECT COST MOVEMENT • Total revenue increased 1 JULY 2010 TO 30 JUNE 2011 by $85 million in FY11 300.0 with direct costs 290.0 nominally flat 8.0 280.0 (18.8) 4.6 0.3 270.0 264.8 9.5 (3.0) 266.1 • Successful Lane Cove (1.9) $ 'Millions 260.0 Tunn
Slide 21: Free Cash Flow
FREE CASH FLOW For personal use only 12.5% INCREASE IN DISTRIBUTIONS DISTRIBUTIONS 30 JUNE 11 30 JUNE 10 % FREE CASH FLOW change ($M) ($M) Underlying free cash 390.4 347.5 12.3 Underlying free cash per security (cents) – securities on issue at 27.0 24.6 9.8 year end Refer to slide 49 for free cash c
Slide 22: Growth in Underlying Free Cash
GROWTH IN UNDERLYING FREE CASH For personal use only TOLL REVENUE DRIVING INCREASE IN FREE CASH UNDERLYING FREE CASH GROWTH • 10.0% growth in toll 1 JULY 2010 TO 30 JUNE 2011 revenue driving free 430.0 420.0 cash 410.0 • Increase in net 400.0 49.0 37.3 390.4 390.0 $ 'Millions interest paid 380.0 pri
Slide 23: Reconciliation of Free Cash
RECONCILIATION OF FREE CASH For personal use only EBITDA GROWTH TRANSLATING INTO FREE CASH 30 JUN 11 ($M) 30 JUN 10 ($M) % CHANGE Underlying proportional EBITDA 718.7 635.3 13.1 Adjusted for proportional: Maintenance provision 26.9 24.0 12.1 Operating and working capital movements (14.5) 8.4 (272.6)
Slide 24: Finance Costs
FINANCE COSTS For personal use only NET FINANCE COSTS PAID CONCESSION ACCRETION NET PROPORTIONAL STATUTORY DEBT AND OTHER NON- OWNERSHIP TIFIA, TLN & INTEREST NET INTEREST NET INTEREST FEES MAINTENANCE CASH ITEMS USPP PAID PAID UNWIND Controlled entities CityLink 100% (76.7) 2.1 6.4 - (1.7) (69.9) (
Slide 25: Financing
For personal use only FINANCING TOM HONAN – CHIEF FINANCIAL OFFICER
Slide 26: Finance Highlights
FINANCE HIGHLIGHTS For personal use only STRENGTHENING THE BALANCE SHEET $2.5 billion successfully financed in past 12 months1 No material refinancing requirements in FY12 Reducing margins and increasing tenor from GFC levels Hedging in place across the portfolio – 95% hedged/fixed Actively
Slide 27: Reliable Funding
RELIABLE FUNDING For personal use only $2.5 BILLION FINANCED IN PAST 12 MONTHS • $2 billion refinanced (M7, M2, M1, corporate bonds and working capital) AUD $ million • Over $500 million new funding (Lane Cove acquisition and M2 upgrade) Month of execution Lane Cove Tunnel – New M2 – refinanced M7 –
Slide 28: Funding Snapshot
FUNDING SNAPSHOT For personal use only REFINANCING ACTIVITIES • $200 million corporate bonds issued – liquidity on hand to repay 2011 bonds1 • Extension of M1 maturities with early refinance2 • M5 debt to be refinanced early if widening project is undertaken • No material refinancing requirements in
Slide 29: Financial Conclusion
FINANCIAL CONCLUSION For personal use only STRONG UPLIFT IN EBITDA, STABLE BALANCE SHEET • 10.0% toll revenue growth • 13.1% underlying EBITDA • $2.5 billion of financings completed in last 12 months – no material refinancing requirements over the next 12 months • 12.3% underlying free cash growth t
Slide 30: Asset Review – Proven Performance
For personal use only ASSET REVIEW – PROVEN PERFORMANCE WITH STRONG NATURAL GROWTH CHRIS LYNCH – CHIEF EXECUTIVE OFFICER
Slide 31: Asset Performance Highlights
ASSET PERFORMANCE HIGHLIGHTS For personal use only STRONG ORGANIC GROWTH & ENHANCEMENTS ON TRACK CityLink delivering significant growth following Southern Link Upgrade Lane Cove Tunnel integration successful – free cash flow accretive in first year of ownership M2 Upgrade construction 25% comple
Slide 32: Melbourne Growth Areas
MELBOURNE For personal use only GROWTH AREAS 2010/11 Population Melbourne1 4,161,197 * Growth Areas Authority 2011, State Government Victoria, viewed 15 July 2011, <http://www.gaa.vic.gov.au/index/> # Australian Pacific Airports (Melbourne) 2011, Australian Pacific Airports Melbourne, viewed 15 July
Slide 33: CityLink: Benefits Delivering
CITYLINK For personal use only BENEFITS DELIVERING % GROWTH EBITDA • 16.4% EBITDA growth TRAFFIC TOLL REVENUE EBITDA MARGIN • Traffic growth across entire 8.8 12.81 16.4 87.9% corridor CITYLINK TOLL REVENUE GROWTH ANALYSIS • Western Link growth 6.2% 14% 13% 4.5% 0.0% 12.8% (0.0%) • Southern Link gro
Slide 34: CityLink MCW Upgrade: Reduced Travel Time
CITYLINK MCW UPGRADE For personal use only REDUCED TRAVEL TIME AND IMPROVED RELIABILITY • Improved reliability Toorak Road to Bolte Bridge Workday Travel Times – PM Peak Pecentage of PM peak - May 2007 Pecentage of PM peak - May 2011 – Greater confidence in 80% Percentage of PM Peak period reduced t
Slide 35: CityLink MCW Upgrade: Business Case on Track
CITYLINK MCW UPGRADE For personal use only BUSINESS CASE ON TRACK Actual traffic growth • Monash-CityLink-West Gate Upgrade benefits delivering as expected • Moving from high-growth ramp up to sustainable growth profile • Fifth lane on the West Gate Bridge opened to peak hour traffic June 2011 WITH
Slide 36: Sydney Growth Areas
SYDNEY For personal use only GROWTH AREAS 2010/11 Population Sydney1 4,643,274 * Roads and Traffic Authority 2011 (RTA), RTA NSW, viewed 15 July 2011, <http://www.rta.nsw.gov.au> 1. Access Economics 2011 35
Slide 37: Hills M2: Upgrade Construction Started
HILLS M2 UPGRADE CONSTRUCTION STARTED – 25% COMPLETE For personal use only % GROWTH • Commenced construction January 2011 TOLL EBITDA TRAFFIC EBITDA MARGIN REVENUE • Construction 25% complete 0.3 3.0 6.2 82.2% • Traffic impacts from construction in-line HILLS M2 TOLL REVENUE GROWTH ANALYSIS 4% 0.3%
Slide 38: M2 Upgrade: Forecast Uplift
M2 UPGRADE For personal use only FORECAST UPLIFT • 16.1% growth in traffic forecast by 2016 (over no project case) • Disruption to revenue during construction allowed for in business case and partially offset by additional revenue from early opening of new ramps • Contractor incentives for sustainab
Slide 39: Lane Cove Tunnel: Operating Margin Delivered
LANE COVE TUNNEL For personal use only OPERATING MARGIN DELIVERED • Successful integration % GROWTH OPERATING TOLL MARGIN4 TRAFFIC EBITDA • Day 1 cost reduction - $8.5m (27% of REVENUE cost base) 4.2 N/A N/A 66.2% • M2 Upgrade construction suppressing traffic growth COMPARATIVE FULL YEAR 30 JUN
Slide 40: Lane Cove Tunnel: Free Cash Flow Accretive
LANE COVE TUNNEL For personal use only FREE CASH FLOW ACCRETIVE 30 JUN 10 ($M) 30 JUN 11 ($M) ADJUST TRANSURBAN GROUP FREE CASH EXCLUDING LCT AND % CHANGE ACTUAL ($M) EQUITY RAISING Free cash 390.4 (37.1) 353.3 10.5 Securities on issue – (millions) 1,444 (118) 1,326 Free cash per security (cents) –
Slide 41: M1 Eastern Distributor: Toll Escalation
M1 EASTERN DISTRIBUTOR For personal use only TOLL ESCALATION % GROWTH • Strong toll revenue growth driven by TOLL EBITDA TRAFFIC EBITDA MARGIN price increase REVENUE 2.5 12.0 19.3 75.8% • Cost savings (in real dollars) achieved M1 TOLL REVENUE GROWTH ANALYSIS 16% for core O&M services in revised fiv
Slide 42: Westlink M7: Corridor Continues to Grow
WESTLINK M7 For personal use only CORRIDOR CONTINUES TO GROW • Major commercial % GROWTH EBITDA TOLL development TRAFFIC REVENUE EBITDA MARGIN continues 6.2 8.6 7.4 78.3% − commercial 12% WESTLINK M7 TOLL REVENUE GROWTH ANALYSIS property in corridor approved 10% for development / 2.7% 0.0% under con
Slide 43: M5 Motorway: Focus on Upgrade
M5 MOTORWAY For personal use only FOCUS ON UPGRADE • Congestion evident in workday peak % GROWTH periods – supports upgrade business EBITDA TOLL MARGIN TRAFFIC EBITDA case REVENUE 1.6 3.0 0.5 89.7% • New NSW Government has referred proposal to upgrade asset to M5 TOLL REVENUE GROWTH ANALYSIS indepen
Slide 44: Pocahontas: Richmond Airport Connector Opens
POCAHONTAS 895 For personal use only RICHMOND AIRPORT CONNECTOR OPENS % GROWTH • Traffic growth positive at 1.8% TOLL EBITDA TRAFFIC EBITDA MARGIN REVENUE • Richmond Airport Connector (RAC) 1.8 2.4 49.1 58.3% opened to traffic on 13 January 2011 – ahead of schedule and under budget POCAHONTAS TOLL R
Slide 45: Capital Beltway: Construction Progressing Well
CAPITAL BELTWAY For personal use only CONSTRUCTION PROGRESSING WELL >70% COMPLETE • Scheduled for on time and on budget CHAIN BRIDGE ROAD INTERCHANGE completion – December 2012 • Safety record outstanding to date – LTIFR of 0.40 for FY11 – LTIFR of 0.37 for project to date • > 2,000,000 safe work ho
Slide 46: Capital Beltway: Project Investment Review Completed
CAPITAL BELTWAY For personal use only PROJECT INVESTMENT REVIEW COMPLETED PROJECT REMAINS VALUE ACCRETIVE TO TCL BASED ON CONSERVATIVE ASSUMPTIONS • Investment case traffic analysis remains valid • Gross Regional Product, median and conservative income and congestion remain • Construction tracking t
Slide 47: I-95 Update: Negotiations Continue
I-95 UPDATE For personal use only NEGOTIATIONS CONTINUE • Second major HOT Lane opportunity for Transurban in Virginia • Connects to Capital Beltway HOT Lanes • Legal objection from Arlington County ceased in February 2011 • Virginia Department of Transportation now completing environmental review o
Slide 48: Conclusion
CONCLUSION For personal use only Operational excellence Portfolio enhancements New project opportunities • 13.1% growth in Australia • LCT successfully integrated – underlying EBITDA 66.2% operating margin • CityLink upgrade delivering – achieved • Underlying free cash 12.8% revenue growth growth of
Slide 49: Appendix – Detailed Financials
For personal use only APPENDIX 1 – DETAILED FINANCIALS
Slide 50: Free Cash Flow
FREE CASH FLOW For personal use only 30 JUN 11 ($M) 30 JUN 10 ($M) % CHANGE Cashflows from operating activities (refer Group statutory accounts) 374.7 333.4 Adjusted for: M7 Term Loan Notes received (37.0) (32.8) Payments for maintenance capital expenditure 18.4 22.4 Cashflows from operating activit
Slide 51: One Offs
ONE OFFS For personal use only $M EBITDA FREE CASH 30 JUN 11 30 JUN 10 30 JUN 11 30 JUN 10 Corporate advisory costs (relating to the change of control proposal) - (5.4) - (4.4) M4 handback provision and reversal of contingent liability recognised on acquisition 18.6 - - - Distribution from M4 tollin
Slide 52: Reconciliation: Statutory Income Statement to EBITDA – June 2011
RECONCILIATION STATUTORY INCOME STATEMENT TO EBITDA – 30 JUNE 2011 For personal use only OFFSET OTHER CONSTRUCTION REALLOCATION STATUTORY NET BUSINESS $M REVENUE ACCOUNTING OF CAPITALISED TOTAL P&L DEVELOPMENT REALLOCATION DISCLOSURE UNDER COSTS AASB I 12 Toll revenue 724.1 - - 724.1 Fee & other roa
Slide 53: Reconciliation: Statutory Income Statement to EBITDA – June 2010
RECONCILIATION STATUTORY INCOME STATEMENT TO EBITDA – 30 JUNE 2010 For personal use only OFFSET OTHER CONSTRUCTION REALLOCATION STATUTORY NET BUSINESS $M REVENUE ACCOUNTING OF CAPITALISED TOTAL P&L DEVELOPMENT REALLOCATION DISCLOSURE UNDER COSTS AASB I 12 Toll revenue 684.4 - - - 684.4 Fee & other r
Slide 54: Reconciliation: Statutory EBITDA to Proportional EBITDA
RECONCILIATION For personal use only STATUTORY EBITDA TO PROPORTIONAL EBITDA 30 JUN 11($M) 30 JUN 10 ($M) % CHANGE Statutory EBITDA 603.9 527.5 14.5 Less: EBITDA attributable to Non-controlling Interest (18.7) (42.3) (55.8) Add: M5 proportional EBITDA 75.2 74.7 0.7 Add: M7 proportional EBITDA 74.7 6
Slide 55: Result by Asset: Consolidated Assets – June 2011
RESULT BY ASSET CONSOLIDATED ASSETS – 30 JUNE 2011 For personal use only LANE COVE $M CITYLINK HILLS M2 TOLLAUST M1 ED ROAM OTHER TOTAL TUNNEL Toll revenue 434.6 145.7 51.7 - 92.1 - - 724.1 Fee and other revenue 42.0 2.0 1.3 6.9 0.3 15.4 2.8 70.7 Total revenue 476.6 147.7 53.0 6.9 92.4 15.4 2.8 794.
Slide 56: Result by Asset: Equity Assets – June 2011
RESULT BY ASSET EQUITY ASSETS – 30 JUNE 2011 For personal use only M5 WESTLINK POCAHONTAS CAPITAL $M DRIVE TOTAL MOTORWAY M7 895 BELTWAY Toll revenue 167.5 190.6 14.4 - - 372.5 Fee and other revenue 10.8 2.5 - - - 13.3 Total revenue 178.3 193.1 14.4 - - 385.8 Total cost (28.0) (43.8) (6.0) - (5.5) (
Slide 57: Result by Asset: Consolidated Assets – June 2010
RESULT BY ASSET CONSOLIDATED ASSETS – 30 JUNE 2010 For personal use only LANE COVE $M CITYLINK HILLS M2 TOLLAUST M1 ED M4 ROAM OTHER TOTAL TUNNEL Toll revenue 389.9 141.5 - - 82.2 70.8 - - 684.4 Fee and other revenue 38.6 0.5 - 8.2 0.2 4.0 15.3 (1.4) 65.4 Total revenue 428.5 142.0 8.2 82.4 74.8 15.3
Slide 58: Result by Asset: Equity Assets – June 2010
RESULT BY ASSET EQUITY ASSETS – 30 JUNE 2010 For personal use only M5 WESTLINK POCAHONTAS CAPITAL $M DRIVE TOTAL MOTORWAY M7 895 BELTWAY Toll revenue 162.5 175.5 15.6 - - 353.6 Fee and other revenue 12.3 2.2 0.1 - - 14.6 Total revenue 174.8 177.7 15.7 - - 368.2 Total cost (25.3) (38.7) (9.2) - (5.8)
Slide 59: Proportional Result – Excl M4
PROPORTIONAL RESULT – EXCL M4 For personal use only CONTINUING PORTFOLIO - YEAR ENDED 30 JUNE 2011 30 JUNE 11($M) 30 JUNE 10($M) % CHANGE Toll revenue 891.0 773.9 15.1 Fee revenue 62.8 59.5 5.5 Other revenue 11.8 9.0 31.1 Total revenue from continuing portfolio 965.6 842.4 14.6 Operating costs (214.
Slide 60: Proportional Result Excluding M4 and Lane Cove Tunnel
PROPORTIONAL RESULT For personal use only EXCLUDING CONTRIBUTION FROM M4 AND LANE COVE TUNNEL 30 JUN 11 ($M) 30 JUN 10 ($M) % CHANGE Toll revenue 839.3 773.9 8.5 Fee revenue 61.5 59.5 3.4 Other revenue 11.8 9.0 31.1 Total revenue 912.6 842.4 8.3 Operating costs (195.8) (198.9) 1.6 Business developme
Slide 61: Free Cash Excl. Lane Cove Tunnel and 2010 Equity Raising
FREE CASH FLOW For personal use only FREE CASH EXCL. LANE COVE TUNNEL AND 2010 EQUITY RAISING 30 JUN 11 ($M) ADJUST 30 JUN 11 ADJUST EXCLUDING EQUITY % GROUP FREE CASH ($M) LCT LCT AND RAISING CHANGE ACTUAL ($M) EQUITY ($M) RAISING Cashflows from operating activities (Refer Group Remove interest rev
Slide 62: Taxation
TAXATION For personal use only STATUTORY AND PROPORTIONAL 30 JUN 11 30 JUN 10 STATUTORY TAX PAID / (REFUNDS RECEIVED) INCLUDES $M $M Corporate - (0.3) M1 Eastern Distributor 37.5 33.5 M4 0.5 25.9 Transurban US (0.1) (1.8) Westlink holding companies 4.7 3.7 TOTAL 42.6 61.0 30 JUN 11 30 JUN 10 PROPORT
Slide 63: Maintenance Expense
MAINTENANCE EXPENSE For personal use only INCLUDED IN OPERATING COSTS ADDITIONAL MAINTENANCE PROVISION RECOGNISED DURING THE YEAR 30 JUN 11 ($M) 30 JUN 10 ($M) CityLink 10.8 11.1 Hills M2 2.4 3.1 Lane Cove Tunnel 4.7 - M1 – Eastern Distributor 3.9 3.5 M5 – Interlink 2.1 (0.5) M7 – Westlink 7.7 8.2 P
Slide 64: Finance Costs: Net Finance Costs Paid – June 2010
FINANCE COSTS NET FINANCE COSTS PAID – 30 JUNE 2010 For personal use only OTHER CONCESSION AND NET PROPORTIONAL STATUTORY ACCRETION TIFIA, NON- OWNERSHIP DEBT FEES MAINTENANCE INTEREST NET INTEREST NET INTEREST TLN & USPP CASH UNWIND PAID PAID ITEMS Controlled entities CityLink 100% (72.9) 3.6 (2.9)
Slide 65: Appendix – Detailed Treasury and Funding
For personal use only APPENDIX 2 – DETAILED TREASURY AND FUNDING
Slide 66: Group Drawn Debt at June 2011
GROUP DRAWN DEBT AT 30 JUNE 2011 For personal use only TRANSURBAN CORPORATE DEBT AUD ($M) USD ($M) Working capital lines1 - 42 Term bank debt 600 - US Private Placements 1,324 158 Domestic unwrapped bonds 653 - Domestic wrapped bonds 600 - Total 3,177 200 Non recourse (AUD $ million) Asset Debt Owne
Slide 67: Total Group Drawn Debt
TOTAL GROUP DRAWN DEBT For personal use only Group Debt 30 June 2011 30 June 2010 Movement Explanation3 AUD1 $103m net increase in domestic bonds ($200m issued and $97m prepaid in June). $30m movement in 2006 USPP Corporate 3,177 3,044 133 (accreting interest and an adjustment to cross currency swap
Slide 68: Key Debt Metrics
KEY DEBT METRICS For personal use only 30 June 2011 30 June 2010 Transurban Transurban Corporate Non recourse Corporate Non recourse Group Group Weighted average maturity (years)1 8.9 yrs 5.3 yrs 11.8 yrs 10.2 yrs 6.1 yrs 13.4 yrs Weighted average cost of AUD debt 7.0% 6.7% 7.3% 6.9% 6.6% 7.4% Weigh
Slide 69: Corporate Debt Maturities by Financial Year
CORPORATE DEBT MATURITIES BY FINANCIAL YEAR For personal use only As at 30 June 2011 1. Debt is shown in financial year in it matures. 2. Debt values are as at 30 June 2011. USD debt converted at the hedged rate where cross currency swaps are in place. Unhedged USD debt converted to AUD at spot exch
Slide 70: Asset Debt Maturities by Financial Year
ASSET DEBT MATURITIES BY FINANCIAL YEAR For personal use only As at 30 June 20111 1. Does not include refinanced M1 debt which closed on 7 July 2011. 2. The full value of debt facilities is shown as this is the value of debt for refinancing purposes. This overstates Transurban’s ownership share of t
Slide 71: Appendix – Portfolio Summary
For personal use only APPENDIX 3 – PORTFOLIO SUMMARY
Slide 72: Asset Snapshot
ASSET SNAPSHOT For personal use only TOLL TOLL TOLL % OF PROP TRAFFIC TRAFFIC TRAFFIC EBITDA EBITDA EBITDA REVENUE REVENUE REVENUE TOLL GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH REVENUE 1H (%) 2H (%) FY (%) 1H (%) 2H (%) FY (%) 1H (%) 2H (%) FY (%) 48.8 CityLink2 11.4 6.2 8.8 15
Slide 73: Asset Lifecycle: TCL Australian Portfolio – Indexed Growth
ASSET LIFECYCLE TCL AUSTRALIAN PORTFOLIO – INDEXED GROWTH For personal use only • Asset growth will reflect catchment demographics and network improvements • Early stage assets well positioned for further growth Growth is indexed to Financial Year 1 AADT volumes (1.00) for each asset. 72
Slide 74: Operating Asset Portfolio: Summary Statistics
OPERATING ASSET PORTFOLIO For personal use only SUMMARY STATISTICS Eastern Distributor MOTORWAY M5 M2 M7 Lane Cove Tunnel CityLink Pocahontas (M1) OVERVIEW NSW NSW NSW NSW NSW VIC Virginia, USA Opening Date August 1992 May 1997 December 1999 December 2005 March 2007 December 2000 January 2002 Conces
Slide 75: Tolling Escalation: Embedded Inflation Protection
TOLLING ESCALATION For personal use only EMBEDDED INFLATION PROTECTION MOTORWAY ESCALATION Escalated quarterly by quarterly CPI. The toll cannot be lowered as a result of deflation, however, until inflation counteracts the deflation M5* the toll cannot be increased. M2* Escalated quarterly by the gr
Slide 76: For personal use only
For personal use only • Click to edit Master text styles − Second level > Third level 75