Transurban Group Ltd. · ASX:TCL
Transurban — H1 FY2011 Earnings Presentation
63 slides from Transurban's earnings presentation, Feb 10, 2011
Slide 1: ASX release: Transurban Investor Presentation
asx release For personal use only 10 February 2011 Transurban Investor Presentation Please find attached the Investor Presentation that will be given to analysts this morning. Amanda Street Company Secretary Investor & media enquiries Wesley Ballantine +61 (0) 400 191 966 General Manager, Corporate
Slide 2: Transurban 2011 Half Year Results
For personal use only TRANSURBAN 2011 HALF YEAR RESULTS 10 FEBRUARY 2011
Slide 3: Disclaimer
DISCLAIMER For personal use only 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 T
Slide 4: 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 10.8% over last 3 Robust balance sheet of 2.7x interest years Premium ASX defensive exposure cover ratio Fully cash backed
Slide 5: 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 (0) 3 8656 8904 3
Slide 6: Highlights
HIGHLIGHTS For personal use only WITH PROJECT AADT NO PROJECT AADT 15.4% toll revenue CityLink Upgrade delivering growth p.27 Lane Cove Tunnel immediately 65.5% operating margin contributing to free cash achieved p.25 370 3.2 1.0 362.8 13.8 360 (1.6) (0.3) (0.1) Costs deliver $2.2 2.8 Continued succ
Slide 7: Organisational Change Continues
CORPORATE UPDATE For personal use only ORGANISATIONAL CHANGE CONTINUES 5
Slide 8: Financial Results
For personal use only FINANCIAL RESULTS TOM HONAN – CHIEF FINANCIAL OFFICER
Slide 9: Statutory Reporting
STATUTORY REPORTING For personal use only • Net profit $76.0 million (2010: $54.2 million profit) - 40.3% • Toll revenue $361.9 million (2010: $363.3 million) - (0.4)% • Fee and other road revenue $37.9 million (2010: $33.3 million ) - 13.8% • EBITDA (statutory basis) $293.4 million (2010: $28
Slide 10: Proportional Result – Incl M4 & LCT
PROPORTIONAL RESULT – INCL M4 & LCT For personal use only HALF YEAR ENDED 31 DECEMBER 2010 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Toll revenue 446.9 416.1 7.4% Fee revenue 28.7 26.3 9.1% Other revenue 9.8 9.1 7.7% Total revenue 485.4 451.5 7.5% Operating costs (106.5) (101.9) (4.5%) Busine
Slide 11: Proportional Result – Excl M4
PROPORTIONAL RESULT – EXCL M4 For personal use only CONTINUING PORTFOLIO - HALF YEAR ENDED 31 DECEMBER 2010 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Toll revenue 446.9 387.3 15.4% Fee revenue 28.7 26.3 9.1% Other revenue 9.8 8.9 10.1% Total revenue from continuing portfolio 485.4 422.5 14.9% O
Slide 12: Asset Snapshot
ASSET SNAPSHOT For personal use only 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%
Slide 13: Toll Revenue Growth
TOLL REVENUE GROWTH For personal use only CITYLINK UPGRADE BEGINS TO DELIVER PROPORTIONAL TOLL REVENUE 1ST HALF FY10 TO 1ST HALF FY11 • Upgrade 450 completion driving 23.2 446.9 15.4% CityLink toll 440 revenue growth 430 4.5 • Lane Cove Tunnel 4.0 1.3 $ 'Millions 420 (0.3) 416.1 29.1 2.5 came on lin
Slide 14: CityLink Upgrade Delivering
CITYLINK UPGRADE DELIVERING For personal use only TRAFFIC UPLIFT POST-CONSTRUCTION, EXTRA LANE IMPACT PROPORTIONAL TOLL REVENUE 1ST HALF FY10 TO 1ST HALF FY11 • More than 40% of toll 450 revenue growth driven by 23.2 446.9 CityLink 440 430 6.2 • Immediate recovery from $ 'Millions 420 5.8 416.1 13.1
Slide 15: Cost Control
COST CONTROL For personal use only CONTINUED COST REDUCTIONS EBITDA GROWTH 1ST HALF FY10 TO 1ST HALF FY11 • Underlying EBITDA 370 from the continuing 3.2 1.0 362.8 13.8 portfolio grew 17% 360 (1.6) (0.3) (0.1) 2.8 350 36.5 Costs deliver $2.2 • Toll revenue growth $ 'Millions (2.7) million favourable
Slide 16: Focus on Costs
FOCUS ON COSTS For personal use only EMBEDDED CULTURE OF COST CONSCIOUSNESS The Value Framework Examples of cost saving initiatives: Actively Manage Concession • CityLink Maintenance contract • Power initiatives for lower energy use Increase Road Optimise Improve Product Revenue • Reduction in Stora
Slide 17: Free Cash Flow
FREE CASH FLOW For personal use only 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 le
Slide 18: Growth in Free Cash
GROWTH IN FREE CASH For personal use only TOLL REVENUE DRIVING INCREASE IN FREE CASH FREE CASH GROWTH 1ST HALF FY10 TO 1ST HALF FY11 • 15.4% growth in toll 200 revenue driving free cash 190 6.7 15.3 188.1 31.9 180 (4.9) • Other revenue – timing (2.0) 3.4 (6.3) 7.0 $ 'Millions of DRIVe receipts 170 1
Slide 19: Reconciliation of Free Cash
RECONCILIATION OF FREE CASH For personal use only EBITDA GROWTH TRANSLATING INTO FREE CASH 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Proportional EBITDA 362.8 331.2 9.5% Non-cash items and working capital movements 6.8 17.5 (61.1%) Proportional net interest paid (including M7 Term Loan Notes received)
Slide 20: Financing
For personal use only FINANCING TOM HONAN – CHIEF FINANCIAL OFFICER
Slide 21: Finance Highlights
FINANCE HIGHLIGHTS For personal use only STRENGTHENING THE BALANCE SHEET $1.8 billion successfully financed in past 6 months Reducing margins and increasing tenor from GFC levels Hedging in place across the portfolio – 95% hedged/fixed Diversified funding portfolio (sources and maturity) Cap
Slide 22: Financing: $1.8 Billion Successfully Financed
FINANCING For personal use only $1.8BILLION SUCCESSFULLY FINANCED DEBT FACILITIES FINANCED SINCE JANUARY 2010 • M7 - successfully financed 3000 $505m 2500 300 • Hills M2 – refinanced 270 AUD $ million $465m and additional 2000 financing achieved 1500 740 • Corporate facilities financed 1000 505 • Al
Slide 23: Maturities - Corporate
MATURITIES - CORPORATE For personal use only MINIMAL REFINANCING REQUIREMENTS IN NEAR TERM • December 2013 ($270m) replaced $320m bank debt maturing February 2011 • Unwrapped bonds ($300m) maturing September 2011 – planning underway CORPORATE DEBT MATURITIES – 10 YEAR FORWARD VIEW 31 DECEMBER 2010 6
Slide 24: Maturities – Non-Recourse
MATURITIES – NON-RECOURSE For personal use only NO REFINANCING REQUIREMENTS UNTIL 2012 • Westlink M7 Tranche A successfully financed • M2 financed and additional funds obtained for upgrade works M7 Westlink Term Bank Debt M5 Term Bank Debt • Lane Cove Tunnel non-recourse debt successfully raised Cap
Slide 25: Financial Conclusion
FINANCIAL CONCLUSION For personal use only STRONG UPLIFT IN EBITDA, STABLE BALANCE SHEET • 15.4% toll revenue growth on continuing portfolio • 17.0% underlying EBITDA growth on continuing portfolio • Continued cost reductions • $1.8 billion of financings completed • 16.6% free cash growth to $188.1
Slide 26: Asset Review – Proven Performance
For personal use only ASSET REVIEW – PROVEN PERFORMANCE WITH STRONG NATURAL GROWTH CHRIS LYNCH – CHIEF EXECUTIVE OFFICER
Slide 27: Lane Cove Tunnel: EBITDA Margin Delivered
LANE COVE TUNNEL For personal use only EBITDA MARGIN DELIVERED % GROWTH • Strong traffic growth of 6.0% TRAFFIC TOLL EBITDA EBITDA MARGIN REVENUE • EBITDA margin of 65.5% 6.0% N/A N/A 65.5% • Successful integration • Success in obtaining competitive debt funding 31 DEC 10 ($M) Revenue Toll r
Slide 28: Lane Cove Tunnel: First Period – Value Accretive
LANE COVE TUNNEL FIRST PERIOD – VALUE ACCRETIVE For personal use only 31 DEC 10 ($M) 31 DEC 10 ($M) ADJUST TRANSURBAN GROUP FREE CASH ACTUAL ($M) EXCLUDING LCT AND % CHANGE EQUITY RAISING Free cash 188.1 (20.8) 167.3 12.4 Securities on issue – (millions) 1,441 (118) 1,323 Free cash per security (cen
Slide 29: CityLink: Traffic Growth Strong Across the Network
CITYLINK For personal use only TRAFFIC GROWTH STRONG ACROSS THE NETWORK • Growth across entire corridor % GROWTH EBITDA TOLL MARGIN • TRAFFIC EBITDA Increased road capacity in ramp up REVENUE phase 11.4% 15.4% 14.4% 86.0% • Fifth lane on West Gate Bridge to be completed by March 2011 CITYLINK TOLL R
Slide 30: CityLink MCW Upgrade
CITYLINK MCW UPGRADE For personal use only BENEFITS DELIVERING AS EXPECTED Actual traffic growth 16% • Monash-CityLink-West Gate Upgrade 14% 12% benefits delivering as expected • 10% 8% Moving from high-growth ramp up to 6% 4% sustainable growth profile 2% 0% Dec Jul (2%) (4%) FY03 FY04 FY05 FY06 FY
Slide 31: M1 Traffic Management
M1 TRAFFIC MANAGEMENT For personal use only SMART ROAD TECHNOLOGY REDUCING BOTTLENECKS • Significant improvements in road performance due to Freeway Management System (FMS) implementation • Peak-hour bottlenecks reducing across Southern Link MONASH FREEWAY – JACKSONS ROAD TO BURKE ROAD TYPICAL DAY S
Slide 32: Hills M2: Peak Congestion, Strong EBITDA Growth
HILLS M2 For personal use only PEAK CONGESTION, STRONG EBITDA GROWTH • Peak periods at near maximum capacity % GROWTH EBITDA TOLL MARGIN • TRAFFIC EBITDA Growth in peak periods lower than REVENUE overall workday growth 1.9% 3.5% 6.3% 82.2% • Weekend growth greater than weekday HILLS M2 TOLL REVENUE
Slide 33: M2 Upgrade: Construction Begins
M2 UPGRADE For personal use only CONSTRUCTION BEGINS M2 UPGRADE – SCOPE OF WORKS TIMELINE TO COMPLETION January 2011 Construction commences First half 2012 Windsor Rd ramps completion Second half 2012 Herring Road Roads completion Early 2013 Construction completion 31
Slide 34: M1 Eastern Distributor
M1 EASTERN DISTRIBUTOR For personal use only TOLL ESCALATION, CONTRACT MANAGEMENT DELIVER RESULTS • Strong toll revenue growth driven by % GROWTH EBITDA TOLL price increase TRAFFIC REVENUE EBITDA MARGIN • Continued growth in traffic in Sydney 3.0% 12.9% 22.2% 76.3% CBD M1 TOLL REVENUE GROWTH ANALYSI
Slide 35: Westlink M7: Strong Growth Continuing
WESTLINK M7 For personal use only STRONG GROWTH CONTINUING • Continued strong growth – southern % GROWTH EBITDA section of road reflecting high industrial Traffic TOLL REVENUE EBITDA MARGIN development 7.0% 10.3% 9.0% 79.8% • Western Sydney continues to deliver high employment and population growth
Slide 36: M5 Motorway: Focus on Upgrade
M5 MOTORWAY For personal use only FOCUS ON UPGRADE • Congestion evident % GROWTH EBITDA TOLL MARGIN • TRAFFIC EBITDA Widening – resolution unlikely prior to REVENUE NSW State election 1.6% 3.2% (1.3%) 90.6% M5 TOLL REVENUE GROWTH ANALYSIS 4% 3.2% 0.1% 0.5% 3% 1.0% 2% 1.6% 1% 0% Traffic Toll Class mi
Slide 37: Pocahontas: Richmond Airport Connector Opens
POCAHONTAS 895 For personal use only RICHMOND AIRPORT CONNECTOR OPENS • Traffic returning to positive growth % GROWTH EBITDA TOLL MARGIN • TRAFFIC EBITDA Implemented new tolling system REVENUE • Richmond Airport Connector opened 2.9% 1.5% 178.7% 61.8% to traffic on 13 January 2011 – zero Lost Time I
Slide 38: Capital Beltway: Construction Progressing Well
CAPITAL BELTWAY For personal use only CONSTRUCTION PROGRESSING WELL, 57% COMPLETE WESTPARK BRIDGE CONNECTOR • Scheduled for on time and on budget completion – December 2012 • Significant construction progress for the six months to December – project more than 57% complete • Operations Centre progres
Slide 39: Delivering
DELIVERING For personal use only • 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 37
Slide 40: Conclusion
CONCLUSION For personal use only Operational excellence Portfolio enhancements New project opportunities 17% growth in EBITDA on Australia • LCT successfully integrated – continuing portfolio 65.5% operating margin • CityLink upgrade delivering – achieved Further cost reductions 15.4% revenue growth
Slide 41: Appendix – Detailed Financials
For personal use only APPENDIX 1 – DETAILED FINANCIALS
Slide 42: Free Cash Flow
FREE CASH FLOW For personal use only 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Cashflows from operating activities (Refer Group Statutory Accounts) 181.6 174.7 Add back: Payments for maintenance capital expenditure 15.3 10.8 Cashflows from operating activities – M1 Eastern Distributor and M4 (27.6) (56
Slide 43: Statutory Profit and Loss
STATUTORY PROFIT AND LOSS For personal use only 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Revenue Toll, fee and other revenue 399.8 396.6 0.8% Construction revenue 55.8 21.6 158.3% Business development and other revenue 7.9 10.2 (22.5%) TOTAL REVENUE 463.5 428.4 8.2% Road operating costs (89.6) (89.2)
Slide 44: Reconciliation: Statutory P&L to EBITDA – December 2010
RECONCILIATION STATUTORY P&L TO EBITDA – 31 DECEMBER 2010 For personal use only OFFSET OTHER CONSTRUCTION REALLOCATION STATUTORY NET BUSINESS $M REVENUE ACCOUNTING OF CAPITALISED OTHER TOTAL P&L DEVELOPMENT REALLOCATION DISCLOSURE UNDER COSTS AASB I 12 Toll revenue 361.9 0.3 - - - - 362.2 Fee & othe
Slide 45: Reconciliation: Statutory P&L to EBITDA – December 2009
RECONCILIATION STATUTORY P&L TO EBITDA – 31 DECEMBER 2009 For personal use only OFFSET CONSTRUCTION REALLOCATION STATUTORY OTHER REVENUE NET BUSINESS $M ACCOUNTING OF CAPITALISED TOTAL P&L REALLOCATION DEVELOPMENT DISCLOSURE UNDER COSTS AASB I 12 Toll revenue 363.3 - - - - 363.3 Fee & other road rev
Slide 46: Reconciliation: Statutory EBITDA to Proportional EBITDA
RECONCILIATION For personal use only STATUTORY EBITDA TO PROPORTIONAL EBITDA 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE STATUTORY EBITDA 293.4 288.4 1.7 Less: EBITDA attributable to Non-controlling Interest (9.1) (30.8) (70.5) Add: M5 proportional EBITDA 38.6 39.1 (1.3) Add: M7 proportional EBITDA 38.6
Slide 47: Result by Asset: Consolidated Assets – December 2010
RESULT BY ASSET CONSOLIDATED ASSETS – 31 DECEMBER 2010 For personal use only LANE COVE $M CITYLINK HILLS M2 TOLLAUST M1 ED ROAM OTHER TOTAL TUNNEL Revenue Toll revenue 217.9 74.0 23.2 - 46.9 - 0.2 362.2 Fee and other revenue 20.4 0.9 0.5 4.5 0.1 8.0 1.3 35.7 TOTAL REVENUE 238.3 74.9 23.7 4.5 47.0 8.
Slide 48: Result by Asset: Equity Assets – December 2010
RESULT BY ASSET EQUITY ASSETS – 31 DECEMBER 2010 For personal use only M5 WESTLINK POCAHONTAS CAPITAL $M DRIVE TOTAL MOTORWAY M7 895 BELTWAY Revenue Toll revenue 85.1 96.8 7.6 - - 189.5 Fee and other revenue 5.7 1.4 - - - 7.1 TOTAL REVENUE 90.8 98.2 7.6 - - 196.6 Total cost (13.7) (21.0) (2.9) - (2.
Slide 49: Result by Asset: Consolidated Assets – December 2009
RESULT BY ASSET CONSOLIDATED ASSETS – 31 DECEMBER 2009 For personal use only $M CITYLINK HILLS M2 TOLLAUST M1 ED M4 ROAM OTHER TOTAL Revenue Toll revenue 193.5 71.5 - 41.5 56.8 - - 363.3 Fee and other revenue 18.3 0.2 4.2 0.1 0.5 7.4 2.0 32.7 TOTAL REVENUE 211.8 71.7 4.2 41.6 57.3 7.4 2.0 396.0 Tota
Slide 50: Result by Asset: Equity Assets – December 2009
RESULT BY ASSET EQUITY ASSETS – 31 DECEMBER 2009 For personal use only M5 WESTLINK POCAHONTAS CAPITAL $M DRIVE TOTAL MOTORWAY M7 895 BELTWAY Revenue Toll revenue 82.5 87.7 8.1 - - 178.3 Fee and other revenue 6.6 1.0 - - - 7.6 TOTAL REVENUE 89.1 88.7 8.1 - - 185.9 Total cost (11.0) (17.9) (6.1) - (3.
Slide 51: Proportional Result Excluding M4 and Lane Cove Tunnel
PROPORTIONAL RESULT For personal use only EXCLUDING CONTRIBUTION FROM M4 AND LANE COVE TUNNEL 31 DEC 10 ($M) 31 DEC 09 ($M) % CHANGE Toll revenue 423.8 387.3 9.4 Fee revenue 28.3 26.3 7.6 Other revenue 9.6 8.9 7.9 TOTAL REVENUE 461.7 422.5 9.3 Operating costs (96.6) (96.9) 0.3 Business development c
Slide 52: Free Cash Excl Lane Cove Tunnel and 2010 Equity Raising
FREE CASH FLOW For personal use only FREE CASH EXCL LANE COVE TUNNEL AND 2010 EQUITY RAISING 31 DEC 10 ($M) ADJUST ADJUST 31 DEC 10 ($M) EXCLUDING LCT % GROUP FREE CASH ACTUAL LCT EQUITY RAISING AND EQUITY CHANGE ($M) ($M) RAISING Remove interest revenue Cashflows from operating activities (Refer 18
Slide 53: Finance Costs
FINANCE COSTS For personal use only 31 DEC 10 31 DEC 09 $M $M Statutory net finance costs (excluding foreign exchange gains) (78.5) 1 (86.8) Less: M1 Eastern Distributor net finance (revenue)/costs attributable to non-controlling interest (3.0) 1.9 Add: M5 proportional finance costs (9.9) (7.1) Add:
Slide 54: Finance Costs: Cash Based Interest Charges
FINANCE COSTS For personal use only CASH BASED INTEREST CHARGES PROPORTIONAL STATUTORY 31 DEC 10 31 DEC 09 CHANGE 31 DEC 10 31 DEC 09 CHANGE $M $M % $M $M % Debt interest expense – cash (189.9) (174.5) 8.8% (116.1) (107.0) 8.5% Debt interest expense – accretion (39.1) (38.8) 0.8% (39.1) (38.8) 0.8%
Slide 55: Taxation
TAXATION For personal use only STATUTORY AND PROPORTIONAL 31 DEC 10 31 DEC 09 STATUTORY TAX PAID INCLUDES $M $M M1 Eastern Distributor (32.2) (29.7) M4 (0.6) (16.7) Westlink holding companies (3.3) (2.4) TOTAL (36.1) (48.8) 31 DEC 10 31 DEC 09 PROPORTIONAL TAX PAID INCLUDES $M $M M1 Eastern Distribu
Slide 56: Maintenance Expense
MAINTENANCE EXPENSE For personal use only INCLUDED IN OPERATING COSTS PROFIT AND LOSS 31 DEC 10 ($M) 31 DEC 09 ($M) CityLink 3.9 4.7 Hills M2 0.3 1.0 Lane Cove Tunnel 1.9 - M1 – Eastern Distributor 1.4 1.7 M5 – Interlink 1.2 (1.3) M7 – Westlink 3.7 3.2 Pocahontas 895 0.6 3.3 CASH SPEND 31 DEC 10 ($M
Slide 57: Appendix – Detailed Treasury and Funding
For personal use only APPENDIX 2 – DETAILED TREASURY AND FUNDING
Slide 58: Group Drawn Debt – December 2010
GROUP DRAWN DEBT For personal use only 31 DECEMBER 2010 TRANSURBAN CORPORATE DEBT AUD ($M) USD ($M) Working capital lines1 - 37 Term bank debt 600 - US Private Placements 1,312 153 Domestic unwrapped bonds 550 - Domestic wrapped bonds 600 - TOTAL 3,062 190 NON RECOURSE (AUD $ MILLION) ASSET DEBT OWN
Slide 59: Group Drawn Debt – Movement
GROUP DRAWN DEBT For personal use only 31 DECEMBER 2010 GROUP 31 DEC 2010 30 JUN 2010 MOVEMENT EXPLANATION3 DEBT AUD1 Corporate 3,062 3,044 +18 Movement in 2006 USPP ($12m accreting USPP and an adjustment to cross currency swaps impacting the AUD converted value) Non recourse (proportional) 2,014 1,
Slide 60: Key Debt Metrics
KEY DEBT METRICS For personal use only 31 DECEMBER 2010 30 JUNE 2010 TRANSURBAN NON TRANSURBAN NON CORPORATE CORPORATE GROUP RECOURSE GROUP RECOURSE Weighted average maturity (years)1 9.3 yrs 5.6 yrs 12.2 yrs 10.2 yrs 6.1 yrs 13.4 yrs Weighted average cost of AUD debt 7.0% 6.7% 7.4% 6.9% 6.6% 7.4% W
Slide 61: Corporate Debt Maturities
CORPORATE DEBT MATURITIES For personal use only As at 31 December 2010 700 Working Capital Facility AUD million (equivalent if USD) 600 Term Bank Debt Unwrapped Bonds 165 Wrapped Bonds 500 US Private Placement AUD US Private Placement USD 375 400 270 129 300 300 200 136 300 300 230 250 240 100 219 2
Slide 62: Non-Recourse Debt Maturities
NON-RECOURSE DEBT MATURITIES For personal use only As at 31 December 2010 M7 Westlink Term Bank Debt Pocahontas TIFA Funding M5 Term Bank Debt Pocahontas Term Bank Debt 1,400 M2 Hills Term Bank Debt Capital Beltway TIFIA Funding M1 Term Bank Debt Capital Beltway Letter of Credit 1,200 - Lane Cove Tu
Slide 63: For personal use only
For personal use only • Click to edit Master text styles − Second level > Third level 61