Atlas Arteria · ASX:ALX
Atlas Arteria — Macquarie Atlas Roads — Shareholder Meeting (April 2014)
39 slides from Atlas Arteria's shareholder meeting presentation, Apr 15, 2014
Slide 1: Macquarie Atlas Roads Annual General Meeting 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 HM 11 GPO Box 4294 Internet: www.macquarie.com/mqa BERMUDA SYDNEY NSW 1164 DX 10287 SSE AUST
Slide 2: 2014 Annual General Meeting
Macquarie Atlas Roads Limited Macquarie Atlas Roads International Limited 2014 Annual General Meeting 15 April 2014
Slide 3: Important notice and disclaimer
I Important t t notice ti and d disclaimer di l i 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
Slide 4: Important notice and disclaimer
I Important t t notice ti and d disclaimer di l i Japan These materials have been prepared solely for qualified institutional investors in Japan as defined under the Financial Instruments and Exchange Act of Japan (FIEA) . They do not constitute an offer of securities for sale in Japan and no regist
Slide 5: MQA structure
MQA structure t t Macquarie Atlas Roads (MQA) MARL stapled MARIL Manager: MFA Adviser: MFA UK, European and North American North American toll road investments toll road investments MARL – Macquarie Atlas Roads Limited (Australian public company) MARIL – Macquarie Atlas Roads International Limited (
Slide 6: Boards of directors
B d off directors Boards di t Macquarie Atlas Roads Limited David Walsh (Chairman) Independent Director Marc de Cure Independent Director Richard England Independent Director John Roberts Non-Executive Director Macquarie Atlas Roads International Limited Jeffrey Conyers (Chairman) Independ
Slide 7: Management, Registry, Scrutineer, Legal Counsel
M Management, t Registry, R i t S Scrutineer, ti L Legall C Counsell Macquarie Atlas Roads Management Peter Trent Chief Executive E ec ti e Officer Mary Nicholson Chief Financial Officer Registry Justine Laughton Computershare Auditor (and scrutineer for voting) Craig g Stafford Pricewaterho
Slide 8: Meeting structure
M ti structure Meeting t t 1. Introduction and Address by Chairmen – David Walsh, Jeffrey Conyers 2. Address by CEO – Peter Trent 3. MARL 2014 AGM Resolutions and Polls 4. MARIL 2014 AGM Resolutions and Polls 5. Closure of meeting 6. R f h Refreshments t 7. Voting results announced to ASX STRICTLY C
Slide 9: Chairmen’s Address
Chairmen’s Address David Walsh - MARL Chairman Jeffrey Conyers - MARIL Chairman
Slide 10: Chief Executive Officer’s Address
Chief Executive Officer’s Address Peter Trent
Slide 11: MQA overview
MQA overview i Macquarie Atlas Roads (MQA) is a global toll road operator and developer >2,500km 2 500k motorways across 4 countries 25 1bn 25.1bn km travelled on MQA toll roads in 2013 A$1 34b A$1.34bn market capitalisation as at 31 December 2013 304% benchmark outperformance since listing1 1. Calc
Slide 12: MQA evolution since listing
MQA evolution l ti since i lilisting ti Today, MQA’s focus is on growing i di dividends id d 2010 - 2012 2013 and growing the value of its portfolio. Listed on ASX on Commencement of January 2010 dividends for MQA Focus on value shareholders Historical MQA Dividends (cps) recovery 31 Decembe
Slide 13: APRR Europe’s fourth largest motorway network
APRR E Europe’s ’ ffourth th llargestt motorway t network t k APRR represents half a century of motorway development across Eastern France Covers major trade and tourism routes through Western Europe Interconnection between France, Italy, Germany, Switzerland Links key cities including Paris,
Slide 14: APRR Concessions
APRR C Concessions i APRR comprises four concessions APRR Concession Expiry: 2032 Road Length: 1,840km AREA Concession Expiry: 2032 Road Length: 394km ADELAC Concession Expiry: 2060 Road Length: 19km ML TUNNEL Concession Expiry: 2068 Road oad Length: e g 11km STRICTLY CONFIDENTIAL PAGE 13
Slide 15: APRR 2013 Results
APRR 2013 R Results lt Traffic +0 8% +0.8% Increased despite challenging economic 21.3bn VKT environment Revenue +3.0% Supported by increases in tolls and higher fees €2,099.2m from retail and telecommunication telecomm nication facilities EBITDA1 +3.4% Benefited from opex controls €1,475.4m
Slide 16: APRR Traffic
APRR T Traffic ffi 2013 – A year of gradual recovery Quarterly traffic growth on pcp 3.0% 2.0% 1.0% ~0.7% 0.0% 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 (1.0%) (2.0%) (3 0%) (3.0%) STRICTLY CONFIDENTIAL PAGE 15
Slide 17: French economic indicators
F French h economic di t 1,2 i iindicators 12 French economic outlook improving but fragile 125 Manufacturing Production Road Vehicle Fuel Deliveries New Car Sales France GDP 112.5 100 87.5 75 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 1. Sources: INSEE (National Institute of Statistics and Ec
Slide 18: APRR Performance
APRR P Performance f Another record year of EBITDA APRR EBITDA1 (€m) and French GDP Growth (%)2 €1,750m 3% 1,475 €1,500m 1,399 1,428 2% 1,326 1 208 1,208 1,244 1,265 €1 250 €1,250m 1% €1,000m 0% 924 9413 974 1,068 €750m 841 888 (1%) €500m (2%) €250m (3%) €0m (4%) 2001 2003 2005 2007 2009 2011 2013 A
Slide 19: APRR Capital Expenditure
APRR C Capital it l E Expenditure dit Since 2006 2006, ~€3 €3.15bn 15bn has been spent to grow grow, improve and maintain the network $600m $500m 24 81 $400m 65 45 159 $300m 187 343 303 27 54 215 240 $200m 171 168 104 123 $100m 110 122 115 102 115 108 94 93 $0m 2006 2007 2008 2009 2010 2011 2012 201
Slide 20: APRR Capital Expenditure Programs
APRR C Capital it l E Expenditure dit P Programs APRR and AREA Management Contracts New management contracts signed in January 2014 Additional capital expenditure of ~ €500m1 Compensation through higher tariff increases, over 2014 to 2018 – APRR: 85% of CPI (excl. (excl tobacco) + 00.37% 37% –
Slide 21: Management Contracts – Main Projects
APRR M Managementt C Contracts t t – Main M i P Projects j t Widening Projects 1. A6 at Auxerre (Southbound) 2. A71 north of Clermont- Ferrand (Northbound) 3 A41 north of Annecy 3. (both directions) Other Projects 4. A89-A6 link road construction north of Lyon y 5. A43/A41/Chambery high speed urban
Slide 22: APRR Financing
APRR Fi Financing i APRR bonds continued to be well supported by investors Favourable pricing achieved on recent issues: – €300m floating rate notes issued (0.87% margin) due in 2016 – €500m EMTN issued due in 2020 ((marging of 0.90% over mid-rate swaps) p ) coupon p of 2.25% APRR Bonds: Mid-Yield
Slide 23: APRR/Eiffarie Debt Maturity Profile
APRR/Eiff i Debt APRR/Eiffarie D bt M Maturity t it P Profile fil Financing costs anticipated to reduce through deleveraging and reducing interest over time S&P upgraded APRR’s credit rating to BBB (positive outlook) in December 2013 – Fitch: BBB+ (stable outlook) APRR/Eiffarie Pro Forma Debt Matu
Slide 24: 2013 Segmented Results
2013 S Segmented t dRResults lt Traffic Revenue EBITDA Dulles Greenway (USA) +1.5% +3.5% +1.0% Chicago Skyway (USA) -2.3% +14.3% +15.3% Indiana Toll Road ((USA)) +1.7% % +5.5% -0.1% Warnow Tunnel (Germany) +4.5% +7.1% +8.2% STRICTLY CONFIDENTIAL PAGE 23
Slide 25: Other Corporate Updates
Oth Corporate Other C t Updates U d t M6 toll refinancing completed with annual fee of £750,000 (indexed) payable to MQA. Deconsolidation of M6 Toll, resulting in simpler accounts. Reduction of 25bps in base management fees on market capitalisation under A$3bn. Paid 1H 2014 dividend of 5.0cp
Slide 26: Questions
Questions
Slide 27: Formal Business of Meetings
Formal Business of Meetings Macquarie Atlas Roads Limited 2014 AGM Macquarie Atlas Roads International Limited 2014 AGM
Slide 28: Agenda items
A Agenda d ititems MARL 2014 AGM Item 1: Receipt of Financial Accounts and Reports Resolution 1: Adoption of Remuneration Report Resolution 2: Re-appointment of Director – Richard England Resolution 3: Re-appointment pp of Director – John Roberts MARIL 2014 AGM Item 1: Receipt of Audited F
Slide 29: Voting cards
V ti cards Voting d STRICTLY CONFIDENTIAL PAGE 28
Slide 30: Notices of Meeting
Notices of Meeting MARL 2014 AGMG and MARIL 2014 AGM G To be taken as read STRICTLY CONFIDENTIAL PAGE 29
Slide 31: Item 1: MARL 2014 AGM
Item 1: MARL 2014 AGM Item 1: MARIL 2014 AGM MARL 2014 AGM Financial Accounts Acco nts and Reports “To receive and consider the Financial Report of MARL and the Directors’ and Auditor’s Reports, for the financial year ended 31 December 2013.” MARIL 2014 AGM Audited Financial Statements “To note the
Slide 32: Resolution 1: MARL 2014 AGM
R Resolution l ti 1:1 MARL 2014 AGM MARL 2014 AGM Resol tion 1 – Adoption of Rem Resolution Remuneration neration Report “That MARL adopt the Remuneration Report included in the MQA 2013 Annual Report for the financial year ended 31 December 2013.” STRICTLY CONFIDENTIAL PAGE 31
Slide 33: Resolution 1: MARIL 2014 AGM
R Resolution l ti 1:1 MARIL 2014 AGM MARIL 2014 AGM Resol tion 1 – Re-appointment Resolution Re appointment of PricewaterhouseCoopers Price aterho seCoopers as Auditor A ditor “That PricewaterhouseCoopers be re-appointed as auditor of MARIL until the conclusion of the next Annual General Meeting and
Slide 34: Resolutions 2 and 3
Resolutions 2 and 3: MARL 2014 AGM R Resolutions l ti 2 and d 3: 3 MARIL 2014 AGM MARL 2014 AGM Resolution 2 – Re-appointment of Director – Richard England g “That Richard England be re-appointed as a director of MARL.” Resolution 3 – Re-appointment of Director – John Roberts “That John Roberts be r
Slide 35: Resolution 4: MARIL 2014 AGM
Resolution 4: MARIL 2014 AGM MARIL 2014 AGM Resol tion 4 – Standing Approval Resolution Appro al for Distributions Distrib tions “That, subject to any special resolution of the Shareholders to the contrary, the Directors be authorised from time to time to make a distribution of up to the full amount
Slide 36: Proxy votes
Proxy votes MARL 2014 AGM FOR OPEN AGAINST ABSTAIN Resolution 1 Resolution 2 Resolution 3 MARIL 2014 AGM FOR OPEN AGAINST ABSTAIN Resolution 1 R Resolution l ti 2 Resolution 3 Resolution 4 STRICTLY CONFIDENTIAL PAGE 35
Slide 37: Voting cards
V ti cards Voting d STRICTLY CONFIDENTIAL PAGE 36
Slide 38: Formal Business of Meetings
Formal Business of Meetings Macquarie Atlas Roads Limited 2014 AGM Macquarie Atlas Roads International Limited 2014 AGM
Slide 39: Macquarie Atlas Roads Annual General Meeting
Macquarie Atlas Roads Limited Macquarie Atlas Roads International Limited 2014 Annual General Meeting 15 April 2014
Macquarie Atlas Roads — Shareholder Meeting (April 2014) on 6ix