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27 August 2008 27 August 2008 CONNECTEAST GROUP - RESULTS FOR YEAR ENDED 30 JUNE 2008 The ConnectEast Group (ASX: CEU) presents its results for the year ended 30 June 2008. Highlights include: • EastLink tolling commenced • Smooth transition to operations • First four weeks traffic data released • Strong financial position • Distribution of 5.25 cents per unit Financial Performance EastLink, after three and a half years of construction, was opened to traffic on 29 June 2008. Tolling operations commenced on 27 July 2008, after a four week toll-free period. ConnectEast takes a strong financial position into operations, with cash reserves of $306.3 million at 30 June 2008 and conservative gearing. These reserves are to support ConnectEast through ramp-up and into steady state operations. ConnectEast reported a net loss of $13.6 million for the year ended 30 June 2008. There were two days of operations during the year, but no toll revenue. The income statement included the following items: • Administrative expenses of $15.7 million - costs not able to be capitalised as directly attributable to EastLink’s construction, as well as operating costs for the two days of operations • Interest costs of $0.9 million – interest costs for the two days of operations (prior to road opening all interest costs were capitalised) • Depreciation and amortisation of $3.3 million – depreciation and amortisation of assets, including leasehold improvements (EastLink Project) and plant and equipment For personal use only • Income tax benefit of $6.1 million – recognition of deferred tax assets. ConnectEast Management Limited (CEML), a wholly owned subsidiary of Macquarie Group Limited (ABN 94 122 169 279) (Macquarie), is the responsible entity of ConnectEast Investment Trust (CEIT) and ConnectEast Holding Trust (CEHT). CEIT and CEHT are the registered managed investment schemes which comprise ConnectEast Group. CEML is not an authorised deposit taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited (ABN 46 008 583 542) (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of CEML. - 2 - Commencement of Operations ConnectEast has made a seamless transition from delivering Australia’s largest infrastructure project to managing an operating business following the opening of EastLink on 29 June 2008 – on budget and five months ahead of schedule. ConnectEast has overseen a successful first two months of operations, with the road’s traffic management and safety systems, and its integrated tolling and customer service systems, working well. Speaking on the announcement of ConnectEast Group’s full-year results to 30 June 2008, Managing Director John Gardiner said that extensive planning, testing and training had enabled ConnectEast to move efficiently into day-to-day operations. “EastLink has been successfully integrated into the road network and is delivering time and fuel savings to many hundreds of thousands of motorists every week. Commercial operators in particular have moved immediately to benefit from the greater travel time reliability and efficiency gains on offer,” Mr Gardiner said. “With EastLink now open, ConnectEast is focused on carefully managing costs without compromising the motorway’s all-important safety systems or our commitment to provide customers with a high level of professional service. “EastLink’s traffic management systems, traffic control room operators and incident response teams are combining effectively to maintain safety and keep traffic running smoothly on the 39km motorway. “In addition, ConnectEast’s extensive customer service network (24/7 contact centre, websites, customer service centre and five retail outlets) remain busy, with a strong rate of account openings. ConnectEast is working hard to provide these customers with a good experience so they become regular users of EastLink.” ConnectEast is analysing local travel patterns and has conducted market research to identify the most effective ways to tap into the underlying travel demand that exists in the EastLink corridor, as evidenced by the 270,868 average daily trips made during the four-week toll free period. For personal use only - 3 - In addition, VicRoads is reviewing traffic signal phasing so that EastLink’s interchanges with the surrounding road network are operating as efficiently as possible. “Feedback from customers has been extremely positive, with many motorists appreciating the time and fuel savings that EastLink delivers as well as the high standard of the road and its urban design,” Mr Gardiner said. “We are actively working to ensure motorists recognise the value EastLink provides. Market research has shown that amongst those who have stopped using EastLink with the start of tolling or reduced their frequency of travel, many have over-estimated the cost and so our key challenge is to increase awareness about the affordability of the tolls. “In addition, travel time surveys by ConnectEast show that motorists can save 20- 30 minutes (or over 40%) by using the full length of EastLink instead of the two main competing routes (Springvale Road and Stud Road). “Significantly, commercial usage of EastLink has remained strong. Local businesses such as Hilton Manufacturing in Dandenong South have been quick to make the most of EastLink, reporting more reliable travel along with regular time savings of 40 minutes on a round trip between Dandenong and Ringwood.” Companies including Johnson & Johnson, Priceline, Canon, San Remo Foods, Hardy Wines, Tetrapak, Mitsubishi, Sancell and Allied Pickfords, and developers such as Australand, Leighton Properties, Jayco, Grenda Corporation and Salta Properties have already moved to take advantage of strategic locations close to EastLink in Melbourne’s south-east. Distribution for six months to 30 September 2008 The Board intends to declare a distribution for the period 1 April 2008 to 30 September 2008 of 5.25 cents per stapled unit. The ConnectEast Group’s Distribution Reinvestment Plan (DRP) will be available for the full distribution of 5.25 cents per stapled unit, with 3.25 cents per stapled unit being underwritten and the remainder funded from cash reserves. For personal use only - 4 - Unitholders who participate in the DRP will be issued units at a 5% discount to the volume-weighted average price during the relevant pricing period (which will be notified at the time the Group notifies ASX it has declared a distribution). The level of future distributions will be determined having regard to the Group’s business performance. A separate announcement dealing with the administrative arrangements for this distribution has also been released to the ASX today. Traffic update Average daily trip information on EastLink for the first four weeks of tolling has been released separately to the ASX today. Appointment of Director ConnectEast Chairman, Tony Shepherd welcomed Mark Snape to the ConnectEast Board following the resignation of Dr Ray Wilson to take up the role of Chief Executive Officer at BrisConnections. Mr Snape, who has acted as Dr Wilson’s alternate director since September 2005, becomes Thiess John Holland’s nominee director on the Board. Mr Snape is a member of the Australian Institute of Chartered Accountants and a fellow of the Australian Institute of Company Directors. Mr Shepherd said: “Ray Wilson has made a valuable contribution as a director of ConnectEast since its listing in 2004, and the Group has benefited greatly from his sector knowledge and wise counsel. We wish him well in his new role with BrisConnections. “Mark Snape brings to ConnectEast considerable experience in the development and operation of toll roads and other large scale infrastructure projects and will be an excellent addition to the ConnectEast Board.” Financial Report and Appendix 4E The Financial Report and Appendix 4E of the ConnectEast Group are attached. For personal use only ConnectEast Investment Trust Group ABN 54 979 279 220 Financial Report Year Ended 30 June 2008 ConnectEast Management Limited (CEML) ABN 68 071 292 647 / AFSL 254 959 is the responsible entity for ConnectEast Investment Trust (CEIT) ARSN 110 713 481 and its controlled entities and ConnectEast Holding Trust (CEHT) ARSN 110 713 614 and its controlled entities (collectively, the ConnectEast Group). ConnectEast Management Limited is a wholly owned subsidiary of Macquarie Group Limited (ABN 94 122 169 279). CEML is incorporated in Australia and its registered address is 1 Martin Place, Sydney, NSW, 2000. CEML is not an authorised deposit taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited (ABN 46 008 583 542) (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of CEML. For personal use only This report is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation or particular needs of any investor. Before making an investment in ConnectEast Group, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment objectives, financial situation and needs and consult an investment adviser if necessary. ConnectEast Management Limited, as responsible entity of ConnectEast Investment Trust
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