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Transurban Investor Presentation

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Transurban Investor Presentation asx release 17 February 2010 Transurban Investor Presentation Attached please find the Investor Presentation which will be given to analysts this morning. Elizabeth Mildwater Company Secretary Investor enquiries Henry Byrne +61 (0) 438 564 245 Media enquiries Megan Fletcher + 61 (0) 428 139 531 For personal use only Classification Transurban Group Transurban International Limited ARBN 121 746 825 Transurban Holdings Limited ABN 86 098 143 429 Level 3 Level 5 Transurban Holding Trust 505 Little Collins Street 50 Pitt Street ABN 30 169 362 255 Melbourne Victoria 3000 Sydney NSW 2000 ARSN 098 807 419 Australia Australia [email protected] Telephone +613 9612 6999 Telephone +612 9254 4900 www.transurban.com.au Facsimile +613 9649 7380 Facsimile +612 9254 4990 Records Management Document F06.08.010 RMGR 82Q8YL TRANSURBAN 2010 INTERIM RESULTS PRESENTATION 17 FEBRUARY 2010 For personal use only 1 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 Infrastructure Management Limited (ACN 098 147 678) (AFSL 246 585). No representation or warranty is made as to the accuracy, completeness or correctness of the information contained. To the maximum extent permitted by law, the Transurban Group, directors, employees or agents or any other person, do not accept liability for loss arising from or in connection with this publication including without limitation, any liability arising from fault or negligence. The information does not take into account individual investment and financial circumstances and is not intended in any way to influence a person dealing with a financial product, nor provide financial advice. It does not constitute an offer to subscribe for securities in the Transurban Group. Any person intending to deal in Transurban Group securities is recommended to obtain professional advice. United States These materials do not constitute an offer of securities for sale in the United States, and the securities referred to in these materials have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. © Copyright Transurban Limited ABN 96 098 143 410. All rights reserved. No part of this publication may be For personal use only reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the written permission of the Transurban Group. 2 UPDATE ON CHANGE OF CONTROL PROPOSAL . Unsolicited, highly conditional and non-binding joint proposal by CPP and OTPP on 27 October 2009 to acquire Transurban for $5.25 per security . Transurban Board rejected the proposal on 5 November 2009 . On 10 December 2009 the Future Fund publicly stated that it was in discussions with CPP and OTPP to review the proposal previously rejected by the Transurban Board . Transurban Board has revalidated internal financial models and confirmed its view of value of Transurban . Corporate advisers, Lazard, completed a separate review and concur with the Board’s view of value . No further approaches by CPP/OTPP to date For personal use only 3 AGENDA 1. Introduction 2. Financial highlights 3. Portfolio and capability 4. Growth opportunities For personal use only 4 HIGHLIGHTS Continued double digit % proportional Saving forecasts exceeded EBITDA growth 400 100% Total $ 'Millions $ 350 $38.1m90% $20 Delivered cost savings in 300 .0m 80% excess of forecast Total70% 250 $26.6m 60% 200 $21.4m 50% 150 Forecast cost 40% savings 100 $20.0m30% 50 20% 0 10% H1 2005 H1 2006 H1 2007 H1 2008 H1 2009 H1 2010 CityLink Hills Pocahontas 895 M7 Westlink M1 Eastern Distributor M4 Statewide Roads M5 Interlink 0% 18.6% growth in underlying free cash Current portfolio enhancements advanced 180 163.2 M1 CityLink upgrade Capital Beltway 160 $ Millions $ 137.6 140 120 103.4 100 80 For personal use only 60 40 20 0 H1 2008 H1 2009 H1 2010 5 1st half underlying free cash TRANSURBAN FINANCIAL HIGHLIGHTS For personal use only TOM HONAN – CHIEF FINANCIAL OFFICER6 STATUTORY REPORTING . Total revenue - $591.4 million (2009 : $575.2 million) - 2.8% − Toll revenue - $363.3 million (2009 : $343.7 million) - 5.7% − Fee and other revenue - $228.1 million (2009 : $231.5 million) - 1.5% . EBITDA (statutory basis) - $288.4 million (2008 : $245.4 million) - 17.5% . Net profit - $54.2 million (2009 : $3.2 million) - 1,587.3% . Interim distribution declared of 12 cents per security − Payable 26 February 2010 − Full year FY10 distribution guidance of 24 cents per security For personal use only 1. Other revenue includes interest income and finance fees of $162.9 million (2008 : $156.3 million), construction accounting revenue from the M1 CityLink upgrade of $21.6 million (2008 : $30.1 million) and other items. 7 2. Refer appendix p. 37 for statutory profit and loss. DOUBLE DIGIT EBITDA GROWTH CONTINUES Proportional results for six months ended 31 December 2009 31 Dec 09 31 Dec 08 % Change $M $M Toll revenue 416.1 392.5 6.0 Fee revenue 26.3 23.4 12.4 Other revenue 9.1 8.9 2.2 Operating costs (101.8) (105.9) (3.9) Business development costs (8.7) (9.0) (3.3) Corporate costs (16.7) (21.8) (23.4) Capitalised overheads 9.9 9.2 7.6 Underlying proportional EBITDA 334.2 297.3 12.4 Corporate advisory costs (3.0) - Loss on CEU Investment - (12.9) Proportional EBITDA 331.2 284.4 16.5 Proportional net finance costs adjusted for non-cash items (138.2) (134.4) 2.8 For personal use only Proportional taxation paid (41.8) (21.0) 99.0 1. The Group’s underlying proportional result reflects business performance. The exclusion of certain items permits a more appropriate and meaningful analysis of the Group’s underlying performance on a comparative basis. This method of presentation differs from the statutory accounting format. 8 2. Refer slide 40 for reconciliation of EBITDA calculated on a statutory basis to proportional EBITDA. CONSISTENT GROWTH ACROSS PORTFOLIO 1st half EBITDA by asset FY05 – FY10 1st half toll revenue by asset FY05 – FY10 400 450 400 12.4%↑ 'Millions S $ 'Millions $ 350 11.6%↑ 350 300 300 250 250 200 200 150 150 100 100 50 50 0 0 H1 2005 H1 2006 H1 2007 H1 2008 H1 2009 H1 2010 H1 2005 H1 2006 H1 2007 H1 2008 H1 2009 H1 2010 CityLink Hills Pocahontas 895 M7 Westlink M1 Eastern Distributor M4 Statewide Roads M5 Interlink CityLink Hills Pocahontas 895 M7 Westlink M1 Eastern Distributor M4 Statewide Roads M5 Interlink For personal use only . Continued EBITDA and toll revenue growth on all Australian assets each reporting period . Current asset portfolio has delivered consistent double digit EBITDA growth and toll revenue growth 9 EBITDA ENHANCED BY COST SAVINGS Underlying EBITDA movement – 1st half FY09 to 1st half FY10 340 5.1 0.7 334.2 330 6.1 0.3 3.1 23.6 320 (2.0) 310 $ 'Millions $ Total cost savings $11.5m 300 297.3 290 For personal use only 280 other other Costs 2009 2010 Costs Fee and and Fee revenue Costs Operating Corporate Corporate EBITDA H1 EBITDA H1 Capitalised Business Toll revenue Toll Incremental Incremental volume costs volume Development 10 NEW COST STRUCTURE FORECASTS EXCEEDED Total cost savings since H2 FY08 100% 90% $38.1 million December 2009 – delivered Total further $11.5m for total 80% of $38.1m $38.1m 70% . Internal company restructure 60% 50% June 2009 – delivered commenced FY08 40% direct cost savings of 30% Total . Culture of cost consciousness $26.6m $26.6m 20% embedded throughout the business December 2008 – Revised10% $21.4m forecast to $21.4m . Ongoing initiatives include: 0% – review of major operating contracts $20.0m optimisation of tolling processes – June 2008 – Forecast to remove $20.0m from cost – reduced travel costs base For personal use only – relocation of corporate offices – renegotiation of corporate services contracts 11 18.6% UNDERLYING FREE CASH GROWTH 31 Dec 09 31 Dec 08 % Change $M $M Underlying free cash (refer Appendix slide 45) 163.2 137.6 18.6 Corporate advisory costs (1.9) - Restructuring costs - (8.3) DRIVe and CBE financial close impacts - (8.8) Free cash 161.3 120.5 33.9 Number of weighted average securities (millions) 1,287.7 1,254.8 Underlying free cash per security 12.7 cents 11.0 cents 15.5 Free cash per security 12.5 cents 9.6 cents 30.2 Underlying free cash 180 163.2 . Consistent record of strong growth in 160 137.6 140 underlying free cash from current asset $ Millions $ 120 103.4 100 portfolio For personal use only 80 60 40 20 0 1. Adjustments have been made to free cash to reflect one-off items for comparative purposes. H1 2008 H1 2009 H1 2010 2. Refer slide 45 for reconciliation to statutory cash flow. 12 GROWTH ACROSS PORTFOLIO Six months ended 31 December 20091 % of prop Traffic Toll Revenue EBITDA toll revenue Growth (%) Growth (%) Growth (%) 46.5 CityLink 0.9 6.2 CityLink 9.2 17.2 Hills M2 2.1 12.4 Hills M2 21.4 7.5 M1 Eastern Distributor 3.6Eastern Distributor4.1 M1 4.3 6.9 M4 2.5 7.9 M4 4.8 10.5 Westlink M7 6.1 Westlink10.0 M7 14.9 9.9 M5 3.9 3.7 M5 6.4 For personal use only 1.5 Pocahontas (USD) (11.6) (1.9) 0.00 (62.7) 5.00 10.00 15.00 20.00 25.00 1.
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