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 use personal For 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 use personal For
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 use personal For 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 use personal For
3 AGENDA
1. Introduction
2. Financial highlights
3. Portfolio and capability
4. Growth opportunities For personal use only use personal For
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 use personal For
60
40
20
0 H1 2008 H1 2009 H1 2010 5 1st half underlying free cash TRANSURBAN
FINANCIAL HIGHLIGHTS For personal use only use personal For
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 use personal For
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 use personal For 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 use personal For . 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 use personal For 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%
$38.1 million December 2009 – delivered Total further $11.5m90% for total of $38.1m $38.1m . Internal company restructure 80% June 2009 – delivered commenced FY08 70% direct cost savings of Total . Culture of cost consciousness $26.6m $26.6m 60% embedded throughout the business December 2008 – Revised $21.4m forecast to $21.4m
. Ongoing initiatives include: 50% – review of major operating contracts $20.0m 40% optimisation of tolling processes – June 2008 – Forecast to remove $20.0m30% from cost
– reduced travel costs base For personal use only use personal For
– relocation of corporate offices 20% – renegotiation of corporate services 10% contracts 11
0% 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 use personal For 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 use personal For 1.5 Pocahontas (USD) (11.6) (1.9) 0.00 (62.7) 5.00 10.00 15.00 20.00 25.00
1. All figures show percentage change versus the prior comparable period. 13 ATTRACTIVE TO LENDERS ASSET QUALITY AND FINANCIAL DISCIPLINE
Successfully refinanced M1 Eastern Distributor (July 2009)
Successfully refinanced M5 (December 2009)
Strong bank support on asset refinancings
Long dated tenor in corporate facilities
Undrawn capacity creates flexibility
Diversified funding portfolio (sources and maturity) For personal use only use personal For
14 CORPORATE DEBT MATURITIES
Refinancing requirements – 7 year forward view at half yearly intervals
500
450
400 129 350
300
250 5 200 223 375 136
150 300 300 AUD $ million USD) if (equivalent million $ AUD
100 190 123 50 97 100
0 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16
Half year ending
Unwrapped bonds Bank lines - drawn Term bank debt
Wrapped bonds Bank lines - undrawn US Private Placement - AUD For personal use only use personal For . Utilised undrawn bank lines to replace $150 million of bonds that matured in December . Investigating options to replace facilities repaid in first half of FY10 15 NON RECOURSE DEBT MATURITIES
Refinancing requirements – 7 year forward view at half yearly intervals
1,400
13 1,200
1,000 500
800
600
510
400 AUD $million USD)AUD (equivalent if 500 200 291 260 250 195 175 0 60 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Half year ending
M7 M2 M1 M5 M5 - undrawn
For personal use only use personal For . Minimal near term refinancing requirements . Timing of refinancings on M2 and M5 project debt influenced by upgrade negotiations
16 SUMMARY TRANSPARENT SECURE RETURNS
. Excellent performance on key metrics – Toll revenue 6.0% – Direct cost 8.4% – Underlying EBITDA 12.4% – Underlying free cash 18.6% . Refinanced more than $1 billion of non- recourse facilities . 1st half distribution of 12 cents
– Full year guidance 24 cents For personal use only use personal For
17 TRANSURBAN
PORTFOLIO AND CAPABILITY For personal use only use personal For
CHRIS LYNCH – CHIEF EXECUTIVE OFFICER18 PORTFOLIO AND CAPABILITY
. Strong demographic characteristics . Proven resilience in economic downturns . Embedded inflation protection . Industry leader in toll roads . Track record of innovation and pursuit of excellence
. Financial Discipline For personal use only use personal For
19 STRONG DEMOGRAPHIC CHARACTERISTICS
. Portfolio through key urban corridors Melbourne, Australia – Congestion – Wealth – Population growth . Attractive economic drivers . Opportunity to lead innovation in the US
Northern Virginia, US Sydney, Australia For personal use only use personal For
20 PROVEN RESILIENCE IN ECONOMIC DOWNTURNS
% Transurban proportional toll revenue Traffic on Transurban roads versus Sydney M7 10.3% Warnow Tunnel global peers during Global Financial Sydney M5 10.1% Euroscut Norte Litoral Crisis – data for 12 months ended 30 Sydney M2 16.0% 98.2% Sydney M4 6.9% June 2009 CityLink (normalised) 47.3% A4 - AE Porto/Amerante Sydney M1 7.6% A10 - AE Bucelas/Carregado/IC3 Non-Urban Roads A12 - AE Setubal/Montijo A5 - AE da Costa do Estoril Urban Roads M4-M6 Transurban Roads A13 - AE Alemeirim/Marateca Euroscut Algarve 407 ETR Chicago Skyway 1. CityLink normalised for construction works associated with the CityLink M1 upgrade. A2 - AE do Sul 2. Average daily traffic data shown for the year to 30 June 2009 versus prior year. CityLink (actual) 3. MIG, Cintra, Brisa and Transurban roads with publically available full year comparative APRR data have been selected. A9-CREL Dulles Greenway A3 - AE Porto/Valenca Ocana-La Roda A6 - AE Marateca/CAIA Indiana Toll Road A1- AE do Norte Autema
For personal use only use personal For M6 Toll A14 - AE Figueira da Foz/Coimbra (Norte) Pocahontas 1.8% Ausol II Ausol 1 Radial 4
(20.00%) (15.00%) (10.00%) (5.00%) 0.00% 5.00% 10.00% 21 EMBEDDED INFLATION PROTECTION
Asset Toll Escalation
Escalated quarterly by the greater of quarterly CPI or 1.1065% (being 4.5% p.a. as a quarterly CityLink compound rate) for the first 15 years, then quarterly by CPI. This is subject to a cap of annual CPI plus 2.5%, which cannot be exceeded.
Hills M2* Escalated quarterly by the greater of quarterly CPI or 1%.
Westlink M7 Escalated or deescalated quarterly by quarterly CPI.
M1 Eastern Distributor* Escalated quarterly by the greater of a weighted sum of quarterly AWE and quarterly CPI or 1%.
Escalated quarterly by quarterly CPI. The toll cannot be lowered as a result of deflation, however, M5 Motorway* until inflation counteracts the deflation the toll cannot be increased.
Pocahontas 895 Fixed rates until 2017 and then escalated by the greater of CPI, real GDP or 2.8% p.a.
Capital Beltway Not applicable due to variable tolling. For personal use only use personal For
* Escalation description denotes theoretical toll only. Actual toll increases on M1, M2 and M5 in Sydney are based on the rounding of theoretical tolls in 50 cent increments to accommodate cash toll collection. 22 TRACK RECORD OPERATIONAL CAPABILITY
. Demonstrated leader in technological innovation For personal use only use personal For . Product innovation . Leader in network management
23 TRANSURBAN
GROWTH OPPORTUNITIES For personal use only use personal For
24 TRACK RECORD PORTFOLIO ENHANCEMENT
. Proven value creation through greenfield project development
For personal use only use personal For . Portfolio enhancement through M&A . Major asset enhancements . Strong capital discipline 25 SUBSTANTIAL PIPELINE OF GROWTH OPPORTUNITIES
. Significant prospective value enhancements from the existing Transurban network to deliver benefits over the near, medium and longer term – Not all in external valuations of Transurban
Projects in progress
CityLink upgrade Restores strong growth profile on Transurban’s largest asset into the longer term
Capital Beltway Transformational asset for Transurban’s North American business. Construction 30% complete
Projects in negotiation
M2 upgrade Restores capacity for sustained long term growth on Transurban’s 2nd largest asset
M5 widening Critical widening for Sydney’s south west corridor with strong Government support
I-95 Second major HOT Lane opportunity for Transurban in North America
Other major opportunities For personal use only use personal For Consolidation of tolling systems, traffic management, maintenance, rationalisation through potential Australia acquisitions and further asset enhancements
North America Transurban actively monitoring significant long term opportunities with focus on Virginia and Georgia
26 CITYLINK M1 UPGRADE PROJECTS IN PROGRESS
. Restores strong growth profile on Transurban’s largest asset . Significant uplift to CityLink traffic forecast including: – Recovery of traffic lost during two years of construction; PLUS – Additional 7% Average Daily Transactions (ADT) forecast across whole of CityLink . Fourth outbound lane on Southern Link opened December 2009 . Fourth inbound lane to open in line with
other works on project For personal use only use personal For
27 CAPITAL BELTWAY PROJECTS IN PROGRESS
. HOT lanes - potential to transform Beltway . Construction 30% complete . Uncapped dynamic tolling optimises revenue – Minimum speed 45mph . 75 year concession (post construction)
Three worst US roads for congestion1 1. Hollywood Freeway, Los Angeles
2. Lunalilo Freeway (H-1), Honolulu For personal use only use personal For 3. Capital Beltway, Washington DC
1. Source: Washington Post article “GPS study ranks Capital Beltway third worst for freeway congestion”, dated 21/1/10, citing “Daily Beast reporting compiled by INRIX, 28 which culls information nationwide from more than 1.5 million GPS units, mostly in freight trucks.” M2 UPGRADE IN-PRINCIPLE AGREEMENT PROJECTS IN NEGOTIATION
. Restores capacity for sustained long term growth on Transurban’s 2nd largest asset . Value delivery for Transurban security holders clear – Near term - traffic uplift, ~8% toll price increase on completion, and two new tolled ramps – Longer term - 4 year concession extension . Key activities to financial close: – Finalise project documentation
For personal use only use personal For – Develop the detailed design – Complete environmental assessment
29 M5 WIDENING INITIAL AGREEMENT PROJECTS IN NEGOTIATION
. Highly congested corridor on Sydney orbital . Key growth corridor – Port Botany, Sydney Airport and land development in South West region (eg. Bringelly) . Strong Government support for broader corridor solution – Currently completing environmental assessment
. Final agreement late 2010 For personal use only use personal For
30 I-95/395 HOT LANES PROJECTS IN NEGOTIATION
. Second major HOT Lane opportunity for Transurban in Virginia . Connects to Capital Beltway . Timing dependent on resolution of local
government concerns For personal use only use personal For
31 TRANSURBAN
CONCLUSION For personal use only use personal For
32 OUTSTANDING LONG TERM VALUE
. Another great financial performance in the first half of FY10 – Toll revenue growth 6.0% – Traffic growth on all Australian assets – Outstanding performance on cost control – another $11.5m savings – Underlying EBITDA growth 12.4% – Underlying free cash growth 18.6% – Underpins FY10 distribution guidance of 24 cents . The future looks good – M1 CityLink upgrade starting to deliver – Capital Beltway development on track
For personal use only use personal For – Negotiations on Hills M2 and M5 have passed critical milestones – Market leadership position creates significant opportunity
33 For personal use only use personal For
34 TRANSURBAN APPENDIX 1
DETAILED FINANCIALS For personal use only use personal For
35 ONE-OFFS
EBITDA Cash Effect 31 Dec 09 31 Dec 08 31 Dec 09 31 Dec 08 $M $M $M $M Loss on CEU Investment - (12.9) - - Corporate advisory costs (3.0) - (1.9) - Restructuring costs - - - (8.3) DRIVe and CBE financial close - - - (8.8)
Total (3.0) (12.9) (1.9) (17.1) For personal use only use personal For
36 KEY FINANCIAL HIGHLIGHTS STATUTORY
31 Dec 09 31 Dec 08 % Change $M $M Toll revenue 363.3 342.1 6.2 Fee and other revenue 32.7 29.7 10.1 Operating costs (91.5) (97.3) (5.9) Net business development costs (6.3) (9.6) (34.4) Net CEU Investment loss - (12.9) (100.0) Corporate costs (19.7) (16.4) 20.1 Capitalised overheads 9.9 9.8 1.0 EBITDA 288.4 245.4 17.5 Depreciation and amortisation (161.6) (172.4) (6.3) Net finance costs (86.8) (82.1) 5.7 FX gain/(loss) - 3.0 (100.0) Share of associates losses (6.2) (16.6) (62.7) Tax benefit 20.4 25.9 (21.2)
For personal use only use personal For Net profit 54.2 3.2 1,587.3
37 RECONCILIATION OF STATUTORY P&L TO STATUTORY EBITDA 31 DECEMBER 2009
Interest & Offset finance fee construction Reallocation of Statutory Other revenue Net business $M revenue moved accounting capitalised Total P&L reallocation development to net finance disclosure under costs cost AASB I 12
Toll revenue 363.3 - - - - - 363.3 Fee & other revenue 228.1 (1.2) (162.9) (9.7) (21.6) - 32.7 Operational costs (86.8) 1.2 - - - (3.5) (89.1) Concession fees (2.4) - - - - - (2.4) Construction costs (21.6) - - - 21.6 - - Business development (9.7) - - 9.7 - (6.3) (6.3) Corporate (19.6) - - - - (0.1) (19.7) Capitalised overheads - - - - - 9.9 9.9 EBITDA 288.4 Depreciation and amortisation (161.6) - - - - - (161.6) Net finance costs (249.7) - 162.9 - - - (86.8) Foreign exchange gain ------Share of associates profit/(loss) (6.2) - - - - - (6.2)
For personal use only use personal For Profit/(Loss) before tax 33.8 - - - - - 33.8 Income tax benefit (expense) 20.4 - - - - - 20.4 Net profit/(loss) for the year 54.2 - - - - - 54.2
38 RECONCILIATION OF STATUTORY P&L TO STATUTORY EBITDA 31 DECEMBER 2008
Interest/ finance Offset construction Allocation Other FX gain/loss fee revenue Net business accounting of $M Stat P&L revenue moved from CEU loss Total moved to net development disclosure under capitalised allocation other income finance cost AASBI12 costs
Toll revenue 343.7 (1.6) ------342.1 Fee & other revenue 231.5 4.6 (156.3) (3.0) (14.4) (30.1) - (2.6) 29.7 Other revenue 3.0 (3.0) ------CEU Investment loss ------(12.9) (12.9) Operational costs (90.0) - - - - - (4.1) - (94.1) Concession fees (3.2) ------(3.2) Construction costs (30.1) - - - - 30.1 - - - Business development (18.4) - - - 14.4 - (5.6) - (9.6) Corporate (31.8) - - - - - (0.1) 15.5 (16.4) Capitalised overheads ------9.8 - 9.8 EBITDA 245.4 Depreciation and amortisation (172.4) ------(172.4) Net finance costs (238.4) - 156.3 - - - - - (82.1) Foreign exchange loss - - - 3.0 - - - - 3.0
Share of associates profit/(loss) (16.6) ------(16.6) For personal use only use personal For Profit/(loss) before tax (22.7) ------(22.7) Income tax benefit (expense) 25.9 ------25.9 Profit/(loss) for the year 3.2 ------3.2
39 RECONCILIATION OF PROPORTIONAL TO STATUTORY EBITDA
31 Dec 09 31 Dec 08 $M $M
Statutory EBITDA 288.4 245.4 Less: M1 ED EBITDA attributable to Minority Interest (7.3) (6.9) Less: M4 EBITDA attributable to Minority Interest (23.5) (22.4) Add: M5 Proportional EBITDA 39.1 36.7 Add: M7 Proportional EBITDA 35.4 30.8 Add: Pocahontas Proportional EBITDA 1.5 3.8 Add: DRIVe Operations Proportional EBITDA (2.4) (3.0)
Proportional EBITDA 331.2 284.4 For personal use only use personal For
40 RESULT BY ASSET (CONSOLIDATED) 31 DECEMBER 2009
Bus Dev/ $M CityLink Hills M2 Tollaust M1 ED M4 Roam Total Corporate Revenue Toll revenue 193.5 71.5 - 41.5 56.8 - - 363.3 Fees and other revenue 18.3 0.2 4.2 0.1 2.1 7.4 0.4 32.7 Total revenue 211.8 71.7 4.2 41.6 58.9 7.4 0.4 396.0 Total cost (47.9) (14.5) (1.3) (12.3) (11.3) (8.5) (11.8) (107.6) EBITDA 163.9 57.2 2.9 29.3 47.6 (1.1) (11.3) 288.4 EBITDA Margin 85% 80% - 71% 84% - - Depreciation and amortisation (77.5) (32.1) (0.5) (25.9) (31.7) (0.6) 6.7 (161.6) Net finance costs (45.3) (10.1) 0.1 (1.7) (2.9) 0.2 (27.1) (86.8) Share of associates profit/(loss) ------(6.2) (6.2) Profit/(loss) before tax 41.1 15.0 2.5 1.7 13.0 (1.5) (38.0) 33.8 Income tax benefit (expense) 16.3 (3.8) (0.8) (9.1) (5.9) 1.1 22.6 20.4 Net profit/(loss) 57.4 11.2 1.7 (7.4) 7.1 (0.4) (15.4) 54.2
Ownership 100% 100% 100% 75.1% 50.61% 100% 100% For personal use only use personal For
1. EBITDA margin calculated as EBITDA divided by toll revenue 41 RESULT BY ASSET (EQUITY) 31 DECEMBER 2009
M5 Westlink Pocahontas DRIVe $M Total Motorway M7 895 Operations Revenue Toll revenue 82.5 87.7 8.0 - 178.2 Fee and other revenue 6.6 1.0 - - 7.6 Total revenue 89.1 88.7 8.0 - 185.8 Total cost (11.0) (17.9) (6.1) (3.1) (38.1) EBITDA 78.1 70.8 1.9 (3.1) 147.7 EBITDA Margin 95% 81% 24% - Depreciation and amortisation (43.9) (34.2) (5.7) 0.1 (83.7) Net finance costs (14.2) (115.6) (17.4) 7.2 (140.0) Profit/(loss) before tax 20.0 (79.0) (21.2) 4.2 (76.0) Income tax benefit (expense) (17.9) - 8.8 (1.0) (10.1) Net profit/(loss) 2.1 (79.0) (12.4) 3.2 (86.1)
Ownership 50% 50% 75% 75% For personal use only use personal For
1. EBITDA margin calculated as EBITDA divided by toll revenue 42 RESULT BY ASSET (CONSOLIDATED) 31 DECEMBER 2008
Bus Dev/ $M CityLink Hills M2 Tollaust M1 ED M4 Roam Total Corporate Revenue Toll revenue 186.0 63.6 - 39.9 52.6 - - 342.1 Fees and other revenue 16.3 0.3 3.4 0.1 2.2 6.8 0.6 29.7 Total revenue 202.3 63.9 3.4 40.0 54.8 6.8 0.6 371.8 Total cost (52.2) (16.8) (1.7) (11.9) (9.4) (8.8) (25.6) (126.4) EBITDA 150.1 47.1 1.7 28.1 45.4 (2.0) (25.0) 245.4 EBITDA Margin 81% 74% - 70% 86% - - Depreciation and amortisation (86.2) (32.1) (0.8) (26.4) (31.6) (1.1) 5.8 (172.4) Net finance costs (50.1) (3.1) 0.4 (2.6) (2.3) 0.5 (24.9) (82.1) Foreign exchange gain/(loss) ------3.0 3.0 Share of associates profit/(loss) ------(16.6) (16.6) Profit/(loss) before tax 13.8 11.9 1.3 (0.9) 11.5 (2.6) (57.7) (22.7) Income tax benefit (expense) 7.7 (2.1) (0.5) (6.7) (5.0) 0.5 32.0 25.9 Net profit/(loss) 21.5 9.8 0.8 (7.6) 6.5 (2.1) (25.7) 3.2
For personal use only use personal For Ownership 100% 100% 100% 75.1% 50.61% 100% 100%
1. EBITDA margin calculated as EBITDA divided by toll revenue 43 RESULT BY ASSET (EQUITY) 31 DECEMBER 2008
M5 Westlink Pocahontas DRIVe $M Total Motorway M7 895 Operations Revenue Toll revenue 79.6 79.7 8.8 - 168.1 Fee and other revenue 6.4 1.0 - - 7.4 Total revenue 86.0 80.7 8.8 - 175.5 Total cost (12.6) (19.1) (3.7) (4.0) (39.4) EBITDA 73.4 61.6 5.1 (4.0) 136.1 EBITDA Margin 92% 77% 58% - Depreciation and amortisation (43.8) (37.0) (6.3) (1.2) (88.3) Net finance costs (16.0) (114.9) (21.9) 4.2 (148.6) Derivative through profit and loss - (203.0) - - (203.0) Foreign exchange gain/(loss) - - - 0.1 0.1 Profit/(loss) before tax 13.6 (293.3) (23.2) (0.9) (303.8) Income tax benefit (expense) (15.6) - 8.1 0.1 (7.4) Net profit/(loss) (2.0) (293.3) (15.1) (0.8) (311.2)
Ownership 50% 50% 75% 75% For personal use only use personal For
1. EBITDA margin calculated as EBITDA divided by toll revenue 44 FREE CASH
31 Dec 09 31 Dec 08 % Change $M $M Cashflows from operating activities (Refer Group Statutory Accounts) 185.5 168.4 Cashflows from operating activities – M1 ED and M4 (56.9) (84.6) Controlled cash 128.6 83.8 53.5 M1 Eastern Distributor 21.8 26.4 M4 – Statewide Roads 11.5 8.3 M5 – Interlink 11.5 14.5 Maintenance capital expenditure (12.1) (12.5) Free cash 161.3 120.5 33.9 One-offs Defence costs 1.9 - Restructuring costs - 8.3 DRIVe and CBE financial close - 8.8 Underlying free cash 163.2 137.6 18.6 Number of weighted average securities (millions) 1,287.7 1,254.8 Free cash per security 12.5 9.6 30.2 For personal use only use personal For Underlying free cash per security 12.7 11.0 15.5
1. Free Cash is calculated as cash flow from operations from 100% owned subsidiaries plus dividends received from less than 100% owned subsidiaries and equity accounted investments less the estimated annualised maintenance capital expenditure for 100% owned subsidiaries for their remaining concession life. 45 2. Cash flow from operating activities includes interest revenue received from M7 Term Loan Notes. PROPORTIONAL FINANCE COSTS
31 Dec 09 31 Dec 08 $M $M Statutory net finance costs (86.8) (82.1) Less: M1 ED net finance costs attributable to the Minority Interest 0.5 0.7 Less: M4 net finance costs attributable to the Minority Interest 1.4 1.1 Add: M5 proportional finance costs (7.1) (8.0) Add: M7 proportional finance costs (57.8) (158.7) Add: DRIVe proportional finance costs (7.9) (12.6) Proportional finance costs (157.7) (259.6) Unwinding of discount included in finance costs on Concession Notes 9.1 16.7 and M1 CityLink upgrade payable Unwinding of discount included in finance costs on maintenance expense 9.1 3.8 Movements in derivative through profit and loss – M7 (0.7) 101.5 Hedge amortisation – M1 ED 2.0 3.2
Proportional finance costs adjusted for non-cash items (138.2) (134.4) For personal use only use personal For
1. Movement in the M7 proportional finance costs for FY09 was driven by the mark to market position of Westlink derivatives, prior to entering hedge accounting. These have 46 been adjusted as a non-cash item. CASH BASED INTEREST CHARGES REMAIN CONSISTENT FINANCE COSTS
Proportional Statutory 31 Dec 09 31 Dec 08 Change 31 Dec 09 31 Dec 08 Change $M $M % $M $M % Debt interest expense – cash (197.6) (193.7) 2.0 (130.1) (122.7) 6.0 Debt interest expense – accretion (15.7) (14.7) 6.8 (15.7) (14.7) 6.8 Net RIBS and I-bonds 34.9 32.4 7.7 42.6 38.8 9.8 Bank interest revenue 6.1 9.8 (37.8) 3.7 10.1 (63.4) Debt fees (5.0) (3.9) 28.2 (4.7) (2.9) 62.1 Term loan notes interest – cash 16.0 12.8 25.0 16.0 12.7 26.0 Term loan notes interest – accretion 23.1 22.9 0.9 23.1 23.0 0.4 Net finance costs cash based (138.2) (134.4) 2.8% (65.1) (55.7) 16.9 Unwind of finance costs of Concession (9.1) (16.7) (45.5) (10.6) (18.9) (43.9) Notes and M1 CityLink upgrade payable Unwind of finance costs (9.1) (3.8) 139.5 (8.5) (3.2) 165.6 of maintenance expense Movements in derivative through profit 0.7 (101.5) (100.7) - - -
and loss – M7 For personal use only use personal For Hedge amortisation – M1 ED (2.0) (3.2) (37.5) (2.6) (4.3) (39.5) Total (157.7) (259.6) (39.3) (86.8) (82.1) 5.7
47 INFRASTRUCTURE BONDS POST-TAX CASH FLOW IMPACT
FY10 M1 Eastern Distributor - $M FY09 H1 Interest received (including placement fee) 132.6 139.9 Interest paid (88.3) (96.1) Net interest revenue 44.3 43.8 Tax payable (35.7) (39.8) Net interest after tax 8.6 4.0
FY10 Hills M2 - $M FY09 H1 Interest received (including placement fee) 35.7 1.2 Interest paid (25.0) - Net interest revenue 10.7 1.2 Tax payable (20.0) (10.7)
For personal use only use personal For Tax losses utilised 20.0 10.7 Net interest after tax 10.7 1.2
Tax payments on the M2 are deferred due to tax losses in the Transurban Group. 48 M1 Infrastructure Bonds cash flows are received in arrears. M2 Infrastructure Bonds cash flows are received in advance. ANALYSIS OF TAXATION STATUTORY AND PROPORTIONAL
31 Dec 09 31 Dec 08 Statutory tax paid includes $M $M Corporate - (0.5) M1 Eastern Distributor (29.7) (6.9) Hills M2 - - M4 (16.7) (10.9) Transurban US - (0.6) Westlink holding companies (2.4) (0.5) Total (48.8) (19.4)
31 Dec 09 31 Dec 08 Proportional tax paid includes $M $M Corporate - (0.5) M1 Eastern Distributor (22.3) (5.2) Hills M2 - - M4 (8.5) (5.5) M5 (8.6) (8.7)
For personal use only use personal For Transurban US - (0.6) Westlink holding companies (2.4) (0.5) Total (41.8) (21.0)
49 MAINTENANCE EXPENSE INCLUDED IN OPERATING COSTS
31 Dec 09 31 Dec 08 Asset $M $M
CityLink 4.7 6.3
Hills M2 1.0 2.2
M1 – Eastern Distributor 1.7 1.1
M4 – Statewide Roads - -
M5 – Interlink (1.3) 1.0
M7 – Westlink 3.2 4.6
Pocahontas Parkway 3.0 0.6 For personal use only use personal For
1. The above information has been calculated in accordance with AASB Interpretation 12 Service Concession Arrangements and represents 100% of the 50 charges for all assets. TRANSURBAN APPENDIX 2
DETAILED TREASURY AND FUNDING For personal use only use personal For
51 GROUP DEBT FACILITIES AT 31 DECEMBER 2009
Transurban corporate debt AUD ($ million) USD ($ million) Working capital lines¹ 265 20 Term bank debt 600 - US Private Placements 1,283 144 Domestic unwrapped bonds 300 - Domestic wrapped bonds 600 - Total 3,048 164 Non recourse (AUD $ million) Asset Debt Ownership Proportional M1 – Eastern Distributor 515 75.1% 387 M2 – Hills Motorway 465 100% 465 M4 – Statewide Roads - 50.61% - M5 Interlinks Roads2 510 50% 255 M7 Westlink 1,250 50% 625 Total 2,740 1,732 Non recourse (USD $ million) Pocahontas – Senior 306 75% 229 3 1. AUD $224m in undrawn facilities.
For personal use only use personal For Pocahontas – TIFIA 128 75% 96 2. AUD $13m available in undrawn facility. Beltway – Senior 589 67.5% 398 3. Undrawn facility of USD $35.1m. Drawn 4 amounts include USD $12.9m of accreted Beltway TIFIA 145 67.5% 98 interest. 4. Undrawn facility of USD $449.8m. Drawn Total 1,168 821 amounts includes USD $6m accreted interest. 52 TOTAL GROUP DRAWN DEBT
Group 31 December 30 June 2009 Movement Explanation3 Debt 2009 AUD1 Corporate 3,048 3,003 + 45 $150m domestic bonds repaid offset by $185m increase in drawn working capital and $10.7m increase in 2006 USPP (accreting interest) Non recourse (Proportional) 1,732 1,727 + 5 $0.3m M4 debt repaid and M1 ED debt reduced by $0.4m, offset by $5.0m increase in M5 debt
Total 4,780 4,730 + 50
USD2 Corporate 164 152 + 12 $8m increase in drawn working capital, $4m increase in 2006 USPP (accreting interest) Non recourse (Proportional) 821 779 + 42 TIFIA drawdowns and accretive interest ($10m Richmond Airport Connector, $32m Capital Beltway)
Total 985 931 + 54 For personal use only use personal For
1. AUD represents debt issued in AUD plus debt that has been issued in USD and has been swapped back into AUD. 2. USD debt represents debt issued in USD and includes working capital, Pocahontas, Capital Beltway and Tranche C of the 2006 USPP which was not swapped back to AUD. 53 3. Amounts may differ from movement due to rounding. Movements above relate to Transurban’s proportional ownership. KEY DEBT METRICS
31 December 2009 30 June 2009
Transurban Non Transurban Non Corporate Corporate Group recourse Group recourse Weighted average maturity (years)1 10.1 6.3 13.2 10.1 yrs 6.9 yrs 13.9 yrs
Weighted average cost of AUD debt 6.7% 6.4% 7.3% 6.4% 6.5% 6.4%
Weighted average cost of USD debt 5.4% 5.2% 5.5% 5.6% 5.6% 5.6%
Fixed2 91% 91% 91% 93% 97% 88%
Gearing3 (Debt to Enterprise Value) 45.1% 52.3%
Senior Interest Cover Ratio 2.4x 2.4 x (Historical Ratio For 12 Months) Group’s Secured Debt Rating A- / Baa1/ A- A- / Baa1 / A-
(S&P / Moody’s / Fitch) For personal use only use personal For
1. Weighted average maturity calculated on drawn funds at AUD value of debt. USD debt converted at the hedged rate where cross currency swaps are in place. Unhedged USD debt converted to AUD at the spot exchange rate ($0.8969 at 31 December 2009 and $0.8114 at 30 June 2009). 2. Fixed % comprises fixed rate debt and floating debt that has been hedged to fixed rate debt and is a weighted average of total proportional Group drawn debt in AUD. 3. Gearing is total proportional Group drawn debt in AUD. USD debt converted at the hedged rate where cross currency swaps are in place. Unhedged USD debt converted to AUD at the spot exchange rate ($0.8969 at 31 December 2009 and $0.8114 at 30 June 2009). The security price was $5.54 at 31 December 2009 and $4.18 at 30 June 2009 54 with 1,289.7m securities on issue at 31 December 2009 and 1,281.4m securities on issue at 30 June 2009. CORPORATE DEBT MATURITIES
Full profile
600
500 165
400 129
300 300
AUD $ million$ equivalent)AUD (or 5 200 223 375 136 300 300 223 219 100 190 206 161 123 125 97 100 82 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Financial Year Unwrapped bonds
For personal use only use personal For US Private Placement - AUD Bank lines - undrawn Wrapped bonds
Bank lines - drawn Term bank debt US Private Placement - USD
1. Debt maturity dates are in financial year buckets. 2. Debt values are as at 31 December 2009. USD debt converted at the hedged rate where cross currency swaps are in place. Unhedged USD debt converted to AUD at 55 $0.8969 spot exchange rate at 31 December 2009. NON-RECOURSE DEBT MATURITIES (100%)
Non-recourse debt maturity profile 2010 to 2030 1,400
13 1,200
1,000 500
800
600
AUD $million USD)AUD (equivalent if 510 400
500 200 291 260 250 195 175 60 0
2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 For personal use only use personal For Financial Year
M7 M2 M1 ED M5 M5 - undrawn 1. Debt maturity dates are in financial year buckets. 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 the debt. 56 3. USD debt converted to AUD at $0.8969 spot exchange rate at 31 December 2009. NON-RECOURSE DEBT (100%)
Maturities beyond 2030
1,400
1,200
495 1,000
800
600
400 819
AUD $ million$USD) AUD if (equivalent 200 341 123 39 0 19 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 Financial Year
Capital Beltway - drawn Capital Beltway - undrawn Pocahontas - drawn Pocahontas - undrawn For personal use only use personal For
1.Debt maturity dates are in financial year buckets. 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 the debt. 3.USD debt converted to AUD at $0.8969 spot exchange rate at 31 December 2009. 57 TRANSURBAN APPENDIX 3
ASSET SNAPSHOT For personal use only use personal For
58 CITYLINK NEXT PHASE BEGINS
. Positive outlook reflecting progressive % growth EBITDA completion of works on Southern Link Traffic Toll revenue EBITDA Margin and adjacent sections 0.9% 6.2% 9.2% 85% − Monash Freeway works complete Elements of CityLink toll revenue growth − Southern Link additional outbound 8% lane opened 14 December 7% 0.6% 6.2% . Construction works continued to impact 6% 0.7% 4.3% (0.3%) traffic 5%
− Traffic recovery in December 4%
3%
2% FY10 Vs. FY09 Growth %
Period AWDT AWEDT ADT HCV 1% 0.9% Q1 1.5% 0.6% 1.3% (6.0%) 0% 2.1% (4.9%) 0.4% (0.2%) Q2 Traffic Growth Toll Escalation Trip Mix Class Mix Revenue Toll revenue For personal use only use personal For Dec 09 3.9% 0.7% 3.1% 2.9% Recovery growth HY 1.8% (2.3%) 0.9% (3.0%)
The traffic waterfall chart above shows toll revenue growth exclusive of the revenue protection provision shown in prior periods. Toll revenue growth inclusive of the revenue protection provision is 4.0%. 59 AWDT – average work day transactions; AWEDT – average weekend day transactions; ADT - average daily transactions; HCV – heavy commercial vehicles HILLS M2 READY TO UPGRADE
. Pricing strength evident % growth EBITDA − 12.5 per cent toll price increase at Traffic Toll revenue EBITDA Margin the Main Toll Point in July 2009 2.1% 12.4% 21.4% 80% − Transition to truck toll multiple of 3 times cars began in April 2009 Elements of Hills M2 toll revenue growth 14% 10.9% . Truck traffic showed signs of 0.1% 12.4% 12% (0.4%) recovery in December quarter (0.3%) . M2 upgrade 10% − IPA reached October 2009 8% 6% − Financial close on M2 upgrade agreement targeted for late 2010 4% 2.1% 2% FY10 Vs. FY09 Growth % Period AWDT AWEDT ADT HCV 0%
For personal use only use personal For Q1 1.3% 5.3% 2.2% (1.6%) HY Traffic Toll Class Mix Trip Mix Revenue HY Growth Escalation Recovery Revenue Q2 2.2% 1.7% 2.1% 4.1% Growth HY 1.8% 3.4% 2.1% 1.3%
AWDT – average work day trips; AWEDT – average weekend day trips; ADT - average daily trips; HCV – heavy commercial vehicles 60 M1 EASTERN DISTRIBUTOR CONTINUES TO DELIVER
. Weekend growth particularly strong % growth EBITDA reflecting increasing discretionary Traffic Toll revenue EBITDA Margin travel 3.6% 4.1% 4.3% 71% . 11.5% growth in trips feeding Sydney Harbour Bridge Elements of Eastern Distributor toll revenue growth 5%
0.5% 4.1% 4% 0.1% 3.6% (0.1%) 3%
2%
FY10 Vs. FY09 Growth % 1% Period AWDT AWEDT ADT HCV 0% Q1 2.4% 5.2% 3.0% 0.3% HY Traffic Toll Class Mix Revenue HY Revenue
Q2 3.5% 6.0% 4.1% (3.6%) Growth Escalation Recovery Growth For personal use only use personal For HY 2.9% 5.6% 3.6% (1.7%)
AWDT – average work day trips; AWEDT – average weekend day trips; ADT - average daily trips; HCV – heavy commercial vehicles 61 M4 MOTORWAY END OF CONCESSION
. Concession ended 15 February 2010 % growth EBITDA Margin . NSW Auditor General’s report released Traffic Toll revenue EBITDA in October 2009 noted the following: 2.5% 7.9% 4.8% 84% “...the sections of the M4 built and maintained by SWR should be in satisfactory condition Elements of M4 toll revenue growth when handed back, not requiring major 9% 5.4% 0.1% 7.9% repairs to the pavement or substantial 8% (0.1%) structures in the next five years. This outcome 7% 6% can be attributed to good management and 5% good will between the RTA and SWR.” 4%
3% 2.5% 2% FY10 Vs. FY09 Growth % 1%
Period AWDT AWEDT ADT HCV 0% HY Traffic Toll Class Mix Rev HY Toll Rev Q1 1.7% 4.1% 2.3% 0.0% For personal use only use personal For Growth Escalation Recovery Growth
Q2 3.1% 1.9% 2.8% 4.5%
HY 2.4% 2.9% 2.5% 2.2%
AWDT – average work day trips; AWEDT – average weekend day trips; ADT - average daily trips; HCV – heavy commercial vehicles 62 WESTLINK M7 STRONG GROWTH DRIVERS
. Traffic growth returning to pre-GFC % growth EBITDA levels Traffic Toll revenue EBITDA Margin – 10 per cent revenue growth in first 6.1% 10.0% 14.9% 81% half of FY10 Elements of Westlink M7 toll revenue growth . Southern section of M7 continues to have the strongest growth 12 %
1.9% 10.0% . Significant revenue recovery 10 %
improvements 2.0% 0.0% 8 %
6.1% 6 %
FY10 Vs. FY09 Growth % 4 % Period AWDT AWEDT ADT HCV
Q1 5.0% 8.5% 5.7% (0.8%) 2 % Q2 6.6% 5.8% 6.5% 5.3% HY Traffic Toll Trip Mix Rev HY Toll Rev For personal use only use personal For Growth Escalation Recovery Growth HY 5.8% 7.1% 6.1% 2.2%
AWDT – average work day trips; AWEDT – average weekend day trips; ADT - average daily trips; HCV – heavy commercial vehicles 63 M5 NEXT STEP - WIDENING
. Strong recovery in truck traffic in % growth EBITDA December quarter 2009 (+4.3% vs. Traffic Toll revenue EBITDA Margin pcp) 3.9% 3.7% 6.4% 95% . Initial agreement with NSW Government on M5 widening Elements of M5 toll revenue growth
5%
3.9% 0.0% 0.0% 4% 3.7% (0.2%) 3%
2%
FY10 Vs. FY09 Growth % 1% Period AWDT AWEDT ADT HCV
Q1 3.3% 5.9% 4.0% (3.1%)
0% For personal use only use personal For Q2 3.8% 4.4% 3.9% 4.3% HY Traffic Toll Class Mix Revenue HY Toll HY 3.5% 5.1% 3.9% 0.5% Growth Escallation Recovery Revenue Growth
AWDT – average work day trips; AWEDT – average weekend day trips; ADT - average daily trips; HCV – heavy commercial vehicles 64 POCAHONTAS
. Construction of Richmond Airport % growth EBITDA Connector underway Traffic Toll revenue EBITDA Margin (11.6%) (1.9%) (62.7%) 24% . Depressed economic climate in Richmond, Virginia continues Elements of Pocahontas toll revenue decrease
(1.0%) 9.1% (1.9%) (3.0%) (0.2%) 1.7% (5.0%)
(7.0%)
(9.0%)
(11.0%)
(13.0%) (12.5%) (15.0%) Traffic Toll Class mix Revenue Revenue
For personal use only use personal For decrease Escalation recovery
Pocahontas EBITDA was impacted in the period by an adjustment to the maintenance provision expense, required under accounting standards. 65 CAPITAL BELTWAY ON TRACK
. Construction on track (30% complete) . Design 99% complete . Right of way acquisition on track – offers made on 91% of parcels . First bridge associated with the project has been opened to traffic
Projected funding schedule
US$’ million Equity PABs TIFIA Total VDOT Total FY10 31 154 116 302 127 429 FY11 28 201 131 360 66 426
For personal use only use personal For FY12 18 143 147 308 63 370 FY13 156 18 96 270 24 294 Total 233 517 490 1,240 279 1,519
66 TRANSURBAN APPENDIX 4
OTHER INFORMATION For personal use only use personal For
67 ELEMENTS OF TOLL REVENUE GROWTH
Toll revenue growth by asset 1st half FY10 Toll revenue growth by element 1st half FY10
430 430
420 420 2.0 0.4 416.1 4.0 416.1 8.0
1.5 (0.6) 2.1 (3.5) 1.2 16.7 410 7.9 410
11.0
400 400
$ 'Millions $ (3.5) $ 'Millions $ 392.5 392.5
390 390
380 380
370 370
M2 M1 M4 M5 M7
For personal use only use personal For
CityLink
Traffic Traffic
Trip mix Trip
upgrade upgrade
revenue revenue
provision
volumes
Revenue Revenue recovery
increase
Toll price price Toll
M1 CityLink CityLink M1
Pocahontas
H1 2010 Toll Toll 2010H1 H1 2009 Toll 2009Toll H1
upgrade upgrade
revenue revenue
provision
M1 CityLinkM1
H1 2009 Toll 2009H1Toll H1 2010 Toll 2010H1Toll
68 HALF YEARLY EBITDA AND REVENUE GROWTH
Half yearly EBITDA by asset – FY05 – FY10 Half yearly toll revenue by asset – FY05 – FY10
400,000.00 450,000.00 Thousands Thousands 400,000.00 350,000.00
350,000.00 300,000.00
300,000.00 250,000.00 M5 Interlink M5 Interlink M4 Statewide Roads 250,000.00 M4 Statewide Roads 200,000.00 M1 Eastern Distributor M1 Eastern Distributor
M7 Westlink 200,000.00 M7 Westlink Pocahontas 895 Pocahontas 895 150,000.00 Hills Hills 150,000.00 CityLink CityLink
100,000.00 100,000.00
50,000.00 50,000.00
0.00 0.00 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1
2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 For personal use only use personal For
69 For personal use only use personal For
70