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Slide 1 17.02.06 Consistent value creation Asia Roadshow – FY07 Results 29 & 30 August 2007.

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Presentation on theme: "Slide 1 17.02.06 Consistent value creation Asia Roadshow – FY07 Results 29 & 30 August 2007."— Presentation transcript:

1 Slide Consistent value creation Asia Roadshow – FY07 Results 29 & 30 August 2007

2 Slide 2 Disclaimer The Transurban Group is a triple stapled security listed on the Australian Stock Exchange comprising Transurban Holdings Limited (ACN ), Transurban Holdings Trust (ARSN ) and Transurban Limited ACN ). The responsible entity of the Transurban Holdings Trust is Transurban Infrastructure Management Limited (ACN ) which is the holder of Australian Financial Services Licence Number Transurban Infrastructure Management Limited is a wholly owned subsidiary of Transurban Limited. This publication has been prepared by the Transurban Group based on the information available. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this publication. To the maximum extent permitted by law, neither any member of the Transurban Group, their directors, employees or agents, nor any other persons accepts any liability for any loss arising from the use of this publication or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of any member of the Transurban Group, their directors, employees or agents. The information contained in this publication does not take into account the investment objectives, financial situation and particular needs of any investor. Further, the information is not intended in any way to influence a person into the varying, acquisition or disposal of a financial product nor provide financial advice nor constitutes an offer to subscribe for securities in the Transurban Group. Any person intending to acquire an interest in the Transurban Group is strongly recommended to seek professional advice. The Transurban Group does not warrant or guarantee the performance, repayment of capital or a particular return of the Transurban Group. 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 All rights reserved. No part of this publication may be 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.

3 Slide 3 Consistent value creation Group market cap ~A$7.5 billion (1) FY08 forecast yield ~8.1% (2) Conservative gearing policy 1.Based on $7.00 security price 2.Based on $7.00 security price

4 Slide 4 Our first 10 years Ownership and management of the “jewels” of Australian toll roads – CityLink, Westlink M7, Hills M2, M1, M5, M4 Innovation – tolling solutions, customer service, financial structures Delivery – complex projects, robust contracts, accurate traffic forecasts, growing patronage and shareholder value Independence – delivering returns solely for our security holders

5 Slide 5 Group strategy Owner operator – Long life ownership of strategic assets Strategic geographic focus – Australia and North America Common law and language No entrenched players Low sovereign risk Strategic partnerships

6 Slide 6 Group strategy – competitive advantage Independent / internally managed Unique skill base – Traffic – Project management – Financial structuring Technology – Tolling systems Customer service and management Concession management – Government relations – Community consultation

7 Slide 7 Financials

8 Group EBITDA 1.Excluding interest income attributable to cash collateralising Infrastructure Borrowings 2.Cash Contribution is calculated by adjusting Net Loss to exclude: depreciation and amortisation; expenses in relation to Concession Fees; term loan interest supported by cash; and other non-cash expenses 30 June 0730 June 06 $M EBITDA (1) Cash Contribution (2) Slide 8

9 Group result 30 June 2007 $M 30 June 2006 $M Revenue Less Operational costs Corporate costs Finance Costs Depreciation Net Loss from Operations Share of equity accounted losses (WM7, M5) Tax expense/ (Benefit) 19.7 (56.7) Net Loss after tax

10 Slide 10 Capital Management

11 Slide 11 $MHedged Corporate % (1) Non Recourse – consolidated % – non consolidated 84475% % (1) Senior debt rating / Corporate rating A - / BBB + Weighted average maturity 7.61 yrs Weighted Average Cost of Debt (including fees) 6.57% Gearing (debt to enterprise value) 40% Interest Cover Ratio (senior debt) 2.01 Loan Life Cover Ratio 3.3 Group debt at 30 June Excludes operating facilities

12 Slide 12 Capital management A- rating on senior debt maintained Current capital position balances with pipeline needs DRP changes enable flexibility Forecast distribution of 57 cents in FY08

13 Slide 13 Australian asset update

14 News Tulla–Calder interchange traffic forecast achieved Construction underway on Monash – CityLink – Westgate upgrade Slide 14 CityLink *Normalised for the the Burnley Tunnel incident traffic growth was 3.4% in FY07 FY07 Traffic  3.1 %* Revenue  8.8 %

15 Monash–CityLink–Westgate upgrade 7% traffic uplift across CityLink 10% traffic uplift on Southern Link Construction start August 2007 Completion September 2010 CityLink revenue protected during construction Slide 15

16 Slide 16 Hills M2 News Stage 1 widening implemented Lane Cove Tunnel customer service mobilised *Insert caption if applicable FY07 Traffic  7.5 % Revenue  16.9 %

17 Slide 17 News Cumulative cash flow ahead of forecast Growth profile longer than forecast Westlink M7 June Quarter 2007 Traffic  16.8 % Revenue  20.7 %

18 Slide 18 Sydney Roads Group

19 Sydney Roads Group Progress Delisted company $5.4m p.a. synergies achieved $3.7m p.a. identified in FY08 Further synergies targeted – subject to partner/State approvals Slide 19

20 Slide 20 Sydney Orbital Network

21 2006 Sydney Network congestion (AM Peak) Slide 21

22 2021 Sydney Network congestion (AM Peak) Slide 22

23 Slide 23 Sydney network opportunities Asset enhancements − M2 widening − M5 widening Operational enhancements − Contract consolidation Tolling enhancements − Full electronic tolling − Sydney casual user pass − Centralised enforcement Greenfield − M4 East − F3 / M2

24 Slide North America

25 Slide 25 Pocahontas acquired 29 June 2006 Exclusive negotiation on Capital Beltway HOT Lanes – financial close end 2007 Exclusive negotiation on I-95 / 395 HOT Lanes Consolidating in Virginia

26 Slide 26 News TIFIA funding for Richmond Airport Connector New developments announced for corridor Pocahontas FY07 Traffic  3.1 % Revenue  8.7 %

27 Slide 27 Virginia HOT Lanes – Capital Beltway Environmental clearance achieved Commercial negotiations with VDoT close to being finalised – most major issues agreed Ratings agency and concessional debt application processes (Private Activity Bonds and TIFIA) underway Project documentation and final regulatory approvals well advanced Financial Close expected by end of 2007

28 Slide 28 Virginia HOT Lanes – I95 / 395 Exclusive agreement with VDoT Project split into two stages Independent environmental approval processes progressing

29 Slide 29 DRIVe Capital Partners Global pooled fund commits US$715m Transurban committed to minimum 30% long term holding 20% held for long term US investors Pocahontas equity valued at US$236m Capital Beltway and I95 will be offered to DRIVe Full details in TCL ASX release – 22 August 2007

30 The Group is financially well positioned Australian business is performing well North American business is gaining momentum Slide 30

31 Slide

32 CityLink $M Hills M2 $M SRG $M Pocahontas $M Revenue Tolling & fees Other Total Operating costs Operational Corporate Total EBITDA EBITDA Margin 75.7%81.5% (1) 57.3% (1) 64.6% (2) Financials 1.Includes promissory notes & concession notes 2.Excludes foreign exchange gains

33 Slide 33 NSW Operations Business Development CorporateTransurban Group $M Revenue Tolling Other Total Operating costs Operational Corporate Total EBITDA (11.8)394.6 Financials

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