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Disclaimer
The Transurban Group is a triple stapled security listed on the Australian Stock Exchange comprising Transurban Holdings Limited (ACN 098 143 429), Transurban Holdings Trust (ARSN 098 807 419) and Transurban International Limited (ARBN 121 746 825). The responsible entity of the Transurban Holdings Trust is Transurban Infrastructure Management Limited (ACN 098 147 678) which is the holder of Australian Financial Services Licence Number 246 585. 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 96 098 143 410. 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.
Introduction
The strength of the Transurban brand is based on the owner / operator model
The model has delivered for investors and positioned the Group for continued disciplined growth
Transurban today
• Top ten road investor globally• Premier assets generating strong cash flow• Well positioned for US growth• Group market cap ~ A$6.9B• FY07 forecast yield ~ 7% (1)
Asset Mix %
CityLink100% Ownership and
Operations
Hills M2100% Ownership and
Operations
Westlink M747.5% Ownership
100% Tolling
Pocahontas USA100% Ownership and
Operations
Pocahontas
Hills M231
CityLink54
4WM7
11
1. Based on $7.69 security price
Balance sheet strength
• Strong cash flows and EBITDA growth
• Low gearing - 0.38*
• A- senior debt rating
• ICR currently 2.03
• 88% of long term debt hedged at 6.5%
• Debt maturity - weighted average 8.81 years
*Debt to enterprise value (CARS as equity & 47.5% of M7 debt )
Another successful half year
• EBITDA 19.4%
• Revenue 15.9%
• Operational costs 8.8%
• Corporate costs 5.2%
• Paid FY07 half year distribution of 26.5 cents – full year guidance of 54 cents
• FY08 distribution guidance of 57 cents
Growing distributions
FY07:
• Substantially tax deferred
• Forecast yield~ 7% (1)
0
10
20
30
40
50
60
2002 2003 2004 2005 2006 2007 2008
Cen
ts P
er S
ecur
ity
5.3
20
25.5
35
5054
1. Based on $7.69 security price
57
FOR
ECA
ST
FOR
ECA
ST
CityLink – Melbourne’s economic spine
1st Half FY 2007
• Traffic 3.3%
• Revenue 8.7%
Enhancements
• Tulla - Calder interchange
– Forecast traffic uplift of 1%
• West Gate – CityLink – Monash upgrade
– Forecast traffic uplift of 7%
Sydney growth corridor
Westlink M7
Dec Quarter 2006
• Traffic 5.9%*
• Revenue 8.5%*
Future drivers
– Continued land use growth
– Local road congestion
*Percentage change over prior quarter
Sydney growth corridor
Hills M2
1st half FY 2007
• Traffic 12.6%
• Revenue 17.4%
M2 enhancements
• Widening
• 100% electronic tolling
“Natural owner” of SRG* assets
Only Transurban can unlock the value of an integrated network through:• Full ETC to deliver
higher traffic • Improved customer
service• Lower costs• Asset optimisation• Network
enhancements
*Sydney Roads Group
*
*
*
The merged group
• $8.2B* group market cap
• Geographically diversified
• Synergies and savings of $8m p.a.
• Higher operating cash
• Improved ICRs
• Asset integration opportunities
Pocahontas
3%
CityLink46%
Hills M225%
SRG15%
M711%
*Based on $7.69 Security Price
Virginia, USA projects
• Acquired Pocahontas Parkway
• Preferred status I-95 HOT Lanes
• Exclusive Capital Beltway HOT Lanes
Project pipeline
Asset Location Status
I-495 (Capital Beltway) Virginia Exclusive
I-95/395 Virginia Exclusive
Dulles Toll Road Virginia Short listed (on hold)
SH 161 Texas Short listed
I-635 (LBJ Fwy) Texas Short listed
I-285 Managed Lanes Georgia Bidding
Gateway Project British Columbia Awaiting RFQ
Total estimated cost US$11B
Conclusion
• Brand recognition
• Strong financial performance
• Balance sheet strength
• Continue to extract value from existing assets
• Global growth platform