Transurban Group Ltd. · ASX:TCL
Transurban — H1 FY2003 Earnings Presentation
16 slides from Transurban's earnings presentation, February 2003
Slide 1: Interim Results
Interim Results February 2003
Slide 2: Outline
Outline > CityLink traffic up 7.4% > Toll and Fee Revenue up 12.2% > Western Sydney Orbital – Financial Close > Lane Cove Tunnel – bid submitted > CARS > Distribution – 10 cents
Slide 3: Highlights of Financial Results
Highlights of Financial Results > Net loss $44.6 million versus $58.3 million for pcp > Improvements driven by: > Increased revenue > Reduced costs > Reduced concession fee charge > Higher depreciation due to CityLink revaluation > Operating cash flow $33.2 million > Includes $14 million payment of
Slide 4: Statement of Financial Performance
Statement of Financial Performance Statement of Financial Performance Six Months to Dec 02 Six Months CityLink CityLink Other Group to Dec 01 Eliminations Entities Revenue Toll & Fee Revenue 115.2 115.2 102.7 Other 3.1 3.1 4.1 118.3 0.0 0.0 118.3 106.8 Operating & Administration Costs Customer Servi
Slide 5: Cost Trends 2000 - 2002
Cost Trends 2000 - 2002 Six months ended 31 December 2002 2001 2000 $ mill. $ mill. $ mill. Administration Costs CityLink 3.3 TIDL 5.7 Sub-total 9.0 9.5 9.3 Business Development Costs* Specific opportunities 2.1 0.6 General 1.5 1.6 Restructure/Other 0.9 2.0 Sub-total 4.5 4.2 0.0 IT Costs Operations
Slide 6: CityLink
CityLink > Western Link 310000 WL 2000 290000 270000 WL 2001 250000 WL 2002 230000 210000 WL 2003 190000 170000 150000 130000 110000 2/1 Jan2/2 Feb 1/3 Mar30/3 Apr 2/5 May30/5 Jun 28/6 Jul26/7 Aug 23/8 Sep20/9 Oct 18/10 Nov16/11 Dec 14/12 > Southern Link 430000 SL & ESEP 410000 390000 2002 370000 SL
Slide 7: Initiatives
Initiatives > Targeted Marketing > Road Signage > Video Tolling – Access Pass > Improved Roadside Equipment > Interoperability
Slide 8: Monthly Costs $M
Monthly Costs $M $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 Jul-01 CityLink Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Customer Service Costs: Actual and Forecast Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03
Slide 9: CityLink Distributions
CityLink Distributions Revenues and Costs 600,000 500,000 400,000 Distributable Cash $000's 300,000 200,000 100,000 - 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Revenue Total Cash Outlay Source: Transurban Analysts’ Model
Slide 10: Western Sydney Orbital
Western Sydney Orbital > Value Accretive > Strategically important > Tolling as a profit centre > Funded to protect distributions
Slide 11: Lane Cove Tunnel
Lane Cove Tunnel > Bids 21 January > 100% electronically tolled > $2.00 cars and trucks > 4 bidders > TCL / Baulderstone / CBA
Slide 12: Other Opportunities
Other Opportunities > Mitcham Frankston Freeway > 40 km road and 2 tunnels > Construction cost $1.75 billion approx. > EOI – March > Potential PPP
Slide 13: Global
Global > Alliances > Tolling contracts
Slide 14: “CARS” – Convertible Adjusting Rate Securities
“CARS” – Convertible Adjusting Rate Securities > $430 million > $355 million entitlement issue > $75 million placement > 4 year reset > “Jumbo” entitlement offering – 1 CARS / 144 TCL > Rate set by Bookbuild – 5 and 6 March > Rated BBB by Standards & Poors > Participate in upside > Convertible at 2.
Slide 15: Summary
Summary > CityLink – strong revenue growth > Western Sydney Orbital – a considered first step > Lane Cove Tunnel – bid lodged > Tolling a profit centre > CARS – launched > Distributions – commenced and growing
Slide 16: transurbay
transurbay