TRANSURBAN GROUP asx release
14 April 2015
Transurban has today announced its traffic and revenue data for the March quarter 2015.
For the March quarter, on a statutory basis, toll revenue increased by 69.6% to $376.0 million when compared to the prior corresponding period (pcp). Proportional toll revenue, which Transurban believes is the most accurate reflection of the portfolio's performance, increased by 41.6% from the pcp, to $387.6 million.
The pcp did not include Cross City Tunnel or Queensland Motorways, which were acquired on 26
June, 2014 and 2 July, 2014 respectively. Transurban has a 62.5% interest in Queensland Motorways and owns 100% of Cross City Tunnel. Excluding the contribution from these acquisitions, on a statutory basis, toll revenue increased by 10.0% to $244.0 million when compared to the pcp. Proportional toll revenue increased by 11.3% to $304.8 million during the same period.
Strong traffic growth was observed across all Transurban networks. The Sydney network grew 8.1% for the quarter compared to the pcp, with the M2 and M5 enhancements continuing to drive growth across the network. The Melbourne network traffic grew by 4.2% compared to the pcp. Traffic on the Brisbane network grew 3.5% compared to the pcp, despite weather impacts associated with Cyclone Marcia. Transurban estimates that normalised growth on the Brisbane network, which removes the impact of the cyclone, was 4.4% for the period compared to the pcp.
In Northern Virginia, USA, the 95 Express Lanes project completed its first full quarter of operations. Traffic and revenue results for the quarter continue to perform well against expectations despite significant weather events in Northern Virginia, resulting in a seasonally unfavourable impact on traffic volumes during the period.
Other network highlights for the period included:
For the March 2015 quarter, Sydney proportional toll revenue increased 21.7%1 to $165.6 million. ADT (100% of all assets) increased 8.1% to 583,925 trips. The result was favourably impacted by the absence of upgrade works that dampened the pcp results.
Average workday traffic increased 7.9% and average weekend/public holiday traffic increased
8.9%.
Of total ADT, car traffic increased 8.2% and truck traffic increased 7.4% for the quarter.
ADT growth was 10.7% on the M5 South West Motorway for the quarter reflecting the benefit of the additional capacity delivered by the widening project, completed in December 2014.
M5 South West Motorway also moved to a quarterly toll increase regime on 1 January, 2015 , replacing the previous regime which lifted tolls in 50c increments only.
1 Transurban acquired 100% ownership of Cross City Tunnel on 26 June, 2014, and as such CCT did not contribute to revenue in the pcp. Excluding CCT from the March 2015 quarter, Sydney proportional toll revenue grew by 11.7% and ADT increased by
8.4%.
Classification Transurban Group Transurban International Limited ABN 90 121 746 825
Transurban Holdings Limited
ABN 86 098 143 429
Transurban Holding Trust
ABN 30 169 362 255
ARSN 098 807 419
www.transurban.com.au
Level 23
Tower One, Collins Square
727 Collins Street
Docklands VIC 3008
Australia
Telephone +613 9612 6999
Facsimile +613 9649 7380
Level 9
1 Chifley Square
Sydney NSW 2000
Australia
Telephone +612 9254 4900
Facsimile +612 9254 4990
asx release
Lane Cove Tunnel, M5 South West Motorway and Westlink M7 all increased their truck toll multipliers during the quarter - all three assets are progressively moving towards a truck toll multiplier of 3 times car tolls, with gradual uplifts each quarter until this target is reached.
The average daily tolled vehicle kilometres travelled on the M7 increased by 8.7% to 2.122 million kilometres compared to the pcp.
Construction of the NorthConnex tunnel commenced in February 2015 after Transurban announced financial close in January 2015.
Melbourne For the March 2015 quarter, Melbourne toll revenue increased 9.6% to $143.0 million. ADT increased 4.2% to 813,303 transactions. The result was favourably impacted due to the closure of the Burnley Tunnel for resurfacing works in the pcp.
Average workday traffic increased 3.0% and average weekend/public holiday traffic increased
7.8%.
Of total ADT, car traffic increased 3.8% and truck traffic increased 6.8%.
From a sectional perspective, Southern Link grew 4.5% for the quarter, with Western Link up
3.9%.
Brisbane For the March 2015 quarter, Brisbane proportional toll revenue increased 7.2% to $60.4 million. ADT (100% of all assets) increased 3.5% to 300,579 trips.
Average workday traffic increased 4.1% and average weekend/public holiday traffic increased
1.6% for the quarter.
Of total ADT, car traffic increased 3.3% and truck traffic increased 4.3% for the quarter.
Logan Motorway benefited from the completion of the pavement rectification works westbound in October 2014. For the March 2015 quarter, Logan Motorway toll revenue increased 7.5% to
$35.9 million. ADT increased 4.0% to 151,129 trips.
Cyclone Marcia impacted the Brisbane network across the weekend of 20 February, 2015.
Transurban estimates that normalised growth, which removes the impact of the cyclone on the Logan Motorway and Gateway Motorway, was 4.6% and 4.9% respectively for the quarter compared to the pcp.
Legacy Way is expected to commence operations in mid-2015.
Northern Virginia 495 Express Lanes continued to experience strong traffic and revenue growth. Average workday toll revenue for the quarter grew 13.1% to US$124,531. The average dynamic toll price for the quarter was US$3.00, with a maximum dynamic toll of US$15.05.
95 Express Lanes continued to perform well against expectations following the commencement of operations in December 2014. Average workday revenue for the quarter was $134,242. The average dynamic toll price for the quarter was US$4.52, with a maximum dynamic toll of US$20.90.
Classification Transurban Group Transurban International Limited ABN 90 121 746 825
Transurban Holdings Limited
ABN 86 098 143 429
Transurban Holding Trust
ABN 30 169 362 255
ARSN 098 807 419
www.transurban.com.au
Level 23
Tower One, Collins Square
727 Collins Street
Docklands VIC 3008
Australia
Telephone +613 9612 6999
Facsimile +613 9649 7380
Level 9
1 Chifley Square
Sydney NSW 2000
Australia
Telephone +612 9254 4900
Facsimile +612 9254 4990
asx release
Significant weather events in Northern Virginia during the quarter resulted in a seasonally unfavourable impact on traffic volumes.
Full traffic and revenue information for the March quarter and FY15 year to date is attached.
Company Secretary
Investor enquiries Henry Byrne
General Manager, Investor Relations and Corporate Affairs
+61 438 564 245
Classification Transurban Group Transurban International Limited ABN 90 121 746 825
Transurban Holdings Limited
ABN 86 098 143 429
Transurban Holding Trust
ABN 30 169 362 255
ARSN 098 807 419
www.transurban.com.au
Level 23
Tower One, Collins Square
727 Collins Street
Docklands VIC 3008
Australia
Telephone +613 9612 6999
Facsimile +613 9649 7380
Level 9
1 Chifley Square
Sydney NSW 2000
Australia
Telephone +612 9254 4900
Facsimile +612 9254 4990
asx release
March quarter | Proportional Toll revenue % change | ADT % change |
Melbourne | 9.6% | 4.2%3 |
Sydney4 | 21.7% | 8.1% |
Brisbane | 7.2% | 3.5% |
Northern Virginia | 124.8% | 129.2% |
YTD FY15 | Proportional Toll revenue % change | ADT % change |
Melbourne | 8.0% | 3.0%3 |
Sydney4 | 21.3% | 6.7% |
Brisbane5 | 16.4% | 1.7% |
Northern Virginia | 56.1% | 123.8% |
2 All percentage changes are to the prior corresponding period.
3 CityLink traffic is calculated on Average Daily Transactions (ADT). All other assets are calculated on Average Daily Trips.
4 Transurban acquired 100% ownership of Cross City Tunnel on 26 June, 2014. Toll revenue data and comparisons prior to
Transurban ownership are not provided.
5 Queensland Motorways reached financial close for Clem7 and Go Between Bridge on 13 December 2013 and 24 December
2013, respectively. As a result these assets were only included for part of the pcp.
Classification Transurban Group Transurban International Limited ABN 90 121 746 825
Transurban Holdings Limited
ABN 86 098 143 429
Transurban Holding Trust
ABN 30 169 362 255
ARSN 098 807 419
www.transurban.com.au
Level 23
Tower One, Collins Square
727 Collins Street
Docklands VIC 3008
Australia
Telephone +613 9612 6999
Facsimile +613 9649 7380
Level 9
1 Chifley Square
Sydney NSW 2000
Australia
Telephone +612 9254 4900
Facsimile +612 9254 4990
asx release
Appendix 2 - Traffic and revenue data - March quarterAsset | Ownership | Mar 15 quarter | Mar 14 quarter | % change | YTD FY15 | YTD FY14 | % change | |
CityLink | 100% | Total Toll Revenue ($AUDm) (net of GST) | $143 | $131 | 9.6% | $432 | $400 | 8.0% |
CityLink | 100% | Average Daily Transactions ('000) | 813 | 780 | 4.2% | 817 | 793 | 3.0% |
Hills M2 | 100% | Total Toll Revenue ($AUDm) (net of GST) | $55 | $48 | 12.7% | $165 | $143 | 15.6% |
Hills M2 | 100% | Average Daily Trips ('000) | 116 | 105 | 10.9% | 116 | 103 | 12.0% |
Lane Cove Tunnel/ MRE | 100% | Total Toll Revenue ($AUDm) (net of GST) | $18 | $17 | 9.5% | $56 | $51 | 9.9% |
Lane Cove Tunnel/ MRE | 100% | Average Daily Trips ('000) | 80 | 75 | 6.1% | 81 | 76 | 6.5% |
Cross City Tunnel6 | 100% | Total Toll Revenue ($AUDm) (net of GST) | $14 | N/A | N/A | $41 | N/A | N/A |
Cross City Tunnel6 | 100% | Average Daily Trips ('000) | 37 | 36 | 3.7% | 37 | 36 | 0.9% |
M1 Eastern Distributor | 75.1% | Total Toll Revenue ($AUDm) (net of GST) | $28 | $26 | 7.4% | $84 | $79 | 6.6% |
M1 Eastern Distributor | 75.1% | Average Daily Trips ('000) | 53 | 52 | 3.0% | 53 | 52 | 1.9% |
Westlink M7 | 50% | Total Toll Revenue ($AUDm) (net of GST) | $65 | $57 | 14.4% | $192 | $171 | 11.8% |
Westlink M7 | 50% | Average Daily Trips ('000) | 164 | 152 | 8.0% | 164 | 153 | 7.2% |
M5 South West Motorway | 50% | Total Toll Revenue ($AUDm) (net of GST) | $51 | $46 | 11.5% | $149 | $140 | 6.8% |
M5 South West Motorway | 50% | Average Daily Trips ('000) | 133 | 120 | 10.7% | 128 | 121 | 5.6% |
6 Transurban acquired 100% ownership of Cross City Tunnel on 26 June, 2014. Toll revenue data and comparisons prior to
Transurban ownership are not provided.
Classification Transurban Group Transurban International Limited ABN 90 121 746 825
Transurban Holdings Limited
ABN 86 098 143 429
Transurban Holding Trust
ABN 30 169 362 255
ARSN 098 807 419
www.transurban.com.au
Level 23
Tower One, Collins Square
727 Collins Street
Docklands VIC 3008
Australia
Telephone +613 9612 6999
Facsimile +613 9649 7380
Level 9
1 Chifley Square
Sydney NSW 2000
Australia
Telephone +612 9254 4900
Facsimile +612 9254 4990
asx release
Asset | Ownership | Mar 15 quarter | Mar 14 quarter | % change | YTD FY15 | YTD FY14 | % change | |
Gateway Motorway | 62.5% | Total Toll Revenue ($AUDm) (net of GST) | $46 | $43 | 7.3% | $141 | $132 | 6.5% |
Gateway Motorway | 62.5% | Average Daily Trips ('000) | 111 | 107 | 3.6% | 112 | 108 | 3.4% |
Logan Motorway | 62.5% | Total Toll Revenue ($AUDm) (net of GST) | $36 | $33 | 7.5% | $109 | $105 | 3.7% |
Logan Motorway | 62.5% | Average Daily Trips ('000) | 151 | 145 | 4.0% | 151 | 149 | 0.8% |
Go Between Bridge7 | 62.5% | Total Toll Revenue ($AUDm) (net of GST) | $3 | $3 | 9.8% | $9 | $3 | 219.3% |
Go Between Bridge7 | 62.5% | Average Daily Trips ('000) | 12 | 11 | 3.1% | 12 | 12 | 1.7% |
Clem78 | 62.5% | Total Toll Revenue ($AUDm) (net of GST) | $12 | $11 | 5.1% | $35 | $12 | 182.2% |
Clem78 | 62.5% | Average Daily Trips ('000) | 27 | 27 | 0.4% | 27 | 27 | (0.5%) |
495 Express Lanes | 94%9 | Total Toll Revenue ($USDm) | $8 | $6 | 41.2% | $25 | $16 | 54.7% |
495 Express Lanes | 94%9 | Average Daily Trips ('000) | 33 | 29 | 16.0% | 35 | 30 | 15.6% |
95 Express Lanes | 77.5%10 | Total Toll Revenue ($USDm) | $9 | N/A | N/A | $9 | N/A | N/A |
95 Express Lanes | 77.5%10 | Average Daily Trips ('000) | 32 | N/A | N/A | 32 | N/A | N/A |
7 Queensland Motorways reached financial close for Go Between Bridge 24 December 2013. As a result this asset was only included for part of the YTD pcp.
8 Queensland Motorways reached financial close for Clem7 13 December 2013. As a result this asset was only included for part
of the YTD pcp.
9 Transurban's proportional ownership of 495 Express Lanes increased from 67.5% to 94.0% in June 2014.
10 Transurban's proportional ownership of 95 Express Lanes increased from 67.5% to 77.5% in June 2014.
Classification Transurban Group Transurban International Limited ABN 90 121 746 825
Transurban Holdings Limited
ABN 86 098 143 429
Transurban Holding Trust
ABN 30 169 362 255
ARSN 098 807 419
www.transurban.com.au
Level 23
Tower One, Collins Square
727 Collins Street
Docklands VIC 3008
Australia
Telephone +613 9612 6999
Facsimile +613 9649 7380
Level 9
1 Chifley Square
Sydney NSW 2000
Australia
Telephone +612 9254 4900
Facsimile +612 9254 4990
asx release
Appendix 3 - Calculation of proportional toll revenue by assetMar 15 quarter | 100% ($'000) | % Transurban Ownership | Proportional Toll Revenue ($'000) |
CityLink | $143,036 | 100% | $143,036 |
Hills M2 | $54,530 | 100% | $54,530 |
Lane Cove Tunnel/MRE | $18,481 | 100% | $18,481 |
Cross City Tunnel | $13,593 | 100% | $13,593 |
M1 Eastern Distributor | $27,913 | 75.1% | $20,963 |
Westlink M7 | $64,861 | 50.0% | $32,430 |
M5 South West Motorway | $51,250 | 50.0% | $25,625 |
Gateway Motorway | $46,036 | 62.5% | $28,773 |
Logan Motorway | $35,933 | 62.5% | $22,458 |
Go Between Bridge | $3,061 | 62.5% | $1,913 |
Clem7 | $11,654 | 62.5% | $7,284 |
495 Express Lanes ($USD)11 | $7,925 | 94.0%12 | $7,449 |
95 Express Lanes ($USD) 11 | $8,993 | 77.5%13 | $6,970 |
FY15 YTD | 100% ($'000) | % Transurban Ownership | Proportional Toll Revenue ($'000) |
CityLink | $431,786 | 100% | $431,786 |
Hills M2 | $164,783 | 100% | $164,783 |
Lane Cove Tunnel/MRE | $56,298 | 100% | $56,298 |
Cross City Tunnel | $41,097 | 100% | $41,097 |
M1 Eastern Distributor | $84,095 | 75.1% | $63,156 |
Westlink M7 | $191,671 | 50.0% | $95,836 |
M5 South West Motorway | $149,016 | 50.0% | $74,508 |
Gateway Motorway | $141,056 | 62.5% | $88,160 |
Logan Motorway | $109,193 | 62.5% | $68,246 |
Go Between Bridge | $9,188 | 62.5% | $5,742 |
Clem7 | $35,249 | 62.5% | $22,031 |
495 Express Lanes ($USD) 11 | $25,190 | 94.0%12 | $23,678 |
95 Express Lanes ($USD) 11 | $9,264 | 77.5%13 | $7,180 |
11 All USD figures have been converted to AUD at an average monthly rate for the purposes of calculating proportional toll revenue for the Group.
12 Transurban's proportional ownership of 495 Express Lanes increased from 67.5% to 94.0% in June 2014.
13 Transurban's proportional ownership of 95 Express Lanes increased from 67.5% to 77.5% in June 2014.
Classification Transurban Group Transurban International Limited ABN 90 121 746 825
Transurban Holdings Limited
ABN 86 098 143 429
Transurban Holding Trust
ABN 30 169 362 255
ARSN 098 807 419
www.transurban.com.au
Level 23
Tower One, Collins Square
727 Collins Street
Docklands VIC 3008
Australia
Telephone +613 9612 6999
Facsimile +613 9649 7380
Level 9
1 Chifley Square
Sydney NSW 2000
Australia
Telephone +612 9254 4900
Facsimile +612 9254 4990
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