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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Transurban Group    TCL   AU000000TCL6

TRANSURBAN GROUP

(TCL)
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Transurban : September Quarter 2020 Update

10/07/2020 | 07:05pm EST

asx release

8 October 2020

SEPTEMBER QUARTER 2020 UPDATE1

Transurban today released its September quarter 2020 update. During the period, Average Daily Traffic (ADT) decreased by 25.2%2with impacts across each of Transurban's markets varying dependent on the level of government restrictions in place in response to COVID-19. See Appendix 1 and 2 for full traffic information for the September quarter.

While volumes were down at a Group level, traffic continued to improve from lows experienced during April in Brisbane, Sydney, the Greater Washington Area and Montreal. Significant impacts to traffic on CityLink in Melbourne continued as a result of ongoing government mandated restrictions on movement. Traffic in each of Transurban's markets will remain sensitive to government responses.

In recognition of the service of frontline workers in Melbourne and the continued financial difficulty some customers face due to COVID-19, Transurban extended and expanded its Toll Credit Program during August. Since April more than $7.4 million in tolling credits have been granted to customers.

Transurban remains in a strong capital position with the Group raising US$900 million in the 144A / Reg S market at attractive rates in September 2020. Transurban has commenced a process for the potential introduction of equity partners into its Greater Washington Area assets which would release significant capital into the business. In addition, if successful on the Elizabeth River Crossings opportunity Transurban would look to bring a partner into that asset soon after financial close. Transurban continues to explore a number of potential opportunities across each of its markets, particularly in Sydney and North America.

Specific detail for each market is provided below.

Sydney

  • For the quarter, Sydney ADT increased by 1.5% to 847,000 trips3
  • Average workday traffic increased by 2.7% and average weekend/public holiday traffic decreased by 2.7% for the quarter
  • Of total ADT, car traffic increased by 0.7% and large vehicle traffic increased by 10.6% for the quarter

Traffic performed well despite challenging circumstances continuing through the quarter, with large vehicle traffic continuing to prove more resilient to the conditions. Further driving performance was the July opening of the M8, which coincided with tolling commencement on the M5 East, effectively doubling capacity in the corridor to south-western Sydney.

  1. All ADT % changes shown throughout are in relation to the respective prior corresponding period.
  2. Excluding M8/M5 East (which opened/commenced tolling on 5 July 2020), Group ADT decreased by 29.3%.
  3. Excluding M8/M5 East, Sydney ADT decreased by 9.6%.

Classification

Transurban Group

Transurban International Limited

ABN 90 121 746 825

Transurban Holdings Limited

ABN 86 098 143 429

Level 31

Transurban Holding Trust

Tower Five, Collins Square

ABN 30 169 362 255

727 Collins Street

ARSN 098 807 419

Docklands

Victoria 3008 Australia

corporate@transurban.com

Telephone +613 8656 8900

www.transurban.com

Facsimile +613 8656 8585

asx release

Works on the project portfolio in Sydney are continuing with peak production levels on the M4-M5 Link tunnel excavation and NorthConnex expected to open within weeks. The completion of NorthConnex will significantly benefit the local community with 5,000 trucks a day expected to be removed from Pennant Hills Road, while experiencing 15 minute travel-time savings and avoiding 21 sets of traffic lights.

Melbourne

  • For the quarter, Melbourne ADT decreased by 58.6% to 355,000 transactions
  • Average workday traffic decreased by 53.0% and average weekend/public holiday traffic decreased by 77.1% for the quarter
  • Of total ADT, car traffic decreased by 68.6% and large vehicle traffic decreased by 18.8% for the quarter (of which heavy commercial vehicles decreased by 7.2%)

Traffic in Melbourne was impacted as a result of the strict Stage 4 restrictions imposed by the Victorian Government to control a sharp increase in COVID-19 cases in metropolitan Melbourne in July and August. Through the quarter, large vehicle traffic continued to show resilience to restrictions.

On the West Gate Tunnel Project, a number of commercial matters and claims are being progressed through dispute resolution processes. In September, two potential spoil disposal sites received environmental approvals to receive the spoil from the tunnel excavation. Before tunnelling can commence, the relevant planning approvals must be obtained, as well as completing site preparatory works and advancing commercial matters. Transurban remains committed to working with the Victorian Government and D&C subcontractor and despite the challenges, works are progressing with a major stage of widening the West Gate Freeway from 8 to 12 lanes now complete.

Brisbane

  • For the quarter, Brisbane ADT decreased by 9.1% to 385,000 trips
  • Average workday traffic decreased by 8.5% and average weekend/public holiday traffic decreased by 11.4% for the quarter
  • Of total ADT, car traffic decreased by 10.9% and large vehicle traffic decreased by 3.5% for the quarter

Traffic in Brisbane responded well to the reduced levels of government restrictions in place through the quarter. This was supported by a particularly strong recovery on the Logan Motorway which continues to benefit from the additional capacity provided as a result of the Logan Enhancement Project which reached completion in August last year.

North America4

  • For the quarter, North America ADT decreased by 28.2% to 112,000 trips
  • For the 12 months to 30 September 2020, peak traffic in the peak direction on the A25 was 2,746 vehicles per hour5
  1. Average dynamic toll prices on Transurban's Express Lanes for the quarter are not yet available, owing to the timing of Transurban's Annual General Meeting, which coincides with the release of the September quarter update.
  2. Peak direction on the A25 refers to southbound in the morning peak and northbound in the evening peak.

Classification

Transurban Group

Transurban International Limited

ABN 90 121 746 825

Transurban Holdings Limited

ABN 86 098 143 429

Level 31

Transurban Holding Trust

Tower Five, Collins Square

ABN 30 169 362 255

727 Collins Street

ARSN 098 807 419

Docklands

Victoria 3008 Australia

corporate@transurban.com

Telephone +613 8656 8900

www.transurban.com

Facsimile +613 8656 8585

asx release

Traffic and pricing improvement was evident on Transurban's Express Lanes through the quarter however continued restrictions in movement have resulted in traffic which is still significantly down on pre-COVID-19 FY20 levels. Improvement on the A25 has been more immediate, in line with restrictions in Quebec, with traffic down 4.7% for the quarter.

Through the quarter, works have continued across the Fredericksburg Extension project corridor with initial grading, drainage, and structures work underway. On the 3.2 kilometre 495 Northern Extension project, the process to procure a design-build contractor continues with the request for proposals due out during the second quarter FY21.

Average dynamic toll prices on Transurban's Express Lanes for the quarter are not yet available, owing to the timing of Transurban's Annual General Meeting, which coincides with the release of the September quarter update.

Full traffic information for the September quarter is attached.

Investor enquiries

Media enquiries

Tess Palmer

Sarah Chapman

Head of Investor Relations

Manager, Media and Communications

+61 458 231 983

+61 400 841 898

This announcement is authorised by Transurban CEO, Scott Charlton.

Classification

Transurban Group

Transurban International Limited

ABN 90 121 746 825

Transurban Holdings Limited

ABN 86 098 143 429

Level 31

Transurban Holding Trust

Tower Five, Collins Square

ABN 30 169 362 255

727 Collins Street

ARSN 098 807 419

Docklands

Victoria 3008 Australia

corporate@transurban.com

Telephone +613 8656 8900

www.transurban.com

Facsimile +613 8656 8585

asx release

Appendix 1:

Traffic performance

ADT % change

September 20 quarter

Sydney6

1.5%

Melbourne

(58.6%)

Brisbane

(9.1%)

North America7

(28.2%)

Group8

(25.2%)

  1. Includes M8/M5 East which opened/commenced tolling on 5 July 2020.
  2. Includes 395 Express Lanes.
  3. Includes 395 Express Lanes and M8/M5 East.

Classification

Transurban Group

Transurban International Limited

ABN 90 121 746 825

Transurban Holdings Limited

ABN 86 098 143 429

Level 31

Transurban Holding Trust

Tower Five, Collins Square

ABN 30 169 362 255

727 Collins Street

ARSN 098 807 419

Docklands

Victoria 3008 Australia

corporate@transurban.com

Telephone +613 8656 8900

www.transurban.com

Facsimile +613 8656 8585

asx release

Appendix 2:

Traffic data - September quarter average daily trips ('000)

Sep 19

Sep 20

% large

Asset

Ownership

% change

vehicle

quarter

quarter

traffic9

Hills M2

100%

132

115

(13.4%)

8.5%

M5 West Motorway

100%

163

155

(5.0%)

7.8%

Lane Cove Tunnel/MRE

100%

90

76

(15.7%)

4.6%

Cross City Tunnel

100%

40

35

(11.0%)

2.4%

M1 Eastern Distributor

75.1%

59

47

(21.2%)

3.9%

Westlink M710

50%

194

182

(6.3%)

14.2%

M411

25.5%

157

146

(7.0%)

8.3%

M8/M5 East12

25.5%

n/a

93

n/a

8.8%

CityLink13

100%

857

355

(58.6%)

39.3%

Gateway Motorway

62.5%

123

106

(14.2%)

25.2%

Logan Motorway

62.5%

173

178

2.8%

29.0%

AirportlinkM7

62.5%

65

49

(24.7%)

20.2%

Clem7

62.5%

29

24

(17.7%)

20.0%

Legacy Way

62.5%

22

19

(12.5%)

22.0%

Go Between Bridge

62.5%

11

9

(18.8%)

14.5%

95 Express Lanes14

100%

53

35

(33.1%)

n/a15

495 Express Lanes

100%

48

24

(49.3%)

n/a15

A25

100%

55

52

(4.7%)

11.2%

  1. Proportion of large vehicle traffic as a percentage of total traffic for the September 2020 quarter.
  2. Average tolled trip length was 12.8 kilometres for the September 2020 quarter on Westlink M7.
  3. Average tolled trip length was 7.7 kilometres for the September 2020 quarter on M4.
  4. Average tolled trip length was 9.0 kilometres for the September 2020 quarter on M8/M5 East. Disclosed average tolled trip length is adjusted to reflect the adoption of equalisation factors from the concession agreement which are designed to make tolls consistent across the M8 and M5 East motorways despite having slightly different asset lengths.
  5. CityLink traffic reported as average daily transactions ('000).
  6. September 2020 quarter growth includes 395 Express Lanes.
  7. Vehicles with more than two axles, excluding buses and emergency vehicles, are not allowed to access the Express Lanes.

Classification

Transurban Group

Transurban International Limited

ABN 90 121 746 825

Transurban Holdings Limited

ABN 86 098 143 429

Level 31

Transurban Holding Trust

Tower Five, Collins Square

ABN 30 169 362 255

727 Collins Street

ARSN 098 807 419

Docklands

Victoria 3008 Australia

corporate@transurban.com

Telephone +613 8656 8900

www.transurban.com

Facsimile +613 8656 8585

Disclaimer

Transurban Group Ltd. published this content on 08 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2020 23:04:06 UTC


© Publicnow 2020
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NameTitle
Louis Scott Charlton Chief Executive Officer & Executive Director
Lindsay Philip Maxsted Chairman
Thomas Patrick McKay CFO, General Manager-Treasury & Capital Markets
Simon Moorfield Group Executive-Customer & Technology
Neil Gregory Chatfield Independent Non-Executive Director
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