Metro Transport Sydney
| AIX interest in Metro Transport Sydney: | 38.9% |
| UTA interest in Metro Transport Sydney: | 38.9% |
Metro Transport Sydney (MTS) comprises the Metro Light Rail (Light Rail) and the Metro Monorail (Monorail). The Light Rail operates from Central Station to Sydney's inner west, providing a public transport service for regular commuters who require access to the CBD or Darling Harbour. The Monorail operates through Darling Harbour and the CBD, linking Sydney Harbour with the CBD and providing a valuable service to the international and domestic tourism markets.
The Monorail is operated pursuant to a 50-year concession with the Sydney Harbour Foreshore Authority, expiring in 2038. The Light Rail is operated pursuant to a 30.5-year concession with the NSW Department of Transport, expiring in 2028.
Performance highlights 2009
The operational performance of MTS declined marginally over the year, with total revenue falling 2.8 percent to $16.2 million. This was largely due to the decline in revenue from the Monorail, as a result of the slowing Sydney tourism market, which was affected by the economic downturn.(1)
MTS returned a negative EBITDA of $0.2 million for the year to 30 June 2009, down from $0.0 million in the prior year. The loss was largely due to abnormal expenses of $0.9 million incurred in connection with a long-running legal claim against ABB Service Pty Ltd arising from ticketing and control systems installed in 1999. The claim was the subject of binding arbitration proceedings, which commenced in 2006 and was decided in favour of MTS in June 2009.
Performance outlook
The performance of the Light Rail will largely be driven by the popularity of the Pyrmont/Darling Harbour precinct as a business location, together with prevailing petrol prices and an increasing awareness of the environmental benefits of public transport.
The performance of the Monorail will largely be driven by the strength of the Sydney tourism market. MTS is expected to perform in line with the 2009 year performance for the foreseeable future.
Metro Transport Sydney
Financial and operational performance
| 30 June year end | 2005 | 2006 | 2007 | 2008(2) | 2009(2) | CAGR* 05/09 |
| Passengers (m) | 6.2 | 5.9 | 6.3 | 6.5 | 6.3 | 0.3% |
| Revenue ($m) | 14.8 | 14.5 | 15.8 | 16.7 | 16.2 | 2.3% |
| EBITDA ($m) | -0.3 | -0.7 | 0.9 | 1.9 | 0.8 | n/a(3) |
* CAGR: Compound Annual Growth Rate
(1) The FY08 financial year for the purposes of recording passenger numbers included an extra week. When normalising for this week, passenger revenue from the Monorail declined 2.7 percent while the Light Rail increased 0.7 percent.
(2) Normalised EBITDA.
(3) Not meaningful.
For more information please visit the Metro Transport Sydney website