Statewide Roads (SWR)
| AIX interest in Statewide Roads: | 6.25% ordinary |
| Other HFM interest in Statewide Roads: | 15.3% ordinary |
The M4 Motorway (M4) is an established tollroad servicing Parramatta and the western suburbs of Sydney. Statewide Roads operated the M4 until 15 February 2010 when the concession agreement with the NSW Government expired resulting in the return of the M4 motorway assets to the NSW Roads and Traffic Authority (RTA). Statewide Roads was also granted a 25 year concession to lease, operate and maintain a service centre which is tenanted to Caltex, and a number of fast food restaurants (the service centres) located on the M4. The service centre concession expires in 2017.
Performance highlights 2011
The return generated for the year ended 30 June 2011 was due to the release of funds held in a reserve in the event that the condition of the road when it returned to the NSW Government proved not to have met requirements of the concession deed.
For the past 12 months since expiry of the M4 concession, management have been engaged in wind-down activities for the M4 Motorway business. Statewide Roads' tollroad operations staff have now departed with only residual revenues from the M4 service centre concession remaining. The service centres are administered by a facilities manager reporting to the Statewide Roads Board.
Statewide Roads' total revenue for the year was $5.4 million. Comparatives to prior year are not meaningful given the tollroad business ceased last financial year. This revenue was predominantly earned through rental revenues from service centre tenants together with a one-off revenue of $1.5 million from the sale of the M4 depot building. On a normalised basis for the service centre business, revenue was 6.0 percent above prior year due to resolution of a rental calculation dispute with the RTA.
For the full year EBITDA was $2.6 million.
Performance outlook
AIX's share of any future revenue earned from the service centre concession will be negligible.
Statewide Roads
Financial and operational performance
| 30 June year end | 2007 | 2008 | 2009 | 2010 | 2011 |
| Average Daily Traffic ('000) | 107.0 | 110.9 | 111.9 | 113.8 | n/a |
| Toll Revenue ($m) | 84.8 | 88.5 | 106.2 | 70.8 | n/a |
| EBITDA ($m) | 65.8 | 67.9 | 92.2 | 56.1 | 2.6 |
Note: 2010 year reflects 7.5 months of operation due to expiry of the tollroad concession on 15 February 2010.
No tollroad concession revenue was received in 2011.