DUET Investor Presentation November 2005
aáëÅä~áãÉê fåîÉëíãÉåíë=áå=aáîÉêëáÑáÉÇ=ríáäáíó=~åÇ=båÉêÖó=qêìëíë=EarbqF=~êÉ=åçí=ÇÉéçëáíë=ïáíÜ=çê=çíÜÉê=äá~ÄáäáíáÉë=çÑ=^jm`f j~Åèì~êáÉ fåÑê~ëíêìÅíìêÉ=j~å~ÖÉãÉåí=kçKN=iáãáíÉÇ= E^_k=VV=NMU=MNP=STOFI=^jm`f j~Åèì~êáÉ fåÑê~ëíêìÅíìêÉ=j~å~ÖÉãÉåí=kçKO=iáãáíÉÇ=E^_k= NR=NMU=MNQ=MSOFI j~Åèì~êáÉ _~åâ=iáãáíÉÇ=E^_k QS=MMU=RUP=RQOFI=çê=çÑ= ~åó=çíÜÉê=Éåíáíó=áå=íÜÉ j~Åèì~êáÉ _~åâ=dêçìéI=^jm=iáãáíÉÇ=E^_k QV=MTV=PRQ=RNVF=çê=~åó=çíÜÉê=Éåíáíó=áå=íÜÉ=^jm=dêçìé=~åÇ=~êÉ=ëìÄàÉÅí=íç=áåîÉëíãÉåí=êáëâI= áåÅäìÇáåÖ=éçëëáÄäÉ=ÇÉä~óë=áå=êÉé~óãÉåí=~åÇ=äçëë=çÑ=áåÅçãÉ=~åÇ=Å~éáí~ä=áåîÉëíÉÇK kçåÉ=çÑ j~Åèì~êáÉ _~åâ=iáãáíÉÇI=^jm=iáãáíÉÇI=^jm`f j~Åèì~êáÉ fåÑê~ëíêìÅíìêÉ=j~å~ÖÉãÉåí=kçKN=iáãáíÉÇI=^jm`f j~Åèì~êáÉ fåÑê~ëíêìÅíìêÉ=j~å~ÖÉãÉåí=kçKO= iáãáíÉÇ=åçê=~åó=ãÉãÄÉê=çÑ=íÜÉ j~Åèì~êáÉ _~åâ=dêçìé=çê=íÜÉ=^jm=dêçìé=Öì~ê~åíÉÉë=~åó=é~êíáÅìä~ê=ê~íÉ=çÑ=êÉíìêå=çå=arbq=ëí~éäÉÇ=ìåáíë=çê=íÜÉ=éÉêÑçêã~åÅÉ=çÑ= arbqI=åçê=Çç=íÜÉó=Öì~ê~åíÉÉ=íÜÉ=êÉé~óãÉåí=çÑ=Å~éáí~ä=Ñêçã=arbqK dÉåÉê~ä=pÉÅìêáíáÉë=t~êåáåÖ qÜáë=éêÉëÉåí~íáçå=áë=åçí=~å=çÑÑÉê=çê=áåîáí~íáçå=Ñçê=ëìÄëÅêáéíáçå çê=éìêÅÜ~ëÉ=çÑ=çê=~=êÉÅçããÉåÇ~íáçå=çÑ=ëÉÅìêáíáÉëK=fí=ÇçÉë=åçí=í~âÉ=áåíç=~ÅÅçìåí=íÜÉ=áåîÉëíãÉåí= çÄàÉÅíáîÉëI=Ñáå~åÅá~ä=ëáíì~íáçå=~åÇ=é~êíáÅìä~ê=åÉÉÇë=çÑ=íÜÉ=áåîÉëíçêK=_ÉÑçêÉ=ã~âáåÖ=~å=áåîÉëíãÉåí=áå=arbqI=íÜÉ=áåîÉëíçê=çê=éêçëéÉÅíáîÉ=áåîÉëíçê=ëÜçìäÇ=ÅçåëáÇÉê= ïÜÉíÜÉê= ëìÅÜ= ~å= áåîÉëíãÉåí= áë= ~ééêçéêá~íÉ= íç= íÜÉáê= é~êíáÅìä~ê= áåîÉëíãÉåí= åÉÉÇëI= çÄàÉÅíáîÉë= ~åÇ= Ñáå~åÅá~ä= ÅáêÅìãëí~åÅÉë= ~åÇ= Åçåëìäí= ~å= áåîÉëíãÉåí= ~ÇîáëÉê= áÑ= åÉÅÉëë~êóK fåÑçêã~íáçåI=áåÅäìÇáåÖ=ÑçêÉÅ~ëí=Ñáå~åÅá~ä=áåÑçêã~íáçåI=áå=íÜáë=éêÉëÉåí~íáçå=ëÜçìäÇ=åçí=ÄÉ=ÅçåëáÇÉêÉÇ=~ë=~=êÉÅçããÉåÇ~íáçå=áå=êÉä~íáçå=íç=ÜçäÇáåÖI=éìêÅÜ~ëáåÖ=çê=ëÉääáåÖ= ìåáíëI=ëÉÅìêáíáÉë=çê=çíÜÉê=áåëíêìãÉåíë=áå=arbqK==aìÉ=Å~êÉ=~åÇ=~ííÉåíáçå=Ü~ë=ÄÉÉå=ìëÉÇ=áå=íÜÉ=éêÉé~ê~íáçå=çÑ=ÑçêÉÅ~ëí=áåÑçêã~íáçåI=ÜçïÉîÉêI=~Åíì~ä=êÉëìäíë=ã~ó=î~êó= Ñêçã=ÑçêÉÅ~ëíë=~åÇ=~åó=î~êá~íáçå=ã~ó=ÄÉ=ã~íÉêá~ääó=éçëáíáîÉ=çê=åÉÖ~íáîÉK==cçêÉÅ~ëíë=Äó=íÜÉáê=îÉêó=å~íìêÉI=~êÉ=ëìÄàÉÅí=íç=ìåÅÉêí~áåíó=~åÇ=ÅçåíáåÖÉåÅáÉë=ã~åó=çÑ=ïÜáÅÜ= ~êÉ=çìíëáÇÉ=íÜÉ=Åçåíêçä=çÑ=arbqK==m~ëí=éÉêÑçêã~åÅÉ=áë=åçí=~=êÉäá~ÄäÉ=áåÇáÅ~íáçå=çÑ=ÑìíìêÉ=éÉêÑçêã~åÅÉK= eçåÖ=hçåÖ qÜáë=ã~íÉêá~ä=Ü~ë=ÄÉÉå=éêÉé~êÉÇ=Ñçê=éêçÑÉëëáçå~ä=áåîÉëíçêë=~ííÉåÇáåÖ=íÜÉ=arbq=áåîÉëíçê=éêÉëÉåí~íáçå=áå=eçåÖ=hçåÖK páåÖ~éçêÉ qÜáë=ã~íÉêá~ä=Ü~ë=ÄÉÉå=éêÉé~êÉÇ=Ñçê=~ÅÅêÉÇáíÉÇ=~åÇ=áåëíáíìíáçå~ä áåîÉëíçêë=~ííÉåÇáåÖ=íÜÉ=arbq=áåîÉëíçê=éêÉëÉåí~íáçå=áå=páåÖ~éçêÉK 2
`çåíÉåíë � arbq=lîÉêîáÉï � arbq=vÉ~ê=áå=oÉîáÉï � pìãã~êó 3
arbq=lîÉêîáÉï=Ó lìê=^ëëÉí=mçêíÑçäáç ^ìëíê~äá~å=äáëíÉÇ=ÉåÉêÖó=ìíáäáíó=ÑìåÇ= � ~ë=~í=PM=gìåÉ=OMMR Ó ^ARKTÄáääáçå=áå=íçí~ä=~ëëÉíë Ó ^AVUR=ãáääáçå=çÑ=áåîÉëíçêëÛ=ÑìåÇë Ó ^ANKMQ=Äáääáçå=ã~êâÉí= Å~éáí~äáë~íáçå mêÉãáìã=èì~äáíó=Ö~ë=~åÇ=ÉäÉÅíêáÅáíó= � ~ëëÉíë= Ó råáíÉÇ=båÉêÖó=ESSKMBF Ó jìäíáåÉí=d~ë=ETVKVB Ó a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ= EUTKSBGF Ó ^äáåí~d~ë=kÉíïçêâë=EORKVBF G=^ë=~í=PM=gìåÉ=OMMRK=qÜáë=ïáää=Ñ~ää=íç=SMB=~ë=íÜÉ=çíÜÉê=ëÜ~êÉÜçäÇÉêë=é~ó=ìé=íÜÉáê=ÉåíáíäÉãÉåíëK 4
arbq=lîÉêîáÉï=J eáëíçêó July 2003: DUET acquires 66% of United Energy Distribution, 74.9% of Multinet Gas and 5.9% of AlintaGas Networks August 2003: POWERS preferred units list on ASX following POWERS IPO March 2004: AMP Capital announces 50:50 JV with Macquarie Bank for ongoing management of DUET August 2004: DUET lists on ASX (acquires additional 5% of Multinet), financial results exceed IPO SPDS forecasts Oct/Nov 2004: DBNGP acquired, DUET stake 60%* December 2004: A$398 million DUET entitlement issue and A$155 million POWERS entitlement issue and placement * Economic stake initially 89% reducing to 60% as consortium partners (Alinta & Alcoa) pay up partly paid units in DBP 5
arbq=lîÉêîáÉï=J fåîÉëíãÉåí=lÄàÉÅíáîÉ arbq=í~êÖÉíë=ÉåÉêÖó=ìíáäáíó=~ëëÉíë=ÅÜ~ê~ÅíÉêáëÉÇ=ÄóW � bëí~ÄäáëÜÉÇ=ÜáëíçêáÅ~ä=~åÇLçê=Åçåíê~ÅíÉÇ=îçäìãÉ=äÉîÉäë � bëí~ÄäáëÜÉÇ=êÉÖìä~íçêó=êÉÖáãÉë=~åÇLçê=äçåÖ=íÉêã=ëìééäó= ~ÖêÉÉãÉåíë � `çãéÉíáíáîÉ=éçëáíáçåëLëìëí~áå~ÄäÉ=Å~ëÜ=Ñäçïë � `çãéÉíÉåí=çéÉê~íçêë= Eåç=ÉñÅäìëáîáíó=Ñçê=ÑìíìêÉ=~ëëÉíëF arbqÛë ìåáèìÉI=ÅçãéÉíáíáîÉ=ãçÇÉä=éêçîáÇÉë=ëìéÉêáçê=ÑäÉñáÄáäáíó=C=éçëáíáçåáåÖ=íç= é~êíáÅáé~íÉ=áå=ÑìíìêÉ=ëÉÅíçê=ê~íáçå~äáë~íáçå 6
arbq=lîÉêîáÉï==J pí~éäÉÇ=råáí=píêìÅíìêÉ lïåÉêë pí~éäÉÇ=råáí=eçäÇÉêë j~å~ÖÉêë ob=NG råáíë råáíë råáíë råáíë ob=OG arbq=N= arbqO qêìëíë råáíÉÇ= a~ãéáÉê= ^äáåí~d~ë ^ëëÉíë båÉêÖó= jìäíáåÉí=d~ë _ìåÄìêó kÉíïçêâë= aáëíêáÄìíáçå máéÉäáåÉ 7 * RE1 is AMPCI Macquarie Infrastructure Management No 1 Ltd, RE2 is AMPCI Macquarie Infrastructure Management No 2 Ltd
arbq=vÉ~ê=áå=oÉîáÉï=J cáå~åÅá~ä=oÉëìäíë arbq kçî=map cv=DMR B=s~ê `çåíêáÄìíáçå=çÑ=arbq=m~êÉåí= E~ÇàìëíÉÇF oÉîÉåìÉ=Äó=^ëëÉí=`çãé~åó ^Aã a_m Group Revenue jde 758.7 758.1 OTB OTB Group EBITDA 486.6 494.6 +1.6 Group Net Result 47.7 59.7 +25.2 Group Net Cash Flow 83.2 133.2 +60.1 Parent Net Result 1 79.2 84.9 +7.2 ^dk Parent EPSU 1,2 24.0c 25.4c +5.8 VB Distribution PSU 2 21.7c 22.0c +1.4 Group Gearing 3 74% 68% rba PTB 1. Profit available for distribution, before equity accounted profit and revaluations 2. Distribution/Earnings per stapled unit kçíÉW=a_m=`çåíêáÄìíáçå=Ñêçã=OU=lÅí=Ó PM=gìåÉ=OMMR 3. Net Debt / Total Assets 8
arbq=vÉ~ê=áå=oÉîáÉï=Ó oÉÖìä~íáçå oÉÖìä~íáçå � råáíÉÇ=båÉêÖó=aáëíêáÄìíáçå � oÉÖìä~íáçå=áë=~å=áåíÉÖê~ä=é~êí=çÑ=íÜÉ= ÄìëáåÉëë=çÑ=çìê=~ëëÉíë Ó cáå~ä=ÇÉíÉêãáå~íáçå=êÉÅÉáîÉÇ=lÅíçÄÉê=OMMR � oÉÖìä~íçêó=é~ê~ãÉíÉêë=~êÉ=êÉëÉí= � a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ ÉîÉêó=R=óÉ~êë Ó cáå~ä=ÇÉíÉêãáå~íáçå=êÉÅÉáîÉÇ=kçîÉãÄÉê=OMMR � P=~ëëÉíë=ëìÄàÉÅí=íç=êÉÖìä~íçêó=êÉëÉíë= � ^äáåí~d~ë=kÉíïçêâë áå=OMMRLMS Ó cáå~ä=ÇÉíÉêãáå~íáçå=êÉÅÉáîÉÇ=^ìÖìëí=OMMR � kÉñí=êÉëÉí=Ó jìäíáåÉí=áå=OMMU � jìäíáåÉí � k~íáçå~ä=oÉÖìä~íçê=~=éçëáíáîÉ=ëíÉé Ó kÉñí=êÉëÉí=áå=OMMU 9
United Energy Distribution
råáíÉÇ=båÉêÖó=aáëíêáÄìíáçå kÉíïçêâ=ÅçååÉÅíáçåë=~åÇ=ÉåÉêÖó=ÇáëíêáÄìíÉÇ=ÅçåíáåìÉ=íç=Öêçï � bñÅÉääÉåí=êÉäá~Äáäáíó=ÅçåíáåìÉë=Ó cÉÄêì~êó=ëíçêãë=ÉñÅäìÇÉÇ � cáå~ä=êÉÖìä~íçêó=ÇÉíÉêãáå~íáçå=Ó ~ééÉ~äáåÖ=ÉäÉãÉåíëJ åÉñí=êÉëÉí=åçí=ìåíáä=OMNN � póëíÉã=^îÉê~ÖÉ=fåíÉêêìéíáçå=aìê~íáçå=Ep^fafF G léÉê~íáçå~ä=pí~íáëíáÅë @ 90 80 70 Ó `çååÉÅíáçåë SMRIOTT 60 HNKNB Minutes 50 40 30 Ó båÉêÖó=ÇáëíêáÄìíÉÇ TIRSS=dtÜ 20 HNKQB 10 0 4 4 5 5 5 5 5 4 4 4 4 5 0 0 0 0 0 0 0 Ó mÉ~â=äç~Ç= NIRTO=jt 0 0 0 0 0 ' ' ' ' ' ' ' ' ' ' ' ' h y y t r y y l e r r r i l s e e r c r a e e r n u a p u b b a r M b b u J g o u u a A m m m J u n r M t c b A e e e a O e t v c J p o F e e N D S Actual SAIDI YTD Target SAIDI YTD G=`ìãìä~íáîÉ=éÉêÑçêã~åÅÉ=çîÉê=óÉ~ê=ÉåÇÉÇ=PM=gìåÉ=OMMR @=cçê=óÉ~ê=ÉåÇÉÇ=PM=gìåÉ=OMMR 11
Multinet
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