Full Year 2023 Atlas Arteria Group Earnings Call Transcript
Key Points
- Atlas Arteria Ltd (ASX:ALX) reaffirmed distribution guidance of $0.40 per security for 2024, indicating strong financial performance.
- Traffic at APRR hit record levels, driven by a 3.3% increase in light vehicle demand, contributing to a 7.1% increase in EBITDA.
- The acquisition of Chicago Skyway has outperformed expectations, extending concession life and diversifying cash flows.
- Toll prices at APRR, ADELAC, and Warnow Tunnel increased significantly due to inflation, providing a long-term revenue boost.
- Atlas Arteria Ltd (ASX:ALX) maintains a high proportion of fixed-rate debt, offering protection from interest rate risks.
- The introduction of a new tax in France on companies operating long-distance transport infrastructure significantly impacted the security price.
- Safety performance at APRR missed the target for the lost time injury frequency rate, indicating room for improvement.
- Heavy vehicle traffic growth was marginal due to flat European economies and reduced agricultural production.
- The French Parliament's new tax will represent 4.6% of revenues, impacting financial performance.
- Dulles Greenway traffic remains below 2019 levels, despite a gradual return to office-based work in Northern Virginia.
Thank you for standing by, and welcome to the Atlas Arteria 2023 Results Presentation. (Operator Instructions) Due to legal restrictions, we are only able to communicate directly with eligible shareholders and investors with respect to their eligibility to invest in Atlas Arteria securities. Details in relation to the ownership restrictions that apply to persons in the United States and other U.S. persons that are not qualified purchasers are set out on our website under U.S. ownership restrictions. Please refrain from asking questions in relation to our securities if you do not meet these criterias, as we are legally restricted from answering those questions on this call.
I would now like to hand the conference over to Mr. Graeme Bevans, Chief Executive Officer. Please go ahead.
Thank you, operator, and good morning, everyone. We appreciate you joining Atlas Arteria's 2023 results call. Today, I'm joined by our CFO, David Collins; and our Investor Relations team. David and I
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