ANZ TERMINALS

Transport

ASSET DESCRIPTION

  • Independent owner and operator of bulk liquids storage facilities in Australian and New Zealand with c.375,000m3 of current capacity
  • Five terminals in Australia (Botany, West Melbourne, Geelong, Pelican Point and Osborne) and four in NZ (NZ compromises 7% of FY2015 EBITDA)
  • Liquid storage of up to 25 products across a wide range of industries (62% petroleum products and 38% chemicals products)
  • 32% equity interest
  • Board representation

INVESTMENT FUNDAMENTALS

  • >80% of current revenues on a take-or-pay contracted basis
  • Diversified customer base with weighted average contract life of 7 years
  • Significant growth pipeline to expand capacity

KEY RISKS AND MITIGATION

  • Contracting risk managed through lower pricing strategy against new build cost and long standing relationships
  • Market risk mitigated by positive industry dynamics including higher demand for petroleum imports and storage due to refinery closures
  • Execution risk of growth projects mitigated by management’s strong track record
  • Competition risk mitigated through high barriers to entry