Dampier-to-Bunbury Pipeline (DBP)’s FY15 result is down on FY14 reflecting the lower tariff revenues from last year’s recontracting. However, DBP outperformed its FY15 EBITDA guidance by $13m and reduced debt by $180m over the financial year
- Gas volumes were down 1.2%, with reduced capacity resulting from the 2014 recontracting
- Transport revenue was down 8.2%, reflecting a 9.5% reduction in regulated full-haul tariffs in line with guidance given at the time of recontracting last year
- EBITDA was down on FY14 by 9.8% to $314.5m as a result of the lower tariff revenues, but $13m better than FY15 guidance
- Gearing levels have improved from 69.6% to 65.7%, driven by $180m paid out of debt over the year. The high gearing levels reflect the stable nature of the contracted, take-or-pay revenues earned by DBP
- Net external interest expense was down 20.8% to $179m
Please contact your FIIG representative for more information on the DBP bonds available to FIIG investors.
Director – Infrastructure and Fixed Income Research.
Alen joined FIIG Securities in May 2014 and is responsible for covering the infrastructure/PPP, resources, airlines and property sectors.