Corporate Report for the year ended 30 June 2022
Introduction and overview
Business performance
Governance and risk
Directors’ report
Remuneration report
Financial statements
Sustainability supplement
Security holder information
Our business performance
Financial highlights for FY22 Group financial performance for FY22 has improved over FY21 notwithstanding the uncertainty during the year from government-mandated COVID-19 restrictions as well as ongoing public health concerns across the community. Traffic was down only 0.5% due to the resilience of commercial traffic and contributions from new assets, in addition to travel patterns returning to normal. In addition, Revenue, EBITDA and FCF have all increased over the previous year,
leading to growth in distributions for security holders of 12.3% per security. Headline costs were up on FY21 by 10.9% ($85million) driven largely by accounting impacts, investment in new capabilities to support the growth of the business and higher insurance premiums. The balance sheet has remained strong with liquidity, debt covenants and credit ratings all remaining robust. Significant forward planning over the past few years has provided protection from rising interest rates with over 98% of the debt book hedged
and a weighted average maturity of 7.1 years. In addition, the balance sheet currently supports corporate liquidity of $3.9 billion and expected future capital releases (FY23 – FY25) in excess of $1.9 billion to enable future growth. Overview of Group performance The following table shows the Group’s performance over the past five financial years.
Five-year performance
FY18 1,796
FY19 2,016
FY20 1,888
FY21 1,836
FY22 1,900
Proportional EBITDA excluding significant items only $M
Proportional Net Costs 1
$M
406
450
475
483
546
Free Cash per security
54.0 4
46.7 5
49.9 6
Cents
56.8
57.1 3
Distribution paid per security
Cents
56.0
59.0
47.0
36.5
41.0
Security price at 30 June 2
$
11.97
14.74
14.13
14.23
14.38
TSR at 30 June
%
6.4
30.9
(1.0)
3.4
4.9
Market capitalisation
$b
26.63
39.43
38.65
38.96
44.16
Transurban’s Five Year TSR Performance against ASX Indices The graph right shows Transurban’s TSR performance over a 5 year period against ASX indices. Further details of our Group performance are provided in the Business Performance section on pages 24 to 73.
1.5
1.4
1.3
1.2
1.1
1.0
0.9
0.8
Transurban
ASX50 Index
ASX200 Index
0.7
0.6
30/06/18
30/06/19
30/06/20
30/06/21
30/06/22
1 P roportional Net Costs as determined for the purposes of STI outcomes, excludes significant items, specific major development and legal project spend, transaction and integration costs and the incremental impact of unbudgeted new assets. 2 The opening security price in FY18 was $11.85 3 T he FY19 FCF of 57.1 cents per security included 4.6 cents per security relating to a capital release from the NorthWestern Roads Group and 6.7 cents per security from a capital release from Transurban Queensland. Excluding these capital releases, the FY19 FCF was 45.8 cents per security 4 T he FY20 FCF of 54.0 cents per security included 5.9 cents per security relating to capital releases from Lane Cove Tunnel, 2.7 cents per security from NorthWestern Roads Group, 1.9 cents per security from Hills M2 and 1.2 cents per security from Transurban Queensland. Excluding these capital releases, the FY20 FCF was 42.3 cents per security 5 T he FY21 FCF of 46.7 cents per security included 10.1 cents per security relating to a capital release from WestConnex. Excluding this capital release, the FY21 FCF was 36.6 cents per security 6 T he FY22 FCF of 49.9 cents per security included 8.4 cents per security relating to a capital release from WestConnex and 3.2 cents per security from NorthWestern Roads Group. Excluding these capital releases, the FY22 FCF was 38.3 cents per security.
104
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