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 VOICE
TRANSURBAN/ TRANSURBAN GROUP
Internal staff engagement survey
Comprising THL, THT and TIL and their controlled entities. The responsible entity of THT is Transurban Infrastructure Management Limited (ACN 098 147 678) (AFSL 246 585)
PAB
Private Activity Bond
PFAS
Per and polyfluorinated alkyl substances
PP
Private Placement
TSR
Total Shareholder Return
PPA PPP
Power Purchase Agreement Public-Private Partnership
UN SDGS
United Nations Sustainable Development Goals
UNDERLYING EBITDA
EBITDA excluding significant items
PROP/ PROPORTIONAL RESULTS
The proportional results are the aggregation of the results from each asset multiplied by Transurban’s percentage ownership as well as the contribution from central Group functions. Proportional EBITDA is one of the primary measures used to assess the operating performance of Transurban, with an aim to maintain a focus on operating results and associated cash generation. The EBITDA calculation from the statutory accounts does not include the EBITDA contribution of M5 (until 18 September 2018), M7 and WCX and includes the non-controlling interests in TQ, M5 (from 18 September 2018) and ED
US
United States of America United States of America
USA USD
US Dollars
USPP
US Private Placement
VA
Virginia, United States of America Virginia Department of Transportation
VDOT
VIC
Victoria, Australia
VTIB WCX
Virginia Transportation Infrastructure Bank
WestConnex
QC
Quebec, Canada
WEIGHTED AVERAGE COST OF DEBT
Calculated using proportional drawn debt exclusive of issued letters of credit
QLD RAP RICI
Queensland, Australia Reconciliation Action Plan
WEIGHTED AVERAGE MATURITY
Calculated using proportional drawn debt exclusive of issued letters of credit
Road Injury Crash Index. Serious road injury (an individual transported from, or receives medical treatment, at scene) crashes per 100 million vehicle km travelled
WGF
West Gate Freeway
RIFR S&P SAAS SASB SBTI
Recordable Injury Frequency Rate
WGT/WGTP
West Gate Tunnel/West Gate Tunnel Project
Standard and Poor’s Software as a Service
WHT ZEVs
Western Harbour Tunnel Zero Emission Vehicles
Sustainability Accounting Standards Board
Science Based Target initiative Executive Committee members
Forward-looking statements This report contains certain forward-looking statements. The words “continue”, “expect”, “forecast”, “potential”, “estimated”, “projected”, “likely”, “anticipate” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings, financial position, distributions, capex requirements and performance are also forward-looking statements as are statements regarding plans, strategies and objectives of management and internal management estimates and assessments of traffic expectations and market outlook. These statements discuss future expectations concerning the results of asset and/or financial conditions or provide other forward-looking information. The forward-looking statements are based on the information available as at the date of this report and/or the date of Transurban’s planning processes or scenario analysis processes. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Transurban, its directors, officers, employees, agents and advisors, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements, noting that information in this report is not intended to provide guidance in relation to the future performance of the Transurban Group. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and their differences may be material. Investors should not place undue reliance on forward-looking statements, particularly in light of the current economic climate and the uncertainty and disruption caused by the COVID-19 pandemic. None of the Transurban Group, its officers, employees or agents or any other person: (1) gives any representation, warranty or assurance that the occurrence of the events expressed or implied in any forward-looking statement will occur; and (2) have any responsibility to update or revise any forward-looking statement to reflect any change in the Transurban Group’s financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based, except as required by Australian law.
SENIOR EXECUTIVES
SEQ
South East Queensland
SERVICE AND FEE REVENUE
Service and fee revenue includes customer administration charges and enforcement recoveries Shareholder Loan Note. An interest bearing shareholder loan
SLN
SPV
Special Purpose Vehicle
STATE WORKS CONTRIBUTION
The capital contribution for WestConnex Stage 3A to be provided by RMS Science, technology, engineering and mathematics
STEM
STI
Short Term Incentive
STP/STP JV TAWREED
Sydney Transport Partners Joint Venture Tawreed Investments Limited. A wholly owned subsidiary of Abu Dhabi Investment Authority Task Force on Climate-related Financial Disclosures Transport for New South Wales is the government agency responsible for transport infrastructure and transport services in New South Wales. Roads and Maritime Services (RMS) was dissolved in December 2019 with all functions transferring to TfNSW Transurban Holdings Limited (ACN 098 143 429) Transurban Holding Trust (ARSN 098 807 419) Transportation Infrastructure Finance and Innovation Act Transurban International Limited (ACN 121 746 825) Toll revenue includes revenue from customers, specifically tolls, service and fee revenue Service provider including O&M and retail services to NSW assets
TCFD
TFNSW
THL THT
TIFIA
TIL
TOLL REVENUE
TOLLAUST
TQ
Transurban Queensland
TRANSURBAN CHESAPEAKE/TC
Transurban Chesapeake owns 100% of the entities that developed, built, financed and now operate and maintain the 95 Express Lanes (including the Fredericksburg Extension which is under construction), 395 Express Lanes and 495 Express Lanes (including the NEXT Extension which is under construction). Transurban has a 50% interest in Transurban Chesapeake
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