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
10-year history Operational metrics Number of operational assets
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
# #
8 3
12
14
15
15
16
17
18
21
21
Number of markets Average daily traffic 1 Group
4
4
4
4
5
5
5
5
5
thousands thousands thousands thousands thousands
1,295 1,382 1,775 1,911 1,946 2,035 2,217 2,026 2,018 2,008
Sydney
477 780
543 793
581 816 303
622 820 383
644 813 394
663 824 403 144
814 851 405 147
761 750 383 132
931 566 407 115
802 648 418 140
Melbourne
Brisbane
–
–
North America
38
46
75
85
96
Statutory financials Statutory revenue
$ millions $ millions
1,195 1,150 1,860 2,210 2,732 3,298 4,166 3,169 2
2,886 2 3,272
3,406
Statutory NPAT
175
252 (373)
22
209
468
170 (153)
16
Statutory cash flows from operating activities
$ millions
411
521
304
910
837 1,053 1,197 1,131
893
982
Proportional financials Proportional Toll Revenue 3 Group
$ millions $ millions $ millions $ millions $ millions
991 1,117 1,656 1,946 2,153 2,340 2,581 2,492 2,486 2,626
Sydney
479 496
551 535
701 615 265
799 660 313 174
872 687 385 209
944 1,042 1,072 1,278 1,264
Melbourne
780 393 223
813 402 324
747 394 279
616 425 167
722 451 189
Brisbane
–
–
North America
16
31
75
Proportional EBITDA (excl. significant items) Group $ millions
828 392 441
934 1,289 1,480 1,629 1,796 2,016 1,888 1,836 1,900
$ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions
Sydney
466 483
558 523 185
637 564 218
702 594 268 116 (51)
763 688 279 130 (64)
856 716 293 210 (59)
879 1,033
976 594 320 120
Melbourne
634 286 154 (65)
502 314
Brisbane
–
(6)
North America
(3) (2)
4
33
86
72
Corporate and other
(13) 572
(10) 768
(25)
(85)
(110)
Free Cash
443
926 1,220 1,215 1,527 1,476 1,278 1,531
Proportional drawn debt
7,471 8,015 12,236 12,484 13,639 14,971 19,394 22,118 20,763 23,574 1,507 2,122 7,814 4,707 4,518 5,865 15,112 7,968 10,016 6,715
Gross debt raised 4
Equity raised
100 2,742
– 1,025
– 1,900 4,820
812
– 4,220
Ratios and rates Group EBITDA margin 5
% %
75.0
75.8
74.7 73.8
73.9
74.9
75.4
72.3
70.3 9.4 6
68.8
FFO/Debt
–
6.6 2.9
7.9 3.5
8.0 4.3
8.5 3.9
8.9 4.9
8.7 4.1
7.0 3.8
9.1
x
Corporate SICR
2.5
2.8
3.3
%
Gearing
42.8
36.4
40.2
33.3
35.3
35.2
32.0
35.8
34.3
34.2
Weighted average cost of debt AUD
% % %
6.6 4.6
6.3 4.0
5.3 3.8
5.2 4.3
4.9 4.3
4.9 4.4 5.8 8.6
4.6 4.4 4.9 8.3
4.4 4.4 5.0 8.4
4.1 4.5 5.0 7.7
3.9 3.6 5.0
USD CAD
–
–
–
–
–
Weighted average debt maturity 7 Weighted average concession length 8
years
9.7
7.5
7.8
8.7
9.0
7.1
years
24.3
24.3
28.5
29.9
29.7 28.3
30.8
28.8
26.2
29.1
Corporate information Market capitalisation Total Shareholder Return
$ billions
10.02 14.01 17.80 24.41 24.32 26.63 39.43 38.65 38.96 44.16
%
25
17
32
35
4
6
31
(1)
3
4.9
$ millions
Gross distributions
456 31.0
594 35.0
764 40.0
901 1,055 1,174 1,577 1,284
999 1,259
cps
Distributions per security
45.5
51.5
56.0
59.0
47.0
36.5
41.0
millions
Securities on issue
1,482 1,896 1,914 2,036 2,052 2,225 2,675 2,735 2,738 3,071
1 C ityLink traffic reported as average daily transactions (‘000) 2 S tatutory results for FY20 and FY21 have been reclassified to present Transurban Chesapeake as discontinued operations in the current period. Refer to Note B24 Business combinations and changes in ownership interests within the Financial Statements for further information
3 D efinition of Toll Revenue adjusted in FY16 (including restatement of FY15) to include fee revenue. Prior to this was disclosed as toll revenue only, and fee and other revenue 4 C alculated at 100% of the debt facility size. Non-AUD denominated debt converted at the hedged rate where cross currency swaps are in place 5 F Y14 and FY15 EBITDA margins were restated in FY16. Not previously disclosed for FY12 to FY13
6 F Y21 FFO/Debt previously reported as 8.9% has been restated due to an amendment S&P have made in their calculation methodology 7 F Y18 to FY21 has been calculated using proportional drawn debt. FY12 to FY17 was calculated on the full value of available debt facilities. Prior to FY19, the previously reported tenor did not reflect the amortisation profile that occurs in the latter years of the USA asset debt facilities 8 Weighted using proportional Toll Revenue by asset
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