Corporate Report for the year ended 30 June 2022
Introduction and overview
Governance and risk
Security holder information
Waterfall chart Figure 19: Free cash flow reconciliation
FY21 Free Cash excluding Capital Releases
EBITDA 100% owned entities
Distributions non-100% owned entities
Maintenance and other movements
Net finance costs 100% owned entities
FY22 Free Cash excluding Capital Releases
FY22 Free Cash
Key drivers EBITDA from 100%-owned assets The decrease in EBITDA from 100%-owned assets primarily reflected a year-on-year decrease in traffic in Sydney combined with an incremental increase in the cost base, with the prior year comparatively less impacted by government-mandated COVID-19 restrictions. EBITDA from 100%-owned assets is also impacted by the partial divestment of Transurban Chesapeake, with the Free Cash contribution from these assets now captured within the distributions from non-100% owned assets. While traffic was broadly flat compared to FY21, proportional toll revenue increased 5.7% year on year, driven by inflation- linked toll escalations across Transurban’s Australian markets and the A25 in Canada. Overall growth in costs was due to annual escalations, investments in new or enhanced capability, accounting-related changes and new assets, partially offset by divestments.
Distributions from non-100% owned assets There was an increase in distributions from non-100% owned assets with Transurban Chesapeake paying its first post-divestment distribution and incremental distributions resulting from the increased ownership in WestConnex. This was partly offset by reduced distributions from the Eastern Distributor, due to traffic impacts, increased tax payments and debt amortisation payments. Maintenance and other movements There was a small favourable movement due to the deconsolidation of Transurban Chesapeake assets from Group reporting.
Net finance costs from 100% owned assets Net finance costs declined due to the reduction in interest paid associated with Transurban Chesapeake following the partial divestment. Working Capital The favourable movement in working capital compared to FY21 was primarily timing related. Capital Releases Capital Releases in FY22 comprised $255 million from WestConnex and $100 million from NorthConnex, compared to $278 million from WestConnex in FY21.
Made with FlippingBook Annual report maker