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
Sydney Market performance
Average daily traffic (‘000)
Proportional toll revenue ($ millions)
Proportional EBITDA ($ millions) 1
EBITDA MARGIN (%)
931
1,278
1,264
1,033 976 80.7% 82.0% 82.0% 80.9% 77.2%
814
802
761
1,042 1,072
663
944
856 879
763
FY18 FY19 FY20
FY21
FY22
FY18 FY19 FY20
FY21
FY22
FY18 FY19 FY20
FY21
FY22
FY22 performance 2 • Average Daily Traffic decreased by 13.9%, compared to FY21 with traffic performance improving throughout the second half of FY22 following COVID-19 disruptions and heavy rainfall events • Car traffic was down by 14.9%, while large vehicle traffic decreased by 3.4% compared to FY21 • Proportional toll revenue decreased by 1.1% to $1,264 million, including new assets 3 • Proportional EBITDA margin decreased to 77.2% (from 80.9% in FY21), with FY21 including liquidated damages received for the delayed opening of NorthConnex.
Portfolio summary M2
M8/M5 East M5 West M4-M5 Link—under construction Rozelle Interchange— under construction
Lane Cove Tunnel Cross City Tunnel Eastern Distributor M7 NorthConnex M4
Melbourne
Average daily traffic (‘000)
Toll revenue ($ millions)
EBITDA ($ millions)
EBITDA MARGIN (%)
88.2% 88.0%
84.8% 81.6%
82.2%
824 851
780 813
750
747
722
648
616
688 716
566
634
594
502
FY18 FY19 FY20
FY21
FY22
FY18 FY19 FY20
FY21
FY22
FY18 FY19 FY20
FY21
FY22
FY22 performance 2 • CityLink traffic increased by 14.6% compared to FY21. Southern Link traffic increased by 11.5%, and Western Link improved by 18.5% benefitting, in part, from increased airport-related travel • Car traffic increased by 18.4% and large vehicle traffic increased by 4.6%, heavy commercial vehicles increased by 0.7% and light commercial vehicles increased by 7.6% • Toll revenue increased by 17.3% to $722 million driven by traffic growth and contracted toll price escalation • EBITDA margin increased to 82.2% (from 81.6% in FY21) reflecting traffic recovery in 2H22 and additional movement restrictions in FY21, compared to FY22.
Portfolio summary CityLink West Gate Tunnel—under construction
1 E xcluding contributions from NorthConnex and additional proportional ownership of WestConnex, underlying EBITDA margin would be 77.7% 2 A ll figures are proportional. Percentage changes are based on prior comparative period unless otherwise stated 3 N ew assets include contributions from NorthConnex and additional ownership of WestConnex
70
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