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
Market performance
Brisbane
Proportional toll revenue ($ millions)
Proportional EBITDA ($ millions)
Average daily traffic (‘000)
EBITDA MARGIN (%)
451
71.0% 73.1% 72.6% 73.9%
71.0%
425
418
407
403 405
393 402 394
383
320
314
279 293 286
FY18 FY19 FY20
FY21
FY22
FY18 FY19 FY20
FY21
FY22
FY18 FY19 FY20
FY21
FY22
FY22 performance 1 • Average daily traffic increased by 2.8% compared to FY21. Growth was broad-based with increases in both car and commercial traffic • Car traffic increased by 2.0% with growth in both workday and weekend discretionary travel across most assets. Large vehicle traffic increased by 5.0% • Proportional toll revenue increased by 6.1% to $451 million • Proportional EBITDA margin decreased to 71.0% (from 73.9% in FY21), due to higher maintenance costs in the second half of FY22 compared to FY21.
Portfolio summary Gateway Motorway Logan Motorway AirportlinkM7 Clem7 Legacy Way Go Between Bridge
North America
Average daily traffic (‘000)
Proportional toll revenue ($ millions)
Proportional EBITDA ($ millions)
EBITDA MARGIN (%)
324
65.0%
63.1%
279
58.6%
144 147
55.3%
140
132
223
210
115
189
42.7%
167
154
130
120
72
FY18 FY19 FY20
FY21
FY22
FY18 FY19 FY20
FY21
FY22
FY18 FY19 FY20
FY21
FY22
1 A ll figures are proportional. Percentage changes are based on prior comparative period unless otherwise stated 2 Excluding the impacts of the partial divestment of Transurban Chesapeake, underlying EBITDA margin would be 54.3% • Proportional toll revenue increased by 13.2% to $189 million, or 60.5% to $269 million on a like-for-like basis, excluding the partial divestment of Transurban Chesapeake assets • Proportional EBITDA margin increased to 63.1% 2 (from 42.7% in FY21), due to the partial divestment of Transurban Chesapeake and seasonality. FY22 performance 1 • Traffic on the Express Lanes increased by 31.3% compared to FY21. 95 Express Lanes benefitted from ongoing discretionary and leisure travel. Traffic on 495 Express Lanes remains below pre-pandemic levels with subdued commuter-related travel • A25 traffic increased by 9.7% due to the easing of COVID-19 associated restrictions on movements in the prior year and construction activity in the local area. Car traffic increased by 10.6% and large vehicle traffic increased by 2.9%
Portfolio summary 95 Express Lanes—GWA 395 Express Lanes—GWA 495 Express Lanes—GWA A25—Montreal Fredericksburg Extension—GWA, under construction 495 Express Lanes Northern Extension—GWA, in development Capital Beltway Accord—GWA, progressing with government
71
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