Business performance
$1,916M gross distributions to security holders $2,631M proportional EBITDA A- score from CDP for climate change management (2023) 2
3.6% cost growth, outperforming guidance of 4–6% growth 6.7% increase in proportional toll revenue
Investors
Delivering long-term sustainable value.
FY24 saw our fundamentals remain strong, while we placed considerable focus on transitioning to an operating model that provides us with a base for growth while unlocking operating efficiencies and value for our investors. Traffic increased across all markets, flowing through to proportional toll revenue growth of 6.7% and a strong proportional EBITDA of $2,631 million, up 7.5% on FY23. It was a significant year for road openings, with our 95 Express Lanes’ Fredericksburg Extension opening to traffic, and the opening of the Rozelle Interchange (delivered by the NSW Government) marking the full completion of the WestConnex project. Work continues to progress well on our projects in construction, and we have now partnered with the Queensland Government to progress the widening of the Logan Motorway. Our full-year distribution of 62 cents per stapled security was up approximately 7% on FY23, and 102% covered by Free Cash. Our cost of debt has been well managed in the current high interest rate environment, and our strong balance sheet positions us well for future growth.
Figure 6: Group average daily traffic by year (millions)
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1.5
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0.5
1 C alculated at 100% of the debt facility size, exclusive of issued letters of credit 2 To earn an A score from CDP, organisations must show environmental leadership, disclosing action on climate change, deforestation or water security. Read more at cdp.net
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