2024 Corporate Report

Business performance

Free Cash movement 1,2

Increase in Free Cash (exc. Capital Releases) largely driven by higher EBITDA

Proportional EBITDA​

Proportional net finance costs

Cash adjustments​

Timing differences

EBITDA growth delivered additional Free Cash ADT • 1.7% increase in ADT​ • Opening of

Weighted average cost of AUD debt up slightly at 4.5% 4 Interest costs • ($61)M increase due to maturing

Other cash adjustments to Free Cash Tax paid • Increased tax paid at A25 and ED

Working capital and timing of distributions Working capital

• Favourable working capital movements​

and additional debt raised at higher all-in rates​ • $38m increase in interest income driven by higher interest rates

Debt amortisation​

• Debt amortisation deducted from Free Cash ​ • One-off release of WestConnex ($132m) cash previously held during construction • Unfavourable impact from some assets paying distributions in arrears and funds retained for equity commitments

the M4-M8 link, Rozelle Interchange and FredEx

Interest income

Construction reserve release

EBITDA margin

• Increased from 72.4% to 73.1% 3 • CPI adjustments and cost control

Timing impacts and project funding

$181M Increase from FY23

($23)M Decrease from FY23​

($16)M Decrease from FY23​

$87M Increase from FY23

Old Free Cash definition New Free Cash definition 5

Sir Leo Hielscher Bridges, Gateway Motorway, Brisbane

1 Free Cash movement has been determined using the FY23 restated Free Cash as the starting point. Refer slide 29 of the FY24 Investor Presentation 2 Free Cash movement excluding Capital Releases. Capital Releases were received in FY24 from Transurban Queensland ($275 million), WestConnex ($134 million) and North Western Roads Group ($96 million). Capital Releases were received in FY23 from WestConnex ($27 million) 3 FY23 cost base restated consistent with the reporting change of FY24 Total Cost. Refer to slide 27 of 1H24 Investor Presentation for additional information and historic comparatives

4 Calculated using AUD proportional drawn debt as at 30 June 2024, exclusive of letters of credit 5 R efer to slide 29 of the FY24 Investor Presentation for revised free cash historical comparison

49

Made with FlippingBook Digital Publishing Software