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
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