Remuneration report
Our business performance Financial highlights for FY24 FY24 fundamentals remained strong as the Group focused on transitioning to a new operating model that will better support our future growth agenda as well as unlocking operating efficiencies and value for 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. Weekend Proportional EBITDA 1,2 Free Cash per security 1,3 Distribution paid per security
Overview of Group performance The following table shows the Group’s performance over the past five financial years. Five-year performance FY20 FY21 FY22 FY23
FY24
$M
1,888
1,836
1,900
2,448
2,631
Cents
54.0 5
46.7 6
49.9 7
56.0 8
79.6 9
Cents
47.0
36.5
41.0
58.0
62.0
Security price at 30 June 4
$
14.13
14.23
14.38
14.25
12.40
traffic was up 1%, while weekday traffic was stronger, up 2% across the Group. Large vehicle traffic remained resilient, up 0.6% despite some softness in NSW and Queensland. Our full-year distribution of 62 cents per stapled security was up approximately 7% on FY23, and 102% covered by Free Cash. Transurban has continued to actively manage our balance sheet, maintaining a broadly stable weighted average cost of debt at 4.5%, while our disciplined and active approach to cost management saw cost growth of 3.6%, outperforming guidance of 4-6% growth. Our strong balance sheet offers us the support and flexibility we need to take advantage of future growth opportunities.
TSR at 30 June
%
(1.0)
3.4
4.9
3.4
(8.8)
Market capitalisation
$b
38.65
38.96
44.16
43.90
38.34
Transurban’s five year TSR performance against ASX indices Further details of our Group performance are provided in the Business Performance section on pages 48–53.
Transurban
ASX50
ASX200
1.30
1.20
1.10
1.00
0.90
0.80
0.70
0.60
2020
2021
2022
2023
2024
1 These are non-IFRS disclosures 2 Refer to Note B4 of the audited financial statements 3 Refer to Note B9 of the audited financial statements 4 The opening security price in FY20 was $14.74 5 T he FY20 FCF of 54.0 cents per security included 5.9 cents per security relating to capital releases from Lane Cove Tunnel, 2.7 cents per security from NorthWestern Roads Group, 1.9 cents per security from Hills M2 and 1.2 cents per security from Transurban Queensland. Excluding these capital releases, the FY20 FCF was 42.3 cents per security 6 T he FY21 FCF of 46.7 cents per security included 10.1 cents per security relating to a capital release from WestConnex. Excluding this capital release, the FY21 FCF was 36.6 cents per security 7 T he FY22 FCF of 49.9 cents per security included 8.4 cents per security relating to a capital release from WestConnex and 3.2 cents per security from NorthWestern Roads Group. Excluding these capital releases, the FY22 FCF was 38.3 cents per security 8 T he FY23 FCF of 56.0 cents per security included 0.8 cents per security relating to a capital release from WestConnex. Excluding these capital releases, the FY23 FCF was 55.2 cents per security 9 T he FY24 FCF of 79.6 cents per security included 16.4 cents per security relating to capital releases from Transurban Queensland, WestConnex and NWRG. Excluding these capital releases, the FY24 FCF was 63.2 cents per security
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