Slide 1: 1H23 Results
1H23 Results 7 February 2023
Slide 2: Disclaimer and basis of preparation
Disclaimer and basis of preparation This publication is prepared by Transurban Holdings Limited (ACN 098 143 429), Transurban International Limited (ACN 121 746 825) and Transurban Infrastructure Management Limited (ACN 098 147 678; AFSL 246 585) as the responsible entity of Transurban Holding Trust
Slide 3: Contents
Contents 4 11 20 30 32 1H23 Asset portfolio Financial Outlook Supplementary highlights and project results information pipeline updates
Slide 4: 1H23 highlights
1H23 highlights 34.8% increase in average daily traffic across portfolio Record Group traffic Record half year EBITDA with near -term inflation and interest rate Major project milestones achieved Upgraded FY23 distribution guidance CEO to leave at end of calendar 2023 42.6% protection increase in •
Slide 5: FY23 distribution guidance upgrade
FY23 distribution guidance upgrade FY23 distribution expected to be 57.0 cps representing approximately 39.0% growth on FY22 and 4.0 cps above prior guidance of 53.0 cps1 FY23 guidance includes ~2-3 cps of Capital Releases received as a result of the acquisition of additional proportional ownership
Slide 6: Transurban investment proposition
Transurban investment proposition Positive traffic momentum High quality portfolio of assets Inflation linked toll escalations Traffic growth supported by market demographics 5 diverse markets containing 22 high quality Embedded inflation escalators across 68% and ongoing infrastructure investment t
Slide 7: Well positioned for rising inflation and interest rates
Well positioned for rising inflation and interest rates Inflation-linked toll escalations and active balance sheet management expected to provide near-term benefits in a rising inflation and interest rate environment 100% of Australian toll revenue escalates quarterly or annually1, while only a port
Slide 8: 1H23 traffic overview
1H23 traffic overview1 Quarterly ADT1 (million trips per day) 2.4 Sydney ADT (‘000) reached quarterly Melbourne ADT (‘000) showing 2.4 2.3 2.3 2.4 record2 continued improvement 2.1 2.2 2.2 1000 1000 2.1 2.1 2.0 800 800 600 600 1.7 400 400 1.4 1.5 200 200 2.0 2.0 2.1 0 0 1.9 1.9 1.8 1.8 1.8 1.7 1.8 1
Slide 9: Traffic insights
Traffic insights Ongoing preference for private transport for commuting Revenue growth from Australian freight and orbital corridors continues to more than offset slower recovery in CBD and airport related corridors for • Respondents continue to indicate a clear preference Over 60% 1H23 revenue vs 2
Slide 10: NSW toll reform opportunity
NSW toll reform opportunity NSW toll road ownership by ADT1 Transurban has been investing in Sydney for more than 20 years ~$25 billion Eight >50,000 208,000 hrs Transurban ownership invested in Sydney projects designed direct and indirect average work day 27% by Transurban or delivered in the emplo
Slide 11: Asset portfolio and project pipeline updates
Asset portfolio and project pipeline updates
Slide 12: M4-M8 link completion and delivery
M4-M8 link completion and delivery Successful delivery of the M4-M8 link tunnels1 Up to 40 mins +24% ~40% ~4,000 • M4-M8 link tunnels opened on 20 January 2023, creating Australia’s longest continuous underground motorway as part of the ~22km of tunnel infrastructure expected travel-time increase in
Slide 13: West Gate Tunnel Project update
West Gate Tunnel Project update Key project milestones on West Gate Tunnel achieved > 90% > 38 million Up to 20 mins • More than 95% of concrete elements completed • Outbound tunnel excavation over 3.2 kilometres to date and ~80% complete of tunnelling and portal worker hours have been travel-time s
Slide 14: M7-M12 Integration Project
M7-M12 Integration Project Project overview > 4 million hrs ~26km 2026 • ~$1.7 billion project to widen the M7 and connect with the new M12 Motorway • Project includes: of expected travel-time of planned widening along expected completion date to savings per year following the M7 between the M5 and
Slide 15: Greater Washington Area projects update
Greater Washington Area projects update Fredericksburg Extension Phase 1 Maryland Express Lanes • Working towards a partial opening in August 2023, • Proposal is designed to address some of the region's worst congestion, approximately 4 months earlier than previously including the American Legion Br
Slide 16: A25 strategic partnership
A25 strategic partnership New investment partnership in Montreal Well positioned to accelerate growth Montreal has historically ranked as one of the • Transurban has entered into an agreement to • CDPQ is one of the largest institutional infrastructure most congested regions across major cities2 par
Slide 17: Potential acquisition opportunity in Melbourne
Potential acquisition opportunity in Melbourne Potential opportunity to acquire a stake in EastLink • Horizon Roads Pty Ltd is the parent entity of current concessionaire, ConnectEast. A subset of investors in Horizon Roads are reported to be considering a sale of their respective interests • Timing
Slide 18: Opportunity and delivery pipeline
Opportunity and delivery pipeline Transurban's portfolio is expanding in key markets with the opportunity pipeline to support long term growth REGION PROJECTS IN DELIVERY AND POTENTIAL OPPORTUNITIES1 EXPECTED DELIVERY3 NEXT 5 YEARS 5+ YEARS Sydney Rozelle Interchange 2024 M7-M12 widening and integra
Slide 19: CityLink automated truck trial
CityLink automated truck trial Building future connectivity through smart motorway technology • CityLink is one of the most technologically advanced roads in the world, allowing it to facilitate the first trial of an automated self-driving truck in live traffic conditions on urban motorways in Austr
Slide 20: Financial results
Financial results Transurban
Slide 21: Statutory results
Statutory results1 10 (57) (11) (112) 9 380 (58) 55 (106) 1H22 loss for Toll revenue Other revenue Operating expenses Depreciation & Net finance costs Loss from equity Income tax benefit 1H23 profit the period amortisation accounted for the period investments Revenue and operating expenses Net finan
Slide 22: 1H23 financial performance
1H23 financial performance1 1H23 1H23 VS. 1H22 Gross Distributions $815 million 77.0% Free Cash (incl. Capital Releases) $863 million 88.0% Free Cash (excl. Capital Releases) $845 million 84.0% Proportional toll revenue $1,658 million 42.6% Total proportional costs $487 million 16.9% Proportional EB
Slide 23: Free Cash movement
Free Cash movement1 Free Cash (excluding Capital Releases) up 84% on 1H22 to $845 million driven by record traffic Working Net Distributions EBITDA capital and finance from JVs other costs Improved traffic and toll Working capital movements Retained an average weighted Distributions from investments
Slide 24: Proportional results
Proportional results 1H23 EBITDA margin increased to 71.8% following significant increase in toll revenue of which approximately 80% was driven by the uplift in ADT 53.7% 1,234 1,238 6 (54) 4 38 437 805 1H22 EBITDA Toll revenue Other revenue Direct costs New Assets1 1H23 EBITDA (ex. FX) FX 1H23 EBIT
Slide 25: Proportional cost movement
Proportional cost movement1 As previously stated, total FY23 cost growth is expected to be greater than FY22 cost growth2 16.8% 9.5% 487 4 11 7 6.8% 10 • Offset by • No impact 10 associated to Free Cash 445 revenue • 2H22 cost increases included: 6% growth on 2H22 28 – New assets 417 – Volume relate
Slide 26: Investment in portfolio growth
Investment in portfolio growth CAPEX and OPEX investment in the development of new opportunities has provided uplift in EBITDA, Free Cash and concession life New assets lead to operational cost increases, which are more >$600M1,2 than offset by increased revenue3 180 in additional proportional EBITD
Slide 27: Investing in a long-term sustainable business
Investing in a long-term sustainable business Technology Community Transition Customer and and other to Net Zero operations stakeholders Providing a seamless customer Investing in platforms that drive Meeting the changing needs of our Expected to reach 2030 scope 1 and 2 experience efficiency and se
Slide 28: Funding summary
Funding summary SUMMARY OF KEY DEBT METRICS JUN 22 DEC 22 Summary of 1H23 funding activities Group debt1,2 $23,574M $23,401M Corporate liquidity3 $3,881M $3,581M 3.9% $2.1 billion 96.8% Weighted average cost of Gross amount of debt of the existing debt book has Weighted average maturity4 7.1 years 6
Slide 29: Balance sheet considerations
Balance sheet considerations Sources and uses of capital Upcoming refinancing activities6 LIQUIDITY $B CAPEX $B 3,500 3,000 Corporate liquidity as at 3.61,2 Committed projects3 3.42 31 December 2022 (2H23 – FY26) 2,500 2,000 Expected Capital 1.9 Liquidity headroom 2.55 $M 1,500 Releases (2H23 – FY25
Slide 30: Outlook
Outlook Transurban
Slide 31: Outlook
Outlook • Record quarterly and • Full inflationary • Major project delivery • Upgraded FY23 • CEO Scott Charlton, will half -yearly traffic benefit still to be milestones achieved distribution guidance leave Transurban at the • Record freight with recognised due • Opened M4 -M8 link • Well -position
Slide 32: Supplementary information
Supplementary information Transurban
Slide 33: Group strategy
Group strategy By understanding what matters to our stakeholders, we create road transport solutions that make us a partner of choice
Slide 34: Analyst notes
Analyst notes Free Cash considerations from new assets over the medium term ASSET FUTURE CONSIDERATIONS WestConnex M4-M8 link opening • Broadly neutral impact on Free Cash contributions prior to opening of Stage 3B (Rozelle Interchange) WestConnex M5 West • Full ownership interest in M5 West convert
Slide 35: Market updates
Market updates Transurban
Slide 36: Sydney market update
Sydney market update 58.5% 50.3% 1H23 p e r fo r m a n ce • Traffic increased by 47.7% • Car traffic increased by 52.6% and large vehicle traffic increased by 9.3% • Proportional toll revenue increased by 58.5% to $835 million, including additional ownership of Toll revenue Sydney toll revenue WestC
Slide 37: Sydney portfolio and pipeline
Sydney portfolio and pipeline Near-term asset enhancement opportunities • M7-M12 Integration Project is expected to receive all approvals imminently. Work is expected to start in 2023, with construction anticipated to take approximately three years Potential market opportunities • M6, Western Harbou
Slide 38: Melbourne market update
Melbourne market update 42.2% 26.9% 1H23 p e r fo r m a n ce • Traffic increased by 45.7% • Car traffic increased by 59.1% and large vehicle traffic increased by 12.2% – Of large vehicle traffic, heavy commercial vehicles increased by 2.7% and light commercial vehicles Toll revenue Melbourne toll in
Slide 39: Melbourne portfolio and pipeline
Melbourne portfolio and pipeline Potential market opportunities • North East Link potential monetisation • EastLink reported sale process in 2023 Victorian infrastructure project updates • North East Link project—contract awarded for the tunnelling package in late 2021. Major works now underway with
Slide 40: Brisbane market update
Brisbane market update 16.2% 15.7% 1H23 p e r fo r m a n ce • Traffic increased by 10.2% • Car traffic increased by 12.2% and large vehicle traffic increased by 4.4% • Proportional toll revenue increased by 16.2% to $260 million Toll revenue Brisbane toll revenue Op e r a t io n s , d e ve lo p m e
Slide 41: Brisbane portfolio and pipeline
Brisbane portfolio and pipeline Near-term asset enhancement opportunities • Gateway and Logan Motorway widening Potential market opportunities • Broader road enhancements including in relation to Brisbane 20321 Other Queensland infrastructure project updates • Bruce Highway upgrade—currently in plan
Slide 42: North America market update
North America market update1 19.2% 7.1% 1H23 p e r fo r m a n ce • Traffic on the Express Lanes increased by 8.8% • A25 traffic decreased by 5.2% with car traffic decreasing by 4.6% and large vehicle traffic decreasing by 10.1% Toll revenue North America toll • Proportional toll revenue increased by
Slide 43: Greater Washington Area portfolio and pipeline
Greater Washington Area portfolio and pipeline Potential market opportunities • Asset enhancement opportunities across GWA assets, with additional expansion opportunities and potential for third-party asset divestments across both traditional toll roads and managed lanes • VDOT exploring the souther
Slide 44: Environmental, Social and Governance
Environmental, Social and Governance
Slide 45: ESG investment proposition
ESG investment proposition Transurban is committed to strengthening communities through transport. Providing leadership and taking action on environmental, social and governance factors is fundamental to upholding Transurban’s values and to ensuring the ongoing success and sustainability of the busi
Slide 46: Climate change program
Climate change program Current and future climate-related risk management priorities Scope 1 & 2 science-based emission reduction target: 50% reduction by 2030 Scope 1 & 2 emission targets: Expected Transition to zero-emission Transurban fleet; contractor targets for fuel efficiency and transition t
Slide 47: 1H23 ESG progress
1H23 ESG progress Continued progress against key long-term ESG priorities over the period with 1H23 initiatives focused on supporting employees, customers and communities, and action on climate change Environmental Social Governance • GHG emissions reduction towards 2050 net zero • Transurban includ
Slide 48: HSE and Road Safety
HSE and Road Safety Transurban has an overarching framework and objectives for Health, Safety, Environment and Road Safety. Our focus is underpinned by continuous training and examining data to identify trends and opportunities for performance improvements Our people’s safety Contractor safety Road
Slide 49: Detailed financials
Detailed financials Transurban
Slide 50: Traffic and revenue performance
Traffic and revenue performance DEC 22 QUARTER1 1H231 PROPORTIONAL ADT ADT LARGE VEHICLE PROPORTIONAL ADT ADT LARGE VEHICLE TOLL REVENUE % CHANGE % CHANGE CAR TRAFFIC TRAFFIC TOLL REVENUE % CHANGE % CHANGE CAR TRAFFIC TRAFFIC % CHANGE vs DEC 21 vs DEC 19 % CHANGE % CHANGE % CHANGE vs 1H22 vs 1H20 %
Slide 51: Traffic and revenue data
Traffic and revenue data1 % LARGE VEHICLE ASSET DEC 21 QUARTER DEC 22 QUARTER % CHANGE 1H22 1H23 % CHANGE TRAFFIC2 SYDNEY M2 Total Toll Revenue (M) $77 $95 23.7% $119 $186 56.0% N/A Average Daily Trips (‘000) 120 140 16.7% 90 137 53.4% 8.0% M5 West Total Toll Revenue (M) $73 $86 17.3% $118 $169 43.2
Slide 52: Traffic and revenue data
Traffic and revenue data1 % LARGE VEHICLE ASSET DEC 21 QUARTER DEC 22 QUARTER % CHANGE 1H22 1H23 % CHANGE TRAFFIC2 MELBOURNE CityLink Total Toll Revenue (M) $177 $227 28.2% $313 $446 42.2% N/A Average Daily Transactions (‘000) 641 818 27.6% 552 804 45.7% 21.5% BRISBANE Gateway Motorway Total Toll Re
Slide 53: Traffic and revenue data
Traffic and revenue data1 % LARGE VEHICLE ASSET DEC 21 QUARTER DEC 22 QUARTER % CHANGE 1H22 1H23 % CHANGE TRAFFIC2 NORTH AMERICA 95 Express Lanes Total Toll Revenue (USD M) $30 $38 26.6% $60 $73 20.9% N/A Average Daily Trips (‘000) 54 60 10.8% 55 60 10.0% N/A3 495 Express Lanes Total Toll Revenue (U
Slide 54: Traffic data vs 1H20
Traffic data vs 1H20 ASSET DEC 19 QUARTER DEC 22 QUARTER % CHANGE 1H20 1H23 % CHANGE SYDNEY Hills M2 Average Daily Trips (‘000) 131 140 6.3% 132 137 4.0% M5 West Average Daily Trips (‘000) 162 172 6.0% 162 171 5.4% Lane Cove Tunnel/MRE Average Daily Trips (‘000) 89 88 (1.3%) 90 87 (2.9%) Cross City
Slide 55: Proportional toll revenue by asset
Proportional toll revenue by asset DEC 22 QUARTER ($M) 1H23 ($M) OWNERSHIP 100% PROPORTIONAL 100% PROPORTIONAL M2 100% $95 $95 $186 $186 M5 West 100% $86 $86 $169 $169 LCT 100% $27 $27 $53 $53 CCT 100% $20 $20 $39 $39 ED 75.1% $44 $33 $86 $65 M7 50% $123 $61 $244 $122 NorthConnex 50% $42 $21 $80 $40
Slide 56: Statutory results
Statutory results 1H22 ($M) 1H23 ($M) % CHANGE Toll revenue 1,056 1,436 35.9% Construction revenue 167 508 203.8% Other revenue 78 88 15.4% Total revenue 1,301 2,032 56.3% Employee benefit expense (152) (170) 12.1% Road operating costs (172) (195) 13.3% Construction costs (167) (508) 203.8% Transact
Slide 57: Reconciliation of statutory EBITDA to proportional EBITDA
Reconciliation of statutory EBITDA to proportional EBITDA 1H22 ($M) 1H23 ($M) % CHANGE Statutory EBITDA 734 1,067 45.5% Less: EBITDA attributable to non-controlling interest—ED (9) (17) 96.7% Less: EBITDA attributable to non-controlling interest—TQ (97) (114) 17.3% Less: Intragroup elimination1 (3)
Slide 58: Proportional EBITDA margins
Proportional EBITDA margins1 FY21 1H22 2H22 FY22 1H23 Sydney 80.9% 73.5% 79.9% 77.2% 80.7% Melbourne 81.6% 80.3% 83.7% 82.2% 85.5% Brisbane 73.9% 72.3% 69.8% 71.0% 72.9% North America 42.7% 64.8% 61.4% 63.1% 62.7% Transurban Group 70.3% 65.9% 71.1% 68.8% 71.8% 1. Group EBITDA margin is calculated us
Slide 59: 1H23 proportional result by asset
1H23 proportional result by asset TOLL OTHER EBITDA (excluding NET FINANCE INCOME REVENUE REVENUE significant items) EBITDA D&A COSTS NPBT TAX NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M $M 100% M2 186 2 159 159 (39) (13) 107 (9) 98 100% M5 West 169 2 144 144 (133) (7) 4 (37) (33) 100% LCT 53 - 35
Slide 60: 1H22 proportional result by asset
1H22 proportional result by asset TOLL OTHER EBITDA (excluding NET FINANCE INCOME REVENUE REVENUE significant items) EBITDA D&A COSTS NPBT TAX NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M $M 100% M2 119 1 93 93 (37) (17) 39 10 49 100% M5 West 118 1 95 95 (134) (9) (48) (22) (70) 100% LCT 33 - 16 16
Slide 61: 1H23 net finance costs paid
1H23 net finance costs paid NON-CASH ITEMS STATUTORY DISCOUNT PROPORTIONAL NET UNWINDS & INTEREST INTEREST NET INTEREST NET INTEREST INTEREST DEBT FEES REVALUATIONS1 CAPITALISATION2 OTHER3 ACCRUALS4 PAID7 PAID CONTROLLED ENTITIES OWNERSHIP $M $M $M $M $M $M $M $M M2 100% (13) - 1 - - (1) (13) (13) M
Slide 62: 1H22 net finance costs paid
1H22 net finance costs paid NON-CASH ITEMS STATUTORY DISCOUNT PROPORTIONAL NET UNWINDS & INTEREST INTEREST NET INTEREST NET INTEREST INTEREST DEBT FEES REVALUATIONS1 CAPITALISATION2 OTHER3 ACCRUALS4 PAID7 PAID8 CONTROLLED ENTITIES OWNERSHIP $M $M $M $M $M $M $M $M M2 100% (17) 1 2 - - - (14) (14) M5
Slide 63: Maintenance provision
Maintenance provision MAINTENANCE EXPENSE RECOGNISED1 MAINTENANCE CASH SPEND CONTROLLED ENTITIES 1H22 ($M) 1H23 ($M) 1H22 ($M) 1H23 ($M) M2 (4) (4) (2) (5) M5 West (3) (4) (1) (3) LCT (3) (3) (2) (3) CCT (3) (3) (2) (2) CityLink (12) (12) (8) (22) A25 (2) (2) (4) - Total 100% owned controlled entiti
Slide 64: Free Cash movement
Free Cash movement Interim distribution is 104% covered by Free Cash, excluding Capital Releases 84.3% 845 17 (5) 815 35 53 49 151 (19) 129 459 (5) (19) Sydney Melbourne Brisbane North America Corporate 1H22 Free Cash EBITDA 100% Distributions non- Working capital Net finance costs Maintenance and 1
Slide 65: Free Cash calculation
Free Cash calculation FREE CASH CALCULATION SOURCE OF INFORMATION/EXPLANATION Cash flows from operating activities Statutory Transurban Holdings Limited operating cash flow (refer Group Statutory accounts) Add back transaction and integration costs related to acquisitions and Transaction and integra
Slide 66: Free Cash
Free Cash Reconciliation of statutory cash flow from operating activities to Free Cash 1H22 ($M) 1H23 ($M) 1H22 1H23 % CHANGE Cash flows from operating activities 366 743 Free Cash $459M $863M 88.0% Weighted average securities eligible Add back transaction and integration costs related to acquisitio
Slide 67: Reconciliation of proportional EBITDA to Free Cash
Reconciliation of proportional EBITDA to Free Cash 1H23 ($M) COMMENTS Proportional EBITDA 1,238 Refer to slide 24 for further detail Transaction and integration costs - - Proportional net finance costs paid (cash) (369) Refer to slide 61 for further detail Add back proportional maintenance expense (
Slide 68: Projects under development or delivery
Projects under development or delivery CAPEX 1H23 SPEND CAPEX TO-DATE1 SPEND1 2H23 FY24 FY25 FY26 FY27 COMMITTED PROJECTS / PROJECTS $799M $39M M4-M5 LINK (WCX STAGE 3)—Sydney UNDER CONSTRUCTION2 $4,062M $462M WEST GATE TUNNEL PROJECT—Melbourne ($6.1B) USD$275m USD$45M 95 EXPRESS LANES FREDERICKSBUR
Slide 69: Transurban tax groups—estimated timing
Transurban tax groups—estimated timing1 Tax group 1H23 EBITDA as proportion FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29+ of Transurban Group Timing is indicative only and not shown by month. proportional EBITDA WestConnex2 9.5% A25 2.9% Currently paying tax: Subject to corporate tax in Canada NorthWeste
Slide 70: Treasury
Treasury Transurban
Slide 71: Funding structure at 31 December 2022
Funding structure Transurban2 at 31 December 2022 BBB+/Baa1/A- Non-recourse Corporate Sydney Brisbane North America Working EMTN Capital3 EUR3.3B $2.7B M5 West 495 Express 95 Express M22 LCT CCT ED M72 NCX STP TQ2 A25 Letter of Lanes2 Lanes2 ,7 Maple Credit -/A2/- -/A3/A- BBB/-/- -/Baa1/- BBB-/-/BBB
Slide 72: Group debt at 31 December 2022
Group debt at 31 December 2022 FACILITY FACILITY FACILITY TOTAL FACILITY TOTAL DRAWN AMORTISATION PROPORTIONAL STATUTORY (USD M)1 (CAD M)1 ($M)1 ($M)2 ($M)2 SCHEDULE DRAWN ($M)2 DRAWN ($M)3 CORPORATE DEBT Working capital facilities4 - - 2,650 2,650 - - - - EMTN (CAD, NOK and EUR Notes) - 650 5,275 5
Slide 73: Proportional drawn debt by effective currency
Proportional drawn debt by effective currency1 30 JUN 22 31 DEC 22 AUD2 ($M) ($M) MOVEMENT ($M) EXPLANATION Corporate 7,411 7,317 (94) Repayment of USD $67 million (AUD $94 million) USPP tranche D Additional $100 million of proportional drawn debt at WCX Group following refinancing of existing bank
Slide 74: Key debt metrics
Key debt metrics 30 JUN 22 31 DEC 22 TRANSURBAN GROUP CORPORATE NON-RECOURSE TRANSURBAN GROUP CORPORATE NON-RECOURSE Weighted average maturity (years)1,2 7.1 years 6.2 years 7.6 years3 6.9 years 5.7 years 7.6 years4 Weighted average cost of AUD debt1 3.9% 4.4% 3.7% 3.9% 4.3% 3.7% Weighted average co
Slide 75: Extension of total Group debt maturity profile
Extension of total Group debt maturity profile June 2022 maturity profile1,2 10,000 Existing debt 8,000 refinanced during 1H23 $ MILLION 6,000 4,000 2,000 - FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 - 32 FY33 - 37 FY38+ December 2022 maturity profile1,2 10,000 New debt raised during 8,000 1H23 $ MILLI
Slide 76: Total corporate debt maturities at 31 December 2022
Total corporate debt maturities at 31 December 20221,2 Working capital facilities EMTN 144A Letters of credit facilities 2,000 1,800 221 267 1,600 1,400 833 1,200 733 $ MILLION 259 807 1,000 1,676 800 1,332 600 1,239 1,000 400 825 825 866 706 570 200 - FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY
Slide 77: Total non-recourse debt maturities at 31 December 2022
Total non-recourse debt maturities at 31 December 20221,2 TQ ED M2 M5 M7 LCT CCT WCX Group M8 / M5 East M4-M8 link 495 95 A25 NCX 6,500 6,000 - 362 5,500 339 5,000 4,500 4,000 2,779 3,500 3,000 2,500 600 2,000 202 1,381 800 29 1,500 900 650 640 1,200 800 1,000 386 200 446 40 456 1,000 100 60 345 51
Slide 78: Hedging profile of total debt
Hedging profile of total debt Transurban interest rate hedging profile1,2 30 JUN 22 31 DEC 22 36,000 Interest rate hedged3 98.5% 96.8% 32,000 Currency hedged4 99.3% 99.1% 28,000 24,000 20,000 $ MILLION 16,000 12,000 8,000 4,000 - FY23 FY25 FY27 FY29 FY31 FY33 FY35 FY37 FY39 FY41 FY43 FY45 FY47 FY49
Slide 79: Diversified funding sources
Diversified funding sources Total Group debt as at 31 December 20222 BANK DEBT AMTN Major funding transactions1 during 1H23: AUD PRIVATE PLACEMENT • $1,700 million Bank Facility at WestConnex Group CAD NOTES • $405 million Institutional Term Loan (ITL) at Westlink M7 EUR NOTES • $425 million Institu
Slide 80: Corporate overview
Corporate overview Transurban
Slide 81: Summarised Group structure
Summarised Group structure TRANSURBAN HOLDINGS LIMITED TRANSURBAN HOLDING TRUST TRANSURBAN INTERNATIONAL LIMITED CORPORATE ENTITIES ROAD / OPERATING ENTITIES OTHER ENTITIES ROAD/OPERATING ENTITIES CORPORATE ENTITIES Including: Companies operating Including: Companies operating and maintaining roads
Slide 82: Asset portfolio at 31 December 2022
Asset portfolio at 31 December 2022 SYDNEY OVERVIEW M5 WEST1 M2 M42 M82,3,4,5 M4-M8 LINK M5 EAST2,5 LCT CCT Opening date Aug 1992 May 1997 Jul 2019 Jul 2020 Jan 2023 Dec 2001 Mar 2007 Aug 2005 Concession end date Dec 2026 Jun 2048 Dec 2060 Dec 2060 Dec 2060 Dec 2060 Jun 2048 Dec 2035 PHYSICAL DETAIL
Slide 83: Asset portfolio at 31 December 2022
Asset portfolio at 31 December 2022 SYDNEY MELBOURNE NORTH AMERICA 495 EXPRESS 95 EXPRESS 395 EXPRESS OVERVIEW ED M7 NORTHCONNEX CITYLINK A25 LANES3 LANES4 LANES Opening date Dec 1999 Dec 2005 Oct 2020 Dec 2000 Nov 2012 Dec 2014 Nov 2019 May 2011 Concession end date Jul 2048 Jun 20481 Jun 2048 Jan 2
Slide 84: Asset portfolio at 31 December 2022
Asset portfolio at 31 December 2022 BRISBANE GATEWAY LOGAN GO BETWEEN LEGACY OVERVIEW CLEM7 AIRPORTLINK M7 MOTORWAY MOTORWAY BRIDGE WAY Opening date Dec 1986 Dec 1988 Mar 2010 Jul 2010 Jun 2015 Jul 2012 Concession end date Dec 2051 Dec 2051 Aug 2051 Dec 2063 Jun 2065 Jul 2053 PHYSICAL DETAILS Length
Slide 85: Future concession assets
Future concession assets SYDNEY MELBOURNE ROZELLE WEST GATE OVERVIEW INTERCHANGE TUNNEL Concession end date Dec 2060 Jan 2045 PHYSICAL DETAILS Length—total 5 km1 17 km Length—surface - 10.2 km Length—tunnel 5 km1 6.8 km 2x6 on WGF Lanes n/a 2x3 on remaining sections 50% – Transurban 20.5% – Australi
Slide 86: Tolling escalation
Tolling escalation MOTORWAY ESCALATION MOTORWAY ESCALATION M2 Tolls escalate quarterly by the greater of quarterly CPI or 1% West Gate Tunnel Tolls escalate quarterly by an equivalent of 4.25% per annum to 30 June 2029, and the greater of quarterly CPI or 0% thereafter to LCT Class A tolls escalate
Slide 87: Glossary
Glossary Transurban
Slide 88: Glossary
Glossary TERM DEFINITION TERM DEFINITION 95 95 Express Lanes FFO/DEBT Based on S&P methodology. FFO is calculated as statutory EBITDA (where EBITDA equals 395 395 Express Lanes revenue minus operating expenses, net of maintenance provision) plus distributions from 495 495 Express Lanes investments;
Slide 89: Glossary
Glossary TERM DEFINITION TERM DEFINITION M4-M8 M4-M8 link SERVICE AND FEE Service and fee revenue includes customer administration charges and enforcement M5 WEST M5 West motorway REVENUE recoveries M7 Westlink M7 SLN Shareholder Loan Note. An interest bearing shareholder loan M8 M8 (previously the