Slide 1: 1H21 Results
_=Transurban
Slide 2: Disclaimer and Basis of Preparation
DISCLAIMER AND BASIS OF PREPARATION This publication is prepared by the Transurban Group comprising Transurban Holdings Limited (ACN 098 143 429), Transurban Holding Trust (ARSN 098 807 419) and Transurban International Limited (ACN 121 746 825). The responsible entity of Transurban Holding Trust is
Slide 3: Contents
CONTENTS 4 16 26 33 35 1H21 MARKET FINANCIAL OUTLOOK SUPPLEMENTARY HIGHLIGHTS UPDATES RESULTS INFORMATION TRANSURBAN 1H21 RESULTS | 11 FEBRUARY 2021
Slide 4: 1H21 Highlights
1H21 HIGHLIGHTS NorthConnex North America Positive traffic opened in October M8 and M5 East partnership announced trend through the with traffic ahead of opened/commenced in December, period, with ADT of expectations and tolling in July with introducing three 2.1 million in December overwhelmingly t
Slide 5: 1H21 Results Summary
1H21 RESULTS SUMMARY • Traffic impacts as a result of COVID-19 across all markets, with Melbourne and Greater Washington Area most affected; traffic volumes improved at the Group level throughout the period • Performance will remain sensitive to future government responses and overall economic condi
Slide 6: 2020: Year in Review
2020: YEAR IN REVIEW Critical project delivery: two projects opened in the Sydney market and a further six projects progressed Traffic impact: impacts of government-mandated travel restrictions partially mitigated by the essential nature of Transurban road networks. Traffic volumes increased through
Slide 7: ESG Highlights
ESG HIGHLIGHTS ESG considerations are integrated across all elements of strategy, planning and operations with long-term initiatives contributing to multi-year improvement in measurable trust benchmarks. During 1H21 Transurban made major progress in two key areas—action against climate change and ex
Slide 8: West Gate Tunnel Project
WEST GATE TUNNEL PROJECT1 • Significant progress on two of the three major sections of the project – Intensive summer works program underway on the West Gate Freeway, delivering major interchange upgrades and rebuilding bridges that span the freeway to make way for the four new lanes Almost – Major
Slide 9: Transurban Chesapeake Partnership
TRANSURBAN CHESAPEAKE PARTNERSHIP • Agreement to sell 50% of Transurban Chesapeake for gross sale proceeds of USD2.1 billion, Frederick plus a potential earn-out of up to USD70 million between FY24 and FY261 Baltimore • Transaction positions Transurban for growth in the North America market and leav
Slide 10: Group Strategy
GROUP STRATEGY Stakeholder engagement To provide sustainable Optimal networks transport solutions that offer choice, reliability, safety, transparency Delivery and operations and value Disciplined investment TRANSURBAN 1H21 RESULTS | 11 FEBRUARY 2021 10
Slide 11: Executive Committee Positioned for Future
EXECUTIVE COMMITTEE POSITIONED FOR FUTURE Operating model realignment prepares business for next phase of operation and growth • Consolidation of customer and technology capabilities to meet the challenge of technology driving the customer experience Scott Charlton CEO Transurban • Model recognises
Slide 12: Transurban Investment Proposition
TRANSURBAN INVESTMENT PROPOSITION Resilient cash flows underpinned by essential infrastructure Long-term growth in Free Cash • Strategy tested and proved resilient through COVID-19 • Organic, portfolio-wide traffic growth expected to continue over time, • Continued to pay distributions in line with
Slide 13: Significant Opportunity Pipeline
SIGNIFICANT OPPORTUNITY PIPELINE Potential market opportunities • Government-owned 49% WestConnex minority interest (Sydney) Brisbane – NSW Government to begin sale process for first 24.5% tranche in Q2 2021 with a process to sell the second 24.5% tranche also expected1 Melbourne Sydney – Transurban
Slide 14: WestConnex Transaction
WESTCONNEX TRANSACTION Transurban and its Sydney Transport Partners (STP) co-investors understand the value inherent in the WestConnex portfolio Transaction approach1 Party Third State STP Formal bid Transaction process begins Offer Completion • Sydney Transport Partners has been preparing for the p
Slide 15: WestConnex
WESTCONNEX Transurban is the operator of the WestConnex assets, with an agreement in place to operate them through to the end of concession in 2060. Sydney Transport Partners retains operational control of WestConnex irrespective of the outcome of the State sale process Delivery and operations Optim
Slide 16: Market Updates
MARKET UPDATES
Slide 17: Sydney Market Update
SYDNEY MARKET UPDATE Toll revenue Sydney toll 1H21 performance 7.7%1 growth • Proportional toll revenue increased by 7.7% to $612 million, driven by M8/M5 East and NorthConnex revenue contribution openings and additional ownership of M5 West, offset in part by COVID-19 impacts1 • Car traffic increas
Slide 18: NorthConnex
NORTHCONNEX • NorthConnex opened to traffic on 31 October 2020 • Unsolicited proposal successfully delivered by Transurban and NSW Government under innovative procurement approach 37,000 average daily traffic2 • Traffic currently exceeding expectations1 • Traffic on adjacent Transurban roads benefit
Slide 19: Sydney Portfolio and Pipeline
SYDNEY PORTFOLIO AND PIPELINE Near-term asset enhancement opportunities • M7 staged widening and M7/M12 interchange Potential market opportunities • WestConnex minority interest (49%) via Transurban’s investment in Sydney Transport Partners • Western Harbour Tunnel and Sydney Harbour Tunnel potentia
Slide 20: Melbourne Market Update
MELBOURNE MARKET UPDATE Toll revenue Melbourne toll 1H21 performance (39.1%) growth • CityLink traffic decreased by 47.1% with Western Link impacts exceeding those on the Southern Link revenue contribution due to airport traffic exposure • Car traffic decreased by 55.5% and large vehicles decreased
Slide 21: Melbourne Portfolio and Pipeline
MELBOURNE PORTFOLIO AND PIPELINE Victorian infrastructure project updates • North East Link project—early works underway with major construction expected to commence in 2021 • Monash Freeway Upgrade Stage 2—construction started early 2020 and is scheduled for completion in 2022 TRANSURBAN 1H21 RESUL
Slide 22: Brisbane Market Update
BRISBANE MARKET UPDATE Toll revenue Brisbane toll 1H21 performance (3.4%) growth • Car traffic decreased by 7.0% and large vehicles decreased by 1.9% revenue contribution • In December, ADT increased by 2.8% relative to the prior year, with the all-time daily traffic record broken twice during the m
Slide 23: Brisbane Portfolio and Pipeline
BRISBANE PORTFOLIO AND PIPELINE Near-term asset enhancement opportunities • Gateway Motorway widening • Logan Motorway widening TRANSURBAN 1H21 RESULTS | 11 FEBRUARY 2021 23
Slide 24: North America Market Update
NORTH AMERICA MARKET UPDATE1 Toll revenue North America toll 1H21 performance (54.8%)2 growth • Impacts to traffic and revenue on Express Lanes continued as a result of COVID-19 and associated revenue contribution government restrictions – 95 Express Lanes traffic decreased by 34.6% and USD toll rev
Slide 25: Greater Washington Area Portfolio and Pipeline
GREATER WASHINGTON AREA PORTFOLIO AND PIPELINE Fredericksburg Region, Virginia Potential market opportunities • Maryland Express Lanes Phase 1—preferred developer selection process outcome expected in near term • Asset enhancement opportunities across GWA assets, with additional expansion opportunit
Slide 26: Financial Results
FINANCIAL RESULTS
Slide 27: Statutory Results
STATUTORY RESULTS 1H20 ($M) 1H21 ($M) Toll revenue • ($212 million) decrease in toll revenue across the Australian and Canadian networks primarily as a result of restrictions in 1,281 1,069 (continuing operations) movement mandated by governments in response to COVID-19 which adversely impacted traf
Slide 28: Proportional Results
PROPORTIONAL RESULTS 1H20 ($M) 1H21 ($M) • ($293 million) decrease in toll revenue across the existing Australian and North American networks as a result of restrictions in movement mandated by governments in response to COVID-19 Toll revenue1 1,396 1,165 • $66 million increase from new assets2 • ($
Slide 29: Proportional Cost Movement
PROPORTIONAL COST MOVEMENT +7.1% • 7.2% decrease in operations and (0.6%) 378 maintenance costs3 +0.2% – Operating cost reductions a result of cost discipline 28 – Volume related costs such as 351 352 350 roaming and transaction fees (2) have reduced in line with the 25 reduction to traffic volumes
Slide 30: Proportional EBITDA Margins
PROPORTIONAL EBITDA MARGINS1 FY19 1H20 FY202 1H212 • Sydney margin includes the impact of M8/M5 East and NorthConnex in ramp-up phase and Sydney 82.0% 81.3% 82.0% 79.8% liquidated damages received for the delayed opening of the New M4 Tunnels (in FY19) and M8 (in FY20) • Melbourne margin significant
Slide 31: Free Cash Movement
FREE CASH MOVEMENT (49.7%) 927 (160) (34.7%) (52) 715 (285) 467 9 411 12 9 (19) (3) (2) 31 1H20 LCT Capital Hills M2 1H20 EBITDA 100% PABs Maintenance Debt Tax paid Distributions Net finance Working 1H21 1H21 Free Cash Release Capital Free Cash owned entities premium 100% amortisation 100% owned non
Slide 32: Capital Summary
CAPITAL SUMMARY1 • Successfully raised $5.9 billion2 of debt in 1H21, including: PRO-FORMA DEC 20 POST TRANSURBAN – Transurban Finance Company raised $1.2 billion via the 144A market, allowing for the refinancing of CHESAPEAKE maturing EMTN and USPP debt JUN 20 DEC 20 TRANSACTION3 – $0.3 billion of
Slide 33: Outlook
OUTLOOK
Slide 34: Outlook
OUTLOOK Continuing Pipeline of Traffic largely to balance FY21 distribution opportunities recovered to opportunities with expected to be in Strategy tested and materialising in core pre-COVID-19 levels strong investment- line with Free Cash, proved resilient markets with in markets where grade credi
Slide 35: Supplementary Information
SUPPLEMENTARY INFORMATION
Slide 36: Traffic Update
TRAFFIC UPDATE
Slide 37: Traffic Update
TRAFFIC UPDATE • Significant Transurban traffic by week1 improvement in 2.5 traffic at the Group North America ADT Seasonal holiday period level across 1H21 • Reduction in traffic 2.0 volumes through AVERAGE DAILY TRAFFIC (MILLIONS) late December and early January predominantly 1.5 Brisbane ADT expl
Slide 38: Monthly Traffic Performance by Asset
MONTHLY TRAFFIC PERFORMANCE BY ASSET1 Transurban M4 M5 West M7 CCT M2 ED LCT CityLink Logan Gateway Legacy Clem7 GBB AirportlinkM7 A25 95 2 495 Group 3 20% 10% 11% 8% 3% 1% 1% 4% 1% 4% 4% 0% 0% 0% (4%) (4%) (5%) (6%) (1%) (6%) (1%) (1%) (7%) (7%) (7%) (7%) (7%) (7%) (2%) (2%) (2%) (8%) (8%) (3%) (9%
Slide 39: COVID-19 Restrictions
COVID-19 RESTRICTIONS REGION CURRENT RESTRICTIONS LIMITING MOVEMENT1 OUTLOOK New South Wales Density limits apply to businesses including offices retail, hospitality, sport and entertainment venues. Initial roll out of vaccine expected to begin in February 2021 for high Household visitors limited to
Slide 40: Environmental, Social and Governance
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Slide 41: 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 the values of the Group and to ensuring the ongoing success and sustainability of the
Slide 42: 1H21 ESG Progress
1H21 ESG PROGRESS Despite the challenging operating environment, Transurban continued to make progress against key long-term ESG priorities over the period, resulting in significant improvement in measurable trust benchmarks. 1H21 initiatives focused on supporting employees, customers and communitie
Slide 43: Health and Safety
HEALTH AND SAFETY Our Contractor Road people safety safety safety • Continued focus on mental and physical • Contractor Recordable Injury Frequency Rate • RICI1 tracking under target of 4.50 for 1H21 wellbeing of our people through the (RIFR) finished below target of 4.20 for 1H21 • Road safety lead
Slide 44: Detailed Financials
DETAILED FINANCIALS
Slide 45: Traffic and Revenue Performance
TRAFFIC AND REVENUE PERFORMANCE DEC 20 QUARTER1 1H211 PROPORTIONAL LARGE VEHICLE PROPORTIONAL LARGE VEHICLE TOLL REVENUE ADT CAR TRAFFIC TRAFFIC TOLL REVENUE ADT CAR TRAFFIC TRAFFIC % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE Sydney2 8.9% 11.4% 10.6% 20.3% 7.7% 8.7% 7.7%
Slide 46: Traffic and Revenue Data
TRAFFIC AND REVENUE DATA1 % LARGE VEHICLE ASSET DEC 19 QUARTER DEC 20 QUARTER % CHANGE 1H20 1H21 % CHANGE TRAFFIC2 SYDNEY M2 Total Toll Revenue (M) $77 $77 0.1% $155 $147 (5.0%) N/A Average Daily Trips (‘000) 131 127 (3.4%) 132 121 (8.4%) 7.7% M5 West Total Toll Revenue (M) $77 $77 0.5% $154 $150 (2
Slide 47: Traffic and Revenue Data
TRAFFIC AND REVENUE DATA1 % LARGE VEHICLE ASSET DEC 19 QUARTER DEC 20 QUARTER % CHANGE 1H20 1H21 % CHANGE TRAFFIC2 MELBOURNE CityLink Total Toll Revenue (M) $215 $151 (29.5%) $424 $259 (39.1%) N/A Average Daily Transactions (‘000) 873 561 (35.7%) 865 458 (47.1%) 28.0% BRISBANE Gateway Motorway Total
Slide 48: Traffic and Revenue Data
TRAFFIC AND REVENUE DATA1 % LARGE VEHICLE ASSET DEC 19 QUARTER DEC 20 QUARTER % CHANGE 1H20 1H21 % CHANGE TRAFFIC2 NORTH AMERICA 95 Express Lanes Total Toll Revenue (USD M) $30 $13 (55.7%) $58 $23 (60.2%) N/A Average Daily Trips (‘000) 57 36 (36.0%) 55 36 (34.6%) N/A3 495 Express Lanes Total Toll Re
Slide 49: Proportional Toll Revenue by Asset
PROPORTIONAL TOLL REVENUE BY ASSET DEC 20 QUARTER ($M) 1H21 ($M) OWNERSHIP 100% PROPORTIONAL 100% PROPORTIONAL M2 100% $77 $77 $147 $147 M5 West 100% $77 $77 $150 $150 LCT 100% $23 $23 $44 $44 CCT 100% $18 $18 $34 $34 ED 75.1% $35 $26 $67 $50 M7 50% $107 $53 $215 $107 NorthConnex1 50% $20 $10 $20 $1
Slide 50: Statutory Results
STATUTORY RESULTS 1H20 ($M) 1H21 ($M) % CHANGE Continuing operations Toll revenue 1,281 1,069 (16.5%) Construction revenue 482 290 (39.8%) Other revenue 58 64 9.5% Total revenue 1,821 1,423 (21.9%) Employee benefit expense (129) (131) 2.1% Road operating costs (163) (163) 0.0% Construction costs (48
Slide 51: Reconciliation of Statutory EBITDA to Proportional EBITDA
RECONCILIATION OF STATUTORY EBITDA TO PROPORTIONAL EBITDA 1H20 ($M) 1H21 ($M) % CHANGE Statutory EBITDA from continuing operations 1,008 792 (21.4%) Less: EBITDA attributable to non-controlling interest—ED (15) (12) (18.2%) Less: EBITDA attributable to non-controlling interest—TQ (99) (93) (5.4%) Le
Slide 52: 1H21 Proportional Result by Asset
1H21 PROPORTIONAL RESULT BY ASSET TOLL OTHER EBITDA (excluding NET FINANCE INCOME REVENUE REVENUE significant items) EBITDA D&A COST NPBT TAX NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M $M 100% M2 147 1 122 122 (39) (23) 60 1 61 100% M5 West 150 3 131 131 (135) (12) (16) (31) (47) 100% LCT 44 - 26
Slide 53: 1H20 Proportional Result by Asset
1H20 PROPORTIONAL RESULT BY ASSET TOLL OTHER EBITDA (excluding NET FINANCE INCOME REVENUE REVENUE significant items) EBITDA D&A COST NPBT TAX1 NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M $M 100% M2 155 1 129 129 (39) (19) 71 (2) 69 100% M5 West2 118 6 107 105 (104) (13) (12) (24) (36) 100% LCT 50 -
Slide 54: 1H21 Net Finance Costs Paid
1H21 NET FINANCE COSTS PAID NON-CASH ITEMS STATUTORY DISCOUNT PROPORTIONAL NET UNWINDS & INTEREST INTEREST NET INTEREST NET INTEREST INTEREST1 DEBT FEES REVALUATIONS2 CAPITALISATION3 OTHER4 ACCRUALS5 PAID PAID CONTROLLED ENTITIES OWNERSHIP $M $M $M $M $M $M $M $M M2 100% (23) - 9 - - - (14) (14) M5
Slide 55: 1H20 Net Finance Costs Paid
1H20 NET FINANCE COSTS PAID NON-CASH ITEMS STATUTORY DISCOUNT PROPORTIONAL NET UNWINDS & INTEREST INTEREST NET INTEREST NET INTEREST INTEREST1 DEBT FEES REVALUATIONS2 CAPITALISATION3 OTHER4 ACCRUALS5 PAID PAID CONTROLLED ENTITIES OWNERSHIP $M $M $M $M $M $M $M $M M2 100% (19) 1 (1) - - 7 (12) (12) M
Slide 56: Maintenance Provision
MAINTENANCE PROVISION MAINTENANCE EXPENSE RECOGNISED1 MAINTENANCE CASH SPEND CONTROLLED ENTITIES 1H20 ($M) 1H21 ($M) 1H20 ($M) 1H21 ($M) M2 (4) (3) (4) (5) M5 West - (3) - - LCT (3) (3) (2) (3) CCT (3) (2) (5) (2) CityLink (9) (12) (7) (7) 95 Express Lanes (10) (11) (1) (2) 495 Express Lanes (8) (6)
Slide 57: Free Cash Calculation
FREE CASH CALCULATION FREE CASH CALCULATION SOURCE OF INFORMATION/EXPLANATION Cash flows from operating activities Statutory Transurban Holdings Limited operating cash flow (refer Group Statutory accounts) Add back transaction and integration costs related to acquisitions and Transaction and integra
Slide 58: Free Cash
FREE CASH RECONCILIATION OF STATUTORY CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH 1H20 ($M) 1H21 ($M) 1H20 1H21 % CHANGE Cash flows from operating activities 678 411 Free Cash $927M $467M (49.7%) Add back transaction and integration costs related to acquisitions and Weighted average securities
Slide 59: Reconciliation of Proportional EBITDA to Free Cash
RECONCILIATION OF PROPORTIONAL EBITDA TO FREE CASH 1H21 ($M) COMMENTS Proportional EBITDA 840 Refer to slide 28 for further detail Transaction and integration costs 4 Integration of M5 West Proportional net finance costs paid (cash) (445) Refer to slide 54 for further detail Add back proportional ma
Slide 60: Development Pipeline
DEVELOPMENT PIPELINE SPEND 1H21 TO-DATE1 SPEND1 2H21 FY22 FY23 FY24 COMMITTED PROJECTS / PROJECTS $1,250M $30M NORTHCONNEX—Sydney ($1.3B)—COMPLETE UNDER CONSTRUCTION2 NEW M4 TUNNELS (WCX STAGE 1B)—Sydney—COMPLETE $600M $70M M8 (WCX STAGE 2)—Sydney—COMPLETE $0.8 BILLION4 M4-M5 LINK (WCX STAGE 3A)—Syd
Slide 61: Transurban Tax Groups—Estimated Timing
TRANSURBAN TAX GROUPS—ESTIMATED TIMING1 Tax group 1H21 EBITDA (excluding FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29+ significant items) as Timing is indicative only and not shown by month. proportion of Transurban Group proportional EBITDA WestConnex 6% Currently paying tax: Each stage becomes tax
Slide 62: Transurban Chesapeake Transaction Impacts
TRANSURBAN CHESAPEAKE TRANSACTION IMPACTS • On 17 December 2020, Transurban announced that it had reached agreement to sell interests totalling 50% in its Transurban Chesapeake assets to AustralianSuper, CPP Investments and UniSuper. See the transaction presentation for further detail • Transurban C
Slide 63: Treasury
TREASURY
Slide 64: Funding Structure at 31 December 2020
FUNDING STRUCTURE Transurban2 AT 31 DECEMBER 2020 BBB+/Baa1/A- Non-Recourse Corporate Sydney Brisbane North America Working EMTN capital3 €3.3B $3.2B 495 Express 95 Express M22 LCT CCT ED2 M72 M5 West WCX TQ2 A25 Letter of Lanes Lanes2 Maple Credit -/A2/A- -/A3/A- BBB/-/- BBB/-/BBB CAD0.7B USD0.2B -
Slide 65: Group Debt at 31 December 2020
GROUP DEBT AT 31 DECEMBER 2020 FACILITY FACILITY TOTAL FACILITY TOTAL DRAWN PROPORTIONAL STATUTORY FACILITY ($M)1 (USD M)1 (CAD M)1 ($M)2 ($M)2 DRAWN ($M)2 DRAWN ($M)3 CORPORATE DEBT Working capital facilities4 - - 3,180 3,180 - - - USPP 162 - 94 305 305 305 298 EMTN (CAD, NOK and EUR Notes) - 650 5
Slide 66: Drawn Debt
DRAWN DEBT1 30 JUN 20 31 DEC 20 AUD2 ($M) ($M) MOVEMENT ($M) EXPLANATION Issuance of $1,239m 144A, less maturity of $399 million of EMTNs, $206 million USPP and repayment of $100 million Corporate 6,877 7,411 534 under the working capital facility Net additional $55 million of proportional drawn deb
Slide 67: Key Debt Metrics
KEY DEBT METRICS 30 JUN 2020 31 DEC 2020 TRANSURBAN GROUP CORPORATE NON-RECOURSE TRANSURBAN GROUP CORPORATE NON-RECOURSE Weighted average maturity (years)1,2 8.4 years 6.7 years 9.7 years3 8.5 years 7.6 years 9.2 years4 Weighted average cost of AUD debt1,2 4.4% 4.7% 4.1% 4.0% 4.4% 3.7% Weighted aver
Slide 68: Extension of Group Debt Maturity Profile
EXTENSION OF GROUP DEBT MATURITY PROFILE June 2020 maturity profile1,2 10,000 Existing debt refinanced 8,000 during HY21 $ MILLION 6,000 4,000 2,000 - FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 - 30 FY31 - 35 FY36+ December 2020 maturity profile1,2 10,000 New debt raised during 8,000 HY21 $ MILLION 6,0
Slide 69: Corporate Debt Maturities at 31 December 2020
CORPORATE DEBT MATURITIES AT 31 DECEMBER 2020 Working capital facilities USPP EMTN 144A Letters of credit facilities 2,000 1,800 1,600 334 1,400 211 833 1,200 $ MILLION 719 1,000 215 800 1,630 1,332 600 1,250 1,239 733 866 400 825 825 706 570 200 280 34 94 - FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 F
Slide 70: Non-Recourse Debt Maturities at 31 December 2020
NON-RECOURSE DEBT MATURITIES AT 31 DECEMBER 2020 TQ ED M2 M5 M7 LCT CCT WCX Group M8 / M5 East M4-M5 495 95 A25 4,500 317 4,000 582 205 3,500 3,000 1,499 $ MILLION 2,500 2,784 2,000 600 800 1,500 1,220 1,000 32 200 40 44 1,000 1,200 98 100 345 26 255 295 629 400 535 26 280 397 500 92 108 386 947 274
Slide 71: Hedging Profile
HEDGING PROFILE Transurban interest rate hedging profile1,2 32,000 30 JUN 20 31 DEC 20 28,000 Interest rate hedged3 98.9% 97.5% Currency hedged4 98.8% 99.1% 24,000 20,000 $ MILLION 16,000 12,000 8,000 4,000 - HY21 FY22 FY24 FY26 FY28 FY30 FY32 FY34 FY36 FY38 FY40 FY42 FY44 FY46 FY48 North America Sy
Slide 72: Diversified Funding Sources
DIVERSIFIED FUNDING SOURCES Group debt as at 31 December 20202 BANK DEBT AMTN AUD PRIVATE PLACEMENT Major debt issuances1 during 1H21: CAD NOTES EUR NOTES – $1,239 million 144A at Corporate – $302 million Bank Facility at Eastern Distributor CHF NOTES – $3,000 million Bank Facility at WestConnex Gro
Slide 73: Corporate Overview
CORPORATE OVERVIEW
Slide 74: 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 Tr
Slide 75: Asset Portfolio at 31 December 2020
ASSET PORTFOLIO AT 31 DECEMBER 2020 SYDNEY OVERVIEW M5 WEST2 M2 M4 M83 M5 EAST5 LCT CCT Opening date Aug 1992 May 1997 May 1992 Jul 2020 Dec 2001 Mar 2007 Aug 2005 Remaining concession period1 6 years2 27 years 40 years 40 years 40 years 27 years 15 years Concession end date Dec 2026 Jun 2048 Dec 20
Slide 76: Asset Portfolio at 31 December 2020
ASSET PORTFOLIO AT 31 DECEMBER 2020 SYDNEY MELBOURNE NORTH AMERICA 495 EXPRESS 95 EXPRESS OVERVIEW ED M7 NORTHCONNEX CITYLINK A25 LANES4,5 LANES5,6 Opening date Dec 1999 Dec 2005 Oct 2020 Dec 2000 Nov 2012 Dec 2014 May 2011 Remaining concession period1 28 years 27 years 27 years 24 years3 67 years 6
Slide 77: Asset Portfolio at 31 December 2020
ASSET PORTFOLIO AT 31 DECEMBER 2020 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 Remaining concession period1 31 years 31 years 31 years 43 years 44 years 33 years Concession end
Slide 78: Future Concession Assets
FUTURE CONCESSION ASSETS1 SYDNEY MELBOURNE M4-M5 ROZELLE WEST GATE OVERVIEW LINK INTERCHANGE TUNNEL Concession end date Dec 2060 Dec 2060 Jan 2045 PHYSICAL DETAILS Length—total 7.5 km 5 km2 17 km Length—surface - - 10.2 km Length—tunnel 7.5 km 5 km2 6.8 km 2x6 on WGF Lanes 2x4 n/a 2x3 on remaining s
Slide 79: Tolling Escalation
TOLLING ESCALATION MOTORWAY ESCALATION MOTORWAY ESCALATION M2 Tolls escalate quarterly by the greater of quarterly CPI or 1% Tolls escalate quarterly by an equivalent of 4.25% per annum from West Gate Tunnel1 construction completion to 30 June 2029 and quarterly CPI thereafter LCT Car tolls escalate
Slide 80: Standard PPP Risk Management Framework
STANDARD PPP RISK MANAGEMENT FRAMEWORK Government agency Manages project on behalf of government • Allocation of project risks Responsibilities include: to the parties best able to • Regulatory approvals (e.g. planning) manage them • Project funding • SPV transfers the design and construction risk t
Slide 81: Glossary
GLOSSARY
Slide 82: Glossary
GLOSSARY TERM DEFINITION TERM DEFINITION 95 95 Express Lanes FFO Funds From Operations 395 395 Express Lanes FFO/DEBT Based on S&P methodology. FFO is calculated as statutory EBITDA (where EBITDA equals 495 495 Express Lanes revenue minus operating expenses, net of maintenance provision) plus divide
Slide 83: Glossary
GLOSSARY TERM DEFINITION TERM DEFINITION MD Maryland, United States of America TAWREED Tawreed Investments Limited. A wholly owned subsidiary of Abu Dhabi Investment MDOT Maryland Department of Transportation Authority MTQ Ministère des Transports du Quebec TCFD Task Force on Climate-related Financi