Slide 1: FY23 Results
Transurban 16 August 2023 . : ps
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 15 23 25 FY23 highlights Financial Outlook Supplementary and business results information updates
Slide 4: FY23 highlights
FY23 highlights Delivering distribution growth Record Group traffic Continued progress on Michelle Jablko growth pipeline appointed as CEO • FY23 distribution of 58.0 cents • Record full year traffic across the • Rozelle Interchange construction in • First internal CEO appointment in per security (c
Slide 5: Michelle Jablko appointed as CEO
Michelle Jablko appointed as CEO Transurban Board has appointed Michelle Jablko as the Group’s CEO and Managing Director • Michelle will replace Scott Charlton as CEO following the Group’s Annual General Meetings on 19 October 2023 • Michelle joined Transurban in early 2021 as CFO. Over this period,
Slide 6: Record distribution expected in FY24
Record distribution expected in FY24 FY24 distribution expected to be 62.0 cps representing Proven track record of delivering distribution growth over time approximately 7% growth on FY231 80 • FY23 record traffic and EBITDA provides solid base for continued growth in FY24 • Some further benefits of
Slide 7: FY23 traffic overview
FY23 traffic overview Record full year ADT driven by growth across all markets ADT1 (million trips per day) Record full year traffic 2.4 2.1 2.2 2.0 2.0 2.0 2.0 1.8 1.9 1.7 1.7 1.7 Lar ge ve hi cl e traffic 0.3 0.3 0.3 0.3 0.4 0.4 Car traffic FY18 FY19 FY20 FY21 FY22 FY23 Sydney Melbourne Brisbane N
Slide 8: Traffic and customer insights
Traffic and customer insights Urban road freight volumes have been steadily Transurban’s urban assets support a diverse range of trips increasing over decades, underpinned by strong population growth Australian Urban Road Freight Task and Port Container Volumes – Sydney, Melbourne and Brisbane1 7% 1
Slide 9: Well-positioned for current macroeconomic environment
Well-positioned for current macroeconomic environment Population growth is the number one driver Recent inflation expected to flow through CPI Weighted average cost of AUD debt broadly of traffic growth with forecast overseas net based toll escalations to at least mid FY24 and stable at 4.1% despite
Slide 10: Continuing to deliver growth and build long-term value
Continuing to deliver growth and build long-term value Investment in growth has delivered long-term value and increased average concession life, with over $10 billion in current projects and potential near-term opportunities supporting future growth1,2 Inner City Bypass M2 Upgrade Monash- 95 Express
Slide 11: Opportunity and delivery pipeline
Opportunity and delivery pipeline EXPECTED NEXT BEYOND 5 REGION PROJECTS IN DELIVERY AND POTENTIAL OPPORTUNITIES 1 DELIVERY 5 5 YEARS YEARS Sydney Rozelle Interchange 2 2024 Sydney Gateway 3 2024 M7-M12 Integration Project 2026 Potential toll reform opportunities Western Harbour Tunnel and Sydney Ha
Slide 12: Melbourne opportunity: Potential acquisition of EastLink
Melbourne opportunity: Potential acquisition of EastLink Track record of delivering positive outcomes for Transurban stakeholders Customers Community Government EastLink investment ACCC timeline Transurban customer Investing in local Improved outcomes for opportunity • 29 June – ACCC published a Sta
Slide 13: Brisbane opportunity: Population growth increasing congestion
Brisbane opportunity: Population growth increasing congestion Gateway and Logan Motorways are among Transurban’s most Supporting the future transport needs of Brisbane congested assets supporting over 328,000 average daily trips ~40% Gateway Motorway congestion heat map Brisbane population growth 20
Slide 14: Sydney opportunity: NSW Toll Review
Sydney opportunity: NSW Toll Review ~1 million average daily trips and >220,000 hours in average workday travel-time savings across Transurban’s Sydney roads in FY231 Working with government to deliver policy Investing in Sydney for more than Toll roads deliver reliable travel priorities two decades
Slide 15: Financial results
Financial results Transurban i
Slide 16: Statutory results
Statutory results1,2 Increase in statutory profit driven by higher toll revenue, partially offset by higher non-cash net finance costs and lower income tax benefits 13 (93) (4) (179) 507 41 (250) 92 41 16 FY22 profit Toll revenue Other revenue Operating Depreciation & Net finance costs Loss from equ
Slide 17: FY23 financial performance
FY23 financial performance1 Achieved record full year proportional EBITDA plus margin expansion FY23 FY23 VS. FY22 Gross distributions $1,785 million 41.8% Free Cash (excl. Capital Releases) $1,699 million 44.5% Proportional toll revenue $3,314 million 26.2% Total proportional costs $1,002 million 1
Slide 18: Free Cash movement
Free Cash movement1 Growth in Free Cash driven by traffic growth and stable net finance costs Proportional Timing of Proportional net finance distributions EBITDA costs and other Record EBITDA delivered additional Free Cash Weighted average cost of AUD debt of 4.1% Positive working capital and tax i
Slide 19: Proportional results
Proportional results1 29% increase in proportional EBITDA with margin expansion achieved 28.9% 2 (112) 35 2,440 2,448 8 (11) 626 1,900 FY22 EBITDA Toll revenue Other revenue Costs New assets and FY23 EBITDA (ex. FX) FX FY23 EBITDA divestments2 FY21 FY22 FY23 Transurban Group 70.3% 68.8% 71.0% EBITDA
Slide 20: Proportional cost movement
Proportional cost movement1 Focus on managing operational costs, with volume related expenses more than offset by associated revenue. Cost growth in FY24 expected to moderate to single digit percentage growth2 16.3% 12.6% 1,002 14 17 Volume related expenses 13 offset by associated revenue 40 11 890
Slide 21: Funding summary
Funding summary SUMMARY OF KEY DEBT METRICS JUN 22 JUN 23 Summary of FY23 funding activities 4.1% • Weighted average Group debt1,2 $23,574M $24,007M weighted average cost of AUD debt4 cost of AUD refinanced debt of Corporate liquidity3 $3,881M $3,952M 4.9%9, replacing debt increasing ~20 bps compare
Slide 22: Balance sheet considerations
Balance sheet considerations Strong liquidity position and minimal refinancing requirements in FY24 Sources and uses of capital Completed and upcoming refinancing activities6 LIQUIDITY $B CAPEX $B 3, 000 2, 500 Corporate liquidity as at 4.01,2 Committed projects3 2.82 30 June 2023 (FY24 – FY26) 2, 0
Slide 23: Outlook
Outlook Transurban
Slide 24: Outlook
Outlook Record full year distribution of 62.0 cps expected in FY24 and well-positioned to deliver future distribution growth1 Well-positioned for current macroeconomic environment Extensive opportunity pipeline supporting future growth • Forecast population expected to support ongoing traffic growth
Slide 25: Supplementary information
Supplementary information Transurban 25
Slide 26: Group strategy
Group strategy By understanding what matters to our stakeholders, we create road transport solutions that make us a partner of choice
Slide 27: Analyst notes
Analyst notes Free Cash considerations from new assets over the medium term ASSET FUTURE CONSIDERATIONS OTHER CONSIDERATIONS WestConnex M5 West • Full ownership interest in M5 West converts to 50% from December 2026 with the • Proportional net cost growth expected to concession being transferred to
Slide 28: Sydney traffic
Sydney traffic WestConnex traffic trends across broader Sydney system1 WestConnex traffic performance since M4-M8 link opening • Over the near-term, and as anticipated, the opening of M4-M8 link is expected to • The map below shows ADT involving a trip on each WestConnex asset, as well as cause some
Slide 29: Project updates
Project updates Transurban 29
Slide 30: New South Wales project updates
New South Wales project updates Successful delivery of WestConnex M4-M8 link tunnels M7-M12 Integration Project update • M4-M8 link tunnels opened on 20 January 2023, ahead of schedule and on budget • Low impact work on the M12 component has commenced, including geotechnical • Creating Australia’s l
Slide 31: West Gate Tunnel Project update
West Gate Tunnel Project update Major tunnelling milestones achieved • Significant technical milestone achieved with both TBMs breaking through 100% 87% 33 out of 40 • All tunnel and portal excavation is now complete of tunnelling and portal of Footscray Road elevated new or upgraded bridges have ex
Slide 32: Greater Washington Area projects update
Greater Washington Area projects update 495 Northern Extension Fredericksburg Extension Fredericksburg Extension expected to improve connections to • ~Four kilometre extension of 495 • Partial opening to motorists on 17 major retail and government employment hubs Express Lanes towards Maryland, Augu
Slide 33: Market updates
Market updates Transurban 33
Slide 34: Sydney market update
Sydney market update FY23 performance • Traffic increased by 24.1% 31.9% 50.3% • Car traffic increased by 26.0% and large vehicle traffic increased by 5.8% • Proportional toll revenue increased by 31.9% to $1,668 million, including additional ownership Toll revenue Sydney toll revenue of WestConnex
Slide 35: NSW Toll Review update
NSW Toll Review update Transurban welcomed the opportunity to participate in the NSW Independent Toll Review to support delivering greater efficiency, fairness, simplicity and transparency across Sydney’s motorway network Key focus areas Key process milestones • Sydney’s toll roads deliver significa
Slide 36: Sydney portfolio and pipeline
Sydney portfolio and pipeline Near-term asset enhancement opportunities • Low impact work on the M12 component has commenced, including geotechnical investigations. Construction of the M7 widening, including the installation of road safety barriers, targeted to commence late 2023. The project is ant
Slide 37: Melbourne market update
Melbourne market update FY23 performance • Traffic increased by 24.4% 23.8% 27.0% • Car traffic increased by 30.0% and large vehicle traffic increased by 7.8% – Of large vehicle traffic, heavy commercial vehicles increased by 2.2% and light commercial Toll revenue Melbourne toll vehicles increased b
Slide 38: Melbourne portfolio and pipeline
Melbourne portfolio and pipeline Potential market opportunities • North East Link potential monetisation • EastLink sale process in 2023 Victorian road infrastructure project updates • North East Link project – contract awarded for the tunnelling package in late 2021. Major works now underway with p
Slide 39: Brisbane market update
Brisbane market update FY23 performance • Traffic increased by 9.4% 15.5% 15.7% • Car traffic increased by 11.0% and large vehicle traffic increased by 4.7% • Proportional toll revenue increased by 15.5% to $520 million Toll revenue Brisbane toll revenue growth contribution Operations, development a
Slide 40: 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 Olympics1 Other Queensland road infrastructure project updates • Gateway Motorway north and Bru
Slide 41: North America market update
North America market update1 FY23 performance • Traffic on the Express Lanes increased by 13.0% 22.0% 7.0% • A25 traffic decreased by 3.5%, with car traffic decreasing by 2.7% and large vehicle traffic decreasing by 10.3% Toll revenue North America toll • Proportional toll revenue increased by 22.0%
Slide 42: 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 is exploring the sout
Slide 43: Environmental, Social and Governance
Environmental, Social and Governance
Slide 44: 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 ensuring the ongoing success and sustainability of the busines
Slide 45: 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 reduction target: Transition to zero-emission Transurban fleet; contractor targets for fuel efficiency and transition t
Slide 46: FY23 ESG progress
FY23 ESG progress Achieved "10 in 10" target – the first energy reduction target set a decade ago, which committed Transurban to a 10% energy-efficiency saving by 2023 Environmental Social Governance • Reached SBTi Scope 1 and 2 2030 GHG targets seven • Transurban included in the Top 50 • Board elec
Slide 47: HSE and Road Safety
HSE and Road Safety Transurban has an overarching framework and objectives for Health, Safety, Environment and Road Safety. The 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 48: Detailed financials
Detailed financials Transurban Q
Slide 49: Traffic and revenue performance
Traffic and revenue performance JUN 23 QUARTER1 FY231 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 FY22 vs FY19 % CHANGE % CHANGE % CHANGE vs FY22 vs FY19 % CHAN
Slide 50: Traffic and revenue data
Traffic and revenue data1 % LARGE VEHICLE ASSET JUN 22 QUARTER JUN 23 QUARTER % CHANGE FY22 FY23 % CHANGE TRAFFIC2 SYDNEY Hill M2 Total Toll Revenue (M) $86 $91 5.9% $282 $367 30.2% N/A Average Daily Trips (‘000) 134 133 (0.8%) 109 136 24.9% 8.1% M5 West Total Toll Revenue (M) $75 $82 10.0% $265 $33
Slide 51: Traffic and revenue data
Traffic and revenue data1 % LARGE VEHICLE ASSET JUN 22 QUARTER JUN 23 QUARTER % CHANGE FY22 FY23 % CHANGE TRAFFIC2 MELBOURNE CityLink Total Toll Revenue (M) $214 $228 6.6% $722 $894 23.8% N/A Average Daily Transactions 778 811 4.2% 648 806 24.4% 22.0% (‘000) BRISBANE Gateway Motorway Total Toll Reve
Slide 52: Traffic and revenue data
Traffic and revenue data1 % LARGE VEHICLE ASSET JUN 22 QUARTER JUN 23 QUARTER % CHANGE FY22 FY23 % CHANGE TRAFFIC2 NORTH AMERICA 95 Express Lanes Total Toll Revenue (USD M) $38 $46 21.8% $121 $158 30.2% N/A Average Daily Trips (‘000) 62 66 6.0% 55 61 12.3% 2.0%3 495 Express Lanes Total Toll Revenue
Slide 53: Traffic data vs FY19
Traffic data vs FY191 ASSET JUN 19 QUARTER JUN 23 QUARTER % CHANGE FY19 FY23 % CHANGE SYDNEY Hills M2 Average Daily Trips (‘000) 133 133 (0.6%) 135 136 0.4% M5 West Average Daily Trips (‘000) 160 167 4.8% 159 170 6.8% Lane Cove Tunnel/MRE Average Daily Trips (‘000) 92 80 (12.5%) 93 85 (9.2%) Cross C
Slide 54: Proportional toll revenue by asset
Proportional toll revenue by asset JUN 23 QUARTER ($M) FY23 ($M) OWNERSHIP 100% PROPORTIONAL 100% PROPORTIONAL Hills M2 100% $91 $91 $367 $367 M5 West 100% $82 $82 $334 $334 Lane Cove Tunnel/MRE 100% $25 $25 $104 $104 Cross City Tunnel 100% $18 $18 $77 $77 Eastern Distributor 75.1% $42 $31 $169 $127
Slide 55: Statutory results
Statutory results FY22 ($M) FY23 ($M) % CHANGE Toll revenue 2,324 2,831 21.8% Construction revenue 911 1,142 25.4% Other revenue 171 184 7.3% Total revenue 3,406 4,157 22.1% Employee benefits expense (315) (347) 10.4% Road operating costs (343) (392) 14.4% Construction costs (911) (1,142) 25.4% Tran
Slide 56: Reconciliation of statutory PBT to proportional EBITDA
Reconciliation of statutory PBT to proportional EBITDA FY22 ($M) FY23 ($M) % CHANGE Statutory profit / (loss) before income tax (260) 66 125.1% Add: Statutory depreciation and amortisation 1,107 1,111 (0.3%) Add: Statutory net finance costs 466 645 (38.8%) Add: Share of loss of equity accounted inve
Slide 57: Proportional EBITDA margins
Proportional EBITDA margins1 FY22 1H23 2H23 FY23 Comments • Sydney margin partially impacted by the opening of the M4- Sydney 77.2% 80.7% 78.5% 79.6% M8 link in ramp up phase Melbourne 82.2% 85.5% 83.5% 84.5% Brisbane 71.0% 72.9% 73.1% 73.0% • Impacted following partial divestment of higher margin A
Slide 58: FY23 proportional result by asset
FY23 proportional result by asset EBITDA (excluding TOLL OTHER transaction and NET FINANCE INCOME REVENUE REVENUE integration costs) EBITDA D&A COSTS NPBT TAX NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M $M 100% M2 367 3 310 310 (77) (28) 205 (18) 187 100% M5 West 334 2 283 283 (269) (12) 2 (73) (71
Slide 59: FY22 proportional result by asset
FY22 proportional result by asset EBITDA (excluding TOLL OTHER transaction and NET FINANCE INCOME REVENUE REVENUE integration costs) EBITDA D&A COSTS NPBT TAX NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M $M 100% M2 282 2 229 229 (77) (28) 124 6 130 100% M5 West 265 3 223 223 (269) (18) (64) (53) (11
Slide 60: FY23 net finance costs paid
FY23 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 PAID PAID CONTROLLED ENTITIES OWNERSHIP $M $M $M $M $M $M $M $M M2 100% (28) 1 3 - - - (24) (24) M5 W
Slide 61: FY22 net finance costs paid
FY22 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 PAID PAID CONTROLLED ENTITIES OWNERSHIP $M $M $M $M $M $M $M $M M2 100% (28) 1 (1) - - - (28) (28) M5
Slide 62: Maintenance provision
Maintenance provision MAINTENANCE EXPENSE RECOGNISED1 MAINTENANCE CASH SPEND CONTROLLED ENTITIES FY22 ($M) FY23 ($M) FY22 ($M) FY23 ($M) M2 (7) (8) (5) (11) M5 West (7) (7) (4) (7) LCT (6) (6) (5) (7) CCT (7) (5) (6) (5) CityLink (27) (27) (26) (34) A253 (3) (2) (6) - Total 100% owned controlled ent
Slide 63: Free Cash movement
Free Cash movement 44.6% 1,785 29 1,726 48 (102) 1,699 352 162 1,176 60 9 (35) Sydney Melbourne Brisbane North America Corporate FY22 Free Cash excluding EBITDA Net finance costs Working capital, maintenance Dividend deferral and FY23 Free Cash excluding FY23 distribution FY23 Free Cash Capital Rele
Slide 64: Free Cash calculation
Free Cash calculation FREE CASH CALCULATION SOURCE OF INFORMATION/EXPLANATION Cash flows from operating activities Statutory Transurban Holdings Limited operating cash flow (refer Group Statutory accounts) Add back transaction and integration costs related to acquisitions and disposals Transaction a
Slide 65: Free Cash
Free Cash Reconciliation of statutory cash flow from operating activities to Free Cash FY22 ($M) FY23 ($M) FY22 FY23 % CHANGE Cash flows from operating activities 982 1,459 Free Cash $1,531M $1,726M 12.7% Add back transaction and integration costs related to acquisitions Weighted average securities
Slide 66: Reconciliation of proportional EBITDA to Free Cash
Reconciliation of proportional EBITDA to Free Cash FY23 ($M) COMMENTS Proportional EBITDA 2,448 Refer to slide 19 for further detail Transaction and integration costs 9 Transaction costs in relation to A25 divestment Proportional net finance costs paid (cash) (717) Refer to slide 60 for further deta
Slide 67: Projects under development or delivery
Projects under development or delivery CAPEX FY23 spend to CAPEX FY24 FY25 FY26 FY27 date1 spend1 COMMITTED PROJECTS / PROJECTS $4,600M $997M WEST GATE TUNNEL PROJECT—Melbourne ($6.1B) UNDER CONSTRUCTION2 USD$307M USD$81M 95 EXPRESS LANES FREDERICKSBURG EXTENSION PROJECT—GWA (USD322M)4 $57M $57M M7
Slide 68: Transurban tax groups—estimated timing
Transurban tax groups—estimated timing1 FY23 EBITDA as proportion of Transurban Group proportional FY23 tax paid2 Tax group EBITDA ($M) FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30+ Timing is indicative only and not shown by month WestConnex 3 9.8% $3 No longer paying tax – taxed as a flow-through vehicl
Slide 69: Treasury
Treasury Transurban 9
Slide 70: Funding structure as at 30 June 2023
Funding structure as Transurban2 at 30 June 2023 BBB+/Baa1/A- Non-recourse Corporate Sydney Brisbane North America Working EMTN Capital3 EUR4.0B $2.7B 495 Express 95 Express M22 LCT CCT ED M72 NCX M5 West STP TQ2 Lanes2 Lanes2 ,7 A25 Letter of Maple Credit -/A2/- -/A3/A- BBB/-/- -/Baa1/- BBB/-/BBB C
Slide 71: Group debt as at 30 June 2023
Group debt as at 30 June 2023 FACILITY FACILITY FACILITY TOTAL FACILITY TOTAL DRAWN AMORTISATION PROPORTIONAL STATUTORY (USD M)1 (CAD M)1 ($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 6,335 7,
Slide 72: Proportional drawn debt by effective currency
Proportional drawn debt by effective currency1 30 JUN 22 30 JUN 23 AUD2 ($M) ($M) MOVEMENT ($M) EXPLANATION Corporate 7,411 8,377 966 AUD1,060 million EMTN issuance offset by repayment of USD67 million (AUD94 million) USPP Additional net AUD60 million drawn debt at WCX, AUD30 million due to capitali
Slide 73: Key debt metrics
Key debt metrics 30 JUN 22 30 JUN 23 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 7.7 years4 Weighted average cost of AUD debt1 3.9% 4.4% 3.7% 4.1% 4.5% 3.8% Weighted average co
Slide 74: 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 FY23 $ MILLION 6,000 4,000 2,000 - FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 - 32 FY33 - 37 FY38+ June 2023 maturity profile1,2 10,000 New debt 8,000 raised during $ MILLION 6,000
Slide 75: Total corporate debt maturities as at 30 June 2023
Total corporate debt maturities as at 30 June 20231,2 Working capital facilities EMTN 144A Letters of credit facilities 2,000 1,800 226 269 1,600 1,400 866 1,200 833 733 $ MILLION 824 1,000 1,708 800 1,332 600 1,239 1,000 1,060 400 825 825 706 570 200 - 74 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY3
Slide 76: Total non-recourse debt maturities as at 30 June 2023
Total non-recourse debt maturities as at 30 June 20231,2 TQ ED M2 M5 M7 LCT CCT WCX M8 / M5 Eas t M4-M8 link 495 95 A25 NCX 5,000 404 4,500 423 4,000 3,500 3,000 $ MILLION 2,764 2,500 - 202 1,100 410 2,000 1,055 200 61 1,500 900 29 650 563 1,200 800 386 546 40 446 461 1,000 116 510 60 345 1,171 1,00
Slide 77: Hedging profile of total debt
Hedging profile of total debt Transurban interest rate hedging profile1 30 JUN 22 30 JUN 23 36,000 Interest rate hedged2 98.5% 96.4% Currency hedged3 99.3% 100.0% 32,000 28,000 24,000 20,000 $ MILLION 16,000 12,000 8,000 4,000 - FY24 FY26 FY28 FY30 FY32 FY34 FY36 FY38 FY40 FY42 FY44 FY46 FY48 FY50 N
Slide 78: Diversified funding sources
Diversified funding sources Total Group debt as at 30 June 20232 BANK DEBT Major funding transactions1 during FY23: AMTN • AUD $1,700 million bank facility at WestConnex • AUD $405 million Institutional Term Loan (ITL) at Westlink M7 AUD PRIVATE PLACEMENT • AUD $725 million Institutional Term Loan (
Slide 79: Corporate overview
Corporate overview Transurban 9
Slide 80: 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: Including: Companies operating Companies operating and maintaining roads
Slide 81: Asset portfolio as at 30 June 2023
Asset portfolio as at 30 June 2023 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 DETAILS
Slide 82: Asset portfolio as at 30 June 2023
Asset portfolio as at 30 June 2023 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 20
Slide 83: Asset portfolio as at 30 June 2023
Asset portfolio as at 30 June 2023 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 84: 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 85: 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 concession LCT Class A toll
Slide 86: Tolling escalation
Tolling escalation Sept FY23 Dec FY23 Mar FY23 June FY23 Sept FY24 Dec FY24 Mar FY24 June FY24 Sept FY25 NSW1 2.1% 1.8% 1.8% 1.9% 1.4% 0.8% Sep CPI Dec CPI Mar CPI CITYLINK2 4.25% p.a. 4.25% p.a. 4.25% p.a. 4.25% p.a. 4.25% p.a. 4.25% p.a. 4.25% p.a. 4.25% p.a. 4.25% p.a. BRISBANE3 6.0% 7.9% 7.4% Se
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 SLN Shareholder Loan Note. An interest bearing shareholder loan M5 WEST M5 West motorway STP/STP JV Sydney Transport Partners Joint Venture M7 Westlink M7 TAWREED Tawreed Investments Limited, a wholly owned subsidiary of Abu Dhabi Investment