Creating Stakeholder Value
Supporting distribution growth
Long-term distribution growth expected to be supported by traffic growth, inflation-linked toll escalations and balance sheet capacity
Traffic growth expected to drive long-term distributions
2,000
1,500
1,000
500
Near-term protection from hedging and inflation-linked tolls¹
400
Growth in asset base
over time to support
150
120
300
traffic volumes and
distributions
90
60
200 €
100
30
0
The benefit of a 1% increase
in CPI is likely to be greater
than the cost impact of 1%
higher interest rates, in the
near term
used in sensitivity analysis chart
Latest CPI data is higher than CPI
FY12
FY14 FY16 FY18 FY20
Gross distributions ($M)
FY22 FY24
Total asset length
FY26
Capacity available to internally fund new assets ($B)
Illustrative CPI revenue impact FY22-FY25 - price escalation at annualised June 2021 quarter CPI + 1%
on FY21 revenue
Illustrative interest rate impact FY22-FY25 - near term debt maturities refinanced at interest rate of 5% (1%
above Transurban's current average cost of debt)
Illustrative margin impacts 1H22
73.0% - 74.0%
3.4
Corporate liquidity²
-4.5-5
Expected Capital Releases (FY22-25)
Anticipated capex pipeline (FY22-26)
2.3
67.5%
65.9%
1H22 Group
EBITDA margin4
Accounting
adjustments
1H22 Group
EBITDA margin
New assets and
divestments
COVID traffic
impacts
1H22 Group
EBITDA margin
(pro-forma)
1H22 EBITDA margin would have been around
73-74% had traffic volumes been in line with
pre-COVID levels
Balance sheet capacity available internally to
fund current pipeline in the near term³
1. Refer to slide 44 footnotes 4 and 5 for further details.
2. As at 31 December 2021 net of 1H22 distribution payment.
3. Potential to use a portion of the additional Capital Releases, resulting from the increased stake in WestConnex, to minimise dilution in Free Cash per security.
4. Excluding accounting adjustments including reclassification of SaaS expenditure and non-cash impacts on maintenance models. Refer to 1H22 Results dated 17 February 2022 for further information.
Transurban
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