Creating Stakeholder Value
Financial considerations
FY22 considerations
Anticipate traffic growth to continue over the near-term across all
markets as the remainder of COVID-19 related government restrictions
are lifted and economic growth normalises
Similar cost drivers to 1H22 are expected for the remainder of FY22
Software as a Service (SaaS). Accounting related reclassification of
SaaS spend where certain costs will be treated as operating rather
than capitalised costs, with growth in SaaS-based projects expected
over time
Operational cost increase. Continued investment in capabilities to
support recent and future business growth, in addition to escalation
in insurance premiums and normalisation of COVID-19 cost savings
Other accounting related changes. Non-cash impact of changing
macroeconomic factors on maintenance models
Transurban advises that it expects the total FY22 distribution will be in
line with Free Cash, excluding Capital Releases, subject to the following
A portion of additional Capital Releases resulting from the increased
stake in WestConnex may be used to minimise dilution in Free Cash
per security over the next two years
•
Capital Releases
Transurban currently expects to receive more than $2.3 billion of
potential Capital Releases between FY22 and FY25
WCX raised $540M in April 2022 with Transurban expecting these
funds to be paid to WCX shareholders as a Capital Release
Transurban's share of $270M is part of the $2.3 billion expected
between FY22-25
Expected Capital Releases, combined with corporate liquidity, will be
available to support the following:
Committed capex
Funding portion of Transurban's committed pipeline
Minimising dilution in Free Cash per Security over the next two years
(limited to a portion of additional WestConnex Capital Releases)
Funding of Transurban's share of the West Gate Tunnel Project
financial contribution
Timing and amount of Capital Releases remain uncertain and subject to a
variety of factors, including the relevant asset's performance, debt capital
market and broader macroeconomic conditions
Transurban
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