Summary

Key Debt Metrics

30 JUN 2017
  Transurban Group Corporate Non- recourse
Weighted average maturity (years)1,2 9.0 yrs 5.8 yrs 10.7 yrs4
Weighted average cost of AUD debt1,5 4.9% 5.5% 4.5%
Weighted average cost of USD debt5 4.3% 4.2% 4.3%
Hedged1,6 99.4% 99.4% 99.4%
Gearing (proportional debt to enterprise value)1,7 35.3%  
FFO/Debt8 8.6%
Corporate senior interest cover ratio (historical ratio for 12 months) 3.9x
Corporate debt rating
(S&P / Moody's / Fitch)
BBB+ / Baa1 / A-

 

30 JUN 2016
  Transurban Group Corporate Non- recourse
Weighted average maturity (years)1,2 8.7 yrs 5.8 yrs 10.2 yrs3
Weighted average cost of AUD debt1,5 5.2% 5.7% 4.9%
Weighted average cost of USD debt5 4.3% 4.2% 4.3%
Hedged1,6 99.5% 98.8% 100.0%
Gearing (proportional debt to enterprise value)1,7 33.3%  
FFO/Debt8 8.0%
Corporate senior interest cover ratio (historical ratio for 12 months) 4.3x
Corporate debt rating
(S&P / Moody's / Fitch)
BBB+ / Baa1 / A-

1. CAD, CHF, EUR, NOK and USD debt converted at the hedged rate where cross currency swaps are in place. USD debt is converted at the spot exchange rate ($0.7426 at 30 June 2016 and $0.7692 at 30 June 2017) where no cross currency swaps are in place.
2. Full value of drawn debt.
3. The average weighted maturity of Australian non-recourse debt is 5.0 years at 30 June 2016.
4. The average weighted maturity of Australian non-recourse debt is 6.3 years at 30 June 2017.
5. Proportional drawn debt exclusive of issued letters of credit.
6. Hedged percentage comprises fixed rate debt and floating debt that has been hedged and is a weighted average of total proportional drawn debt, exclusive of issued letters of credit.
7. Proportional debt to enterprise value, exclusive of issued letters of credit. Security price was $11.99 at 30 June 2016 and $11.85 at 30 June 2017 with 2,036 million securities on issue at 30 June 2016 and 2,052 million securities on issue at 30 June 2017.
8. Based on S&P methodology. The impact of AirportlinkM7 has been annualised. June 2016 FFO/Debt inclusive of tax benefit was 8.6% (AirportlinkM7 annualised).

Debt Position Summary

As as 30 June 2017

CORPORATE1
Corporate debt pie chart
Total debt2 A$6.0B
Average tenor3 5.8 yrs
Average AUD interest rate4 5.5%
Average USD interest rate4 4.2%

 

AUSTRALIA NON-RECOURSE1
Australian debt pie chart
Total debt2 A$8.5B 
Average tenor3 6.3 yrs
Average AUD interest rate4 4.5% 
Average USD interest rate4 n/a 

 

US NON-RECOURSE1
US debt pie chart
Total debt2 A$2.0B
Average tenor3 29.0 yrs
Average AUD interest rate4 n/a
Average USD interest rate4 4.3%

1. CAD, CHF, EUR, NOK and USD debt converted at the hedged rate where cross currency swaps are in place. USD debt is converted at the spot exchange rate ($0.7692 at 30 June 2017) where no cross currency swaps are in place.
2. Represents drawn amounts on a 100% interest basis, including separate letters of credit issued.
3. Full value of drawn debt.
4. Proportional drawn debt exclusive of issued letters of credit.

Debt Maturity Profile

Corporate (by financial year as at 30 June 2017)

Corporate debt maturity profile chart

1.Debt is shown in the financial year in which it matures.
2.Debt values are in AUD as at 30 June 2017. CAD, EUR, NOK and USD debt converted at the hedged rate where cross currency swaps are in place. USD debt is converted at the spot exchange rate ($0.7692 at 30 June 2017) where no cross currency swaps are in place.
3.Corporate working capital shown at final maturity dates. All working capital facilities were refinanced in July 2017.

Asset (by financial year as at 30 June 2017)

Non recursive debt maturity profile chart

1. The full value of debt facilities is shown as this is the value of debt for refinancing purposes. This overstates Transurban’s ownership share of the debt.
2. Debt is shown in the financial year in which it matures.
3. Debt values are in AUD as at 30 June 2017. CHF and USD debt converted at the hedged rate where cross currency swaps are in place. USD debt is converted at the spot exchange rate ($0.7692 at 30 June 2017) where no cross currency swaps are in place.
4. The A$292 million maturing in FY21 is part of the 495 Express Lanes senior bonds maturing in FY48. This tranche will be refinanced as per the financing structure agreed with the sole holder, J.P. Morgan.
5. 95 Express Lanes and 495 Express Lanes maturities show final maturity dates.