Summary

Key Debt Metrics

30 JUN 2016
  Transurban Group Corporate Non recourse
Weighted average maturity (years)1 8.7 yrs 5.8 yrs 10.2 yrs2
Weighted average cost of AUD debt4 5.2% 5.7% 4.9%
Weighted average cost of USD debt4 4.3% 4.2% 4.3%
Hedged5 99.5% 98.8% 100.0%
Gearing (proportional debt to enterprise value)6 33.3%  
FFO/Debt7 8.6%
Corporate senior interest cover ratio (historical ratio for 12 months) 4.3x
Corporate debt rating (S&P / Moody's / Fitch) BBB+ / Baa1 / A-

 

30 JUN 2015
  Transurban Group Corporate Non recourse
Weighted average maturity (years)1 7.8 yrs 5.0 yrs 9.7 yrs3
Weighted average cost of AUD debt4 5.3% 5.6% 5.1%
Weighted average cost of USD debt4 3.8% 2.9% 4.4%
Hedged5 89.1% 83.1% 94.2%
Gearing (proportional debt to enterprise value)6 40.2%  
FFO/Debt7 7.9%
Corporate senior interest cover ratio (historical ratio for 12 months) 3.5x
Corporate debt rating
(S&P / Moody's / Fitch)
BBB+ / Baa1 / A-

1. Weighted average maturity calculated on full value of drawn funds at AUD value of debt. CAD, CHF, Euro and USD debt converted at the hedged rate where cross currency swaps are in place. Unhedged USD debt is converted at the spot exchange rate ($0.7426 at 30 June 2016 and $0.768 at 30 June 2015).
2. The average weighted maturity of Australian non recourse debt is 5.0 years at 30 June 2016.
3. The average weighted maturity of Australian non recourse debt was 3.5 years at 30 June 2015.
4. Weighted on a proportional drawn debt basis.
5. Hedged percentage comprises fixed rate debt and floating debt that has been hedged and is a weighted average of total proportional drawn debt in AUD.
6. Proportional drawn debt in AUD, CAD, CHF, Euro and USD debt converted at the hedged rate where cross currency swaps are in place. Unhedged USD debt converted at the spot exchange rate ($0.7426 at 30 June 2016 and $0.768 at 30 June 2015). The security price was $11.99 at 30 June 2016 and $9.30 at 30 June 2015 with 2,036 million securities on issue at 30 June 2016 and 1,914 million securities on issue at 30 June 2015.
7. Based on S&P methodology. In FY16 the impact of AirportlinkM7 has been annualised. Unadjusted FFO/Debt is 8.3% and on a cash tax basis FFO/Debt is 8.0% (AirportlinkM7 annualised).

Debt Position Summary

As as 30 June 2016

CORPORATE
Corporate debt pie chart
Total debt1 A$5.3B
Average tenor2 5.8 yrs
Average AUD interest rate3 5.7%
Average USD interest rate3 4.2%

 

AUSTRALIA NON-RECOURSE
Australian debt pie chart
Total debt1 A$7.8B 
Average tenor2 5.0 yrs
Average AUD interest rate3 4.9% 
Average USD interest rate3 n/a 

 

US NON-RECOURSE
US debt pie chart
Total debt1 A$2.1B
Average tenor2 30.0 yrs
Average AUD interest rate3 n/a
Average USD interest rate3 4.3%

1. Represents drawn amounts on a 100% interest basis, including separate letters of credit issued. CAD, CHF, Euro and USD debt converted at the hedged rate where cross currency swaps are in place. Unhedged USD debt is converted at the spot exchange rate ($0.7426 at 30 June 2016).
2. Weighted average. Presented on a 100% interest basis and represents drawn amounts in AUD. CAD, CHF, Euro and USD debt converted at the hedged rate where cross currency swaps are in place. Unhedged USD debt is converted at the spot exchange rate ($0.7426 at 30 June 2016).
3. Weighted average. Presented on a proportional interest basis and represents drawn debt only.

Debt Maturity Profile

Corporate (by financial year as at 30 June 2016)

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 2016. CAD, Euro and USD debt are converted at the hedged rate where cross currency swaps are in place.
3.Unhedged USD debt is converted to AUD at the spot exchange rate ($0.7426 at 30 June 2016).

Asset (by financial year as at 30 June 2016)

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 2016. CHF and USD debt are converted at the hedged rate where cross currency swaps are in place.
4. The A$303 million maturing in FY21 are 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.