Summary

Key Debt Metrics

31 DEC 2018
  Transurban Group Corporate Non- recourse
Weighted average maturity (years)1,2 9.1 yrs 6.1 yrs 10.9 yrs4
Weighted average cost of AUD debt1,5 4.7% 5.4% 4.3%
Weighted average cost of USD debt5 4.4% 4.3% 4.5%
Weighted average cost of CAD debt5 4.9% 4.6% 5.3%
Hedged1,6 98.0% 100.0% 96.9%
Gearing (proportional debt to enterprise value)1,7 35.8%  
FFO/Debt8 8.6%
Corporate senior interest cover ratio (historical ratio for 12 months) 5.1x
Corporate debt rating
(S&P / Moody's / Fitch)
BBB+ / Baa1 / A-

 

30 JUN 2018
  Transurban Group Corporate Non- recourse
Weighted average maturity (years)1,2 9.6 yrs 5.9 yrs 12.1 yrs3
Weighted average cost of AUD debt1,5 4.9% 5.5% 4.5%
Weighted average cost of USD debt5 4.4% 4.3% 4.5%
Weighted average cost of CAD debt5 5.8% - 5.8%
Hedged1,6 98.5% 100.0% 97.5%
Gearing (proportional debt to enterprise value)1,7 35.2%  
FFO/Debt8 8.9%
Corporate senior interest cover ratio (historical ratio for 12 months) 4.9x
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 (0.7391 at 30 June 2018 and 0.7060 at 31 December 2018) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9771 at 30 June 2018 and 0.9623 at 31 December 2018) where no cross currency swaps are in place.
2. Calculated using proportional drawn debt. June 2018 has been updated due to a calculation methodology change. Previously Group was reported as 9.2 years and Non-Recourse as 10.8 years.
3. The average weighted average maturity of Australian non-recourse debt is 6.4 years at 30 June 2018. June 2018 has been updated due to a calculation methodology change. Previously reported as 6.6 years.
4. The average weighted average maturity of Australian non-recourse debt is 6.7 years at 31 December 2018.
5. Proportional debt exclusive of letters of credit.
6. Hedged percentage comprises fixed rate debt and floating rate debt that has been hedged and is a weighted average of total proportional drawn debt, exclusive of issued letters of credit.
7. Calculated using proportional debt to enterprise value, exclusive of issued letters of credit. Security price was $11.97 at 30 June 2018 and $11.65 at 31 December 2018 with 2,225 million securities on issue at 30 June 2018 and 2,672 million securities on issue at 31 December 2018.
8. Based on S&P methodology.

Debt Position Summary

As at 31 December 2018

CORPORATE1
Corporate debt pie chart
Total debt2 A$7.2B
Average tenor3 6.1 yrs
Average AUD interest rate4 5.4%
Average USD interest rate4 4.3%
Average CAD interest rate4 4.6%

 

AUSTRALIA NON-RECOURSE1
Australian debt pie chart
Total debt2 A$15.9B
Average tenor3 6.4 yrs
Average AUD interest rate4 4.3%
Average USD interest rate4 N/A
Average CAD interest rate4 N/A

 

NORTH AMERICA NON-RECOURSE1
North America debt pie chart
Total debt2 A$3.2B
Average tenor3 22.1 yrs
Average AUD interest rate4 N/A
Average USD interest rate4 4.5%
Average CAD interest rate4 5.3%

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 ($0.7060 at 31 December 2018) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9623 at 31 December 2018) where no cross currency swaps are in place.
2. Represents drawn amounts on a 100% interest basis, including separate letters of credit issued.
3. Calculated using proportional drawn debt.
4. Proportional drawn debt exclusive of issued letters of credit.

Debt Maturity Profile

Corporate (as at 31 December 2018)

Corporate debt maturity profile chart

1.The full value of debt facilities is shown. Debt is shown in the financial year in which it matures.
2.Debt values are shown in AUD as at 31 December 2018. 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 (0.7060 at 31 December 2018) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9623 at 31 December 2018) where no cross currency swaps are in place.

Non recursive debt maturity profile chart

1. The full value of debt facilities is shown, not Transurban’s share, as this is the value of debt for refinancing purposes. Debt is shown in the financial year in which it matures.
2. Debt values are shown in AUD as at 31 December 2018. CAD, CHF, EUR, NOK and USD debt is converted at the hedged rate where cross currency swaps are in place. USD debt is converted at the spot exchange rate (0.7060 at 31 December 2018) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9623 at 31 December 2018) where no cross currency swaps are in place.
3. A$318 million tranche maturing in FY21 is a portion of the A$1,429 million in 495 debt maturing in FY42+ will be refinanced in FY21, per the financing structure agreed with the sole holder, J.P. Morgan.
4. 95 Express Lanes and 495 Express Lanes maturities show final maturity dates.