Summary

Key Debt Metrics

31 DEC 2019
  Transurban Group Corporate Non- recourse
Weighted average maturity (years)1,2 8.4 yrs 6.7 yrs 9.5 yrs4
Weighted average cost of AUD debt1,5 4.3% 4.8% 4.1%
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 97.5% 99.9% 96.1%
Gearing (proportional debt to enterprise value)1,7 32.8%  
FFO/Debt8 8.5%
Corporate senior interest cover ratio (historical ratio for 12 months) 4.4x
Corporate debt rating
(S&P / Moody's / Fitch)
BBB+ / Baa1 / A-

 

30 JUN 2019
  Transurban Group Corporate Non- recourse
Weighted average maturity (years)1,2 8.3 yrs 6.4 yrs 9.5 yrs3
Weighted average cost of AUD debt1,5 4.6% 5.0% 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%
Hedged1,6 100.0% 100.0% 100.0%
Gearing (proportional debt to enterprise value)1,7 32.0%  
FFO/Debt8 8.7%
Corporate senior interest cover ratio (historical ratio for 12 months) 4.1x
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 (0.7015 at 30 June 2019 and 0.7008 at 31 December 2019) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9182 at 30 June 2019 and 0.9143 at 31 December 2019) where no cross currency swaps are in place.
2. Calculated using proportional drawn debt.
3. The weighted average maturity of Australian non-recourse debt is 6.7 years at 30 June 2019.
4. The weighted average maturity of Australian non-recourse debt is 6.2 years at 31 December 2019.
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 $14.74 at 30 June 2019 and $14.91 at 31 December 2019 with 2,675 million securities on issue at 30 June 2019 and 2,733 million securities on issue at 31 December 2019.
8. Based on S&P methodology. FFO is calculated as statutory EBITDA (where EBITDA equals revenue minus operating expenses net of maintenance provision) plus dividends from investments; minus net interest expense, tax paid, and stock compensation expense. Debt is calculated as statutory drawn debt net of cash, foreign currency hedging and other liquid investments. FFO/Debt calculation methodology may be subject to adjustments in future periods.

Debt Position Summary

As at 31 December 2019

CORPORATE1
Corporate debt pie chart
Total debt2 A$8.3B
Average tenor3 6.7 years
Average AUD interest rate4 4.8%
Average USD interest rate4 4.3%
Average CAD interest rate4 4.6%

 

AUSTRALIA NON-RECOURSE1
Australian debt pie chart
Total debt2 A$17.7B
Average tenor3 6.2 years
Average AUD interest rate4 4.1%
Average USD interest rate4 N/A
Average CAD interest rate4 N/A

 

NORTH AMERICA NON-RECOURSE1
North America debt pie chart
Total debt2 A$3.7B
Average tenor3 17.5 years
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 (0.7008 at 31 December 2019) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9143 at 31 December 2019) 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 debt exclusive of issued letters of credit.

Debt Maturity Profile

Corporate (as at 31 December 2019)

Corporate debt maturity profile chart

1.The full value of available 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 2019. 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 0.7008 at 31 December 2019 where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate 0.9143 at 31 December 2019 where no cross currency swaps are in place.

Non-Recourse (as at 31 December 2019)

Non recursive debt maturity profile chart

1. The full value of available debt facilities is shown. Debt is shown in the financial year in which it matures. Scheduled amortisation of less than $25m are not shown for graph purposes.
2. Debt values are shown in AUD as at 31 December 2019. CAD, CHF 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 0.7008 at 31 December 2019 where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate 0.9143 at 31 December 2019 where no cross currency swaps are in place.
3. A$321 million tranche of the 495 debt will be refinanced in FY21, per the financing structure agreed with the sole holder, J.P. Morgan.