SYDNEY AIRPORT CORPORATION KEY data KEY CREDIT METRICS FINANCIAL YEAR END 31 DEC CREDIT RATING BBB/Baa2/BBB (S&P/Moody’s/Fitch) BLOOMBERG TICKER SYD AAU BOND PROTECTION ASX CODE SYD GEARING COVENANT Y (ND/EV<75%) KEY FINANCIALS HY12 FY11 FY10 Leverage ratio N REVENUES (A$M) 504 973 943 INTEREST COVER RATIO Y (>1.1x) EBITDA (A$M) 411 790 773 CHANGE OF CONTROL Y NET PROFIT (A$M)1 93 161 150 COUPON STEP-UP N NET PROFIT (A$M) (48.0) (121) (131.4) NET SENIOR DEBT/EBITDA (X) 7.32 6.6 6.5 (1) Excluding shareholder-related RPS finance costs. instruments and bank debt for its debt funding. It has on issue (2) Change in net senior debt/EBITDA is due to redemption of SKIES being the subordinated debt listed in the ASX in January 2012. Australian credit-wrapped and unwrapped MTNs, Australian credit-wrapped capital-indexed bonds, US 144A/Reg S secured About Sydney Airport notes and Canadian Maple market secured notes. ydney Airport is Australia’s busiest airport and At June 30 2012 SCACH Group had net debt of handles on average 98,000 passengers each day. A$6.02 billion. The average maturity of outstanding debt is Sydney Airport is the gateway to Sydney, which approximately eight years. The company has no further term is Australia’s largest city, most popular tourist debt maturities until Q4 2012. destination and financial capital. A total of 42% of The SCACH Group is continuing to diversify its debt SAustralia’s arriving and departing international passengers and portfolio and will be continuing to look at opportunities in 22% of all domestic and regional passengers fly through the the international capital markets in addition to bank debt and airport. Sydney Airport is an integral component of Australia’s domestic capital markets. • national transport infrastructure network, linking Sydney to the world via 46 routes to international destinations and 49 routes outstanding bonds** margin at coupon to domestic and regional destinations. Issue date VOLume (M) Maturity format issue date (% or bps) The principal activities of Sydney Airport are the provision (bps) AUD and management of airport facilities – including retail, (domestic) commercial and property businesses within the airport. In 1998 Dec 06 217 20 Nov 13 FRN* 23/BBSW 23/BBSW Sydney Airport entered into a lease with the Commonwealth of Sep 04 700 20 Nov 14 FRN* 49/BBSW 49/BBSW Australia to operate the airport for 50 years, with an option for Jul 10 175 Jul 15 Fixed 8.00% 8.00% a further 49 years. Sep 04 300 20 Nov 15 FRN* 49/BBSW 49/BBSW May 11 100 Jul 18 Fixed 7.75% 7.75% Various 6501 20 Nov 20 CPI-linked* 3.76% 3.76% Ownership Dec 06 200 20 Nov 21 FRN* 31/BBSW 31/BBSW In June 2002 Sydney Airport was privatised by the Dec 06 750 11 Oct 22 FRN* 29/BBSW 29/BBSW Commonwealth government. Southern Cross Airports Dec 06 659 11 Oct 27 FRN* 33/BBSW 33/BBSW Corporation Holdings Limited (the SCACH Group) is the Dec 06 3421 20 Nov 30 CPI-linked* 3.12% 3.12% parent company of Sydney Airport. Current shareholders of Offshore the SCACH Group are Australian Securities Exchange-listed Jun 11 C$225 Jul 18 Fixed 4.602% 4.602% Sydney Airport (84.8%), HOCHTIEF AirPort and affiliates Oct 10 US$500 Feb 21 Fixed 5.125% 5.125% (12.1%), and Australian superannuation funds (3.1%). * Credit-wrapped. ** As at June 30 2011. (1) The face value of the bond increases over time as a portion of interest is capitalised. Liquidity position As at 30 June 2012 the SCACH Group had undrawn committed facilities of A$967 million and cash balances of FOR FURTHER INFORMATION PLEASE CONTACT: A$241 million. Christine Kelly, Treasurer +61 2 9667 6139 Debt funding [email protected] The SCACH Group uses a variety of capital market www.sydneyairport.com.au 6 9 ISSUER prOFILes TaBCORP HOLDINGS KEY CREDIT METRICS CREDIT RATING BBB (S&P) BOND PROTECTION GEARING COVENANT Y LEVERAGE RATIO N KEY data INTEREST COVER RATIO Y FINANCIAL YEAR END 30 JUN CHANGE OF CONTROL Y BLOOMBERG TICKER TAHAU COUPON STEP-UP N ASX CODE TAH TARGET GEARING Investment grade FY11 FY11 WEIGHTED AVERAGE DEBT MATURITY (continuing (reported) 4.8 years (as at Jun 30 2012) KEY FINANCIALS FY12 FY10 (Senior) buisness) (1) WEIGHTED AVERAGE COST OF DEBT (Senior) 7.9% (as at Jun 30 2012) MARKET CAPITALISATION (A$M) 2,139.2 2,263.5 N/A 3,877.9 REVENUES (A$M) 3,038.5 2,947.5 4,469.5 4,219.7 facilities should mature in any 12-month period within the next EBITDA (A$M) 725.2 686.8 1,132.7 998.0 five years. At June 30 2012 none (2011: 27%) of the group’s debt NET PROFIT AFTER TAX (A$M) 340.0 N/A 534.8 469.5 facilities will mature in less than one year. DEBT/EBITDA (X) (Senior) 1.7 1.4 N/A 2.1 Tabcorp’s drawn debt comprises 72% bond and 28% bank NET DEBT/NET DEBT + EQUITY (%) 43.3 40.3 N/A 50.1 debt. Tabcorp has a diversified debt portfolio which includes Share price (FY END) (A$) 2.93 3.29 N/A 6.33 AUD bank debt, AUD MTNs, AUD retail bonds, Tabcorp (1) In June 2011 Tabcorp completed the demerger of its casino business to form the Echo Entertainment Group (ASX code EGP). subordinated notes and USD bonds. Tabcorp remains well within its existing banking covenants. • About Tabcorp Holdings s a diversified publicly-listed gambling company, debt maturity profiLE Tabcorp Holdings (Tabcorp) conducts a unique MTNs Tabcorp retail bonds Drawn bank facilities combination of wagering, gaming, Keno and Undrawn bank facilities Subordinated notes (1) USPP media activities across Australia. It manages leading customer brands in Australia including TAB.com.au 600 Keno, Luxbet, Tabcorp Gaming Solutions, Sky Racing and Sky 500 ) A M Sports Radio, serving millions of customers every day. Tabcorp 400 284 (A$ 60 400 employs about 3,000 people in all states of Australia. Its head E office is in Melbourne. M 300 340 olu 250 V 200 211 Ownership 150 100 Tabcorp has been listed on the Australian Securities Exchange as TAH since August 1994. It is one of the top 100 listed 0 companies on the exchange. FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY19 (1) Subordinated notes mature in March 2037, but illustrated at the first call date in 2017. SOURCE: TABCORP HOLDINGS JUNE 30 2012 Liquidity position Tabcorp aims to retain a strong investment-grade credit outstanding bonds rating and conservative balance sheet ratios. During FY12 the margin at coupon Issue date VOLume (M) Maturity format issue date (% or bps) company extended existing bank facilities of A$400 million, (bps) and issued US$220 million of bonds and A$250 million of AUD Tabcorp subordinated notes. To help reduce liquidity risk the (domestic) 19 Jun 09 150 May 14 FRN 425/BBSW 425/BBSW group targets a minimum level of cash and cash equivalents 30 Apr 09 284.5 May 14 FRN 425/BBSW 425/BBSW to be maintained, and has revolving facilities in place with 22 Mar 12 250 Mar 37 FRN 400/BBSW 400/BBSW sufficient headroom. As at June 30 2012 Tabcorp reported a 27 Apr 12 83.5 Apr 19 Fixed ND 384/BBSW net debt position of A$1.1 billion, with headroom of A$460 27 Apr 12 127 Apr 22 Fixed ND 357/BBSW million in existing AUD bank lines. FOR FURTHER INFORMATION PLEASE CONTACT: Debt funding Damien Johnston, Chief Financial Officer The group’s objective is to maintain a balance between continuity +61 3 9868 2583 of funding and flexibility through the use of bank loans, bonds [email protected] and notes. The group’s policy is that not more than 33% of debt www.tabcorp.com.au 7 0 | AU stra L asia N C O rp O rate Y earb OO K : br OUGH T T O Y O U by WE S T P A C I N S T I TUT I O N A L B A N K A N D K A NG aNe W S N OV E M ber 2 0 1 2 TATTS GROUP KEY CREDIT METRICS CREDIT RATING Not rated WEIGHTED AVERAGE DEBT MATURITY 3.3 years (as at Jun 30 2012) WEIGHTED AVERAGE COST OF DEBT 6.9% (as at Jun 30 2012) KEY data FINANCIAL YEAR END 30 JUN • Investment criteria that consider earnings accretion and risk- BLOOMBERG TICKER TTS AU adjusted rate of return requirements based on the group’s ASX CODE TTS weighted average cost of capital. KEY FINANCIALS FY12 FY11 FY10 • Ongoing cash flow forecast analysis and detailed budgeting MARKET CAPITALISATION (A$M) 3,570.8 3,164.8 2,871.7 processes which, combined with continual development of REVENUES (A$M) 3,901.9 3,669.3 3,297.9 banking and investor relationships, is directed at providing EBITDA (A$M) 650.2 616.3 542.1 a sound financial positioning for the group’s operations and NET PROFIT AFTER TAX (A$M) 319.1 275.4 120.3 NET DEBT/EBITDA (X) (Senior) 1.8 2.0 2.3 financial management activities. NET DEBT/NET DEBT + EQUITY (%) 31.3 32.8 35.6 The group’s operations generate a strong and stable annual Share price (FY END) (A$) 2.62 2.40 2.24 operating cash flow which, combined with a regular and steady capital expenditure profile, underpins the maintenance of its sound financial position.