adelaide airport - kanganews · bonds, with the next maturity in september 2015 (a$285 million). on...

1 2 | A U S T R A L A S I A N C O R P O R A T E Y E A R B O O K : B R O U G H T T O Y O U B Y W E S T P A C I N S T I T U T I O N A L B A N K A N D K A N G A N E W S N O V E M B E R 2 0 1 4

ISSUERPROFILES

ADELAIDE AIRPORT

About Adelaide Airport

A delaide Airport is the fifth-largest domestic airport and sixth-largest international airport in Australia. As the aviation gateway to South Australia, it processes more than 7.7 million passengers annually. Adelaide Airport delivers safe and efficient facilities

for passengers and aircraft, as well as freight and property services for tenants and retailers, alongside general commercial developments. Property and retail income represent around 30% of Adelaide Airport’s operating revenue, supported by diverse leases and some element of guaranteed base income. In 1998 Adelaide Airport Limited (AAL) purchased the operating leases for Adelaide and Parafield Airports to operate both airports for the next 50 years, with an option for a further 49 years.

OwnershipAAL is owned 49% by UniSuper, 19.5% by Statewide Super, 15.3% by Colonial First State Global Asset Management and 16.1% by others.

Liquidity positionAt June 30 2014 the company had access to about A$74 million in cash, which included an undrawn debt-service reserve of A$13.6 million. Further liquidity is available from undrawn credit facilities – comprising A$20 million headroom under the working-capital facility and A$61 million undrawn in the bilateral bank facility.

Debt fundingIn the debt capital markets AAL has only issued AUD domestic bonds, with the next maturity in September 2015 (A$285 million). On April 9 2010 Adelaide Airport sold A$235 million of new September 2015 bonds alongside a buyback of more than 85% (A$231.5 million) of its outstanding December 2010 bonds. The buyback was completed at par plus accrued interest.

FOR FURTHER INFORMATION PLEASE CONTACT:

Shane Flowers, Chief Financial Officer+61 8 8308 [email protected]

The 2015 bond was increased by A$50 million in December 2010. AAL also has a A$165 million floating-rate domestic bond which matures in September 2016 and a A$100 million fixed-rate domestic bond with the same maturity. In addition, AAL has a A$120 million bilateral bank debt facility which matures in April 2018.

Senior lenders have a full fixed and floating security on AAL’s assets, including the airport leases, and rank pari passu. An established cash waterfall, which prescribes the use of cash from operations, protects holders of senior debt.

KEY CREDIT METRICS

CREDIT RATING BBB/Baa2 (S&P/Moody’s)

BOND PROTECTION

GEARING COVENANT N

LEVERAGE RATIO Y (0.75%)

INTEREST COVER RATIO Y (1.10x)

CHANGE OF CONTROL Y

COUPON STEP-UP N

TARGET GEARING 65-70% (2016)

WEIGHTED AVERAGE DEBT MATURITY (SENIOR) 2.0 years (as at June 30 2014)

WEIGHTED AVERAGE COST OF DEBT (SENIOR) 6.9% (FY14)

KEY DATA

FINANCIAL YEAR END 30 JUN

BLOOMBERG TICKER ADLAIR

ASX CODE NOT LISTED

KEY FINANCIALS FY14 FY13 FY12

REVENUES (A$) 172,329 161,323 150,849

EBITDA (A$) 112,317 102,947 88,859

NET PROFIT AFTER TAX (A$) 13,742 10,502 4,644

DEBT/EBITDA (X) (SENIOR) 5.8 6.3 7.0

NET DEBT/NET DEBT + EQUITY (%) 69.0 69.7 68.5

OUTSTANDING BONDS

ISSUE DATE VOLUME (M) MATURITY FORMAT COUPON (% OR BPs)

MARGIN AT ISSUE DATE (BPs)

AUD (DOMESTIC)

31 Mar 10 285 15 Sep 15 FRN 255/BBSW 255/BBSW

23 Aug 06 100 20 Sep 16 Fixed 6.25% 25/swap

23 Aug 06 165 20 Sep 16 FRN 25/BBSW 25/BBSW

1 3

AGL ENERGY

About AGL Energy

AGL Energy (AGL) is one of Australia’s leading integrated energy companies and is the largest ASX-listed owner, operator and developer of renewable-energy generation in the country. Drawing on more than 175 years of experience, AGL operates retail

and merchant energy businesses, power-generation assets and an upstream gas portfolio.

AGL has one of Australia’s largest retail energy and dual-fuel customer bases. It has a diverse power-generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is taking action toward creating a sustainable energy future for its investors, communities and customers.

OwnershipAGL is an S&P/ASX 50 company. It has been operating in Australia for more than 175 years and was one of the country’s first listed companies. In 2006, AGL and Alinta shareholders approved the merger of the old Australian Gas Light Company’s infrastructure assets with Alinta and the subsequent separation of AGL. AGL began trading, as AGK, on the ASX on October 12 2006.

Liquidity positionAs at June 30 2014, AGL had A$466 million of cash and net debt totalled A$3.25 billion.

Debt fundingAGL accesses different capital markets to extend its debt maturity profile and diversify its sources of funding. As at June 30 2014, AGL had outstanding drawn debt of A$3.7 billion, comprising A$650 million of syndicated bank debt, a


Bláthnaid Byrne, Group Treasurer+61 2 9921 [email protected]

US$300 million US private placement, A$189 million of export credit agency financing from the Danish government, A$650 million in subordinated notes, A$600 million in revolving credit facilities and A$1.3 billion project finance debt at the Loy Yang A level.

The weighted average maturity of the debt facilities is 8.1 years and the next refinancing is due in November 2015, for A$1 billion of the Loy Yang A debt.

KEY CREDIT METRICS

CREDIT RATING BBB (S&P)

BOND PROTECTION

GEARING COVENANT Y

LEVERAGE RATIO N

INTEREST COVER RATIO Y

CHANGE OF CONTROL Y

COUPON STEP-UP Y for sub notes at June 8 2019

TARGET GEARING 30%

WEIGHTED AVERAGE DEBT MATURITY 8.1 years (as at June 30 2014)

WEIGHTED AVERAGE COST OF DEBT 6.0% (including fees; as at June 30 2014)

KEY DATA


BLOOMBERG TICKER AGKAU

ASX CODE AGK


MARKET CAPITALISATION (A$M) 8,664 8,025 8,062

REVENUES (A$M) 9,543 9,716 7.456

STATUTORY EBITDA (A$M) 1,305 936 375

UNDERLYING EBITDA (A$M) 1,330 1,318 904

STATUTORY NPAT (A$M) 570 375 115

UNDERLYING NPAT (A$M) 562 585 482


SHARE PRICE (FY END) (A$M) 14.83 13.87 14.15

OUTSTANDING BONDS



AUD(DOMESTIC)

12 May 97 244* 12 May 27 CPI-linked 6.80% N/A

4 Apr 12 650 8 Jun 39 FRN 380/BBSW 380/BBSW

USD (USPP)

8 Sep 10 165 8 Sep 22 Fixed 5.08% 269/BBSW

8 Sep 10 135 8 Sep 25 Fixed 5.28% 265/BBSW

* Face value changes over time for amortisation and CPI indexation.

DEBT MATURITY PROFILE

VO

LU

ME

(A

$M

)

1,200

1,000

800

600

400

200

0

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

FY26

FY27

FY28

+SOURCE: AGL ENERGY JUNE 30 2014

188

694

3026 28 3329 34 37

217

675625

58

1,019


ISSUERPROFILES

AIRSERVICES AUSTRALIA

About Airservices Australia

A irservices Australia (Airservices) is a provider of safe, secure, efficient and environmentally responsible air-navigation services to 140 million passengers on more than four million aircraft movements each year across Australian and Oceanic airspace.

These services are supported by a national network of communications, surveillance and navigation facilities and infrastructure.

Airservices employs more than 4,300 staff, with approximately 1,300 air traffic controllers working from two major centres, in Brisbane and Melbourne, and 29 towers at major capital city and regional airports. Airservices is also one of the world’s largest providers of aviation and rescue firefighting (ARFF) services with more than 900 operational and support personnel providing ARFF services at 25 of Australia’s busiest airports.

Airservices is funded through charges levied on its customers and borrowings from debt markets.

OwnershipAirservices is a corporate Commonwealth entity established by the Air Services Act 1995. It is governed by a board of directors appointed by the minister for infrastructure and regional development. The board is responsible for deciding objectives, strategies and policies, and ensuring that Airservices performs its functions in a proper, efficient and effective manner.

Liquidity positionDuring FY14 Airservices generated net cash flows from its operations of A$167.8 million. It finished the year in a strong liquidity position, with cash on hand of A$80.5 million and undrawn committed debt facilities of A$235.0 million.


Andrew Clark, Chief Financial Officer+61 2 6268 4850andrew.clark@airservicesaustralia.comwww.airservicesaustralia.com

Debt fundingDuring the year Airservices raised the limit on its domestic MTN programme for senior-unsecured issuance to A$750 million from A$400 million. Immediately after this, Airservices issued a new A$275 million, seven-year MTN transaction. The MTNs were issued at a margin of 75 basis points over the benchmark swap rate and have a coupon interest rate of 4.75%. They will mature in November 2020. Funds from the new MTNs were used to repay maturing debt and to finance the organisation’s capital-works programme.

Airservices continues to maintain a presence in the domestic CP market. As at June 30 2014 it had A$20 million outstanding. The interest margin to the bank bill swap rate is plus 5 basis points.

Over the next 12 months Airservices will continue to use its A$300 million CP programme to meet its short-term funding requirements. It is likely that Airservices will need to complete another MTN transaction in the first half of FY16.

KEY CREDIT METRICS

CREDIT RATING AAA (S&P)

BOND PROTECTION

GEARING COVENANT N

LEVERAGE RATIO N

INTEREST COVER RATIO N

CHANGE OF CONTROL Y

COUPON STEP-UP N

TARGET GEARING 40-50% (over the next five years)

WEIGHTED AVERAGE DEBT MATURITY Jan 19 (as at June 30 2014)

WEIGHTED AVERAGE COST OF DEBT 5.19% (as at June 30 2014)

KEY DATA


BLOOMBERG TICKER AIRSER GOVT

ASX CODE ASAA20

KEY FINANCIALS FY14 FY13 (1) FY12

REVENUES (A$M) 1,020.8 955.1 898.0

EBITDA (A$M) 157.2 189.7 174.1

NET PROFIT AFTER TAX (A$M) 21.3 45.5 45.6


NET DEBT/NET DEBT + EQUITY (%) 41 41 49

(1) FY13 results have been restated following the adoption of AASB 119 Employee Benefits.

OUTSTANDING BONDS

ISSUE DATE VOLUME (M) MATURITY FORMAT COUPONMARGIN AT ISSUE DATE (BPs)

AUD (DOMESTIC)

2 Nov 11 200 15 Nov 16 Fixed 5.50% 110/swap


1 5

AMCOR

About Amcor

Amcor is a global leader in responsible packaging solutions, supplying a broad range of plastic (rigid and flexible) packaging products to enhance the products consumers use in everyday life.

Amcor consists of two key business groups: Amcor Flexibles and Amcor Rigid Plastics. Amcor Flexibles includes Amcor Flexibles Europe & Americas, Amcor Flexibles Asia Pacific and Amcor Tobacco Packaging. Amcor Rigid Plastics consists of operations in North and South America.

The company’s geographic sales split for FY14 was 31% North America, 34% Western Europe, 30% emerging markets and 5% Australia and New Zealand.

Amcor has more than 180 sites in 43 countries, with in excess of A$10.8 billion in sales and 27,200 employees.

Effective December 31 2013, the Australasia and Packaging Distribution business (AAPD) was demerged from the Amcor Group.

OwnershipAmcor has been listed on the ASX as AMC since 1969.

Liquidity positionAmcor aims to retain an investment-grade credit rating and strong balance-sheet ratios, with scope to provide flexibility to pursue growth opportunities.

The group targets a minimum of undrawn committed capacity of around US$700 million at the end of the financial year. Amcor also targets a minimum of 6.0 times PBITDA interest cover, and reported 7.5 times in FY14.

As at June 30 2014 Amcor reported a net debt position of A$3.2 billion, with headroom of A$1.6 billion in undrawn committed existing bank lines.


Graeme Vavasseur, Vice President and Group Treasurer+61 3 9226 [email protected]

Debt fundingThe group’s objective is to maintain a balance between continuity of funding, minimising refinancing risk, optimising funding costs, and maintaining flexibility through the use of CP, bank loans, bonds and notes. Amcor’s drawn debt comprises 80% debt capital markets funding and 20% bank debt. The average maturity is more than four years.

In October 2013, Amcor refinanced the second tranche of its local syndicated bank facility established in December 2010.

In April 2014, Amcor completed a US$500 million bank syndicated facility in the US bank market.

KEY CREDIT METRICS

CREDIT RATING BBB/Baa2 (S&P/Moody’s)

BOND PROTECTION (DEPENDING ON TYPE)

GEARING COVENANT N

LEVERAGE RATIO Y


CHANGE OF CONTROL Y

COUPON STEP-UP Y

TARGET LEVERAGE 2.25-2.75x (FY14)



KEY DATA


BLOOMBERG TICKER AMCAU

ASX CODE AMC

KEY FINANCIALS Continuing operations (CO) FY14 FY13

COFY12

CO

MARKET CAPITALISATION (A$M) (1) 12,586 10,986 7,682

REVENUES (A$M) 10,853 9,486 9,340

EBITDA (A$M) 1,587 1,341 1,281

NET PROFIT AFTER TAX (A$M) (2) 737 592 545


SHARE PRICE (FY END) (A$) 10.43 9.10 6.37

(1) Market capitalisation and share price have been adjusted to reflect the AAPD demerger.(2) Before significant items.

OUTSTANDING BONDS

ISSUE DATE VOLUME (M) MATURITY FORMAT COUPON MARGIN AT ISSUE DATE (BPs)

USD (USPP)

17 Dec 02 95 17 Dec 14 Fixed 5.75% 170/UST

10 Jun 03 85 17 Dec 14 Fixed 5.01% 180/UST

15 Dec 09 275 15 Dec 16 Fixed 5.38% 250/UST

17 Dec 02 100 17 Dec 17 Fixed 5.95% 190/UST

15 Dec 09 300 15 Dec 18 Fixed 5.69% 250/UST

15 Dec 09 275 15 Dec 21 Fixed 5.95% 260/UST

EURO

1 Sep 10 50 1 Sep 15 Fixed 3.44% 162/€MS

1 Sep 14 100 1 Sep 20 Fixed 5.00% 197/€MS

EMTN

4 Apr 12 CHF150 4 Apr 18 Fixed 2.13% 163/CHFMS

16 Mar 11 €550 16 Apr 19 Fixed 4.63% 128/€MS

22 Mar 13 €300 22 Mar 23 Fixed 2.75% 105/€MS


ISSUERPROFILES

AMP CAPITAL SHOPPING CENTRE FUND

About AMP Capital Shopping Centre Fund

AMP Capital Shopping Centre Fund (ASCF) offers investors exposure to an established portfolio of prime shopping-centre properties in Australia and New Zealand, diversified by retailer type, location and length of lease.

ASCF manages investments in 10 properties, with high tenancy rates and stable income streams supported by leases to some of Australia’s major retailers. Total fund size was A$2.57 billion as at June 30 2014.

OwnershipASCF is an unlisted, Australian-based wholesale property fund. The responsible entity of ASCF is AMP Capital Funds Management Limited (AMP Capital), a wholly owned subsidiary of AMP and a specialist investment manager with A$144 billion in funds under management as at June 30 2014. AMP Capital is one of Australia’s largest retail and corporate superannuation fund managers with more than 160 years of experience. AMP Capital has offices in Australia, China, Hong Kong, India, Japan, New Zealand, the US, Bahrain and the UK.

Liquidity positionASCF has maintained a strong liquidity position with no redemptions. There exists sufficient debt capacity for ongoing capital expenditure.

Debt fundingAs at June 30 2014 the fund had A$360 million total debt drawn, with an average loan term remaining of 1.91 years. The fund is diversified by two debt sources:• A$200 million MTN in place until April 2015.• A$420 million syndicated bank facility, drawn to A$160

million as at June 30 2014, in place until November 2016.ASCF’s senior secured debt obligations are rated A (stable)

by Standard & Poor’s. Secured creditors further benefit from a negative pledge clause, under which no debt may be granted unless agreed to by lenders. The financial covenants – which incorporate a minimum interest cover ratio as well as a maximum total gearing ratio of 40% – are structured as events of default.


Conrad Sinclair, Fund Manager+61 2 9257 [email protected]/our-funds/shopping-centre-fund.asp

KEY CREDIT METRICS

CREDIT RATING A (S&P)

BOND PROTECTION

GEARING COVENANT Y

LEVERAGE RATIO Y


CHANGE OF CONTROL Y

COUPON STEP-UP N

TARGET GEARING 15-25%


WEIGHTED AVERAGE COST OF DEBT (EXCLUDING HEDGES) 4.7% (as at June 30 2014)

KEY DATA

FINANCIAL YEAR END 31 DEC

BLOOMBERG TICKER AMPAU

ASX CODE NOT LISTED

OUTSTANDING BONDS


AUD (DOMESTIC)

21 Apr 10 200 28 Apr 15 Fixed 7.5% 185/swap


Bank debt MTN

VO

LU

ME

(A

$M

)

450

400

350

300

250

200

150

100

50

0FY13 FY14 FY15 FY16

SOURCE: AMP CAPITAL SHOPPING CENTRE FUND JUNE 30 2014

200

420

1 7

APA GROUP

About APA Group

A PA Group (APA) is Australia’s largest natural-gas infrastructure business. At June 30 2014, it owned or operated around A$12 billion of energy infrastructure assets – including gas transmission and distribution pipelines and complementary assets

such as gas-storage facilities, wind farms and gas-fired power stations.

APA owns or holds interests in energy-infrastructure assets in every state and territory of mainland Australia, and owns the largest portfolio of natural-gas pipelines in the country. APA operates and maintains key gas-distribution networks in Australia, with more than a million gas connections.

OwnershipAPA has been listed on the ASX since June 2000. Its securities are included in the S&P/ASX50 Index, the MSCI World Index and the FTSE World Index.

Liquidity positionAs at June 30 2014, APA had A$842.5 million of available liquidity, comprising A$7.0 million of cash and cash equivalents and A$835.5 million of committed but undrawn loan facilities.

Debt fundingAPA, through its corporate borrowing entity APT Pipelines Limited, has established a debt structure diversified both in terms of debt instrument type and maturity profile. With the exception of its subordinated notes, all APA’s bank and capital market borrowings are structured on a senior-unsecured basis and rank pari passu. They are guaranteed by a common guarantor group.

As at June 30 2014, APA had drawn A$4.8 billion of debt from its total available facilities of A$5.6 billion. Financial covenants for bank facilities include a gearing ratio – net debt to net debt plus book equity – of less than 75% and an interest cover ratio of greater than 1.1 times.


Ian Duncan, General Manager, Capital Markets+61 2 9693 [email protected]

KEY CREDIT METRICSCREDIT RATING BBB/Baa2 (S&P/Moody’s)

BOND PROTECTION

CHANGE OF CONTROL, NEGATIVE PLEDGE, CROSS ACCELERATION Y

GEARING COVENANT, LEVERAGE RATIO, INTEREST COVER RATIO, COUPON STEP-UP N

TARGET GEARING 65–68%

WEIGHTED AVERAGE DRAWN DEBT MATURITY 5.4 years (as at June 30 2014)

WEIGHTED AVERAGE COST OF DEBT 7.12% (FY14)

KEY DATAFINANCIAL YEAR END 30 JUN

BLOOMBERG TICKER APAAU

ASX CODE APA

KEY FINANCIALS (NORMALISED) FY14 FY13 FY12


REVENUES (EXCL. PASS-THROUGH) (A$M) 992.5 919.5 758.0

EBITDA (A$M) 747.3 661.9 525.8


NET DEBT/(NET DEBT + EQUITY) (%) 64.2 62.8 65.0


OUTSTANDING BONDSISSUE DATE VOLUME (M) MATURITY FORMAT COUPON

AUD (AMTN)

22 Jul 10 300 22 Jul 20 Fixed 7.75%

AUD (USPP)

15 May 07 5 15 May 17 Fixed 7.33%

15 May 07 99 15 May 17 Fixed 7.38%

15 May 07 68 15 May 19 Fixed 7.40%

15 May 07 143 15 May 22 Fixed 7.45%

USD (USPP)

9 Sep 03 122 9 Sep 15 Fixed 5.77%

1 Jul 09 65 1 Jul 16 Fixed 8.35%

15 May 07 154 15 May 17 Fixed 5.89%

9 Sep 03 63 9 Sep 18 Fixed 6.02%

15 May 07 122 15 May 19 Fixed 5.99%

1 Jul 09 75 1 Jul 19 Fixed 8.86%

15 May 07 124 15 May 22 Fixed 6.14%

USD (144A)

11 Oct 12 750 11 Oct 22 Fixed 3.88%

EMTN

24 Jan 12 ¥10,000 22 Jun 18 Fixed 1.23%

28 Jun 12 C$300 24 Jul 19 Fixed 4.25%

26 Nov 12 £350 26 Nov 24 Fixed 4.25%

AUD (SUBORDINATED)

18 Sep 12 515 30 Sep 72 (first call 31 Mar 18) FRN

BBSW+ 4.5%


Bilateral facilities

EMTN

AMTN

Subordinated notes (first call date)

USPPSyndicated facilities

VO

LU

ME

(A

$M

)

1,000900800700600500400300200100

0FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

SOURCE: APA GROUP JUNE 30 2014

414271

110

350

295

515

225

280

289 300 296

735536

US 144A

50

126


ISSUERPROFILES

ASCIANO

About Asciano

A sciano is Australia’s largest national rail-freight and cargo-port operator. It is one of Australia’s leading providers of critical logistics services within essential infrastructure-based supply chains.

Asciano occupies all major segments of the import-export and domestic supply chains to offer a diverse freight-mix service offering. The group continues to pursue opportunities to provide integrated supply-chain infrastructure solutions, leveraging its port and rail capabilities. The group will also seek to develop integrated service offerings such as the migration of port volumes from road to rail.

Asciano has nearly 9,000 full-time employees nationally, across its three divisions. These are:• Pacific National. This is the integration of two previous

divisions – Pacific National Coal (PN Coal) and Pacific National Rail (PN Rail). PN Coal is the second-largest coal rail haulage provider in Australia. PN Rail provides intermodal rail services and bulk-haulage rail services – excluding coal – throughout Australia. The integration of these two divisions took effect from July 1 2014.

• Terminals & Logistics is one of two major competitors in the Australian market providing container stevedoring services in the four largest container ports in Australia.

• Bulk & Automotive Port Services specialises in the management of bulk ports and supporting infrastructure, and the provision of port-related logistics at over 30 sites across Australia and New Zealand.

OwnershipAsciano first listed on the ASX in June 2007. The company is a member of the S&P/ASX50 Index.


Joanna Wakefield, Group Treasurer+61 2 8484 [email protected]

Liquidity positionAs at June 30 2014, Asciano had a very strong liquidity position of A$817.3 million – comprising A$167.3 million in cash and A$650.0 million in undrawn committed facilities.

Debt fundingAs at June 30 2014, Asciano had A$3.2 billion of debt outstanding: A$650 million was drawn under a syndicated bank facility and the balance was in USD-denominated 144A bonds and GBP-denominated EMTN bonds. Asciano’s next debt maturity is in FY16.

KEY CREDIT METRICS

CREDIT RATING BBB-/Baa2 (S&P/Moody’s)

BOND PROTECTION

GEARING COVENANT N

LEVERAGE RATIO N


CHANGE OF CONTROL Y

COUPON STEP-UP N

TARGET GEARING Policy max. net debt/EBITDA 2.5-3.0x



KEY DATA


BLOOMBERG TICKER AIOAU

ASX CODE AIO



REVENUES (A$M) 3,994.6 3,744.8 3,456.7

EBITDA (A$M) 991.4 977.8 907.7





OUTSTANDING BONDS


USD (144A)

16 Sep 10 400 23 Sep 15 Fixed 3.13% 170/UST

31 Mar 11 750 7 Apr 18 Fixed 5.00% 220/UST

16 Sep 10 600 23 Sep 20 Fixed 4.63% 190/UST

31 Mar 11 250 7 Apr 23 Fixed 6.00% 260/UST

GBP (EMTN)

19 Sep 13 300 19 Sep 23 Fixed 5.00% 240/UKT

SOURCE: ASCIANO JUNE 30 2014


Drawn facilitiesBonds

VO

LU

ME

(A

$M

)

800

700

600

500

400

300

200

100

0FY16

FY14

FY18

FY17

FY21

FY19

FY15

FY20

FY22

FY23

Undrawn facilities

429

650 650

728

643

243

FY24

514

1 9

AUCKLAND INTERNATIONAL AIRPORT

About Auckland International Airport

A uckland International Airport Limited (AIAL or Auckland Airport) is the major airport in New Zealand. More than 75% of visitors enter or leave New Zealand via the airport, which handles over 15 million passengers a year. The airport was voted in

the top 10 global airports in 2009, 2010 and 2011 and the best airport in Australia/Pacific for the last six years (2009-2014).

OwnershipAuckland Airport was formed in 1988 when the government sold down its 50% shareholding via an IPO and listing on the NZX, making AIAL the fifth airport company in the world to be publicly listed. AIAL is listed on the NZX and the ASX as AIA.

Liquidity positionThe company has numerous standby bank facilities to support its CP programme and provide liquidity support for general working capital. At June 30 2014, Auckland Airport had NZ$487 million of committed but undrawn funding lines.

Debt fundingAuckland Airport uses a mixture of term bonds, bank facilities, US private placements (USPPs) and CP to provide its ongoing debt requirements. Total unsecured borrowings at June 30 2014 were NZ$1.51 billion.

Borrowings under the bank and standby facilities are supported by a negative-pledge deed. Borrowings under the bond programme are supported by a master-trust deed. Borrowings under the USPP programme are supported by a note-purchase agreement.


Simon Robertson, Chief Financial Officer+64 9 256 8907simon.robertson@aucklandairport.co.nzwww.aucklandairport.co.nz

KEY CREDIT METRICS

CREDIT RATING A- (S&P)

BOND PROTECTION

GEARING COVENANT N

LEVERAGE RATIO N


CHANGE OF CONTROL N

COUPON STEP-UP N

OTHER UNDERTAKINGS

Security ratio covenantGroup ownership covenantContingent liabilities covenantGuaranteeing subsidiaries covenant


WEIGHTED AVERAGE COST OF DEBT5.95% (average cost of funds for year ended June 30 2014)

KEY DATA


BLOOMBERG TICKER AIANZ

ASX & NZX CODE AIA


MARKET CAPITALISATION (NZ$M) 4,643 3,929 3,227

REVENUES (NZ$M) 475.8 448.5 426.8

EBITDAFI (NZ$M) (1) 355.2 330.8 319.3

NET PROFIT AFTER TAX (NZ$M) 215.9 178.0 142.3

UNDERLYING PROFIT (NZ$M) 169.9 153.8 139.0

DEBT/EBITDAFI (X) (SENIOR) 4.21 3.45 3.47


SHARE PRICE (FY END) (A$/NZ$) 3.64/3.90 2.51/2.97 2.00/2.44

(1) Earnings before interest, taxation, depreciation, fair-value adjustments and investment in associates.

OUTSTANDING BONDS


NZD (DOMESTIC)

2 Nov 09 125 27 Nov 14 Fixed 7.00%

7 Nov 05 100 7 Nov 15 Fixed 7.25%

10 Aug 09 25 10 Aug 16 Fixed 8.00%

15 Oct 08 130 15 Nov 16 Fixed 8.00%

11 Apr 14 150 11 Apr 17 FRN 60/BKBM

17 Oct 11 100 17 Oct 17 Fixed 5.47%

13 Dec 12 100 13 Dec 19 Fixed 4.73%

28 May 14 150 28 May 21 Fixed 5.52%

USD (USPP)

15 Feb 11 50 15 Feb 21 Fixed 4.42%

12 Jul 11 50 12 Jul 21 Fixed 4.67%

15 Feb 11 50 15 Feb 23 Fixed 4.57%

SOURCE: AUCKLAND INTERNATIONAL AIRPORT JUNE 30 2014


Bonds: fixed

USPP CP Bank facilities

Bonds: FRN

DR

AW

N D

EB

T (

NZ

$M

)

500450400350300250200150100500

<1 year 1-2 years 2-3 years 3-4 years 4-5 years >5 years

173

125

156

46

43

150

100145

250

183

10036

DURATION


ISSUERPROFILES

AURIZON

About Aurizon

A urizon Holdings Ltd (Aurizon Group) is Australia’s largest rail-freight operator. Each year, the company transports more than 250 million tonnes of Australian commodities, connecting miners, primary producers and industry with international and

domestic markets. It provides customers with integrated freight and logistics solutions across an extensive national rail and road network, traversing Australia. Aurizon Group also owns and operates one of the world’s largest coal rail networks, linking more than 50 mines with three major ports in Queensland.

Aurizon Network Pty Ltd (Aurizon Network), a subsidiary of Aurizon Group, operates as a separate entity, with standalone debt facilities in place supported by regulated rail infrastructure assets.

Aurizon Network controls, operates and manages purpose-built, heavy-haul rail infrastructure, known as the Central Queensland Coal Network (CQCN), under a 99-year lease with the state of Queensland. The CQCN is operated by Aurizon Network under a stable and well-established regulatory regime, regulated by the Queensland Competititon Authority (QCA).

OwnershipAurizon Holdings was first listed on the ASX on November 22 2010. Prior to this it was wholly owned by the state of Queensland. The company is a member of the S&P/ASX50 Index. Aurizon Network is a wholly owned subsidiary of Aurizon Holdings.

Liquidity positionAs at June 30 2014, Aurizon Group had a strong liquidity position of A$1.3 billion – comprised of A$318 million in cash and A$997 million in undrawn committed facilities.


Erin Strang, Group Treasurer+61 7 3019 [email protected]

Debt fundingAs at June 30 2014, Aurizon Group had A$2.8 billion of debt outstanding: A$2.3 billion was drawn under the syndicated bank facility and the balance was in AUD MTN. The company will be looking to fully refinance its FY16 debt maturities during the course of FY15. Post June 30 2014, Aurizon Network issued its inaugural EMTN.

KEY CREDIT METRICS

CREDIT RATINGBBB+/Baa1 (S&P/Moody’s) (Aurizon Group and Aurizon Network)

BOND PROTECTION

GEARING COVENANT N

LEVERAGE RATIO N


CHANGE OF CONTROL Y

COUPON STEP-UP N

TARGET GEARINGAurizon Group: N/A Aurizon Network: 55% debt to RAB on average


WEIGHTED AVERAGE COST OF DEBT 4.8% (as at June 30 2014) (drawn)

KEY DATA


BLOOMBERG TICKER AZJAU

ASX CODE AZJ



REVENUES (A$M) 3,832 3,766 3,536

UNDERLYING EBITDA (A$M) 1,351 1,251 1,048

UNDERLYING NET PROFIT AFTER TAX (A$M) 523 487 420




OUTSTANDING BONDS


AUD(DOMESTIC)

28 Oct 13 525 28 Oct 20 Fixed 5.75% ND

EUR (EMTN)

18 Sep 14 500 18 Sep 24 Fixed 2,00% ND


VO

LU

ME

(A

$M

)

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

SOURCE: AURIZON SEPTEMBER 30 2014

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

Aurizon Network EMTN

Aurizon Network A$MTN

Aurizon Finance bank debt

Aurizon Network bank debt

1,300

490710

525

300

300

2 1

AUSNET SERVICES

About AusNet Services (formerly SP AusNet)

H eadquartered in Melbourne, AusNet Services is a diversified energy business managing three Victorian energy networks: AusNet Transmission Group, an electricity-transmission business; AusNet Electricity Services, an electricity-distribution business; and

AusNet Gas Services, a gas-distribution business. AusNet Services Holdings is the group’s common funding vehicle. Assets include Victoria’s high-voltage electricity-transmission network, an electricity-distribution network in eastern Victoria, and a gas-distribution network in western Victoria.

OwnershipAusNet Services has been listed on the ASX since December 2005. On January 3 2014, Singapore Power International (SPI) completed its sale of 19.9% of AusNet Services securities to State Grid International Development (SGID). As a result of the sale, SPI’s holdings reduced to 31.1%.


Alastair Watson, Manager, Treasuryalastair.watson@ausnetservices.com.auwww.ausnetservices.com.au

KEY DATAFINANCIAL YEAR END 31 MAR

BLOOMBERG TICKER ASTAU

ASX CODE AST



REVENUES (A$M) 1,799.4 1,639.5 1,535.0

EBITDA (A$M) (1) 1,075.1 974.0 907.1

NET PROFIT AFTER TAX (A$M) (2) 305.4 273.5 255.0


NET DEBT/NET DEBT + EQUITY (%) 62 61 61


(1) 2014 EBITDA adjusted to exclude recognition of A$58m payable due termination of Management Services Agreement.

(2) 2014 NPAT adjusted to exclude A$87m potentially payable to ATO.

OUTSTANDING BONDSISSUE DATE VOLUME (M) MATURITY FORMAT COUPON

(% OR BPs)MARGIN AT ISSUE DATE (BPs)

AUD (DOMESTIC)

25 Mar 10 300 25 Sep 17 Fixed 7.50% 160/swap14 Feb 13 300 14 Feb 20 Fixed 5.25% 160/swap1 Apr 11 250 1 Apr 21 Fixed 7.50% 167/swap28 Jun 12 30 28 Jun 22 Fixed 5.75% 205/swap28 Jun 12 175 28 Jun 22 Fixed 5.75% 205/swap14 Feb 13 130 28 Jun 22 Fixed 5.75% 175/swap

AUD (EMTN)6 Mar 13 100 6 Mar 20 FRN 160/BBSW 160/BBSW

USD (EMTN)4 Nov 04 300 4 Nov 14 Fixed 5.00% 95/UST14 Sep 06 275 14 Sep 16 Fixed 5.75% 103/UST

CHF (EMTN)8 Mar 10 475 8 Sep 15 Fixed 2.38% 65/swap21 Feb 12 250 21 Feb 17 Fixed 1.50% 110/swap18 Dec 12 275 18 Apr 19 Fixed 1.13% 58/swap

JPY (EMTN)5 Jul 12 5,000 5 Jul 24 Fixed 1.39% ND

GBP (EMTN)26 Jun 08 250 26 Jun 18 Fixed 7.13% 195/UK Gilts

HKD (EMTN)16 Mar 10 700 16 Mar 20 Fixed 4.13% ND13 Dec 11 400 13 Dec 21 Fixed 3.23% ND20 Aug 12 400 20 Aug 27 Fixed 3.20% ND28 Feb 13 700 28 Feb 28 Fixed 3.21% ND

EUR (EMTN)24 Jul 13 500 24 Jul 20 Fixed 2.375% 95/swap13 Feb 14 350 13 Feb 24 Fixed 3.00% 110/swapAusNet Electricity Services USD (144A)

1 Dec 96 40 3 Dec 16 Fixed 7.25% NDAusNet ALP USD (144A)1 Dec 96 60 3 Dec 16 Fixed 7.25% ND

KEY CREDIT METRICSCREDIT RATING (1) A-/A3 (S&P/Moody’s)

BOND PROTECTION

GEARING COVENANT N

LEVERAGE RATIO N


CHANGE OF CONTROL N

COUPON STEP-UP Y

TARGET GEARING A-/A3 range credit rating

WEIGHTED AVERAGE DEBT MATURITY (SENIOR) 5.3 years

WEIGHTED AVERAGE COST OF DEBT (SENIOR) N/A

(1) In December 2013 S&P upgraded the group’s credit rating to A- from BBB+ and Moody’s revised the group’s rating to A3 from A1, following the approval of State Grid International Development’s purchase of a 19.9% stake in AusNet Services.


JPY

AUD

CHF

WCF/CP

HKD

Bank debt USD GBP

EUR

VO

LU

ME

(A

$M

)

900

800

700

600

500

400

300

200

100

0WCF/CP

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Mar27

Mar28

SOURCE: AUSNET SERVICES MARCH 31 2014

75 50

143200

401 520

272

485300

538

175

400

710

250

335

543

136

283

63

100

51

Liquidity positionAusNet Services closely monitors liquidity risk. It had A$747 million committed but undrawn bank facilities and A$410 million of funds on deposit as at March 31 2014.

Debt fundingAusNet Services maintains a diversified portfolio of funding sources. As at March 31 2014, net debt was A$5.6 billion (face value) and gearing was 69%. A total of 94% of net debt was hedged against movements in interest rates. AusNet Services’ policy is to hold 100% back up for all CP issued.


ISSUERPROFILES

AUSTRALIA PACIFIC AIRPORTS CORPORATION

About Australia Pacific Airports Corporation

A ustralia Pacific Airports Corporation (APAC) owns Melbourne Airport and 90% of Launceston Airport. Both are operated under a 50-year lease from the federal government, with a prepaid right to renew for a further 49 years. The airports are

owned via two wholly owned subsidiaries: Australia Pacific Airports (Melbourne) (APAM) and Australia Pacific Airports (Launceston) (APAL). Melbourne Airport is the primary asset, representing 97% of total revenue and 98% of total assets.

OwnershipAPAC is owned by Australian superannuation and pension funds, whose shareholdings are managed by one of five entities. As at June 30 2014 the shareholding was as follows: AMP Capital (28.54%), IFM Investors (23.67%), Deutsche Asset and Wealth Management (19.97%), the Australian government’s Future Fund Board of Guardians (19.12%) and Hastings Funds Management (8.70%).

Liquidity positionBoth airports maintain strong liquidity positions with ample working-capital facilities and undrawn committed-credit lines. APAC’s liquidity is further supported by its access to different capital markets, as well as a diverse bank group.

Debt fundingLaunceston airport sources its funding from the domestic bank market. Melbourne Airport sources debt funding from the bank, AUD domestic, US private placement and euro markets. In September 2013, it issued €550 million of debt, extending the average debt-maturity profile. In March 2014, Melbourne Airport refinanced its A$600 million syndicated facility due


Simon Milne, Treasurer+61 3 9297 [email protected]

KEY CREDIT METRICS

CREDIT RATING A-/A3 (S&P/Moody’s)

BOND PROTECTION

GEARING COVENANT, LEVERAGE RATIO, INTEREST COVER RATIO N

CHANGE OF CONTROL, COUPON STEP-UP Y




KEY DATA


BLOOMBERG TICKER MELAIR

ASX CODE NOT LISTED


REVENUES (A$M) 712.6 648.7 588.9

EBITDA (A$M) (1) 532.9 476.9 437.0




CASH FLOW COVER RATIO (X) 2.9 2.7 2.7

TANGIBLE NET WORTH (A$M) 4,936 4,419 3,791

FFO/NET DEBT (%) 12.0 13.2 12.9

(1) Before investment property valuations.

OUTSTANDING BONDS



AUD (DOMESTIC)

25 Aug 10 100 25 Aug 14 Fixed 6.50% 160/swap

14 Dec 05 100 14 Dec 15 Fixed 6.00% 25/swap

14 Dec 05 200 14 Dec 15 FRN 25/BBSW 25/BBSW


3 Jun 13 225 3 Jun 20 Fixed 5.00% 150/swap

USD (USPP)

15 Sep 11 200 15 Sep 21 Fixed 150/UST ND



AUD (USPP)

15 Nov 12 125 15 Nov 22 Fixed ND ND

15 Nov 12 50 15 Nov 28 Fixed ND ND

EUR (EMTN)

26 Sep 13 550 26 Sep 23 Fixed 3.125% ND

SOURCE: AUSTRALIA PACIFIC AIRPORTS CORPORATION JUNE 30 2014


Bank facility (APAM) Bank facility (APAL) Unwrapped MTNs

Wrapped MTNs Euro USPP

VO

LU

ME

(A

$M

)

1,200

1,000

800

600

400

200

0

300

550

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

FY26

FY27

to mature in September 2014, replacing it with a A$1.1 billion syndicated facility split equally across two- and four-year tenors. It will continue to diversify funding sources and to manage future refinancing risks in line with the overall treasury strategy.

FY29

550

60

225 191125 191

785

191

20100

50250

2 3

AUSTRALIAN PRIME PROPERTY FUND RETAIL

About Australian Prime Property Fund Retail

A ustralian Prime Property Fund Retail (APPF Retail) is a core wholesale unlisted property trust, which seeks to maximise returns to investors through the acquisition, development, long-term ownership and active asset management of quality, predominantly

core Australian retail real-estate assets. As at June 30 2014, APPF Retail’s portfolio comprised

12 assets, with a gross value of approximately A$4.4 billion. A key feature of the fund is its ability to leverage Lend Lease Group’s integrated business model, which provides exposure to specialist retail development and asset management skills.

OwnershipAPPF Retail was established in 1989 as a core wholesale unlisted property trust for institutional investors. Its responsible entity is Lend Lease Real Estate Investments – a wholly owned subsidiary of Lend Lease Group (Lend Lease) (see p51).

Lend Lease is one of the top 50 companies listed on the ASX. Its global investment management platform spans Asia, Australia and the UK, with approximately A$16.3 billion in funds under management (as at June 30 2014), via funds and joint-venture partnerships.

Liquidity positionAPPF Retail has a conservative gearing policy, which is in line with the fund’s strategy to be primarily equity-based. This strategy results in low gearing and manageable refinancing.

At June 30 2014, the fund had gearing (total debt to assets) of 10.00%, and 11.54% on a look-through basis. This level of gearing means APPF Retail has a significant headroom buffer above its financial covenants recorded in the fund’s debt documents.


Yvonne Kostopoulos, Chief Financial Officer, Investment Management, Lend Lease+61 2 9237 [email protected]

Debt fundingAPPF Retail continues to be conservatively geared. All debt facilities are unsecured and include financial covenants, such as maximum gearing and minimum interest cover. At June 30 2014, APPF Retail had A$440 million of debt facilities in place (excludes look-through debt), including MTNs on issue of A$350 million. Undrawn debt was A$410 million, gearing was 10.00% and the fund’s interest cover ratio was 7.72 times.

KEY CREDIT METRICS

CREDIT RATING A+ (S&P)

BOND PROTECTION

LOOK-THROUGH GEARING COVENANT Y (TL:TA <0.35)

LEVERAGE RATIO N

INTEREST COVER RATIO Y (>2.5x)

CHANGE OF CONTROL Y

COUPON STEP-UP N

TARGET GEARING 10-15% (2016)

WEIGHTED AVERAGE DEBT MATURITY3.8 years (as at June 30 2014) (range: June 2016 – November 2022)


KEY DATA


BLOOMBERG TICKER APPFRE

ASX CODE NOT LISTED


REVENUES (A$M) 338.4 370.2 330.8

EBITDA (A$M) (1) 214.9 241.3 203.8




(1) EBITDA calculation is based on the total distribution (excluding capital distributions) to unit holders before interest, tax, depreciation and amortisation.

OUTSTANDING BONDS


AUD (DOMESTIC)





MTN

VO

LU

ME

(A

$M

)

250

200

150

100

50

0

SOURCE: APPF RETAIL JUNE 30 2014

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

100

50

175

160175

150

40

NAB facility – Tranche C

NAB facility – Tranche B

Syndicated facility (CBA/WBC/SMBC) – Tranche B

Syndicated facility (CBA/WBC/SMBC) – Tranche C


ISSUERPROFILES

BHP BILLITON

About BHP Billiton

BHP Billiton is the world’s leading global resources company with a purpose of creating long-term shareholder value through the discovery, acquisition, development and marketing of natural resources.

BHP Billiton is among the world’s largest producers of major commodities – including aluminium, metallurgical and energy coal, copper, iron ore, manganese, nickel, silver and uranium. The company also has substantial interests in conventional and unconventional oil and gas.

Its core strategy is to own and operate large, long-life, low-cost, expandable, upstream assets diversified by commodity, geography and market.

OwnershipBHP Billiton was created through the dual listed companies merger of BHP Limited (now BHP Billiton Limited) and Billiton Plc (now BHP Billiton Plc), which was concluded on June 29 2001. BHP Billiton Limited and BHP Billiton Plc continue to exist as separate companies, but operate on a combined basis as BHP Billiton.

Both companies have identical boards of directors and are run by a unified management team. Shareholders in each company have equivalent economic and voting rights in the BHP Billiton group as a whole.

Liquidity positionAt the end of June 2014 BHP Billiton reported cash and cash equivalents on balance sheet of US$8.8 billion and net cash flow before dividends for the year of US$9.7 billion.

Debt fundingBHP Billiton had US$34.6 billion of gross debt and US$25.8 billion of net debt at June 30 2014.


www.bhpbilliton.com/home/investors/

At the end of FY14 the firm reported that 94% of its debt was sourced in the capital markets – of which 60% was denominated in USD and 25% in EUR. The remaining 6% came from asset financing. BHP Billiton employs a cross-guarantee structure which combines the credit of both sides of the dual listed company and provides debt investors with the credit strength of the total BHP Billiton group.

During the 2014 financial year BHP Billiton priced a new US$5 billion benchmark bond issue.

KEY CREDIT METRICSCREDIT RATING A+/A1 (S&P/Moody’s)


BLOOMBERG TICKER BHPAU/BLTLN

ASX CODE BHP


MARKET CAPITALISATION (US$M) 179,000 147,100 161,000

REVENUES (US$M) 67,206 65,953 70,477

EBITDA (US$M) 32,359 30,308 34,617

NET PROFIT AFTER TAX (US$M) 13,832 11,223 15,473

NET DEBT/EBITDA (X) (SENIOR) 0.80 0.91 0.68


SHARE PRICE (FY END) A$ 35.90 31.37 31.45

SOURCE: BHP BILLITON JUNE 30 2014

VO

LU

ME

(U

S$

M)

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

FY26

FY27

FY28

FY28+


US$ bonds

Sterling bonds A$ bonds

Euro bonds C$ bonds

Asset financing

Note: the information in this profile was compiled by KangaNews from publicly available sources.

1,35

31,

050

122 209672

80747

323

950

25589

3,825

136

3,25

0

1,023

1,58

12,

250

1,632 2,

250

69 28 138

1,50

0

1,21

6

978

3,70

01,

621

976

2 5

BRAMBLES

About Brambles

B rambles is a supply-chain logistics company operating in more than 50 countries, primarily through the CHEP and IFCO brands. It is headquartered in Sydney. The group specialises in the pooling of unit-load equipment and the provision of associated

services, focusing on the outsourced management of returnable pallets, crates and containers. Brambles predominantly serves the consumer-goods, dry-grocery, fresh-food, retail and general manufacturing industries. The group also has specialist businesses serving the automotive-manufacturing, aerospace and refining sectors.

In December 2014 Brambles completed the demerger of the Recall information-management business.

OwnershipBrambles is listed on the ASX as BXB. It is a member of the S&P/ASX20 Index of Australia’s 20 leading stocks ranked by market capitalisation and liquidity.

Liquidity positionIn its FY14 results presentation Brambles reported it has ample funding headroom, with undrawn committed credit facilities of US$2.1 billion and cash balances of US$222.3 million.

Debt fundingAt June 30 2014, Brambles had total outstanding debt of US$2.6 billion and committed bank facilities and bonds totalling US$4.6 billion, with an average term of 4.1 years.

Brambles has funded its offshore assets with debt denominated in local currencies. The company has access to


Cathy Press, Group Vice President, Capital Markets+61 2 9256 [email protected]

KEY DATA


BLOOMBERG TICKER BXB AU

ASX CODE BXB

KEY FINANCIALS FY14 FY13 (4) FY12 (6)


REVENUES (US$M) (1) 5,405 5,083 5,625

EBITDA (US$M) (2) 1,488.4 1,408.7 1,561.9

NET PROFIT AFTER TAX (US$M) (3) 584.5 556.3 574.9

NET DEBT/EBITDA (X) (SENIOR) 1.59 1.68 (5) 1.71



(1) Sales revenue from continuing operations. (2) EBITDA is defined as operating profit from continuing operations after adding back depreciation and amortisation and significant items outside ordinary activities. (3) Profit from continuing operations (after significant items). (4) FY13 revenues, EBITDA and net profit after tax restated to exclude Recall from continuing operations. (5) FY13 EBITDA includes continuing and discontinued operations. (6) FY12 revenues, EBITDA and net profit after tax include Recall in continuing operations.

KEY CREDIT METRICS

CREDIT RATING BBB+/Baa1 (S&P/Moody’s)

BOND PROTECTION

GEARING COVENANT N

LEVERAGE RATIO N


CHANGE OF CONTROL Y (if sub investment-grade)

COUPON STEP-UP N

TARGET GEARING Y (policy of net debt/EBITDA of <1.75x)



multi-currency borrowing facilities from a variety of banks and has issued notes in the US private placement, 144A and EMTN markets.

Brambles has yet to issue Australian public debt. Under its bank facilities and USPP notes, Brambles must maintain a ratio of net debt to EBITDA of no more than 3.5 times and EBITDA to net finance costs of no less than 3.5 times.

OUTSTANDING BONDS


USD (USPP)

4 Aug 04 158 4 Aug 14 Fixed 5.77% 115/UST

7 May 09 55 7 May 16 Fixed 7.83% 550/UST

4 Aug 04 97 4 Aug 16 Fixed 5.94% 125/UST

7 May 09 20 7 May 19 Fixed 8.23% 550/UST

USD (144A)

31 Mar 10 250 1 Apr 15 Fixed 3.95% 137.5/UST

31 Mar 10 500 1 Apr 20 Fixed 5.35% 150/UST

EURO (EMTN)

20 Apr 11 500 20 Apr 18 Fixed 4.625% 127/swap

12 Jun 14 500 12 Jun 24 Fixed 2.375% 90/swap

1,400

1,200

1,000

800

600

400

200

0<1Y 1-2Y 2-3Y 3-4Y 4-5Y >5Y


SOURCE: BRAMBLES JUNE 30 2014

Bank borrowingsBonds/notes Undrawn bank facilities

VO

LU

ME

(U

S$

M)

814687

4

28310 19

341

1755 97

682

20

31

408

1,182

DURATION


ISSUERPROFILES

BRISBANE AIRPORT CORPORATION

About Brisbane Airport Corporation

B risbane is one of Australia’s fastest-growing cities, located in one of the fastest-growing regions in the world. With natural advantages and good planning, its curfew-free airport has been a catalyst in the unprecedented growth and prosperity of south-east

Queensland. Brisbane is Australia’s most modern and its third-largest airport, with 21.8 million passengers in FY14. There are 430 businesses and nearly 21,000 people working at the airport.

OwnershipBrisbane Airport is operated and developed by Brisbane Airport Corporation (BAC) under a long-term (50-year plus 49-year option) lease from the Commonwealth of Australia. BAC is part of a holding company group corporate structure, the ultimate shareholders of which are superannuation funds and financial institutions including QIC, IFM Investors, Colonial First State Global Asset Management, Amsterdam Airport Schiphol and other significant institutional investors.

Liquidity positionLiquidity is supported by BAC’s ability to defer capital expenditure if necessary. At June 30 2014, BAC had about A$24.3 million in cash and A$340.0 million in undrawn debt facilities.

Debt fundingAs at June 30 2014, BAC had debt facilities of A$2.46 billion, made up of A$700 billion in credit-wrapped bonds, a A$550 million MTN, A$710 million of US private placement bonds and A$500 million of bilateral bank facilities (six banks). BAC has hedged a significant proportion of its current and forecast debt out to 2026, at rates around 6%. BAC will actively manage its debt and hedge position to optimise its funding mix, and will look to refinance any maturing debt.


Michael Bradburn, Chief Financial Officer+61 7 3406 [email protected]

KEY CREDIT METRICSCREDIT RATING BBB/Baa2 (S&P/Moody’s)

BOND PROTECTION

GEARING COVENANT Y

LEVERAGE RATIO N


CHANGE OF CONTROL Y

COUPON STEP-UP N


WEIGHTED AVERAGE DEBT MATURITY5.5 years (as at June 30 2014; final maturity 2027)



BLOOMBERG TICKER BACAU

ASX CODE NOT LISTED


REVENUES (A$M) 564.1 527.0 486.0

EBITDA (A$M) 409.0 383.0 354.0

NET PROFIT AFTER TAX (A$M) 72.1 165.6 -69.0



OUTSTANDING BONDS



AUD (DOMESTIC)

29 Jun 06 400 1 Jul 16 FRN 25/BBSW 25/BBSW

19 Dec 07 300 19 Dec 17 FRN 40/BBSW 40/BBSW

4 Apr 11 200 9 Jul 19 Fixed 8.00% 220/swap

21 Oct 13 350 21 Oct 20 Fixed 6.00% 61/BBSW

USD (USPP)

20 Apr 11 150 14 Jul 21 Fixed 5.24% 190/UST

22 Aug 12 47 22 Aug 22 Fixed 3.89% 240/UST

20 Apr 11 150 14 Jul 23 Fixed 5.34% 200/UST

22 Aug 12 60 22 Aug 24 Fixed 4.04% 255/UST

22 Aug 12 78 22 Aug 27 Fixed 4.19% 270/UST

AUD (USPP)


20 Apr 11 99 14 Jul 26 Fixed 8.25% 210/swap

17 Dec 13 100 17 Dec 25 FRN 220/BBSW 228/swap

450

400

350

300

250

200

150

100

50

0

VO

LUM

E (

$M

)


Credit-wrapped bond (A$) AMTN (A$)

Bank facilities (A$)

USPP (A$)

USPP (US$)

20

0

40

0

300

300

20

0

350

150

150

60 9

9

SOURCE: BRISBANE AIRPORT CORPORATION JUNE 30 2014

FY15

FY20

FY22

FY21

FY23

FY16

FY18

FY17

FY19

FY24

FY26

FY25

FY27

FY28

78100

47

30

2 7

BWP TRUST

About BWP Trust

BWP Trust (BWP) is a real-estate investment trust investing in and managing commercial properties throughout Australia. The majority of the trust’s properties are warehouse retailing properties – in particular, Bunnings Warehouses leased to Bunnings

Group (Bunnings). Bunnings is a wholly owned subsidiary of Wesfarmers, one of Australia’s top 10 listed companies, with a market capitalisation in excess of A$48 billion (see Wesfarmers profile on p82).

As at June 30 2014, the trust owned 78 Bunnings warehouses, eight of which have adjacent retail showrooms that the trust owns and are leased to other retailers, four development sites on which Bunnings warehouses are being developed, a standalone showroom property and four industrial properties for manufacturing, storing and distributing goods and services.

BWP Trust aims to provide a premium commercial real-estate investment product, delivering unitholders a secure and growing income stream and long-term capital growth.

OwnershipBWP first listed on the ASX in September 1998. The trust is a member of the S&P/ASX200 Index.

Liquidity positionAs at June 30 2014, the trust had a strong liquidity position of A$162.8 million, comprising A$12.0 million in cash and A$150.8 million in undrawn committed facilities. As of the same date, BWP had capital commitments of A$73.0 million relating to future development payments on the trust’s development sites.


David Hawkins, Finance Manager+61 8 9327 [email protected]

Debt fundingAs at June 30 2014, BWP had A$449.2 million of debt outstanding, comprising A$229.2 million drawn under unsecured bilateral facilities with three Australian banks and A$200 million in an unsecured Australian dollar MTN.

KEY CREDIT METRICS

CREDIT RATING A- (S&P)

BOND PROTECTION

GEARING COVENANT Y

LEVERAGE RATIO N


CHANGE OF CONTROL Y

COUPON STEP-UP N

TARGET GEARING 20-30% (FY14)


WEIGHTED AVERAGE COST OF DEBT 6.14% (for the year ending June 30 2014)

KEY DATA


BLOOMBERG TICKER BWPAU

ASX CODE BWP


MARKET CAPITALISATION (A$M) 1,573 1,210 982

REVENUES (A$M) 127.4 109.2 101.2

EBITDA (A$M) 112.9 97.6 91.1





(1) NPAT including revaluation gains.

OUTSTANDING BONDS


AUD (DOMESTIC)

27 May 14 200 27 May 19 Fixed 4.50% 120/swap


Undrawn facilitiesBonds

VO

LU

ME

(A

$M

)

300

250

200

150

100

50

0

SOURCE: BWP TRUST JUNE 30 2014

FY17

FY15

FY19

FY18

FY20

FY16

FY21

Drawn facilities

36

160

89

115

200


ISSUERPROFILES

CFS RETAIL PROPERTY TRUST GROUP

About CFS Retail Property Trust Group

C FS Retail Property Trust Group (CFX) is a retail sector-specific property group with a fully integrated retail-asset and funds-management platform, which invests in high-quality retail assets across Australia. At June 30 2014 its property portfolio comprised

29 retail properties across Australia with total assets of A$9.5 billion.

OwnershipCFX comprises CFS Retail Property Trust 1 and CFX Co Limited, the securities of which are stapled and listed on the ASX.

Liquidity positionCFX had A$301 million of undrawn debt facilities as at June 30 2014. This figure has been adjusted for the repayment of A$92 million of convertible notes in August 2014.


Kah Wong, Head of Treasury+61 2 9303 [email protected]

Siu Chan, Treasury Manager+61 2 9303 [email protected]/cfx

KEY CREDIT METRICS

CREDIT RATING A (S&P)

BOND PROTECTION

GEARING COVENANT Y (TL:TA <50%)

LEVERAGE RATIO N

INTEREST COVER RATIO Y (not to fall below 1.8x; 3.4x as at June 30 2014)

CHANGE OF CONTROL Y

COUPON STEP-UP N



WEIGHTED AVERAGE MATURITY OF FIXED/HEDGED DEBT

3.7 years (as at June 30 2014, adjusted for additional A$300m interest-rate swaps executed in July 2014)


KEY DATA


BLOOMBERG TICKER CFXAU

ASX CODE CFX


MARKET CAPITALISATION (A$M) 6,156.8 5,657.0 5,488.0

REVENUES (A$M) 834.7 740.0 906.8


DEBT/TOTAL ASSETS (%) 30.9 28.8 26.6


OUTSTANDING BONDS*


AUD (DOMESTIC)

22 Dec 04 100 22 Dec 14 Fixed 6.25% ND

2 Nov 12 440 2 May 16 Fixed 7.25% ND

4 Jul 11 300 4 Jul 16 Fixed 5.75% ND

19 Dec 12 250 19 Dec 19 Fixed 5.00% ND

AUD (USPP)

12 Jul 12 40 12 Jul 22 Fixed 6.20% ND

USD (USPP)

7 Feb 07 140 7 Feb 17 Fixed 5.38% 90/UST

7 Feb 07 30 7 Feb 19 Fixed 5.48% 100/UST

12 Jul 12 60 12 Jul 24 Fixed 3.63% 190/UST

12 Jul 12 19 12 Jul 27 Fixed 3.88% 215/UST

* Adjusted for the repayment of A$92m of convertible notes in August 2014.

Debt fundingCFX maintains a diversified debt book by sources and duration. It accesses the Australian corporate bond market (25% of debt at June 30 2014), US private placement market (10%), convertible notes (9%) and bank debt (56%). These figures have been adjusted for the repayment of A$92 million of convertible notes in August 2014.

At June 30 2014, CFX had a loan-to-value ratio of 36%, well below the covenant of 50%, and an interest cover ratio of 3.4 times, well in excess of the covenant of 1.8 times. All CFX’s debt obligations are unsecured and rank pari passu with other unsecured creditors.

SOURCE: CFS RETAIL PROPERTY TRUST GROUP JUNE 30 2014


Convertible notes

Bank debt

USPP A$MTNs

VO

LU

ME

(A

$M

)

900

800

700

600

500

400

300

200

100

0FY15 FY16 FY17 FY18 FY19 FY20 Beyond

440

100

300

550

225120

38

100

178625

300

250

2 9

CHRISTCHURCH INTERNATIONAL AIRPORT

About Christchurch International Airport

A s the gateway for Christchurch and New Zealand’s South Island, Christchurch International Airport (Christchurch Airport) is the major airport on the South Island and the busiest and most strategic air connection for the island’s trade and tourism

markets. It is New Zealand’s second-largest airport. Christchurch Airport received 5.7 million passengers in

the 2014 financial year. It opened in 1940 and became the first international airport in New Zealand in 1950. Since the arrival of eight US Air Force aircraft in 1955, the airport has had a strong connection with the Antarctic.

OwnershipChristchurch International Airport Limited owns and operates the airport. The company is 75% owned by Christchurch City Holdings, a wholly owned subsidiary of Christchurch City Council, and 25% owned by the New Zealand government. It is a limited-liability company domiciled in New Zealand.

Liquidity positionChristchurch Airport evaluates its liquidity requirements on an ongoing basis and reviews treasury policy headroom levels on an annual basis. The company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. It recognises the need to maintain a balance between the higher returns that might be possible with greater gearing and the advantages and security afforded by a sound capital position.

Christchurch Airport is not subject to any externally imposed capital requirements, other than the covenants required under its borrowing arrangements.

Debt fundingChristchurch Airport has a NZ$205 million funding facility


Tim May, Chief Financial Officer+64 3 378 [email protected]/corporateandcommunity

KEY CREDIT METRICS

CREDIT RATING BBB+ (S&P)



KEY DATA


BLOOMBERG TICKER CHRINT

ASX CODE NOT LISTED


REVENUES (NZ$M) 139.9 125.2 119.8

EBITDA (NZ$M) (1) 79.0 71.3 68.9

SURPLUS AFTER TAX AND BEFORE DEFERRED TAX ADJUSTMENT (NZ$M) 18.0 17.4 19.6

DEBT/EBITDA (X) 3.9 4.3 4.2

DEBT/DEBT + EQUITY (%) 29.0 31.3 31.7

(1) EBITDA includes fair-value gains on the revaluation of investment properties.

with four banks and a subordinated debt facility of NZ$50 million from its majority shareholder, Christchurch City Holdings, to fund the ongoing business and new capital-development projects on the wider airport campus. In addition, the company has an overdraft facility of NZ$1 million.

In December 2012, Christchurch Airport completed a NZ$75 million bond issue with a maturity of seven years. This was followed by a second, NZ$50 million, bond issue in October 2013, with a maturity of eight years. The funds raised were used to refinance existing bank-debt facilities.

All borrowings under the bank and overdraft facilities are unsecured and supported by a negative pledge deed. The bonds are governed by a master-trust deed and a supplemental-trust deed, each between the airport and its trustee, Public Trust.

Interest rates paid during the most recent financial year, including offsetting interest-rate swaps, were in the range of 6.1-6.7%.

OUTSTANDING BONDS


NZD (DOMESTIC)

6 Dec 12 75 6 Dec 19 Fixed 5.15% 187/swap

4 Oct 13 50 4 Oct 21 Fixed 6.25% 147.5/swap


Drawn Available facilities

VO

LU

ME

(N

Z$

M)

120

100

80

60

40

20

0

2015 2016 2017 2018 2019 2020 2021 2022

SOURCE: CHRISTCHURCH INTERNATIONAL AIRPORT JUNE 30 2014

25

1

71

76

50 50

75

4

29


ISSUERPROFILES

CITIPOWER

About CitiPower

C itiPower is an electricity distributor. Together with Powercor Australia (Powercor) (see p61) it owns and manages the poles and wires that deliver electricity to more than 1.1 million homes and businesses in Melbourne’s CBD, its suburbs and across central and

western Victoria. CitiPower supplies electricity to more than 320,000

distribution customers in Melbourne’s CBD and inner suburbs. The company’s primary role is the management of its ‘poles-and-wires’ network, and CitiPower proudly operates the most reliable urban electricity network in Australia.

The prices, or network tariffs, that electricity retailers pay CitiPower to deliver electricity are regulated by the Australian Energy Regulator (AER). The AER also sets standards for CitiPower’s network performance and service.

CitiPower and Powercor’s business operations are managed through a joint-management structure, with the senior management team comprising general managers from each of nine internal business units, led by the chief executive officer.

OwnershipCitiPower’s and Powercor’s electricity distribution networks are managed through a single corporate structure, Victoria Power Networks, which also includes two non-regulated businesses – CHED Services and Powercor Network Services.

Cheung Kong Infrastructure Holdings Ltd (CKI) and Power Assets Holdings Ltd (Power Assets) together own 51% of CitiPower and Powercor. CKI and Power Assets are members of the Cheung Kong Group, which includes nine listed companies with a combined market capitalisation of HK$1,082 billion (US$140 billion) as at August 31 2014. CKI and Power Assets are listed on the Hong Kong Stock Exchange and are also majority owners of South Australian electricity distributor, SA Powercor Networks.


Karen Knowles, Assistant Treasurer+61 3 9683 [email protected]

The remaining 49% of CitiPower and Powercor – as well as SA Powercor Networks – is owned by Spark Infrastructure, a specialist infrastructure group listed on the ASX as SKI. Its objective is to invest in regulated utility infrastructure in Australia and overseas, including electricity and gas distribution and transmission, and regulated water assets.

Liquidity positionAs at June 30 2014 CitiPower had a strong liquidity position with A$5.9 million of cash on hand and A$75 million in undrawn committed facilities, supported by its solid BBB+ credit rating from Standard & Poor’s.

Debt fundingAs at June 30 2014 CitiPower had total unsecured borrowings of just more than A$1.4 billion. The majority of this debt was sourced from capital-markets issuance. CitiPower’s next capital-market maturity falls in 2017.

KEY CREDIT METRICSCREDIT RATING BBB+ (S&P)

KEY DATAFINANCIAL YEAR END 31 DEC

BLOOMBERG TICKER CKEZHK

ASX CODE NOT LISTED


REVENUES (A$M) 423.9 398.0 393.5

EBITDA (A$M) 245.2 214.7 228.9




OUTSTANDING BONDS*ISSUE DATE VOLUME (M) MATURITY FORMAT COUPON

AUD (DOMESTIC)

Feb 07 575 Jul 17 FRN ND

Feb 14 150 Apr 19 FRN ND

AUD (USPP)

Sep 12 25 Aug 21 Fixed ND

USD (USPP)

Sep 12 72 Aug 19 Fixed 2.52%

Sep 12 103 Aug 21 Fixed 2.89%

* As at June 30 2014.

adelaide airport - kanganews · bonds, with the next maturity in september 2015 (a$285 million). on...

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