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Financing

financing

Diversified funding including bonds and bank facilities from 19 banks

FACILITIES

MATURITY PROFILE

As at 31 December 2015 with foreign currency bonds at fully hedged A$ equivalent face value

Key Ratios
KEY METRICS 31 December 2015
Gearing (look through basis) 33.3% 1
Weighted Average Debt Maturity 5.6 years
Investment Grade Ratings A1 (Stable) Moody's
A (Stable) S&P

BOND COVENANTS Requirement 31 December 2015
Net Debt / Net Assets Not greater than 65% 34.6% 2
Secured Debt / Total Assets Not greater than 45% 0.7%
Interest Coverage At least 1.5 times 3.5 times 3
Unencumbered Leverage Not less than 125% 285%

1. On a pro forma basis post sale of two New Zealand assets gearing would be 32.3%
2. On a pro forma basis post sale of two New Zealand assets Net Debt/ Net Assets would be 33.7%
3. For the 12 months to 31 December 2015

Interest Hedging profile

86% Hedged at 31 December 2015
74% Hedged on average for next 3 years 1

31 Dec1 $ FIXED RATE DEBT DERIVATIVES HEDGING FLOATING RATE $ & NZ$ DEBT
$ debt payable $ swap payable NZ$ swap payable NZ$ collar payable
$m Fixed Rate $m Fixed Rate NZ$m Fixed Rate NZ$m Strike Rates
2015 (1,380.0) 4.70% (7,122.5) 2.93% (435.0) 4.07% (70.0) 3.39% / 5.25%
2016 (580.0) 3.25% (7,717.5) 2.92% (320.0) 4.00% (70.0) 3.39% / 5.25%
2017 (580.0) 3.25% (7,508.5) 2.90% (230.0) 3.80% (70.0) 3.39% / 5.25%
2018 (580.0) 3.25% (7,095.0) 2.89% (150.0) 3.62% (70.0) 3.39% / 5.25%
2019 (430.0) 3.31% (5,730.0) 2.86% (150.0) 3.62% - -
2020 (430.0) 3.31% (3,960.0) 2.96% (100.0) 3.68% - -
2021 (30.0) 3.81% (2,260.0) 3.06% - - - -
2022 - - (750.0) 3.10% - - - -

1. As at 31 December 2015. All rates exclude borrowing margin