CASE STUDY I FOREIGN EXCHANGE
Taronga Zoo trackless train
Published 6 December 2024
Taronga Zoo trackless train
In January 2023, the much-loved Taronga Sky Safari (a cable car lift used to transport visitors) was decommissioned after 35 years of service. This ageing asset had reached the end of its workable life and, while a new and accessible Sky Safari is being planned, Taronga Zoo needed a way to efficiently transport visitors around its 28-hectare site.
The zoo identified a trackless train as a suitable solution. This was sourced from a European manufacturer and Taronga was required to settle the purchase in euros.
As Taronga did not have a euro bank account, it approached TCorp to discuss the best options for managing this payment.
How we helped
TCorp employed a forward foreign exchange hedge to reduce the foreign exchange risk in the Australian dollar/euro exchange rate up to the time of the expected payment. Taronga benefited from a reduction in budget volatility and increased financial certainty, with the payment hedged into a known Australian dollar amount, helping to manage its budget for the procurement of the trackless train.
About the Taronga Conservation Society
Taronga Conservation Society Australia operates Taronga Zoo in Sydney and Taronga Western Plains Zoo in Dubbo. It is a leader in the fields of conservation, research, education, and environmental sustainability, working across NSW, Australia, and the globe. It plays a key role in regional and global conservation breeding programmes, particularly for species threatened in the wild.
Taronga Zoo was officially opened in 1916. Located on the Sydney Harbour foreshore on Cammeraigal Country, it is a leading tourism destination, welcoming more than 1.5mn visitors annually for educational experiences, overnight stays or day visits.
For further information
Jennifer Roberts
Co-Head of Client Relationships,
Financial Markets
Yvonne Blunt
Co-Head of Client Relationships,
Financial Markets