Business performance
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Section B: Notes to the Group financial statements for the year ended 30 June 2026
B4
Segment information (continued)
Segment revenue Revenue from external customers comprises toll and fee revenues earned on toll roads. Segment revenue reconciles to total statutory revenue as follows: 2026 2025 Note $M $M Total segment revenue (proportional)¹ 4,047 3,801 Add: Revenue attributable to non-controlling interests 423 400 Construction revenue from road development activities 229 668 Intragroup elimination¹ , ² 333 340 Revenue from commercial payments 3 75 — (Less): Constrained revenue relating to legal proceedings 4 — (140) Proportional revenue of equity accounted investments¹ (1,212) (1,116) Total statutory revenue¹ B5 3,895 3,953 1. Comparative amounts have been reclassified to present on a gross basis the revenue and the corresponding operating costs for some service recharge arrangements to align with current period presentation. 2. Statutory revenue recognised in relation to arrangements with the equity accounted investments that are classified as proportional operating costs for segment purposes. 3. Relates to commercial receipts from third parties in connection with the Group's construction contracts recognised during the current reporting period that have been treated as a non-recurring item for segment purposes. 4. Relates to the ConnectEast litigation that has been treated as a non-recurring item for segment reporting purposes in the comparative reporting period. Proportional EBITDA Proportional EBITDA reconciles to statutory profit before income tax as follows: 2026 2025 $M $M Proportional EBITDA 3,110 2,676 Add: Proportional EBITDA attributable to non-controlling interests 354 301 Major maintenance spend attributable to controlled entities 120 121 Statutory gain on disposal of equity accounted investment 1 10 — (Less): Proportional EBITDA of equity accounted investments (931) (849) Statutory major maintenance expense attributable to controlled entities (316) (216) Statutory mark-to-market movements in power purchase agreements (5) (2) Statutory amortisation and depreciation (1,162) (1,097) Statutory net finance costs (735) (735) Share of loss of equity accounted investments, inclusive of impairment 2 (92) (81) Statutory profit before income tax 353 118 1. Relates to the sale of the Group's remaining interest in A25 (Refer to Note B2). 2. EBITDA in relation to arrangements with equity accounted investments that are eliminated for segment purposes. For statutory purposes, an offsetting adjustment is recognised within the share of loss of equity accounted investments, inclusive of impairment.
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