Corporate Report for the year ended 30 June 2022
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Section B: Notes to the Group financial statements for the year ended 30 June 2022
Section B: Notes to the Group financial statements for the year ended 30 June 2022
B4
Segment information (continued)
Proportional EBITDA Proportional EBITDA reconciles to loss before income tax as follows:
2022
2021
$M
$M
Proportional EBITDA
1,900
1,812
Add: EBITDA attributable to non-controlling interests
215
214
Add: Intragroup elimination 1
8
9
Less: Proportional EBITDA (excluding significant items) of non-100% owned equity accounted assets
(413)
(330)
Add: Significant items incurred by equity accounted assets 2
—
1
Less: Toll and other revenue receipts relating to the A25 concession financial asset 3 Add: EBITDA from discontinued operations net of transaction costs on disposal 4
(29)
(27)
—
12
Statutory earnings before depreciation, amortisation, net finance costs, equity accounted investments and income taxes from continuing operations
1,681
1,691
Statutory depreciation and amortisation from continuing operations
(1,107)
(1,140)
Statutory net finance costs from continuing operations Share of loss from equity accounted investments Loss before income tax from continuing operations
(466) (368) (260)
(870) (161) (480)
1. Statutory EBITDA recognised 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 from equity accounted investments. 2. Refer to Note B6 for further information. 3. The Executive Committee members acting as the chief operating decision maker assesses the performance of the Group using proportional results that include A25 income streams relating to availability payments and guaranteed toll income which are classified as revenue within the proportional results. These revenues form part of the ordinary activities of the A25 and are reflective of its underlying performance. For statutory accounting purposes, these income streams offset the related concession financial asset receivable recorded on acquisition of the A25 (refer to Note B18). 4. Statutory results classify the results of TC as discontinued operations in the prior comparative period. FY21 proportional EBITDA includes $18 million transaction costs on disposal of TC which are included within the statutory gain on disposal and not within statutory EBITDA. B5 Revenue
2022
2021
$M
$M
Toll revenue
2,324
2,266
Construction revenue
911 171
480 140
Other revenue
Total revenue from continuing operations
3,406
2,886
The Group’s principal revenue generating activities, being the service concession arrangements, are accounted for in accordance with AASB Interpretation 12 Service Concession Arrangements (IFRIC 12) and AASB 15 Revenue from Contracts with Customers . Those accounting pronouncements specify that operations and maintenance services and construction services provided under the Group’s service concession arrangements are two distinct types of services. The Group’s service concession arrangements fall into two types of models, the intangible asset model and the financial asset model as discussed below. Service concession arrangements—intangible asset model The revenue streams covered by this model are Toll revenue and Construction revenue. Revenue recognition principles for these revenue streams are discussed below:
Revenue type
Recognition
Toll revenue
The customer of the operations and maintenance services is the user of the infrastructure. Each use made of the toll road by users is considered a performance obligation. The related revenue is recognised at the point in time that the individual service is provided and the amount is determined to be recoverable by the Group. Total toll revenue is net of any revenue share arrangements that the Group has triggered during the reporting period. The customer with respect to construction services is the concession grantor. Construction services are accounted for as one performance obligation and revenue is recognised in line with the progress of construction services provided over time. The progress of construction is measured by reference to costs incurred to date. Revenue is measured at fair value by reference to the stand-alone selling price.
Construction revenue
136 136
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