Corporate Report for the year ended 30 June 2022
Introduction and overview
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Directors’ report
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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
B5 Revenue (continued) Service concession arrangements—financial asset model The Group’s accounting policy for service concession arrangements under the financial asset model is consistent with that disclosed in Note B18. As at 30 June 2022, the Group’s concession financial asset only relates to A25. Revenue sharing Toll revenue for the year ended 30 June 2022 is recognised net of revenue share of $24 million (2021: $24 million) to the grantor of A25, Ministry of Transport of Quebec (MTQ). Other revenue Other revenue includes management fee revenue, roaming fee revenue and advertising revenue and is recognised at the point in time the service is provided. Additionally, other revenue includes tolling services provided to third parties for which revenue is recognised over the period the service is provided. It also includes compensation received from third parties for a loss of toll revenue due to delays with construction completion, which is recognised when it is reasonably assured it will be collected. Interest income―receivables Interest income (refer to Note B13) from receivables and bank deposits is recognised using the effective interest method. B6 Significant items Significant items are items where their nature is sufficiently significant to the financial statements and not in the ordinary course of business. There were no items classified as significant items for the year ended 30 June 2022. For the year ended 30 June 2021, total statutory significant items were $5,120 million gain before tax ($3,722 million gain after tax), total proportional significant items were $24 million loss before tax ($24 million loss after tax). Significant items for the year ended 30 June 2021 included $5 million relating to the integration costs of the acquired A25 and M5 West included within total expenses (statutory and proportional), $1 million relating to the integration of WestConnex acquired by the STP JV included within statutory share of loss of equity accounted investments and proportional total expenses, $18 million relating to the transaction costs on disposal of controlling interest in TC included within statutory profit from discontinued operations and proportional total expenses, and $5,144 million relating to the gain on disposal of controlling interest in TC included in the statutory profit from discontinued operations. The income tax expense associated with these significant items was $1,398 million for the year ended 30 June 2021.
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