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
Capital and borrowings B11 Contributed equity
2022
2021
$M
$M
Fully paid stapled securities
3,939
2,929
Stapled securities Stapled securities are classified as equity and entitle the holder to participate in distributions and share in the proceeds upon winding up of the Group in proportion to the number of securities held. Every holder of a stapled security present at a meeting, in person or by proxy, is entitled to one vote. The issued units of the Group are made up of a parcel of stapled securities, each parcel comprising one share in THL, one unit in THT and one share in TIL. The individual securities comprising a parcel of stapled securities cannot be traded separately. Other contributed equity units attributable to security holders of the Group relating to THT and TIL of $19,354 million and $1,030 million respectively (2021: $16,527 million and $599 million respectively) is included within non-controlling interests that relate to THT and TIL. Refer to Note B22.
B12 Reserves
Transactions with non- controlling interests
Foreign currency translation
Cash flow hedges
Cost of hedging
Share based payments
Total
$M
$M
$M
$M
$M
$M
Balance at 1 July 2021 Revaluation―gross
(163)
4 5
1
(1)
(298)
(457)
367
— —
(87)
— —
285
Deferred tax
(111)
(1)
26
(86)
Balance at 30 June 2022
93
8
1
(62)
(298)
(258)
Balance at 1 July 2020 Revaluation―gross
(236)
—
2
47
(304)
(491)
104
6
(1)
(11)
— —
98
Deferred tax
(31)
(2)
— — —
3
(30)
Transactions with non-controlling interests
— —
— —
—
6
6
Gains reclassified on disposal of subsidiary, net of tax
(40)
—
(40)
Balance at 30 June 2021
(163)
4
1
(1)
(298)
(457)
Nature of reserves
Purpose of reserves
Cash flow hedges
Used to record gains or losses on cash flow hedging instruments (to the extent these are part of an effective hedge relationship), which are used by the Group to mitigate the risk of movements in exchange rates and interest rates. Amounts are reclassified to the profit and loss when the transaction to which the hedge is linked (such as the recognition of interest expense) affects the profit and loss. Amounts accumulated in the cash flow hedges reserve are reclassified to the profit and loss if hedge accounting is discontinued or when a subsidiary to which the reserve relates to is disposed of. Used to record changes in the fair value of our hedging instruments attributable to movements in currency basis spread (where these elements are excluded from the designated hedge relationship). Amounts accumulated in the cost of hedging reserve are reclassified to the profit and loss if hedge accounting is discontinued. Used to recognise the grant date fair value of securities issued to employees and deferred securities granted to employees but not yet vested. Exchange differences, including gains or losses relating to the effective component of net investment hedges, arising on translation of the United States and Canadian operations of the Group are recognised in this reserve. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.
Cost of hedging
Share based payments
Foreign currency translation
Transactions with non- controlling interests
The Group uses the economic entity approach when accounting for transactions with non-controlling interests.
148 148
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