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
B17 Other intangible assets
2022 $M Cost
Other intangibles
Concession assets
Assets under construction 1
Total
25,165 (8,533) 16,632
4,384
181
29,730 (8,977) 20,753
Accumulated amortisation Net carrying amount
(375)
(69)
4,009
112
2021 $M Cost
Other intangibles
Concession assets
Assets under construction 1
Total
25,093 (7,666) 17,427
3,924
130
29,147 (7,970) 21,177
Accumulated amortisation Net carrying amount
(250)
(54)
3,674
76
Movement in other intangible assets
Concession assets
Assets under construction 1
Other intangibles
Total
$M
$M
$M
$M
Net carrying amount at 1 July 2021
17,427
3,674
76 51 —
21,177
Additions
— 61
464
515
Foreign exchange movements and other adjustments
(4)
57
Amortisation charge
(856)
(125)
(15)
(996)
Net carrying amount at 30 June 2022
16,632
4,009
112
20,753
Net carrying amount at 1 July 2020
21,490
4,352
98 16 — — —
25,940
Additions
—
158
174
Disposals through loss of control of subsidiary 2
(2,899)
(634)
(3,533)
Foreign exchange movements
(304)
(62) (15)
(366)
Transfers
15
—
Amortisation charge
(875)
(125)
(38)
(1,038)
Net carrying amount at 30 June 2021
17,427
3,674
76
21,177
1. The amortisation charge recorded in assets under construction relates to the component of the West Gate Tunnel Project asset under construction which is related to CityLink funding contributions for which funding sources began to be received from 1 July 2019. 2. Relates to the deconsolidation of the Group’s ownership interest in TC upon divestment of a 50% ownership interest (refer to Note B24). Concession assets represent the Group's rights to operate roads under Service Concession Arrangements. Service Concession Arrangements are accounted for in accordance with AASB Interpretation 12 Service Concession Arrangements (IFRIC 12), which establishes a framework for classification of the assets based on an intangible asset model and a financial asset model (bifurcated arrangements can also exist). Assets under construction are accounted for as contract assets in accordance with AASB 15 Revenue from Contracts with Customers until they are available for use. The Group classifies assets under construction based on whether the consideration provides rights to an intangible asset or a financial asset. Intangible asset model Concession assets that do not meet the criteria of the financial asset model are classified as intangible assets and are amortised on a straight-line basis over the term of the concession arrangement. Transurban has the right to toll the concession assets for the concession period. Extensions to the concession period have been granted for a number of individual concessions as a result of road development projects and improvements. At the end of the concession period, all concession assets are to be returned to the respective government. The remaining terms of the right to operate period are reflected below:
2022
2021
Years
Years
Melbourne—Victorian State Government Sydney—New South Wales State Government 1
23
24
4–26
5–27
Brisbane—Queensland State Government and Brisbane City Council
29–43
30–44
North America—MTQ
20
21
1. The concession end date for M5 West is December 2026 at which point it will form part of the WestConnex M5 concession.
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