Corporate Report for the year ended 30 June 2022
Introduction and overview
Business performance
Governance and risk
Directors’ report
Remuneration 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
Group structure B22 Principles of consolidation Subsidiaries Subsidiaries are fully consolidated from the date the Group gains control of the subsidiary and are de-consolidated from the date that control ceases. In preparing the consolidated financial statements of the Group, all inter-entity transactions and balances have been eliminated. The accounting policies adopted by the individual entities comprising the Group are consistent with the Parent company. Non-controlling interests Non-controlling interests consist of two components: • Non-controlling interest—other: external non-controlling interests relating to the results and equity of Transurban Queensland and Eastern Distributor subsidiaries are shown separately in the Group financial statements; and • Non-controlling interests that relate to THT and TIL are presented separately, and relate to equity holders of the stapled group. Associates and joint ventures Associates are entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. The Group currently has an interest in one associate being Bluedot. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The Group’s investments in joint ventures during the reporting period comprise STP JV, NWRG, TC, and Accelerate Maryland Partners LLC. Interests in the associate and the joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit and loss and other comprehensive income of equity accounted investees, until the date on which significant influence or joint control ceases. When the Group’s cumulative share of losses in an associate or joint venture exceeds its investment in the asset, the Group does not recognise any further losses from this point. Distributions received from the entities listed above reduce the carrying amount of the investment.
B23 Material subsidiaries The Group’s material subsidiaries as at 30 June 2022 are outlined in the Group structure diagram below.
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