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
B24 Business combinations and changes in ownership interests (continued) Changes in ownership interests in controlled subsidiaries (continued) Year ended 30 June 2021 changes in ownership interests (continued) Sale of 50% interest in Transurban Chesapeake (continued) Cash flows—Discontinued operations
2022 2
2021 3
$M
$M (56)
—
Net operating cash flows Net investing cash flows Net financing cash flows
(178)
2,229
— —
—
Effects of exchange rate changes on cash and cash equivalents
(49)
Net increase/(decrease) in cash and cash equivalents from discontinued operations 1
(178)
2,124
1. The net movement in cash and cash equivalents from discontinued operations for TIL for the year ended 30 June 2021 is a $33 million outflow, after adjusting for the net financing cash flow impact from related party payables and borrowings that were settled on receipt of the proceeds from the transaction. 2. Cash flows from discontinued operations for the year ended 30 June 2022 relate to income tax paid in connection with the Group's divestment of 50% of its equity interest in TC. 3. Cash flows from discontinued operations include cash flows of TC for the 9 months ended 31 March 2021 and cash flows of the Transurban Group incurred in connection with the Group's divestment of 50% of its equity interest in TC. B25 Equity accounted investments Joint Ventures STP JV (50% ownership interest) The Group has a 50% ownership interest in the STP JV. The STP JV partners comprise of Transurban (50%), AustralianSuper (20.5%), CPP Investments (10.5%), Caisse de depot et placement du Quebec (CDPQ) (10%) and Tawreed (9%). During the period, the STP JV increased its ownership interest in WestConnex from 51% to 100%. To fund this acquisition, the Group contributed $4,856 million of equity to the STP JV and also issued shareholder loan notes with a face value of $699 million. WestConnex has long-dated concessions through to 2060 and includes 33 kilometres of new or improved motorway linking Sydney’s west and southwest with the CBD, and the corridor to Sydney Airport and Port Botany. The following entities are part of the STP JV Group:
• STP Project Trust; • STP Asset Trust; • STP PT Pty Ltd; and • STP AT Pty Ltd.
KEY ESTIMATE AND JUDGEMENT The Group’s assessment that it does not control the STP JV has been made by considering the terms of the Investment Agreement signed by the JV partners and the ongoing compliance with the Investor Agreement. This Agreement requires a supermajority vote of at least 91.5% of all investors for the decisions on the significant relevant activities made by the STP JV. Therefore, noting this and other factors, the Group has concluded that it, together with other STP JV partners, jointly controls the STP JV and its controlled entities. NWRG (50% ownership interest) The Group has a 50% ownership interest in NWRG (including NorthWestern Roads Group Pty Ltd, NorthWestern Roads Group Trust and NorthConnex State Works Contractor Pty Limited), which holds 100% of the Westlink M7 Group and the NorthConnex Group. Westlink M7 holds the concession to design, construct, finance and operate the Westlink M7 Motorway in Sydney for a period of 43 years from the date of operation (16 December 2005) until June 2048, and NorthConnex holds the concession to design, construct, finance and operate the NorthConnex Tunnel in Sydney until 2048.
The following entities are a part of the Westlink Group: • WSO Co Pty Limited (the operator of the Motorway); • Westlink Motorway Limited (the nominee manager of the Westlink Motorway Partnership); • WSO Finance Pty Limited (the financier of the Motorway); and • Westlink Motorway Partnership (was responsible for the construction of the Motorway). The following entities are part of the NorthConnex Group: • NorthConnex Company Pty Limited (the operator of the Tunnel); and • NorthConnex Finance Pty Limited (the financier of the Tunnel).
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