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
B25 Equity accounted investments (continued) Summarised financial information of equity accounted investments Set out below is the summarised financial information for those joint ventures and associates that are material to the Group. The summarised financial information presented below is on a 100 per cent basis for each equity accounted investment. Summarised balance sheet―100%
Other 3
STP JV
NWRG
TC
Total
2022 2021 $M $M $M $M $M $M $M $M $M $M 2021 2022 2021 2022 2021² 2022 2021 2022
Cash and cash equivalents
716
940
129
133 239
483
366
— —
— — — — — — — — — — — — — — — — — —
1,328
1,439
Other current assets Non-current assets
28
58
93
18
9
139
306
22,367 (1,496)
22,096
3,036
3,195
9,549
8,561
129
35,081 (1,497)
33,852
Current financial liabilities Other current liabilities Non-current financial liabilities Other non-current liabilities
7
(1)
(1)
—
—
—
6
(166)
(223)
(63)
(128)
(178)
(145)
(100)
(507)
(496)
(11,364)
(10,759)
(3,411)
(3,451)
(3,616)
(3,188)
— — 29
(18,391)
(17,398)
(67)
(42)
(108) (325)
(86) (99)
(232)
(176)
(407)
(304)
Net assets/(liabilities)
10,018
12,077
6,024
5,427
15,746
17,405
Summarised statement of comprehensive income—100%
Revenue
510 298
534 514
518
544
229 261
49 47
— — — — — — — — — —
1,257
1,127
Construction revenue
—
39
559
600
Depreciation and amortisation
(499) (151) (298) (513)
(498) (141) (514) (449)
(110) (134)
(100) (107)
(124) (121) (261) (106)
(29) (30) (47) (31)
(733) (406) (559) (829) (118) (829)
(627) (278) (600) (663)
Other expenses Construction costs Net finance costs¹
—
(39)
(210)
(183)
Income tax benefit/(expense)
(58)
(21)
(60)
20
—
—
(1)
Profit/(loss)
(711)
(575)
4
174
(122)
(41)
(442)
Other comprehensive income/(loss) Total comprehensive income/(loss)
566
297
14 18
4
61
(2)
641
299
(145)
(278)
178
(61)
(43)
(188)
(143)
The following table reconciles the above summarised financial information presented on a 100 per cent basis to the proportional amounts recognised by the Group:
Ownership interest
50% 50% 50% 50% 50% 50% 60% 60%
Proportional total comprehensive income/(loss) Amortisation of fair value uplift and other adjustments Group's share of comprehensive income/(loss) Profits not recognised (excluding other comprehensive income) Group's recognised share of total comprehensive loss
(92)
(65)
9
89 — 89
(79)
(13)
— — —
— — —
(162)
11
—
—
—
48
(9)
48
(9)
(92)
(65)
9
(31)
(22)
(114)
2
—
—
(2)
(87)
—
—
— —
— —
(2)
(87) (87)
(92)
(65)
—
—
(31)
(22)
(123)
1. STP JV includes net finance costs of $181 million (2021: $31 million of income) that are not recorded at the WestConnex level of the corporate structure, and are only incurred by the STP JV partners. The Group has a 50% equity interest in STP JV. Aside from some inconsequential items, the Group's proportional equity interest in the remaining STP JV comprehensive income is 50%, reflective of Transurban's proportional ownership interest in WestConnex. 2. The summarised statement of comprehensive income is presented from the date of divestment of 50% share in TC on 31 March 2021. 3. Other equity accounted investments includes AM Partners. Indicators of impairment At each reporting period the Group assesses whether there is an indication of impairment. Where an indicator of impairment is identified, impairment testing is performed using the same approach as the Group’s annual goodwill impairment testing. There were no indicators of impairment as at 30 June 2022. The key assumptions on which management have based their cash flow estimates used for the Group’s impairment indicator assessments are traffic volumes, long-term CPI and the discount rate. As part of the impairment indicator assessments, sensitivity analysis has been performed which considers reasonably possible changes in these key assumptions for each of the Group’s equity accounted investments. Except for TC, the Group’s equity accounted investments were not sensitive to reasonably possible changes in key assumptions. The recoverable amount of TC exceeds the carrying amount by 15% (carrying amount $3,013 million as at 30 June 2022). The TC equity accounted investment was acquired in March 2021 as part of the divestment of TC (refer to Note B24) and due to the recent acquisition, the equity accounted investment could be impaired if there were a reasonably possible change in key assumptions relating to the discount rate or long-term CPI. However, there has not been a material change to long-term assumptions and accordingly, there is no impairment as at 30 June 2022.
179 179
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