2022 Corporate Report

Corporate Report for the year ended 30 June 2022

Introduction and overview

Business performance

Governance and risk

Directors’ report

Remuneration report

Financial statements

Sustainability supplement

Security holder information

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

Made with FlippingBook Annual report maker