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) Financing arrangements and credit facilities During the reporting period, equity accounted investments executed a number of financing activities including: February 2022 • 95 Express Lanes (TC) reached financial close on the issuance of US$638 million ($889 million) of Private Activity Bonds (PABs) refinancing its existing PABs series. The final maturity date is 2048. March 2022 • Capital Beltway Express (TC) reached financial close on the Northern Extension Project (NEXT) and the refinancing of existing debt facilities. Debt raised included US$841 million ($1,157 million) of Bond Anticipation Notes (BANs), which were subsequently redeemed in June 2022, US$299 million ($412 million) of PABs with final maturity in 2057, US$1,053 million ($1,449 million) in new facilities under the Transportation Infrastructure Finance and Innovation Act (TIFIA) with maturities in 2047 and 2060 and a US$49 million ($67 million) facility with Virginia Transportation Infrastructure Bank (VTIB), with maturity in 2060. April 2022 • WestConnex (STP JV) reached financial close on a $540 million bank facility with a tenor of 2 years. June 2022 • NorthConnex (NWRG) reached financial close on a $202 million bank debt facility with a tenor of 5 years. • Capital Beltway Express redeemed US$841 million ($1,217 million) of BANs via a drawdown against the TIFIA facility established in March 2022. August 2022 • WestConnex (STP JV) reached financial close to raise $1,700 million of bank debt facilities with tenor of 4 and 7 years. The proceeds from the raising were used to fully refinance $1,499 million of existing bank debt facilities, as well as partially repay the $540 million bank debt facility established in April 2022.
B26 Non-controlling interests—other Set out below is the summarised financial information for each material subsidiary (refer to Note B23) that has non-controlling interests (NCI) that are material and external to the Group and the total external NCI. The amounts disclosed are before intercompany eliminations.
Transurban Queensland
Airport Motorway
Total NCI
37.50%
37.50%
24.90%
24.90%
2022
2021
2022
2021
2022
2021
$M
$M
$M
$M
$M
$M
Summarised balance sheet Current assets
188
415
29
18
217
433
Non-current assets Current liabilities Non-current liabilities
8,958
8,705
1,382
1,413
10,340
10,118
(537)
(479)
(222) (863)
(375) (773)
(759)
(854)
(6,669)
(6,687)
(7,532)
(7,460)
Net assets
1,940
1,954
326
283
2,266
2,237
Carrying amount of NCI
726
733
81
68
807
801
Summarised statement of comprehensive income Revenue
726
684
126
140
852
824
Expenses
(745)
(776)
(105)
(126)
(850)
(902)
Profit/(loss) for the year
(19)
(92) (17)
21 26 47
14
2
(78) (10) (88) (31)
Other comprehensive income/(loss) Total comprehensive income/(loss)
202 183
7
228 230
(109)
21
Profit/(loss) allocated to NCI
(8)
(33)
5 6
2 1
(3)
Other comprehensive income/(loss) allocated to NCI
76
(6)
82
(5)
Summarised cash flows Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities
239
211
58 —
86 —
297
297
(18)
(85)
(18)
(85)
(485) (264)
127 253
(46)
(103)
(531) (252)
24
Net (decreases)/increases in cash and cash equivalents
12
(17)
236
180 180
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