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
B27 Deed of cross and intra-group guarantees (continued) Deed of cross guarantee (continued)
2022
2021
$M
$M
Summarised movements in accumulated losses Accumulated losses at the beginning of the year Retained earnings of entities that joined the ‘closed group’
(961)
(758)
—
18
(194)
Loss for the year
(294)
(27)
Dividends provided for or paid
(61)
Accumulated losses at the end of the year
(1,316)
(961)
Summarised balance sheet Current assets Cash and cash equivalents Trade and other receivables
1,017
2,793
916
968
1,933
Total current assets
3,761
Non-current assets Other financial assets
7,365 2,434
6,472
Equity accounted investments Property, plant and equipment
901 438 142 518
416 127 601
Intangible assets Deferred tax assets
10,943
Total non-current assets
8,471
Total assets
12,876
12,232
Current liabilities Trade and other payables
983 107
1,273
Provisions
77
1,090
Total current liabilities
1,350
Non-current liabilities Payables Deferred tax liabilities
9,141
8,903
17
5 5
5
Provisions
9,163
Total non-current liabilities
8,913
Total liabilities
10,253
10,263
Net assets
2,623
1,969
Equity Contributed equity
3,938
2,929
1
Other reserves
1
(1,316)
Accumulated losses
(961)
2,623
Total equity
1,969
Intra-group guarantees As at 30 June 2022, the Transurban Group comprising Transurban Holdings Limited, Transurban Holding Trust and Transurban International Limited, was traded and quoted on the ASX as one triple stapled security. Under the stapling arrangement, each entity is able to provide direct and/or indirect support to each other entity and its controlled entities within the Group on a continual basis. Expected credit loss As at 30 June 2022, having assessed the impacts from the economic uncertainty relating to COVID-19, near-term interest rates and inflation, management do not consider there to be evidence of a significant increase in credit risk since the initial recognition of the financial assets at amortised cost in the closed group. This is mainly due to there being no significant change in the nature of or the collectability of these balances. The loss allowance for these financial assets at amortised cost continues to be limited to 12 months of expected losses. These balances continue to have low credit risk as they have a low risk of default and the counterparties have a strong capacity to meet their contractual cash flow obligations in the near-term. As at 30 June 2022 the loss allowance was $9 million (2021: $10 million), reflecting management's updated estimate of the collectability of these balances.
182 182
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