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
B35 Parent entity disclosures The financial information for the Parent entity, Transurban Holdings Limited, has been prepared on the same basis as the consolidated financial statements, except as set out below. Investments in subsidiaries, associates and joint ventures Investments in subsidiaries, associates and joint ventures are accounted for at cost in the Parent entity financial statements of Transurban Holdings Limited. Dividends received from associates are recognised in the Parent entity's profit and loss, rather than being deducted from the carrying amount of these investments. Tax consolidation legislation In addition to its own current and deferred tax amounts, Transurban Holdings Limited also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from controlled entities in the tax consolidated group. Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the Group. Any difference between the amounts assumed and amounts receivable or payable under the tax funding agreement are recognised as a contribution to (or distribution from) wholly owned tax consolidated entities. Summary financial information The individual financial statements for the Parent entity report the following aggregate amounts:
2022
2021
$M
$M
Balance sheet Current assets
1,289
1,181 7,913 3,663 4,522 3,391
Total assets
10,727
Current liabilities Total liabilities
5,617 6,409 4,318
Net assets
Shareholders' equity Contributed equity
3,939
2,929
Reserves
1
1
Retained earnings
378
461
Total equity
4,318
3,391
(Loss)/profit for the year
(22) (22)
49 49
Total comprehensive (loss)/income
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 Parent entity. 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 $8 million (2021: $8 million), reflecting management's updated estimate of the collectability of these balances. Guarantees entered into by the Parent entity There are cross guarantees given by Transurban Holdings Limited, Transurban Limited, Tollaust Pty Limited, Roam Tolling Pty Limited, Sydney Roads Limited, Sydney Roads Management Limited, Statewide Roads Limited, M4 Holdings No 1 Pty Limited, M5 Holdings Pty Limited, Devome Pty Limited, Transurban Funding Pty Limited, Transurban STP AHT Pty Limited, Transurban STP AT Pty Limited, Transurban STP Project Hold Co Pty Limited, Transurban STP Project Co Pty Limited, Transurban Sun Holdings Pty Ltd and Transurban Operations Pty Ltd as described in Note B27.
188 188
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