Corporate Report for the year ended 30 June 2022
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Business performance
Governance and risk
Directors’ report
Remuneration report
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Section D: Notes to the THT and TIL financial statements for the year ended 30 June 2022
Section D: Notes to the THT and TIL financial statements for the year ended 30 June 2022
Operating performance D3 Segment information Refer to Note B4 for further information around the structure of the segments for the Transurban Group. THT operating segments Management have determined that THT has one operating segment.
THT operations involve the leasing of assets and the provision of funding to the Transurban Group or associates of the Transurban Group. All revenues and expenses are directly attributable to these activities. The management structure and internal reporting of THT are based on this one operating segment. TIL operating segments Management have determined that TIL has one operating segment. TIL’s operations involve the development, operation and maintenance of toll roads in North America. All revenues and expenses are directly attributable to these activities. The management structure and internal reporting of TIL are based on this one operating segment. Reconciliation of segment information to statutory financial information Segment information for North America as disclosed in the Transurban Group segment note (Note B4) is reconciled to the TIL statutory financial information below. Segment revenue Revenue from external customers is through toll and service and fee revenues earned on toll roads. Segment revenue reconciles to total statutory revenue as follows:
2022
2021
TIL
Note
$M 225
$M 188
Total segment revenue (proportional)
Add: Construction revenue from road development activities
— — 17
87
Other revenue from discontinued operations 1
6 5
Intragroup elimination 2
Less: Proportional revenue of non-100% owned equity accounted assets Toll revenue receipts relating to the A25 concession financial asset 3 Other revenue receipts relating to the A25 concession financial asset 3
(115)
(24) (13) (14)
(14) (15)
Revenue attributable to discontinued operations 1 Total statutory revenue from continuing operations
— 98
(164)
71
D4
1. Statutory financial information classifies the results of TC as discontinued operations in the prior comparative period. FY21 other revenue from discontinued operations represents intragroup revenue recognised in relation to arrangements between continuing and discontinued operations that is eliminated for segment purposes. 2. Statutory revenue recognised in relation to arrangements with the equity accounted investments that are eliminated for segment purposes. 3. The Executive Committee members acting as the chief operating decision maker assesses the performance of TIL using proportional results that include A25 income streams relating to availability payments and guaranteed toll income which are classified as revenue within the proportional results. These revenues form part of the ordinary activities of the A25 asset and are reflective of its underlying performance. For statutory accounting purposes, these income streams offset the related concession financial asset receivable recorded on acquisition of the A25 (refer to Note B18). Proportional EBITDA Proportional EBITDA reconciles to (loss)/profit before income tax as follows:
2022
2021
TIL
$M 120
$M
Proportional EBITDA
54
Less: EBITDA attributable to TIL corporate activities (disclosed in corporate and other) 1 Less: Toll and other revenue receipts relating to the A25 concession financial asset Less: Proportional EBITDA of non-100% owned equity accounted investments Add: EBITDA from discontinued operations net of transaction costs on disposal 2
(17) (29) (54)
(37) (27) (10)
—
12
Statutory earnings/(loss) before depreciation, amortisation, net finance costs, equity accounted investments and income taxes from continuing operations
20
(8)
Statutory depreciation and amortisation from continuing operations Statutory net finance income/(costs) from continuing operations
(64)
(62) (25) (21)
22
Share of loss from equity accounted investments, inclusive of impairments from continuing operations
(60) (82)
Loss before income tax from continuing operations
(116)
1. Relates primarily to development activities. 2. Statutory financial information classifies the results of TC as discontinued operations in the prior comparative period. FY21 proportional EBITDA includes $18 million transaction costs on disposal of TC which are included within the statutory gain on disposal and not within statutory EBITDA.
200 200
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