Corporate Report for the year ended 30 June 2022
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Directors’ 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
Group structure D15 Equity accounted investments
Set out below is the summarised financial information for those joint ventures and associates that are material to the THT and TIL Group. The summarised financial information presented below is on a 100 per cent basis. Refer to Note B25 for the details of the STP JV, NWRG and TIL (TC and AM Partners) equity accounted investments. Reconciliation of summarised financial information Set out below is the reconciliation of the carrying value of equity accounted investments.
THT NorthWestern Roads Trust
THT STP JV
THT Total 2021
TIL
2022
2021
2022
2021
2022
2022
2021
$M
$M
$M
$M 151
$M
$M
$M
$M
Opening carrying value at 1 July
2,073
2,268
76 — 40
2,149
2,419
2,714
—
Acquisition
—
—
— 34
—
—
—
2,706
Group’s share of profit/(loss)
(158)
(130)
(118)
(96)
(60)
(21)
Group’s share of other comprehensive income/(loss)
216
75
8
2
224
77
29
(1)
Distributions received
(278)
(253)
(85)
(111)
(363)
(364)
(65)
— 28
Foreign exchange movements
—
—
— —
— —
—
—
256 162
Capital contributions 1
3,373
113
3,373
113
2
Fair value adjustment on issuance of shareholder loans
—
—
— 39
— 76
—
—
1
—
Closing carrying value at 30 June
5,226
2,073
5,265
2,149
3,037
2,714
1. Capital contributions for AM Partners includes $6 million (2021: $nil) of costs capitalised as part of the cost of the equity accounted investment.
Summarised balance sheet—100%
THT North Western Roads Trust
THT STP JV
THT Total 2021
TIL
2022
2021
2022
2021
2022
2022
2021¹
$M 565 426
$M 781 420
$M
$M
$M 565 426
$M 781 420
$M 483
$M 366
Cash and cash equivalents
— —
— —
Other current assets Non-current assets
18
9
16,903 (1,496)
16,322
2,003
2,088
18,906 (1,514)
18,410
9,678
8,561
Current financial liabilities Other current liabilities Non-current financial liabilities Other non-current liabilities
8
(18)
(17)
(9)
—
—
(120)
(130)
(2)
(5)
(122)
(135)
(278)
(145)
(8,581)
(9,501)
(1,997)
(2,000)
(10,578)
(11,501)
(3,616)
(3,188)
9
9
—
— 66
9
9
(232)
(176)
Net assets/(liabilities)
7,706
7,909
(14)
7,692
7,975
6,053
5,427
Summarised statement of comprehensive income—100%
Revenue
293 288
320 514
153
141
446 288
461 514
229 261
49 47
Construction revenue
—
—
Depreciation and amortisation
(351)
(350)
(34)
(34)
(385)
(384)
(124) (121) (261) (106)
(29) (30) (47) (31)
Other expenses Construction costs Net finance costs Income tax expense
(17)
—
(1)
(1)
(18)
(1)
(288) (316)
(514) (479)
—
—
(288) (354)
(514) (513)
(38)
(34)
—
—
(2)
(4)
(2)
(4)
—
—
Profit/(loss) for the year
(391)
(509)
78 15 93
68
(313)
(441)
(122)
(41)
Other comprehensive income/(loss) Total comprehensive income/(loss)
566 175
297
4
581 268
301
61
(2)
(212)
72
(140)
(61)
(43)
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%
60%
60%
Proportional total comprehensive income/(loss) Amortisation of fair value uplift and other adjustments Group's share of comprehensive income/(loss)
58
(55)
48
36
106
(19)
(79)
(13)
— 58
—
— 48
— 36
—
—
48
(9)
(55)
106
(19)
(31)
(22)
1. The summarised statement of comprehensive income for TC is presented from the date of divestment of 50% share in TC on 31 March 2021.
210 210
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