Corporate Report for the year ended 30 June 2022
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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
D17 Deed of cross and intra-group guarantees (continued) Deed of cross guarantee (continued)
2022
2021
$M
$M
Summarised movements in retained earnings Retained earnings at the beginning of the year
980
—
Accumulated losses of entities that joined the ‘closed group’
— 24
(494)
Profit for the year
1,474
Retained earnings at the end of the year
1,004
980
Summarised balance sheet Current assets Trade and other receivables
8 8
2 2
Total current assets
Non-current assets Other financial assets Deferred tax assets Total non-current assets
2,371
1,785
33
—
2,404
1,785
Total assets
2,412
1,787
Current liabilities Total current liabilities
—
—
Non-current liabilities Total non-current liabilities
—
—
Total liabilities
—
—
Net assets
2,412
1,787
Equity Contributed equity
1,031
600 207 980
Other reserves
377
Retained earnings
1,004 2,412
Total equity
1,787
Intra–group guarantees As at 30 June 2022, the Transurban Group comprises Transurban Holdings Limited, Transurban Holding Trust and Transurban International Limited, 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 $1 million (2021: $nil), reflecting management's updated estimate of the collectability of these balances.
212 212
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