Financial statements
Section B: Notes to the Group financial statements for the year ended 30 June 2024
Section B: Notes to the Group financial statements for the year ended 30 June 2024
B4
Segment information (continued)
Proportional EBITDA Proportional EBITDA reconciles to statutory profit before income tax as follows:
2024
2023 $M $M
Proportional EBITDA
2,631
2,448
Add: EBITDA attributable to non-controlling interests
281
260
Add: Intragroup elimination 1
(2)
11
Less: Proportional EBITDA of non-100% owned equity accounted assets Less: Toll and other revenue receipts relating to the A25 concession financial asset 2
(709)
(591)
—
(20)
Statutory depreciation and amortisation
(1,069)
(1,111)
Statutory net finance costs
(404) (349)
(645) (327)
Share of loss of equity accounted investments, inclusive of impairments
Gain on disposal of interest in subsidiary Statutory profit before income tax
—
41
379 66 1. Earnings before depreciation, amortisation, net finance costs, equity accounted investments, income taxes and gain on disposal of subsidiary recognised in relation to arrangements with equity accounted investments that are eliminated for segment purposes. For statutory purposes an offsetting adjustment is recognised within the share of loss of equity accounted investments. 2. The Executive Committee members acting as the chief operating decision maker assess the performance of the Group 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 A25 and are reflective of its underlying performance. Up to the date of sale of the Group’s controlling interest in A25 on 28 February 2023 (refer to Note B21), for statutory accounting purposes, these income streams offset the related concession financial asset receivable recorded on acquisition of the original controlling interest in A25, which has been disposed of as part of the sale of A25.
B5
Revenue
2024
2023 $M $M
Toll revenue
2,941
2,831 1,142
Construction revenue
964 214
Other revenue
184
Total revenue from operations
4,119
4,157
The Group’s service concession arrangements are accounted for in accordance with AASB Interpretation 12 Service Concession Arrangements (AASB Interpretation 12) and can fall into two types of models, the intangible asset model and the financial asset model as discussed below. Service concession arrangements—intangible asset model The revenue streams covered by this model are Toll revenue and Construction revenue. Toll and construction revenue accounting policy The Group’s principal revenue generating activities are accounted for in accordance with AASB Interpretation 12 and AASB 15 Revenue from Contracts with Customers (AASB 15). These accounting pronouncements specify that operations and maintenance services and construction services provided under the Group’s service concession arrangements are two distinct types of services, which are provided in exchange for Toll revenue and Construction revenue, respectively.
Revenue type
Accounting policy
Toll revenue
The customer of the operations and maintenance services is the user of the infrastructure. Each use made of the toll road by users is considered a performance obligation. The related revenue is recognised at the point in time that the individual service is provided and the amount is probable of being collected by the Group. Total toll revenue is net of any revenue share arrangements that the Group has triggered during the reporting period. The customer with respect to construction services is the concession grantor. Construction services are accounted for as one performance obligation and revenue is recognised in line with the progress of construction services provided over time. The progress of construction is measured by reference to costs incurred to date. Revenue is measured at fair value by reference to the stand-alone selling price.
Construction revenue
Service concession arrangements—financial asset model As at 30 June 2024, the Group does not have any concession financial assets, as the Group's only concession financial asset related to A25 which was disposed of as part of the sale of the Group’s controlling interest in A25 on 28 February 2023 (refer to Note B21).
130
129
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