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
Capital and borrowings Capital management
The Group's objectives when managing capital are to safeguard its ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital, so that it can continue to provide returns to security holders and benefits for other stakeholders. The approach to capital management seeks to balance growth in distributions to investors and investments to create long-term value. The Group’s cash flows support security holder distributions and funding of opportunities through a combination of debt and equity funding. The Group monitors covenants and forecast cash flows to ensure ongoing compliance with its obligations which supports capital management decisions including distributions.
B10
Contributed equity
2024
2023 $M $M
Fully paid stapled securities
4,002
3,968
Stapled securities Stapled securities entitle the holder to participate in distributions and share in the proceeds upon winding up of the Group in proportion to the number of securities held. Every holder of a stapled security present at a meeting, in person or by proxy, is entitled to one vote. The issued securities of the Group are made up of a parcel of stapled securities, each parcel comprising one share in THL, one unit in THT and one share in TIL. The individual securities comprising a parcel of stapled securities cannot be traded separately. Other contributed equity and issued units attributable to security holders of the Group relating to THT and TIL of $19,559 million and $1,057 million, respectively (2023: $19,448 million and $1,042 million respectively) is included within non-controlling interests. Refer to Note B23.
B11
Reserves
Transactions with non- controlling interests
Share based payments
Foreign currency translation
Cash flow hedges
Cost of hedging
Total
$M
$M
$M
$M
$M
$M
Balance at 1 July 2023
(89)
4
2
(81)
(298)
(462)
Revaluation―gross
48
(36)
— —
14
— —
26
Deferred tax
(15)
11
(4)
(8)
Share of other comprehensive income of equity accounted investments, net of tax Transactions with non-controlling interests
(3)
— —
— —
— —
—
(3)
—
1
1
Balance at 30 June 2024
(59)
(21)
2
(71)
(297)
(446)
Balance at 1 July 2022
93
8
1
(62) (37)
(298)
(258) (301)
Revaluation―gross
(258)
(6)
— — —
— — — —
Deferred tax
76 — —
2
11
89
Gains reclassified on disposal of subsidiary, net of tax
— —
7
7 1
Employee performance awards issued
1 2
—
Balance at 30 June 2023
(89)
4
(81)
(298)
(462)
Nature of reserves Purpose of reserves Cash flow hedges
Used to record gains or losses on cash flow hedging instruments (to the extent these are part of an effective hedge relationship), which are used by the Group to mitigate the risk of movements in exchange rates and interest rates, as outlined in Note B14. Used to record changes in the fair value of the Group's hedging instruments attributable to movements in currency basis spread (where this element is excluded from the designated hedge relationship) as outlined in Note B14. Used to recognise the grant date fair value of securities issued to employees and deferred securities granted to employees but not yet vested. Used to record exchange differences, including gains or losses relating to the effective component of net investment hedges, arising on translation of the United States and Canadian operations of the Group, as outlined in Note B14. Used to record differences which may arise as a result of transactions with non-controlling interests that do not result in a loss of control.
Cost of hedging
Share based payments
Foreign currency translation
Transactions with non- controlling interests
141
140
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