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
B22
Equity accounted investments (continued)
Joint Ventures (continued) TC (50% ownership interest) The Group has a 50% ownership interest in TC. The following entities are part of TC: • Transurban Chesapeake LLC (responsible for corporate operations); • Capital Beltway Express LLC (the operator of the Capital Beltway Express Lanes); and • 95 Express Lanes LLC (the operator of the 95 Express Lanes).
KEY ACCOUNTING ESTIMATE AND JUDGEMENT The Group’s assessment that it does not control TC has been made by considering the terms of the Purchase Agreement signed by the TC partners, which requires a supermajority vote of at least 77.5% of all shareholders for decisions on significant relevant activities. Considering this, and among other factors, the Group has concluded that it, together with the other TC partners, jointly controls TC and its controlled entities. A25 (50% ownership interest) The Group has a 50% ownership interest in Skawanoti Holdings LP which holds 100% of the ownership interest in the A25 Group. The following entities are part of A25: • Skawanoti Holdings LP (responsible for corporate operations); and • Concession A25 LP (the operator of the A25). KEY ACCOUNTING ESTIMATE AND JUDGEMENT The Group’s assessment that it does not control A25 has been made by considering the terms of the Unanimous Shareholders’ Agreement signed by the A25 partners, which requires a majority vote of at least 80% of all shareholders for decisions on significant relevant activities. Considering this, and among other factors, the Group has concluded that it, together with the other A25 partner, jointly controls A25. AM Partners (60% ownership interest) The Group has a 60% ownership interest in AM Partners, whose role was to be the Maryland Department of Transport’s long-term partner to build, finance and operate new Express Lanes in Maryland, USA. AM Partners is jointly controlled by the Group and Macquarie Infrastructure Developments LLC. Management have assessed that the Group does not control AM Partners considering the ownership and operating
agreements, which require unanimous approval by all shareholders for all relevant decisions. The carrying amount of the AM Partners equity accounted investment is $nil (2023: $nil). Associate Bluedot (4.2% ownership interest)
Bluedot is an advanced location services technology company. The Group leverages Bluedot’s location services technology for the Group’s LinktGo application which allows the use of a smartphone’s GPS and other sensors to identify when a driver has entered and exited a toll road. Bluedot’s technology continues to be used by the Group as at 30 June 2024. The carrying amount of the Bluedot equity accounted investment is $nil (2023: $nil). Accordingly, summarised financial information, including cumulative losses not recognised, is not disclosed.
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