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) Set out below is the reconciliation of the carrying amount of equity accounted investments: STP JV NWRG
TC Total $M $M $M $M $M $M A25 Other 7
Carrying amount at 1 July 2023
6,933
116
3,190
438
— — — — — — —
10,677
Group's share of (loss)/profit, inclusive of impairment 1,2
(374)
37
15 —
(27)
(349)
Group’s share of other comprehensive loss
(65)
(3)
—
(68)
Distributions received Capital contributions
(351)
(116)
(30)
(21)
(518)
— —
— —
96
—
96
Foreign exchange movements
(3)
(15)
(18)
Carrying amount at 30 June 2024
6,143
34
3,268
375
9,820
Carrying amount at 1 July 2022
7,309
178
3,013
—
24
10,524
Acquisition 3
—
— — —
—
434
—
434
Group's share of loss, inclusive of impairment 1,4,5 Group’s share of other comprehensive loss
(278)
(14)
(1)
(34)
(327)
(59)
—
—
— —
(59)
Distributions received Capital contributions
(125)
(106)
(33)
(12)
(276)
86 — —
— 44 —
106
— — 17
9
201
Fair value adjustment on recognition of SLN commitments 6
—
—
44
Foreign exchange movements
118
1
136
Carrying amount at 30 June 2023 Cumulative losses not recognised 4
6,933
116
3,190
438
— —
10,677
—
33
—
—
33
1. The Group’s share of STP JV losses includes losses from STP Project Trust of $178 million (2023: $119 million) and STP Asset Trust of $196 million (2023: $159 million). 2. During FY24, the Group recorded a pre-tax impairment of its investment in A25 of $22 million (2023: $nil). 3. On 28 February 2023, the Group completed the sale of its controlling interest in A25 (refer to note B21). On completion, the Group deconsolidated 100% of the net assets of the A25 Group and recorded an equity accounted investment at fair value of $434 million, representing the 50% interest in A25. 4. For FY23, the Group’s share of profits from the investment in the NWRG were not recognised until cumulative losses were fully utilised. Cumulative losses not recognised above are disclosed at 100%. 5. During FY23, the Group recorded a $6 million impairment of its investment in AM Partners. 6. During FY23, SLN commitments under a new NWRG SLN facility were made. The SLN commitments were recorded at fair value on initial recognition and the difference between the nominal value of the SLN commitments and the fair value was treated as a contribution to the equity accounted investment in NWRG. 7. Other equity accounted investments includes AM Partners.
172
171
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