2024 Corporate Report

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

B29

Related party transactions

Joint ventures

2024 $'000

2023 $'000

Transactions with related parties Other revenue 1

168,462 223,470 391,932

144,583 152,297 296,880

Finance income

Outstanding balances with related parties Financial assets at amortised cost NWRG shareholder loan notes (SLNs)

494,718

572,309

STP JV SLNs

1,512,050

1,407,309

Other liabilities NWRG payable for acquisition of customer base

(54,360)

(54,837) (21,582) (16,036)

NWRG SLN commitments

TC other liabilities 2 A25 other liabilities

(14,120)

(962)

Other assets STP JV SLNs interest receivable STP JV other receivables 2 NWRG JV other receivables 2

21,030 12,573

18,677 10,443

8,621

6,442

TC other receivables A25 other receivables

34,548

44,233

1,640

95

2,015,738

1,967,053

1. Prior year amounts have been restated to include additional services revenue received from related parties. 2. Prior year amounts have been restated to include other receivables and payables to related parties. Transactions with related parties Other revenue Other revenue relates to tolling and management services provided to related parties. Finance income Finance income relates to the interest recorded on financial assets at amortised cost, unwind of discount and remeasurement of financial assets at amortised cost and unwind of discount and remeasurement of liabilities on SLN commitments as noted below. Financial assets and liabilities at amortised cost Financial assets carried at amortised cost relate to NWRG and STP JV SLNs. Financial liabilities carried at amortised cost relate to recognised loan commitments under the NWRG SLN facility that have been recorded within other liabilities (SLN commitments). The NWRG and STP JV SLNs are denominated in AUD. NWRG shareholder loan notes The NWRG SLNs consist of a non-interest bearing facility with a maturity date of June 2048 and an interest-bearing SLN facility with a rate equivalent to the weighted average of the interest rate applicable to NWRG’s senior secured debt plus a margin of 50bps with a maturity date of August 2032. The agreement includes a mechanism to capitalise interest should funds not be available to settle accrued interest. The nominal value of the NWRG SLNs as at 30 June 2024 is $572,341 thousand (2023: $693,027 thousand). STP JV shareholder loan notes The STP JV SLNs earn interest at a rate equivalent to the weighted average of the interest rate applicable to WestConnex’s senior secured debt plus a margin. The agreements include a mechanism to capitalise interest should funds not be available to settle accrued interest. The SLNs have a maturity date of September 2028. The nominal value of the STP JV SLNs as at 30 June 2024 is $1,464,562 thousand (2023: $1,433,082 thousand).

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