Financial statements
Section D: Notes to the THT and TIL financial statements for the year ended 30 June 2024
Section D: Notes to the THT and TIL financial statements for the year ended 30 June 2024
D3
Segment information (continued)
Proportional EBITDA Proportional EBITDA reconciles to loss before income tax as follows:
2024
2023 $M $M
TIL
Proportional EBITDA
168
129
Less: EBITDA attributable to TIL corporate activities (disclosed in corporate and other) 1 Less: Toll and other revenue receipts relating to the A25 concession financial asset 2 Less: Proportional EBITDA of non-100% owned equity accounted investments Add: EBITDA from discontinued operations net of transaction costs on disposal 3
(2)
(38) (20) (91) (25) (14) (16) (49)
—
(166)
—
Statutory depreciation and amortisation from continuing operations Statutory net finance income/(costs) from continuing operations
(4)
9
Share of loss from equity accounted investments, inclusive of impairments from continuing operations
(12)
Statutory loss before income tax from continuing operations
(7)
(124)
1. Relates primarily to development activities. 2. The Executive Committee members acting as the chief operating decision maker assesses 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. 3. Statutory financial information classifies the results of A25 as discontinued operations in the prior comparative period. In FY23, Proportional EBITDA included $9 million transaction costs on disposal of A25 which are included within the statutory gain on disposal and not within statutory EBITDA.
D4
Revenue
THT
TIL
2024 2023 $M $M $M $M 2023 2024
Toll revenue Rental income
—
—
1
1
1,021
966
— — 44 — 45
— — 39 — 40
Construction revenue
27 76 47
48 14 49
Other revenue Concession fees
Total revenue from continuing operations
1,171
1,077
For toll revenue, construction revenue and other revenue accounting policies, refer to Note B5.
Rental income and concession fees accounting policies Revenue type Accounting policy Rental income
The rental income revenue stream relates to lease payments received from operating leases on the property held by THT. This income is recognised in accordance with the terms of the lease contract. Other income from concession fees relates to the CityLink concession notes. Pursuant to the Agreement for the Melbourne CityLink concession deed (the Concession Deed), CityLink Melbourne Limited (CityLink) (a member of the Transurban Group), is required to pay annual concession fees for the duration of CityLink's concession period. Until a certain threshold rate of return on the project is achieved, the payment of concession fees due under the Concession Deed can be satisfied by means of non-interest bearing concession notes. Following agreements reached with the State of Victoria, the Group paid a total of $765 million to the State to have all current concession notes issued to the State assigned to Transurban Holding Trust, and the State directed CityLink to pay future concession notes to Transurban Holding Trust. Accordingly, CityLink continues to issue notes semi- annually to Transurban Holding Trust, and Transurban Holding Trust recognises concession note income from the issue of these notes, at the present value of expected future repayments.
Concession fees
196 197
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