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
Group structure
D14 Equity accounted investments Set out below is the summarised financial information for those joint ventures and associates that are material to THT and TIL. The summarised financial information presented below is on a 100 per cent basis. Refer to Note B22 for the details of the STP JV, NWRG, TC, A25 and AM Partners equity accounted investments. Set out below is the reconciliation of the carrying amount of equity accounted investments.
THT STP JV TIL AM Partners TIL Total $M $M $M $M $M $M $M THT NWRG Trust THT Total TIL TC TIL A25
Carrying amount at 1 July 2023 Group’s share of profit/(loss), inclusive of impairment¹ Group’s share of other comprehensive loss
4,982
—
4,982
3,190
438
—
3,628
(196)
46
(150)
15 —
(27)
— — — — — —
(12)
(65)
(3)
(68)
—
—
Distributions received² Capital contributions
(295)
(43)
(338)
(30)
(21)
(51)
— —
— — —
— —
96
—
96
Foreign exchange movements
(3)
(15)
(18)
Carrying amount at 30 June 2024
4,426
4,426
3,268
375
3,643
Carrying amount at 1 July 2022
5,226
39
5,265
3,013
—
24
3,037
Acquisition
—
—
—
—
434
—
434
Group’s share of profit/(loss), inclusive of impairment³ Group’s share of other comprehensive income/(loss)
(159)
40
(119)
(14)
(1)
(34)
(49)
(59)
3
(56)
—
—
— —
—
Distributions received²
(112)
(96)
(208)
(33)
(12)
(45)
Foreign exchange movements
— 86
— —
— 86
118 106
17 —
1 9
136 115
Capital contributions
Fair value adjustment on recognition of shareholder loan notes (SLN) commitments 4 Carrying amount at 30 June 2023
—
14 —
14
—
—
— —
—
4,982
4,982
3,190
438
3,628
1. During FY24, TIL recorded a pre-tax impairment of its investment in A25 of $22 million (2023: $nil). Refer to Note B22 for further details. 2. Total distributions of $116 million (2023: $106 million) paid by NWRG Trust during the year exceeds the pre-distribution carrying amount of NWRG Trust equity accounted investment balance as at 30 June 2024 by $73 million (2023: $10 million). As a result, $73 million (2023: $10 million) has been recorded as other revenue in the profit and loss. 3. During FY23, the Group recorded a $6 million impairment of its investment in AM Partners. Refer to Note B22 further details. 4. 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.
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