Creating a new energy future – a bold vision
6. Investment held for sale continued
2021 (11 MONTHS) $M
2020 (12 MONTHS) $M
Carrying amount of associate prior to classification as held for sale Balance at 1 July
8.9 1.8 0.1
8.7 0.3
Share of net prof it/(loss) of associate
Share of other comprehensive income of associate
(0.1)
Balance at 31 May (2020: 30 June)
10.8
8.9
Equity accounted earnings of associate Prof it/(loss) before income tax
2.5
0.4
(0.7)
Income tax benef it/(expense)
(0.1)
Share of net profit/(loss) of associate Total recognised revenues and expenses
1.8 1.8
0.3 0.3
2021 $M
At classification as held for sale Carrying amount using the equity method
10.8
1.4
Foreign currency translation reserve transferred from equity
Investment reclassified to held for sale
12.2
7. Revenue 7.1 Revenue from contracts with customers
2021 $M
2020 $M
644.0 121.1 209.0 225.7
Regulated networks – sale of distribution services Regulated networks – third party contributions
672.5
85.7
Gas trading sales Metering services
256.4 203.9
79.5
Other Total
75.5
1,279.3
1,294.0
Revenue streams
Satisfaction of performance obligation
Regulated networks – sale of distribution services
The group receives revenue from business customers and energy retailers who sell energy to end customers for electricity and gas distribution services in Auckland.
Revenue from electricity and gas distribution services are measured at the value of consideration received, or receivable, to the extent that pricing is measured by the regulator within a def ined revenue path. Revenue is recognised over time on a basis that corresponds with end consumers’ pattern of electricity and gas consumption. Customers are billed monthly in arrears for distribution services, measured in units of electricity and gas distributed. Revenue from distribution services therefore includes an accrual for services provided but not billed at the end of the month. The accrual is determined based on the group’s estimate of volume distributed in the month using the most recent data available. A large portion of the contract assets at balance date consists of this accrual.
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