Financial statements | Contents
Section B: Notes to the Group financial statements for the year ended 30 June 2025
B4
Segment information (continued)
Proportional EBITDA Proportional EBITDA reconciles to statutory profit before income tax as follows:
2025
2024² $M $M
Proportional EBITDA (new presentation) Add: EBITDA attributable to non-controlling interests
2,676
2,651
301
282
(Less): Intragroup elimination 1
—
(2)
(Less): Proportional EBITDA of non-100% owned equity accounted assets Add: Major maintenance spend attributable to controlled entities (Less): Statutory major maintenance expense attributable to controlled entities (Less): Mark-to-market movements in power purchase agreements
(849)
(757)
121
153
(216)
(125)
(2)
(1)
(Less): Statutory depreciation and amortisation
(1,097)
(1,069)
(Less): Statutory net finance costs
(735)
(404) (349)
(Less): Share of loss of equity accounted investments, inclusive of impairments¹
(81)
Statutory profit before income tax
118
379
1. EBITDA in relation to arrangements with equity accounted investments that are eliminated for segment purposes. For statutory purposes an offsetting adjustment is recognised within the share of loss of equity accounted investments, inclusive of impairments. 2. Comparatives have been restated to align with current period presentation.
B5
Revenue
2025
2024 $M $M
Toll revenue
3,029
2,941
Construction revenue
668
964 214
Other revenue 1
73
Total revenue from operations
3,770
4,119
1. Other revenue has been constrained for roaming fees relating to the ConnectEast litigation. Refer to Note B2 for further details. The Group’s service concession arrangements are accounted for in accordance with AASB Interpretation 12 Service Concession Arrangements (AASB Interpretation 12) and can fall into two types of models, the intangible asset model and the financial asset model as discussed below. Service concession arrangements—intangible asset model The revenue streams covered by this model are Toll revenue and Construction revenue. Toll and construction revenue accounting policy The Group’s principal revenue generating activities are accounted for in accordance with AASB Interpretation 12 and AASB 15 Revenue from Contracts with Customers (AASB 15). These accounting pronouncements specify that operations and maintenance services and construction services provided under the Group’s service concession arrangements are two distinct types of services and separate performance obligations, which are provided in exchange for Toll revenue and Construction revenue, respectively.
Revenue type
Accounting policy
Toll revenue
The customer of the operations and maintenance services is the user of the infrastructure. Each use made of the toll road by users is considered a performance obligation. The related revenue is recognised at the point in time that the individual service is provided, the amount is probable of being collected by the Group and it is highly probable that a significant reversal of revenue will not occur. Total toll revenue is net of any revenue share arrangements that the Group has triggered during the reporting period. The customer with respect to construction services is the concession grantor. Construction services are accounted for as one performance obligation and revenue is recognised in line with the progress of construction services provided over time. The progress of construction is measured by reference to the value of construction activities undertaken. Revenue is measured at fair value by reference to the stand-alone selling price.
Construction revenue
119
Made with FlippingBook Digital Publishing Software