Financial statements | Contents
Section B: Notes to the Group financial statements for the year ended 30 June 2025
Capital and borrowings Capital management
The Group's objectives when managing capital are to safeguard its ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital, so that it can continue to provide returns to security holders and benefits for other stakeholders. The approach to capital management seeks to balance growth in distributions to investors and investments to create long-term value. The Group’s cash flows support security holder distributions and investment opportunities are funded through a combination of debt and equity funding. The Group monitors covenants and forecast cash flows to ensure ongoing compliance with its obligations which supports capital management decisions including distributions.
B10
Contributed equity
2025
2024 $M $M
Fully paid stapled securities
4,037
4,002
Stapled securities Stapled securities entitle the holder to participate in distributions and share in the proceeds upon winding up of the Group in proportion to the number of securities held. Every holder of a stapled security present at a meeting, in person or by proxy, is entitled to one vote. The issued securities of the Group are made up of a parcel of stapled securities, each parcel comprising one share in THL, one unit in THT and one share in TIL. The individual securities comprising a parcel of stapled securities cannot be traded separately. Other contributed equity and issued units attributable to security holders of the Group relating to THT and TIL of $19,711 million and $1,079 million, respectively (2024: $19,559 million and $1,057 million respectively) is included within non-controlling interests. Refer to Note B22.
B11
Reserves
Transactions with non- controlling interests
Share based payments
Foreign currency translation
Cash flow hedges
Cost of hedging
Common control
Total
$M (59) (27)
$M (21) (26)
$M
$M (71) (15)
$M
$M
$M
Balance at 1 July 2024
2
— — —
(297)
(446)
Revaluation―gross
— —
— —
(68)
Deferred tax
8
8
5
21
Share of other comprehensive loss of equity accounted investments, net of tax Transactions between members of the stapled group
(16)
—
—
—
—
—
(16)
—
—
—
—
(501) (501)
—
(501)
Balance at 30 June 2025
(94)
(39)
2
(81)
(297)
(1,010)
Balance at 1 July 2023
(89)
4
2
(81)
— — —
(298)
(462)
Revaluation―gross
48
(36)
— —
14
— —
26
Deferred tax
(15)
11
(4)
(8)
Share of other comprehensive loss of equity accounted investments, net of tax Transactions with non-controlling interests
(3)
—
—
—
—
—
(3)
—
—
—
—
— —
1
1
Balance at 30 June 2024
(59)
(21)
2
(71)
(297)
(446)
Nature of reserves Purpose of reserves Cash flow hedges
Used to record gains or losses on cash flow hedging instruments (to the extent these are part of an effective hedge relationship), which are used by the Group to mitigate the risk of movements in exchange rates and interest rates, as outlined in Note B14. Used to record changes in the fair value of the Group's hedging instruments attributable to movements in currency basis spread (where this element is excluded from the designated hedge relationship) as outlined in Note B14. Used to recognise the grant date fair value of securities issued to employees and deferred securities granted to employees but not yet vested. Used to record exchange differences, including gains or losses relating to the effective component of net investment hedges, arising on translation of the United States and Canadian operations of the Group, as outlined in Note B14. Used to record the interest-free component of intercompany loans which remains in reserves until maturity when it is reclassified to retained earnings. Used to record differences which may arise as a result of transactions with non-controlling interests that do not result in a loss of control.
Cost of hedging
Share based payments
Foreign currency translation Common control
Transactions with non- controlling interests
131
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