Financial statements | Contents
Section B: Notes to the Group financial statements for the year ended 30 June 2025
B21
Equity accounted investments (continued)
Joint Ventures (continued) TC (50% ownership interest) The Group has a 50% ownership interest in TC.
TC owns 100% of the entities that developed, built, financed and now operate and maintain the 95 Express Lanes (including the Frederick Extension), 395 Express Lanes and 495 Express Lanes (including the NEXT extension, which is under construction) in the Greater Washington
Area of the United States of America. The following entities are part of TC: • Transurban Chesapeake LLC (responsible for corporate operations); • Capital Beltway Express LLC (the operator of the Capital Beltway Express Lanes); and • 95 Express Lanes LLC (the operator of the 95 Express Lanes).
KEY ACCOUNTING ESTIMATE AND JUDGEMENT The Group’s assessment that it does not control TC has been made by considering the terms of the Purchase Agreement signed by the TC partners, which requires a supermajority vote of at least 77.5% of all shareholders for decisions on significant relevant activities. Considering this, and among other factors, the Group has concluded that it, together with the other TC partners, jointly controls TC and its controlled entities. A25 (50% ownership interest) The Group has a 50% ownership interest in Skawanoti Holdings LP which holds 100% of the ownership interest in the A25 Group. The A25 Group holds the concession to operate and maintain the A25 toll road in Montreal, Canada. The following entities are part of A25: • Skawanoti Holdings LP (responsible for corporate operations); and • Concession A25 LP (the operator of the A25). KEY ACCOUNTING ESTIMATE AND JUDGEMENT The Group’s assessment that it does not control A25 has been made by considering the terms of the Unanimous Shareholders’ Agreement signed by the A25 partners, which requires a majority vote of at least 80% of all shareholders for decisions on significant relevant activities. Considering this, and among other factors, the Group has concluded that it, together with the other A25 partner, jointly controls A25. Associate Bluedot During the period, the Group disposed of its 4.2% ownership interest in Bluedot. The carrying value of the Bluedot equity accounted investment immediately prior to its disposal was $nil (2024: $nil).
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