Financial statements | Contents
Section B: Notes to the Group financial statements for the year ended 30 June 2025
B21 Equity accounted investments (continued) Summarised financial information of equity accounted investments (continued) The following table reconciles the above summarised financial information presented on a 100 per cent basis to the proportional amounts recognised by the Group: STP JV NWRG TC A25 Total $M $M $M $M $M 2025 Ownership interest 50 % 50 % 50 % 50 % Proportional total comprehensive (loss)/income (330) 106 53 (17) (188) Profits not recognised (excluding other comprehensive income) — — — — — Group's share of total comprehensive (loss)/income (330) 106 53 (17) (188)
2024 Ownership interest
50 % 50 % 50 % 50 %
Proportional total comprehensive (loss)/income, inclusive of impairment¹ Profits not recognised (excluding other comprehensive income)
(439)
51
15 — 15
(27)
(400)
—
(17)
—
(17)
Group's share of total comprehensive (loss)/income
(439)
34
(27)
(417)
1. In FY24, TIL recorded a pre-tax impairment of its A25 investment of $22 million.
Indicators of impairment At each reporting period the Group assesses whether there is an indication of impairment for each of the Group’s equity accounted investments. Where an indicator of impairment is identified, impairment testing is performed. During the year ended 30 June 2025, there were no indicators of impairment identified for the Group's equity accounted investments. During the year ended 30 June 2024, an indicator of impairment was identified for the A25 equity accounted investment. The resulting impairment testing identified that the carrying amount of the A25 equity accounted investment exceeded its recoverable amount determined based on its fair value less costs of disposal. The recoverable amount was a Level 3 fair value measurement determined using a present value technique based on estimated cash flows from the investment. The carrying amount of the A25 equity accounted investment was written down to its recoverable amount resulting in a pre-tax impairment loss of $22 million. KEY ACCOUNTING ESTIMATE AND JUDGEMENT The key assumptions underlying the Group's impairment indicator assessments are traffic volumes, long-term CPI, the discount rate and asset enhancement opportunities (where applicable). As part of the impairment indicator assessment, sensitivity analysis has been performed which considers reasonably possible changes in these key assumptions for each of the Group's equity accounted investments. The Group does not consider that reasonably possible changes in key assumptions would result in the recoverable amount being lower than the carrying amount of an equity accounted investment (EAI), except for the A25 EAI. For the A25 EAI, after the pre-tax impairment loss of $22 million recognised in FY24, the carrying amount and recoverable amount were equal as at 30 June 2024. The A25 EAI is therefore sensitive and may result in impairment in the future if there are reasonably possible changes in the key assumptions on which management have determined its recoverable amount, including traffic volumes, long-term CPI, discount rates and the realisation of asset enhancement opportunities. Summarised financial information of equity accounted investments (continued) Financing arrangements and credit facilities During the reporting period, equity accounted investments executed a number of financing activities including: August 2024 • WestConnex (STP JV) reached financial close on a $220 million letter of credit facility with a tenor of 3 years. March 2025 • TC reached financial close on a USD250 million ($382 million) bank loan facility with a tenor of 3 years. May 2025 • WestConnex (STP JV) reached financial close on a $200 million syndicated bank borrowing facility with a tenor of 10 years.
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