Financial statements | Contents
Section B: Notes to the Group financial statements for the year ended 30 June 2025
B28
Related party transactions
Joint ventures
2025 $'000
2024¹ $'000
Transactions with related parties Other revenue
179,105 82,786 261,891
168,462 223,470 391,932
Net finance income
Outstanding balances with related parties Financial assets at amortised cost NWRG shareholder loan notes (SLNs)
521,500
494,718
STP JV SLNs
1,503,964
1,512,050
Other liabilities NWRG payable for acquisition of customer base
(54,702)
(54,360) (2,813) (14,120)
STP JV other liabilities TC other liabilities A25 other liabilities
(540)
(13,604) (1,424)
(962)
Other assets STP JV SLNs interest receivable STP JV other receivables NWRG JV other receivables
20,626 32,498
21,030 13,596
8,397
8,621
TC other receivables A25 other receivables
27,084
34,548
1,874
1,640
2,045,673
2,013,948
1. Comparatives have been restated to include outstanding balances with related parties.
Transactions with related parties Other revenue Other revenue relates to tolling and management services provided to related parties. Finance income Finance income relates to the interest recorded on financial assets at amortised cost, unwind of discount and remeasurement of financial assets at amortised cost and unwind of discount and remeasurement of liabilities on SLN commitments as noted below. Financial assets and liabilities at amortised cost Financial assets carried at amortised cost relate to NWRG and STP JV SLNs. Financial liabilities carried at amortised cost related to recognised loan commitments under the NWRG SLN facility that were recorded within other liabilities (SLN commitments). The NWRG and STP JV SLNs are denominated in AUD. NWRG shareholder loan notes The NWRG SLNs consist of a non-interest bearing facility with a maturity date of June 2048 and an interest-bearing SLN facility with a rate equivalent to the weighted average of the interest rate applicable to NWRG’s senior secured debt plus a margin of 50bps with a maturity date of August 2032. The agreement includes a mechanism to capitalise interest should funds not be available to settle accrued interest. The nominal value of the NWRG SLNs as at 30 June 2025 is $585,304 thousand (2024: $572,341 thousand). STP JV shareholder loan notes The STP JV SLNs earn interest at a rate equivalent to the weighted average of the interest rate applicable to WestConnex’s senior secured debt plus a margin. The agreements include a mechanism to capitalise interest should funds not be available to settle accrued interest. The SLNs have a maturity date of September 2028. The nominal value of the STP JV SLNs as at 30 June 2025 is $1,480,453 thousand (2024: $1,464,562 thousand).
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