Company Number
2
CK William UK Holdings Limited
Strategic report
31 December 2025
The directors present their strategic report on CK William UK Holdings Limited (referred to hereafter as the 'consolidated entity') for the year ended
Principal activities
The primary activities of the group are to grow its infrastructure assets, primarily across the UK and Australia.
MG's primary activities are the distribution of gas to the premises of residential, commercial and industrial gas users and the construction and maintenance of its gas network in Victoria, Australia.
UE's primary activities are distribution of electricity from Victoria’s transmission network to the premises of residential, commercial and industrial electricity users enabled via the ongoing construction, augmentation and maintenance of its electricity network in Victoria, Australia.
Additional UK subsidiaries include UK Renewables Energy Group Limited (UKREG), Phoenix Energy Group Holdings Limited (PEGL) and N-GEN Energy Solutions Limited (NGEN) and their principal business activities include:
UK Renewables Energy Group Limited (UKREG) owns and operates single turbine and multiple turbine wind farms across the United Kingdom. The portfolio consists of 97 fully operational onshore wind assets that commenced operation between 2013 and 2017, with a capacity of 135MW, enough to power the equivalent of 181,900 homes.
Phoenix Energy Group Holdings Limited (PEGL) develops and operates a natural gas distribution network in Northern Ireland.
N-Gen Energy Solutions Limited (NGEN) develops schemes right from initial concept, through feasibility assessments, to the design, construction, ownership and maintenance of hydrogen production and infrastructure.
The primary activity of CK William UK Holdings Limited is to act as a holding company.
Review of operations
The profit after tax for the group for the year is $ 185 million (2024: $146 million).
3
CK William UK Holdings Limited
Strategic report
31 December 2025
|
2025 |
2024 |
Change |
Change |
|||||
|
$'million |
$'million |
$'million |
% |
|||||
|
Revenue |
2,686 |
2,503 |
183 |
7% |
||||
|
Other gains |
39 |
32 |
7 |
22% |
||||
|
Expenses |
(1,898) |
(1,716) |
(182) |
11% |
||||
|
Finance expenses |
(553) |
(551) |
(2) |
- |
||||
|
Income tax expense |
(88) |
(123) |
35 |
(28%) |
||||
|
Profit after income tax expense |
185 |
146 |
39 |
27% |
The increase in revenue in 2025 is primarily attributable to higher distribution, transportation, green credit, and gas revenues. This growth was driven by increased consumption, higher electricity and gas prices across existing operating entities, and the acquisition of three new operating entities. The increase in expenses is driven by higher personnel, repair and maintenance, depreciation and amortisation, and fuel expenses.
Income tax expense for the year was $88 million (2024: $123 million) which represents an effective tax rate of 32.2% (2024: 45.7%). The decrease in the effective tax rate is due to thin cap denial on shareholder loan interest expense in the previous year not being applicable in the current year.
Profit after income tax expense for the year was $185 million (2024: $146 million). The increase is primarily due to the lower effective tax rate as documented above.
4
CK William UK Holdings Limited
Strategic report
31 December 2025
Revenue and operating profit by operating entity is summarised as follows:
|
Revenue |
Revenue |
Operating profit * |
Operating profit * |
|||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
$' million |
$' million |
$' million |
$' million |
|||||
|
AGIH |
757 |
751 |
293 |
397 |
||||
|
EDL |
856 |
890 |
44 |
135 |
||||
|
UE |
771 |
717 |
352 |
223 |
||||
|
Phoenix |
199 |
116 |
103 |
57 |
||||
|
UKREG |
77 |
27 |
42 |
15 |
||||
|
NGEN |
- |
- |
(5) |
(4) |
||||
|
Other |
- |
2 |
(3) |
(3) |
||||
|
2,660 |
2,503 |
826 |
820 |
* Operating profit represents profit before income tax expense and finance expenses.
AGIH
AGIH's revenue decreased by $103 million, mainly due to lower transportation, distribution and gas revenues. Operating profit decreased by $104 million due to the decreased revenue.
EDL
EDL revenue decreased marginally by $34 million compared to prior year mainly due to unfavourable volume and pricing of green credits , and a decrease in gas revenue. Operating profit decreased by $91 million driven by lower revenue, higher depreciation on new assets, higher personnel expenses, repair and maintenance and other expenses.
UE
UE's revenue increased by $169 million mainly due to higher consumption in 2025. Operating profit increased by $129 million due to higher revenue.
PEGL
PEGL's revenue increased by $86 million due to a full year of the business being part of the group compared to 8 months in the previous year. Operating profit increased by $46 million due to a full year of the business being part of the group compared to 8 months in the previous year.
The consolidated entity continues to invest significantly in replacement and growth capital assets in each operating business to maintain strong operating results. Note that PEGL and UKREG's 2024 balances include the acquisition value of property, plant and equipment. A breakdown of property, plant and equipment additions by entity is below:
|
2025 |
2024 |
|||
|
$' |
$' |
|||
|
AGIH |
190 |
227 |
||
|
EDL |
121 |
146 |
||
|
UE |
194 |
181 |
||
|
PEGL |
31 |
1,373 |
||
|
UKREG |
- |
479 |
||
|
536 |
2,406 |
Key performance indicators
The three major operating groups each maintain separate financial and non-financial key performance indicators (KPI).The consolidated entity's KPI’s focus on safety, reliability and financial performance.
5
CK William UK Holdings Limited
Strategic report
31 December 2025
Safety management
Safety is our number one priority across the consolidated entity. This is measured using multiple KPIs across the consolidated entity. Each operating group implements policies and procedures to ensure safety and well-being of employees.
AGIH, MG and UKREG use lost time injuries to employees and contractors as a key KPI. During the year, the number of lost time injuries incurred was 4 against a target of 2 (2024: 4 lost time injuries against a target of 2).
AGIH and UE use significant health and safety incidents or potential fatal risk incidents as a key KPI. During the year, the number of potential fatal risk incidents incurred was 0, less than the target of 3 (2024: 11 potential fatal risk incidents against a target of 3).
Programs are in place to focus on continuing to improve safety performance across the consolidated entity. Further details on the Environmental, social and governance activities of the group have been documented in the ESG Report.
Reliability
Given the differences in operations across the CK William Group, there is no consistent reliability metric that is applied to each group, rather each group has a specific reliability KPI.
AGIH uses a variety of measures for the different types of gas businesses. DBP uses available hours for measuring reliability. UKREG uses wind turbine availability for measuring reliability. In 2025, DBP did meet their target reliability KPIs, and MG met two of their three reliability KPIs. The actual reliability performance is:
|
Operating business |
Target reliability KPI |
2025 Target |
2025 Actual |
2024 Target |
2024 Actual |
|||||
|
DBP |
Compressor availability |
99.0% |
99.4% |
99.0% |
99.5% |
|||||
|
DBP |
10MW Centrifugal Compressor availability |
91.0% |
91.0% |
91.0% |
88.0% |
|||||
|
DBP |
Reciprocating Compressor availability |
91.0% |
93.7% |
91.0% |
92.3% |
|||||
|
MG |
Number of supply interruptions |
37 |
26 |
32 |
37 |
|||||
|
MG |
Number of customers with 3 or more disruptions |
180 |
83 |
108 |
180 |
|||||
|
MG |
Number of disruptions not restored within 12 hours |
192 |
286 |
286 |
262 |
|||||
|
UKREG |
Wind turbine availability |
97.0% |
95.9% |
97.0% |
97.2% |
EDL uses generation of GigaWatt hours as the reliability metric. EDL generated 3,932 GWh against a target of 4,023 GWh (2024: 4,290 GWh generated against a target of 4,256 GWh).
UE uses Service Target Performance Incentive Scheme results, which includes a financial impact from reliability of supply. UE achieved $17 million against a target of $10 million (2024: $16 million achieved against a target of $10 million).
Financial performance
Financial performance is discussed above on page 3.
Principal risks and uncertainties
Regulatory environment
The gas transmission, gas distribution and electricity distribution businesses within the group are subject to extensive legal and regulatory obligations, which the businesses must comply with. The possible changes in laws and regulatory standards could have an adverse effect on the operations and financial position of these businesses.
The consolidated entity mitigates this risk by having dedicated regulatory teams in each operating business which work closely with the regulator. In addition, dedicated compliance functions exist to ensure compliance obligations are performed.
Health and Safety
There is a risk that an incident within the operating businesses could lead to injury to an employee, contractor or member of the general public. Any such incident could have an adverse effect on the reputation of the operating business or lead to potential prosecution.
6
CK William UK Holdings Limited
Strategic report
31 December 2025
As Health and Safety is our number one priority, there are dedicated Health, Safety and Environment teams in the operating businesses who manage and monitor the safety systems and processes and adopts safety KPIs to monitor this. Each of the operating entities will roll out specific training to address key safety initiatives within their businesses.
Network Performance
If transmission or distribution network assets fail, it could result in a loss of supply to customers and associated adverse publicity. Significant outages can result in Guaranteed Service Level (GSL) payments to customers and in some cases, Service Target Performance Incentive Scheme (STPIS) penalties will apply.
This risk is mitigated by asset management procedures and network planning activities.
Macroeconomic environment
The consolidated entity provides essential services in gas transmission, gas distribution, electricity distribution and electricity generation. The regulated businesses are not materially impacted by the macroeconomic environment in the year marked by high inflation, high commodity prices and rising interest rates. The consolidated entity benefited from strong electricity prices in the electricity generation business in 2025.
High inflation risk
Inflation was high in 2025 in Australia, North America and Europe. In 2025 the largest inflationary increases were experienced in materials, parts and fuel expenses. The impact of high inflation on the consolidated entity's profitability is limited as inflation linked regulated revenue offsets the increase in expenses.
Transition to renewable energy
Our plan for transition to renewable energy is disclosed under Climate-related financial disclosures (CFD) which are included within the ESG report below.
Financial risk management
The consolidated entity's activities expose it to a variety of financial risks. The consolidated entity's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the consolidated entity. The consolidated entity uses derivative financial instruments to hedge interest rate, foreign exchange and commodity price risk exposures. Derivatives are exclusively used for hedging purposes, i.e. not as trading or other speculative instruments. Financial risk management is carried out by the operational entities' treasury functions under policies approved by the respective boards of directors. See note 33 for detailed disclosure around financial risk mitigation and hedging.
Interest rate risk
The consolidated entity is exposed to interest rate risk as it invests and borrows funds at both fixed and floating interest rates. The risks are managed by maintaining an appropriate mix between fixed and floating rate borrowings and through the use of interest rate swap contracts and forward interest rate contracts. Hedging activities are evaluated regularly to confirm alignment with the debt and liquidity management policies and ensure that the operating entities are not exposed to excess risk from interest rate volatility.
The impact of increasing interest rates in 2025 has been limited due to high level of interest rate hedging for external borrowings with variable rates.
Foreign exchange risk
The consolidated entity enters into borrowings denominated in foreign currencies and has overseas operations in foreign currencies. Risk of foreign borrowings are managed by taking out cross currency swaps.
Commodity price risk
The consolidated entity is exposed to unregulated market price fluctuations and enters into fixed price electricity contracts to reduce the volatility attributable to price fluctuations.
Streamlined Energy and Carbon Reporting (SECR)
PEGL is required to disclose their energy consumption and greenhouse gas (GHG) emissions, along with energy efficiency actions and the methodology used for calculations. This is disclosed in their financial statements which are publicly available on Companies House and available on their website: www.phoenixenergyni.com.
7
CK William UK Holdings Limited
Strategic report
31 December 2025
Section 172(1) statement
The Directors present a corporate governance statement under the guidance of section 172 of the Companies Act.
The directors are fully aware of their responsibilities to promote the success of the company in accordance with s172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:
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• |
the likely consequences of any decision in the long term; |
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• |
the interests of the company’s employees; |
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• |
the need to foster the company’s business relationships with suppliers, customers and others; |
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• |
the impact of the company’s operations on the community and the environment; |
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• |
the desirability of the company maintaining a reputation for high standards of business conduct; and |
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• |
the need to act fairly as between members of the company |
Overview of the Board
No directors of the board are also members of management of the operating groups. M. J. Horsley is the Chief Executive Officer of Northern Gas Networks Holdings Limited.
Each operating group within the consolidated entity has a separate board and board committees including audit, risk and remuneration committees. H. L Kam, A. J. Hunter and L. S. Chan are members of the AGIH and EDL boards and A. J Hunter is a member of the UE board.
Actions and responsibilities of the Board
The Board is responsible for and makes key decisions on the following areas.
Approving the strategic direction with consideration of the likely consequences in the long term
The Board is responsible for the strategic direction of the company and seeks to balance the best interests of the company with the objective of enhancing shareholder value. The long term objective is to deliver stable, profitable results to the shareholders.
Every 6 months, each CEO of the respective operating business presents their results and operational performance to the Board.
The interests of the company's employees
Under the delegated authority of the Board, each CEO of the operating businesses keeps their employees informed on matters relevant to their operating business through teleconferences, newsletters, intranet stories and other communications as applicable.
Each operating group manages programs to ensure that they retain, reward and incentivise employees. Annual bonus payments are approved by the respective remuneration committees.
Training and development of employees is a key focus of the consolidated entity, with operating groups having dedicated Learning and Development Teams to support employee needs.
Maintaining relationships with suppliers, customers and others
Under the delegated authority of the Board, each CEO of the operating businesses maintains procurement functions to manage supplier relationships.
Each of the operating groups and CK William Australia group provide reports on modern slavery risks across the business.
Under the delegated authority of the Board, each CEO of the operating businesses monitors customer satisfaction and where applicable to the operating business reliability of supply of electricity and gas to customers through various KPIs reported to the board. As part of the regulatory reset process, operating businesses undertake significant community and customer engagement to ensure that customer and community requirements are factored into the regulatory proposals.
8
CK William UK Holdings Limited
Strategic report
31 December 2025
Other stakeholders include the various regulatory bodies including economic and safety regulation. The operating businesses have dedicated regulatory teams for these relationships and monitors key safety KPIs reported to the board.
Monitoring the impact of the company’s operations on the community and the environment
Under the delegated authority of the Board, each CEO of the operating businesses maintains policies and procedures on managing environmental obligations. The consolidated entity is mindful about the impact of its actions on the environment and carries out a range of initiatives at its sites to protect the same. These initiatives range from Cultural Heritage Management Plans to Asbestos Management Plans to working with Landcare on a number of environmental projects.
Maintaining a reputation for high standards of business conduct
Under the delegated authority of the Board, each CEO of the operating businesses maintains risk functions within their businesses to identify and respond to business specific risks. On a six monthly basis, risk reviews are performed and top 10 risks, risk treatment plans and mitigating controls are reported to the respective risk committees.
Each operating business also maintains codes of conduct for employees, fraud mitigation and whistleblower policies and whistleblower hotlines.
Acting fairly as between members of the company
The Board is comprised of directors who are appointed by shareholders. As such each shareholder has representation and the ability to contribute to all Board meetings and so influence the decisions made by the Board.
Dividend payments
The Board approves any dividend declarations after consideration of planned growth opportunities for the consolidated entity.
Approved and authorised for issue on behalf of the directors by:
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___________________________ |
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Director |
9
CK William UK Holdings Limited
Directors' report
31 December 2025
The directors present their annual report on the affairs of the consolidated entity, together with the financial statements and auditors report. The consolidated entity consists of CK William UK Holdings Ltd (referred to hereafter as the 'company' or 'CK William') and the entities it controlled at the end of, or during, the year ended
The following disclosures have been disclosed in the strategic report but are cross referenced here: principal activities, business review including KPI’s, principal risks and uncertainties and financial risk management objectives and policies.
Directors
The following persons were directors of
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Dividends
Dividends paid during the financial year were as follows:
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Dividend declared and paid for the year ended 31 December 2025 is 0.010 cents (2024: 0.011 cents) |
32,000 |
36,000 |
This excludes dividends payable to non-controlling interests in relation to the subsidiaries of the group.
Review of operations
The profit for the consolidated entity after providing for income tax and non-controlling interest amounted to $185 million (31 December 2024: $146 million).
Refer to the Strategic Report for further detail.
Matters subsequent to the end of the financial year
Subsequent to 31 December 2025, the Group commenced a process to dispose of its investment in Energy Developments Pty Limited and its controlled entities ("EDL"). The directors consider this to be a non-adjusting post balance sheet event as the decision to pursue the disposal arose after the reporting date. Accordingly, no adjustments have been made to the carrying amounts of the assets and liabilities included in these financial statements. At the date of authorisation of the financial statements, the disposal process remained ongoing.
No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.
Likely future developments
The consolidated entity continues to investigate future acquisitions and growth opportunities. Notwithstanding any potential acquisitions, the results of the operations are likely to continue.
Employees, customers and suppliers
Information on employees, customers and suppliers are discussed in the Strategic Report.
Research and development
The consolidated entity undertakes research and development activities in areas such as bushfire mitigation for electricity distribution and asset management and analytics techniques. The consolidated entity recognised nil R&D grant revenue during the year (2024: nil).
10
CK William UK Holdings Limited
Directors' report
31 December 2025
Financial instruments
Information on the consolidated entity's financial instruments are disclosed in the strategic report.
Refer to note 33 Financial Instruments for further details.
Charitable and political donations
No charitable or political donations were made during the year.
Disabled employees
Employee consultation
The consolidated entity places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the consolidated entity. This is achieved through formal and informal meetings at an operational level of the respective businesses.
Indemnity of directors
As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year directors' and officers' liability insurance in respect of itself and its directors.
Disclosure of information to the auditors
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
Auditor
Deloitte LLP have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.
Going Concern
The consolidated entity's business activities, performance and position, together with its principal risks and uncertainties likely to affect its future development and performance are set out in the Strategic Report and above. The consolidated entity is able to pay its liabilities as they fall due, noting that it has a net asset position as at 31 December 2025 of $6,729 million (2024: $6,664 million). The consolidated entity has significant liquid resources including having access to unused finance facilities of $1,145 million as at 31 December 2025 and uses long term debt instruments to mitigate any liquidity risk as detailed in the Strategic Report.
The directors have a reasonable expectation that the company and consolidated entity have adequate resources to continue in operational existence for the foreseeable future based on the 2026 budget and 5-year plan. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and accounts.
11
CK William UK Holdings Limited
Directors' report
31 December 2025
This report is made in accordance with a resolution of directors.
Approved and authorised for issue on behalf of the directors.
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___________________________ |
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Director |
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Registered company number: 10004346 |
12
CK William UK Holdings Limited
Climate-related financial disclosures
31 December 2025
CK William UK Holdings Limited
Climate-related Financial Disclosures
For the year ended 31 December 2025
Basis of preparation
These disclosures have been prepared to address the UK climate-related financial disclosure requirements applicable to the strategic report. They focus on the information necessary to understand the Group’s exposure to climate-related risks and opportunities, rather than reproducing the full sustainability reports prepared by the business units.
CK William UK Holdings Limited “the Company” is a holding company. It does not have operational assets, employees or a standalone climate strategy. Substantially all climate-related risks and opportunities, greenhouse gas emissions, targets and related management actions arise in the underlying operating groups. Accordingly, detailed operating group disclosures are summarised and cross-referenced rather than repeated in full.
Management has reviewed the climate-related disclosures prepared by each qualifying subsidiary and operating group to assess whether the matters disclosed are relevant to the Company’s consolidated climate-related financial disclosures. This review considered the nature of the Company as a holding company, the location of operational control, the material climate-related risks and opportunities identified by each operating group, the metrics and targets reported at subsidiary level, and the extent to which those matters could affect the consolidated financial statements. On this basis, management concluded that a consolidated and condensed approach is appropriate because the Company’s climate-related risks, opportunities, metrics, targets and financial statement impacts arise through its investments in the operating groups, rather than through standalone holding company activities.
In preparing these disclosures, management summarised the subsidiary and operating group sustainability reports into a holding company-level climate-related financial disclosure by identifying common themes relevant to the consolidated group, retaining disaggregated information where necessary to avoid obscuring differences between sectors, geographies and regulatory regimes, and cross-referring to the underlying reports for detailed operating information. The condensed presentation is intended to provide sufficient information for users of the Company’s annual report to understand the Group’s exposure to climate-related risks and opportunities without duplicating detailed subsidiary disclosures that are more appropriately presented at operating group level.
The full sustainability report for each of the qualifying business units can be found through the following links:
|
Operating group |
Links to full reports |
|
Australian Gas Infrastructure Holdings (AGIH) |
https://www.agig.com.au/sustainability |
|
United Energy (UE) |
https://www.unitedenergy.com.au/what-we-do/sustainability |
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Energy Developments Pty Limited (EDL) |
https://edlenergy.com/sustainability-community/environmental-management/ |
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Phoenix Energy Group Holdings Limited (PEGL) |
https://phoenixenergyni.com/about-us/phoenix-group/corporate-responsibility/responsible-business-reports |
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UK Renewables Energy Group Limited (UKREG) |
https://ukrenewablesenergygroup.com/ |
Principal activities and relevance to climate disclosures
|
Operating group |
Principal activities and relevance to climate disclosures |
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AGIH |
Gas transmission, storage and distribution networks across Western Australia, Victoria and the Northern Territory. Climate matters relate mainly to gas demand, renewable/carbon-neutral gases, Safeguard Mechanism obligations, asset lives and infrastructure resilience. |
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UE |
Regulated electricity distribution network in Victoria. Climate matters relate mainly to network resilience, customer electrification, distribution line losses, SF6, and investment required to support energy transition. |
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EDL |
International distributed energy producer with landfill gas, waste coal mine gas, renewables, remote energy, renewable natural gas and anaerobic digestion activities. Climate matters relate to green credits, customer demand, physical asset resilience and emissions intensity. |
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PEGL |
Gas distribution network to the homes and businesses within its distribution network licence area in Northern Ireland. Climate matters relate mainly to gas demand, renewable/carbon-neutral gases, asset lives and infrastructure resilience. |
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UKREG |
Manage and operate onshore wind assets across the UK. Climate matters relate mainly to renewable energy demand, green subsidies, asset lives and infrastructure resilience. |
13
CK William UK Holdings Limited
Climate-related financial disclosures
31 December 2025
Governance and risk management
Climate-related governance, risk identification, monitoring and management are delegated to the boards and management teams of the operating groups, where the relevant assets, operations, data and management actions reside. At holding company level, the Company Board retains oversight of climate-related matters to the extent they are relevant to the Company’s role as a holding company, including approval of the annual report and consideration of climate-related matters where they may affect investment, financing, impairment, going concern, capital allocation or the consolidated financial statements. The Board does not duplicate operating company governance structures and no director has a separate executive responsibility for managing climate-related risks and opportunities at holding company level.
The Directors review climate-related information as part of the annual reporting process and when climate matters are expected to have a material effect on the Company’s financial position, performance, strategy or prospects. This includes information summarised from operating group sustainability reports, climate-related risks and opportunities identified by operating group management, emissions metrics and targets, progress against material targets, and any climate-related assumptions relevant to impairment assessments, asset lives, capital expenditure, financing, going concern and other financial statement judgements. Climate-related matters are escalated to the Company Board where they are considered material to the holding company, the consolidated group or the financial statements, or where they require Board-level judgement or approval.
Area
|
Area |
Description |
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Governance |
The Company does not maintain a dedicated sustainability committee or receive routine operational climate reporting at holding company level. Oversight and management of operational climate-related matters sit with the operating group boards, committees and executive teams. The Company Board exercises oversight through the annual report approval process and by considering climate information where relevant to investment, financing, impairment, going concern, capital allocation and other matters requiring Board judgement. No director has been allocated separate day-to-day responsibility for managing climate-related risks and opportunities at holding company level, reflecting that such matters arise and are managed within the operating groups. |
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Risk management |
Climate-related risks are identified, assessed, monitored and managed within each operating group’s enterprise risk management framework. The output of those processes informs operating group strategy, financial planning and disclosures. |
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Remuneration |
There are no employees or executive remuneration arrangements at the Company level. Any linkage between climate-related performance and remuneration is determined at operating group level, where applicable. |
Strategy and climate resilience
The Company’s business model is to hold investments in independently governed operating groups. It does not set a standalone consolidated climate transition plan or operational climate strategy, because climate-related strategy, scenario analysis and resilience assessments are performed by the operating groups, where the relevant assets, operations, customers, regulatory frameworks, geographies and management responses reside. Management has therefore considered the operating group scenario analysis and resilience assessments when assessing the resilience of the Company’s consolidated business model and strategy. Separate holding company-level scenario analysis has not been prepared because management considers that it would not provide additional information necessary for an understanding of the Company’s business, given that climate-related risks and opportunities arise through the underlying operating groups rather than through standalone holding company activities.
The operating groups considered scenarios relevant to their respective activities, including scenarios reflecting a faster transition to a lower-carbon economy, a more gradual or delayed transition, and increased exposure to acute and chronic physical climate risks. The assumptions considered included changes in energy demand, decarbonisation policy, carbon pricing and emissions regulation, customer behaviour, electrification, technology adoption, renewable and low-emissions gas development, asset utilisation, physical asset resilience, weather patterns, capital expenditure requirements and the recoverability of climate-related investment through regulatory or contractual mechanisms. Management reviewed the outputs of these assessments to identify whether climate-related risks or opportunities could materially affect the Company’s consolidated strategy, business model, financial position or financial statements, including through asset lives, impairment assumptions, forecast cash flows, regulatory recoverability, financing assumptions, going concern or the valuation of investments. On this basis, the Directors consider that the consolidated business model and strategy remain resilient across the short, medium and long term, reflecting the diversified nature of the operating groups, the regulated or contracted characteristics of significant parts of the portfolio, established operating group risk management processes, and the opportunities associated with decarbonisation, electrification, renewable energy and low-emissions energy solutions. The principal climate-related risks and opportunities are summarised below.
|
Operating group |
Key climate-related risks |
Key climate-related opportunities |
Financial statement areas potentially affected |
Strategic response and risk mitigation |
|
AGIH |
Transition risks from policy, customer demand, technology change and reputational factors affecting natural gas |
Renewable and carbon-neutral gases, hydrogen and biomethane, carbon capture and storage infrastructure, and |
Revenue, tariffs/cash flows, operating costs, depreciation, impairment |
Strategically, AGIH monitors gas demand, policy developments and customer transition requirements |
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consumption, asset lives, emissions obligations and access to finance. Physical risks from extreme weather are assessed as manageable given the largely underground nature of assets. |
resilience of gas infrastructure as a reliable energy transport option. |
assumptions, asset lives, finance costs, carbon offsets and capital expenditure. |
through operating group planning. Mitigation includes investment in network integrity and resilience, consideration of renewable and carbon-neutral gas pathways, management of Safeguard Mechanism obligations, use of offsets where required for compliance, and assessment of capital expenditure and asset lives through regulatory and financial planning. |
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UE |
Acute and chronic physical risks from adverse weather, including heat, flood, bushfire and wind, which can affect reliability, restoration costs and customer outcomes. Long-term risk arises if climate projections are not incorporated into network planning. |
Customer electrification, network capacity investment, grid flexibility, resilience investment and strengthening of network performance in support of energy transition. |
Regulated asset base, capital expenditure, restoration costs, reliability incentives/penalties, operating costs, emissions from line losses and future offset requirements. |
UE incorporates climate resilience and electrification requirements into network planning and regulatory submissions. Mitigating actions include reliability and resilience investment, vegetation management, emergency response planning, consideration of climate projections in asset management, initiatives to reduce operational emissions, and assessment of future offset or abatement options where residual emissions cannot be eliminated. |
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EDL |
Transition risks from changes in green credit schemes, policy incentives, customer demand and reputation. Physical risks from temperature extremes, rainfall patterns, bushfires/wildfires and storms affecting selected sites and supply chains. |
Revenue growth from green credits, landfill gas, renewable natural gas, anaerobic digestion, renewable energy, hybrid remote energy solutions and increased demand for low-emissions energy. |
Sales revenue, green credit revenue and assets, property plant and equipment, operating costs, finance costs, inventories/credits, capital expenditure and cash flows. |
EDL’s strategy is influenced by demand for lower-emissions distributed energy and green credit and renewable fuel markets. Mitigation includes maintaining a diversified portfolio of landfill gas, renewable natural gas, anaerobic digestion, renewables and remote energy assets, monitoring changes in credit schemes and policy settings, embedding physical climate risk considerations into site-level operations, and prioritising offsets only as a final recourse for hard-to-abate emissions. |
|
PEGL |
The key climate-related risks relate to the potential for asset stranding or reduced utilisation if the gas network is not supported as part of Northern Ireland’s long-term net zero pathway. These risks are compounded by uncertainty around biomethane, hydrogen and other green gas solutions, and by physical risks from extreme weather that could affect network resilience and continuity of supply. |
The principal opportunities arise from the development of a biomethane and green gas transition pathway that uses existing network infrastructure. There are also opportunities to support low-carbon heating, hybrid heat pump services, transport and agricultural decarbonisation solutions, alongside targeted resilience investment. |
Property, plant and equipment, useful economic lives, impairment indicators, recoverable amounts, capital expenditure, regulatory asset base assumptions, depreciation, revenue, operating costs, provisions and related disclosures where material to accounting estimates or judgements. |
PEGL considers the role of its gas distribution network in Northern Ireland’s decarbonisation pathway, including biomethane, green gas and hybrid heating solutions. Mitigating actions include continued operational emissions reduction, energy efficiency measures, waste reduction, targeted resilience investment, monitoring of policy and technology developments, and assessment of asset lives and recoverability as transition pathways become clearer. |
|
UKREG |
The principal risks relate to power price volatility, physical risks from extreme weather, asset maturation, geopolitical exposure and regulatory change. Increased renewable generation may place downward pressure on forecast power prices, while extreme weather could affect turbine performance, site infrastructure and transmission systems. Ageing assets may increase operational risk and exposure to market-based revenues as subsidies mature. |
Opportunities arise from the transition to a low-carbon energy system and UK Government support for renewable generation. The portfolio provides opportunities to assess repowering, life extension and hybrid sites, including battery storage or solar generation. Newer renewable technologies, including storage and green hydrogen, may create additional revenue streams and improve grid flexibility. |
Power price forecasts, generation assumptions, asset availability, useful economic lives, operating costs, discount rates, impairment assessments, carrying value of property, plant and equipment, provisions, maintenance expenditure, insurance recoverability, capital expenditure plans and future cash flow forecasts. |
UKREG’s strategic response is to optimise the existing renewables portfolio while evaluating life extension, repowering and co-location opportunities where commercially and technically viable. Mitigating actions include active asset management, preventative maintenance, insurance arrangements, monitoring of power price and regulatory developments, assessment of storage or hybrid site opportunities, and continued consideration of climate-related assumptions in impairment, asset life and cash flow assessments. |
14
CK William UK Holdings Limited
Climate-related financial disclosures
31 December 2025
Time Horizons
Consistent with the governance processes being exercised at an operating group level, the time horizons that could reasonably be expected to occur when describing the climate-related risks and opportunities is based on those for each respective operating group
|
Operating group |
Short term |
Medium term |
Long term |
|
AGIH |
Up to 2030 |
2030 – 2050 |
2050 and beyond |
|
UE |
1 – 5 years |
6 – 20 years |
21 - 45 years |
|
EDL |
1 – 5 years |
5 – 15 years |
15 – 30 years |
|
PEGL |
1 – 5 years |
5 – 15 years |
15 – 30 years |
|
UKREG |
1 – 5 years |
5 – 15 years |
15 – 30 years |
Risks and Opportunities
The Group’s material climate‑related risks and opportunities arise within its independently governed operating groups and may reasonably be expected to affect the Group’s prospects through impacts on the consolidated financial position, financial performance and cash flows of those operating groups.
15
CK William UK Holdings Limited
Climate-related financial disclosures
31 December 2025
Accordingly, the Group’s material climate‑related risks and opportunities include those identified within the operating groups, which (by category) include:
Climate-related transition risks — including policy/legal, market, technology and reputational risks relevant to regulated energy networks, energy generation and broader energy transition dynamics.
Climate-related physical risks — including acute and chronic weather‑related impacts relevant to infrastructure resilience, safety, reliability, and, in some cases, insurance and supply chain disruption.
Climate-related opportunities — including opportunities associated with energy transition investment, system resilience, decarbonisation solutions and related products/services within the operating groups.
While the specific financial effects of climate‑related risks and opportunities differ across the operating groups due to differing business models, regulatory frameworks and geographies, the Group expects that these matters will most directly influence the consolidated financial statements through:
- changes in revenue and operating costs;
- capital expenditure and asset replacement profiles;
- depreciation, impairment and asset valuation assumptions; and
- financing costs and access to capital.
Detailed descriptions of the nature, timing and magnitude of these current and anticipated financial effects are disclosed in the sustainability reports of the operating groups, with the principal risks and opportunities noted below:
|
Operating group |
Category and time horizon |
Risk / Opportunity description |
Adaption or Mitigation efforts |
|
AGIH |
Climate-related transition risk: Renewable and carbon-neutral gas policy. Time horizon: medium-to-long term. |
The risk relates to declining future gas demand as Commonwealth and State Governments focus on renewable electricity to deliver emissions targets. Despite steady connection growth historically, distribution network risks include declining gas use per connection driven by behavioural change, appliance switching and warmer climates. In addition, the Victorian Government has announced a ban on new household and most new commercial building connections and end-of-life gas hot water appliance replacement from 2027 onwards, with several exemptions. Our transmission infrastructure risk is assessed to be low in the short term (to 2030) due to length of time to develop alternative energy required for hard-to-abate and industrial customers as well as the requirement for gas fired power generation to be available for standard and peak periods, as coal fired generators are phased out and renewable power technologies require back up for 24/7 reliable power generation. |
As Government policies are often state based, adverse policies will not necessarily impact all of AGIH’s assets which are spread across Western Australia, Northern Territory and Victoria. AGIH also has diversified operations of distribution and transmission which can protect against specific behavioural and policy trends. AGIH advocate for enhanced policy certainty and investor confidence in the role of renewable and carbon-neutral gas to support our diverse customer base, enabling customer choice on their preferred pathway to reach net zero. Through submissions to various government-led processes as well as more general stakeholder engagement, we highlight the diversity of customer needs and how existing gas infrastructure can be used to meet carbon reduction goals including through the transport of renewable and carbon-neutral gas. AGIH submissions emphasise the need for policy frameworks that facilitate this future, facilitating customer choice. Key recent Australian Government measures include the Future Made in Australia policy2 and related Federal Budget3 items as well as the 2024 Future Gas Strategy4 which reaffirmed the necessity of natural gas in Australia’s energy mix through 2050 and beyond, albeit with an evolving role including renewable and carbon-neutral gases and the integration of CCS technologies to reduce emissions. The Victorian Government’s Gas Substitution Roadmap Update (2024) also recognises the need to secure natural gas supplies whilst scaling up renewable and carbon-neutral gas. |
16
CK William UK Holdings Limited
Climate-related financial disclosures
31 December 2025
|
Operating group |
Category and time horizon |
Risk / Opportunity description |
Adaption or Mitigation efforts |
|
Climate-related transition opportunity: Natural gas replacement including hydrogen and biomethane for gas distribution infrastructure. Time horizon: medium-to-long term. |
Renewable and carbon-neutral gas production would increase to meet increasing demand, delivered via existing gas infrastructure. The opportunity is for increased revenue from new projects associated with sales of renewable and carbon-neutral gas or related products. |
AGIH advocates for enhanced policy certainty and investor confidence in the role of renewable and carbon-neutral gas to support our diverse customer base, enabling customer choice on their preferred pathway to reach net zero. Renewable and carbon-neutral gases, including biomethane and renewable hydrogen have been formally recognised under the NGER Act as a decarbonisation benefit. This may result in more demand from customers for renewable and carbon-neutral gas to mitigate emissions. The Australian Government’s 2024 Future Gas Strategy sets out that under all credible net zero scenarios, natural gas is needed through to 2050 and beyond. It also sets out as a guiding principle that “Householders will continue to have a choice over how their energy needs are met”. In addition to this the ECMC are looking to set a renewable and carbon-neutral gas target for all States and Territories. Victoria is engaging on a Renewable and carbon-neutral gas Target. We are investing in projects that demonstrate the pathways to a low carbon future. This includes preparing new and existing assets for future fuel and carbon transport and storage. We are also working closely with existing and emerging gas suppliers, including those providing hydrogen and biomethane at scale, to deliver these options to customers via our networks. By connecting with these suppliers, we aim to integrate renewable and carbon-neutral gases seamlessly into our infrastructure, ensuring that customers have access to cleaner energy choices. Additional information on these projects can be found at the Metrics and Targets section. |
|
|
AGIH |
Climate-related physical risk: Physical resilience of gas infrastructure assets. Time horizon: medium-to-long term. |
The majority of AGIH gas infrastructure is buried underground, protecting it against the physical impact of extreme weather. The opportunity is for the gas we transport to be seen as reliable, and a valued energy alternative under circumstances where electricity supply is interrupted, increasing demand for our services. There is also an opportunity for increased gas delivery along the Dampier Bunbury Pipeline to supply gas peaking generation to support increased intermittent renewable electricity generation. |
Climate scenario analysis illustrated the resilience of our assets to the physical impact of extreme weather, primarily based on the inherent protection of the majority of our assets being located underground. This resilience enables us to continue to provide reliable energy as needed, safely to our customers, even under future extreme climate scenarios. |
16
CK William UK Holdings Limited
Climate-related financial disclosures
31 December 2025
|
Operating group |
Category and time horizon |
Risk / Opportunity description |
Adaption or Mitigation efforts |
|
EDL |
Climate-related transition risk: Changing government regulations, incentives and penalties related to decarbonization. Time horizon: short-term |
Various green credit schemes and methodologies will be under review in the coming years presenting a risk to the Group if Governments decide to wind back or amend existing schemes or methodologies, which may negatively influence revenue drivers such as per unit pricing and eligibility. Green credit revenue ($137M) represented ~19% of the Group’s total sales revenue in the reporting year and green credits on hand were valued at $99M at 31 December 2025; the Group forecasts continued growth and earnings from green credits in the short term. A decline in the market value and/or volume of green credits produced by the Group could negatively impact the Group’s financial performance, however, the timing and extent of this impact is highly uncertain given the mitigation measures, external influences and key uncertainties described above. It is also unlikely that this risk will simultaneously manifest under all methods, schemes and jurisdictions. Furthermore, commercial mechanisms are available to the Group to partially offset or recover potential losses. |
• Active engagement with government stakeholders to extend existing methods and schemes, to optimise the value and quantity of green credits produced. • Commercial mechanisms to recover potential green revenue losses. • Diverse portfolio of energy generation assets and products, with options to offset revenue losses through other business activities. |
|
PEGL |
Climate-related transition risk and opportunity: long-term net zero policies. Time horizon: medium-to-long term |
PEGL 's gas distribution network may not form part of Northern Ireland’s long-term net zero solution, potentially resulting in premature asset stranding and constrained investment opportunities due to absence of clear government policy supporting the gas network's role in achieving net zero. Establish a progressive biomethane transition pathway as a cost-effective alternative to electrification of heat, securing the network's role in Northern Ireland's net zero future whilst leveraging existing infrastructure. Additionally, deliver immediate carbon reductions (up to 50%) by connecting oil heating customers to the gas network. |
PEGL actively engages with government and the Utility Regulator to influence policy frameworks and secure regulatory support for green gas investment. Detailed technical feasibility assessments of network biomethane readiness are being conducted (including the recently completed Network Constraints project), alongside the development of commercial partnerships with biomethane producers. Network expansion continues to connect oil heating customers whilst building the foundation for future biomethane transition. |
16
CK William UK Holdings Limited
Climate-related financial disclosures
31 December 2025
|
Operating group |
Category and time horizon |
Risk / Opportunity description |
Adaption or Mitigation efforts |
|
UKREG |
Climate-related physical risk: extreme weather events. Time horizon: medium-to-long term. |
Increased risk to turbines and other infrastructure assets causing physical damage to on-site infrastructure and transmission systems, as well as the safety of employees and suppliers. |
UKREG manage a diversified geographical portfolio, which reduces the potential impact of localised extreme weather events leading to physical damage or downtime at specific locations. There is also comprehensive insurance in place to mitigate against such risks. UKREG is looking to invest in other renewable infrastructure assets, for example solar, that will diversify the portfolio to weather events that impact a specific type of generation. |
|
UE |
Climate-related physical risk: extreme weather events. Time horizon: medium-term |
Climate change is expected to increase the frequency and severity of extreme weather events such as heatwaves, flooding, extreme wind and bushfires which may disrupt electricity supply and increase restoration costs for the Group. These disruptions can affect customer satisfaction, regulatory compliance and financial performance.Prolonged outages may trigger Guaranteed Service Level (GSL) penalties and compensation obligations, while emergency response and fault restoration costs are likely to rise. Reliability performance incentives under regulatory frameworks could also be adversely impacted. Furthermore, these events may require increased investment in network resilience and emergency preparedness to maintain service standards. In addition, widespread service disruptions can create negative public sentiment and may lead to interventionist policies from regulators and government. |
The Group has implemented a range of measures to reduce the likelihood and impact of supply disruptions caused by adverse weather events. These measures include compliance with the Electric Line Clearance Management Plan, which ensures effective management of vegetation clearance and hazard tree removal to minimise the risk of faults caused by high wind gust events. Effective asset maintenance strategies reduce asset failures during escalation events including heat waves and storms. Effective maintenance ensures network switching devices can be utilised to sectionalise the network and restore supply to undamaged network infrastructure following major events. Network reliability projects and initiatives identify and harden vulnerable parts of the distribution network from foreseeable major events and mitigate the consequences when they occur. Well established fault and emergency response procedures ensure effective mobilisation of resources, assessment of damage, stakeholder management including effective coordination with emergency services and restoration of customers to minimize the consequences to the community and critical infrastructure following major events. Improvements and adherence to design and construction standards ensure network assets are able to withstand foreseeable extreme weather conditions. |
17
CK William UK Holdings Limited
Climate-related financial disclosures
31 December 2025
Metrics and targets
The Company has not established separate climate-related metrics or targets at holding company level. Metrics and targets are set, measured and monitored by the operating groups. Scope 1 and Scope 2 emissions below are presented on a 100% consolidated basis for entities controlled by the Group, consistent with the consolidated reporting boundary. They are disaggregated because the operating groups use methodologies and emissions drivers appropriate to their respective sectors and regulatory contexts.
|
Operating group |
Scope 1 emissions (ktCO2e) |
Scope 2 emissions (ktCO2e) |
Methodology/comments |
|
AGIH |
395 |
2 |
NGER methodology; emissions mainly arise from gas transmission and distribution activities. |
|
UE |
6 |
254 |
NGER methodology; Scope 2 primarily reflects distribution line losses and electricity-related emissions. |
|
EDL |
1,509 |
72 |
GHG Protocol methodology; emissions mainly arise from distributed energy generation activities. |
|
PEGL |
1,142 |
300 |
GHG Protocol methodology; emissions mainly arise from distributed gas activities. |
|
UKREG |
- |
- |
GHG Protocol methodology; no emissions arising due to the nature of the business. |
|
Total |
3,052 |
628 |
Total Scope 1 and Scope 2 emissions for the consolidated reporting entity. |
|
Operating group |
Targets |
||
|
AGIH |
Contributes to AGIG targets, including a 30% reduction in Scope 1 and Scope 2 emissions by 2030 from a 2020 baseline and net zero Scope 1 and Scope 2 emissions by 2050. AGIH is also subject to Safeguard Mechanism obligations for relevant facilities. |
||
|
UE |
Targets a 30% reduction in Scope 1 and Scope 2 emissions by 2030 from a 2019 baseline and net zero Scope 1 and Scope 2 emissions by 2050. This is dependent in part on grid decarbonisation and Victorian renewable energy targets. |
||
|
EDL |
Targets a 50% reduction in emissions intensity by 2035 from a 2021 baseline and net zero emissions by 2050 |
||
|
PEGL |
Targets an elimination of all emissions except residual emissions by 2048. Reducing Scope 1and Scope 2 carbon emissions by >60% by 2030. Reducing the energy consumed from operations by >50% by 2030 and >75% by 2040. Be net zero by 2050 and reduce the volume of waste sent to landfill as a consequence of operations by over 75% by 2030. |
||
|
UKREG |
259 GWhs of wind-based electricity generation in 2025. A five-year target of 1,224GWhs of wind-based electricity generation for 2026 – 2030. Reducing the energy consumed from operations by >25% by 2030 and >50% by 2040. Increase the capacity of renewable energy production by 25% by 2040. Target the delivery of £590k to community benefit schemes. |
||
|
Holding company |
No separate holding company climate-related targets have been set. Setting a consolidated target at holding company level would not reflect where operational control and management of climate-related actions sit. |
||
|
Operating group |
Progress against targets |
||
|
AGIH |
In 2025, AGIH has contributed to the reduction of Scope 1 and Scope 2 emissions by 5% when compared to the 2020 baseline, on track to reduce emissions by 30% by 2030. When considering AGIG and third-party projects that are operational, under construction or in development, as well as potential sources of renewable and carbon-neutral gas adjacent to AGIG networks (including AGIH) renewable and carbon-neutral gas production able to meet this 10% (by volume) target is evident. The Group acknowledges that to meet this target, supportive policy is required to be in place in 2026, and construction of new projects must commence no later than 2027. In respect of supportive policy and regulatory enablers, the Group notes the following key activities during 2025: • The Clean Energy Regulator launched the Guarantee of Origin certification framework for hydrogen from electrolysis with the scheme to be expanded to biomethane in the future. • The Commonwealth Government established the Hydrogen Production Tax Incentive through the Future Made in Australia (Production Tax Credits and Other Measures) Act 2025. • The Energy and Climate Change Ministerial Council committed to exploring a nationally consistent approach to renewable gas targets with consultation expected to occur in 2026. • Following consultation in late 2024, the Victorian Government reaffirmed its commitment to establishing a Renewable Gas Target. Targeting 100% renewable and carbon-neutral gas in the distribution networks by 2050 is at an early stage of delivery. Work in delivering the interim target of 10% renewable and carbon-neutral gas in the distribution network by 2030 is a key enabler of this target. This target was developed in line with our Net Zero Ambition to reduce the carbon intensity of the gas transported by replacing natural gas with renewable gas. The target aligns with the net zero commitments of the states and territories in which AGIH operate, and it acknowledges that supportive policy and legislation will be critical to enable the new production projects required for delivery. AGIH has two Safeguard Facilities, the Victorian gas distribution network and the Western Australian transmission pipeline. Whilst safeguard emissions related to the AGIH gas distribution network decreased by 4% for the 2025 reporting year (1 July 2024 to 30 June 2025) compared to the 2024 reporting year, they were above the Safeguard Baseline. The Group will purchase carbon offsets to clear the over baseline position by March 2026 to comply to legislation. The AGIH transmission business has committed to a Multi-Year Monitoring Plan (MYMP) that allows the netting of emissions over the five-year period from 1 July 2023 to 30 June 2027, with a view to the net actual emissions over this period being below the calculated Safeguard Baseline. The group is on track to meet the MYMP net baseline position at the end of the MYMP period. |
||
16
CK William UK Holdings Limited
Climate-related financial disclosures
31 December 2025
|
UE |
Scope 1 and Scope 2 emissions were 6,347 and 254,065 respectively. This performance reflects sustained emissions reduction initiatives across our operations, including fleet electrification, renewable electricity procurement and energy efficiency measures in network operations. To achieve the long-term net zero 2050 target, the Group intends to purchase and participate in carbon offset trading schemes. This is due to the inherent nature of the Group operations, asset lifespans and types and limited technological options to meet reliability requirements as a lifeline utility. The Group does not currently participate in any carbon offset trading schemes; however, will likely investigate and participate in the long-term time horizon to meet this target commitment. |
|
EDL |
The voluntary targets cover the Group’s entire operations, under an equity control basis, and includes the GHG gases covered under the GHG Protocol (carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride). The Group’s ability to meet its GHG reduction targets is subject to a number of key assumptions and external dependencies. These include, for example, the treatment of CO2 emissions from the combustion of LFG as biogenic, which results in their exclusion from Scope 1 emissions calculations. In addition, progress toward these targets depends on factors beyond the Group’s direct control, such as the availability and effectiveness of policy instruments, evolving customer requirements, and the pace of technology development and commercialisation. In line with the GHG Protocol and Science Based Targets Initiative (SBTi), the Group regards offsets as the final recourse for hard-to-abate emissions. The Group does not anticipate using offsets towards achieving its targets in the short- to medium-term. |
|
PEGL |
Scope 1 and Scope 2 emissions total 1,442 compared to a baseline of 2,401 in 2019, being a 40% reduction in 6 years, on track to meet the 60% reduction by 2030. Energy consumed in 2025 was 7,015MWhs compared to 11,627 in 2019, being a 40% reduction in 6 years, on track to meet the 50% reduction by 2030. Waste sent to landfill was 10,020 tonnes in 2025 compared to 46,104 in 2019, being a 78% reduction in 6 years, already surpassing the target of a 75% reduction by 2030. |
|
UKREG |
Electricity generation for 2025 was 233 GWhs compared to a target of 259 GWhs. This was due to the lower wind speeds in 2025. Community benefit spend was £594k compared to a target of £590k. |
|
Holding company |
No separate holding company climate-related targets have been set. Setting a consolidated target at holding company level would not reflect where operational control and management of climate-related actions sit. |
17
CK William UK Holdings Limited
Climate-related financial disclosures
31 December 2025
Connected information with the financial statements
Climate-related risks and opportunities are considered in the consolidated financial statements where they may have material effects. The principal areas of interaction are impairment assessments, asset lives and depreciation, capital expenditure planning, operating cost forecasts, financing assumptions, regulatory recoverability and going concern considerations. No separate holding company-level financial effects have been identified outside those arising through the operating groups.
Director responsibility statement
The Directors are responsible for these climate-related financial disclosures and for ensuring that the information presented is consistent with the Company’s role as a holding company. The Directors have applied judgement to avoid aggregating or reproducing detailed operating group sustainability disclosures where doing so would obscure the different nature, geography and regulation of the operating groups’ climate-related risks and opportunities.
18
CK William UK Holdings Limited
Directors' responsibilities statement
31 December 2025
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the group financial statements in accordance with International Financial Reporting Standards (IFRSs) and the parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 101 Reduced Disclosure Framework. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing the parent company financial statements, the directors are required to:
|
• |
select suitable accounting policies and then apply them consistently; |
|
|
• |
make judgments and accounting estimates that are reasonable and prudent; and |
|
|
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. |
In preparing these group financial statements, the directors are required to:
|
• |
properly select and apply accounting policies; |
|
|
• |
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; |
|
|
• |
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance; and |
|
|
• |
make an assessment of the company’s ability to continue as a going concern. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the consolidated entity's transactions and disclose with reasonable accuracy at any time the financial position of the consolidated entity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the consolidated entity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from the legislation in other jurisdictions.
19
Table of contents
Statements of profit or loss and other comprehensive income
21
Statements of financial position
22
Statements of changes in equity
24
Statements of cash flows
26
Notes to the financial statements
27
20
CK William UK Holdings Limited
Contents
31 December 2025
General information
The financial statements cover both CK William UK Holdings Limited as an individual private entity and the consolidated entity consisting of CK William UK Holdings Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian Dollar, which is CK William UK Holdings Limited's functional currency as the majority of operations are based in Australia. This is still true even with the additional GBP functional currency acquisitions.
CK William UK Holdings Limited is a company limited by shares, incorporated and domiciled in the United Kingdom (England and Wales). Its registered office and principal place of business is:
|
3 More London Riverside |
||
|
London |
||
|
SE1 2AQ |
||
|
United Kingdom |
A description of the nature of the consolidated entity's operations and its principal activities are included in the strategic report, which is not part of the financial statements.
21
CK William UK Holdings Limited
Statements of profit or loss and other comprehensive income
For the year ended 31 December 2025
|
Consolidated |
||||||
|
Note |
2025 |
2024 |
||||
|
$'000 |
$'000 |
|||||
|
Revenue |
1 |
|
|
|||
|
Share of profits of associates accounted for using the equity method |
15 |
8,979 |
10,221 |
|||
|
Other gains |
2 |
29,644 |
22,289 |
|||
|
Expenses |
||||||
|
Expenses from ordinary activities |
3 |
(1,897,945) |
(1,716,058) |
|||
|
Finance expenses |
4 |
(552,966) |
(550,872) |
|||
|
Profit before income tax expense |
273,424 |
269,068 |
||||
|
Income tax expense |
7 |
(87,999) |
(122,923) |
|||
|
Profit after income tax expense for the year |
|
|
||||
|
Other comprehensive (loss)/income |
||||||
|
Items that will not be reclassified subsequently to profit or loss |
||||||
|
Actuarial gain on defined benefit plans, net of tax |
413 |
2,374 |
||||
|
Items that may be reclassified subsequently to profit or loss |
||||||
|
Net change in the fair value of cash flow hedges taken to equity, net of tax |
(18,058) |
(92,831) |
||||
|
Foreign currency translation |
(44,641) |
101,112 |
||||
|
Other comprehensive (loss)/income for the year, net of tax |
( |
|
||||
|
Total comprehensive income for the year |
|
|
||||
|
Profit for the year is attributable to: |
||||||
|
Non-controlling interest |
|
|
||||
|
Owners of |
29 |
|
|
|||
|
185,425 |
146,145 |
|||||
|
Total comprehensive income for the year is attributable to: |
||||||
|
Non-controlling interest |
|
|
||||
|
Owners of |
|
|
||||
|
123,139 |
156,800 |
22
CK William UK Holdings Limited
Statements of financial position
As at 31 December 2025
|
Consolidated |
Parent |
|||||||||
|
Note |
2025 |
2024 |
2025 |
2024 |
||||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||||
|
Assets |
||||||||||
|
Current assets |
||||||||||
|
Cash and cash equivalents |
8 |
|
|
|
|
|||||
|
Trade and other receivables |
9 |
|
|
|
|
|||||
|
Contract assets |
10 |
|
|
- |
- |
|||||
|
Inventories |
11 |
|
|
- |
- |
|||||
|
Other financial assets |
13 |
|
|
- |
- |
|||||
|
Derivative financial instruments |
32 |
|
|
- |
- |
|||||
|
Income tax refund due |
6,848 |
22,246 |
- |
- |
||||||
|
Other assets |
14 |
|
|
- |
- |
|||||
|
Total current assets |
|
|
|
|
||||||
|
Non-current assets |
||||||||||
|
Trade and other receivables |
9 |
|
|
|
|
|||||
|
Investments accounted for using the equity method |
15 |
|
|
- |
- |
|||||
|
Investments in subsidiaries |
12 |
- |
- |
|
|
|||||
|
Other financial assets |
13 |
|
|
- |
- |
|||||
|
Derivative financial instruments |
32 |
|
|
- |
- |
|||||
|
Property, plant and equipment |
16 |
|
|
- |
- |
|||||
|
Right-of-use assets |
19 |
|
|
- |
- |
|||||
|
Intangibles |
17 |
|
|
- |
- |
|||||
|
Deferred tax assets |
26 |
|
|
- |
- |
|||||
|
Retirement benefit assets |
18 |
|
|
- |
- |
|||||
|
Other assets |
14 |
|
|
- |
- |
|||||
|
Total non-current assets |
|
|
|
|
||||||
|
Total assets |
|
|
|
|
||||||
|
Liabilities |
||||||||||
|
Current liabilities |
||||||||||
|
Trade and other payables |
20 |
|
|
|
|
|||||
|
Contract liabilities |
21 |
|
|
- |
- |
|||||
|
Borrowings |
23 |
|
|
- |
- |
|||||
|
Lease liabilities |
22 |
|
|
- |
- |
|||||
|
Derivative financial instruments |
32 |
|
|
- |
- |
|||||
|
Income tax |
|
|
|
- |
||||||
|
Provisions |
24 |
|
|
- |
- |
|||||
|
Other liabilities |
25 |
|
|
- |
- |
|||||
|
Total current liabilities |
|
|
|
|
||||||
|
Non-current liabilities |
||||||||||
|
Trade and other payables |
20 |
|
|
- |
- |
|||||
|
Contract liabilities |
21 |
|
|
- |
- |
|||||
|
Borrowings |
23 |
|
|
|
|
|||||
|
Lease liabilities |
22 |
|
|
- |
- |
|||||
|
Derivative financial instruments |
32 |
|
|
- |
- |
|||||
|
Deferred tax liabilities |
26 |
|
|
- |
- |
|||||
|
Provisions |
24 |
|
|
- |
- |
|||||
|
Other liabilities |
25 |
|
|
- |
- |
|||||
|
Total non-current liabilities |
|
|
|
|
23
CK William UK Holdings Limited
Statements of financial position
As at 31 December 2025
|
Consolidated |
Parent |
|||||||||
|
Note |
2025 |
2024 |
2025 |
2024 |
||||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||||
|
|
||||||||||
|
Total liabilities |
|
|
|
|
||||||
|
Net assets |
|
|
|
|
||||||
|
Equity |
||||||||||
|
Issued capital |
27 |
5,395,112 |
5,395,112 |
5,395,112 |
5,395,112 |
|||||
|
Reserves |
28 |
195,009 |
261,777 |
(2,175) |
- |
|||||
|
Retained profits |
29 |
1,018,725 |
883,297 |
58,998 |
20,696 |
|||||
|
Equity attributable to the owners of |
6,608,846 |
6,540,186 |
5,451,935 |
5,415,808 |
||||||
|
Non-controlling interest |
30 |
119,923 |
123,652 |
2,175 |
- |
|||||
|
Total equity |
|
|
|
|
The company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the parent company profit and loss account. The profit of the parent company for the year was $47,512 thousand (2024: loss $385 thousand).
The financial statements were approved by the board of directorsand authorised for issue on 2026. They weresigned on its behalf by:
|
___________________________ |
|
|
|
Director |
24
CK William UK Holdings Limited
Statements of changes in equity
For the year ended 31 December 2025
|
Issued |
Hedging |
Foreign currency |
Retained |
Non-controlling |
Total equity |
|||||||
|
capital |
reserve |
reserve |
profits |
interest |
||||||||
|
Consolidated |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
||||||
|
Balance at 1 January 2024 |
3,415,000 |
221,338 |
26,028 |
795,680 |
131,062 |
4,589,108 |
||||||
|
Profit after income tax expense for the year |
- |
- |
- |
121,477 |
24,668 |
|
||||||
|
Other comprehensive (loss)/income for the year, net of tax |
- |
(86,701) |
101,112 |
2,140 |
(5,896) |
|
||||||
|
Total comprehensive (loss)/income for the year |
- |
(86,701) |
101,112 |
123,617 |
18,772 |
156,800 |
||||||
|
Transactions with owners in their capacity as owners: |
||||||||||||
|
Contributions of equity, net of transaction costs (note 27) |
1,980,112 |
- |
- |
- |
- |
1,980,112 |
||||||
|
Dividends paid (note 31) |
- |
- |
- |
(36,000) |
(26,182) |
( |
||||||
|
Balance at 31 December 2024 |
5,395,112 |
134,637 |
127,140 |
883,297 |
123,652 |
6,663,838 |
|
Issued |
Hedging |
Foreign currency |
Retained |
Non-controlling |
Total equity |
|||||||
|
capital |
reserve |
reserve |
profits |
interest |
||||||||
|
Consolidated |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
||||||
|
Balance at |
5,395,112 |
134,637 |
127,140 |
883,297 |
123,652 |
6,663,838 |
||||||
|
Profit after income tax expense for the year |
- |
- |
- |
160,770 |
24,655 |
|
||||||
|
Other comprehensive (loss)/income for the year, net of tax |
- |
(22,127) |
(44,641) |
6,657 |
(2,175) |
( |
||||||
|
Total comprehensive (loss)/income for the year |
- |
(22,127) |
(44,641) |
167,427 |
22,480 |
123,139 |
||||||
|
Transactions with owners in their capacity as owners: |
||||||||||||
|
Dividends paid (note 30) |
- |
- |
- |
- |
(26,208) |
(26,208) |
||||||
|
Dividends paid (note 31) |
- |
- |
- |
(32,000) |
- |
( |
||||||
|
Balance at |
5,395,112 |
112,510 |
82,499 |
1,018,724 |
119,924 |
6,728,769 |
25
CK William UK Holdings Limited
Statements of changes in equity
For the year ended 31 December 2025
|
Issued |
Retained |
Total equity |
||||
|
capital |
profits |
|||||
|
Parent |
$'000 |
$'000 |
$'000 |
|||
|
Balance at 1 January 2024 |
3,415,000 |
8,956 |
3,423,956 |
|||
|
Profit after income tax expense for the year |
- |
47,740 |
|
|||
|
Other comprehensive income for the year, net of tax |
- |
- |
- |
|||
|
Total comprehensive income for the year |
- |
47,740 |
47,740 |
|||
|
Transactions with owners in their capacity as owners: |
||||||
|
Contributions of equity, net of transaction costs (note 27) |
1,980,112 |
- |
|
|||
|
Dividends paid (note 31) |
- |
(36,000) |
( |
|||
|
Balance at 31 December 2024 |
5,395,112 |
20,696 |
5,415,808 |
|
Issued |
Retained |
Total equity |
||||
|
capital |
profits |
|||||
|
Parent |
$'000 |
$'000 |
$'000 |
|||
|
Balance at |
5,395,112 |
20,696 |
5,415,808 |
|||
|
Profit after income tax expense for the year |
- |
70,302 |
|
|||
|
Other comprehensive income for the year, net of tax |
- |
- |
- |
|||
|
Total comprehensive income for the year |
- |
70,302 |
70,302 |
|||
|
Transactions with owners in their capacity as owners: |
||||||
|
Dividends paid (note 31) |
- |
(32,000) |
( |
|||
|
Balance at |
5,395,112 |
58,998 |
5,454,110 |
26
CK William UK Holdings Limited
Statements of cash flows
For the year ended 31 December 2025
|
Consolidated |
||||||
|
Note |
2025 |
2024 |
||||
|
$'000 |
$'000 |
|||||
|
Cash flows from operating activities |
||||||
|
Receipts from customers |
|
|
||||
|
Payments to suppliers and employees |
( |
( |
||||
|
1,700,982 |
1,642,933 |
|||||
|
Interest received - external |
|
|
||||
|
Interest received - related |
|
- |
||||
|
Interest paid - external |
(288,671) |
(254,743) |
||||
|
Interest paid - related |
(225,857) |
(299,479) |
||||
|
Income taxes paid |
( |
( |
||||
|
Net cash from operating activities |
|
|
||||
|
Cash flows from investing activities |
||||||
|
Payment for purchase of subsidiary, net of cash acquired |
34 |
(86,986) |
(2,354,097) |
|||
|
Payments for investments |
- |
(207,210) |
||||
|
Payments for property, plant and equipment |
( |
( |
||||
|
Payments for intangibles |
( |
( |
||||
|
Payments for term deposits |
9,482 |
(30,000) |
||||
|
Proceeds from disposal of property, plant and equipment |
|
|
||||
|
Distributions from joint ventures |
7,454 |
9,862 |
||||
|
Net cash used in investing activities |
( |
( |
||||
|
Cash flows from financing activities |
||||||
|
Proceeds from issue of shares |
27 |
- |
|
|||
|
Proceeds from borrowings - related |
- |
458,889 |
||||
|
Proceeds from borrowings - external |
2,805,816 |
2,935,295 |
||||
|
Repayment of borrowings - related |
(1,904) |
- |
||||
|
Repayment of borrowings - external |
(2,900,146) |
(3,018,153) |
||||
|
Payment of debt establishment costs |
(4,012) |
(3,205) |
||||
|
Loans paid/received from related parties |
( |
|
||||
|
Dividends paid |
31 |
( |
( |
|||
|
Principal elements of lease payments |
( |
( |
||||
|
Dividends paid to non-controlling interests in subsidiaries |
(26,208) |
(26,182) |
||||
|
Net cash (used in)/from financing activities |
( |
|
||||
|
Net increase in cash and cash equivalents |
|
|
||||
|
Cash and cash equivalents at the beginning of the financial year |
343,031 |
247,817 |
||||
|
Effects of exchange rate changes on cash and cash equivalents |
( |
|
||||
|
Cash and cash equivalents at the end of the financial year |
8 |
|
|
27
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 1. Revenue
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Distribution Use of System |
|
|
||
|
Transmission Use of System (pass-through) |
|
|
||
|
Transportation revenue |
453,634 |
454,776 |
||
|
Electricity revenue |
614,079 |
652,395 |
||
|
Gas revenue |
88,984 |
52,973 |
||
|
|
|
|||
|
Other operating revenue |
||||
|
Metering revenue |
40,268 |
38,189 |
||
|
Customer contributions - cash |
|
|
||
|
Alternative control services revenue |
|
|
||
|
Other revenue from contracts with customers |
|
|
||
|
Interest income - external party |
25,927 |
18,004 |
||
|
Green credit revenue |
138,646 |
183,037 |
||
|
Other revenue not in scope of IFRS 15 |
|
|
||
|
398,834 |
354,084 |
|||
|
Revenue |
2,685,712 |
2,503,488 |
||
(a) Recognising revenue from major business activities
(i) Distribution and Transmission Use of System revenue
Timing of recognition: Distribution and Transmission Use of System revenue represents the revenue from electricity and gas retailers for the transportation and delivery of electricity or gasthrough the distribution system to their customers. Revenue is calculated on a per energy retailer customer basis for electricity or gas consumed, time connected to the distribution network and/or demand based charges.
TheUse of Systemcontract includes one performance obligation, which is to provide distribution or haulage services. This performance obligation is satisfied when the end customer receives electricity or gas. The company promises to provide transport and deliver electricity or gasthrough the Distribution System to their customers are performance obligations that are satisfied over time as the customer is able to simultaneously consume the electricity or gas transmitted and distributed to the customer's location.
Transaction price: Rates per quantity unit and customer tariff type are approved by the Australian Energy Regulatory (AER) each year. The method utilised to recognise revenue for theUse of Systemcontract is an output method, which is based on actual volume of electricity distributed or gas transported and actual number of customers serviced each period.
The performance obligation is satisfied when the end customer injects or withdrawsgas from the pipeline. The performance obligationis satisfiedat a point intime as the obligation is satisfied when the gas haulage contract has been met.
Transaction price: Revenueiscalculated in accordance with terms and conditions of the haulage contract.
28
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
This performance obligation is satisfied when the electricity is generated and enters the transmission or distribution network. Performance obligations are satisfied over time as the customer is able to simultaneously consume the electricity transmitted and distributed to the customer's location. Revenue is recognised at an amount that reflects the consideration expected to be received.
29
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Revenue from the sale of gas is recognised over time when control of the commodity has been transferred to the customer, which generally occurs when the product is physically transferred into a pipe or other delivery mechanism. Revenue is recognised at an amount that reflects the consideration expected to be received.
Transaction price: Revenue is calculated in accordance with the spot price or contracted price.
Transaction price: Metering revenue is based on a metering charge set by meter type as approved by the AER each year.
(vi) Customer contributions - cash
Timing of recognition: Customer contributions - cash represent the revenue recorded from construction of network augmentation assets where the customer was required to fund a portion of construction towards their network augmentation.
The rendering of a customer contribution service contract includes one performance obligation, which is to either maintain customer's assets or to develop an asset. This performance obligation is satisfied over time either because the customer simultaneously benefit from the maintenance services completed and the work performed enhances the customer's assets; or the new assets are highly specific for the customer and the company has the right to receive payment for all the services performed at the end of each reporting period.
The method utilised to recognise revenue for the customer contributions contract is an input method, which is based on actual labour cost and materials consumed to perform the required service during each reporting period.
Transaction price: Revenue is calculated in accordance with terms and conditions of relevant customer contracts.
ACS activities are of short duration and are recognised either when performed over time or if the charge is based on duration of the service, such as public lighting. Transaction price: Rates per activity are based on either a fixed fee approved by the AER or hourly labour rates approved by the AER and recovery of materials at cost.
The delivery of a construction contract includes one performance obligation, which is to develop an asset for a customer. This performance obligation is satisfied over time either because the customer simultaneously benefit from the maintenance services completed and the work performed enhances the customer's assets; or the new assets are highly specific for the customer and the company has the right to receive payment for all the services performed at the end of each reporting period. Transaction price: Revenue is recognised in line with contracted amounts.
30
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(ix) Green Credit revenue
Timing of recognition: Green credit revenue is recognised at the point of generation.
Transaction price: Green credit revenue is recognised at the lower of spot and net realisable value and adjusted for changes in market value when sold. Where the market is inactive or thin trades are noted, management uses best estimates based on expert advice to determine the fair value recognised at the point of generation.
Green certificates areconsidered outside the scope ofIFRS 15 Revenue.
|
Consolidated |
Consolidated |
Consolidated |
||||||||||
|
Point in time |
Over time |
Total |
Total |
|||||||||
|
Revenue from contract types |
2025 ($'000) |
2024 ($'000) |
2025 ($'000) |
2024 ($'000) |
2025 ($'000) |
2024 ($'000) |
||||||
|
Distribution Use of System |
- |
- |
952,666 |
825,911 |
952,666 |
825,911 |
||||||
|
Transmission Use of System (pass-through) |
- |
- |
177,515 |
163,349 |
177,515 |
163,349 |
||||||
|
Transportation revenue |
453,634 |
454,776 |
- |
- |
453,634 |
454,776 |
||||||
|
Electricity revenue |
76,690 |
20,360 |
537,389 |
632,035 |
614,079 |
652,395 |
||||||
|
Gas revenue |
19,256 |
- |
69,728 |
52,973 |
88,984 |
52,973 |
||||||
|
549,580 |
475,136 |
1,737,298 |
1,674,268 |
2,286,878 |
2,149,404 |
|
Other operating revenue |
||||||||||||
|
Metering revenue |
- |
- |
40,268 |
38,189 |
40,268 |
38,189 |
||||||
|
Customer contributions - cash |
- |
- |
14,810 |
6,625 |
14,810 |
6,625 |
||||||
|
Alternative Control Services |
5,864 |
6,021 |
13,009 |
12,144 |
18,873 |
18,165 |
||||||
|
Other revenue from contracts with customers |
26,297 |
43,419 |
22,800 |
4,419 |
49,097 |
47,838 |
||||||
|
32,161 |
49,440 |
90,887 |
61,377 |
123,048 |
110,817 |
The unsatisfied performance obligations as at
(b) Critical accounting policies, estimates and assumptions
There is a certain level of estimation involved in the measurement of the consolidated entity's revenue, which includes:
|
• |
In relation to Distribution & Transmission Use of System revenue an estimation of the amount of electricity or gas consumed but not billed at period end; and |
|
|
• |
In relation to customer contributions an estimate of the stage of completion. |
As the basis of estimation for distribution revenue is based on actual electricity or gas consumption and in the case of pass through revenue the actual and accrued cost incurred, the directors do not envisage significant uncertainty risk with respect to amounts recorded in relation to applying the revenue recognition accounting policies.
31
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
The consolidated entity's revenue is generated by the five operating entities. Details of revenue by operating entity are detailed in the table below:
|
2025 |
||||||||||||
|
Revenue from contract types |
AGIH |
UE |
EDL |
PEGHL |
UKREG |
Total |
||||||
|
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
|||||||
|
Distribution Use of System |
236,336 |
518,734 |
- |
197,596 |
- |
952,666 |
||||||
|
Transmission Use of System (pass-through) |
- |
177,515 |
- |
- |
- |
177,515 |
||||||
|
Transportation revenue |
453,634 |
- |
- |
- |
- |
453,634 |
||||||
|
Electricity revenue |
- |
- |
537,389 |
- |
76,690 |
614,079 |
||||||
|
Gas revenue |
19,256 |
- |
69,728 |
- |
- |
88,984 |
||||||
|
709,226 |
696,249 |
607,117 |
197,596 |
76,690 |
2,286,878 |
|
Metering revenue |
3,538 |
36,730 |
- |
- |
- |
40,268 |
||||||
|
Customer contribution - cash |
14,810 |
- |
- |
- |
- |
14,810 |
||||||
|
Alternative control services revenue |
- |
18,873 |
- |
- |
- |
18,873 |
||||||
|
Other revenue from contracts with customers |
29,906 |
17,501 |
- |
1,690 |
- |
49,097 |
||||||
|
Green credit revenue |
- |
- |
138,646 |
- |
- |
138,646 |
||||||
|
Other revenue |
- |
1,605 |
109,608 |
- |
- |
111,213 |
||||||
|
48,254 |
74,709 |
248,254 |
1,690 |
- |
372,907 |
|
Total |
757,480 |
770,958 |
855,371 |
199,286 |
76,690 |
2,659,785 |
|
2024 |
||||||||||||
|
AGIH |
UE |
EDL |
CKWENG |
UKREG |
Total |
|||||||
|
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
|||||||
|
Distribution Use of System |
232,116 |
481,485 |
- |
112,310 |
- |
825,911 |
||||||
|
Transmission Use of System (pass-through) |
- |
163,349 |
- |
- |
- |
163,349 |
||||||
|
Transportation revenue |
454,776 |
- |
- |
- |
- |
454,776 |
||||||
|
Electricity revenue |
- |
- |
632,035 |
- |
20,360 |
652,395 |
||||||
|
Gas revenue |
20,498 |
- |
32,475 |
- |
- |
52,973 |
||||||
|
707,390 |
644,834 |
664,510 |
112,310 |
20,360 |
2,149,404 |
|
Metering revenue |
3,134 |
35,055 |
- |
- |
- |
38,189 |
||||||
|
Customer contributions - cash |
6,625 |
- |
- |
- |
- |
6,625 |
||||||
|
Alternative control services revenue |
- |
18,165 |
- |
- |
- |
18,165 |
||||||
|
Other revenue from contracts with customers |
29,710 |
17,189 |
- |
939 |
- |
47,838 |
||||||
|
Green credit revenue |
- |
- |
183,037 |
- |
- |
183,037 |
||||||
|
Other revenue |
889 |
50 |
41,288 |
- |
- |
42,227 |
||||||
|
40,358 |
70,459 |
224,325 |
939 |
- |
336,081 |
|
Total |
747,748 |
715,293 |
888,835 |
113,249 |
20,360 |
2,485,485 |
32
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Revenue recognised that was included in the contract liability balance at the beginning of the period |
38,150 |
16,535 |
Note 2. Other gains
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Net foreign exchange gain |
|
|
||
|
Net gain/(loss) on disposal of property, plant and equipment |
|
( |
||
|
Interest income - external party |
397 |
226 |
||
|
Finance lease income |
23,561 |
25,478 |
||
|
Other gains |
29,644 |
22,289 |
||
Finance lease income
Timing of recognition: Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the consolidated entity's net investment outstanding in respect of the finance lease.
Interest income - external party
Timing of recognition: interest income - external party is recognised using the effective interest rate method. Interest income - external party is outside the scope of IFRS 15.
Note 3. Expenses from ordinary activities
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Transmission fees (pass-through) |
177,515 |
163,349 |
||
|
Personnel expense |
280,136 |
261,537 |
||
|
Operation, maintenance and repair expense |
234,916 |
212,612 |
||
|
Taxes, fees & charges |
6,381 |
6,049 |
||
|
Royalties |
48,222 |
70,680 |
||
|
Fuel gas and consumables |
127,297 |
143,500 |
||
|
Depreciation and amortisation expense |
802,117 |
640,840 |
||
|
IT and telecommunication costs |
108,228 |
88,435 |
||
|
Legal and professional fees |
29,430 |
32,089 |
||
|
Unaccounted Gas |
- |
(2,000) |
||
|
Other expenses |
52,821 |
69,930 |
||
|
Insurance |
30,882 |
29,037 |
||
|
1,897,945 |
1,716,058 |
|||
33
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 4. Finance expenses
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Interest and finance expense - external party |
325,164 |
273,476 |
||
|
Interest and finance expense - related parties |
222,038 |
274,049 |
||
|
Interest expense - finance lease |
5,764 |
3,347 |
||
|
552,966 |
550,872 |
|||
Note 5. Average number of employees and employee benefits expense
The monthly average number of employees during the year was as follows:
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
Managerial |
180 |
177 |
||
|
Operations / administration |
1,409 |
1,297 |
||
|
Average number of employees |
|
|
||
The employee benefits expense during the year was as follows:
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Wages and salaries |
|
|
||
|
Social security costs |
|
|
||
|
Other pension costs |
|
|
||
|
Total employee benefits expense |
|
|
||
Accounting policy for pension costs
The consolidated entity has obligations for a defined benefit scheme.Refer to note 18 for details on the defined benefit superannuation plan.
For defined contribution schemes, the amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the contributions payable in the period.Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the consolidated balance sheet.
Note 6. Directors' remuneration
The directors did not receive any remuneration in relation to their services to the company during the financial year. Directors receive remuneration from other related parties in relation to their services to the wider shareholder group.
34
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 7. Income tax expense
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Current tax expense |
||||
|
Current year |
|
|
||
|
Adjustment for prior years |
(6,383) |
(373) |
||
|
Deferred tax expense |
||||
|
Origination and reversal of temporary differences |
(47,019) |
(6,524) |
||
|
|
9,768 |
(296) |
||
|
Aggregate income tax expense |
87,999 |
122,923 |
||
|
Numerical reconciliation of income tax expense and tax at the statutory rate |
||||
|
Profit before income tax expense |
273,424 |
269,068 |
||
|
Tax at the statutory tax rate of 30% |
82,027 |
80,720 |
||
|
Tax effect amounts which are not deductible/(taxable) in calculating taxable income: |
||||
|
Non-deductible interest expenses |
20,434 |
39,576 |
||
|
Tax losses not recognised |
11,947 |
1,037 |
||
|
Non-assessable income - other |
(26,127) |
- |
||
|
Share of profits - associates |
(269) |
(1,617) |
||
|
Non-deductible expenses |
295 |
5,517 |
||
|
Change in tax rate - overseas |
- |
(402) |
||
|
Effects of different taxation rates within consolidated group |
4,640 |
305 |
||
|
Other |
2,414 |
(1,613) |
||
|
95,361 |
123,523 |
|||
|
Under provision in respect of prior years |
(7,362) |
(669) |
||
|
Income tax expense |
87,999 |
122,854 |
||
As the operations of the consolidated entity are primarily based in Australia, the consolidated entity's income tax expense for the period is calculated under Australian tax laws, based on the Australian Federal income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements, and for unused tax losses.
35
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Current tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or tax loss for the year. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by the reporting date. Current tax for the current and prior years is recognised as a liability (or asset) to the extent that it is unpaid (or refundable).
Deferred tax
Deferred tax is accounted for using the comprehensive statement of financial position liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax base of those items. In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilised. However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them arise from the initial recognition of assets and liabilities (other than as a result of a business combination) which affects neither taxable income or accounting profit. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realised or settled, based on the tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the consolidated entity expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the consolidated entity intends to settle its current tax assets and liabilities on a net basis.
Amendment to IAS 12 - The Consolidated Entity is within the scope of the Pillar Two top up tax that that has been substantively enacted in the UK for income years beginning on or after 1 January 2025. The first period for which a Pillar Two return will be required is the income year ending on 31 December 2025. The Consolidated Entity has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Consolidated Entity is in the process of the necessary analysis in preparation for complying with the Pillar Two model rules for the income year ending on 31 December 2025. Based on preliminary analysis derived from information in respect of 31 December 2024, the Group does not expect any potential exposure to Pillar Two top up taxes.
36
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(a) Critical accounting judgements, estimates and assumptions
(i) Income taxes
The consolidated entity applies the criteria outlined in IAS 12 with regards to the calculation and recognition of deferred tax assets. The application of the IAS 12 criteria involves the exercise of judgement regarding the calculation of accounting and tax bases for the consolidated entity’s assets and liabilities. Furthermore, the potential reversal of temporary differences also requires the use of estimates of future profitability, availability of taxable profits on both revenue and capital account and potential future changes in accounting and tax bases.
In particular, the expectation of the availability of future taxable profits against which deferred tax assets arising in respect of revenue losses is subject to estimation and judgement.
(ii) Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
(iii) Uncertain tax matters
Management uses best estimates based on expert advice on transfer pricing and arm’s length debt under the thin capitalisation rules to estimate the uncertain tax amount.
Note 8. Cash and cash equivalents
|
Consolidated |
Parent |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Current assets |
||||||||
|
Cash at bank |
371,469 |
343,031 |
369 |
10,139 |
||||
|
Cash on deposit |
52,753 |
- |
42,243 |
- |
||||
|
424,222 |
343,031 |
42,612 |
10,139 |
|||||
Cash and cash equivalents include cash on hand, cash at bank and deposits at call with financial institutions.
37
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 9. Trade and other receivables
|
Consolidated |
Parent |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Current assets |
||||||||
|
Trade receivables |
|
|
|
|
||||
|
Less: Allowance for expected credit losses |
(2,256) |
(2,244) |
- |
- |
||||
|
90,481 |
81,162 |
8,874 |
3,758 |
|||||
|
Unaccounted for gas receivable |
1,173 |
2,206 |
- |
- |
||||
|
Interest receivable |
78 |
64 |
- |
- |
||||
|
91,732 |
83,432 |
8,874 |
3,758 |
|||||
|
Non-current assets |
||||||||
|
Related party receivable |
129,846 |
129,166 |
189,950 |
200,660 |
||||
|
221,578 |
212,598 |
198,824 |
204,418 |
|||||
(a) Trade and other receivables accounting policies
(i)Trade receivables
Trade receivables are primarily for electricity sold by generators, transportation services provided and network fees. The network fees are governed by a Use of System Agreement which stipulates that all payments are to be made on the tenth day after monthly invoicing.
Trade receivables are generally due for settlement within 30 days. They are presented as current assets unless collection is not expected for more than 12 months after the reporting date.
(iii) Fair value
Due to the short-term nature of the current receivables, their fair value is considered the same as their carrying value.
(iv) Impairment and risk exposure
Trade receivables and other receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The consolidated entity holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the consolidated entity's impairment policies, the consolidated entity's exposure to credit risk, foreign currency risk and interest rate risk and the calculation of the loss allowance are provided in note 33.
The allowance for expected credit losses assessment requires a degree of estimation and judgement. It is based on the lifetime expected credit loss, grouped based on days overdue, and makes assumptions to allocate an overall expected credit loss rate for each group. These assumptions include recent contract performance and historical collection rates.
Note 10. Contract assets
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Current assets |
||||
|
Contract assets |
254,769 |
205,919 |
||
38
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Accounting policy for contract assets
Contract assets are recognised when the consolidated entity has transferred goods or services to the customer but where the consolidated entity is yet to establish an unconditional right to consideration. Contract assets are treated as financial assets for impairment purposes.
Note 11. Inventories
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Current assets |
||||
|
Stock on hand - at cost |
130,433 |
112,840 |
||
|
Less: Provision for impairment or obsolescence |
(1,138) |
(7,646) |
||
|
129,295 |
105,194 |
|||
Inventories comprise fuel, store items, spares and other consumables.
During the year $101m of inventory was expensed (2024: $77m).
Inventories accounting policies
Note 12. Investments in subsidiaries
|
Parent |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Non-current assets |
||||
|
Investments in subsidiaries |
5,405,218 |
5,395,112 |
||
Investments in subsidiaries
Investments in subsidiaries are accounted for at cost in the Financial Statements of CK William UK Holdings Limited. Dividends received
are recognised in the parent entity’s profit or loss when its right to receive the dividend is established. Details of all subsidiaries included within note 38.
39
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 13. Other financial assets
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Current assets |
||||
|
Term deposits |
26,759 |
31,538 |
||
|
Green Credits |
98,717 |
96,288 |
||
|
Finance Lease receivable |
26,520 |
23,532 |
||
|
151,996 |
151,358 |
|||
|
Non-current assets |
||||
|
Burrup Extension Pipeline term deposit |
8,859 |
10,618 |
||
|
Finance Lease receivable |
138,595 |
164,806 |
||
|
147,454 |
175,424 |
|||
|
299,450 |
326,782 |
|||
(a) Accounting policies
(i) Green credits held for sale
Green credits held for sale are recognised at the point of generation at the lower of spot and net realisable value (NRV) where an active market exists without thin trading. Where the market is inactive or thin trades are noted, management uses best estimates based on expert advice to recognise revenue at the point of generation. Green credits that are not expected to be realised within 12 months of the reporting date are recognised as a Non-Current Asset. NRV is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale.
(ii) Finance lease receivable
The finance lease receivable relates to contracts between the AGI Development Group (AGID) to Fortescue Metals Group (FMG) and Newmont Tanami. Management concluded these contracts contained a lease on the basis that risks and rewards were transferred, mainly due to:
• The customer has the ability to direct the operations of the asset;
• The customer has the right to control other shippers using the pipeline;
• The customer has first right of refusal for spare capacity; and
• The customer has a buy-out option.
(iii) Leases accounting policies
Leases of property, plant and equipment where the consolidated entity, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease's inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in other short-term and long-term payables. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the asset's useful life or over the shorter of the asset's useful life and the lease term if there is no reasonable certainty that the consolidated entity will obtain ownership at the end of the lease term.
Leases in which a significant portion of the risks and rewards of ownership are not transferred to the consolidated entity as lessee are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.
40
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Lease income from operating leases where the consolidated entity is a lessor is recognised in income on a straight-line basis over the lease term. The respective leased assets are included in the balance sheet based on their nature.
Note 14. Other assets
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Current assets |
||||
|
Prepayments |
|
|
||
|
Deferred transmission fees |
- |
9,817 |
||
|
Pipeline / shipper imbalance |
17,116 |
1,450 |
||
|
Other current assets |
37 |
6 |
||
|
76,037 |
70,866 |
|||
|
Non-current assets |
||||
|
Prepayments |
5,264 |
4,894 |
||
|
Other non-current assets |
21,360 |
- |
||
|
26,624 |
4,894 |
|||
|
102,661 |
75,760 |
|||
Other assets accounting policies
Pipeline / shipperimbalance represents a temporary net difference between the natural gas purchased for system use and that actually used during the period (including gas unaccounted for). This account is either a current asset or liability depending on whether the imbalance is positive or negative.
Transmission fees deferred/provided for represent the present value of management's best estimates of the future economic benefits/sacrifices that will be received/incurred for transmission costs under/over collected through current electricity tariffs charged to customers.
Note 15. Investments accounted for using the equity method
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Non-current assets |
||||
|
Investment in joint ventures |
88,504 |
89,252 |
||
|
Reconciliation |
||||
|
Reconciliation of the carrying amounts at the beginning and end of the current and previous financial year are set out below: |
||||
|
Opening carrying amount |
89,252 |
21,465 |
||
|
Profit after income tax |
8,979 |
10,221 |
||
|
Additions through business combinations (note 34) |
- |
66,077 |
||
|
Foreign currency translation |
(2,273) |
1,351 |
||
|
Distribution paid |
(7,454) |
(9,862) |
||
|
Closing carrying amount |
88,504 |
89,252 |
||
41
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Details of interests in joint venture partnerships is as follows:
|
Ownership interest |
Carrying amount |
|||||||||
|
2025 |
2024 |
2025 |
2024 |
|||||||
|
Name and principal activities |
Place of incorporation |
% |
% |
$'000 |
$'000 |
|||||
|
BEAL EPE & Tomi EDL Operations EPE - Landfill gas generation |
Greece |
50.0% |
50.0% |
10,572 |
11,678 |
|||||
|
Indy High BTU, LLC - High BTU operation |
United States of America |
25.0% |
25.0% |
7,817 |
9,100 |
|||||
|
Fred Olsen CBH - Manage and operate Wind Turbines |
United Kingdom |
49.0% |
49.0% |
70,115 |
68,474 |
EDL is the operational partner of Indy High BTU LLC, as part of a joint venture with Kinetrex Energy and South Side Landfill.
Note 16. Property, plant and equipment
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Non-current assets |
||||
|
Freehold land - at cost |
227,400 |
223,762 |
||
|
Freehold buildings - at cost |
317,021 |
296,315 |
||
|
Less: Accumulated depreciation |
(23,476) |
(17,606) |
||
|
293,545 |
278,709 |
|||
|
Plant and equipment - at cost |
2,548,336 |
2,661,282 |
||
|
Less: Accumulated depreciation |
(1,106,719) |
(969,765) |
||
|
1,441,617 |
1,691,517 |
|||
|
Distribution and pipelines - at cost |
12,139,808 |
11,770,240 |
||
|
Less: Accumulated depreciation |
(2,355,524) |
(1,995,034) |
||
|
9,784,284 |
9,775,206 |
|||
|
11,746,846 |
11,969,194 |
|||
42
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
|
Freehold land |
Freehold buildings |
Plant and equipment |
Distribution/ Pipeline/ Generation |
Total |
||||||
|
Consolidated |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Balance at 1 January 2024 |
222,321 |
277,179 |
1,689,810 |
7,887,491 |
10,076,801 |
|||||
|
Additions |
1,258 |
6,387 |
150,105 |
432,568 |
|
|||||
|
Reclass between class of assets1 |
- |
3,830 |
(1,135) |
(31,792) |
( |
|||||
|
Acquisitions through business combinations |
836 |
- |
1,826 |
1,797,171 |
|
|||||
|
FX Revaluation |
- |
- |
88,475 |
- |
|
|||||
|
Revaluation of decommissioning assets |
- |
- |
(4,973) |
- |
(4,973) |
|||||
|
Disposals |
(653) |
- |
(96,444) |
(4,559) |
( |
|||||
|
Disposals - accumulated depreciation |
- |
- |
78,423 |
3,345 |
|
|||||
|
Depreciation expense |
- |
(8,687) |
(214,570) |
(309,018) |
( |
|||||
|
Balance at 31 December 2024 |
223,762 |
278,709 |
1,691,517 |
9,775,206 |
11,969,194 |
|||||
|
Additions |
3,726 |
1,132 |
90,553 |
410,510 |
|
|||||
|
Acquisition cost transfers |
- |
- |
920 |
(729) |
|
|||||
|
Acquisitions through business combinations |
- |
- |
28,988 |
1,150 |
|
|||||
|
FX Revaluation |
(84) |
- |
(62,161) |
(1,617) |
( |
|||||
|
Revaluation of decommissioning assets |
- |
- |
3,248 |
- |
3,248 |
|||||
|
Disposals |
(2) |
- |
(162,669) |
(12,668) |
( |
|||||
|
Disposals - accumulated depreciation |
- |
- |
154,756 |
10,960 |
|
|||||
|
Reclass between class of assets1 |
- |
19,574 |
7,011 |
(31,123) |
( |
|||||
|
Depreciation expense |
- |
(5,870) |
(310,548) |
(367,405) |
( |
|||||
|
Balance at |
227,402 |
293,545 |
1,441,615 |
9,784,284 |
11,746,846 |
As at
1 $4.5m (2024: $29.1m) was reclassified from PPE to intangibles and $nil (2024: $0.6m) was reclassified from PPE to inventory
43
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(a) Property, plant and equipment accounting policies
Property, plant and equipment are stated as cost less accumulated depreciation and impairment (if any).
(i) Cost
The purchase method of accounting is used for all acquisition of assets. Cost is determined as the fair value of the assets given up, or liabilities undertaken at the date of acquisition plus incidental costs directly attributable to the acquisition.
Construction work in progress is stated at cost plus attributable overheads. Cost includes all costs directly related to specific projects including materials, labour and an allocation of overhead expenses.
Additions through business combinations are valued at fair value.
(ii) Depreciation
Depreciation is provided on property, plant and equipment, including freehold buildings but excluding land and gas stock on hand. The value of land not depreciated is $227.4m (2024: $222.8m).
The contents of the pipeline (linepack) are recorded at the value of the normal operating level for linepack, at the lower of cost and net realisable value. Linepack is recorded as part of Distribution / Generation / Pipeline. The balance is not depreciated over the life of the pipeline, as the directors believe the recoverable value of linepack will exceed the historical cost at the time the pipeline is closed down.
Depreciation is calculated on a straight line basis so as to write off the net cost or other revalued amount of each asset over its useful life to its estimated residual value. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period. The following estimated useful lives are used in the calculation of depreciation in current and prior periods.
|
Freehold buildings |
15 - 68 years |
|
|
Plant and equipment |
3 - 40 years |
|
|
Distribution / Pipeline system |
3 - 120 years |
(iii) Impairment
Other assets, including property, plant and equipment, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the assets' fair value less costs of disposal and its value in use. No impairment of other assets including property, plant and equipment has been recognised during the period.
(iv) Asset sales
The net proceeds on disposal of assets are brought to account at the date when control passes to the purchaser, usually when an unconditional contract of sale is signed.
Estimation of useful lives of assets
The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.
44
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 17. Intangibles
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Non-current assets |
||||
|
Goodwill - at cost |
6,146,536 |
6,073,229 |
||
|
Software - at cost |
521,456 |
457,099 |
||
|
Less: Accumulated amortisation |
(289,119) |
(237,918) |
||
|
232,337 |
219,181 |
|||
|
Licences - at cost |
182,598 |
182,598 |
||
|
Less: Accumulated amortisation |
(13,779) |
(5,532) |
||
|
168,819 |
177,066 |
|||
|
Customer Contracts |
464,082 |
523,410 |
||
|
Less: Accumulated amortisation |
(243,977) |
(254,327) |
||
|
220,105 |
269,083 |
|||
|
6,767,797 |
6,738,559 |
|||
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
|
Goodwill |
Distribution Licenses |
Software |
Customer Contracts |
Total |
||||||
|
Consolidated |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Balance at 1 January 2024 |
5,674,863 |
- |
185,817 |
298,874 |
6,159,554 |
|||||
|
Additions |
- |
- |
56,098 |
- |
|
|||||
|
Disposals |
- |
- |
- |
6,589 |
|
|||||
|
FX revaluations |
9,023 |
- |
- |
11,952 |
|
|||||
|
Transfers from PPE |
- |
- |
29,097 |
- |
29,097 |
|||||
|
Disposals - accumulated amortisation |
- |
- |
- |
(5,707) |
( |
|||||
|
Acquisitions through business combinations |
389,343 |
182,598 |
- |
- |
571,941 |
|||||
|
Amortisation expense |
- |
(5,532) |
(51,831) |
(42,625) |
( |
|||||
|
Balance at 31 December 2024 |
6,073,229 |
177,066 |
219,181 |
269,083 |
6,738,559 |
|||||
|
Additions |
- |
- |
61,936 |
- |
|
|||||
|
Disposals |
- |
- |
(373) |
- |
( |
|||||
|
FX revaluations |
(8,331) |
21 |
(249) |
(7,628) |
( |
|||||
|
Transfers from PPE |
- |
- |
4,538 |
- |
4,538 |
|||||
|
Acquisitions through business combinations |
81,638 |
- |
- |
- |
81,638 |
|||||
|
Amortisation expense |
- |
(8,268) |
(52,696) |
(41,350) |
( |
|||||
|
Balance at |
6,146,536 |
168,819 |
232,337 |
220,105 |
6,767,797 |
45
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(a) Intangible assets accounting policies
(iv) Customer Contracts
Customer contracts acquired as part of a business combination are recognised separately from goodwill. Customer contracts are carried at their fair value at the date of acquisition less accumulated amortisation and impairment losses. Customer contracts are amortised on a straight line basis over the life of the asset.
(v) Amortisation methods and useful lives
Amortisation is provided on intellectual property and software. Amortisation is amortised on a straight line basis so as to write off the net cost over the periods benefits are expected to arise. Amortisation is included within expenses from ordinary activities on the statement of Profit and Loss. The amortisation periods are as follows:
|
Customer contract |
1 - 30 years |
|
|
Software |
1 - 10 years |
(b) Critical accounting judgements, estimates and assumptions
Determining cash generating units
A cash generating unit (CGU) is the smallest identifiable group of assets that generate cash inflows independently of the cashflows from other assets or groups of assets.
The following CGUs have been identified for impairment testing:
|
• |
Australia Gas Infrastructure Holdings Pty Ltd and its controlled entities (AGIH), including Dampier Bunbury Natural Gas Pipeline Trust and its controlled entities (DBP) and Multinet Gas Holdings Pty Limited (MG) |
|
|
• |
Energy Developments Pty Limited and its controlled entities (EDL) |
|
|
• |
United Energy Distribution Holdings Limited and its controlled entities (UE) |
|
|
• |
CKW Energy UK and its controlled entities |
|
|
• |
Each of the individual wind farms controlled by UK Renewables Energy Group * |
|
|
• |
N-Gen Energy Solutions and its controlled entities |
* In relation to UK Renewables Energy Group Limited, impairment testing of intangible assets, property plant and equipment and right of use assets, the Group treats each wind farm as a separate CGU. Generation revenue is allocated to the wind farm that has generated the relevant electricity, direct costs related to the operation, maintenance and connectivity is allocated on a wind farm basis.
Goodwill generated from the acquisition is allocated to the group of CGUs at an operating segment level as shown in the table above as it represents the lowest level at which goodwill is monitored by management.
46
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Goodwill has been allocated across the five CGUs as follows:
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
AGIH |
3,513,926 |
3,446,209 |
||
|
EDL |
1,457,330 |
1,405,164 |
||
|
UE |
846,152 |
832,512 |
||
|
CKWENG |
271,903 |
332,119 |
||
|
UKREG |
57,225 |
57,225 |
||
|
6,146,536 |
6,073,229 |
Goodwill includes amounts denominated in currencies other than AUD and is therefore subject to revaluation resulting in the above change.
No goodwill is recognised in N-GEN Energy Solutions Limited.
Critical estimates
The basis on which these cash-generating units' recoverable amounts have been determined is their fair value less costs of disposal. A discounted cash flow analysis has been used to determine fair value less costs of disposal. The key assumptions on which management have based their assessment of future cash-flows and the approach to determining values for each were:
|
Discount rate |
Discount rate |
|||||||
|
Terminal value |
Terminal value |
2025 |
2024 |
|||||
|
Cash Generating Unit |
2025 |
2024 |
% |
% |
||||
|
UE |
RAB*** 1.60 x - 1.65 x |
RAB*** 1.60 x - 1.65 x |
4.37% |
4.04% |
||||
|
AGIH - regulated business* |
RAB*** 1.3 x |
RAB*** 1.5 x |
5.49% |
5.19% |
||||
|
AGIH - semi regulated business |
EBITDA** 17 x |
EBITDA** 17 x |
5.49% |
5.19% |
||||
|
EDL |
Perpetual growth 2.3% |
Perpetual growth 2.2% |
7.00% |
7.00% |
||||
|
PEGHL |
TRV**** 1.2 x
|
TRV**** 1.2 x |
7.52% |
7.52% |
||||
|
UKREG |
NA – finite life |
NA – finite life |
7.91% |
7.91% |
**EBITDA - Earnings before interest, tax, depreciation and amortization
***RAB - Regulatory Asset Base
****TRV – Total Regulatory Value
Management monitors risks on an ongoing basis including recent market transactions for changes in Regulatory Asset Base (RAB) multiples or other changes in assumptions that may impact future cash flows or discount rates.
Cash flows are based on the CGUs business plans and range from 5 to 10 years for regulated businesses and up to26 years for unregulated businesses. Regulated revenues and expenditures for the regulated businesses are primarily based on the Australian Energy Regulator's approved regulatory determinations plus a forecast on the current business plan for subsequent years. Non-regulated revenue and expenditure were based on management's best estimates with reference to historic performance.
Theperpetual growth is estimated based on the long-term inflationary target of each region of operation and weighted based on net present value.
47
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
The consolidated entity continues to develop its assessment of the impact that climate change may have on the amounts recognised in the financial statements. The natural environment in which the consolidated entity operates is continually changing and being monitored by management.
We have considered the impact of the climate change related risks on the value of goodwill held. The risks are long term in nature, and whilst they will provide a need for investment in the future, we conclude that there is no material impact on the carrying amount of goodwill at the date of these financial statements, nor do they lead to any additional key sources of estimation or judgment.
Management are continuously monitoring the impact of climate change on all businesses within the group. Short term actions to meet our response to climate change are within our estimated cashflows for the regulatory cycles which have been used for our impairment review. Whilst the long term impact of climate change results in uncertainty around future cash flows of the business and financial assumptions, such as discount rate, the valuation at the balance sheet date is supported by current industry performance.
Reasonably possible changes in key assumptions
Discount rate
The discount rate has been identified as a key assumption for all CGU’s. For AGIH, an increase in discount rate of 1.0% would result in breakeven in the impairment assessment. For EDL, an increase in the discount rate of 0.9% would result in breakeven in the impairment assessment.
Terminal value assumption
The RAB multiple used in the terminal value calculation has been identified as a key assumption for the UED and AGIH regulated business CGU’s. This assumption is based on an assessment of recent transaction multiples. If there were a change in the market that resulted in a decrease in the observable transaction multiples of 0.25x for UE, 1.2x for AGIH and 0.28x for PEGL, this is likely to result in impairment of these CGU’s.
No other reasonable possible changes in key assumptions would result in impairment for any of the CGUs.
48
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 18. Retirement benefit assets / (liabilities)
Defined benefit superannuation plans
Statement of financial position amounts
The amounts recognised in the statement of financial position are determined as follows:
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Non-current assets |
||||
|
Present value of the defined benefit obligation - AGIH (APA Group) |
(85,211) |
- |
||
|
Fair value of defined benefit plan assets - AGIH (APA Group) |
91,933 |
- |
||
|
Present value of the defined benefit obligation - UE & Multinet |
(32,883) |
(30,127) |
||
|
Fair value of defined benefit plan assets - UE & Multinet |
42,550 |
39,445 |
||
|
Net asset in the statement of financial position |
16,389 |
9,318 |
||
Defined benefit superannuation plans - APA Group
The APA Group Superannuation Plan is a sub-fund within the MLC Superannuation Fund. The MLC Superannuation Fund is a regulated fund under the Superannuation Industry (Supervision) Act.
The defined benefit section of the Plan consists of defined benefit and defined contribution liabilities. The defined benefits are lump sum benefits calculated on years of service and final average salary. The defined benefit section of the Plan is closed to new members. The defined contribution section of the Plan is open to new members and receive accumulation benefits only.
The Plan benefit design means that the risks most commonly affecting the reported financial results are expected to be:
- Investment risk (strong investment returns tending to improve the balance sheet position, whilst poor or negative investment returns tending to weaken the position)
- Interest rate risk (the defined benefit obligation calculated under AASB 119 uses a discount rate based on bond yields. If bond yields fall, the defined benefit obligation will tend to increase);
- Salary inflation risk (higher than expected increases in salary will increase the defined benefit obligation); and
- Price inflation risk (higher than expected increases in price inflation will increase the defined benefit obligation in respect of Pension benefits).
Categories of plan assets
The major categories of plan assets are as follows:
|
Total |
Level 1 |
Level 2 |
Level 3 |
|||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Asset category |
91,993 |
86,473 |
5,188 |
- |
|
APA Group 2025% |
||
|
Equity |
53.00% |
|
|
Bonds |
18.00% |
|
|
Cash and cash equivalents |
9.00% |
|
|
Real estate/property |
6.00% |
|
|
Other |
14.00% |
|
49
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Reconciliation of the present value of the defined benefit obligation (DBO), which is fully funded: |
APA Group 2025 |
|
|
Additions through business combinations |
80,443 |
|
|
Current service cost including expected future administration costs |
336 |
|
|
Interest cost on the DBO |
2,147 |
|
|
Plan participants’ contributions |
121 |
|
|
Actuarial (gain)/loss |
3,549 |
|
|
Administration costs paid |
(49) |
|
|
Benefits paid from plan assets |
(1,258) |
|
|
Taxes paid |
(78) |
|
|
DBO at end of current period |
85,211 |
|
Reconciliation of the fair value of plan assets: |
APA Group 2025 |
|
|
Additions through business combinations |
84,466 |
|
|
Interest income on plan assets |
2,281 |
|
|
Return on plan assets greater/(less) than interest income |
5,940 |
|
|
Employer contributions |
570 |
|
|
Plan participants’ contributions |
121 |
|
|
Benefits paid |
(1,258) |
|
|
Administration costs paid |
(49) |
|
|
Taxes paid |
(78) |
|
|
Fair value of assets at end of current period |
91,993 |
50
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Defined benefit superannuation plans - UE & Multinet Pty Ltd
UE & Multinet Pty Ltd (entity within the consolidated entity) operates a defined benefit superannuation plan for qualifying employees within the UE and MG businesses. Under the plan, the employees are entitled to retirement benefits based on their final salary at the time of retirement or resignation. No other post-retirement benefits are provided to these employees.
The defined benefit superannuation plan is a funded plan. The Equipsuper Contribution and Funding Policy provides for a review of the financial position of the Plan each six months, as at 30 June and 31 December, with the employer contribution rate comprising a long term contribution rate and an adjustment to meet the financing objective of a Funding Ratio of 105%.
The Funding Ratio is the ratio of assets to accrued liabilities, being the greater of vested benefits and the present value of past membership benefits. Where the Funding Ratio is greater than 100% the primary financing objective is to achieve 105% over five years. Where the Funding Ratio is less than 100% the primary financing objective is to achieve 100% over three years and 105% over five years.
The defined benefit superannuation plans are funded plans. The Equipsuper Contribution and Funding Policy provides for a review of the financial position of the Plans each six months, as at 30 June and 31 December, with the company contribution rate comprising a long term contribution rate and an adjustment to meet the financing objective of a funding ratio of 105%.
The following sets out details in respect of the defined benefit section only. The expense recognised in relation to the defined contribution plan is disclosed in note .
The funding ratio is the ratio of assets to accrued liabilities, being the greater of vested benefits and the present value of past membership benefits. Where the funding ratio is greater than 100% the primary financing objective is to achieve 105% over five years. Where the funding ratio is less than 100% the primary financing objective is to achieve 100% over three years and 105% over five years.
In the most recent review of the financial position as at
The Superannuation Industry (Supervision) (SIS) legislation governs the superannuation industry and provides the framework within which superannuation plans operate. The SIS regulations require an actuarial valuation to be performed for each defined benefit superannuation plan every three years or every year if the plan pays defined benefit pensions.
The Plan’s Trustee is responsible for the governance of the Plan. The Trustee has a legal obligation to act solely in the best interests of Plan beneficiaries. The Trustee has the following roles:
|
• |
Administration of the plan and payment to the beneficiaries from plan assets when required in accordance with the plan rules; |
|
|
• |
Management and investment of the plan assets; and |
|
|
• |
Compliance with superannuation law and other applicable regulations. |
The prudential regulator, the Australian Prudential Regulation Authority (APRA), licences and supervises regulated superannuation plans.
The expected return on plan assets assumption is determined by weighting the expected long-term return for each asset class by the target allocation of assets to each asset class and allowing for correlations of the investment returns between asset classes. The expected long-term returns for each asset class are determined by investment specialists based on their long term forecasts for each asset class. The returns used for each asset class are net of investment tax and investment fees. An allowance for administration expenses has been deducted from the expected return.
Fair value of Plan assets
51
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Total |
Level 1 |
Level 2 |
Level 3 |
|||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Consolidated entity |
||||||||
|
Asset category |
||||||||
|
Investment funds |
42,550 |
- |
42,550 |
- |
Categories of plan assets
The major categories of plan assets are as follows:
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
% |
% |
|||
|
Cash and cash equivalents |
8.00% |
9.00% |
||
|
Equity instruments |
40.00% |
40.00% |
||
|
Debt instruments |
15.00% |
15.00% |
||
|
Property |
6.00% |
5.00% |
||
|
Other assets |
31.00% |
31.00% |
||
Reconciliations
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Reconciliation of the present value of the defined benefit obligation, which is fully funded: |
||||
|
Balance at the beginning of the year |
30,127 |
33,995 |
||
|
Current service cost |
649 |
763 |
||
|
Interest cost |
1,435 |
1,731 |
||
|
Actuarial (gains) / losses arising from changes in demographic assumptions |
- |
(61) |
||
|
Actuarial losses arising from changes in financial assumptions |
(106) |
852 |
||
|
Actuarial (gains) / losses arising from experience |
893 |
(1,779) |
||
|
Benefits paid |
(289) |
(5,548) |
||
|
Other |
(127) |
(126) |
||
|
Contribution by plan participants |
301 |
300 |
||
|
Balance at the end of the year |
32,883 |
30,127 |
||
|
Reconciliation of the fair value of plan assets: |
||||
|
Balance at the beginning of the year |
39,445 |
40,381 |
||
|
Actuarial return on plan assets less interest income |
1,377 |
2,403 |
||
|
Benefits paid |
(289) |
(5,548) |
||
|
Interest income |
1,843 |
2,034 |
||
|
Contributions from plan participants |
301 |
300 |
||
|
Other |
(127) |
(125) |
||
|
Balance at the end of the year |
42,550 |
39,445 |
||
52
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Amounts recognised in the statement of profit or loss
The amounts recognised in the statement of profit or loss are as follows:
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Current service cost |
649 |
763 |
||
|
Interest cost |
(408) |
(303) |
||
|
Total amount recognised in profit or loss |
241 |
460 |
||
Other comprehensive income/(loss)
|
Consolidated |
||||
|
2024 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Items that will not be reclassified subsequently to profit or loss |
||||
|
Actuarial gain/(loss) on defined benefit plans, net of tax |
413 |
2,374 |
||
Significant actuarial assumptions
The significant actuarial assumptions used (expressed as weighted averages) were as follows:
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
% |
% |
|||
|
Discount rate |
5.10% |
5.10% |
||
|
Future salary increases |
3.50% |
3.50% |
||
|
Expected rate of pension increase |
2.50% |
2.50% |
||
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
|
Impact on defined benefit obligation |
||||||||||||
|
Change in assumption (%) |
Increase in assumption ($'000) |
Decrease in assumption ($'000) |
||||||||||
|
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
|||||||
|
Discount rate |
0.5% |
0.5% |
(1,058) |
(1,049) |
1,118 |
1,114 |
||||||
|
Salary rate |
0.5% |
0.5% |
728 |
605 |
(340) |
(584) |
The defined benefit obligation has been recalculated by changing the assumptions as outlined above, whilst retaining all other assumptions.
Risk exposure
There are a number of risks to which the Plan exposes the consolidated entity. The more significant risks relating to the defined benefits are:
53
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
• |
Investment risk - the risk that investment returns will be lower than the assumed and the consolidated entity will need to increase contributions to offset this shortfall. |
|
|
• |
Salary growth risk - the risk that wages or salaries (on which future benefit amounts will be based) will rise more rapidly than assumed, increasing defined benefit amounts and thereby requiring additional employer contributions. |
|
|
• |
Legislative risk - the risk is that legislative changes could be made which increase the cost of providing the defined benefits. |
|
|
• |
Pension risks - the risk is firstly that pensioner mortality will be lighter than expected, resulting in pensions being paid for a longer period. Secondly, that a greater proportion of eligible members will elect to take a pension benefit, which is generally more valuable than the corresponding lump sum benefit. |
|
|
• |
Inflation risk - the risk that inflation is higher than anticipated, increasing pension payments, and thereby requiring additional employer contributions. |
The defined benefit asset recognised in the Statements of Financial Position represents the present value of the defined benefit obligation adjusted for unrecognised past service cost, net of the fair value of plan assets.
Any asset resulting from this calculation is limited to the past service cost, plus the present value of available refunds and reductions in future contributions to the plan.
The plan assets are invested by the trustee in a pool of assets with plans providing defined benefits for other employers. The assets have a benchmark weighting to equities of 50% and therefore the plan has a significant concentration of equity market risk. However within the equity investments, the allocation both globally and across the sectors is diversified.
Critical accounting estimates and judgements
(i) Discount Rate applied to Defined Benefits
As discussed above, defined benefit plan obligations are discounted to present value. The discount rate is determined by reference to the market yield on high quality corporate bonds from observable yield curves.
(ii) Assumptions used in actuarial valuation
The consolidated entity relies on valuations performed by suitably qualified actuaries in recognising the defined benefit superannuation plan accounting. Disclosures regarding the outcomes of such valuations and the key assumptions used have been outlined above.
Note 19. Right-of-use assets
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Non-current assets |
||||
|
Land and buildings - right-of-use |
158,098 |
150,362 |
||
|
Less: Accumulated depreciation |
(41,341) |
(44,956) |
||
|
116,757 |
105,406 |
|||
|
Plant and equipment - right-of-use |
19,137 |
12,810 |
||
|
Less: Accumulated depreciation |
(8,348) |
(6,797) |
||
|
10,789 |
6,013 |
|||
|
127,546 |
111,419 |
|||
Refer to note 22 for accounting policies for leases.
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial year are set out below:
54
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Land and |
Plant and |
Total |
||||
|
$'000 |
$'000 |
$'000 |
||||
|
Consolidated |
||||||
|
Balance at |
105,406 |
6,013 |
111,419 |
|||
|
Additions |
29,450 |
9,846 |
39,296 |
|||
|
Foreign currency translation |
(4,243) |
(2,907) |
(7,150) |
|||
|
Depreciation expense |
(13,856) |
(2,163) |
(16,019) |
|||
|
Balance at |
116,757 |
10,789 |
127,546 |
Note 20. Trade and other payables
|
Consolidated |
Parent |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Current liabilities |
||||||||
|
Trade payables |
|
|
|
|
||||
|
Accrued interest - other |
71,202 |
54,552 |
- |
- |
||||
|
Accrued interest - related parties |
24,265 |
27,702 |
- |
- |
||||
|
Pipeline imbalance |
7,511 |
3,648 |
- |
- |
||||
|
GST payable |
10,022 |
16,693 |
- |
- |
||||
|
511,585 |
464,390 |
1,311 |
1,317 |
|||||
|
Non-current liabilities |
||||||||
|
Trade payables* |
|
|
- |
- |
||||
|
566,055 |
518,829 |
1,311 |
1,317 |
|||||
*This relates to non-current deferred income.
Refer to note 33 for further information on financial instruments.
The carrying amounts of current trade and other payables are assumed to be the same as their fair values, due to their short-term nature.
Trade and other payables accounting policies
(i) Trade and other payables
These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financialyear which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.
(ii) Accrued interest
Accrued interest is the amount of interest that has accumulated on a borrowing since the last interest payment date which is still unpaid at the end of the reporting period.
55
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 21. Contract liabilities
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Current liabilities |
||||
|
Contract liabilities |
130,538 |
117,102 |
||
|
Non-current liabilities |
||||
|
Contract liabilities |
199,734 |
193,144 |
||
|
330,272 |
310,246 |
|||
Contract liabilities accounting policies
Contract liabilities represent the consolidated entity's obligation to transfer goods or services to a customer and are recognised when a customer pays consideration, or when the consolidated entity recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the consolidated entity has transferred the goods or services to the customer.
Note 22. Lease liabilities
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Current liabilities |
||||
|
Lease liabilities - IFRS 16 |
17,581 |
7,633 |
||
|
Burrup extension pipeline |
2,856 |
1,331 |
||
|
20,437 |
8,964 |
|||
|
Non-current liabilities |
||||
|
Lease liabilities - IFRS 16 |
120,924 |
109,227 |
||
|
Burrup extension pipeline |
9,249 |
7,443 |
||
|
130,173 |
116,670 |
|||
|
150,610 |
125,634 |
|||
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Amounts recognised in the statement of profit or loss |
||||
|
Depreciation charge on ROU - Buildings |
13,856 |
9,389 |
||
|
Depreciation charge on ROU - Other |
2,163 |
2,267 |
||
|
16,019 |
11,656 |
|||
|
Interest expense on lease liabilities |
5,524 |
2,709 |
||
|
Expense relating to short-term leases |
504 |
655 |
||
|
Expenses relating to low-value assets |
- |
- |
||
|
Expenses relating to variable lease payments |
1,443 |
1,961 |
56
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
The total cash outflow for leases in 2025 was $18,180 thousand (2024: $10,080 thousand).
(a) Accounting policies for leases
A lease liability is recognised at the commencement date of a lease and measured at amortised cost using the effective interest method. The lease liability is initially measured as the net present value of:
|
• |
fixed payments less any lease incentives receivable; |
|
|
• |
variable lease payments that depend on an index or a rate; and |
|
|
• |
amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. |
The lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's incremental borrowing rate.
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises:
|
• |
the initial amount of the lease liability; |
|
|
• |
any lease payments made at or before the commencement date net of any lease incentives received; |
|
|
• |
any initial direct costs incurred; and |
|
|
• |
an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. |
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term or the estimated useful life of the asset.
The carrying amounts are remeasured if there is a change in the following:
|
• |
future lease payments arising from a change in an index or a rate used; |
|
|
• |
residual guarantee; |
|
|
• |
lease term; |
|
|
• |
certainty of a purchase option and termination penalties. |
When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.
Burrup extension pipeline
The consolidated entity entered into a lease agreement with EPIC Energy (Pilbara Pipeline) Pty Ltd to lease a portion of the Burrup Extension Pipeline (“BEP”). The lease agreement specifies an initial base rent of $1.7 million per annum (calculated as at 1 January 2008 and escalated by CPI annually on 1 January) over an initial lease term of 20 years. The fair value of the lease at the start of the lease term (18 December 2010) was determined at $22.8 million and equates to an implicit interest rate of 6.8% pa.
(b) Critical accounting judgements, estimates and assumptions
Incremental borrowing rate
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the consolidated entity, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the consolidated entity:
57
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
• |
where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; |
|
|
• |
uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the consolidated entity, which does not have recent third party financing; and |
|
|
• |
makes adjustments specific to the lease, e.g. term, currency and security. |
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.
Note 23. Borrowings
|
Consolidated |
Consolidated *Restated |
Parent |
||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Current liabilities |
||||||||
|
Bank loans - secured |
|
|
- |
- |
||||
|
Fixed rate debt - secured |
325,005 |
347,745 |
- |
- |
||||
|
Loans from related parties |
1,192,000 |
- |
- |
- |
||||
|
Bank loans - unsecured |
- |
299,840 |
- |
- |
||||
|
US senior notes - unsecured |
- |
117,614 |
- |
- |
||||
|
Fixed rate debt - unsecured |
293,006 |
41,669 |
- |
- |
||||
|
2,225,454 |
1,095,169 |
- |
- |
|||||
|
Non-current liabilities |
||||||||
|
Bank loans - secured |
|
|
- |
- |
||||
|
Fixed rate debt - secured |
2,096,166 |
1,307,673 |
- |
- |
||||
|
Medium term notes - secured |
264,449 |
588,084 |
- |
- |
||||
|
GBP senior notes - secured |
- |
568,082 |
- |
- |
||||
|
Redeemable preference shares |
80,784 |
80,784 |
- |
- |
||||
|
Loans from related parties |
1,369,129 |
2,667,000 |
189,950 |
192,544 |
||||
|
Bank loans - unsecured |
901,088 |
916,516 |
- |
- |
||||
|
US senior notes - unsecured |
833,023 |
864,473 |
- |
- |
||||
|
HK senior notes |
292,147 |
58,390 |
- |
- |
||||
|
Fixed rate debt - unsecured |
535,524 |
523,440 |
- |
- |
||||
|
Loan from parent |
161,696 |
192,544 |
- |
- |
||||
|
Government loans |
7,219 |
6,201 |
- |
- |
||||
|
8,473,830 |
9,786,094 |
189,950 |
192,544 |
|||||
|
10,699,284 |
10,881,263 |
189,950 |
192,544 |
|||||
58
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
*2024 A$459.0 million was incorrectly included as medium term notes - unsecured, instead of bank loans - unsecured. This has been restated in the 2024 comparable.
Refer to note 33 for further information on financial instruments.
Details of borrowing in current financial year, are set out below:
59
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Bank loans |
||||||||||||||
|
Principal Value |
Fair value adjustment |
Unamortised costs & discounts |
Book value |
|||||||||||
|
Operating Entity / Currency |
$'000 |
Maturity |
Interest rate / basis |
$'000 |
$'000 |
$'000 |
Debt instrument |
|||||||
|
UE / AUD |
- |
30/06/2027 |
BBSY + 0.85% |
- |
(160) |
(160) |
Bank loans - unsecured |
|||||||
|
UE / AUD |
160,000 |
29/04/2030 |
BBSY + 0.85% |
- |
(1,348) |
158,652 |
Bank loans - unsecured |
|||||||
|
UE / AUD |
300,000 |
29/04/2028 |
BBSY + 0.65% |
- |
(1,218) |
298,782 |
Bank loans - unsecured |
|||||||
|
EDL / AUD |
80,000 |
31/05/2027 |
BBSY |
- |
(170) |
79,830 |
Bank loans - secured |
|||||||
|
EDL / AUD |
50,000 |
31/05/2026 |
BBSY |
- |
(83) |
49,917 |
Bank loans - secured |
|||||||
|
EDL / GBP |
28,294 |
23/11/2026 |
SONIA |
- |
- |
28,294 |
Bank loans - secured |
|||||||
|
EDL / USD |
210,405 |
31/05/2026 |
SOFR |
- |
(85) |
210,320 |
Bank loans - secured |
|||||||
|
EDL / USD |
108,208 |
31/03/2028 |
SOFR |
- |
(598) |
107,610 |
Bank loans - secured |
|||||||
|
DBP / AUD |
127,000 |
24/05/2026 |
BBSY + 1.2% |
- |
(63) |
126,937 |
Bank loans - secured |
|||||||
|
AGIF / AUD |
- |
03/07/2026 |
BBSY + 1.0% |
- |
(25) |
(25) |
Bank loans - secured |
|||||||
|
AGIF / AUD |
40,000 |
22/04/2027 |
BBSY + 0.57% |
- |
(94) |
39,906 |
Bank loans - secured |
|||||||
|
AGIF / AUD |
- |
20/06/2027 |
BBSY +1.05% |
- |
(142) |
(142) |
Bank loans - secured |
|||||||
|
AGIF / AUD |
25,000 |
05/07/2028 |
BBSY + 1.1% |
- |
(375) |
24,625 |
Bank loans - secured |
|||||||
|
AGIF / AUD |
200,000 |
29/04/2029 |
BBSY + 0.95% |
- |
(611) |
199,389 |
Bank loans - secured |
|||||||
|
AGIF / AUD |
- |
29/04/2029 |
BBSY +1.05% |
- |
(169) |
(169) |
Bank loans - secured |
|||||||
|
AGIF / AUD |
100,000 |
31/08/2029 |
BBSY + 0.75% |
- |
(379) |
99,621 |
Bank loans - secured |
|||||||
|
AGIF / AUD |
100,000 |
25/10/2029 |
BBSY + 1.05% |
- |
(391) |
99,609 |
Bank loans - secured |
|||||||
|
AGIF / AUD |
- |
27/06/2033 |
BBSY + 1.8% |
- |
(1,113) |
(1,113) |
Bank loans - secured |
|||||||
|
AGIF / AUD |
115,000 |
25/10/2034 |
BBSY + 1.45% |
- |
(1,336) |
113,664 |
Bank loans - secured |
|||||||
|
AGIF / AUD |
45,000 |
22/10/2032 |
BBSY + 1.1% |
- |
(721) |
44,279 |
Bank loans - secured |
|||||||
|
AGIF / AUD |
207,368 |
20/12/2032 |
BBSY + 1.6% |
- |
(1,514) |
205,854 |
Bank loans - secured |
|||||||
|
PEGHL / GBP |
353,709 |
30/06/2027 |
SONIA + 1.2% |
- |
- |
353,709 |
Bank loans - secured |
|||||||
|
UKREG / GBP |
444,663 |
26/09/2027 |
SONIA + 1.1% |
- |
(849) |
443,814 |
Bank loans - unsecured |
|||||||
|
2,694,647 |
- |
(11,444) |
2,683,203 |
60
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Fixed rate debt |
||||||||||||||
|
Principal Value |
Fair value adjustment |
Unamortised costs & discounts |
Book value |
|||||||||||
|
Operating Entity / Currency |
$'000 |
Maturity |
Interest rate / basis |
$'000 |
$'000 |
$'000 |
Debt instrument |
|||||||
|
UE / AUD |
150,000 |
26/03/2027 |
4.968% Fixed |
(38) |
(88) |
149,874 |
Fixed rate debt - unsecured |
|||||||
|
UE / AUD |
100,000 |
25/09/2029 |
2.37% Fixed |
(10,250) |
(150) |
89,600 |
Fixed rate debt - unsecured |
|||||||
|
UE / AUD |
300,000 |
29/10/2026 |
2.2% Fixed |
(6,871) |
(122) |
293,006 |
Fixed rate debt - unsecured |
|||||||
|
UE / AUD |
300,000 |
03/02/2032 |
5.17% Fixed |
(3,015) |
(935) |
296,050 |
Fixed rate debt - unsecured |
|||||||
|
AGIF / AUD |
450,000 |
24/06/2027 |
BBSW + 1.079% |
(18,959) |
(457) |
430,584 |
Fixed rate debt - secured |
|||||||
|
AGIF / AUD |
425,000 |
23/11/2028 |
BBSW + 1.232% |
(40,699) |
(708) |
383,593 |
Fixed rate debt - secured |
|||||||
|
AGIF / AUD |
400,000 |
28/06/2030 |
BBSW + 1.852% |
562 |
(555) |
400,007 |
Fixed rate debt - secured |
|||||||
|
AGIF / AUD |
125,000 |
24/06/2031 |
BBSW + 1.401% |
(16,737) |
(282) |
107,981 |
Fixed rate debt - secured |
|||||||
|
AGIF / AUD |
400,000 |
25/09/2031 |
BBSW + 1.852% |
(13,443) |
(1,648) |
384,909 |
Fixed rate debt - secured |
|||||||
|
AGIF / AUD |
90,000 |
28/01/2032 |
BBSW + 1.4% |
(2,952) |
(160) |
86,889 |
Fixed rate debt - secured |
|||||||
|
AGIF / AUD |
210,000 |
23/01/2035 |
BBSW + 1.59% |
(3,504) |
(1,116) |
205,380 |
Fixed rate debt - secured |
|||||||
|
AGIF / AUD |
99,717 |
24/03/2032 |
BBSW + 1.29% |
(2,244) |
(648) |
96,824 |
Fixed rate debt - secured |
|||||||
|
3,049,717 |
(118,150) |
(6,869) |
2,924,697 |
61
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Medium term notes |
||||||||||||||
|
Principal Value |
Fair value adjustment |
Unamortised costs & discounts |
Book value |
|||||||||||
|
Operating Entity / Currency |
$'000 |
Maturity |
Interest rate / basis |
$'000 |
$'000 |
$'000 |
Debt instrument |
|||||||
|
AGIF/ AUD |
325,000 |
08/01/2026 |
BBSW + 1.0% |
- |
5 |
325,005 |
Medium term notes - secured |
|||||||
|
AGIF/ AUD |
170,000 |
10/07/2030 |
BBSW + 1.8% |
- |
(240) |
169,760 |
Medium term notes - secured |
|||||||
|
AGIF/ AUD |
95,000 |
09/12/2036 |
BBSW + 1.6% |
- |
(311) |
94,689 |
Medium term notes - secured |
|||||||
|
590,000 |
- |
(546) |
589,454 |
|
Loans from related parties / parent |
||||||||||||||
|
Principal Value |
Fair value adjustment |
Unamortised costs & discounts |
Book value |
|||||||||||
|
Operating Entity / Currency |
$'000 |
Maturity |
Interest rate / basis |
$'000 |
$'000 |
$'000 |
Debt instrument |
|||||||
|
CKWAU / AUD |
533,000 |
09/05/2027 |
BBSY + 2.75% |
- |
- |
533,000 |
Loans from related parties |
|||||||
|
CKWAU / AUD |
476,800 |
10/05/2026 |
BBSY + 3.25% |
- |
- |
476,800 |
Loans from related parties |
|||||||
|
CKWAU / AUD |
533,000 |
09/05/2027 |
BBSY + 2.75% |
- |
- |
533,000 |
Loans from related parties |
|||||||
|
CKWAU / AUD |
476,800 |
10/05/2026 |
BBSY + 3.25% |
- |
- |
476,800 |
Loans from related parties |
|||||||
|
CKWAU / AUD |
266,000 |
09/05/2027 |
BBSY + 2.75% |
- |
- |
266,000 |
Loans from related parties |
|||||||
|
CKWAU / AUD |
238,400 |
10/05/2026 |
BBSY + 3.25% |
- |
- |
238,400 |
Loans from related parties |
|||||||
|
CKWUK / GBP |
161,696 |
24/04/2033 |
Fixed rate |
- |
- |
161,696 |
Loans from related parent |
|||||||
|
EDL / USD |
28,254 |
18/10/2029 |
Fixed rate |
- |
- |
28,254 |
Loans from related parent |
|||||||
|
2,713,950 |
- |
- |
2,713,950 |
62
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Redeemable preference shares |
||||||||||||||
|
Principal |
Fair value adjustment |
Unamortised costs & discounts |
Book value |
|||||||||||
|
Operating Entity / Currency |
$'000 |
Maturity |
Interest rate / basis |
$'000 |
$'000 |
$'000 |
Debt instrument |
|||||||
|
UE / AUD |
153,450 |
19/01/2029 |
11.75% fixed |
- |
- |
153,450 |
Redeemable preference shares |
|||||||
|
UE / AUD |
84,150 |
11/03/2031 |
11.75% fixed |
- |
- |
84,150 |
Redeemable preference shares |
|||||||
|
CKWAU / AUD |
(101,277) |
19/01/2029 |
11.75% fixed |
- |
- |
(101,277) |
Redeemable preference shares |
|||||||
|
CKWAU / AUD |
(55,539) |
11/03/2031 |
11.75% fixed |
- |
- |
(55,539) |
Redeemable preference shares |
|||||||
|
80,784 |
- |
- |
80,784 |
63
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Foreign Currency Senior notes |
||||||||||||||
|
Principal |
Fair value adjustment |
Unamortised costs & discounts |
Book value |
|||||||||||
|
Operating Entity / Currency |
$'000 |
Maturity |
Interest rate / basis |
$'000 |
$'000 |
$'000 |
Debt instrument |
|||||||
|
UE / CAD |
51,336 |
26/06/2034 |
5.06% fixed |
2,131 |
- |
53,468 |
US Senior notes - unsecured |
|||||||
|
UE / AUD |
236,857 |
18/05/2028 |
1.05% fixed |
559 |
(374) |
237,042 |
HK Senior notes - unsecured |
|||||||
|
UE / USD |
229,299 |
16/06/2034 |
5.61% fixed |
6,808 |
(1,551) |
234,555 |
US Senior notes - unsecured |
|||||||
|
UE / GBP |
125,070 |
26/06/2034 |
5.34% fixed |
503 |
- |
125,573 |
US Senior notes - unsecured |
|||||||
|
UE / USD |
424,129 |
22/02/2029 |
4.09% fixed |
(4,119) |
(582) |
419,428 |
US Senior notes - unsecured |
|||||||
|
UE / CNY |
51,271 |
09/08/2033 |
3.45% fixed |
3,948 |
(114) |
55,105 |
HK Senior notes - unsecured |
|||||||
|
PEGHL / GBP |
489,129 |
28/06/2031 |
6.25% fixed |
- |
- |
489,129 |
GBP Senior notes - secured |
|||||||
|
PEGHL / GBP |
76,805 |
28/06/2031 |
SONIA + 2.1% |
- |
- |
76,805 |
GBP Senior notes - secured |
|||||||
|
1,683,896 |
9,830 |
(2,621) |
1,691,105 |
|
Government loans |
||||||||||||||
|
Principal |
Fair value adjustment |
Unamortised costs & discounts |
Book value |
|||||||||||
|
Operating Entity / Currency |
$'000 |
Maturity |
Interest rate / Basis |
$'000 |
$'000 |
$'000 |
Debt instrument |
|||||||
|
DBP / AUD |
7,219 |
27/10/2103 |
Nil |
- |
- |
7,219 |
Government loans |
(i) Secured liabilities and assets pledged as security
Assets pledged for security for current and non-current borrowings include all current and non-current assets of AGIH consolidated group and the majority of the current and non-current assets of EDL.
Total assets pledged as security, based on historical cost in AGIH consolidated group and EDL is $7,791 million (2024: $7.8m).
64
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(ii) Compliance with loan covenants
CK William Australia Holdings Pty Ltd and its subsidiary entities have complied with the financial covenants of its borrowing facilities during the 2025 and 2024 reporting periods.
(iii) Risk exposures
Details of the consolidated entity’s exposure to risks arising from current and non-current borrowings are set out in note 33.
(iv) Borrowings accounting policies
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs.
Borrowings are classified as current liabilities unless the consolidated entity has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.
Where the facility is denominated in currencies other than AUD, these have been translated to AUD equivalent.
Note 24. Provisions
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Current liabilities |
||||
|
Employee benefits |
109,448 |
77,888 |
||
|
Environmental |
1,079 |
988 |
||
|
Unfavourable contracts |
17,521 |
17,646 |
||
|
Other |
6,099 |
3,374 |
||
|
Onerous Lease |
401 |
401 |
||
|
Site rehabilitation |
14,512 |
2,855 |
||
|
149,060 |
103,152 |
|||
|
Non-current liabilities |
||||
|
Employee benefits |
7,296 |
8,673 |
||
|
Environmental |
1,621 |
2,099 |
||
|
Unfavourable contracts |
473,184 |
496,102 |
||
|
Unaccounted for Gas |
1,491 |
3,104 |
||
|
Site rehabilitation |
196,708 |
208,517 |
||
|
680,300 |
718,495 |
|||
|
829,360 |
821,647 |
|||
65
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Movements in provisions
Movements in each class of provision during the current financial year, are set out below:
|
Employee benefits |
Unfavourable contracts |
Site rehabilitation |
Environmental |
Onerous |
Unaccounted gas |
Other |
Total |
|||||||||
|
Consolidated - 2025 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
||||||||
|
Carrying amount at the start of the year |
86,561 |
513,748 |
211,372 |
3,087 |
401 |
3,104 |
3,374 |
821,647 |
||||||||
|
Additions through business combinations (note 34) |
20,173 |
- |
1,755 |
- |
- |
- |
1,800 |
|
||||||||
|
Additional provisions recognised |
30,411 |
(5,397) |
6,544 |
87 |
- |
- |
1,029 |
32,674 |
||||||||
|
Reductions - payments/ other sacrifices of future economic benefit |
(18,943) |
(17,646) |
(4,881) |
(474) |
- |
(580) |
(438) |
( |
||||||||
|
Reductions - re-measurement or settlement without cost |
(1,172) |
- |
(3,701) |
- |
- |
- |
(6) |
(4,879) |
||||||||
|
Foreign exchange revaluation |
(286) |
- |
131 |
- |
- |
- |
340 |
185 |
||||||||
|
Transferred to receivables |
- |
- |
- |
- |
- |
(1,033) |
- |
(1,033) |
||||||||
|
Carrying amount at the end of the year |
116,744 |
490,705 |
211,220 |
2,700 |
401 |
1,491 |
6,099 |
829,360 |
|
Payable in less than one year |
109,448 |
17,521 |
14,512 |
1,079 |
401 |
- |
6,099 |
149,060 |
||||||||
|
Payable in more than one year |
7,296 |
473,184 |
196,708 |
1,621 |
- |
1,491 |
- |
680,300 |
(a) Information about individual provisions and significant estimates
Employee benefits
The provision for employee benefits relates to the consolidated entity's liability for long service leave and annual leave. Provision has been calculated by discounting obligations to present value. The timing of the utilisation of the provision is uncertain and will occur in periods beyond balance date.
66
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Environment provision
Provisions for future environmental remediation are recognised where sites subject to the Environment Protection Act 1970 of Victoria, are known to be contaminated and it is probable that an outflow of economic benefits will be required to remediate the site. The estimated future outflows are the best estimate of the expenditure required to remediate the sites using third party costing estimates discounted. Future remediation costs are reviewed annually and any changes in estimates are reflected the income statement.
The timing of the utilisation of the provision is expected to occur primarily after one year from balance date.
Unfavourable Contracts
Unfavourable contracts have been recognised as an acquisition adjustment of the DUET Group. These contracts have been determined based on discounted cash flows and the forecast revenue, discounted over the contract period. One contract relates to provision of pipeline capacity. The actual reservation charge per the contract is lower than forecast regulated tariffs. The provision will be utilised over the contract period of 40 years.
Unaccounted for Gas
The provision relates to the cost that is incurred to reimburse gas retailers for the loss of gas between the point that the gas enters the network and the consumption read at the meter, in excess of the allowed benchmark. The provision will be utilised over the next two years.
Site rehabilitation
The consolidated entity has provisions for removal and remediation costs that include the dismantling and demolition of infrastructure,
the removal of residual materials and the remediation of disturbed areas for the power generating facilities. Although the ultimate cost to
be incurred is uncertain, the consolidated entity’s businesses estimate their costs using current restoration standards and techniques.
Removal and remediation costs are provided for based on the net present value of the estimated future costs of removal and
remediation to be incurred in the accounting period when the obligation arises, which usually corresponds to the period when the
consolidated entity will commence remediation operations at a particular site. The costs are estimated on the basis of an estimated site
exit date, and are reviewed at each reporting period during the life of the operation to reflect known developments.
Rehabilitation of power generating facilities comprises 88 sites with final remediation expected in 2071. Other remediation activities relating to pipeline infrastructure are expected to occur by 2085.
Other
The consolidated entity is currently subject to audit by the ATO on two tax matters. The ATO had issued an amended income tax assessment notice for one matter in the previous financial year and issued an amended income tax assessment notice for the second matter in the current financial year. Management has disputed the ATO’s position and is following the ATO’s dispute resolution process in respect of both matters. Management uses best estimates based on expert advice on transfer pricing and arm’s length debt under the thin capitalisation rules to estimate the uncertain tax amount. Management has determined the amount provided for as at
(b) Accounting policies for provisions
Provisions are recognised when the consolidated entity has a present obligation (legal or constructive) as a result of a past event, the future sacrifice of economic benefits is probable, and the amount of the provision can be measured reliably.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
67
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(c) Critical accounting judgements, estimates and assumptions
The consolidated entity relies on valuations performed by suitably qualified actuaries in recognising the defined benefit superannuation plan accounting. Refer to note 18 for disclosure regarding the outcomes of such valuations and the key assumptions used. Discount Rate applied to Employee Entitlements and Defined Benefits Long term employee benefits balances and defined benefit plan obligations are discounted to present value. The discount rate is determined by reference to the market yield on high quality corporate bonds from observable yield curves. Environment provision The consolidated entity relies on valuations performed by Environmental Specialists to estimate the clean-up cost of EPA notices. Site rehabilitation Site rehabilitation liabilities are discounted to present value. The key assumptions in the estimation process are the expected exit date of the site, the cost estimate and the discount rate. These assumptions may change in response to changes in generation, operating licences or other economic conditions.
Note 25. Other liabilities
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Current liabilities |
||||
|
Security deposits payable |
297 |
26,042 |
||
|
Deferred transmission fees |
7,542 |
10,871 |
||
|
VAT Payables |
7,627 |
6,584 |
||
|
Deferred revenue |
6,340 |
7,113 |
||
|
21,806 |
50,610 |
|||
|
Non-current liabilities |
||||
|
Subsidies and grants received in advance |
60,927 |
67,503 |
||
|
82,733 |
118,113 |
|||
68
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 26. Deferred tax
(i) Taxable and deductible temporary differences
|
Consolidated |
||||||||||||
|
Opening balance |
Charged to income |
Charged to other comprehensive income |
Acquisition of subsidiaries |
Foreign exchange |
Closing balance |
|||||||
|
2024 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
£'000 |
||||||
|
Property, plant and equipment |
(913,831) |
(3,589) |
- |
(94,969) |
(8,720) |
(1,021,109) |
||||||
|
Intangible assets |
(58,547) |
(63,586) |
- |
(111,907) |
(142) |
(234,182) |
||||||
|
Provisions |
250,903 |
(6,621) |
- |
- |
1,442 |
245,724 |
||||||
|
Doubtful debts and impairment losses |
263 |
108 |
- |
- |
- |
371 |
||||||
|
Deferred income |
3,123 |
(1,586) |
- |
- |
- |
1,537 |
||||||
|
Defined benefit superannuation liability |
(807) |
128 |
2,075 |
- |
- |
1,396 |
||||||
|
Derivative Financial instruments |
(116,801) |
10,778 |
40,208 |
(418) |
(226) |
(66,459) |
||||||
|
Other |
43,119 |
11,714 |
- |
1,649 |
588 |
57,070 |
||||||
|
Tax losses |
116,338 |
(16,892) |
- |
- |
11,035 |
110,481 |
||||||
|
Business combination |
- |
76,366 |
- |
(120,581) |
3,655 |
(40,560) |
||||||
|
(676,240) |
6,820 |
42,283 |
(326,226) |
7,632 |
(945,731) |
|
Consolidated |
||||||||||||
|
Opening balance |
Charged to income |
Charged to other comprehensive income |
Acquisition of subsidiaries |
Foreign exchange |
Closing balance |
|||||||
|
2025 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
||||||
|
Property, plant and equipment |
(1,021,109) |
(8,399) |
- |
(6,082) |
5,548 |
(1,030,042) |
||||||
|
Intangible assets |
(234,182) |
19,228 |
- |
- |
(111) |
(215,065) |
||||||
|
Provisions |
245,724 |
(1,409) |
- |
12,145 |
(2,540) |
253,920 |
||||||
|
Doubtful debts and impairment losses |
371 |
(12) |
- |
- |
- |
359 |
||||||
|
Deferred income |
1,537 |
(754) |
- |
- |
- |
783 |
||||||
|
Defined benefit superannuation liability |
1,396 |
(264) |
2,583 |
(1,988) |
(2,313) |
(586) |
||||||
|
Derivative Financial instruments |
(66,459) |
(206) |
(1,899) |
5,897 |
215 |
(62,452) |
||||||
|
Other |
57,070 |
25,532 |
872 |
4 |
(1,653) |
81,825 |
||||||
|
Tax losses |
110,481 |
5,688 |
- |
2,639 |
(7,392) |
111,416 |
||||||
|
Business combination |
(40,560) |
- |
- |
- |
- |
(40,560) |
||||||
|
(945,731) |
39,404 |
1,556 |
12,615 |
(8,246) |
(900,402) |
Tax losses above include recognition of tax losses in the year by controlled foreign entities of $110,481 thousand (2024: $116,332 thousand). The recognition of this deferred tax asset is supported by taxable temporary differences and, where applicable, forecast modelling of taxable profits.
Unrecognised tax losses
69
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
The consolidated entity has unrecognised tax losses on overseas operations of $11.9 million (2024: $1.0 million) not included in the above tax losses.
70
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(ii) Deferred tax assets and liabilities
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Deferred tax assets comprise: |
||||
|
Tax losses - revenue |
135,236 |
110,481 |
||
|
Temporary differences |
336,652 |
305,758 |
||
|
471,888 |
416,239 |
|
Deferred tax (liabilities) comprise: |
||||
|
Temporary differences |
(1,372,290) |
(1,361,970) |
|
Net deferred tax total |
(900,402) |
(945,731) |
||
|
Net deferred taxes above reconcile to amounts included in the Statement of Financial Position as follows: |
- |
- |
||
|
Net deferred tax asset |
471,888 |
388,706 |
||
|
Net deferred tax liability |
(1,372,290) |
(1,334,437) |
Net deferred tax assets represent deferred tax assets arising in different tax jurisdictions that cannot be offset by deferred tax liabilities.
Note 27. Issued capital
|
Consolidated |
||||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
Shares |
Shares |
$'000 |
$'000 |
|||||
|
Ordinary shares - fully paid |
|
|
5,395,112 |
5,395,112 |
||||
|
Parent |
||||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
Shares |
Shares |
$'000 |
$'000 |
|||||
|
Ordinary shares - fully paid |
3,415,930,461 |
3,415,930,461 |
5,395,112 |
5,395,112 |
||||
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital.
Note 28. Reserves
The following table shows a breakdown of the Statement of Financial Position line item ‘reserves’. A description of the nature and purpose of each reserve is provided below the table.
71
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Foreign currency reserve |
82,499 |
127,140 |
||
|
Hedging reserve - cash flow hedges |
112,510 |
134,637 |
||
|
195,009 |
261,777 |
|||
Foreign currency reserve
The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian dollar. It is also used to recognise gains and losses on hedges of the net investments in foreign operations.
Hedging reserve
The hedging reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in profit or loss when the hedged transaction impacts the profit or loss, or is included as a basis adjustment to the non-financial hedged item, consistent with the applicable accounting policy.
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
|
Hedging reserve - cash flow hedges |
Foreign currency reserve |
Total |
||||
|
Consolidated |
$'000 |
$'000 |
$'000 |
|||
|
Balance at 1 January 2024 |
221,338 |
26,028 |
247,366 |
|||
|
Foreign currency translation |
- |
101,112 |
101,112 |
|||
|
Gain recognised |
(68,155) |
- |
(68,155) |
|||
|
Transferred to P&L |
(18,634) |
- |
(18,634) |
|||
|
Foreign exchange movement on borrowings |
(68,897) |
- |
(68,897) |
|||
|
Addition through business combinations |
(767) |
- |
(767) |
|||
|
Income tax relating to these items |
46,706 |
- |
46,706 |
|||
|
Non-controlling interest |
23,046 |
- |
23,046 |
|||
|
Balance at 31 December 2024 |
134,637 |
127,140 |
261,777 |
|||
|
Foreign currency translation |
- |
(44,641) |
(44,641) |
|||
|
Gain recognised |
(61,913) |
- |
(61,913) |
|||
|
Transferred to P&L |
(26,721) |
- |
(26,721) |
|||
|
Foreign exchange movement on borrowings |
63,094 |
- |
63,094 |
|||
|
Income tax relating to these items |
2,720 |
- |
2,720 |
|||
|
Non-controlling interest |
693 |
- |
693 |
|||
|
Balance at |
112,510 |
82,499 |
195,009 |
72
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 29. Retained profits
|
Consolidated |
Parent |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Retained profits at the beginning of the financial year |
883,297 |
795,680 |
20,696 |
8,956 |
||||
|
Profit after income tax expense for the year |
160,770 |
121,477 |
70,302 |
47,740 |
||||
|
Dividends paid (note 31) |
(32,000) |
(36,000) |
(32,000) |
(36,000) |
||||
|
Actuarial gain/(loss) on defined benefit plans, net of tax |
6,658 |
2,140 |
- |
- |
||||
|
Retained profits at the end of the financial year |
1,018,725 |
883,297 |
58,998 |
20,696 |
||||
Note 30. Non-controlling interest
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Issued capital |
120,396 |
120,396 |
||
|
Reserves |
27,952 |
30,128 |
||
|
Accumulated losses |
(28,425) |
(26,872) |
||
|
119,923 |
123,652 |
|||
Note 31. Dividends
Dividends paid during the financial year were as follows:
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Dividend declared and paid for the year ended |
32,000 |
36,000 |
This excludes dividends payable to non-controlling interests in relation to the subsidiaries of the group.
Accounting policy for dividends
The consolidated entity will distribute surplus operating cash to shareholders as dividends after assessing growth opportunities within the operating entities.
73
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 32. Derivative financial instruments
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Current assets |
||||
|
Interest Rate Swaps |
31,798 |
106,800 |
||
|
Cross currency swaps |
- |
16,863 |
||
|
Forward foreign currency contracts |
10 |
667 |
||
|
Gas contracts for difference |
- |
388 |
||
|
Electricity Contracts for difference |
6,305 |
- |
||
|
38,113 |
124,718 |
|||
|
Non-current assets |
||||
|
Forward foreign currency contracts - held for trading |
2 |
- |
||
|
Interest Rate Swaps |
182,311 |
152,517 |
||
|
Cross currency swaps |
38,150 |
71,635 |
||
|
Electricity Contracts for difference – cash flow hedges |
1,504 |
- |
||
|
221,967 |
224,152 |
|||
|
Current liabilities |
||||
|
Interest Rate Swaps |
(31,356) |
(25,107) |
||
|
Electricity Contracts for difference |
- |
(6,250) |
||
|
Forward foreign exchange contracts |
(153) |
- |
||
|
Cross currency swaps – fair value hedges |
(15,314) |
- |
||
|
(46,823) |
(31,357) |
|||
|
Non-current liabilities |
||||
|
Interest rate swap contracts |
(86,341) |
(108,785) |
||
|
Gas Contracts for difference |
(9,303) |
(8,288) |
||
|
Electricity Contracts for difference |
- |
(575) |
||
|
Interest Rate Swaps – fair value hedges |
(2,146) |
- |
||
|
Cross currency swaps – cash flow hedges |
(11,426) |
- |
||
|
(109,216) |
(117,648) |
|||
|
104,041 |
199,865 |
|||
Refer to note 33 for further information on financial instruments.
(i) Classification of derivatives
Derivatives are classified as held for trading and accounted for at fair value through profit or loss unless they are designated as hedges. They are presented as current assets or liabilities if they are expected to mature within 12 months after the end of the reporting period.
For hedged forecast transactions that result in the recognition of a non-financial asset, theconsolidated entityhas elected to include related hedging gains and losses in the initial measurement of the cost of the asset.
(ii) Accounting for load following swaps
Electricity and Gas Contracts for difference are accounted for as cash flow hedges only when they are firm commitments and not load following swaps. Non-firm commitments are not accounted for as cash flow hedges.
74
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 33. Financial instruments
(a) Financial risk management objectives
The consolidated entity’s activities expose it to a variety of financial risks: market risk (including foreign exchange, and interest rate), credit risk, liquidity risk and commodity price risk. Our major exposure to interest rate risk and foreign currency risk arises from our long-term borrowings. We have also translation foreign currency risk associated with transactional foreign currency exposures, such as purchases made in foreign currencies.
The consolidated entity’s overall risk management strategy focuses on monitoring and managing these financial risks such that potential adverse effects on the consolidated entity’s financial performance are minimised. Financial risk management is carried out by the four operating groups' Treasury functions under policies approved by the board of directors. Written policies exist covering specific areas such as foreign exchange risk, interest rate risk, credit risk, liquidity risk, use of derivative and non-derivative financial instruments and the investment of excess liquidity.
The consolidated entity uses the following type of derivative financial instruments to hedge these risk exposures:
|
• |
Interest rate swap contracts: the consolidated entity agrees to exchange the difference between fixed and floating interest amounts calculated on agreed notional principal amounts. Such contracts enable the consolidated entity to mitigate the risk of changing interest rates on the fair value of fixed rate debt held and the cash flow exposures of floating rate debt held. |
|
|
• |
Cross-currency swap contracts: the consolidated entity agrees to exchange specified principal and interest foreign currency amounts at an agreed future date at a specified exchange rate. Such contracts enable the consolidated entity to mitigate the risk of adverse movements in foreign exchange rates. |
|
|
• |
Foreign currency forward contracts: the consolidated entity undertakes certain transactions denominated in foreign currencies, primarily USD, from which exposure to exchange rate fluctuations arise. Such contracts enable the consolidated entity to lock in the exchange rate at the future date for the payment or receipt. |
|
|
• |
Fixed price electricity contracts: the consolidated entity earns income from electricity markets from which exposure to commodity pricing risk arise. Such contracts enable the consolidated entity to reduce the variability of income from certain electricity generation sites. |
|
|
• |
Fixed price gas contracts: the consolidated entity income from the sale of natural gas from which exposure to commodity pricing risk arise. Such contracts enable the consolidated entity to reduce the variability of income from certain gas generation sites. |
Hedge accounting is a technique that enables the matching of the gains and losses on designated hedging instruments and hedged items in the same accounting period to minimise volatility in Profit or Loss. To the extent permitted byIFRS 9, we formally designate and document these financial instruments as fair value and cash flow hedges for accounting purposes. In order to qualify for hedge accounting,IFRS 9 requires that prospective hedge effectiveness testing meets all of the following criteria:
|
• |
an economic relationship exists between the hedged item and hedging instrument; |
|
|
• |
the effect of credit risk does not dominate the value changes resulting from the economic relationship; and |
|
|
• |
the hedge ratio is the same as that resulting from amounts of hedged items and hedging instruments for risk management. |
75
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(b) Derivatives
Theconsolidatedentityuses derivative financial instruments for two types of hedges:
|
Fair value hedges |
Cash flow hedges |
|||
|
Objective |
To convert fixed interest rate borrowings to floating interest rate borrowings. |
To hedge the exposure arising from variability in future interest and foreign currency cash flows arising from borrowings that bear interest at variable rates, or are denominated in foreign currency. Cash flow hedging is also used to mitigate the foreign currency exposure arising from anticipated future transactions |
||
|
Recognition date |
At the date the instrument is entered into. |
At the date the instrument is entered into. |
||
|
Measurement |
Measured at fair value. |
Measured at fair value. |
||
|
Changes in fair value |
Changes in the fair value of the hedging instrument and changes in the fair value of the hedged item that is attributable to the hedged risk (fair value hedge adjustment) are recognised in Profit or Loss. |
Ineffectiveness is recognised in the Profit or Loss if the change in the fair value of the hedging instrument exceeds the change in fair value of the underlying hedged item for the hedged risk. The portion of fair value movement qualifying as effective movement is recognised in the cash flow hedge reserve in equity. |
Fair value hedges have an economic relationship on the basis that the critical terms of the hedging instrument and hedged item (including face value, cash flows and maturity date) are aligned. The relationship between the hedged risk and the corresponding value of the hedging derivatives results in a hedge ratio of one.
The cumulative amount of fair value hedge adjustments which are included in the carrying amount of our borrowings in the Statement of Financial Position is shown below:
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Fixed rate instruments |
||||
|
Face value as at 31 December |
4,167,680 |
3,292,340 |
||
|
Unamortised discounts/premiums |
- |
554 |
||
|
Amortised cost |
4,167,680 |
3,292,894 |
||
|
Cumulative fair value hedge adjustments |
(108,322) |
(25,844) |
||
|
Carrying amount |
4,059,358 |
3,267,050 |
76
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Change in value of hedged item during year |
792,308 |
(7,792) |
For fixed rate instruments, face value represents the face value in the underlying currency converted at the spot exchange rate as at reporting date. Revaluation impacts since inception of the borrowings due to foreign exchange movements are reflected in the amortised cost balance.
77
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(i) Fair value measurements
The consolidated entity measures and recognises the following assets and liabilities at fair value on a recurring basis:
|
• |
Financial assets and financial liabilities at fair value through profit or loss (FVTPL); and |
|
|
• |
Derivative financial instruments. |
Foreign currency forward contracts are measured using the discounted cash flow method. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. These are classified as level 2 instruments.
Interest rate swaps are measured using the discounted cash flow method. Future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period), discounted at a rate that reflects the credit risk of various counterparties. These are classified as level 2 instruments.
Cross-currency interest rate swaps are measured using the discounted cash flow method. Future cash flows are estimated based on forward currency rates (from observable yield curves at the end of the reporting period) and contract currency rates, discounted at a rate that reflects the credit risk of various counterparties. These are classified as level 2 instruments.
Electricity contracts for difference are measured using the discounted cash flow method. Future cash flows are estimated based on forward market prices and contract prices, discounted at a rate that reflects the credit risk of various counterparties. These are classified as level 2 instruments.
Accounting policy for fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
The table below provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which fair value is observable.
|
• |
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. |
|
|
• |
Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) and applied within a valuation technique. |
|
|
• |
Level 3 fair value measurements are those derived from inputs that are not based on observable market data (unobservable inputs) and applied within a valuation technique. |
78
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Consolidated Entity - at 31 December 2025 |
Level 1 |
Level 2 |
Level 3 |
Total |
||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Financial assets |
||||||||
|
Interest rate swap contracts - cash flow hedges |
- |
212,295 |
- |
212,295 |
||||
|
Interest rate swaps contracts – fair value hedges |
- |
5,923 |
- |
5,923 |
||||
|
Cross currency swaps - cash flow hedges |
- |
32,790 |
- |
32,790 |
||||
|
Cross currency swaps - fair value through profit and loss |
- |
13,981 |
- |
13,981 |
||||
|
Forward foreign exchange contracts - cash flow hedges |
- |
11 |
- |
11 |
||||
|
Forward foreign exchange contracts - fair value through profit and loss |
- |
6,686 |
- |
6,686 |
||||
|
Gas CFD - Cash Flow |
- |
- |
1,123 |
1,123 |
||||
|
Total financial assets |
- |
271,686 |
1,123 |
272,809 |
|
Level 1 |
Level 2 |
Level 3 |
Total |
|||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Financial liabilities |
||||||||
|
Interest rate swap contracts – cash flow hedges |
- |
(7,819) |
- |
(7,819) |
||||
|
Interest rate swap contracts – fair value hedges |
- |
(115,640) |
- |
(115,640) |
||||
|
Cross currency swaps - fair value hedges |
- |
(4,105) |
- |
(4,105) |
||||
|
Electricity contracts for differences - cash flow hedges |
- |
(177) |
- |
(177) |
||||
|
Gas contracts for differences - cash flow hedges |
- |
- |
(9,309) |
(9,303) |
||||
|
Cross currency swaps - cash flow hedges |
- |
(31,255) |
- |
(31,255) |
||||
|
Total financial liabilities |
- |
(158,996) |
(9,309) |
(168,299) |
|
Consolidated Entity - at 31 December 2024 |
Level 1 |
Level 2 |
Level 3 |
Total |
||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Financial assets |
||||||||
|
Interest rate swap contracts – cash flow hedges |
- |
359,253 |
- |
359,253 |
||||
|
Cross currency swaps – fair value hedges |
- |
4,876 |
- |
4,876 |
||||
|
Interest rate swap contracts – fair value hedges |
- |
8,255 |
- |
8,255 |
||||
|
Electricity Contracts for difference – cash flow hedges |
- |
17,391 |
- |
17,391 |
||||
|
Cross currency swaps - cash flow hedges |
- |
13,916 |
- |
13,916 |
||||
|
Total financial assets |
- |
403,691 |
- |
403,691 |
|
Level 1 |
Level 2 |
Level 3 |
Total |
|||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Financial liabilities |
||||||||
|
Cross Currency Swaps - cash flow hedges |
- |
(958) |
- |
(958) |
||||
|
Cross Currency Swaps - fair value hedges |
- |
(10,197) |
- |
(10,197) |
||||
|
Interest rate swap contracts – cash flow hedges |
- |
(2,237) |
- |
(2,237) |
||||
|
Interest rate swap contracts – fair value hedges |
- |
(171,581) |
- |
(171,581) |
||||
|
Forward foreign exchange contracts |
- |
(205) |
- |
(205) |
||||
|
Gas Contracts for difference - cash flow hedges |
- |
- |
(13,037) |
(13,037) |
||||
|
Total financial liabilities |
- |
(185,178) |
(13,037) |
(198,215) |
79
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
There were no transfers between Level 1 and 2 during the year. There were no transfers into or out of Level 3 during the year.
80
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(ii) Fair value of financial instruments
Except as detailed in the following table, the directors consider that the carrying amounts of financial assets and financial liabilities recognised in the consolidated financial statements approximate their fair values. These instruments are valued using the same methodology as the level 2 instruments described in this note.
|
Consolidated |
||||
|
Carrying value |
Fair value |
|||
|
$'000 |
$'000 |
|||
|
2025 |
||||
|
Medium term notes |
1,033,268 |
1,033,814 |
||
|
Redeemable preference shares |
80,784 |
101,812 |
||
|
US senior notes |
833,023 |
863,139 |
||
|
HK senior notes |
292,147 |
295,637 |
||
|
Fixed rate note |
2,924,696 |
2,947,480 |
||
|
Bank loans |
2,239,389 |
2,254,381 |
||
|
Loans from related parties |
2,552,254 |
2,625,968 |
||
|
Government loan |
7,219 |
7,219 |
||
|
9,962,780 |
10,129,450 |
|
2024 |
||||
|
Medium term notes |
1,047,095 |
1,050,350 |
||
|
Redeemable preference shares |
80,784 |
107,562 |
||
|
US Senior notes |
982,087 |
1,013,919 |
||
|
HK senior notes |
58,390 |
61,355 |
||
|
Fixed rate note |
2,220,527 |
2,234,236 |
||
|
Bank loans |
3,058,552 |
3,075,810 |
||
|
GBP senior notes |
568,082 |
568,082 |
||
|
8,015,517 |
8,111,314 |
81
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(c) Hedging
|
Consolidated entity |
Notional |
Weighted average effective interest rate |
Carrying amount - Asset |
Carrying amount - Liability |
Changes in the value of hedging instrument recognised in other comprehensive income |
Changes in fair value used for calculating hedge ineffectiveness |
Weighted average Maturity date |
|||||||
|
2025 |
$'000 |
% |
$'000 |
$'000 |
$'000 |
$'000 |
||||||||
|
Foreign currency risk |
||||||||||||||
|
Cross-currency interest rate swaps - cash flow hedges |
1,098,453 |
4.34% |
29,139 |
15,941 |
153,497 |
(68,088) |
11/02/2031 |
|||||||
|
Cross-currency interest rate swaps - fair value hedges |
1,498,170 |
4.41% |
13,981 |
15,768 |
- |
(8,999) |
19/10/2031 |
|||||||
|
FX Forward - Cash Flow |
10,592 |
- |
11 |
177 |
- |
(534) |
04/10/2026 |
|
Interest rate risk |
||||||||||||||
|
Interest Rate Swaps - cash flow hedges |
6,766,854 |
1.10% |
209,865 |
(1,484) |
21,769 |
(31,624) |
15/03/2030 |
|||||||
|
Interest Rate Swaps - fair value hedges |
2,650,000 |
1.23% |
473 |
110,190 |
- |
6,052 |
05/07/2029 |
|
Commodity price risk |
||||||||||||||
|
Electricity CFD |
- |
- |
6,686 |
- |
(13,512) |
13,512 |
22/02/2027 |
|||||||
|
Gas CFD |
39,592 |
- |
1,123 |
9,303 |
(2,457) |
(280) |
25/09/2041 |
82
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Consolidated entity |
Notional |
Weighted average effective interest rate |
Carrying amount Asset |
Carrying amount Liability |
Changes in the value of hedging instrument recognised in other comprehensive income |
Changes in fair value used for calculating hedge ineffectiveness |
Weighted average Maturity date |
|||||||
|
2024 |
$'000 |
% |
$'000 |
$'000 |
$'000 |
$'000 |
||||||||
|
Foreign currency risk |
||||||||||||||
|
Cross-currency interest rate swaps - cash flow hedges |
850,124 |
4.70% |
81,286 |
- |
(170,080) |
68,328 |
30/11/2031 |
|||||||
|
Cross-currency interest rate swaps - fair value hedges |
950,806 |
4.58% |
25,571 |
18,359 |
- |
12,533 |
07/04/2031 |
|||||||
|
FX Forward - Cash Flow |
5,304 |
- |
368 |
- |
- |
368 |
12/03/2026 |
|
Interest rate risk |
||||||||||||||
|
Interest Rate Swaps - cash flow hedges |
6,696,581 |
1.93% |
247,455 |
6,261 |
238,634 |
(115,823) |
09/07/2027 |
|||||||
|
Interest Rate Swaps - fair value hedges |
1,992,000 |
3.20% |
7,091 |
122,860 |
- |
47,557 |
25/07/2028 |
|
Commodity price risk |
||||||||||||||
|
Electricity CFD |
- |
- |
- |
6,826 |
24,217 |
(24,217) |
06/04/2026 |
|||||||
|
Gas CFD |
42,367 |
- |
- |
7,900 |
(5,137) |
5,137 |
25/09/2041 |
83
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(d) Market risk
(i) Foreign exchange risk
The consolidated entity’s activities expose it primarily to the financial risks of changes in foreign exchange rates and interest rates. The consolidated entity measures the market risk exposures using sensitivity analysis and cash flow forecasting. There has been no change from the prior year to the types of market risks the consolidated entity is exposed to or manner in which the risks are managed and measured.
Foreign exchange risk arises from recognised assets and liabilities that are denominated in a currency that is not the entity’s functional currency. The consolidated entity undertakes certain transactions denominated in foreign currencies, primarily US Dollars (USD), from which exposure to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters.
The consolidated entity’s exposure to foreign currency risk (prior to hedging contracts and excluding balances of overseas entities that operate with the same functional currency as the exposure) at the reporting period, expressed in the foreign currency, was as follows:
|
USD |
USD |
|||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Cash and cash equivalents |
1,896 |
385 |
||
|
Borrowings |
648,000 |
800,000 |
||
|
Trade and other payables |
- |
6 |
||
|
Loans from related parties |
18,800 |
18,800 |
The following table details the consolidated entity’s sensitivity to a 10% increase and decrease in the value of the Australian Dollar (AUD) against the relevant foreign currencies. The sensitivity analysis includes outstanding foreign currency denominated financial assets and liabilities (including derivatives) and adjusts their translation at period end for a 10% change in foreign exchange rates on a total portfolio basis with all other variables held constant.
|
Impact on post-tax profit* |
Impact on other components of equity |
Total impact on equity |
||||||||||
|
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
|||||||
|
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
|||||||
|
AUD/USD exchange rate - increase 10% |
- |
86 |
627 |
(2,197) |
627 |
(2,111) |
||||||
|
AUD/USD exchange rate - decrease 10% |
- |
(687) |
(779) |
2,725 |
(779) |
2,038 |
*Changes in market rates under this scenario are assumed to have a nil impact on derivative hedge ineffectiveness as the consolidated entity has highly effective hedges in place.
84
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(ii) Interest Rate Risk
The consolidated entity is exposed to interest rate risk as it invests and borrows funds at both fixed and floating interest rates. The risks are managed by maintaining an appropriate mix between fixed and floating rate borrowings and through the use of interest rate swap contracts. Hedging activities are evaluated regularly to confirm alignment with the debt and liquidity management policy and ensure that the consolidated entity is not exposed to excess risk from interest rate volatility.
|
Average fixed interest rate |
Notional principal amount |
Fair value |
||||||||||
|
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
|||||||
|
Receive floating / pay fixed |
% |
% |
$'000 |
$'000 |
$'000 |
$'000 |
||||||
|
Consolidated |
||||||||||||
|
Less than 1 year |
1.56% |
0.60% |
741,159 |
2,558,500 |
2,932 |
76,417 |
||||||
|
1 to 2 years |
3.64% |
2.44% |
811,036 |
876,954 |
3,261 |
15,451 |
||||||
|
2 to 5 years |
0.42% |
2.87% |
3,413,876 |
1,751,128 |
116,820 |
51,172 |
||||||
|
5 years+ |
2.24% |
2.38% |
1,440,000 |
1,160,000 |
84,697 |
100,274 |
||||||
|
6,406,071 |
6,346,582 |
207,710 |
243,314 |
|
Average fixed interest rate |
Notional principal amount |
Fair value |
||||||||||
|
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
|||||||
|
Receive fixed / pay floating |
% |
% |
$'000 |
$'000 |
$'000 |
$'000 |
||||||
|
Consolidated |
||||||||||||
|
Less than 1 year |
2.20% |
4.29% |
300,000 |
392,000 |
(6,871) |
(2,475) |
||||||
|
1 to 2 years |
1.24% |
3.12% |
600,000 |
450,000 |
(18,983) |
(14,418) |
||||||
|
2 to 5 years |
0.26% |
2.01% |
925,000 |
975,000 |
(50,495) |
(90,309) |
||||||
|
5 years+ |
1.97% |
5.35% |
825,000 |
525,000 |
(33,368) |
(10,686) |
||||||
|
2,650,000 |
2,342,000 |
(109,717) |
(117,888) |
85
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
The sensitivity analysis contained in the table below has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the reporting date with the stipulated change taking place at the start of the financial year and held constant for the reporting period. A sensitivity of 1% (100 basis points) has been selected as this is considered reasonable given the current level of both short and long term interest rates.
|
Net profit* |
Cash flow hedge reserve |
Total impact on equity |
||||||||||
|
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
|||||||
|
Consolidated |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
||||||
|
Impact of movement in interest rates (AUD) |
||||||||||||
|
1% increase in interest rates - increase/(decrease) |
19,390 |
(15,812) |
(20,373) |
99,279 |
(983) |
85,245 |
||||||
|
1% decrease in interest rates - (decrease)/increase |
(21,300) |
4,309 |
21,142 |
(102,776) |
(158) |
(88,742) |
|
Impact of movement in interest rates (USD) |
||||||||||||
|
1% increase in interest rates - increase/(decrease) |
(135) |
(5,174) |
3,465 |
5,773 |
3,330 |
599 |
||||||
|
1% decrease in interest rates - (decrease)/increase |
135 |
5,174 |
(3,769) |
(5,950) |
(3,634) |
(776) |
*Changes in market rates under this scenario are assumed to have a nil impact on derivative hedge ineffectiveness as the consolidated entity has highly effective hedges in place.
Profit would have been affected mainly as a result of the ineffective portion of cash flow and fair value hedge transactions and floating rate financial assets and liabilities that are not in a cash flow hedge relationship. Equity, through the cash flow hedge reserve, would have been affected mainly as a result of an increase/decrease in the fair value of interest rate swaps which qualify for cash flow hedge accounting.
(iii) Commodity Price Risk
Green Credits
As at
Electricity Prices
The consolidated entity entered into fixed price electricity contracts to reduce the volatility attributable to price fluctuations of electricity. These contracts are for 100% of the electricity generated at certain sites for periods ranging from 1 to 3 years. Hedging the price volatility of electricity is in accordance with the operating entities risk management strategy.
As at
Gas Prices
86
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
The consolidated entity entered into a fixed price gas contract to reduce the volatility attributable to price fluctuations of gas. This contract is for approximately 50% of the gas generated at one site for 20 years. Hedging the price volatility of gas is in accordance with the operating entities risk management strategy.
As at
87
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Sensitivity
|
Net profit |
Cash flow hedge reserve |
Total impact to equity |
||||||||||
|
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
|||||||
|
Consolidated |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
||||||
|
Impact of movement in electricity prices |
||||||||||||
|
+10% appreciation electricity prices |
- |
- |
2,671 |
(6,790) |
2,671 |
(6,790) |
||||||
|
-10% depreciation electricity prices |
- |
- |
(2,671) |
6,790 |
(2,671) |
6,790 |
||||||
|
+10% appreciation gas prices |
- |
- |
2,408 |
2,577 |
2,408 |
2,577 |
||||||
|
-10% appreciation gas prices |
- |
- |
(2,408) |
(2,577) |
(2,408) |
(2,577) |
(e) Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss. Default occurs when the counterparty fails to make a contractually obligated payment to us. The consolidated entity has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate as a means of mitigating the risk of financial loss from defaults. The consolidated entity's exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions contracted is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the risk management committee annually.
The consolidated entity has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables through the use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are considered representative across all customers of the consolidated entity based on recent sales experience, historical collection rates and forward-looking information that is available.
Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments for a period greater than 12 months.
Trade receivables consist of a large number of customers with ongoing credit evaluation performed on their financial condition. Where appropriate, additional collateral credit support is obtained to mitigate the risk of loss.
The consolidated entity does not have significant credit risk exposure to any single counterparty. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
The carrying amount of financial assets recorded in the financial statements, net of any allowance for losses, represents the consolidated entity’s maximum exposure to credit risk without taking account of the value of any collateral obtained.
Impaired trade receivables
88
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Theconsolidated entityapplies theIFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
To measure expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. Theconsolidated entitytherefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.
89
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Current |
More than 30 days past due |
More than 60 days past due |
More than 90 days past due |
Total |
||||||
|
|
||||||||||
|
Expected loss rate |
0.5% |
1.7% |
0.6% |
9.9% |
0.7% |
|
Gross carrying amount – trade receivables |
49,017 |
18,355 |
5,984 |
5,226 |
78,582 |
|||||
|
Gross carrying amount - contract assets |
254,769 |
- |
- |
- |
254,769 |
|||||
|
Loss allowance |
1,390 |
318 |
33 |
515 |
2,256 |
|
Current |
More than 30 days past due |
More than 60 days past due |
More than 90 days past due |
Total |
||||||
|
31 December 2024 |
||||||||||
|
Expected loss rate |
0.1% |
13.3% |
6.6% |
9.7% |
0.9% |
|
Gross carrying amount - trade receivables |
89,431 |
1,400 |
1,136 |
7,358 |
99,325 |
|||||
|
Gross carrying amount - contract assets |
160,905 |
- |
- |
- |
160,905 |
|||||
|
Loss allowance |
1,266 |
186 |
75 |
717 |
2,243 |
Allowance for expected credit losses
The expected credit loss allowance represent expected loss rate on trade receivables and contract assets where no incurred credit losses has eventuated. Set out below is the movement in the expected credit losses allowance of trade receivables and contract assets:
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Opening balance |
2,243 |
877 |
||
|
Additional provisions recognised |
1,871 |
1,707 |
||
|
Additions through business combinations |
- |
1,318 |
||
|
Receivables written off during the year as uncollectable |
(1,858) |
(1,349) |
||
|
Unused amounts reversed |
- |
(310) |
||
|
Closing balance |
2,256 |
2,243 |
||
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 90 days past due. Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.
90
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(f) Liquidity risk
The board of directors is ultimately responsible for liquidity risk and has adopted an appropriate liquidity risk management framework to manage the consolidated entity’s funding and liquidity requirements. The consolidated entity manages liquidity risk at an operating entity by:
|
• |
maintaining adequate reserves, banking and reserve borrowing facilities; |
|
|
• |
continuously monitoring forecast and actual cash flows; and |
|
|
• |
matching the maturity profiles of financial assets and liabilities. |
Liquidity and interest rate tables
The following table details the consolidated entity’s remaining contractual maturity for its derivative and non-derivative financial liabilities. The table is drawn up based upon the future undiscounted principal and interest cash flows.
|
Consolidated |
Weighted average effective interest rate |
0 to 1 year |
1 to 2 years |
2 to 5 years |
Over 5 years |
Total contractual cash flows |
Carrying amount |
|||||||
|
2025 |
% |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
|||||||
|
Financial liabilities (derivative and non derivative) |
||||||||||||||
|
Interest rate swaps |
1.5% |
41,482 |
33,194 |
44,999 |
4,495 |
124,170 |
110,198 |
|||||||
|
Medium term notes1 |
1.3% |
339,478 |
14,193 |
208,188 |
124,937 |
686,796 |
589,454 |
|||||||
|
Bank loans1 |
0.8% |
510,154 |
550,381 |
1,106,088 |
414,492 |
2,581,116 |
2,239,389 |
|||||||
|
US Senior notes1 |
4.8% |
39,487 |
39,487 |
516,618 |
483,196 |
1,078,788 |
833,023 |
|||||||
|
Fixed rate notes1 |
2.1% |
415,856 |
700,540 |
1,170,665 |
1,315,411 |
3,602,472 |
2,924,696 |
|||||||
|
Redeemable preference shares1 |
11.8% |
9,492 |
9,492 |
68,708 |
29,256 |
116,948 |
80,784 |
|||||||
|
Government loan1 |
- |
- |
- |
- |
- |
- |
7,219 |
|||||||
|
HK senior notes |
4.6% |
9,063 |
9,083 |
249,507 |
56,583 |
324,236 |
292,147 |
|||||||
|
GBP senior notes |
- |
34,967 |
34,967 |
105,102 |
583,519 |
758,554 |
565,935 |
|||||||
|
Trade and other payables |
- |
531,862 |
2,238 |
5,057 |
2,223 |
541,380 |
526,644 |
|||||||
|
Loans from related parties1 |
3.0% |
1,334,714 |
1,390,876 |
66,921 |
189,790 |
2,982,301 |
2,713,950 |
|||||||
|
Gas CFD |
- |
(758) |
591 |
1,332 |
7,044 |
8,209 |
9,303 |
|||||||
|
Total financial liabilities |
3,265,797 |
2,785,042 |
3,543,185 |
3,210,946 |
12,804,970 |
10,892,742 |
91
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Consolidated |
Weighted average effective interest rate |
0 to 1 year |
1 to 2 years |
2 to 5 years |
Over 5 years |
Total contractual cash flows |
Carrying amount |
|||||||
|
2024 |
% |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
|||||||
|
Financial liabilities (derivative and non derivative) |
||||||||||||||
|
Interest rate swaps |
2.9% |
50,034 |
46,629 |
58,882 |
4,706 |
160,251 |
129,121 |
|||||||
|
Medium term notes1 |
1.2% |
57,959 |
365,889 |
533,178 |
310,003 |
1,267,029 |
1,047,095 |
|||||||
|
Bank loans1 |
1.0% |
740,791 |
904,898 |
1,599,925 |
257,272 |
3,502,886 |
3,058,552 |
|||||||
|
US Senior notes1 |
4.6% |
165,758 |
41,927 |
573,600 |
529,848 |
1,311,133 |
982,087 |
|||||||
|
Fixed rate notes1 |
3.4% |
461,789 |
361,781 |
1,239,360 |
542,417 |
2,605,347 |
2,220,527 |
|||||||
|
Redeemable preference shares1 |
11.8% |
9,492 |
9,492 |
74,838 |
32,618 |
126,440 |
80,784 |
|||||||
|
Government loan1 |
- |
- |
- |
- |
88,067 |
88,067 |
6,201 |
|||||||
|
HK senior notes |
3.5% |
1,842 |
1,827 |
5,497 |
60,443 |
69,609 |
58,390 |
|||||||
|
GBP senior noted |
- |
35,852 |
35,852 |
107,557 |
621,861 |
801,122 |
568,082 |
|||||||
|
Electricity CFD |
- |
6,293 |
581 |
- |
- |
6,874 |
6,825 |
|||||||
|
Trade and other payables |
- |
379,825 |
275 |
897 |
157 |
381,154 |
381,154 |
|||||||
|
Loans from related parties1 |
3.2% |
202,969 |
1,483,950 |
1,435,411 |
202,664 |
3,324,994 |
2,859,544 |
|||||||
|
GAS CFD |
- |
(248) |
11 |
1,451 |
6,370 |
7,584 |
7,900 |
|||||||
|
Total financial liabilities |
2,112,356 |
3,253,112 |
5,630,596 |
2,656,426 |
13,652,490 |
11,406,262 |
1 Balances represent the contractual undiscounted cash flows, including principal and interest payments calculated based on contractual maturities.
(g) Offsetting financial assets and financial liabilities
The consolidated entity does not have financial instruments that meet the presentation offset requirements ofIAS 32 Financial Instruments: Presentation and as such each individual financial instrument is presented gross in the Financial Statements. However, the consolidated entity has for credit management purposes, Master Netting arrangements where offset is permitted as a result of certain credit events. Application of these credit arrangements for the consolidated entity at the financial reporting date would result in the following offsets as detailed below:
|
Net amount |
Financial instruments |
|||||||
|
Gross amount |
presented |
not set off |
Net amount |
|||||
|
Consolidated - 2025 |
$'000 |
$'000 |
$'000 |
$'000 |
||||
|
Assets |
||||||||
|
Derivative financial instruments |
261,278 |
261,278 |
(28,280) |
232,998 |
||||
|
Total assets |
261,278 |
261,278 |
(28,280) |
232,998 |
||||
|
Liabilities |
||||||||
|
Derivative financial instruments |
151,387 |
151,387 |
(28,280) |
123,107 |
||||
|
Total liabilities |
151,387 |
151,387 |
(28,280) |
123,107 |
92
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Net amount |
Financial instruments |
|||||||
|
Gross amount |
presented |
not set off |
Net amount |
|||||
|
Consolidated - 2024 |
$'000 |
$'000 |
$'000 |
$'000 |
||||
|
Assets |
||||||||
|
Derivative financial instruments |
362,070 |
362,070 |
(38,969) |
323,101 |
||||
|
Total assets |
362,070 |
362,070 |
(38,969) |
323,101 |
||||
|
Liabilities |
||||||||
|
Derivative financial instruments |
162,205 |
162,205 |
(38,969) |
123,236 |
||||
|
Total liabilities |
162,205 |
162,205 |
(38,969) |
123,236 |
Note 34. Business combinations
The group acquired two businesses during the 2025 financial year: · GWE Biogas Newco 2 Ltd – refer to sub note 1 for details of the acquisition · AGI O&M Services Pty Ltd – refer to sub note 2 for details of the acquisition. A consolidated summary of the acquisitions is provided below with further details provided in the respective sub notes:
|
GWE Biogas Newco 2 Ltd |
AGI & O&M Services Pty Ltd |
Total |
||||
|
$'000 |
$'000 |
$'000 |
||||
|
Total identifiable net assets at fair value |
6,682 |
17,869 |
24,551 |
|||
|
Goodwill |
45,707 |
35,931 |
81,638 |
|||
|
52,389 |
53,800 |
106,189 |
||||
|
Representing: |
||||||
|
Cash paid, net of cash acquired |
43,107 |
46,877 |
89,984 |
|||
|
Working capital and other adjustments |
(706) |
- |
(706) |
|||
|
Contingent consideration |
9,988 |
- |
9,988 |
|||
|
Other consideration |
- |
6,922 |
6,922 |
|||
|
Purchase consideration transferred |
52,389 |
53,799 |
106,188 |
93
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
1(a) Summary of acquisition by Energy Developments Pty Limited
GWE Biogas Newco 2 Ltd ("GWE")
On 31 October 2025, Bio Energy (UK) Limited acquired 100% of the ordinary shares in GWE and all entities under its control.
GWE's operating business comprises of an anaerobic digestion facility in East Yorkshire UK, with a total generating capacity of 15.5MWe. The facility includes a combined heat and power plant, the production of biomethane which is injected into a pipeline, and CO2 capturing equipment. The business was acquired with 33 employees and includes key contracts to sell electricity, gas and CO2.
1(b) Assets acquired and liabilities assumed at the date of acquisition:
|
Fair value |
||
|
$'000 |
||
|
Receivables |
|
|
|
Inventories |
|
|
|
Prepayments |
683 |
|
|
Plant and equipment |
|
|
|
Right-of-use assets |
|
|
|
Payables and accruals |
( |
|
|
Deferred tax liability |
( |
|
|
Rehabilitation provision |
(1,755) |
|
|
lntercompany Loan - Bio Energy (UK) Limited |
(21,995) |
|
|
Lease liability |
( |
|
|
Total identifiable net assets at fair value |
|
|
|
Goodwill |
|
|
|
Net assets acquired |
|
|
|
Representing: |
||
|
Cash paid, net of cash acquired |
43,107 |
|
|
Contingent consideration |
9,988 |
|
|
Working capital and other adjustments |
(706) |
|
|
Purchase consideration transferred |
52,389 |
1(c) Contingent Consideration
Under the Share Purchase Agreement, there are contingent consideration payments to be made upon the completion of various milestones/ performance targets. These include the practical completion of an expansion project and associated performance uplift as well as an earnout for the improved performance of CO2 equipment (including a volume and pricing component).
A probability factor of 100% has been used to determine the contingent consideration payments being made on the basis that the installation and performance improvement of the expansion project is considered largely business as usual for GWE (7th expansion for the company) and as at acquisition date, there is no indication that the expected generation uplift won't be met. The CO2 volume uplift is also expected to reach the milestone in the contract on the basis of the trending increase in performance of the equipment to date. The pricing component was met prior to acquisition date. It is noted no discounting has been applied as the payments are all within 12 months of acquisition.
The contingent consideration outcomes range from a minimum payment of $0.1m to a maximum payment of $10m.
1(d) lntercompany Loan
The Consolidated Entity provided $22.0m of funding to GWE prior to acquisition for the repayment of its debt facilities. This payment has been treated as an intercompany loan upon acquisition.
94
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
On 30 November 2025, AGI O&M Services Pty Ltd, a subsidiary of Australian Gas Infrastructure Holdings Pty Ltd acquired the APT AM Holdings Pty Ltd Group from the APA Group.
This was achieved by acquiring 100% of the share capital of APT AM Holdings Pty Ltd.
2(b) Consideration transferred
|
2025 |
||
|
$'000 |
||
|
Purchase consideration - cash paid |
46,878 |
|
|
Purchase consideration - other payables |
6,922 |
|
|
53,800 |
2(c) Assets acquired and liabilities assumed at the date of acquisition:
Details of the net assets acquired, and goodwill recognised are as follows:
|
Fair value |
||
|
$'000 |
||
|
Trade and other receivables |
|
|
|
Inventories |
|
|
|
Other current assets |
|
|
|
Plant and equipment |
|
|
|
Defined Benefit Fund asset |
4,023 |
|
|
Deferred tax asset |
|
|
|
Trade and other payables |
( |
|
|
Provisions |
( |
|
|
Other current liabilities |
( |
|
|
Total identifiable net assets at fair value |
|
|
|
Goodwill |
|
|
|
Net assets acquired |
|
(i) Goodwill
The goodwill of $35.9m arising from the acquisition is supported by the acquisition of the assembled workforce which permits the acquirer to continue operations of the acquired group following acquisition date. The goodwill has been determined to have an indefinite useful life and is not subject to amortisation.
(ii) Acquired receivables
The acquired receivables relate to services rendered under Operating & Maintenance Agreements and are recognised at fair value. They are expected to be collected under normal terms and conditions.
(iii) Contingent liabilities
Contingent liabilities of $1.8m have been recognised as part of the acquisition. These relate to ongoing litigations with customers. The liabilities have been estimated based on external and internal legal advice and are expected to result in cash outflows beyond the next financial year, as such they have been disclosed as provisions within non-current liabilities.
|
2(d) Net cash outflow on acquisition of business |
||
|
2025 |
||
|
$'000 |
||
|
Purchase consideration paid in cash |
46,877 |
|
|
Net cash outflow per the consolidated statement of cash flows |
46,877 |
95
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
(i) Acquisition-related costs Acquisition-related costs of $2.5m that were not directly attributable to the purchase of shares are included in expenses in the statement of profit or loss and in operating cash flows in the statement of cash flows.
|
Revenue |
Profit/(loss) after tax |
|||
|
$'000 |
$'000 |
|||
|
Actual from 1 December 2025 - 31 December 2025 |
2,336 |
(735) |
||
|
Estimated from 1 January 2025 - 31 December 2025 |
30,559 |
17,766 |
Accounting policy for business combinations
Provisional accounting
Both business combinations during the period are both accounted for provisionally, details of the provisional accounting are provided below:
96
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
GWE Biogas Newco 2 Ltd: The initial accounting for the business combination is provisional subject to finalisation of fair values for plant and equipment and intangibles. Therefore, the fair value of plant and equipment, intangibles and deferred tax liabilities are to be confirmed.
The Goodwill of $45.7m comprises the future economic benefits arising from other assets acquired that are not individually identified and separately recognised.
The UK businesses functional currency is the Great British Pound (GBP) and as such, the value of Goodwill recorded in the Consolidated Entity's consolidated financial statements impacted by fluctuations in the AUD/GBP exchange rates. The net exchange rate differences arising during the period resulted in a decrease of $0.83m in goodwill, resulting in goodwill of $44.9m at year end.
APT AM Holdings Pty Ltd: The initial accounting for the business combination is incomplete because under the terms of the agreement, the APA Group must provide a Final Completion Balance Sheet within 40 working days of the acquistion date, which extends beyond the reporting date. As such, the balances recognised are provisional and are expected to be finalised in the following financial year.
Whilst all reported balances may be impacted, the change is not expected to be material. The deferred tax balance will be impacted by the resetting of tax bases. The Group will retrospectively adjust these provisional amounts to reflect the final acquired balance sheet within the maximum one year measurement period.
97
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Fair value adjustments on the finalisation of the business combination accounting is retrospective, where applicable, to the period the combination occurred and may have an impact on the assets and liabilities, depreciation and amortisation reported. It is deemed that there are no critical judgements or estamation uncertainty for the company only.
Note 35. Commitments
|
Consolidated |
||||
|
2025 |
2024 |
|||
|
$'000 |
$'000 |
|||
|
Capital expenditure commitments |
||||
|
Property, plant and equipment payable: |
||||
|
Within one year |
89,583 |
146,865 |
||
|
One to five years |
23,300 |
69,900 |
||
|
112,883 |
216,765 |
|||
|
Expenditure commitments |
||||
|
Expenditure contracted for at the reporting date but not recognised as liabilities |
||||
|
Within one year |
81,233 |
74,791 |
||
|
One to five years |
34,974 |
75,618 |
||
|
More than five years |
4,051 |
6,558 |
||
|
120,258 |
156,967 |
|||
|
Operating lease commitments |
||||
|
Commitments for minimum lease payments in relation to non-cancellable operating leases |
||||
|
Within one year |
802 |
772 |
||
|
One to five years |
4,558 |
5,346 |
||
|
5,360 |
6,118 |
|||
Pipeline licence obligations
DBP has been granted a pipeline licence to operate and maintain the Dampier to Bunbury Natural Gas Pipeline (DBNGP), and an access licence granting rights of access to the DBP corridor. Both licences have been granted by the Government of Western Australia. As the charges are determined annually, no accurate determination of these licence commitments is possible.
98
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 36. Related party transactions
(a) Shareholders
The immediate parent entities of CK William UK Holdings Limited are CK William Midco Limited (40%), CK William Midco 2 Limited (40%) and CK William Midco 3 Limited (20%).
The ultimate parent entities of the consolidated entity are CK Infrastructure Holdings Limited (40%), CK Asset Holdings Limited (40%) and Power Assets Holdings Limited (20%). There is no ultimate controlling party.
(b) Parent entity
The parent entity of the consolidated entity is CK WilliamUK Holdings Limited.
(c) Directors' loans
There were no loans in existence at balance date made, guaranteed or secured to directors of the company, director related entities, their spouses, relatives, or relatives of spouses.
(d) Subsidiaries
Interests in subsidiaries are set out in note 38 of the financial statements.
(e) Directors' equity holdings
There were no director equity holdings in existence at the balance date.
(f) Other transactions with Directors or entities related to them
No director-related entity has declared an interest in a contract, or proposed contract, during the year ended
(g) Key management personnel
The company has no employees and did not incur any directors fees for 2025. Services provided to the company are charged via a management fee from CHED Services Pty Ltd to CK William (Australia) Holdings Pty Ltd.
(h) Transactions with other related parties
The following table summarises trading transactions with related parties which are considered to be at arm's lengththat are not members of the consolidated entity:
99
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Consolidated |
Parent |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Sales of goods and services: |
||||||||
|
Victoria Power Networks Pty Ltd |
401 |
- |
- |
- |
||||
|
Australian Gas Networks Limited |
48,843 |
9,665 |
- |
- |
||||
|
Other income: |
||||||||
|
Interest received from Fred Olsen CBH Limited |
13,145 |
6,229 |
- |
- |
||||
|
Interest received from Bradford Low Carbon Hydrogen Limited |
350 |
- |
- |
- |
||||
|
Share of profits from Fred Olsen CBH Limited |
4,041 |
2,291 |
- |
- |
||||
|
Payment for goods and services: |
||||||||
|
CHED Services Pty Ltd |
24,517 |
15,846 |
- |
- |
||||
|
Australian Gas Networks Limited |
18,701 |
6,415 |
- |
- |
||||
|
Dividends paid to SGSP (Australia) Assets Pty Ltd |
26,208 |
26,182 |
- |
- |
||||
|
RPS interest paid to SGSP (Australia) Assets Pty Ltd |
9,492 |
9,518 |
- |
- |
||||
|
Service costs - ZNX(2) Pty Ltd & Zinfra Pty Ltd |
225,069 |
208,102 |
- |
- |
||||
|
Payment for other expenses: |
||||||||
|
Interest paid to CK Asset Holdings Limited |
73,743 |
- |
- |
- |
||||
|
Interest paid to CK Infrastructure Holdings Limited |
73,743 |
- |
- |
- |
||||
|
Interest paid to Power Assets Holdings Limited |
36,838 |
- |
- |
- |
||||
|
Other transactions: |
||||||||
|
Director's fee for Jemena director |
30 |
30 |
- |
- |
||||
|
CK Infrastructure Holdings Limited - Directors travelling expenses |
26 |
24 |
- |
- |
||||
|
CK Asset Holdings Limited - IT General controls review |
233 |
64 |
- |
- |
||||
SGSP (Australia) Assets Pty Ltd holds a minority interest and redeemable preference shares in UE. Refer to note 23 for further information on redeemable preference shares.
Payments to CHED Services Pty Ltd and Australian Gas Networks Limited are made under service level agreements prepared on an arm’s length basis, to provide corporate services to members of the group.
100
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
The following balances are outstanding at the reporting date in relation to transactions with related parties:
|
Consolidated |
Parent |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||
|
Amounts owed by related parties (excluding GST): |
||||||||
|
Australian Gas Networks Limited |
34,792 |
5,414 |
- |
- |
||||
|
Victoria Power Networks Pty Ltd |
- |
92 |
- |
- |
||||
|
Fred Olsen CBH Limited |
120,971 |
129,166 |
- |
- |
||||
|
Bradford Low Carbon Hydrogen Limited |
8,874 |
2,828 |
- |
- |
||||
|
Amounts owed to related parties (excluding GST): |
||||||||
|
CKA Holdings UK Limited |
11,302 |
12,094 |
75,980 |
77,017 |
||||
|
CKI Gas Infrastructure Limited |
1,340,902 |
1,078,894 |
75,980 |
77,017 |
||||
|
PAH Gas Infrastructure Limited |
670,451 |
539,447 |
37,990 |
38,510 |
||||
|
CK William Topco |
1,329,600 |
1,066,800 |
- |
- |
||||
|
Victoria Power Networks Pty LtdSGSP (Australia) Assets Pty Ltd |
92 |
- |
- |
- |
||||
|
ZNX(2) Pty Ltd & Zinfra Pty Ltd |
5,729 |
957 |
- |
- |
||||
|
Northern Gas Networks Holdings Limited |
2,323 |
586 |
- |
- |
||||
|
CHED Services Pty Ltd |
1,746 |
4,565 |
- |
- |
||||
|
Australian Gas Networks Limited |
5,602 |
5,611 |
- |
- |
||||
No provisions for doubtful debts have been raised against related party balances.
Note 37. Auditor remuneration
During the year the following fees were paid or payable for services provided by the auditor of the parent entity and its network firms:
|
Consolidated |
Parent |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
$ |
$ |
$ |
$ |
|||||
|
Audit services - |
||||||||
|
Audit and review of financial reports |
2,748,226 |
2,653,482 |
534,191 |
458,782 |
||||
|
Audit of regulatory returns |
393,450 |
305,425 |
- |
- |
||||
|
Other assurance engagements |
151,430 |
239,000 |
- |
- |
|
Other services - |
||||||||
|
Tax advisory and compliance services |
423,580 |
548,862 |
39,872 |
64,469 |
||||
|
Advisory services |
319,250 |
178,801 |
- |
- |
|
Total remuneration |
4,035,936 |
3,925,570 |
574,063 |
523,252 |
The auditor of the consolidated entity is Deloitte LLP.
101
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 38. Interests in subsidiaries
Details of the consolidated entity’s subsidiaries at
102
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2025 |
|||
|
% |
||||||
|
CK William Australia Holdings Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Holding company |
100 |
|||
|
CK William Australia Bidco Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Holding company |
100 |
|||
|
DUET Company Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Holding company |
100 |
|||
|
DUET Finance Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Holding company |
100 |
|||
|
DUET Finance Trust |
Level 9, 40 Market Street, Melbourne, Australia |
Holding company |
100 |
|||
|
Australia Gas Infrastructure Holdings Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Holding company |
100 |
|||
|
Diversified Utility and Energy Trust No 3 |
Level 9, 40 Market Street, Melbourne, Australia |
Trust |
100 |
|||
|
DUET 2008 Funding Sub Trust |
Level 9, 40 Market Street, Melbourne, Australia |
Trust |
100 |
|||
|
DMC1 Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Trustee |
100 |
|||
|
Diversified Utility and Energy Trust 1 |
Level 9, 40 Market Street, Melbourne, Australia |
Holding company |
100 |
|||
|
United Energy Distribution Holdings Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Holding company |
66 |
|||
|
Power Partnership Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Dormant |
66 |
|||
|
United Nominees Assets Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Dormant |
66 |
|||
|
United Energy Distribution Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Distribution services |
66 |
|||
|
Utilities Consulting Services Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Dormant |
66 |
|||
|
United Energy Finance Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Dormant |
66 |
|||
|
UEIP Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Dormant |
66 |
|||
|
United Energy Finance Trust |
Level 9, 40 Market Street, Melbourne, Australia |
Dormant |
66 |
|||
|
United Energy Services Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Services |
66 |
|||
|
UE & Multinet Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Corporate Services |
100 |
|||
|
Pacific Indian Energy Services Pty Ltd |
Level 9, 40 Market Street, Melbourne, Australia |
Dormant |
83 |
|||
|
Multinet Group Holdings Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Gas Distribution |
100 |
|||
|
Australian Energy Finance Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Dormant |
100 |
|||
|
Utilicorp Southern Cross Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Dormant |
100 |
|||
|
Utilicorp Australia (Gas) Holdings Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Dormant |
100 |
|||
|
Utilicorp Australia (Gas) Finance Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Dormant |
100 |
|||
|
Energy Partnership (Holdings) Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Dormant |
100 |
103
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2025 |
|||
|
% |
||||||
|
Energy Partnership Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Dormant |
100 |
104
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2024 |
|||
|
% |
||||||
|
Energy Partnership (Gas) Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Provider of finance |
100 |
|||
|
Multinet Gas (DB No. 1) Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Gas Distribution |
100 |
|||
|
Multinet Gas (DB No. 2) Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Gas Distribution |
100 |
|||
|
Multinet Gas Distribution Partnership |
Level 6, 400 King William Street, Adelaide, Australia |
Gas Distribution |
100 |
|||
|
Multinet Gas (IE) Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Dormant |
100 |
|||
|
Amistel Pty Ltd |
Level 6, 400 King William Street, Adelaide, Australia |
Dormant |
100 |
|||
|
Australian Energy Fund No.2 |
Level 6, 400 King William Street, Adelaide, Australia |
Dormant |
100 |
|||
|
AGI Services Pty Ltd (previously Dampier Bunbury Investment Company Pty Ltd) |
Level 14, 20 Martin Place, Sydney, NSW 2000 |
Services |
100 |
|||
|
DUET Dampier Bunbury Pty Ltd |
Level 14, 20 Martin Place, Sydney, NSW 2000 |
Dormant |
100 |
|||
|
AGI Development Group Nominees Pty Ltd (previously DBP Development Group Nominees Pty Ltd) |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas transportation |
100 |
|||
|
DBNGP Trust |
Level 6, 12-14 The Esplanade, Perth, Australia |
Trustee |
100 |
|||
|
DBNGP Holdings Pty Ltd |
Level 6, 12-14 The Esplanade, Perth, Australia |
Holding company |
100 |
|||
|
DBNGP Finance Co Pty Ltd |
Level 6, 12-14 The Esplanade, Perth, Australia |
Finance |
100 |
|||
|
DBNGP (WA) Nominees Pty Ltd |
Level 6, 12-14 The Esplanade, Perth, Australia |
Holding company |
100 |
|||
|
DBNGP (WA) Transmission Pty Ltd |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas transmission |
100 |
|||
|
DBNGP Compressor Co. Pty Ltd |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas transportation |
100 |
|||
|
DBNGP (WA) Finance Pty Ltd |
Level 6, 12-14 The Esplanade, Perth, Australia |
Finance |
100 |
|||
|
AGI Finance Pty Ltd |
Level 6, 12-14 The Esplanade, Perth, Australia |
Finance |
100 |
|||
|
AGI Development Group Pty Ltd (previously DBP Development Group Pty Ltd) |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas Pipeline |
100 |
|||
|
AGI Development Group Operations Pty Ltd (previously DBP Development Group Operations Pty Ltd) |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas transportation |
100 |
|||
|
AGI Tubridgi Pty Ltd (previously DDG Tubridgi Pty Ltd) |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas transportation |
100 |
105
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2024 |
|||
|
% |
||||||
|
AGI Development Group Trust (previously DBP Development Group Trust) |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas Pipeline |
100 |
|||
|
AGI Ashburton Pty Ltd (previously DBP Development Group Ashburton Pty Ltd) |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas transportation |
100 |
|||
|
AGI Fortescue River Pty Ltd (previously DBP Development Group FR Pty Ltd) |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas transportation |
100 |
|||
|
AGI Tanami Pty Ltd |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas transportation |
100 |
|||
|
DBNGP WA Pipeline Trust |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas transportation |
100 |
|||
|
DUET EDL Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Holding company |
100 |
106
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2024 |
|||
|
% |
||||||
|
Energy Developments Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Holding company |
100 |
|||
|
Cosmo Power Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Dormant |
100 |
|||
|
EDL (OCI) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL (TT) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL CNG (NT) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL Contracting Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Finance |
100 |
|||
|
EDL CSM (NSW) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL CSM (QLD) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL Developments (Australia) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Holding company |
100 |
|||
|
EDL Doublet (CP-AU) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Holding company |
100 |
|||
|
EDL Group Operations Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Maintenance services |
100 |
|||
|
EDL Holdings (Australia) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Holding company |
100 |
|||
|
EDL International Holdings Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Holding company |
100 |
|||
|
EDL LFG (ACT) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL LFG (NSW) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL LFG (QLD) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL LFG (SA) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL LFG (VIC) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL LNG (WA) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL NGD (NT) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL NGD (QLD) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL NGD (WA) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL Operations (Australia) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Holding company |
100 |
|||
|
EDL Pilbara Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL Projects (Australia) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL Retail Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Finance |
100 |
|||
|
EDL Technologies Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Dormant |
100 |
107
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2024 |
|||
|
% |
||||||
|
EDL Triplet (CP-UK) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Holding company |
100 |
108
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2024 |
|||
|
% |
||||||
|
Energy Generation Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL Operations (Berwick) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Dormant |
100 |
|||
|
EDL Operations (Corio) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Dormant |
100 |
|||
|
EDL LNG Fuel to Power Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL Operations (Lyndhurst) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Dormant |
100 |
|||
|
EDL Operations (Pedler Creek) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Dormant |
100 |
|||
|
EDL LNG Fuel to Power Operator Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL Operations (Tea Tree Gully) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Dormant |
100 |
|||
|
EDL Jabiru Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Dormant |
100 |
|||
|
EDL Operations (Belrose) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Dormant |
100 |
|||
|
EDL Agnew Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
Landfill Gas & Power Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
Cullerin Range Wind Farm Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
Regional Wind Farms Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
Blackwater Solar Farm Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
Weipa Solar Farm Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
EDL Doublet (CP-AU) Pty Ltd & EDL Triplet (CP-UK) Pty Ltd |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
100 |
|||
|
BioGas Energy Ano Liosia SA |
24 Xenias Street, P.C 11528, Athens, Greece |
Generation |
50 |
|||
|
EBAL Joint Venture |
24 Xenias Street, P.C 11528, Athens, Greece |
Dormant |
10 |
|||
|
EDL Hellas Monoprossopi EPE |
24 Xenias Street, P.C 11528, Athens, Greece |
Holding company |
100 |
|||
|
Indy High BTU, LLC |
2561 W. Kentucky Avenue, Indianapolis IN 46260, United States |
Generation |
25 |
|||
|
Bio Energy (UK) Ltd |
2nd Floor, Rickyard Barn, Pury Hill Business Park, Alderton Road, Paulerspury, Northamptonshire, NN12 7LS, United Kingdom |
Finance |
100 |
|||
|
EDL (UK) LFG Generation Ltd |
2nd Floor, Rickyard Barn, Pury Hill Business Park, Alderton Road, Paulerspury, Northamptonshire, NN12 7LS, United Kingdom |
Generation |
100 |
|||
|
EDL Franklin UK Ltd |
2nd Floor, Rickyard Barn, Pury Hill Business Park, Alderton Road, Paulerspury, Northamptonshire, NN12 7LS, United Kingdom |
Holding company |
100 |
109
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2024 |
|||
|
% |
||||||
|
EDL Holdings (UK) Ltd |
2nd Floor, Rickyard Barn, Pury Hill Business Park, Alderton Road, Paulerspury, Northamptonshire, NN12 7LS, United Kingdom |
Holding company |
100 |
|||
|
Energy Developments (UK) Ltd |
2nd Floor, Rickyard Barn, Pury Hill Business Park, Alderton Road, Paulerspury, Northamptonshire, NN12 7LS, United Kingdom |
Maintenance services |
100 |
|||
|
Broadrock Biopower I, LLC |
40 Shun Pike, Johnston RI 02919, United States |
Generation |
100 |
|||
|
Broadrock Management LLC |
40 Shun Pike, Johnston RI 02919, United States |
Generation |
100 |
110
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2024 |
|||
|
% |
||||||
|
Brea Parent 2007, LLC |
40 Shun Pike, Johnston RI 02919, United States |
Generation |
100 |
|||
|
Rhode Island LFG Genco, LLC |
40 Shun Pike, Johnston RI 02919, United States |
Generation |
100 |
|||
|
Brea Generation LLC |
40 Shun Pike, Johnston RI 02919, United States |
Generation |
100 |
|||
|
Brea Power II, LLC |
40 Shun Pike, Johnston RI 02919, United States |
Generation |
100 |
|||
|
Providence Power LLC |
40 Shun Pike, Johnston RI 02919, United States |
Dormant |
100 |
|||
|
Rhode Island Engine Genco, LLC |
40 Shun Pike, Johnston RI 02919, United States |
Generation |
100 |
|||
|
Broadrock Gas Services, LLC |
40 Shun Pike, Johnston RI 02919, United States |
Generation |
100 |
|||
|
Energy Developments (Canada) Inc. |
4500 Bankers Hall East, 855 - 2nd street S.W, Calgary, Canada |
Holding company |
100 |
|||
|
Lidya Energy Inc. |
4500 Bankers Hall East, 855 - 2nd street S.W, Calgary, Canada |
Dormant |
100 |
|||
|
Lidya Energy LP |
4500 Bankers Hall East, 855 - 2nd street S.W, Calgary, Canada |
Generation |
100 |
|||
|
Bio Energy (Alabama), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Bio Energy (Austin), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Bio Energy (Georgia), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Bio Energy (I), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Holding company |
100 |
|||
|
Bio Energy (II), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Holding company |
100 |
|||
|
Bio Energy (III), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Holding company |
100 |
|||
|
Bio Energy (Illinois), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Bio Energy (Ohio II), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Bio Energy (Ohio), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Bio Energy (Tennessee), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Dormant |
100 |
|||
|
Bio Energy (Texas), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Bio Energy (US), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Finance |
100 |
|||
|
EDL Holdings (US), Inc. |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Holding company |
100 |
|||
|
Energy Developments Inc. |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Maintenance services |
100 |
|||
|
Bio Energy (Georgia II), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Bio Energy (Ohio III), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
EDL Holdings (Gem), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Holding company |
100 |
111
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2024 |
|||
|
% |
||||||
|
Energy Developments Honey Brook, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
112
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2025 |
|||
|
% |
||||||
|
Energy Developments Morgantown, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments Decatur, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments Lansing, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments Hancock County, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments Byron Center, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments Grand Blanc, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
LFG Production of Morgantown, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Zook Generation, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
99 |
|||
|
Energy Developments South Jordan, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments Lake County, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments Pinconning, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments Indy, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments Michigan, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
LFG Production of Coopersville, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments (Gem Midco), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments (Gem BD Projects), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments Coopersville, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments Watervliet, LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Bio Energy (Tennessee II), LLC |
608 S. Washington Avenue Lansing Michigan 48933, United States |
Generation |
100 |
|||
|
Energy Developments (Operations), Inc. |
2501 Coolidge Suite 100, East Lansing, Michigan 48823, United States |
Dormant |
- |
|||
|
WE Joint Venture (joint operation) |
Level 6, Waterfront Place, 1 Eagle St, Brisbane, QLD, Australia 4000 |
Generation |
50 |
|||
|
AGI O&M Services Pty Limited |
Level 6, 400 King William Street, 5000 Adelaide, South Australia, Australia |
Holding Company |
100 |
|||
|
APT AM Holdings Pty Limited |
Level 17, 181 William Street, 3000 Melbourne, Victoria, Australia |
Operating and maintenance services |
100 |
|||
|
APA AM (Allgas) Pty Limited |
Level 17, 181 William Street, 3000 Melbourne, Victoria, Australia |
Operating and maintenance services |
100 |
113
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2025 |
|||
|
% |
||||||
|
APT O&M Holdings Pty Limited |
Level 17, 181 William Street, 3000 Melbourne, Victoria, Australia |
Holding Company |
100 |
|||
|
APT AM Employment Pty Limited |
Level 17, 181 William Street, 3000 Melbourne, Victoria, Australia |
Services Company |
100 |
|||
|
APT AM (Stratus) Pty Limited |
Level 17, 181 William Street, 3000 Melbourne, Victoria, Australia |
Operating and maintenance services |
100 |
|||
|
APT O&M Services Pty Limited |
Level 17, 181 William Street, 3000 Melbourne, Victoria, Australia |
Operating and maintenance services |
100 |
|||
|
APT O&M Services (QLD) Pty Limited |
Level 17, 181 William Street, 3000 Melbourne, Victoria, Australia |
Operating and maintenance services |
100 |
114
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2025 |
|||
|
% |
||||||
|
Fortescue River Gas Pipeline Joint Venture |
Level 6, 12-14 The Esplanade, Perth, Australia |
Gas Transportation |
100 |
|||
|
AGI Renewable Developments Pty Limited |
Level 6, 12-14 The Esplanade, Perth, Australia |
Renewables |
100 |
|||
|
Lionrai Investments No.1 Limited |
12 Gough Square, London, EC4A 3DW |
Holding Company |
100 |
|||
|
Lionrai Investments No.2 Limited |
12 Gough Square, London, EC4A 3DW |
Holding Company |
100 |
|||
|
Carmel Capital II Sari |
17, Boulevard F.W. Raiffeisen, L-2411, Luxembourg |
Holding Company |
100 |
|||
|
Kellen Capital Limited |
12 Gough Square, London, EC4A 3DW |
Holding Company |
100 |
|||
|
Kellen Investments Limited |
12 Gough Square, London, EC4A 3DW |
Holding Company |
100 |
|||
|
Phoenix Energy Holdings Ltd |
12 Gough Square, London, EC4A 3DW |
Holding Company |
100 |
|||
|
Phoenix Distribution Holdings Ltd |
12 Gough Square, London, EC4A 3DW |
Holding Company |
100 |
|||
|
Phoenix Energy Group Ltd |
197 Airport Road West, Belfast, BT3 9ED |
Gas Distribution |
100 |
|||
|
Phoenix Energy Services Ltd |
197 Airport Road West, Belfast, BT3 9ED |
Service Company |
100 |
|||
|
Phoenix Natural Gas PP Finance plc |
12 Gough Square, London, EC4A 3DW |
Finance |
100 |
|||
|
Belfast Energy Ltd |
197 Airport Road West, Belfast, BT3 9ED |
Dormant |
100 |
|||
|
Belfast Natural Gas Ltd |
197 Airport Road West, Belfast, BT3 9ED |
Dormant |
100 |
|||
|
Phoenix Gas Ltd |
197 Airport Road West, Belfast, BT3 9ED |
Dormant |
100 |
|||
|
Phoenix Power Ltd |
197 Airport Road West, Belfast, BT3 9ED |
Dormant |
100 |
|||
|
PEGL Storage Ltd |
197 Airport Road West, Belfast, BT3 9ED |
Dormant |
100 |
|||
|
Phoenix Natural Gas Ltd |
197 Airport Road West, Belfast, BT3 9ED |
Dormant |
100 |
|||
|
UK Renewables Energy Group Limited |
Newington House, 237 Southwark Bridge Road, London, England, SE1 6NP |
Holding Company |
100 |
|||
|
Medium Scale Wind No.1 Limited |
Newington House, 237 Southwark Bridge Road, London, England, SE1 6NP |
Renewables |
100 |
|||
|
Medium Scale Wind No.2 Limited |
International House, 38 Thistle Street, Edinburgh, Scotland, EH2 1EN |
Renewables |
100 |
|||
|
Minnygap Energy Limited |
80 Fenchurch Street, London, United Kingdom, EC3M 4AE |
Renewables |
100 |
|||
|
Den Brook Energy Limited |
Newington House, 237 Southwark Bridge Road, London, England, SE1 6NP |
Renewables |
100 |
|||
|
Turncole Wind Farm Limited |
Newington House, 237 Southwark Bridge Road, London, England, SE1 6NP |
Renewables |
100 |
115
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2025 |
|||
|
% |
||||||
|
Jacks Lane Energy Limited |
Newington House, 237 Southwark Bridge Road, London, England, SE1 6NP |
Renewables |
100 |
|||
|
Woolley Hill Electrical Energy Limited |
Newington House, 237 Southwark Bridge Road, London, England, SE1 6NP |
Renewables |
100 |
|||
|
Fred Olsen CBH Limited |
2nd Floor, 36 Broadway, London, England, SW1H 0BH |
Holding Company |
49 |
|||
|
Brockloch Rig Wind Limited |
C/O Harper Macleod LLP, The Cadoro, 45 Gordon Street, Glasgow, Scotland, G1 3PE |
Renewables |
49 |
|
Ownership interest held by the group in ordinary share capital |
||||||
|
Name of entity |
Registered address |
Principal activities |
2025 |
|||
|
% |
||||||
|
Crystal Rig III Limited |
C/O Harper Macleod LLP, The Cadoro, 45 Gordon Street, Glasgow, Scotland, G1 3PE |
Renewables |
49 |
|||
|
N-Gen Energy Solutions Limited |
3 More London Riverside, London, United Kingdom, SE1 2AQ |
Green Energy Supplier |
100 |
|||
|
Bradford Low Carbon Hydrogen Limited |
North Bailey House, 12 New Inn Hall Street, Oxford, England, OX1 2RP |
Low Carbon Hydrogen Production Facility |
49 |
|||
|
EDL Bundaberg BESS Pty Ltd |
Generation |
100 |
||||
|
GWE Biogas Newco 2 Ltd |
2nd Floor, Rickyard Barn, Pury Hill Business Park Alderton Road, Paulerspury, Towcester, Northamptonshire, England, NN12 7LS |
Holding Company |
100 |
|||
|
GWE Biogas Holdings Limited |
2nd Floor, Rickyard Barn, Pury Hill Business Park Alderton Road, Paulerspury, Towcester, England, NN12 7LS |
Holding Company |
100 |
|||
|
GWE Biogas Ltd |
2nd Floor, Rickyard Barn, Pury Hill Business Park Alderton Road, Paulerspury, Towcester, Northamptonshire, England, NN12 7LS |
Generation |
100 |
|||
|
CK William LNG Company Limited |
7th Floor 3 More London Riverside, London, United Kingdom, SE1 2AQ |
Holding Company |
100 |
|||
|
CK William LNG 2 Company Limited |
7th Floor 3 More London Riverside, London, United Kingdom, SE1 2AQ |
Holding Company |
100 |
116
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
The following subsidiaries, all of which are included above are exempt from the requirement of the UK Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A of that Act:
|
Company Name |
Company Number |
|
|
Medium Scale Wind No.1 Limited |
08608752 |
|
|
Medium Scale Wind No.2 Limited |
SC405361 |
|
|
Minnygap Energy Limited |
09644754 |
|
|
Den Brook Energy Limited |
07944883 |
|
|
Turncole Wind Farm Limited |
09069277 |
|
|
Jacks Lane Energy Limited |
08607986 |
|
|
Woolley Hill Electrical Energy Limited |
08380020 |
Significant restrictions
There are no significant restrictions applied to members of the consolidated entity.
Subsidiaries accounting policies
Subsidiaries are all entities (including structured entities) over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the consolidated entity.
Intercompany transactions, balances and unrealised gains on transactions between consolidated entity companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet respectively.
Interests in associates and joint ventures
Investments in associates are accounted for in the consolidated financial statements using the equity method of accounting. For consolidation purposes the results of the associates are immaterial and are therefore not disclosed separately.
117
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Note 39. Material accounting policy information
The accounting policies that are material to the consolidated entity are set out either in the respective notes or below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.
Basis of preparation
The separate financial statements of the company are presented as required by the Companies Act 2006. The Company meets the definition of a qualifying entity under FRS 100 ‘Application of Financial Reporting Requirements’ issued by the FRC. Accordingly, these financial statements were prepared in accordance with Financial Reporting Standard 101 ‘Reduced Disclosure Framework’.
As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to share-based payment, financial instruments, capital management, presentation of comparative information in respect of certain assets, presentation of a cash-flow statement, standards not yet effective and certain related party transactions.
Where required, equivalent disclosures are given in the consolidated financial statements.
Historical cost convention
Principles of consolidation
118
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Foreign currency translation
Foreign currency transactions
Foreign operations
Current and non-current classification
|
• |
it is either expected to be realised or intended to be sold or consumed in the consolidated entity's normal operating cycle; |
|
|
• |
it is held primarily for the purpose of trading; |
|
|
• |
it is expected to be realised within 12 months after the reporting period; or |
|
|
• |
the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. |
|
• |
it is either expected to be settled in the consolidated entity's normal operating cycle; |
|
|
• |
it is held primarily for the purpose of trading; |
|
|
• |
it is due to be settled within 12 months after the reporting period; or |
|
|
• |
there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. |
Associates
119
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Joint ventures
Investments and other financial assets
Investments and other financial assets, other than interests in subsidiaries or associates, are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off.
Financial assets at amortised cost
A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset represent contractual cash flows that are solely payments of principal and interest.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the consolidated entity intends to hold for the foreseeable future and has irrevocably elected to classify them as such upon initial recognition.
Investments
Investments includes non-derivative financial assets with fixed or determinable payments and fixed maturities where the consolidated entity has the positive intention and ability to hold the financial asset to maturity. This category excludes financial assets that are held for an undefined period. Investments are carried at amortised cost using the effective interest rate method adjusted for any principal repayments. Gains and losses are recognised in profit or loss when the asset is derecognised or impaired.
Foreign currency transactions
All foreign currency transactions during the financial period are brought to account using the exchange rate in effect at the date of the transaction. Foreign currency monetary items at reporting date are translated using the exchange rate at that date.
Exchange rate differences are brought to account in the Statement of Profit or Loss and Other Comprehensive Income in the period in which they arise except that:
(i) exchange differences which related to assets under construction for future productive use are included in the cost of those assets where they are regarded as an adjustment to interest costs on foreign currency borrowings; and
(ii) exchange differences on transactions entered into in order to hedge certain foreign currency risks (refer note 33).
120
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
Value-Added Tax ('VAT') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated VAT, unless the VAT incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of VAT receivable or payable. The net amount of VAT recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.
Cash flows are presented on a gross basis. The VAT components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of VAT recoverable from, or payable to, the tax authority.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Accounting Standards that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended
IAS 1 - Amendments to International Accounting Standards - Non-current Liabilities with Covenants
Clarifies when liabilities should be presented as current or non-current in the statement of financial position, including the impact of covenants on that classification. The amendments may impact the classification of the Group’s financial liabilities in future periods as certain of those liabilities are subject to covenants.
Going Concern
The group's business activities, performance and position, together with its principal risks and uncertainties likely to affect its future development and performance are set out in the strategic report and above. As at 31 December 2025, the group's current liabilities exceed its current assets by $1,926 million (2024: $788 million). The directors have made enquiries and reviewed the forecasts, including sensitivity analysis, and in light of the facilities available to the group, have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and accounts.
Notwithstanding the working capital deficiency, the directors believe that the going concern assumption is appropriate and that the consolidated entity will be able to pay its debts as and when they fall due given:
|
• |
The consolidated entity has access to $1,145 million (2024: $770 million) in unused finance facilities as at 31 December 2025; |
|
|
• |
The consolidated entity has forecasted to generate operating cash flows and profits in 2026; |
|
|
• |
The operating entities of the consolidated entity have a history of refinancing expiring debt facilities; |
|
|
• |
The external borrowings of $2,225 million (2024: $1,095 million) are expected to be renewed on or before their maturity date. |
Note 40. Contingencies
During 2024, CK William UK Holdings Limited put in place a guarantee over the bank loan taken out by UK Renewables Energy Group Limited. At 31 December 2025, the total amount of the loan under guaranteed was £219.6m (2024 - £226.9m).
Note 41. Events after the reporting period
Subsequent to the balance sheet date, the Group repaid a total of AUD101.75 million of shareholder loan to intermediary companies. The repayments were made in accordance with the scheduled repayment profile outlined below:
121
CK William UK Holdings Limited
Notes to the financial statements
31 December 2025
|
Value Date |
Principal Repayment (AUDm) |
|
|
6 February 2026 |
23.25 |
|
|
7 May 2026 |
23.25 |
|
|
7 August 2026 |
55.25 |
|
|
101.75 |
These repayments represent the settlement of existing shareholder loan arrangements and do not give rise to any adjustment to the amounts recognised in the financial statements as at the reporting date. Management has assessed the repayments as a non-adjusting subsequent event.
Subsequent to 31 December 2025, the Group commenced a process to dispose of its investment in Energy Developments Pty Limited and its controlled entities ("EDL"). The directors consider this to be a non-adjusting post balance sheet event as the decision to pursue the disposal arose after the reporting date. Accordingly, no adjustments have been made to the carrying amounts of the assets and liabilities included in these financial statements. At the date of authorisation of the financial statements, the disposal process remained ongoing.
No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.
122
CK William UK Holdings Limited
Independent auditor's report to the members of CK William UK Holdings Limited
31 December 2025
Independent auditor’s report to the members of CK William UK Holdings Limited
Report on the audit of the financial statements
Opinion
In our opinion:
- the financial statements of CK William UK Holdings Limited (the ‘parent company’) and its subsidiaries (the ‘group’) give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December 2025 and of the group’s profit for the year then ended;
- the group financial statements have been properly prepared in accordance with United Kingdom adopted international accounting standards and IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB);
- the parent company financial statements have been properly prepared in accordance with United Kingdom adopted international accounting standards and as applied in accordance with the provisions of the Companies Act 2006; and
- the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
- the consolidated statement of profit or loss and other comprehensive income;
- the consolidated and parent statement of financial position;
- the consolidated and parent company statements of changes in equity;
- the consolidated statement of cash flows; and
- the related notes 1 to 41.
[Policies]
The financial reporting framework that has been applied in the preparation of the group financial statements is applicable law, United Kingdom adopted international accounting standards and IFRS Accounting Standards as issued by the IASB. The financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United Kingdom adopted international accounting standards and as applied in accordance with the provisions of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)’) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the group and the parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and the parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
123
CK William UK Holdings Limited
Independent auditor's report to the members of CK William UK Holdings Limited
31 December 2025
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
124
CK William UK Holdings Limited
Independent auditor's report to the members of CK William UK Holdings Limited
31 December 2025
We considered the nature of the group’s industry and its control environment, and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the group’s business sector.
We obtained an understanding of the legal and regulatory frameworks that the group operates in, and identified the key laws and regulations that:
- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, pensions legislation, tax legislation; and
- did not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty. These included the businesses energy regulators, GDPR and environmental regulations.
We discussed among the audit engagement team, including component audit teams and relevant internal specialists such as tax, valuations, pensions and IT, regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address it are below:
- Valuation of goodwill in the EDL CGU: We have tested managements assumptions used in the goodwill impairment modelling and compared these to our independent assessment determined by our valuations specialists. We have performed sensitivity analysis to understand the level of headroom suggested by the impairment model.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
- reading minutes of meetings of those charged with governance and reviewing internal audit reports.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
125
CK William UK Holdings Limited
Independent auditor's report to the members of CK William UK Holdings Limited
31 December 2025
- the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and of the parent company and their environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Anthony Matthews FCA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
15 September 2026