Go to top of page

19. Related Party Transactions

ASC PTY LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -CONTINUED
For the year ended 30 June 2019

a. Key management personnel compensation

The key management personnel compensation included in personnel expenses are as follows:

June 2019 $'000

June 2019 $'000

Short-term employee benefits

3,814,631

6,927,672

Post-employment benefits

251,353

235,562

Other long term benefits

62,062

76,369

4,128,046

7,239,603

There were 14 key management personnel for the year (2018: 14). Prior year's compensation was restated to include the compensation of directors.

b. Loans to key management personnel

No loans were made available to key management personnel during the financial year.

c. Other key management personnel transactions with the consolidated entity

There have been no transactions with key management personnel during the financial year

d. Subsidiaries

Interests in subsidiaries are set out in note 20(a).

e. Directors

The following were directors of ASC Pty Ltd during the entire financial year:
Bruce James Carter
Dr Rosalind Vivienne Dubs
Paul John Rizzo
Loretta Anne Reynolds
Joycelyn Cheryl Morton
Hon Gary Gray AO
Stuart Paul Whiley

Geoffrey Roland Rohrsheim was appointed a director on 15 March 2019.

f. Other related parties

Australian government ministers
There have been no transactions with any Australian government ministers during the financial year.

Shareholders
In performing its contracts, the consolidated entity has transacted on normal commercial terms and conditions with its shareholder, the Commonwealth of Australia and its related entities.

The Commonwealth of Australia is the ultimate parent entity.

g. Transactions with other related parties

During the year, the amounts received or receivable by the consolidated entity from the Commonwealth of Australia for various projects was $683,947,000 (2018: $698,397,000).

Certain expenditure incurred by the consolidated entity on behalf of the shareholders has been recharged and will be settled in accordance with normal commercial terms and conditions.

h. Balances With Shareholders

June 2019 $'000

June 2018 $'000

The aggregate amounts payable to the shareholders in relation to these transactions are:

-

-

The aggregate amounts receivable from the shareholders in relation to these transactions are:

159,815

145,677

i. Loans to/from the Commonwealth of Australia and its related parties Government Advance

Government Advance

JUNE 2018

AUD

USD

GBP

CAD

EUR

JPY

Beginning of the year

90,790,687

7,368,103

451,286

2,015,093

11,569,081

12,078,961

Advances received

Advances repaid

(32,000,000)

Interest charged

(1,322)

Interest received

764,118

End of year (source currency)

59,553,483

7,368,103

451,286

2,015,093

11,569,081

12,078,961

End of year (AUD equivalent)

59,553,483

9,969,021

801,005

2,062,317

18,236,257

147,628

Total (AUD equivalent)

90,769,711

JUNE 2019

AUD

USD

GBP

CAD

EUR

JPY

Beginning of the year

59,553,483

7,368,103

451,286

2,015,093

11,569,081

12,078,961

Advances received

64,000,000

Advances repaid

(65,003,739)

(6,004,955)

(207,191)

(1,800,000)

(9,051,311)

(12,078,961)

Interest charged

(6,693)

Interest received

546,253

End of year (source currency)

59,089,304

1,363,148

244,095

215,093

2,517,770

End of year (AUD equivalent)

59,089,304

1,943,745

441,002

234,124

4,080,004

Total (AUD equivalent)

65,788,179