21. Parent Entity Financial Information
ASC PTY LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -CONTINUED
For the year ended 30 June 2019
a. Summary financial information
The individual financial statements for ASC Pty Ltd (the parent entity) show the following aggregate amount.
|
June 2019 $'000 |
June 2018 $'000 |
|
|---|---|---|
|
Balance sheet |
||
|
Current assets |
228,305 |
272,440 |
|
Non-current assets |
88,104 |
109,230 |
|
Current liabilities |
159,905 |
202,014 |
|
Non-current liabilities |
6,603 |
8,780 |
|
Shareholders' equity |
||
|
Issued capital |
64,671 |
63,668 |
|
Retained earnings |
85,230 |
107,207 |
|
Net assets / total equity |
149,901 |
170,875 |
|
Profit or loss for the year |
19,892 |
36,024 |
|---|---|---|
|
Other comprehensive income |
(174) |
22 |
|
Total comprehensive income |
19,718 |
36,046 |
b. Guarantees entered into by the parent entity
The Company has arranged the issuance of a bank guarantee in favour of Return to Work Corporation of South Australia for the purpose of self insurance under the Return to Work Regulations 2015, a bank guarantee in favour of the Department of Defence for the purpose of a performance security deed for the Training School contract, a bank guarantee in favour of Luerssen Australia Pty Ltd for the mobilisation of the construction of the Offshore Patrol Vessels and a bank guarantee in favour of Westim Pty Ltd for the warehouse lease. The total value of the bank guarantee arranged by the parent company is $6,568,000 (2018: $7,763,000).
In addition to the above, the parent entity has provided $2,634,000 bank guarantees (2018: $2,634,000) assumed by its subsidiary.
No liability has been recognised in relation to these financial guarantees in accordance with the policy set with notes 1(u), as the fair values of these guarantees as at 30 June 2019 and 30 June 2018 are immaterial.
c. Financial support by the parent entity
The Company has committed to provide financial support to the following subsidiaries to enable them to pay their debts as and when they become due and payable:
- ASC OPV Shipbuilder Pty Ltd
- ASC AWD Shipbuilder Pty Ltd
d. Contingent liabilities of the parent entity
The parent entity did not have any contingent liabilities as at 30 June 2019 or 30 June 2018.
For information about guarantees given by the parent entity, please see above.
e. Contractual commitments for the acquisition of property, plant or equipment
As at 30 June 2019, the parent entity had contractual commitments for the acquisition of property, plant and equipment totalling $864,337 (30 June 2018: $809,849). These commitments are not recognised as liabilities as the relevant assets have not yet been received.
Visit
https://www.transparency.gov.au/annual-reports/asc-pty-ltd/reporting-year/2018-2019-46