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21. Parent Entity Financial Information
a. Summary financial information
The individual financial statements for ASC Pty Ltd (the parent entity) show the following aggregate amounts:
Financial information summary
Net assets / total equity
Profit or loss for the year
Other comprehensive income
Total comprehensive income (loss)
During the year, the parent entity made a 100% provision against intercompany loans to its subsidiary, ASC AWD Shipbuilder Pty Ltd of $27,759,000. Note that this provision (and the related profit impact) eliminates on consolidation.
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 SA for the purpose of self insurance under the Return to Work Regulations 2015, a bank guarantee in favour of the DoD for the purpose of a performance security deed for the Training School contract and a bank guarantee in favour of Westim Pty Ltd for the Bibra Lake warehouse lease. The total value of the bank guarantee arranged by the parent company is $3,577,503 (2019: $6,568,000).
In addition to the above, the parent entity has provided a bank guarantee of $2,634,000 (2019: $2,634,000) issued by a 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 2020 and 30 June 2019 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 2020 or 30 June 2019. 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 2020, the parent entity had contractual commitments for the acquisition of property, plant and equipment totalling $523,333 (30 June 2019: $864,337). These commitments are not recognised as liabilities as the relevant assets have not yet been received.