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Australian Postal Corporation Annual Report 2018–19

Financial Statements

Consolidated statement of comprehensive income

Consolidated statement of comprehensive income for the year ended 30 June 2019
Consolidated ($m)	Note	2019	2018
Revenue
Goods and services	A1	6,878.4	6,730.8
Other income
Interest	A1	8.2	18.6
Rents	A1	37.5	39.4
Other income and gains	A1	65.7	88.2
A1		111.4	146.2
Total income	A1	6,989.8	6,877.0
Expenses (excluding finance costs)
Employees	A2	3,171.9	3,051.0
Suppliers	A2	3,377.8	3,219.7
Depreciation and amortisation	A2	283.3	304.2
Other expenses	A2	83.1	150.7
Total expenses (excluding finance costs)	A2	6,916.1	6,725.6
Profit/(loss) before income tax, finance costs and share of net profits of equity-accounted investees		73.7	151.4
Finance costs	A2	(34.2)	(32.0)
Share of net profits/(losses) of equity-accounted investees		1.6	6.3
Profit/(loss) before income tax		41.1	125.7
Income tax (expense)/benefit	A3	(0.5)	8.5
Net profit/(loss) for the year attributable to equity holders of Australian Postal Corporation		40.6	134.2
Net profit/(loss) for the year attributable to:
Owners of the parent		40.9	136.5
Non-controlling interest		(0.3)	(2.3)
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans	C3	(25.3)	246.6
Other items		(0.5)	10.4
Income tax on items that will not be reclassified to profit or loss	A3	7.6	(76.5)
Total items that will not be reclassified to profit or loss, net of tax		(18.2)	180.5
Items that may be reclassified subsequently to profit or loss
Other items		(4.7)	10.3
Reclassifications to profit or loss		(1.4)	2.9
Income tax on items that may be reclassified to profit or loss	A3	1.7	(2.9)
Total items that may be reclassified to profit or loss, net of tax		(4.4)	10.3
Other comprehensive income for the year		(22.6)	190.8
Total comprehensive income for the year attributable to equity holders of Australian Postal Corporation		18.0	325.0
Total comprehensive income/(loss) for the year attributable to:
Owners of the parent		18.3	327.3
Non-controlling interest		(0.3)	(2.3)

This statement should be read in conjunction with the accompanying notes.

Consolidated balance sheet

Consolidated balance sheet as at 30 June 2019
Consolidated ($m)	Note	2019	2018
Assets
Current assets
Cash and cash equivalents	A4	628.0	592.2
Trade and other receivables	B1	781.5	747.2
Prepayments		126.5	120.0
Inventories		53.0	50.7
Income tax receivable		16.9	0
Other current assets		13.6	16.2
Asset held for sale	B2	0	211.4
Total current assets		1,619.5	1,737.7
Non-current assets
Net superannuation asset	C3	850.3	918.7
Property, plant and equipment	B3	1,758.9	1,599.3
Intangible assets	B4	734.1	741.5
Investment property	B6	181.5	168.9
Deferred tax assets	A3	356.3	386.5
Equity-accounted investees		5.9	11.4
Other non-current assets		29.1	25.1
Total non-current assets		3,916.1	3,851.4
Total assets		5,535.6	5,589.1
Liabilities
Current liabilities
Trade and other payables	B7	1,009.4	957.0
Employee provisions	C1	743.9	749.7
Other provisions	B8	12.1	16.7
Income tax payable		0	36.3
Other current-liabilities		19.6	13.6
Total current liabilities		1,785.0	1,773.3
Non-current liabilities
Interest-bearing liabilities	D2	713.5	703.0
Employee provisions	C1	249.9	236.3
Other provisions	B8	47.5	46.2
Deferred tax liabilities	A3	357.9	393.2
Other non-current liabilities		68.7	70.4
Total non-current liabilities		1,437.5	1,449.1
Total liabilities		3,222.5	3,222.4
Net assets		2,313.1	2,366.7
Equity
Contributed equity		400.0	400.0
Reserves		16.8	21.2
Retained profits		1,896.3	1,945.5
Equity attributable to equity holders of the parent		2,313.1	2,366.7

This statement should be read in conjunction with the accompanying notes.

Consolidated statement of changes in equity

Consolidated statement of changes in equity for the year ended 30 June 2019
Consolidated ($m)	Contributed equity	Reserves	Retained profits	Non- controlling interest ¹	Total equity
Balance at 30 June 2017	400.0	4.9	1,713.0	0	2,117.9
Comprehensive income
Profit/(loss) for the year	0	0	136.5	(2.3)	134.2
Other comprehensive income	0	23.6	246.6	0	270.2
Tax on other comprehensive income	0	(5.4)	(74.0)	0	(79.4)
Total comprehensive income for the year	0	18.2	309.1	(2.3)	325.0
Transfers within equity	0	(1.9)	1.9	0	0
Transactions with owners
Non-controlling interest on acquisition of subsidiary	0	0	0	3.6	3.6
Put option to acquire non-controlling interest	0	0	0	(1.3)	(1.3)
Distribution to owners (refer to note A5)	0	0	(78.5)	0	(78.5)
Balance at 30 June 2018	400.0	21.2	1,945.5	0	2,366.7
Initial application of accounting standards²	0	0	(29.7)	0	(29.7)
Comprehensive income
Profit/(loss) for the year	0	0	40.9	(0.3)	40.6
Other comprehensive income	0	(6.1)	(25.8)	0	(31.9)
Tax on other comprehensive income	0	1.7	7.6	0	9.3
Total comprehensive income for the year	0	(4.4)	22.7	(0.3)	18.0
Transactions with owners
Derecognition of non-controlling interest of divested subsidiary	0	0	0	(1.0)	(1.0)
Put option to acquire non-controlling interest	0	0	0	1.3	1.3
Distribution to owners (refer to note A5)	0	0	(42.2)	0	(42.2)
Balance at 30 June 2019	400.0	16.8	1,896.3	0	2,313.1

1 _{Relates to non-controlling interest in DFE Pty Limited for which the Group held 75 per cent of equity interest. DFE Pty Limited holds 100 per cent of equity interest in Mail Plus Pty Ltd and MP Rights Pty Ltd. DFE Pty Limited was divested in January 2019.}

_{2 Refer to note E6. Contributed equity is the issued capital. Reserves include Asset revaluation, Foreign currency translation, Hedging reserves and Other reserves. This statement should be read in conjunction with the accompanying notes.}

Consolidated statement of cash flows

Consolidated statement of cash flows for the year ended 30 June 2019
Consolidated ($m)	Note	2019	2018
Operating activities
Cash received
Goods and services		7,594.4	7,381.0
Interest		7.0	7.9
Total cash received		7,601.4	7,388.9
Cash used
Employees		3,118.2	3,086.2
Suppliers		3,853.1	3,707.9
Financing costs		32.8	31.7
Income tax		55.2	68.5
Goods and services tax paid		263.6	274.9
Total cash used		7,322.9	7,169.2
Net cash from operating activities	A4	278.5	219.7
Investing activities
Cash received
Proceeds from sales of property, plant and equipment		16.9	177.9
Dividends received		0	8.7
Proceeds from divested entities		3.2	0
Proceeds from sales of held for sale assets		227.9	138.2
Total cash received		248.0	324.8
Cash used		14.0	0
Net payments for acquisition and sale of controlled entities less cash acquired		0	0.4
Payments for investments in associates		377.3	274.3
Purchase of property, plant and equipment and investment properties Purchase of intangibles		46.6	35.9
Payments for investments in jointly controlled entities		0	5.9
Settlement of derivative instruments		10.9	0
Total cash used		448.8	316.5
Net cash from investing activities		(200.8)	8.3
Financing activities
Cash received
Total cash received		0	0
Cash used
Dividends paid		42.2	78.5
Total cash used		42.2	78.5
Net cash used by financing activities		(42.2)	(78.5)
Net increase/(decrease) in cash and cash equivalents		35.5	149.5
Effects of exchange rate changes on cash and cash equivalents		0.3	0
Cash and cash equivalents at beginning of year		592.2	442.7
Cash and cash equivalents at end of the year		628.0	592.2

This statement should be read in conjunction with the accompanying notes.

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Australian Postal Corporation Annual Report 2018–19

Financial Statements

Consolidated statement of comprehensive income

Consolidated balance sheet

Consolidated statement of changes in equity

Consolidated statement of cash flows

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