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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.