Financial Statements
Consolidated statement of comprehensive income
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 ($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 ($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 ($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.
Visit
https://www.transparency.gov.au/annual-reports/australian-postal-corporation/reporting-year/2018-2019-96