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FINANCIAL STATEMENTS - PRIMARY STATEMENTS

Consolidated income statement

for the year ended 30 June 2019

Consolidated

Notes

2019
$'000

2018
$'000

Revenue from continuing operations

Access revenue

5 (a)

720,122

712,941

Interest revenue

4,843

7,172

Total revenue

724,965

720,113

Other income

Incident and insurance recovery

5 (e)

15,148

5,466

Government grants

84,709

79,913

Other income

22,890

25,472

Total other income

122,747

110,851

Total revenue and other income

847,712

830,964

Employee benefits expense

5 (b)

(222,186)

(169,109)

Infrastructure maintenance

(153,616)

(169,956)

Infrastructure costs

5 (c)

(128,574)

(73,914)

Depreciation and amortisation expense

5 (d)

(193,324)

(185,476)

Reversal/(recognition) of impairment

5 (h)

(450,692)

(19,571)

Incident costs

5 (e)

(24,624)

(10,435)

Operating lease

(9,171)

(9,285)

Other expenses

(61,757)

(65,875)

Expenses, excluding finance costs

(1,243,944)

(703,621)

Profit/(Loss) from operating activities

(396,232)

127,343

Finance costs

5 (f)

(17,534)

(25,169)

Profit/(Loss) before income tax

(413,766)

102,174

Income tax (expense)/benefit

5 (g)

(34,620)

(47,925)

Net Profit/(Loss) after tax

(448,386)

54,249

Profit/(Loss) is attributable to:

Equity holder of Australian Rail Track Corporation Ltd

(448,386)

54,249

Earnings metrics

EBITDAI

5 (i)

242,941

325,218

EBIT

5 (i)

(401,075)

120,171

The above consolidated income statement should be read in conjunction with the accompanying notes

Consolidated statement of comprehensive income

for the year ended 30 June 2019

Consolidated

Notes

2019
$'000

2018
$'000

Profit/(Loss) for the year

(448,386)

54,249

Other comprehensive income/(loss)

Items that may be reclassified to profit or loss - net of tax

Cash flow hedge charged to equity - foreign exchange

8(b)

-

9

Total items that may be reclassified subsequently to profit or loss

-

9

Items that will not be reclassified to profit or loss - net of tax

Revaluation adjustment property plant and equipment

8(b)

(136,023)

31,341

Re-measurement (losses)/gains on defined benefit plans

8(c)

(2,485)

762

Total items that will not be reclassified to profit or loss

(138,508)

32,103

Other comprehensive income/(loss) for the year, net of tax

(138,508)

32,112

Total comprehensive income/(loss) for the year, net of tax

(586,894)

86,361

Total comprehensive income/(loss) for the year is attributable to:
Equity holder of Australian Rail Track Corporation Ltd

(586,894)

86,361

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes

Consolidated balance sheet

as at 30 June 2019

Consolidated

Notes

2019
$'000

2018
$'000

ASSETS

Current assets

Cash and cash equivalents

6 (a)

21,852

61,554

Trade and other receivables

6 (b)

87,677

72,703

Inventories

7 (a)

45,451

36,186

Held for sale

7 (b)

5,667

2,776

Other assets

10,296

6,934

Total current assets

20 (e)

170,943

180,153

Non-current assets

Receivables

6 (b)

27,474

9,862

Other assets

3,924

5,140

Property, plant and equipment

7 (c)

4,167,887

4,425,407

Deferred tax assets

7 (e)

156,238

131,366

Intangible assets

7 (d)

72,522

78,800

Total non-current assets

4,428,045

4,650,575

Total assets

4,598,988

4,830,728

LIABILITIES

Current liabilities

Trade and other payables

6 (c)

142,582

109,505

Interest bearing liabilities

6 (d)

175,401

65,042

Provisions

7 (f)

63,535

57,794

Other liabilities

6 (e)

73,443

93,293

Deferred income - government grants

7 (h)

48,768

73,191

Total current liabilities

20 (e)

503,729

398,825

Non-current liabilities

Interest bearing liabilities

6 (d)

274,674

299,578

Deferred income - government grants

7 (h)

483,998

423,566

Provisions

7 (f)

5,058

4,341

Defined benefit plans

7 (g)

12,348

9,468

Other liabilities

6 (e)

5,269

16,204

Total non-current liabilities

781,347

753,157

Total liabilities

1,285,076

1,151,982

Net assets

3,313,912

3,678,746

EQUITY

Contributed equity

8 (a)

3,118,361

2,827,656

Reserves

8 (b)

757,811

980,543

Retained earnings

8 (c)

(562,260)

(129,453)

Total equity

3,313,912

3,678,746

The above consolidated balance sheet should be read in conjunction with the accompanying notes.

Consolidated statement of changes in equity

for the year ended 30 June 2018

Attributable to owners of
Australian Rail Track Corporation Ltd

Consolidated

Notes

Contributed Equity
$'000

Property, plant and equipment revaluation reserve
$'000

Hedging reserve
- cash flow hedge
- foreign exchange
$'000

Profit reserve
$'000

Total Reserves
$'000

Retained
Earnings
$'000

Total
Equity
$'000

Balance at 1 July 2017

2,684,226

693,520

(9)

270,815

964,326

(134,208)

3,514,344

Total profit for the year as reported in the financial statements

8(c)

-

-

-

-

-

54,249

54,249

Re-measurement gains/(losses) on defined benefit plans - (net of tax)

8(c)

-

-

-

-

-

762

762

Cash flow hedge foreign exchange - (net of tax)

8(b)

-

-

9

-

9

-

9

Asset revaluation reserve adjustment - (net of tax)

8(b)

-

31,341

-

-

31,341

-

31,341

Total comprehensive income for the year

-

31,341

9

-

31,350

55,011

86,361

Transfer to profit reserve

54,249

(54,249)

-

Dividends provided for or paid

(65,389)

-

(65,389)

Asset disposal revaluation reserve adjustment

(3,993)

3,993

-

Contributions of equity, net of transaction costs

8

143,430

-

-

-

-

-

143,430

Balance at 30 June 2018

2,827,656

720,868

-

259,675

980,543

(129,453)

3,678,746

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated statement of changes in equity

for the year ended 30 June 2019

Attributable to owners of
Australian Rail Track Corporation Ltd

Consolidated

Notes

Contributed Equity
$'000

Property, plant and equipment revaluation reserve
$'000

Hedging reserve
- cash flow hedge
- foreign exchange
$'000

Profit reserve
$'000

Total Reserves
$'000

Retained Earnings
$'000

Total
Equity
$'000

Balance at 1 July 2018

2,827,656

720,868

-

259,675

980,543

(129,453)

3,678,746

Adjustment on adoption of AASB 9 (net of tax) (i)

-

-

-

-

-

(25)

(25)

Adjustment on adoption of AASB 15 (net of tax) (ii)

-

-

-

-

-

(308)

(308)

Restated profit for the year

-

-

-

-

-

(333)

(333)

Total profit for the year as reported in the Financial Statements

8 (c)

-

-

-

-

-

(448,386)

(448,386)

Re-measurement gains/(losses) on defined benefit plans - (net of tax)

8 (c)

-

-

-

-

-

(2,485)

(2,485)

Asset revaluation reserve adjustment - (net of tax)

8 (b)

-

(136,023)

-

-

(136,023)

-

(136,023)

Total comprehensive income for the year

-

(136,023)

-

-

(136,023)

(450,871)

(586,894)

Dividends provided for or paid

8 (c)

-

-

-

(68,312)

(68,312)

-

(68,312)

Asset disposal revaluation reserve adjustment

8 (b)

-

(18,397)

-

-

(18,397)

18,397

-

Contributions of equity, net of transaction costs

8 (a)

290,705

-

-

-

-

-

290,705

Balance at 30 June 2019

3,118,361

566,448

-

191,363

757,811

(562,260)

3,313,912

(i) The Group has adopted AASB 9 Financial Instruments. This resulted in an adjustment of $0.025 million to retained earnings (nil tax impact) as at 1 July 2018, being the cumulative effect on initial application of the standard (refer to Note 11(b)(ii)). The comparative results for the year ended 30 June 2018 are not restated as permitted by the Standard.

(ii) The Group has adopted AASB 15 Revenue from Contracts with Customers on a modified retrospective basis. This resulted in an adjustment of $0.439 million to retained earnings (tax impact of $0.131m) as at 1 July 2018, being the cumulative effect on initial application of the standard (refer to Note 5(a)). The comparative results for the year ended 30 June 2018 are not restated as permitted by the Standard.

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated statement of cashflows

for the year ended 30 June 2019

Consolidated

Notes

2019
$'000

2018
$'000

Cash flows from operating activities

Receipts from customers

803,046

801,701

Payments to suppliers and employees

(677,064)

(549,389)

Government grants - revenue

45,545

57,442

171,527

309,754

Income taxes received/(paid)

-

1,370

Interest received

4,843

7,172

Net cash inflow from operating activities

9 (a)

176,370

318,296

Cash flows from investing activities

Payments for property, plant and equipment

(582,268)

(287,446)

Payments for intangibles

(1,830)

(2,267)

Proceeds from sale of property, plant and equipment

5,317

731

Net cash outflow from investing activities

(578,781)

(288,982)

Cash flows from financing activities

Government grants - deferred

75,173

23,114

Payments for interest costs relating to borrowings

(17,534)

(25,591)

Payments for transaction costs relating to borrowings

(2,859)

(1,929)

Proceeds (repayments)/from to interest bearing liabilities

6 (d)

85,536

(149,631)

Proceeds from equity funding

8 (a)

290,705

143,430

Dividends paid to Group's Shareholder

10 (b)

(68,312)

(65,389)

Net cash inflow/(outflow) from financing activities

362,709

(75,996)

Net (decrease) in cash and cash equivalents

(39,702)

(46,682)

Cash and cash equivalents at the beginning of the financial year

61,554

108,236

Cash and cash equivalents at end of year

6 (a)

21,852

61,554

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Visit

https://www.transparency.gov.au/annual-reports/australian-rail-track-corporation-limited/reporting-year/2018-2019-13