Note 7: Parent Entity Information
Introduction
The parent entity of the consolidated Group is the Clean Energy Finance Corporation.
7.1: Parent Entity Accounting Policies
The accounting policies of the parent entity, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements except as set out below.
Investments in subsidiaries are accounted for at cost. Dividends received from subsidiaries are recognised in profit or loss when a right to receive the dividend is established, provided that it is probable that the economic benefits will flow to the Parent and the amount of income can be measured reliably.
7.2: Parent Entity Statement of Comprehensive Income
|
Notes |
2019 1 $’000 |
2018 $’000 |
|
|
NET COST OF SERVICES |
|||
|
EXPENSES |
|||
|
Employee benefits |
27,827 |
24,854 |
|
|
Suppliers |
9,769 |
8,084 |
|
|
Depreciation and amortisation |
1,031 |
892 |
|
|
Concessional loan charges |
3,922 |
11,972 |
|
|
Impairment loss allowance on financial instruments |
23,099 |
7,683 |
|
|
Provision for irrevocable loan commitments |
– |
2,625 |
|
|
Losses from sale of assets |
– |
12 |
|
|
Total expenses |
65,648 |
56,122 |
|
|
OWN-SOURCE INCOME |
|||
|
Own-source revenue |
|||
|
Interest and loan fee revenue |
177,134 |
122,267 |
|
|
Interest on loans to subsidiaries |
7.4B |
7,087 |
2,350 |
|
Distributions from equity investments |
14,093 |
10,090 |
|
|
Total own-source revenue |
198,314 |
134,707 |
|
|
Gains and losses |
|||
|
Fair value losses on financial instruments |
(15,427) |
– |
|
|
Fair value gains on financial instruments |
94,682 |
– |
|
|
Profit from sale of assets |
8,278 |
– |
|
|
Total net gains/(losses) |
87,533 |
– |
|
|
Total own-source income |
285,847 |
134,707 |
|
|
Net contribution by services |
220,199 |
78,585 |
|
|
Share of associates and joint ventures |
(682) |
(1,257) |
|
|
Surplus from continuing operations |
219,517 |
77,328 |
|
|
OTHER COMPREHENSIVE INCOME |
|||
|
Items subject to subsequent classification to net cost of services |
|||
|
Gains on available-for-sale financial assets |
– |
27,854 |
|
|
Net fair value loss taken to equity on cash flow hedge |
(162) |
282 |
|
|
Total other comprehensive income |
(162) |
28,136 |
|
|
Total comprehensive income |
219,355 |
105,464 |
1 The 2019 financial results reflect the adoption of AASB 9 – Financial Instruments on 1 July 2018. As permitted by AASB 9, the Corporation has not restated previously reported financial periods. Refer to Note 1 for the impact, on the Group’s results, of the adoption of AASB 9.
The above statement should be read in conjunction with the accompanying notes.
7.3: Parent Entity Statement of Financial Position
as at 30 June 2019
|
Notes |
2019 1 $’000 |
2018 $’000 |
|
|---|---|---|---|
|
ASSETS |
|||
|
Financial assets |
|||
|
Cash and cash equivalents |
350,497 |
487,273 |
|
|
Trade and other receivables |
7.4C |
22,350 |
14,559 |
|
Loans and advances |
2,569,117 |
1,936,704 |
|
|
Loans to subsidiaries |
7.4B |
200,679 |
76,162 |
|
Other debt securities |
1,233,185 |
1,042,797 |
|
|
Equities and units in trusts |
487,264 |
353,772 |
|
|
Equity accounted investments |
28,941 |
13,194 |
|
|
Other financial assets |
– |
163,507 |
|
|
Investment in subsidiaries |
7.4A |
350 |
250 |
|
Total financial assets |
4,892,383 |
4,088,218 |
|
|
Non-financial assets |
|||
|
Property, plant and equipment |
1,039 |
1,392 |
|
|
Computer software |
450 |
418 |
|
|
Prepayments |
552 |
500 |
|
|
Total non-financial assets |
2,041 |
2,310 |
|
|
Assets held for sale |
1,374 |
– |
|
|
Total assets |
4,895,798 |
4,090,528 |
|
|
LIABILITIES |
|||
|
Payables and deferred revenue |
|||
|
Suppliers |
3,543 |
2,839 |
|
|
Deferred revenue |
43,686 |
32,202 |
|
|
Other payables |
8,293 |
6,792 |
|
|
Derivative financial liability |
1,514 |
241 |
|
|
Total payables and deferred revenue |
57,036 |
42,074 |
|
|
Provisions |
|||
|
Employee provisions |
2,546 |
2,172 |
|
|
Other provisions |
11,607 |
12,196 |
|
|
Total provisions |
14,153 |
14,368 |
|
|
Total liabilities |
71,189 |
56,442 |
|
|
Net assets |
4,824,609 |
4,034,086 |
|
|
EQUITY |
|||
|
Contributed equity |
4,408,363 |
3,808,363 |
|
|
Reserves |
78 |
42,791 |
|
|
Retained surplus |
416,168 |
182,932 |
|
|
Total equity |
4,824,609 |
4,034,086 |
1 The 2019 financial results reflect the adoption of AASB 9 – Financial Instruments on 1 July 2018. As permitted by AASB 9, the Corporation has not restated previously reported financial periods. Refer to Note 1 for the impact, on the Group’s results, of the adoption of AASB 9.
The above statement should be read in conjunction with the accompanying notes.
7.4: Notes to Parent Entity Financial Statements
7.4A: Investment in subsidiaries
On 6 December 2016 the Corporation incorporated a new subsidiary, CEFC Investments Pty Ltd, and subscribed for 250,000 shares of $1 each, being 100% of the issued share capital.
On 5 September 2018 the Corporation incorporated a new subsidiary, Clean Energy Investment Management Pty Ltd, and subscribed for 100,000 shares of $1 each, being 100% of the issued share capital.
7.4B: Loans to subsidiaries
The Corporation has provided unsecured loan facilities to its subsidiary CEFC Investments Pty Ltd on the following terms:
- Weighted average interest rate at 30 June 2019: 7.10% (2018: 6.16%)
- Interest payment dates: 15 January and 15 July each year
- Maturity dates: ranging from 15 June 2026 to 17 November 2028
The balance outstanding at 30 June 2019 was $200.7 million (2018: $76.1 million) and interest receivable for the year amounted to $7.1 million (2018: $2.4 million).
7.4C: Trade and other receivables
|
2019 $’000 |
2018 $’000 |
|
|---|---|---|
|
Accrued interest on loan to CEFC Investments Pty Ltd |
3,844 |
2,096 |
|
Reimbursement owed by Clean Energy Investment Management Pty Ltd |
27 |
– |
|
Others |
18,479 |
12,463 |
|
22,350 |
14,559 |
Visit
https://www.transparency.gov.au/annual-reports/clean-energy-finance-corporation/reporting-year/2018-2019-58