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21 Subsidiaries

Name of Entity

Country of Incorporation

% Ownership

2019

2018

Parent Entity

Snowy Hydro Limited (b)

Australia

-

-

Controlled Entities

Snowy Hydro Trading Pty Ltd (c)

Australia

100

100

Red Energy Pty Ltd (a) (c)

Australia

100

100

Latrobe Valley BV (c)

Netherlands

100

100

Valley Power Pty Ltd (c)

Australia

100

100

Contact Peaker Australia Pty Ltd (c)

Australia

100

100

Lumo Energy Australia Pty Ltd (a) (c)

Australia

100

100

Lumo Energy (NSW) Pty Ltd (a) (c)

Australia

100

100

Lumo Energy (Qld) Pty Ltd (a) (c)

Australia

100

100

Lumo Energy (SA) Pty Ltd (a) (c)

Australia

100

100

Lumo Energy Telecommunications Pty Ltd (a) (c)

Australia

100

100

Lumo Generation NSW Pty Ltd (a) (c)

Australia

100

100

Lumo Generation SA Pty Ltd (a) (c)

Australia

100

100

Emagy Pty Ltd (a) (c)

Australia

100

100

TFI Partners Pty Ltd (a) (c)

Australia

100

100

Direct Connect Australia Pty Ltd (a) (c)

Australia

100

100

Connection Media Pty Ltd (a) (c)

Australia

100

100

(a) Entities which have entered into a deed of cross guarantee with Snowy Hydro pursuant to ASIC Class Order 2016/785 and are relieved from the requirement to prepare and lodge audited financial reports.
(b) Snowy Hydro Limited is the head entity within the tax consolidated group.
(c) These companies are members of the tax consolidated group.

The consolidated statement of profit or loss and consolidated statement of financial position of the entities which are party to the deed of cross guarantee are:

Statement of profit or loss

$million

2019

Restated* 2018

Revenue

2,813.0

2,770.6

Interest income

0.9

0.8

Other income

9.3

9.0

Direct costs of revenue

(1,792.8)

(1,588.4)

Consumables and supplies

(70.3)

(69.8)

Employee benefits expense

(214.3)

(209.4)

Depreciation and amortisation expense

(129.8)

(129.8)

Finance costs

(35.0)

(42.8)

Impairment loss recognised on trade receivables

(22.3)

(20.6)

Other expenses

(118.3)

(121.3)

Loss on the fair value of financial instruments

15.7

(212.7)

Profit before income tax expense

456.1

385.6

Income tax expense

(137.7)

(115.3)

Profit attributable to the owners of the parent entity

318.4

270.3

*The prior period financial information has been restated, as described in Note 2 of the Financial Statements.

Statement of financial position

$million

2019

Restated* 2018

Current assets

Cash and cash equivalents

43.0

32.7

Trade and other receivables

461.2

428.8

Inventories

22.8

20.0

Other financial assets

148.8

149.4

Other current assets

62.4

38.0

Total current assets

738.2

668.9

Non-current assets

Deferred tax assets

190.4

165.2

Goodwill and other intangible assets

568.6

578.9

Property, plant and equipment

2,411.2

1,912.9

Other financial assets

101.6

120.8

Investments in subsidiaries

95.1

95.1

Other non-current assets

122.2

-

Total non-current assets

3,489.1

2,872.9

Total assets

4,227.3

3,541.8

$million

2019

Restated* 2018

Current liabilities

Trade and other payables

338.1

292.9

Interest bearing liabilities

8.9

10.4

Provisions

64.4

41.2

Other financial liabilities

184.0

143.9

Income tax payable

10.5

70.0

Total current liabilities

605.9

558.4

Non-current liabilities

Interest bearing liabilities

1,300.5

775.1

Provisions

55.7

50.7

Other financial liabilities

130.3

15.3

Total non-current liabilities

1,486.5

841.1

Total liabilities

2,092.4

1,399.5

Net assets

2,134.9

2,142.3

Equity

Issued capital

816.1

816.1

Reserves

(97.2)

(13.4)

Retained profits

1,416.0

1,339.6

Total equity

2,134.9

2,142.3

*The prior period financial information has been restated, as described in Note 2 of the Financial Statements.