31. Deeds of cross guarantee
The wholly-owned subsidiaries identified in Note 27 have entered into a Deed of Cross Guarantee with AGL in accordance with ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 and are relieved from the Corporations Act 2001 requirement to prepare and lodge an audited financial report and directors’ report. The effect of the deed is that each party guarantees the debts of the others.
The following wholly-owned subsidiaries became a party to the Deed of Cross Guarantee by way of an Assumption Deed dated 24 May 2019:
- AGL Shipping Pty Limited
- AGL LNG Pty Limited
Set out below is the statement of profit or loss, statement of comprehensive income, statement of financial position and a summary of movements in retained earnings of the entities party to a Deed of Cross Guarantee.
Statement of profit or loss
AGL Energy Limited | AGL Generation Pty Ltd | |||
|---|---|---|---|---|
2019 | Restated | 2019 | 2018 | |
Revenue | 10,465 | 9,724 | 404 | 4 |
Other income | 457 | 31 | - | - |
Expenses | (8,333) | (8,728) | (4) | (4) |
Share of profits/(losses) of associates and joint ventures | 33 | 39 | (142) | 1,335 |
Profit before net financing costs, depreciation and amortisation | 2,622 | 1,066 | 258 | 1,335 |
Depreciation and amortisation | (437) | (403) | - | - |
Profit before net financing costs | 2,185 | 663 | 258 | 1,335 |
Finance income | 85 | 86 | - | - |
Finance costs | (196) | (210) | (13) | (14) |
Net financing costs | (111) | (124) | (13) | (14) |
Profit before tax | 2,074 | 539 | 245 | 1,321 |
Income tax (expense)/benefit | (442) | (141) | 47 | (396) |
Profit for the year | 1,632 | 398 | 292 | 925 |
- 1 Comparatives have been restated for the adoption of AASB 9 Financial Instruments and AASB 16 Leases. Refer to Note 38(c).
Statement of comprehensive income
Profit for the year | 1,632 | 398 | 292 | 925 |
Other comprehensive income | ||||
Items that will not be reclassified subsequently to profit or loss | ||||
Remeasurement (loss)/gain on defined benefit plans | (54) | 15 | (27) | 20 |
Fair value gain on the revaluation of equity instrument financial assets | 2 | - | - | - |
Income tax relating to items that will not be reclassified subsequently | 12 | (5) | 8 | (6) |
(40) | 10 | (19) | 14 | |
Items that may be reclassified subsequently to profit or loss | ||||
Cash flow hedges | 96 | (159) | - | - |
Cost of hedging basis adjustment | 4 | - | - | - |
Equity instrument financial assets | - | (3) | - | - |
Income tax relating to items that may be reclassified subsequently | (30) | 48 | - | - |
70 | (114) | - | - | |
Other comprehensive income/(loss) for the year, net of income tax | 30 | (104) | (19) | 14 |
Total comprehensive income for the year | 1,662 | 294 | 273 | 939 |
Statement of financial position
AGL Energy Limited | AGL Generation Pty Ltd | |||
|---|---|---|---|---|
2019 | Restated | 2019 | 2018 | |
Current assets | ||||
Cash and cash equivalents | 78 | 452 | 1 | 1 |
Trade and other receivables | 1,526 | 1,522 | - | 1 |
Inventories | 313 | 294 | - | - |
Current tax assets | 89 | 147 | - | - |
Other financial assets | 848 | 922 | - | - |
Other assets | 60 | 71 | - | 4 |
Assets classified as held for sale | - | 74 | - | - |
Total current assets | 2,914 | 3,482 | 1 | 6 |
Non-current assets | ||||
Trade and other receivables | - | - | - | 319 |
Inventories | 57 | 10 | - | - |
Other financial assets | 3,287 | 3,459 | 5,032 | 4,712 |
Investments in associates and joint ventures | 150 | 100 | - | - |
Property, plant and equipment | 3,153 | 3,356 | - | - |
Intangible assets | 2,816 | 2,343 | - | - |
Deferred tax assets | - | 310 | - | - |
Other assets | 39 | 64 | - | - |
Total non-current assets | 9,502 | 9,642 | 5,032 | 5,031 |
Total assets | 12,416 | 13,124 | 5,033 | 5,037 |
Current liabilities | ||||
Trade and other payables | 1,304 | 1,348 | - | 11 |
Borrowings | 93 | 26 | - | - |
Provisions | 192 | 179 | - | - |
Current tax liabilities | - | - | 209 | - |
Other financial liabilities | 596 | 2,014 | - | - |
Other liabilities | 4 | 2 | - | - |
Total current liabilities | 2,189 | 3,569 | 209 | 11 |
Non-current liabilities | ||||
Borrowings | 2,637 | 2,817 | - | - |
Provisions | 405 | 435 | - | - |
Deferred tax liabilities | 10 | - | 102 | 358 |
Other financial liabilities | 204 | 259 | 1,432 | 151 |
Other liabilities | 132 | 94 | - | - |
Total non-current liabilities | 3,388 | 3,605 | 1,534 | 509 |
Total liabilities | 5,577 | 7,174 | 1,743 | 520 |
Net assets | 6,839 | 5,950 | 3,290 | 4,517 |
Equity | ||||
Issued capital | 6,223 | 6,223 | 2,878 | 2,878 |
Reserves | (33) | (102) | - | - |
Retained earnings/(accumulated losses) | 649 | (171) | 412 | 1,639 |
Total equity | 6,839 | 5,950 | 3,290 | 4,517 |
- 1 Comparatives have been restated for the adoption of AASB 9 Financial Instruments and AASB 16 Leases. Refer to Note 38(c).
Summary of movements in (accumulated losses)/retained earnings
AGL Energy Limited | AGL Generation Pty Ltd | |||
|---|---|---|---|---|
2019 | Restated | 2019 | 2018 | |
(Accumulated losses)/retained earnings at beginning of financial year | (171) | 103 | 1,639 | 700 |
Profit for the year | 1,632 | 398 | 292 | 925 |
Dividends paid | (774) | (682) | (1,500) | - |
Remeasurement (loss)/gain on defined benefit plans, net of tax | (38) | 10 | (19) | 14 |
Retained earnings/(accumulated losses) at end of financial year | 649 | (171) | 412 | 1,639 |
- 1 Comparatives have been restated for the adoption of AASB 9 Financial Instruments and AASB 16 Leases. Refer to Note 38(c).