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37. Parent Entity information

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.

Financial position

2019
$m

Restated
2018
$m1

Assets

Current assets

259

676

Non-current assets

12,361

13,090

Total assets

12,620

13,766

Liabilities

Current liabilities

400

521

Non-current liabilities

5,559

6,814

Total liabilities

5,959

7,335

Equity

Issued capital

6,223

6,223

Reserves

Employee equity benefits reserve

(2)

(3)

Hedge reserve

(46)

(34)

Retained earnings

486

245

Total equity

6,661

6,431

  1. 1 Comparatives have been restated for the adoption of AASB 9 Financial Instruments and AASB 16 Leases. Refer to Note 38(c).

Financial performance

Profit for the year

1,016

791

Other comprehensive loss

(13)

(8)

Total comprehensive income for the year

1,003

783

Guarantees entered into by the parent entity in relation to the debts of its subsidiaries

The Parent Entity has entered into a Deed of Cross Guarantee with the effect that it guarantees the debts in respect of its wholly owned Australian subsidiaries. Further details of the Deed of Cross Guarantee and the subsidiaries subject to the deed, are disclosed in Notes 27 and 31 respectively.

Contingent liabilities

The Parent Entity is a party to various legal actions and claims which have arisen in the ordinary course of business. The Parent Entity has provided warranties and indemnities to certain third parties in relation to the performance of contracts by various wholly owned subsidiaries.

The Directors are of the opinion that provisions are not required in respect of these matters, as it is either not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement.

Capital expenditure commitments

As at 30 June 2019, the Parent Entity had commitments for the acquisition of property, plant and equipment of $2 million (2018: $13 million) and its share of joint operations capital commitments was nil (2018: nil).

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