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Note 7: Parent Entity Information

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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

for the period ended 30 June 2017
  Notes 2017
$’000
2016
$’000
NET COST OF SERVICES   

Expenses

     

Employee benefits

 

21,058

17,570

Suppliers

 

6,544

4,865

Depreciation and amortisation

 

745

534

Concessional loan charges

 

11,433

6,876

Write-down and impairment of assets

 

2,129

83

Provision for irrevocable loan commitments

 

292

(178)

Total expenses

 

42,201

29,750

Own-source income

 

 

 

Own-source revenue

 

 

 

Interest and loan fee revenue

 

59,274

51,013

Interest on loan to subsidiary

7.4B

99

-

Distributions from equity investments

 

5,328

30

Total own-source revenue

 

64,701

51,043

Gains and losses

 

 

 

Other (losses) / gains

 

(92)

(156)

Total (losses) / gains

 

(92)

(156)

Total own-source income

 

64,609

50,887

Net contribution by services

 

22,408

21,137

Share of associates and joint ventures

 

(549)

-

Surplus from continuing operations

 

21,859

21,137

OTHER COMPREHENSIVE INCOME

Items subject to subsequent classification to net cost of services

 

 

 

Gains on Available-for-Sale financial assets

 

7,674

5,885

Net fair value loss taken to equity on cash flow hedge

 

(42)

-

Total other comprehensive income

 

7,632

5,885

Total comprehensive income

 

29,491

27,022

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

7.3 Parent Entity Statement of Financial Position

as at 30 June 2017
  Notes 2017
$’000
2016
$’000
ASSETS

Financial assets

     

Cash and cash equivalents

 

401,814

232,778

Trade and other receivables

 

8,320

3,853

Loans and advances   771,202 402,225
Loan to subsidiary 7.4B 5,906 -
Available-for-Sale financial assets   802,945 277,694
Other financial assets   278,380 306,594
Equity accounted investments   2,500 -
Investment in subsidiary 7.4A 250 -
Derivative financial assets   225 -
Total financial assets   2,271,542 1,223,144
Non-financial assets      
Property, plant and equipment   944 1,021
Computer software   484 509
Prepayments   504 539
Total non-financial assets   1,932 2,069
Total assets   2,273,474 1,225,213
LIABILITIES   
Payables and unearned income      
Suppliers   2,280 1,324
Unearned income   15,678 5,536
Other payables   4,988 4,588
Total payables and unearned income   22,946 11,448
Provisions      
Employee provisions   1,660 1,199
Other provisions   20,246 13,435
Total provisions   21,906 14,634
Total liabilities   44,852 26,082
Net assets   2,228,622 1,199,131
EQUITY   
Contributed equity
  2,108,363 1,108,363
Reserves   14,655 7,023
Retained surplus   105,604 83,745
Total equity   2,228,622 1,199,131

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

7.4: Notes to Parent Entity Financial Statements

7.4A: Investment in subsidiary

On 6 December 2016 the Corporation incorporated a new subsidiary, CEFC Investments Pty Ltd, and subscribed for 250,000 shares of $1 each.

7.4B: Loan to subsidiary

The Corporation has provided an unsecured loan facility to its subsidiary CEFC Investments Pty Ltd on the following terms:

  • Interest rate: 7.5%
  • Interest payment dates: 15 January and 15 July each year
  • Maturity date: 15 June 2026

The balance outstanding at 30 June 2017 was $5.9million and interest receivable for the year amounted to $0.1million.

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