Note 7: Parent Entity Information
Download sectionThe 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.