Download Report
03 Financial Statements

Note 7: Parent Entity Information

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 year ended 30 June 2018

   Notes 2018
$'000
2017
$'000
NET COST OF SERVICES
Expenses      
Employee benefits   24,854 21,058
Suppliers   8,084 6,544
Depreciation and amortisation   892 745
Concessional loan charges   11,972 11,433
Write-down and impairment of assets   7,683 2,129
Provision for irrevocable loan commitments   2,625 292
Total expenses   56,110 42,201
Own-source income      
Own-source revenue      
Interest and loan fee revenue   122,267 59,274
Interest on loan to subsidiary 7.4B 2,350 99
Distributions from equity investments   10,090 5,328
Total own-source revenue   134,707 64,701
Gains and losses      
Other (losses)/gains   (12) (92)
Total (losses)/gains    (12) (92)
Total own-source income   134,695 64,609
Net contribution by services   78,585 22,408
Share of associates and joint ventures   (1,257) (549)
Surplus from continuing operations   77,328 21,859
OTHER COMPREHENSIVE INCOME
Items subject to subsequent classification to net cost of services      
Gains on available-for-sale financial assets   27,854 7,674
Net fair value loss taken to equity on cash flow hedge   282 (42)
Total other comprehensive income   28,136 7,632
Total comprehensive income   105,464 29,491


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

7.3 Parent Entity Statement of Financial Position

as at 30 June 2018

  Notes 2018
$'000
2017
$'000
ASSETS
Financial assets      
Cash and cash equivalents   487,273 401,814
Trade and other receivables   12,463 8,320
Loans and advances   1,936,704 771,202
Loan to subsidiary 7.4B 78,258 5,906
Available-for-sale financial assets   1,396,569 802,945
Other financial assets   163,507 278,380
Equity accounted investments   13,194 2,500
Investment in subsidiary 7.4A 250 250
Derivative financial assets   225
Total financial assets   4,088,218 2,271,542
Non-financial assets      
Property, plant and equipment   1,392 944
Computer software   418 484
Prepayments    500 504
Total non-financial assets   2,310 1,932
Total assets   4,090,528 2,273,474
LIABILITIES
Payables and unearned income      
Suppliers   2,839 2,280
Unearned income   32,202 15,678
Derivative financial liability   241
Other payables   6,792 4,988
Total payables and unearned income   42,074 22,946
Provisions      
Employee provisions   2,172 1,660
Other provisions   12,196 20,246
Total provisions   14,368 21,906
Total liabilities   56,442 44,852
Net assets   4,034,086 2,228,622
EQUITY
Contributed equity   3,808,363 2,108,363
Reserves   42,791 14,655
Retained surplus   182,932 105,604
Total equity   4,034,086 2,228,622


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, being 100% of the issued share capital.

7.4B: Loan to Subsidiary

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

  • Weighted average interest rate at 30 June 2018: 6.16% (2017: 7.50%)
  • Interest payment dates: 15 January and 15 July each year
  • Maturity dates: ranging from 15 June 2026 to 22 June 2027

The balance outstanding at 30 June 2018 was $78.3 million (2017: $5.9 million) and interest receivable for the year amounted to $2.4 million (2017: $0.1 million).

Share