Consolidated
2012 2011 $’M $’M
JOINTly controlled operations and assets PRINCIPAL ACTIVITY
(C) NET PROFITS ATTRIBUTABLE TO EQUITY ACCOUNTED INVESTMENTS Profits before income tax expense
40.7
43.8
Income tax expense
(13.1)
(12.3)
Net profits of equity accounted investments
27.6
31.5
(D) REVENUE ATTRIBUTABLE TO EQUITY ACCOUNTED INVESTMENTS Share of revenue from equity accounted investments
665.0
718.9
(E) RESERVES ATTRIBUTABLE TO EQUITY ACCOUNTED INVESTMENTS
Effect of decrease in reserve Balance at the end of the financial year
1.6 (23.3)
(8.6) (16.3) (24.9)
106.3
106.3
Share of net profits of investments accounted for using the equity method
27.6
31.5
Dividends declared
(18.5)
(31.5)
Balance at the end of the financial year
25. INTERESTS IN JOINTLY CONTROLLED OPERATIONS AND ASSETS In accordance with the accounting standards, the Group discloses only significant jointly controlled operations and assets identified on the basis of materiality: WORLEYPARSONS LIMITED GROUP ACCOUNTS INCLUDE A PROPORTIONATE CONSOLIDATION OF THE FOLLOWING ENTITIES: Transfield Worley Services Joint Venture Hydrocarbons
(24.9)
(F) RETAINED PROFITS ATTRIBUTABLE TO EQUITY ACCOUNTED INVESTMENTS Balance at the beginning of the financial year
115.4
106.3
Consortium PT Rekayasa Industri – PT WorleyParsons Indonesia Hydrocarbons
6.7
12.4
–
2012 2011 $’M $’M
ASSETS Current assets Trade and other receivables
(H) SHARE OF EQUITY ACCOUNTED INVESTMENTS’ EXPENDITURE COMMITMENTS
50
Consolidated
Cash and cash equivalents
18.4
50
The consolidated entity’s interests in the assets and liabilities employed in the jointly controlled operations and assets are included in the statement of financial position under the following classifications:
Performance related guarantees issued
12.4
50
Jointly controlled operations and assets established during the year
(G) SHARE OF EQUITY ACCOUNTED INVESTMENTS’ CONTINGENT LIABILITIES
Operating lease commitments
2012 2011 % %
Significant jointly controlled operation and asset
FOREIGN CURRENCY TRANSLATION RESERVE Balance at the beginning of the financial year
OWNERSHIP INTEREST CONSOLIDATED
17.9
23.4
102.3
73.2
Other financial assets
2.5
–
Total current assets
122.7
96.6
Non‑current assets
(I) SUMMARY OF FINANCIAL POSITION OF EQUITY ACCOUNTED INVESTMENTS
Property, plant and equipment
0.4
0.1
The consolidated entity’s share of aggregate assets and liabilities of equity accounted investments is:
Total non‑current assets
0.4
0.1
123.1
96.7
90.4
60.6
Current assets Non‑current assets
189.7
152.8
38.1
22.4
(109.7)
(82.7)
Non‑current liabilities
(21.5)
(12.3)
Net assets
96.6
80.2
Current liabilities
Goodwill Carrying amount at the end of the financial year
7.5 6.1 104.1
86.3
TOTAL ASSETS LIABILITIES Current liabilities Trade and other payables Provisions Total current liabilities
19.1 16.1 109.5
76.7
1.2
1.4
Non‑current liabilities Other non‑current liabilities Total non‑current liabilities TOTAL LIABILITIES NET ASSETS
1.2
1.4
110.7
78.1
12.4
18.6
WorleyParsons Annual Report 2012 75