WorleyParsons 2012 Annual Report

Page 77

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


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