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36. Parent entity information

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.

Financial position

2020
$m

2019
$m

Assets

Current assets

278

259

Non-current assets

13,002

12,361

Total assets

13,280

12,620

Liabilities

Current liabilities

297

400

Non-current liabilities

6,924

5,559

Total liabilities

7,221

5,959

Equity

Issued capital

5,603

6,223

Reserves

Employee equity benefits reserve

-

(2)

Hedge reserve

(53)

(46)

Retained earnings

509

486

Total equity

6,059

6,661

Financial performance

Profit for the year

740

1,016

Other comprehensive loss

(8)

(13)

Total comprehensive income for the year

732

1,003

Guarantees entered into by the parent entity in relation to the debts of its subsidiaries

The Parent Entity has entered into a Deed of Cross Guarantee with the effect that it guarantees the debts in respect of its wholly owned Australian subsidiaries. Further details of the Deed of Cross Guarantee and the subsidiaries subject to the deed, are disclosed in Notes 26 and 30 respectively.

Contingent liabilities

The Parent Entity is a party to various legal actions and claims which have arisen in the ordinary course of business. The Parent Entity has provided warranties and indemnities to certain third parties in relation to the performance of contracts by various wholly owned subsidiaries.

The Directors are of the opinion that provisions are not required in respect of these matters, as it is either not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement.

Capital expenditure commitments

As at 30 June 2020, the Parent Entity had commitments for the acquisition of property, plant and equipment of $3 million (2019: $2 million) and its share of joint operations capital commitments was nil (2019: nil).

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