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Using the consolidated financial statements of SKC Limited for the years 2019 and 2020, prepare common-size balance sheets and income statements.
Income Statement For the year ended 30 June 2020 Statement of Comprehensive Income For the year ended 30 June 2020 NOTES 2020 2019 NOTES 2019 2020 $ 000 Continuing Operations $ooo $ 000 $'Ooo 144.581 Revenue 3 B02.265 235,388 641,653 3,310 5 5 20,799 Other income Net gain on the Auckland car park concession transaction 66,431 4 5 5 Profit for the Year Other comprehensive Income Items that will not be reclassified to profit or loss Asset Revaluation Reserve Asset revaluation reserve - revaluation on transfer to investment property Government grants 29,183 15.31 5.936 Share of losses from associates (83) 1737) 5,936 NZICC fire related income 6a) 384,500 6(b) NZICC fire related expenses Employee benefits expense Impairment of Adelaide casino licence (108,090) (284,867) 31 (289,896) 6,285 m.4981 24 27,864 7 (160,600) (97,134) (900) (30,254) Other expenses Directors fees Gaming taxes (91.799) 11143) 31 9,154 3,986 138.177) Items that may be subsequently reclassified to profit or loss Foreign Currency Translation Reserve Exchange differences on translation of overseas subsidiaries Transfer to Income Statement on disposal of discontinued operation Cash flow Hedge Reserve Cash flow hedges - revaluations Cash flow hedges - transfer to finance costs Cash flow hedges -income tax Cost of Hedging Reserve Cost of hedging reserve-costs incurred/revaluations Cost of hedging reserve-transfer to finance costs Cost of hedging reserve-income tax (5.143) 15.4591 Direct consumables (54.376) (59,862) (1.239) 279 (16,045) (26.170) 31 Marketing and communications Community contributions, levies and sponsorships Fair value loss on Investment property (14,330) (10.382) (14.055) (115) (195) 15 (3.204) 462 462 (98) (75) 348.291 297.806 9,308 15,364 7 (79,988) 15.244 15,364 Earnings Before Interest, Tax, Depreciation and Amortisation Expenses (EBITDA) Depreciation and amortisation expense Depreciation on right-of-use assets Earnings Before Interest and Tax (EBIT) Net finance costs (85,446) (1114) Other Comprehensive Income for the Year, Net of Tax Total Comprehensive Income for the Year 10 250.632 159,945 261,751 277,818 The above statement of comprehensive income should be read in conjunction with the accompanying notes 11 (28,615) (10.240) Profit Before Income Tax 233,118 207.578 18 2.152 Income tax benefit/expense) Profit from continuing operations (46,753) 160,825 235,270 Profit/loss) from discontinued operations ) 30 118 06.244) Profit for the Year Attributable to Shareholders of the Company 235,388 144,581 CENTS CENTS 8 35.4 23.8 Earnings per share for Profit Attributable to the Shareholders of the Company Basic and diluted earnings per share attributable to continuing operations Basic and diluted earnings per share attributable to discontinued operations Basic and diluted earnings per share 8 (2.4) 35.4 21.4 The above Income Statement should be read in conjunction with the accompanying notes Balance Sheet Balance Sheet (continued) As at 30 June 2020 As at 30 June 2020 NOTES 2020 2019 NOTES 2019 2020 $'000 $'ooo $ 000 $000 ASSETS Current Assets LIABILITIES Current Liabilities Payables and provisions Interest bearing liabilities Cash and bank balances 14,26 41,574 28 228.112 54,224 42,252 221,842 302.509 Receivables and prepayments 25 49.293 13,14 49,127 32 53.288 85 Current tax liabilities 776 14,653 6,628 6459 Derivative financial instruments 32 6,113 784 1,989 930 Lease liabilities 10 485 Derivative financial Instruments Inventories Current tax recelvables NZICC fire recoveries PP&E classified as held for sale Total Current Assets Non-current Assets 61c) 49,571 16 153,165 Deferred licence value Total Current Liabilities 27 11,019 115,687 684,890 292676 218,971 214,028 Non-current Liabilities 12.14 282,731 495.913 1,528.902 1.436,257 Interest bearing liabilities Non-current payables Lease income in advance 10,569 23 24 1512 649,551 798.40B 39,815 1.553 Derivative financial instruments 32 24,575 30.913 4 10,574 20 45,175 70.160 32 23.100 56,201 10 52.188 Property, plant and equipment Intangible assets aan de Investment in associate Finance lease receivable Derivative financial instruments Investment properties Deferred tax assets Right-of-use asset NZICC fire recoveries Total Non-current Assets 15 72.400 40.660 17 214,972 504,804 19 4,843 Deferred tax liabilities Lease liabilities Deferred licence value Total Non-current Liabilities Total Liabilities Net Assets EQUITY 669,825 6,877 51,967 1103 302 10 1.354,715 1.395978 6ldl 227,000 1.434.607 1,155,972 2,570,351 2,337,922 Total Assets 2.789 322 2.551.950 29 1.288.287 1,126,996 Share capital Reserves Retained earnings 31 (33,321) (48,565) 179.641 77,541 1,155,972 Total Equity 1,434,607 The above balance sheet should be read in conjunction with the accompanying notes Statement of Changes in Equity For the year ended 30 June 2020 Statement of Cash Flows For the year ended 30 June 2020 NOTES SHARE CAPITAL $000 RESERVES NOTES 2020 2019 s'ooo $'000 $ooo 1.152260 (63,929) RETAINED EARNINGS TOTAL EQUITY $'000 $'Ooo 69,695 1,158,026 (1,046) (1,046) 68,649 1,156,980 655,470 860 352 Cash Flows from Operating Activities Receipts from customers Payments to suppliers and employees Government grants 1152 260 (63.9291 (480,613) 1498,6021 15,364 27,354 144,581 (135,689) 159,945 (135689) 9 202,211 361750 29 8,591 8,591 (40,988 29 4.540 4.540 (41,057) (58,8001 (50.6261 252,324 29 397 397 39 120,166 29 (38,7921 138,792) Balance as at 1 July 2018 Adjustment on adoption of IFRSIS Restated balance at the beginning of the year Total comprehensive income Dividends paid Shares issued under Dividend Reinvestment Plan Share rights issued for employee service Net movement in treasury shares Buy back and cancellation of shares Balance as at 30 June 2019 Balance as at 1 July 2019 Total comprehensive income Dividends pald Equity raising Share rights issued for employee service Net movement in treasury shares Buy back and cancellation of shares Balance as at 30 June 2020 1126 996 77,541 197065 (48.565) 148 5651 1155,972 1155.972 1.126.996 (122041 77.541 235,388 15 244 250.632 40,000 9 133.288) 1303,659 133.288) 177160 29 177160 (324,625) ( (2,252) 128,946 18.5641 29 3,698 3.698 436 29 436 (20,515) (29,129) 29 (20,0051 (20,003) ) 1,434,607 106,000 (26,638) 128B 267 (33,321 ) 179,641 39,815 The above statement of changes in equity should be read in conjunction with the accompanying notes Gaming taxes and levies pald Income taxes paid Net Cash Inflow from Operating Activities Cash Flows from Investing Activities Disposal of business Cash and bank balances disposed as part of discontinued operations Disposal of Federal Street car park Net purchase of property, plant and equipment Payments for investment property Auckland car park concession disposal Payments for intangible assets NZICC fire related income NZICC fire related costs Lease income received in advance Net Cash Outflow from Investing Activities Cash Flows from Financing Activities Issue of new share capital Cash flows associated with derivatives New borrowings Repayment of borrowings Net issue of treasury shares Dividends paid to company shareholders Interest paid Buy back of shares Repayment of lease liabilities Net Cash Outflow from Financing Activities Net Increase/Decrease) in Cash and Bank Balances Cash and bank balances at the beginning of the year Cash and Bank Balances at the End of the Year 199,269) (116,483) 177,160 (2.327) 3.540 45,814 28,000 (34,127) 397 9 (133,288) 127.098) (37,7871 (41,444) 119,566) (37.2741 (469) (170.2221 (8,247) 12,650 (34.381) 41,574 75,955 14.26 54,224 41574 The above statement of cash flows should be read in conjunction with the accompanying notes
