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Notes to the Financial Statements
Washington H. Soul Pattinson and Company Limited
Annual Report 2016
126
Other Notes
NOTE 37
DEED OF CROSS GUARANTEE
During 2012, Washington H. Soul Pattinson and Company Limited and Souls Private Equity Limited entered
into a deed of cross guarantee under which each company guarantees the debts of the other. During 2013,
Exco Resources Limited and its wholly-owned subsidiaries became party to the deed of cross guarantee.
By entering into the deed, Souls Private Equity Limited and Exco Resources Limited are relieved from the
requirements to prepare a financial report and directors’ report under
ASIC Corporations (Wholly-owned Companies)
Instrument 2016/785
issued by the Australian Securities and Investments Commission.
i) Consolidated income statement, statement of comprehensive income and
summary of movements in consolidated retained profits and consolidated
statement of financial position
The above companies represent a ‘closed group’ for the purposes of the instrument, and as there are no other
parties to the deed of cross guarantee that are controlled by Washington H. Soul Pattinson and Company
Limited, they also represent the ‘extended closed group’.
Set out below is a consolidated income statement, a consolidated statement of comprehensive income, a
summary of movements in consolidated retained earnings for the year ended 31 July 2016 of the closed
group and a consolidated statement of financial position as at 31 July 2016 for the closed group.
2016
2015
$’000
$’000
Consolidated income statement – closed group
Profit before income tax
254,449
123,263
Income tax benefit/(expense)
(44,018)
17,718
Profit after tax attributable to closed group
210,431
140,981
Other comprehensive income
Net movement in fair value of long term equity investments, net of tax
(51,879)
9,504
Share of other comprehensive income movements, net of tax
3,351
(3,220)
Total other comprehensive income for the year, net of tax
(48,528)
6,284
Total comprehensive income attributable to the closed group
161,903
147,265
Summary of movements in consolidated retained earnings
Retained profits attributable to the closed group
Retained profits at the beginning of the year
1,289,883
1,244,028
Profit for the year
210,431
140,981
Dividends declared and paid
(99,064)
(95,126)
Retained profits at the end of the year
1,401,250
1,289,883
37