2017 WEL Networks
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Annual Report
28
FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME
29
BALANCE SHEET
30
STATEMENT OF CHANGES IN EQUITY
31
STATEMENT OF CASH FLOWS
32
NOTES TO THE FINANCIAL STATEMENTS
1.
Summary of significant accounting policies
33
2.
Critical accounting estimates and judgements
44
3.
Revenue
45
4.
Expenses
45
5.
Finance income and expenses
46
6.
Income tax
47
7.
Current assets – Trade and other receivables
48
8.
Non-current assets – Property, plant and equipment
49
9.
Construction work in progress
51
10. Non-current assets – Intangible assets
52
11. Current liabilities – Trade and other payables
53
12. Current liabilities – Provisions
53
13. Non-current liabilities – Provisions
53
14. Non-current liabilities – Borrowings
53
15. Non-current liabilities – Deferred tax liabilities/(assets)
54
16. Contributed equity
54
17. Reserves and retained earnings
55
18. Commitments
56
19. Related party transactions
56
20. Business combinations
58
21. Contingencies
59
22. Investments in subsidiaries
59
23. Derivative financial instruments
60
24. Financial risk management
60
25. Events occurring after the reporting period
67
26. Reconciliation of profit after income tax to net cash inflow from operating activities
68
