ASX50 financial reporting insights: July-December 2014

ASX50 financial reporting insights: July-December 2014

KPMG has analysed the financial reports of the ASX 50 through the latest reporting season (1 July 2014 to 31 December 2014).

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The report provides review and analysis of:

  • financial performance of the ASX 50 group of companies as an indicator of the economy in general
  • trends by industry sector, with specific focus on the contribution of mining companies and the ‘Big 4’ banks
  • profits reported under statutory and non-statutory (underlying / non-conforming) measures.

Key insights

  • Reported annual statutory profits before tax are the highest for 3 years, however the second half statutory profits before tax are the lowest since the 6 months to June 2013.
  • Reported annual non-statutory profitability before tax exceeded annual statutory profit before tax by 9 percent primarily due to the exclusion of $13.4 billion of impairment charges. The non-statutory profitability of the group is down 3.5 percent on the prior year, largely driven by a deterioration in trading conditions in the second half to 31 December 2014.
  • Annual revenue has increased by 0.3 percent. Revenue growth is relatively stable across industry sectors with the exception of mining which has seen continued reductions.
  • Annual impairment charges have decreased by 45 percent to $19.4 billion, assisting the improvement in statutory profits. Whilst 18 of the 50 companies have impairment charges greater than $50m (excluding impairment of receivables in the 'Big 4' banks), the size of these impairments has reduced.


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