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ASX50 financial reporting insights: July 2016 – June 2017
ASX50 financial reporting insights: July 2016-June 2017
This report analyses the financial reports of the top 50 companies listed on the Australian Securities Exchange (ASX) through the reporting season from 1 July 2016 to 30 June 2017.
Our report provides review and analysis of key trends, with a focus on:
- considering the financial performance of the ASX50 group of companies as an indicator of the economy in general
- analysing trends by industry sector, with specific focus on the contribution of mining companies and the 'Big 4' banks
- comparing and analysing earnings reported under statutory and non-statutory (underlying) measures.
Key findings
- Revenue has increased for 62 percent of the ASX50 companies and by 3.8 percent overall. The five miners reported a combined 13 percent revenue increase as both commodity prices and production increased.
- Annual statutory profit before tax (PBT) increased by $61.3 billion to $120.8 billion. This increase was driven mainly by a $23.3 billion reduction in total impairment charges and a $27.7 billion increase in profits for the miners excluding impairment charges. Performance was otherwise mixed but generally positive.
- Impairment charges have significantly reduced from $38.5 billion to $14.1 billion. In the 12 months to June 2016 the main trigger for impairment charges had been reductions in commodity prices. In the 12 months to June 2017 the largest impairments related to oil and gas assets in the Energy & Utilities sector.
- Over 80 percent of the ASX50 report alternative measures of financial performance in addition to annual statutory profit. Pre-tax alternative profit results exceeded annual statutory profits by 7 percent ($9.7 billion). The gap between statutory and alternative profit measures has decreased from 59 percent in the comparative period reflecting a reduction in impairment charges and other significant items recorded outside of the alternative profit measure. Other significant items excluded from the alternative profit measures include costs related to restructuring, cost saving strategies and transformation programs.
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