Notes to the consolidated financial statements 30 June 2022 (continued) 32 Deed of cross guarantee IGO Limited, IGO Nova Holdings Pty Ltd, IGO Nova Pty Ltd, IGO Nickel Holdings Pty Ltd, Western Areas Limited, Australian Nickel Investments Pty Ltd, BioHeap Ltd and Western Platinum NL are parties to a deed of cross guarantee under which each company guarantees the debts of the others. By entering into the deed, the wholly-owned entities have been relieved from the requirement to prepare a financial report and directors' report under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 (as amended) issued by the Australian Securities and Investments Commission. (a) Consolidated statement of profit or loss and other comprehensive income and summary of movements in consolidated retained earnings The above companies represent a 'closed group' for the purposes of the Legislative Instrument, and as there are no other parties to the deed of cross guarantee that are controlled by IGO Limited, they also represent the 'extended closed group'. Set out below is a consolidated statement of profit or loss and other comprehensive income and a summary of movements in consolidated retained earnings for the year ended 30 June 2022 of the closed group consisting of IGO Limited, IGO Nova Holdings Pty Ltd, IGO Nova Pty Ltd, IGO Nickel Holdings Pty Ltd, Western Areas Limited, Australian Nickel Investments Pty Ltd, BioHeap Ltd and Western Platinum NL. Consolidated statement of profit or loss and other comprehensive income 2022 $M 2021 $M Revenue from continuing operations 902.8 671.7 Other income - 3.7 Other expenses from ordinary activities (601.2) (561.3) Borrowing and finance costs (6.0) (26.5) Profit before income tax 295.6 87.6 Income tax expense (108.9) (51.4) Profit from continuing operations 186.7 36.2 Profit from discontinued operation - 431.9 Profit after income tax for the year 186.7 468.1 Other comprehensive income Items that may be reclassified to profit or loss Effective portion of changes in fair value of cash flow hedges, net of tax 6.3 1.7 Items that will not be reclassified to profit or loss Changes in the fair value of equity investments at fair value through other comprehensive income (1.4) - Other comprehensive profit for the year, net of tax 4.9 1.7 Total comprehensive income for the year 191.6 469.8 Summary of movements in consolidated retained earnings Retained earnings at the beginning of the financial year 37.5 82.1 Profit for the year 186.7 468.1 Dividends paid - (29.5) Transfer to distributable profits reserve (330.9) (483.2) (Accumulated losses)/retained earnings at the end of the financial year (106.7) 37.5 Notes to the consolidated financial statements 30 June 2022 (continued) 32 Deed of cross guarantee (continued) (b) Consolidated balance sheet Set out below is a consolidated balance sheet as at 30 June 2022 of the closed group consisting of IGO Limited, IGO Nova Holdings Pty Ltd, IGO Nova Pty Ltd, IGO Nickel Holdings Pty Ltd, Western Areas Limited, Australian Nickel Investments Pty Ltd, BioHeap Ltd and Western Platinum NL. 2022 $M 2021 $M ASSETS Current assets Cash and cash equivalents 367.1 528.5 Trade receivables 119.3 81.9 Inventories 82.5 34.0 Financial assets at fair value through profit or loss 107.2 107.4 Derivative financial instruments 49.0 2.8 Total current assets 725.1 754.6 Non-current assets Receivables 1,875.3 1,872.4 Property, plant and equipment 115.0 34.1 Right-of-use assets 55.6 24.7 Mine properties 1,583.7 804.1 Exploration and evaluation expenditure 127.4 36.3 Deferred tax assets 26.6 30.8 Financial assets at fair value through other comprehensive income 81.6 - Other assets 0.8 - Investments in controlled entities 35.1 35.1 Total non-current assets 3,901.1 2,837.5 TOTAL ASSETS 4,626.2 3,592.1 LIABILITIES Current liabilities Trade and other payables 142.4 43.3 Borrowings 176.5 - Lease liabilities 20.1 4.4 Current tax liabilities 77.0 172.0 Provisions 17.2 8.7 Total current liabilities 433.2 228.4 Non-current liabilities Borrowings 713.5 - Lease liabilities 37.3 20.6 Provisions 82.2 47.3 Deferred tax liabilities 94.2 104.2 Total non-current liabilities 927.2 172.1 TOTAL LIABILITIES 1,360.4 400.5 NET ASSETS 3,265.8 3,191.6 Notes to the consolidated financial statements 30 June 2022 (continued) 32 Deed of cross guarantee (continued) (b) Consolidated balance sheet (continued) 2022 $M 2021 $M EQUITY Contributed equity 2,641.8 2,648.6 Reserves 730.7 505.5 (Accumulated losses)/retained earnings (106.7) 37.5 TOTAL EQUITY 3,265.8 3,191.6 Notes to the consolidated financial statements 30 June 2022 Notes to the consolidated financial statements 30 June 2022 150 — IGO ANNUAL REPORT 2022 IGO ANNUAL REPORT 2022 — 151
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