Notes to the
fnancial
statements
for the year ended 30 June 2011 –
Wesfarmers Limited and its controlled entities
163
Wesfarmers Annual Report 2011
33: Deed of Cross Guarantee
Pursuant to the Wesfarmers Deed of Cross Guarantee (‘the Deed’) and in accordance with ASIC Class Order 98/1418, the subsidiaries identifed
with a ‘+’ in note 32 are relieved from the requirements of the
Corporations Act 2001
relating to the preparation, audit and lodgement of their
fnancial reports.
The subsidiaries identifed with a ‘+’ in note 32 and Wesfarmers Limited, together referred to as the ‘Closed Group’, either originally entered into
the Deed on 27 June 2008 or have subsequently joined the Deed by way of an assumption deed. The effect of the Deed is that each party to
it has guaranteed to pay any defciency in the event of the winding up of any of the entities in the Closed Group. The entity joining the Closed
Group by way of an assumption deed dated 27 June 2011 is:
–– Charlie Carter (Norwest) Pty Ltd ACN 009 425 209.
The consolidated income statement of the entities that are members of the Closed Group is as follows:
New
Previous
Deed
Deed
2011
2010
$m
$m
Consolidated income statement
Proft from continuing operations before income tax
2,635
1,852
Income tax expense
(762)
(569)
Net proft for the year
1,873
1,283
Retained earnings at beginning of year
685
930
Adjustment for companies transferred into/out of the Closed Group
(43)
(197)
Total available for appropriation
2,515
2,016
Dividends provided for or paid
(1,562)
(1,331)
Retained earnings at end of year
953
685