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ASX50 financial reporting insights: July 2017 – June 2018

ASX50 financial reporting insights: July 2017-June 2018

Our report analyses the financial reports of the top 50 companies listed on the Australian Securities Exchange (ASX) through the reporting season from 1 July 2017 to 30 June 2018.

Julian McPherson

Partner, Audit, Assurance & Risk Consulting

KPMG Australia


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KPMG's report provides a review and analysis of key trends, with a focus on:

  • considering the financial performance of the ASX 50 group of companies as an indicator of the economy in general
  • analysing trends by industry sector
  • comparing and analysing profits reported under statutory and non-statutory (underlying) measures
  • providing insights and observations on Key Audit Matters communicated in the independent auditor’s report.

Key findings

Reported financial results: 12 months to 30 June 2018

  • Revenue has increased for 76 percent of the ASX50 companies and by 4 percent overall.
  • The five miners reported a combined 7 percent revenue increase as both commodity prices and production increased.
  • Statutory profit before tax increased by $18 billion to $138 billion. This increase was driven mainly by a $10 billion increase in profits for the miners and a $5 billion increase in profits for the Energy and Utilities sector. Performance was otherwise mixed but generally positive.
  • Statutory PBT exceeded underlying profit for the first time in our survey period, being 6 percent higher. This was driven by: only $2 billion of impairment charges being reported outside of non-statutory PBT (compared to $8 billion in 2017); upward revaluations of property fair values of $6 billion being excluded from non-statutory PBT; gains from one off significant items, namely the gain on sale of assets, being excluded from non-statutory measures; and favourable movements in financial instrument fair values being excluded from non-statutory PBT.
  • Impairment charges continue to reduce, with a 45 percent decline to $8 billion on the comparative period.
  • External auditors' top three focus areas for Key Audit Matters (KAMs) as reported in the independent auditor's reports of the ASX 50 continues to be taxation, asset carrying values and revenue.

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ASX50 financial reporting insights

© 2020 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Liability limited by a scheme approved under Professional Standards Legislation.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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