Financials - Santos

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Consolidated Statement of Changes in Equity for the year ended 31 December 2012 Equity attributable to owners of Santos Limited Non‐ Issued Translation Fair value Hedging Retained Total controlling Total capital reserve reserve reserve earnings equity interests equity Note $million $million $million $million $million $million $million $million Balance at 1 January 2011 5,514 (329) (3) 2 2,421 7,605 (2) 7,603 Profit for the period – – – – 753 753 (2) 751 Other comprehensive income/(loss) for the period – (8) 3 (16) (10) (31) – (31) Total comprehensive income/(loss) for the period – (8) 3 (16) 743 722 (2) 720 Transactions with owners in their capacity as owners: Issue of shares related to acquisition 20 683 – – – – 683 – 683 Shares issued 20 195 – – – – 195 – 195 Dividends to shareholders 22 – – – – (263) (263) – (263) Share‐based payment transactions 30 – – – – 25 25 – 25 Balance at 31 December 2011 6,392 (337) – (14) 2,926 8,967 (4) 8,963 Balance at 1 January 2012 6,392 (337) – (14) 2,926 8,967 (4) 8,963 Profit for the period – – – – 519 519 (1) 518 Other comprehensive income/(loss) for the period – (69) – 8 1 (60) – (60) Total comprehensive income/(loss) for the period – (69) – 8 520 459 (1) 458 Transactions with owners in their capacity as owners: Shares issued 20 216 – – – – 216 – 216 Dividends to shareholders 22 – – – – (285) (285) – (285) Share‐based payment transactions 30 – – – – 13 13 – 13 Balance at 31 December 2012 6,608 (406) – (6) 3,174 9,370 (5) 9,365 The consolidated statement of changes in equity is to be read in conjunction with the notes to the consolidated financial statements. 82
Notes to the Consolidated Financial Statements for the year ended 31 December 2012 1. Significant Accounting Policies The consolidated financial report of Santos Limited (“the Company”) for the year ended 31 December 2012 was authorised for issue in accordance with a resolution of the Directors on 22 February 2013. The consolidated financial report of the Company for the year ended 31 December 2012 comprises the Company and its controlled entities (“the Group”). Santos Limited (the parent) is a company limited by shares incorporated in Australia, whose shares are publicly traded on the Australian Securities Exchange (“ASX”) and is the ultimate parent entity in the Group. The Group is a for‐profit entity for the purpose of preparing the financial statements. The nature of the operations and principal activities of the Group are described in the Directors’ Report. (a) Statement of compliance The consolidated financial report is a general purpose financial report which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. The consolidated financial report complies with Australian Accounting Standards as issued by the Australian Accounting Standards Board (“AASB”) and International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). (b) Basis of preparation The consolidated financial report is presented in Australian dollars. The consolidated financial report is prepared on the historical cost basis, except for derivative financial instruments, fixed rate notes that are hedged by an interest rate swap and a cross‐currency swap, and available‐for‐sale financial assets, which are measured at fair value. The Company is of a kind referred to in ASIC Class Order 98/100 dated 10 July 1998 (updated by Class Order 05/641 effective 28 July 2005), and in accordance with that Class Order amounts in the consolidated financial report and Directors’ Report have been rounded to the nearest million dollars, unless otherwise stated. Adoption of new accounting standards and interpretations The following amendments to standards, which became applicable from 1 January 2012, have been adopted by the Group. These amendments have not impacted on the accounting policies, financial position or performance of the Group, or on presentation or disclosure in the consolidated financial report: • AASB 2010‐6 Amendments to Australian Accounting Standards – Disclosures on Transfers of Financial Assets; and • AASB 2010‐8 Amendments to Australian Accounting Standards – Deferred Tax Recovery of Underlying Assets. The Group has not elected to apply any pronouncements before their effective date for the annual reporting period ended 31 December 2012. New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2013 and have not been applied in preparing these consolidated financial statements. The Group’s assessment of the impact of these new standards, amendments to standards and interpretations is set out below: • AASB 9 Financial Instruments and AASB 2010‐7 Amendments to Australian Accounting Standards arising from AASB 9. AASB 9 introduces new requirements for the classification, measurement and derecognition of financial assets and financial liabilities. Application of AASB 9 is not expected to have a significant impact on the Group’s accounting for financial assets and financial liabilities. AASB 9 is effective for annual reporting periods beginning on or after 1 January 2015, and is available for early adoption. • AASB 10 Consolidated Financial Statements, AASB 11 Joint Arrangements, AASB 12 Disclosure of Interests in Other Entities, revised AASB 127 Separate Financial Statements, AASB 128 Investments in Associates and Joint Ventures and AASB 2011‐7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards. In August 2011, the AASB issued a suite of six new and amended standards which address the accounting for joint arrangements, consolidated financial statements and associated disclosures. The standards are effective for annual reporting periods beginning on or after 1 January 2013. Santos Annual Report 2012 83
Page 1 and 2: Financial Report Contents The Direc
Page 3 and 4: Consolidated Statement of Comprehen
Page 5: Consolidated Statement of Cash Flow
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Page 27 and 28: 2012 2011 4. Expenses Note $million
Page 29 and 30: 2012 2011 6. Taxation Expense $mill
Page 31 and 32: 8. Trade and Other Receivables (con
Page 33 and 34: 2012 2011 Subsurface Plant and Subs
Page 35 and 36: 14. Impairment of Non‐current Ass
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Page 43 and 44: Translation Fair value Hedging rese
Page 45 and 46: 23. Earnings per Share Basic earnin
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31. Key Management Personnel Disclo
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32. Related Parties Identity of rel
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2012 2011 34. Commitments for Expen
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37. Deed of Cross Guarantee Pursuan
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37. Deed of Cross Guarantee (CONTIN
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Independent Audit Report to the mem
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Information for shareholders NOTICE
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Analysis of Shares - Range of Share
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Joint Venture and Permits % Interes
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Financials - Santos

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