AGL Energy Limited Annual Report 2011 103 Note 45 – Deed of cross guarantee Pursuant to ASIC Class Order 98/1418 (as amended), the wholly-owned subsidiaries identified in Note 41 are relieved from the  Corporations Act 2001  requirements to prepare and lodge an audited financial report, and a Directors’ report. As a condition of the Class Order, the Parent Entity and each of the identified subsidiaries (the Closed Group) have entered into a Deed of  Cross Guarantee. The effect of the Deed is that the Parent Entity guarantees to each creditor, payment in full of any debt in the event of  winding up of any of the subsidiaries under certain provisions of the  Corporations Act 2001 . The subsidiaries have also given a similar  guarantee in the event that the Parent Entity is wound up. The following wholly-owned subsidiaries became a party to the Deed of Cross Guarantee on 28 June 2011, by virtue of a Deed of  Assumption. The following wholly-owned subsidiaries were released from their obligations under the Deed of Cross Guarantee by executing Revocation  Deeds during the reporting period: Set out below is the consolidated income statement, statement of comprehensive income, statement of financial position and a summary of  movements in retained earnings of the entities party to the Deed of Cross Guarantee. Closed Group 2011 2010 $m $m Income statement Revenue  6,403.7 5,908.0 Other income  – 6.4 Expenses  (5,565.1) (5,639.0) Share of profits of associates and jointly controlled entities accounted for using the equity method  33.6 70.7 Profit before net financing costs, depreciation and amortisation  872.2 346.1 Depreciation and amortisation  (131.1) (123.5) Profit before net fi nancing costs 741.1 222.6 Finance income  42.6 34.2 Finance costs  (53.4) (68.7) Net fi nancing costs (10.8) (34.5) Profit before tax 730.3 188.1 Income tax expense  (234.9) (21.5) Profit for the year 495.4 166.6 Statement of comprehensive income Profit for the year 495.4 166.6 Other comprehensive income Cash flow hedges  117.0 (221.3) Available-for-sale financial assets  – 1.1 Actuarial gain/(loss) on defined benefit plans  3.6 (7.8) Share of other comprehensive income of an associate  31.5 (25.9) Income tax relating to components of other comprehensive income  (22.2) 68.8 Other comprehensive income for the year, net of income tax 129.9 (185.1) Total comprehensive income for the year 625.3 (18.5) AGL Pipelines Investments (QLD) Pty Limited  AGL Power Generation (NSW) Pty Limited  AGL Power Generation (QLD) Pty Limited  AGL (SG) Pty Limited  AGL (SG) (Wyong) Operations Pty Limited  AGL (SHL) Pty Limited  AGL Southern Hydro Holdings Pty Limited AGL Southern Hydro Investments Pty Ltd AGL Southern Hydro Pty Limited Australian Energy Ltd Geogen Australia Pty Ltd Geogen Pty Limited Oaklands Hill Wind Farm Pty Ltd AGL Cooper Basin Pty Ltd  AGL Gas Storage Pty Ltd  AGL Upstream Gas (Mos) Pty Limited The Australian Gas Light Company