The financial statements for the financial year 2020 recorded a net surplus of $126,406.
AAFCANS’ cash at bank increased by $1,684,694
Key factors included in the financial results are:
- A net decrease in sales of goods of $70,806, with the 2020 results reflecting a sales decline of 0.25% for the year. The impact of the COVID-19 pandemic was felt in the last quarter with sales falling by $2.7 million behind budget by June 30.
- Gross profit percentage remained relatively stable over last year, being only 0.05% lower. Decreased sales in more profitable categories caused the difference.
- Labour costs as a percentage of sales increased by 1.7% compared to 2019, from 34.2% to 35.9%. This included JobKeeper payments of $257,000 in excess of normal hours worked for which AAFCANS did not receive funding.
- $1,074,836 was invested in assets including outlet refurbishments, computer hardware and plant and equipment.
- AAFCANS’ other expenses were 7.2% of sales, a decrease of 0.1% on the previous year.