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Cash Flow Statement

for the period ended 30 June 2020

Principal payments of lease liabilities

884

-

-

Total cash used

884

-

-

Net cash from/(used by) financing activities

-429

609

455

Net increase in cash held

1,647

-5,279

-382

Cash and cash equivalents at the beginning of the reporting period

8,959

14,238

8,261

Cash and cash equivalents at the end of the reporting period

2.1A

10,606

8,959

7,879

The above statement should be read in conjunction with the accompanying notes.

Budget Variances Commentary

Operating Activities

Appropriation receipts were $10.3 million higher than budgeted due to the Australian Government's industry assistance package to assist fishers in response to the Covid-19 pandemic. There was a related decrease in levies and licence fees received of $7.6m for waivers granted to fishers.

Sales of goods and services and net GST received were $2.0 million higher than budgeted due to higher vessel monitoring services and observer fee for service income of $0.8 million, and net GST received of $1.0 million.Employee cash payments were lower than budgeted by $2.0 million due to lower average staffing levels in 2019-20. Supplier cash used were $3.9 million higher than estimated primarily due to $2.5 million Act of Grace payments for Covid-19 relief to fishers and gross up of GST payments of $1.4 million which was not budgeted for.

Investing Activities

Total cash used were $0.2 million lower than estimated in the Original Budget primarily as a result of lower than anticipated IT project capital costs.

Financing Activities

Total cash used were $0.9 million higher than budgeted due to the transition to AASB 16 Leases. The budget estimates were updated to reflect this standard in subsequent budget rounds.