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Statement of Comprehensive Income

for the period ended 30 June 2021

2021 Orginal

2021

2020

Budget

Notes

$'000

$'000

$'000

NET COST OF SERVICES

Expenses

Employee benefits

1.1A

19,865

19,442

21,829

Suppliers

1.1B

14,840

14,914

14,153

Depreciation and amortisation

2.2A

2,260

2,126

2,757

Finance costs

1.1C

100

110

97

Write-down and impairment of other assets

1.1D

41

10

-

Impairment loss on financial instruments

1.1E

6

7,932

-

Act of grace payments

-

2,529

-

Foreign exchange losses

3

12

-

Total expenses

37,115

47,075

38,836

Own-Source Income

Own-source revenue

Revenue from contracts with customers

1.2A

2,976

2,990

2,237

Rental income

1.2B

160

158

135

Interest

1.2C

7

8

-

Levies and licence fees

1.2D

13,322

14,602

14,665

Total own-source revenue

16,465

17,758

17,037

Gains

Resources received free of charge

44

1,490

45

Total gains

44

1,490

45

Total own-source income

16,509

19,248

17,082

Net (cost of) / contribution by services

(20,606)

(27,827)

(21,754)

Revenue from Government

1.3A

19,973

30,224

19,973

Surplus / (deficit) on continuing operations

(633)

2,397

(1,781)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

-

(192)

-

Total other comprehensive (loss)

-

(192)

-

Total Comprehensive income / (loss)

(633)

2,205

(1,781)

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

Budget Variances Commentary

Employee expenses were lower than the Original Budget by $2.0 million due to lower average staffing levels throughout 2020-21 partially offset by an increase in employee leave provision expenses.

Own-source revenues were lower than the Original Budget by $0.6 million due to lower than forecast levy revenues, partially offset by higher services income for Vessel Monitoring Systems for States & Territory Governments and higher observer fee for service income.

Suppliers were $0.7 million higher than the Original Budget. The key drivers included:

  • higher than forecast Vessel Monitoring Systems expenditure for State & Territory Governments
  • higher than forecast contractor and consultant costs due to lower average staffing levels
  • the above increases were partially offset by lower than forecast travel costs due to Covid-19 restrictions

Depreciation and amortisation were $0.5 million lower than the Original Budget as budgeted depreciation was set using historical averages.