Financial performance
This section analyses the financial performance of AMSA for the financial year.
Note 1.1: Expenses
2020 | 2019 | |
$’000 | $’000 | |
Note 1.1A: Suppliers | ||
Goods and services supplied or rendered | ||
Travel and transport | 3,965 | 6,052 |
Material and services | 104,056 | 130,759 |
Communications | 5,583 | 5,520 |
Administration | 7,992 | 5,455 |
Total goods and services supplied or rendered | 121,596 | 147,786 |
Goods supplied | 109,810 | 135,252 |
Services rendered | 11,786 | 12,534 |
Total goods and services supplied or rendered | 121,596 | 147,786 |
Other suppliers | ||
Workers compensation expenses | 256 | 216 |
Operating lease rentals1 | - | 19,650 |
Variable lease payments | 2,670 | - |
Total other suppliers | 2,926 | 19,866 |
Total suppliers | 124,522 | 167,652 |
1. AMSA has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 117. | ||
The above lease disclosures should be read in conjunction with the accompanying notes 1.1B, 1.2B, 2.2A, 2.4A. | ||
Accounting Policy | ||
AMSA has elected not to recognise right-of-use assets and lease liabilities for short-term leases of assets that have a lease term of 12 months or less and leases of low-value assets less than $10,000. AMSA recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. | ||
Note 1.1B: Finance costs | ||
Interest on lease liabilities | 1,642 | - |
Finance leases1 | - | 93 |
Unwinding of discount | 171 | 329 |
Total finance costs | 1,813 | 422 |
1. AMSA has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 117. | ||
The above lease disclosures should be read in conjunction with the accompanying notes 1.1A, 1.2B, 2.2A, 2.4A. | ||
Note 1.2: Own-source income
2020 | 2019 | |
$’000 | $’000 | |
Own-source revenue | ||
Note 1.2A: Revenue from contracts with customers1 | ||
Sale of publications | 85 | 74 |
Regulatory services | 5,945 | 7,121 |
Other | 282 | 1,584 |
Total revenue from contracts with customers | 6,312 | 8,779 |
1. AMSA has applied AASB 15 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 118. | ||
Accounting Policy | ||
Revenue from contracts with customers is recognised when control has been transferred to the buyer. | ||
AMSA identifies that a contract is within the scope of AASB 15 when an enforceable agreement exists, including where enforceable rights and obligations arise through statutory requirements, where the performance obligations are sufficiently specific to enable AMSA to determine when they have been satisfied and where it is probable that AMSA will collect payment in exchange for the goods or services. | ||
Where these criteria are not met and the consideration to acquire the asset is significantly less than fair value principally to enable AMSA to further its objectives it will be within the scope of AASB 1058 and revenue is recognised when AMSA has a right to receive payment. | ||
AMSA principally generates its revenue from contracts with customers through the delivery of regulatory services, where the performance obligations are satisfied at a point in time when the regulatory process is finalised and the outcome is provided to the customer. | ||
The transaction price is the total amount of consideration to which AMSA expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. Consideration for regulatory services is primarily received up front and recognised as a contract liability until the performance obligations are satisfied by AMSA. | ||
Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed at the end of the reporting period. Allowances are made when collectability of the debt is no longer probable. | ||
Note 1.2B: Rental income | ||
Operating lease | ||
Lease income | 29 | - |
Other1 | - | 642 |
Subleasing right-of-use assets | 316 | - |
Total rental income | 345 | 642 |
1. AMSA has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 117. | ||
Operating leases | ||
AMSA leases its residential properties to employees in remote regions and to external parties when not required by employees. AMSA subleases a small part of its warehouse and office space to its contractors and subleases car parking spaces to employees. AMSA manages the risks associated with any rights it retains in the underlying asset through the use of commercial arrangements to manage the lease and appropriate insurance coverage. | ||
2020 | 2019 | |
$’000 | $’000 | |
Maturity analysis of operating lease receivables: | ||
Within 1 year | 353 | |
1 to 2 years | 96 | |
2 to 3 years | 19 | |
3 to 4 years | 19 | |
4 to 5 years | 19 | |
More than 5 years | 29 | |
Total undiscounted lease payments receivable | 535 | |
Operating lease receivables are GST inclusive where relevant. | ||
The above lease disclosures should be read in conjunction with the accompanying notes 1.1A, 1.1B, 2.2A, 2.4A. | ||
Note 1.2C: Other revenue1 | ||
Fines | 115 | 57 |
Funding from other Commonwealth entities for the delivery of programs2 | 3,283 | - |
Other | 1,557 | - |
Total other revenue | 4,955 | 57 |
1. AMSA has applied AASB 15 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 118 and AASB 1004. | ||
2. The comparative amount was disclosed under Note 1.2D Revenue from Government in the prior year. | ||
Note 1.2D Revenue from Government | ||
Department of Infrastructure, Transport, Regional Development and Communications | ||
Corporate Commonwealth entity payment item | ||
Levy revenue: Section 48, Australian Maritime Safety Authority Act 1990 | ||
Marine Navigation Levy | 36,100 | 35,340 |
Marine Navigation (Regulatory Functions) Levy | 54,949 | 53,470 |
Protection of the Sea Levy | 36,568 | 35,567 |
Services provided on behalf of the Government | 81,986 | 76,533 |
Other1 | - | 3,853 |
Total revenue from Government | 209,603 | 204,763 |
1. Funding from other Commonwealth entities for the delivery of programs is disclosed under Note 1.2C Other Revenue this year. | ||
Accounting Policy | ||
Funding received or receivable from non-corporate Commonwealth entities (appropriated to the Department of Infrastructure, Transport, Regional Development and Communications as a corporate Commonwealth entity payment item for payment to AMSA) is recognised as revenue from government by AMSA unless the funding is in the nature of an equity injection or a loan. | ||
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https://www.transparency.gov.au/annual-reports/australian-maritime-safety-authority/reporting-year/2019-20-49