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Primary financial statements

INCOME STATEMENT

for the year ended 31 December 2019

Consolidated

University

2019

2018

2019

2018

Notes

$'000

$'000

$'000

$'000

REVENUE AND INCOME FROM CONTINUING OPERATIONS

Australian Government Financial Assistance

Australian Government grants

1.1A

587,709

577,406

587,709

577,406

Super computer capital grant (construction in 2019)

1.1A

49,911

69,200

49,911

69,200

HELP - Australian Government grants

1.1A

90,027

91,433

90,027

91,433

HECS-HELP - student payments

8,573

9,399

8,573

9,399

Territory Government financial assistance

1.1B

6,291

3,863

6,291

3,863

Fees and charges

1.1C

376,305

365,872

376,305

365,872

Net investment revenue

1.1G

234,443

75,233

234,390

75,129

Consultancy and contracts

1.1D

108,535

105,704

80,802

79,940

Other revenue

1.1E

76,441

76,369

74,527

67,357

Gains/(losses) on disposal of assets

1.2G

(11,584)

(177)

(11,621)

(175)

Share of profit or loss on investments accounted for using the equity method

2.1E

(21)

762

-

-

TOTAL REVENUE AND INCOME FROM CONTINUING OPERATIONS

1,526,630

1,375,064

1,496,914

1,339,424

EXPENSES FROM CONTINUING OPERATIONS

Employee related expenses

1.2A

674,508

628,352

654,356

608,948

Depreciation and amortisation

1.2B

81,049

78,340

78,961

76,911

Repairs and maintenance

1.2C

23,248

23,406

23,079

23,262

Borrowing costs

1.2D

11,794

12,447

11,794

12,447

Write-down and impairment of assets

1.2E

6,342

7,218

6,353

7,474

Deferred superannuation expense

1.2A

16,246

18,578

16,246

18,578

Other expenses

1.2F

413,273

380,616

403,786

364,843

TOTAL EXPENSES FROM CONTINUING OPERATIONS

1,226,460

1,148,957

1,194,575

1,112,463

NET SURPLUS BEFORE INCOME TAX

300,170

226,107

302,339

226,961

Income tax (expense)/benefit

1.2H

142

(464)

-

-

NET SURPLUS AFTER INCOME TAX

300,312

225,643

302,339

226,961

NET RESULT FROM CONTINUING OPERATIONS

300,312

225,643

302,339

226,961

STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 December 2019

Consolidated

University

2019

2018

2019

2018

Notes

$'000

$'000

$'000

$'000

Net surplus after income tax for the period

300,312

225,643

302,339

226,961

Items that will be reclassified to profit or loss

Net change in fair value of available-for-sale (AFS) financial assets

2.3A

47,734

(1,056)

47,734

(1,056)

Reclassifications to income - derecognition of AFS financial assets

2.3A

-

(528)

-

(528)

Items that will not be reclassified to profit or loss

Gain/(loss) on revaluation of non-financial assets net of tax

2.3A

37,303

(5,461)

36,763

(5,892)

Net actuarial (losses)/gains recognised in respect of defined benefit plans

6.2

(70,522)

(36,559)

(70,522)

(36,559)

Other movements

17

211

45

(31)

Total other comprehensive income

14,532

(43,393)

14,020

(44,066)

Comprehensive result

314,844

182,250

316,359

182,895

STATEMENT OF FINANCIAL POSITION

as at 31 December 2019

Consolidated

University

2019

20181

2019

20181

Notes

$'000

$'000

$'000

$'000

ASSETS

Current Assets

Cash and cash equivalents

2.1A

492,912

190,366

488,123

181,196

Loans and receivables

2.1B

91,513

97,363

87,283

90,839

Contract assets

1.1F, 2.1B

6,227

1,972

3,950

-

Inventories

2.1C

1,128

1,158

1,128

999

Investments

2.1D

1,301,284

1,453,309

1,301,284

1,453,309

Other financial assets

2.1F

2,836

2,405

2,836

2,405

Non-current assets classified as held for sale

2.1G

2,625

-

-

-

Other non-financial assets

2.1H

32,112

17,225

31,487

16,807

Total Current Assets

1,930,637

1,763,798

1,916,091

1,745,555

Non-Current Assets

Loans and receivables

2.1B

15,986

9,035

19,023

11,465

Contract assets

1.1F, 2.1B

174

-

174

-

Investments

2.1D

194,835

145,517

202,035

152,717

Investments accounted for using the equity method

2.1E

2,703

2,800

5,109

5,099

Other non-financial assets

2.1H

398

144

398

144

Land, buildings and infrastructure

2.1I

1,808,261

1,803,243

1,796,359

1,789,543

Plant and equipment

2.1I

206,482

153,346

205,886

152,244

Intangibles

2.1I

14,999

17,484

8,071

10,080

Total Non-Current Assets

2,243,838

2,131,569

2,237,055

2,121,292

TOTAL ASSETS

4,174,475

3,895,367

4,153,146

3,866,847

LIABILITIES

Current Liabilities

Suppliers

2.2A

47,197

48,831

44,690

45,035

Contract liabilities

1.1F

54,193

4,380

51,782

-

Other payables

2.2B

118,786

159,211

114,330

152,535

Interest bearing liabilities

2.2C

5,221

4,818

5,221

4,818

Lease liabilities

2.2D

7,154

2,032

7,090

2,032

Other financial liabilities

2.1F

3,380

2,175

3,380

2,175

Employee benefits

4.1A

141,875

136,895

140,218

135,052

Workers compensation provision

2.2E

3,188

3,001

3,188

3,001

Total Current Liabilities

380,994

361,343

369,899

344,648

Non-Current Liabilities

Contract liabilities

1.1F

3,566

-

3,566

-

Other payables

2.2B

27,886

27,534

27,886

27,534

Interest bearing liabilities

2.2C

272,442

277,925

272,442

277,925

Lease liabilities

2.2D

10,409

3,841

10,409

3,841

Other financial liabilities

2.1F

332

293

332

293

Employee benefits

4.1A

709,551

658,267

709,481

658,121

Workers compensation provision

2.2E

22,706

23,739

22,706

23,739

Total Non-Current Liabilities

1,046,892

991,599

1,046,822

991,453

TOTAL LIABILITIES

1,427,886

1,352,942

1,416,721

1,336,101

NET ASSETS

2,746,589

2,542,425

2,736,425

2,530,746

EQUITY

Parent Entity Interest

Reserves

2.3A

871,855

792,370

858,454

779,509

Retained surplus

1,874,734

1,750,055

1,877,971

1,751,237

TOTAL EQUITY

2,746,589

2,542,425

2,736,425

2,530,746

1 Adjusted 2018 figures. Refer to Note 4.1B.

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

STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2019

Asset Revaluation

Consolidated

Retained Surplus

Surplus

Special Reserves

Total Equity

2019

20181

2019

2018

2019

2018

2019

20181

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

Balance as at 1 January 2019

Balance carried forward from previous period

1,750,055

1,447,069

730,696

899,165

61,674

59,910

2,542,425

2,406,144

Effect of adoption of AASB 9

-

162,525

-

(161,494)

-

-

-

1,031

Adjustment for prior year restatement

-

(47,000)

-

-

-

-

-

(47,000)

Effect of adoption of AASB 15/AASB 1058

(110,680)

-

-

-

-

-

(110,680)

-

Balance as restated

1,639,375

1,562,594

730,696

737,671

61,674

59,910

2,431,745

2,360,175

Comprehensive income

Surplus for the period

300,312

225,643

-

-

-

-

300,312

225,643

Gain/(loss) on revaluation of Non-Financial Assets net of tax

-

-

37,303

(5,461)

-

-

37,303

(5,461)

Gain/(loss) on revaluation of investments

-

-

47,734

(1,056)

-

-

47,734

(1,056)

Transfer to income

-

-

-

(528)

-

-

-

(528)

Remeasurements of Defined Benefit Plans

(70,522)

(36,559)

-

-

-

-

(70,522)

(36,559)

Adjustment for disposal of buildings

8,196

(82)

(8,196)

82

-

-

-

-

Other movements

17

211

-

-

-

-

17

211

Transfers (from)/to reserves

(2,644)

(1,752)

-

(12)

2,644

1,764

-

-

Total comprehensive income

235,359

187,461

76,841

(6,975)

2,644

1,764

314,844

182,250

Balance at 31 December 2019

1,874,734

1,750,055

807,537

730,696

64,318

61,674

2,746,589

2,542,425

1 Adjusted 2018 figures. Refer to Note 4.1B.

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

Asset Revaluation

University

Retained Surplus

Surplus

Special Reserves

Total Equity

2019

20181

2019

2018

2019

2018

2019

20181

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

Balance as at 1 January 2019

Balance carried forward from previous period

1,751,237

1,447,175

717,835

886,735

61,674

59,910

2,530,746

2,393,820

Effect of adoption of AASB 9

-

162,525

-

(161,494)

-

-

-

1,031

Adjustment for prior year restatement

-

(47,000)

-

-

-

-

-

(47,000)

Effect of adoption of AASB 15/AASB 1058

(110,680)

-

-

-

-

-

(110,680)

-

Balance as restated

1,640,557

1,562,700

717,835

725,241

61,674

59,910

2,420,066

2,347,851

Comprehensive income

Surplus for the period

302,339

226,961

-

-

-

-

302,339

226,961

Gain/(loss) on revaluation of Non-Financial Assets net of tax

-

-

36,763

(5,892)

-

-

36,763

(5,892)

Gain/(loss) on revaluation of investments

-

-

47,734

(1,056)

-

-

47,734

(1,056)

Transfer to income

-

-

-

(528)

-

-

-

(528)

Remeasurements of Defined Benefit Plans

(70,522)

(36,559)

-

-

-

-

(70,522)

(36,559)

Adjustment for disposal of buildings

8,196

(82)

(8,196)

82

-

-

-

-

Other movements

45

(31)

-

-

-

-

45

(31)

Transfers (from)/to reserves

(2,644)

(1,752)

-

(12)

2,644

1,764

-

-

Total comprehensive income

237,414

188,537

76,301

(7,406)

2,644

1,764

316,359

182,895

Balance at 31 December 2019

1,877,971

1,751,237

794,136

717,835

64,318

61,674

2,736,425

2,530,746

1 Adjusted 2018 figures. Refer to Note 4.1B.

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

STATEMENT OF CASH FLOWS

for the year ended 31 December 2019

Consolidated

University

2019

2018

2019

2018

Notes

$'000

$'000

$'000

$'000

OPERATING ACTIVITIES

Cash received

Australian Government financial assistance

1.1A

680,345

738,039

680,345

738,039

Territory Government financial assistance

5,399

3,863

5,399

3,863

HECS-HELP - student payments

8,573

9,399

8,573

9,399

Receipts from student fees and other customers

362,998

364,986

362,998

364,986

Consultancy and contracts

110,153

105,704

86,358

79,940

Interest and other investment earnings

29,758

26,676

29,513

26,570

Dividends received

45,782

55,495

45,782

55,495

Other receipts

80,874

90,922

74,887

80,390

Net GST received

49,293

48,099

48,627

47,838

Total cash received

1,373,175

1,443,183

1,342,482

1,406,520

Cash used

Payments to employees and pensioners

662,561

641,040

642,147

623,172

Interest and other costs of finance

11,794

12,447

11,794

12,447

Payments for services

527,742

451,304

514,228

436,641

Income taxes paid

(142)

464

-

-

Total cash used

1,201,955

1,105,255

1,168,169

1,072,260

NET CASH FROM OPERATING ACTIVITIES

3.1A

171,220

337,928

174,313

334,260

INVESTING ACTIVITIES

Cash received

Proceeds from sale of property, plant and equipment

108,148

786

108,165

499

Receipts of loans receivable

-

15,524

-

16,349

Proceeds from sale and maturity of investments

1,590,738

1,894,167

1,590,738

1,894,167

Total cash received

1,698,886

1,910,477

1,698,903

1,911,015

Cash used

Purchase of property, plant and equipment

277,984

368,814

277,808

368,360

Purchase of investments

1,281,108

1,876,686

1,281,215

1,875,712

Total cash used

1,559,092

2,245,500

1,559,023

2,244,072

NET CASH FROM INVESTING ACTIVITIES

139,794

(335,023)

139,880

(333,057)

FINANCING ACTIVITIES

Cash used

Repayments of borrowings

5,080

4,488

5,080

4,488

Repayment of lease liabilities

5,695

-

4,493

-

Total cash used

10,775

4,488

9,573

4,488

NET CASH FROM FINANCING ACTIVITIES

(10,775)

(4,488)

(9,573)

(4,488)

NET DECREASE IN CASH HELD

300,239

(1,583)

304,620

(3,285)

Cash and cash equivalents at the beginning of the financial year

2.1A

190,366

187,088

181,196

179,620

Effect of exchange rate movements on cash and cash equivalents at the beginning of the reporting period

2,307

4,861

2,307

4,861

Cash and cash equivalents at the end of the financial year

2.1A

492,912

190,366

488,123

181,196

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