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5. Financial performance

(a) Revenue

June 2020 $’000

June 2019 $’000

Revenue from continuing operations

Facilities and services charges - revenue

2,281

9,228

Lease income

16,279

10,435

Total

18,560

19,663

Revenue recognition

Under AASB 15, revenue is recognised when a customer obtains control of the goods or services. Determining the timing of the transfer of control – at a point in time or over time – requires judgement.

The following table summarises the Company’s approach to each relevant revenue stream:

Revenue stream

Recognition

Applicable accounting standard

Facilities and services charge

Annual priority access fee revenue from ASC AWD Shipbuilder Pty Ltd (ASC AWD) is recognised on a straight-line basis over the period to which the charge related.

Common Use Infrastructure (CUI) revenue (e.g. commercial dockings) is recognised at a point in time, upon satisfaction of performance obligations.

AASB 15

Lease income

Annual commercial property rental charges are recognised on a straight-line basis over the period to which the charge relates.

Licenses with ASC AWD, Luerssen Australia Pty Ltd (Luerssen) and ASCSB are classified as operating leases, where the Company is the lessor.

Income from ASC Pty Ltd comprises a capital charge and a pass-through of depreciation. The capital charge is recognised based on a percentage of the depreciated historic cost of critical infrastructure assets that have not been funded by a program or project and the depreciation charge is recognised based on the depreciation of critical infrastructure assets provided by the Company. Both this capital charge and depreciation charge are treated as lease income under AASB 16.

AASB 16

(b) Other income and expense items

Items included in loss before tax

June 2020
$'000

June 2019
$'000

Depreciation

Buildings

13,757

14,735

Plant and equipment

6,067

6,237

Right of use asset

253

-

20,077

20,972

Finance (income) / expense

Net finance (income) / expense

(14)

487

Gain on debt restatement

Gain on deferred purchase obligation restatement

(2,278)

(818)

Accounting policy

Item

Policy

Depreciation

Accounting policies for depreciation and amortisation are described in Note 8(a).

Finance (income) / expense

Net finance (income) / expense incurred during the financial year is taken to profit and loss.

Gain on debt restatement

Gain on remeasurement of financial liability is taken to profit and loss. Refer Note 14(d).