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June 2020 $’000
June 2019 $’000
Revenue from continuing operations
Facilities and services charges - revenue
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:
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.
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.
(b) Other income and expense items
Items included in loss before tax
Plant and equipment
Right of use asset
Finance (income) / expense
Net finance (income) / expense
Gain on debt restatement
Gain on deferred purchase obligation restatement