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Financial statements

Statement of Comprehensive Income for the period ended 30 June 2021

Original
Budget

2021

2020

2021

Notes

$'000

$'000

$'000

NET COST OF SERVICES

EXPENSES

Employee benefits

1.1A

287,667

262,796

289,522

Suppliers

1.1B

534,185

438,377

479,978

Depreciation and amortisation

2.2A

164,778

131,474

85,000

Finance costs

-

3

-

Interest on lease liabilities

4,826

5,086

4,780

Write-down and impairment of assets

1.1C

34,945

31,109

-

Net foreign exchange losses

1.1D

1,152

28

-

Total Expenses

1,027,553

868,873

859,280

OWN-SOURCE INCOME

OWN-SOURCE REVENUE

Revenue from contract with customers

1.2A

3,336

3,031

2,704

Resources received free of charge

155

158

153

Total own-source revenue

3,491

3,189

2,857

Gains

Reversals of write-downs and impairment

2.2A

724

2,602

-

Total gains

724

2,602

-

Total own-source income

4,215

5,791

2,857

Net cost of services

(1,023,338)

(863,082)

(856,423)

Revenue from Government

1.2B

805,703

763,900

805,435

Deficit attributable to the Australian Government

(217,635)

(99,182)

(50,988)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation reserve

2.2A

(5,723)

18,084

-

Total other comprehensive income

(5,723)

18,084

-

Total comprehensive loss

(223,358)

(81,098)

(50,988)

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

Budget Variances Commentary

The financial statements provide a comparison of the original budget as presented in the 2020-21 Portfolio Budget Statements (PBS) to the 2020-21 final outcome as presented in accordance with Australian Accounting Standards. The Budget is not audited.

Variances are considered ‘major’ based on the following criteria:

  the variance between budget and actual is greater than 10%; and

  the variance between budget and actual is greater than 2% of total expenses; or

  the variance between budget and actual is below this threshold but is considered important for the reader’s understanding.

In some instances, a budget has not been provided for in the PBS, for example non-cash items such as asset revaluations, foreign exchange and sale of assets. Unless the variance is considered ‘major’ no explanation has been provided.

Statement of Comprehensive Income

Supplier Expenses

Supplier expenses were significantly higher than budgeted due to more robust accounting processes and an increase in activity levels following procurement delays due to COVID-19 in the 2019-20 Financial Year.

Depreciation and amortisation

Depreciation and amortisation was higher than budgeted as the initial budget had not been adjusted for the effects of AASB16. This was corrected in the subsequent budget update.

Write-downs and impairment of assets

No budget was provided for these expenses as they are not reliably estimated.

Statement of Financial Position for the period ended 30 June 2021

Original
Budget

2021

2020

2021

Notes

$'000

$'000

$'000

ASSETS

Financial Assets

Cash and cash equivalents

2.1A

13,398

35,630

37,946

Trade and other receivables

2.1B

185,317

80,168

80,168

Total financial assets

198,715

115,798

118,114

Non-Financial Assets 1

Buildings and infrastructure

2.2A

402,686

466,308

414,978

Plant and equipment

2.2A

277,481

290,638

475,776

Intangibles

2.2A

64,822

26,006

32,657

Heritage assets

2.2A

244

244

244

Prepayments

48,374

95,276

95,276

Total non-financial assets

793,607

878,472

1,018,931

Total assets

992,322

994,270

1,137,045

LIABILITIES

Payables

Suppliers

136,319

90,848

93,164

Employee payables

2.3A

13,674

9,775

10,635

Other payables

815

860

-

Total payables

150,808

101,483

103,799

Interest Bearing Liabilities

Leases

2.4A

385,382

379,619

345,607

Total interest bearing liabilities

385,382

379,619

345,607

Provisions

Employee provisions

100,310

93,223

93,223

Total provisions

100,310

93,223

93,223

Total liabilities

636,500

574,325

542,629

NET ASSETS

355,822

419,945

594,416

EQUITY

Contributed equity

681,558

522,318

747,777

Reserves

23,663

29,386

29,386

Accumulated deficit

(349,399)

(131,759)

(182,747)

TOTAL EQUITY

355,822

419,945

594,416

1. Right-of-use (ROU) assets are included in the following line items: Buildings and Infrastructure
The above statement should be read in conjunction with the accompanying notes.

Budget Variances Commentary

Budget Variances Commentary

Statement of Financial Position

Cash and cash equivalents

Cash is drawn from appropriation on demand and fluctuates as the cash needs change.

Trade and other receivables

Trade and other receivables were higher than budgeted due to a reduction in appropriations utilised and a resulting increase in appropriation receivable. In addition, ASD is retaining appropriations receivable to cover future liabilities and capital expenditure formally moved into future financial years as part of the budget process.

Non-financial assets

Plant and equipment was lower than budgeted amounts due to a significant reduction in capital spend as a result of COVID-19 supply chain delays. In addition, there was a reduction due to asset revaluations and write-downs resulting from asset remediation activities which was not forecast in the budget.

Prepayments

Prepayments were less than budgeted due to a maturing in the processes in prepayment recognitions.

Suppliers Payable

Suppliers payable are greater than forecast due to increased procurement activities at year-end resulting in higher than forecast year end accrual balances.

Leases

The lease balance is greater than budgeted due to the recognition of additional leases during the financial year.

Employee Provisions

Employee Provisions are higher than budgeted due to reduced rates of leave being taken across the organisation resulting from the impacts of COVID-19.

Equity

Refer to Statement of Changes in Equity for budget variance explanations.

Statement of Changes in Equity for the period ended 30 June 2021

Original budget

2021

2020

2021

Notes

$'000

$'000

$'000

CONTRIBUTED EQUITY

Opening balance

522,318

345,312

522,318

Adjustment for non-financial assets

6,557

170

-

Adjusted opening balance

528,875

345,482

522,318

Distributions to owners

Return of equity

(52,064)

-

-

Contribution by owners

Equity injection - Appropriations

174,747

176,836

195,459

Departmental capital budget

30,000

-

30,000

Closing balance as at 30 June

681,558

522,318

747,777

RETAINED EARNINGS

Opening balance

(131,759)

(31,315)

(131,759)

Adjustment for prior period appropriation

(5)

(2,804)

-

Adjustment on initial application of AASB 16

-

1,542

-

Adjusted opening balance

(131,764)

(32,577)

(131,759)

Comprehensive income

Deficit for the period

(217,635)

(99,182)

(50,988)

Closing balance as at 30 June

(349,399)

(131,759)

(182,747)

ASSET REVALUATION RESERVE

Opening balance

29,386

11,302

29,386

Comprehensive income

Other comprehensive income

2.2A

(5,723)

18,084

-

Closing balance as at 30 June

23,663

29,386

29,386

TOTAL EQUITY

Adjusted Opening balance

426,497

324,207

419,945

(Deficit) for the period

(217,635)

(99,182)

(50,988)

Other Comprehensive Income

(5,723)

18,084

-

Transactions with owners

152,683

176,836

225,459

Restructuring

-

-

-

Closing balance as at 30 June

355,822

419,945

594,416

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

Accounting Policy

Equity Injections

Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.

Other Distribution to Owners

The Financial Reporting Rules (FRR) require that distribution to owners to be debited to contributed equity unless it is in the nature of a dividend.

Budget Variances Commentary

Statement of Changes in Equity

Contribution by owners

Equity injections – Appropriations have been reduced in accordance with Section 51 of the PGPA Act for the movement of capital funding and other previously appropriated amounts.

Asset Revaluation Reserve

No budget was provided for in the PBS for asset revaluations due to the uncertainty in measurement and its non-cash nature.

Refer to the Statement of Comprehensive Income for (Deficit) variance explanations.

Statement of Cashflows for the period ended 30 June 2021

Original Budget

2021

2020

2021

Notes

$'000

$'000

$'000

OPERATING ACTIVITIES

Cash received

Appropriations

877,599

747,121

805,435

Sale of goods and rendering of services

4,312

-

2,704

Interest

-

-

-

GST received

35,335

33,225

49,026

Other

-

401

(5)

Total cash received

917,246

780,747

857,160

Cash used

Employees

(279,077)

(248,176)

(289,522)

Suppliers

(542,399)

(405,180)

(478,203)

GST paid

(35,409)

(32,575)

(49,026)

Section 74 receipts transferred to OPA

(67,917)

(46,473)

-

Other

(175)

-

-

Interest payments on lease liabilities

(4,826)

(5,086)

(4,780)

Total cash used

(929,803)

(737,490)

(821,531)

Net cash from/(used by) operating activities

(12,557)

43,257

35,629

INVESTING ACTIVITIES

Cash used

Purchase of buildings and infrastructure

(2,132)

(27,521)

-

Purchase of plant and equipment

(91,871)

(108,308)

(212,759)

Purchase of intangibles

(17,012)

(17,528)

(12,000)

Total cash used

(111,015)

(153,357)

(224,759)

Net cash (used by) investing activities

(111,015)

(153,357)

(224,759)

FINANCING ACTIVITIES

Cash received

Contributed equity

107,900

179,007

225,459

Total cash received

107,900

179,007

225,459

Cash used

Principal payments of lease liabilities

(6,561)

(31,037)

(34,012)

Total cash used

(6,561)

(31,037)

(34,012)

Net cash from financing activities

101,340

147,970

191,447

Net increase/(decrease) in cash held

(22,232)

37,870

2,316

Cash and cash equivalents at the beginning of the reporting period

35,630

(2,245)

35,630

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

-

5

-

Cash and cash equivalents at the end of the reporting period

2.1A

13,398

35,630

37,946

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

Budget Variances Commentary

Statement of Cashflows

The amounts reported in the statement of cash flows are interrelated with figures disclosed in the statement of comprehensive income and statement of financial position. Consequently, cash flow variances are attributable to the relevant variance explanations provided above.

Administered Schedule of Comprehensive Income for the period ended 30 June 2021

Original Budget

2021

2020

2021

$'000

$'000

$'000

NET COST OF SERVICES

Deficit attributable to the Australian Government

-

-

-

Total comprehensive income/(loss)

-

-

-

Administed Schedule of Assets and Liabilities as at 30 June 2021

Original Budget

2021

2020

2021

$'000

$'000

$'000

ASSETS

Cash and cash equivalents

33,705

13,088

-

Total assets administered on behalf of Government

33,705

13,088

-

LIABILITIES

Other payables

33,705

13,088

-

Total liabilities administered on behalf of Government

33,705

13,088

-

Net assets

-

-

-

Administered Reconciliation Schedule for the period ended 30 June 2021

2021

2020

$'000

$'000

Opening assets less liabilities as at 1 July

-

-

Closing assets less liabilities as at 30 June

-

-

Administered Cash Flow Statement for the period ended 30 June 2021

2021

2020

$'000

$'000

Cash and cash equivalents at the beginning of the reporting period

13,088

19,568

Cash from the Official Public Account

Special Accounts

34,979

2,449

Total cash from the Official Public Account

34,979

2,449

Cash to the Official Public Account

Special Accounts

(14,362)

(8,929)

Total cash to the Official Public Account

(14,362)

(8,929)

Cash and cash equivalents at the end of the reporting period

33,705

13,088