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Primary financial statements

STATEMENT OF COMPREHENSIVE INCOME for the period ended 30 June 2019

Notes

2019

$’000

2018

$’000

Original

Budget 2019

$’000

NET COST OF SERVICES

Expenses

Employee benefits

1.1A

186,693

177,857

176,341

Suppliers

1.1B

123,110

111,794

121,934

Depreciation and amortisation

2.2A

93,696

90,926

83,169

Finance costs - unwinding of discount

2.4

224

426

-

Impairment loss on financial instruments

1.1C

43

3

-

Write-down and impairment of other assets

1.1D

174

10,107

1

Foreign exchange losses

205

121

-

Loss from sale of assets

374

-

-

Contributions to WMO and IOC1

2,425

2,497

1,943

Total expenses

406,944

393,731

383,388

Own-Source Income

Own-source revenue

Sale of goods and rendering of services

1.2A

88,576

77,434

77,844

Other revenue

1.2B

392

4,797

-

Total own-source revenue

88,968

82,231

77,844

Gains

Reversal of impairment of other assets

1.2C

4,143

-

-

Gains from sale of assets

-

-

209

Foreign exchange gains

86

101

-

Total gains

4,229

101

209

Total own-source income

93,197

82,332

78,053

Net cost of services

(313,747)

(311,399)

(305,335)

Revenue from Government

1.2D

231,658

230,389

229,296

Deficit

(82,089)

(81,010)

(76,039)

OTHER COMPREHENSIVE INCOME

Total other comprehensive income

-

-

-

Total comprehensive loss

(82,089)

(81,010)

(76,039)

1. Contributions to World Meteorological Organization (WMO) and Inter-Governmental Oceanographic Commission (IOC).

The budget variances commentary is contained in the Other Information section (note 7.1).
The above statement should be read in conjunction with the accompanying notes.

STATEMENT OF FINANCIAL POSITION as at 30 June 2019

Notes

2019

$’000

2018

$’000

Original Budget 2019

$’000

ASSETS

Financial Assets

Cash and cash equivalents

813

722

5,742

Trade and other receivables

2.1A

178,511

144,121

96,536

Accrued revenues

3,622

4,652

1,488

Total financial assets

182,946

149,495

103,766

Non-Financial Assets

Land

2.2A

11,795

12,235

-

Buildings

2.2A

78,182

83,561

94,483

Plant and equipment

2.2A

349,076

345,953

477,806

Computer software

2.2A

130,064

103,378

101,202

Other intangibles

2.2A

6

8

-

Heritage and cultural

2.2A

1,212

1,212

-

Inventories

2.2B

5,825

6,635

6,029

Prepayments

10,337

8,587

9,389

Total non-financial assets

586,497

561,569

688,909

Assets held for sale

4,073

5,737

-

Total assets

773,516

716,801

792,675

LIABILITIES

Payables

Suppliers

2.3A

26,613

29,235

21,334

Other payables and liabilities

2.3B

64,652

56,686

39,746

Total payables

91,265

85,921

61,080

Provisions

Employee provisions

5.1

68,917

66,666

69,202

Provisions for restoration

2.4

24,555

24,105

23,315

Total provisions

93,472

90,771

92,517

Total liabilities

184,737

176,692

153,597

Net assets

588,779

540,109

639,078

EQUITY

Contributed equity

923,315

790,361

958,536

Reserves

275,144

275,144

275,144

Accumulated deficit

(609,680)

(525,396)

(594,602)

Total equity

588,779

540,109

639,078

The budget variances commentary is contained in the Other Information section (note 7.1).
The above statement should be read in conjunction with the accompanying notes.

Accounting Policy
Cash and cash equivalents
Cash is recognised at its nominal amount. Cash and cash equivalent includes cash on hand or on deposit.

STATEMENT OF CHANGES IN EQUITY for the period ended 30 June 2019

2019

$’000

2018

$’000

Original

Budget 2019

$’000

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

790,361

705,811

782,507

Adjusted opening balance

790,361

705,811

782,507

Transactions with owners

Distributions to owners

Returns of capital

Return of equity appropriations

(38)

(3,146)

-

Contributions by owners

Equity injection - appropriations

92,297

39,585

135,334

Departmental capital budget

40,695

48,111

40,695

Total transactions with owners

132,954

84,550

176,029

Closing balance as at 30 June

923,315

790,361

958,536

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

(525,396)

(444,386)

(518,237)

Adjusted opening balance

(525,396)

(444,386)

(518,237)

Comprehensive income

Deficit for the period

(82,089)

(81,010)

(76,039)

Total comprehensive income

(82,089)

(81,010)

(76,039)

Transactions with owners

Contributions by owners

Other

(2,195)

-

(326)

Total transactions with owners

(2,195)

-

(326)

Closing balance as at 30 June

(609,680)

(525,396)

(594,602)

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

275,144

275,144

275,144

Adjusted opening balance

275,144

275,144

275,144

Comprehensive income

Total comprehensive income

-

-

-

Closing balance as at 30 June

275,144

275,144

275,144

STATEMENT OF CHANGES IN EQUITY for the period ended 30 June 2019

2019

$’000

2018

$’000

Original

Budget 2019

$’000

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

540,109

536,569

539,414

Adjusted opening balance

540,109

536,569

539,414

Comprehensive income

Deficit for the period

(82,089)

(81,010)

(76,039)

Total comprehensive income

(82,089)

(81,010)

(76,039)

Transactions with owners

Distributions to owners

Returns of capital

Return of equity appropriations

(38)

(3,146)

-

Other

(2,195)

-

(326)

Contributions by owners

Equity injection - appropriations

92,297

39,585

135,334

Departmental capital budget

40,695

48,111

40,695

Total transactions with owners

130,759

84,550

175,703

Closing balance as at 30 June

588,779

540,109

639,078

The budget variances commentary is contained in the Other Information section (note 7.1).
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 Distributions to Owners
Distributions to owners are debited to contributed equity unless it is in the nature of a dividend.

CASH FLOW STATEMENT for the period ended 30 June 2019

Notes

2019

$’000

2018

$’000

Original Budget 2019

$’000

OPERATING ACTIVITIES

Cash received

Appropriations

350,934

304,499

306,064

Sales of goods and rendering of services

109,741

96,641

77,843

Net GST received

10,225

7,913

-

Other

-

-

(1)

Total cash received

470,900

409,053

383,907

Cash used

Employees

(187,728)

(184,509)

(175,591)

Suppliers

(155,275)

(121,739)

(121,934)

Section 74 receipts transferred to OPA

(104,611)

(91,552)

(77,844)

Other

(2,195)

-

(1,943)

Total cash used

(449,809)

(397,800)

(377,312)

Net cash from operating activities

21,091

11,253

6,595

INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant and equipment

2.2A

2,263

-

3,291

Total cash received

2,263

-

3,291

Cash used

Purchase of property, plant and equipment and intangibles

2.2A

(105,550)

(82,206)

(182,964)

Total cash used

(105,550)

(82,206)

(182,964)

Net cash used by investing activities

(103,287)

(82,206)

(179,673)

FINANCING ACTIVITIES

Cash received

Departmental capital budget

40,695

48,619

-

Contributed equity

41,592

22,805

176,029

Total cash received

82,287

71,424

176,029

Net cash from financing activities

82,287

71,424

176,029

Net increase/(decrease) in cash held

91

471

2,951

Cash and cash equivalents at the beginning of the reporting period

722

251

2,791

Cash and cash equivalents at the end of the reporting period

813

722

5,742

The budget variances commentary is contained in the Other Information section (note 7.1).
The above statement should be read in conjunction with the accompanying notes.

ADMINISTERED SCHEDULE OF COMPREHENSIVE INCOME for the period ended 30 June 2019

2019

$’000

2018

$’000

NET COST OF SERVICES

Expenses

Other expenses

(780)

(350)

Total expenses

(780)

(350)

Income

Revenue

Non-taxation revenue

Sale of goods and rendering of services

328

2,694

Total revenue

328

2,694

Net contribution by services

(452)

2,344

Surplus/(loss)

(452)

2,344

Total comprehensive income/(loss)

(452)

2,344

Budget Variances Commentary
The original budget for the Administered Schedule of Comprehensive Income was not published in the 2018-19 Portfolio Budget Statements.

Accounting Policy
All administered revenues are revenues relating to ordinary activities performed by the Bureau of Meteorology on behalf of the Australian Government.

ADMINISTERED SCHEDULE OF ASSETS AND LIABILITIES as at 30 June 2019

Notes

2019

’000

2018

$’000

ASSETS

Financial Assets

Trade and other receivables

3.1A

123

59

Accrued revenues

-

32

Total assets administered on behalf of Government

123

91

LIABILITIES

Payables

Trade and other payables

478

-

GST payable

11

5

Total liabilities administered on behalf of government

489

5

Net assets

(366)

86

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

Budget Variances Commentary
The original budget for the Administered Schedule of Assets and Liabilities was not published in the 2018-19 Portfolio Budget Statements.

ADMINISTERED RECONCILIATION SCHEDULE for the period ended 30 June 2019

2019

$’000

2018

$’000

Opening assets less liabilities as at 1 July

86

296

Net contribution by services

Income/(expenses)

(452)

2,344

Transfers (to)/from the Australian Government

Appropriation transfers to Official Public Account

Transfers to Official Public Account

-

(2,554)

Closing assets less liabilities as at 30 June

(366)

86

Accounting Policy
Administered Cash Transfers to and from Official Public Account
Revenue collected by the Bureau of Meteorology for use by the Government rather than the Bureau of Meteorology is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the Bureau of Meteorology on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule.

ADMINISTERED CASH FLOW STATEMENT for the period ended 30 June 2019

2019

$’000

2018

$’000

OPERATING ACTIVITIES

Cash received

Sale of goods and rendering of services

296

2,906

Net GST received

6

(2)

Total cash received

302

2,904

Cash used

Suppliers

(302)

(350)

Total cash paid

(302)

(350)

Net cash from operating activities

-

2,554

Cash to Official Public Account

Cash transfers to Official Public Account

-

(2,554)

Cash and cash equivalents at the beginning of the reporting period

-

-

Cash and cash equivalents at the end of the reporting period

-

-