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Primary financial statements

STATEMENT OF COMPREHENSIVE INCOME for the period ended 30 June 2020

Original

2020

2019

Budget 2020

Notes

$'000

$'000

$'000

NET COST OF SERVICES

Expenses

Employee benefits

1.1A

177,714

186,693

175,240

Suppliers

1.1B

122,823

123,110

131,880

Depreciation and amortisation

2.2A

117,029

93,696

97,813

Finance costs

1.1C

1,517

224

-

Impairment loss on financial instruments

1.1D

42

43

-

Write-down and impairment of other assets

1.1E

491

174

1

Foreign exchange losses

88

205

-

Loss from sale of assets

583

374

-

Contributions to WMO and IOC1

2,862

2,425

2,084

Total expenses

423,149

406,944

407,018

Own-Source Income

Own-source revenue

Revenue from contracts with customers

1.2A

74,054

88,576

77,373

Other revenue

1.2B

271

392

-

Total own-source revenue

74,325

88,968

77,373

Gains

Reversal of impairment of other assets

1.2C

-

4,143

-

Gains from sale of assets

-

-

91

Foreign exchange gains

607

86

-

Total gains

607

4,229

91

Total own-source income

74,932

93,197

77,464

Net cost of services

(348,217)

(313,747)

(329,554)

Revenue from Government

1.2D

263,269

231,658

238,359

Deficit

(84,948)

(82,089)

(91,195)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

2.2A

58,905

-

-

Total other comprehensive income

58,905

-

-

Total comprehensive loss

(26,043)

(82,089)

(91,195)

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 2020

2020

2019

Original Budget 2020

Notes

$'000

$'000

$'000

ASSETS

Financial Assets

Cash and cash equivalents

948

813

722

Trade and other receivables

2.1A

164,752

178,511

158,385

Accrued revenues

2,296

3,622

4,652

Total financial assets

167,996

182,946

163,759

Non-Financial Assets1

Land

2.2A

12,229

11,795

-

Buildings

2.2A

196,300

78,182

83,057

Plant and equipment

2.2A

461,302

349,076

461,071

Computer software

2.2A

178,722

130,064

104,404

Other intangibles

2.2A

3

6

-

Heritage and cultural

2.2A

-

1,212

-

Inventories

2.2B

5,381

5,825

6,635

Prepayments

9,155

10,337

8,587

Total non-financial assets

863,092

586,497

663,754

Assets held for sale

2,548

4,073

5,737

Total assets

1,033,636

773,516

833,250

LIABILITIES

Payables2

Suppliers

2.3A

88,338

80,541

29,235

Other payables and liabilities

2.3B

6,532

10,724

54,141

Total payables

94,870

91,265

83,376

Interest bearing liabilities

Leases

2.4A

123,755

-

-

Total interest bearing liabilities

123,755

-

-

Provisions

Employee provisions

5.1A

63,279

68,917

66,666

Provisions for restoration

2.5

25,141

24,555

24,105

Total provisions

88,420

93,472

90,771

Total liabilities

307,045

184,737

174,147

Net assets

726,591

588,779

659,103

EQUITY

Contributed equity

1,086,180

923,315

1,097,447

Reserves

334,049

275,144

275,144

Accumulated deficit

(693,638)

(609,680)

(713,488)

Total equity

726,591

588,779

659,103

1. Right-of-use assets are included in the following line items: Land, Buildings, Plant and Equipment.

2. Comparative information reflects the reclassification of deferred revenue balance now accounted for as contract liabilities.

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 2020

2020

2019

Original Budget 2020

$'000

$'000

$'000

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

923,315

790,361

934,353

Adjusted opening balance

923,315

790,361

934,353

Transactions with owners

Distributions to owners

Returns of capital

Return of equity appropriations

(52)

(38)

-

Contributions by owners

Equity injection - appropriations

128,355

92,297

128,356

Departmental capital budget

34,562

40,695

34,738

Total transactions with owners

162,865

132,954

163,094

Closing balance as at 30 June

1,086,180

923,315

1,097,447

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

(609,680)

(525,396)

(619,356)

Adjustment on initial application of AASB 16

4,257

-

-

Adjusted opening balance

(605,423)

(525,396)

(619,356

Comprehensive income

Deficit for the period

(84,948)

(82,089)

(91,195)

Total comprehensive income

(84,948)

(82,089)

(91,195)

Transactions with owners

Contributions to owners

Other

(3,267)

(2,195)

(2,937)

Total transactions with owners

(3,267)

(2,195)

(2,937)

Closing balance as at 30 June

(693,638)

(609,680)

(713,488)

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

Other comprehensive income

58,905

-

-

Total comprehensive income

58,905

-

-

Closing balance as at 30 June

334,049

275,144

275,144

2020

2019

Original Budget 2020

$'000

$'000

$'000

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

588,779

540,109

590,141

Adjustment on initial application of AASB 16

4,257

-

-

Adjusted opening balance

593,036

540,109

590,141

Comprehensive income

Deficit for the period

(84,948)

(82,089)

(91,195)

Other comprehensive income

58,905

-

-

Total comprehensive income

(26,043)

(82,089)

(91,195)

Transactions with owners

Distributions to owners

Returns of capital

Return of equity appropriations

(52)

(38)

-

Other

(3,267)

(2,195)

(2,937)

Contributions by owners

Equity injection - appropriations

128,355

92,297

128,356

Departmental capital budget

34,562

40,695

34,738

Total transactions with owners

159,598

130,759

160,157

Closing balance as at 30 June

726,591

588,779

659,103

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.

The return of funds to the Commonwealth relating to the proceeds of Bureau of Meteorology houses are debited to contributed equity.

CASH FLOW STATEMENT for the period ended 30 June 2020

2020

2019

Original Budget 2020

$'000

$'000

$'000

OPERATING ACTIVITIES

Cash received

Appropriations

352,414

350,934

314,609

Sales of goods and rendering of services

84,011

109,741

77,372

GST received

28,323

16,301

-

Total cash received

464,748

476,976

391,981

Cash used

Employees

(186,071)

(187,728)

(174,490)

Suppliers

(158,100)

(155,275)

(131,880)

Interest payments on lease liabilities

(1,375)

-

-

Section 74 receipts transferred to OPA

(79,652)

(104,611)

(79,937)

GST paid

(6,161)

(6,076)

-

Other

(3,267)

(2,195)

(2,084)

Total cash used

(434,626)

(455,885)

(388,391)

Net cash from operating activities

30,122

21,091

3,590

INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant and equipment

2.2A

3,280

2,263

2,845

Total cash received

3,280

2,263

2,845

Cash used

Purchase of property, plant and equipment and intangibles

2.2A

(185,126)

(105,550)

169,529

Total cash used

(185,126)

(105,550)

169,529

Net cash used by investing activities

(181,846)

(103,287)

(166,684)

FINANCING ACTIVITIES

Cash received

Departmental capital budget

34,562

40,695

-

Contributed equity

131,108

41,592

163,094

Total cash received

165,670

82,287

163,094

Cash used

Principal payments of lease liabilities

(13,811)

-

-

Total cash used

(13,811)

-

-

Net cash from financing activities

151,859

82,287

163,094

Net increase in cash held

135

91

-

Cash and cash equivalents at the beginning of the reporting period

813

722

722

Cash and cash equivalents at the end of the reporting period

948

813

722

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 2020

2020

2019

$'000

$'000

NET COST OF SERVICES

Expenses

Other expenses

-

(780)

Total expenses

-

(780)

Income

Revenue

Non-taxation revenue

Revenue from contracts with customers

-

328

Total revenue

-

328

Net contribution by services

-

(452)

Deficit

-

(452)

Total comprehensive loss

-

(452)

Budget Variance Commentary

The original budget for 2020 has not been disclosed in the Administered Schedule of Comprehensive Income as no items were published in the 2019-20 Portfolio Budget Statements.

Further advertising will not be done on the Bureau of Meteorology's website and therefore it is expected that no amounts will be disclosed in the Administered Schedule of Comprehensive Income from 2019-20 financial year.

Accounting Policy

All administered revenues are revenues relating to ordinary activities performed by the Bureau of Meteorology on behalf of the Australian Government. As such, administered appropriations are not revenues of the individual entity that oversees distribution or expenditure of the funds as directed.

Revenue is generated from advertising on the Bureau of Meteorology’s website. Administered advertising revenue is recognised when advertisements are displayed. Collectability of debts is reviewed at the end of the reporting period. Impairment allowances are made when collectability of the debt is no longer probable.

ADMINISTERED SCHEDULE OF ASSETS AND LIABILITIES as at 30 June 2020

2020

2019

Notes

$'000

$'000

ASSETS

Financial Assets

Trade and other receivables

3.1A

-

123

Total assets administered on behalf of Government

-

123

LIABILITIES

Payables

Trade and other payables

3.2A

366

478

GST payable

-

11

Total liabilities administered on behalf of government

366

489

Net liabilities

(366)

(366)

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

Budget Variance Commentary

The original budget for 2020 has not been disclosed in the Administered Schedule of Comprehensive Income as no items were published in the 2019-20 Portfolio Budget Statements.

ADMINISTERED RECONCILIATION SCHEDULE for the period ended 30 June 2020

2020

2019

$'000

$'000

Opening assets less liabilities as at 1 July

(366)

86

Net cost of services

Payments to entities other than corporate Commonwealth entities

-

(452)

Transfers (to)/from the Australian Government

Appropriation transfers to Official Public Account

Transfers to Official Public Account

-

-

Closing assets less liabilities as at 30 June

(366)

(366)

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

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 2020

2020

2019

$'000

$'000

OPERATING ACTIVITIES

Cash received

Sale of goods and rendering of services

112

296

GST received

11

6

Total cash received

123

302

Cash used

Suppliers

(112)

(302)

GST paid

(11)

-

Total cash paid

(123)

(302)

Net cash from operating activities

-

-

Cash to Official Public Account

Cash transfers to Official Public Account

-

-

Cash and cash equivalents at the beginning of the reporting period

-

-

Cash and cash equivalents at the end of the reporting period

-

-