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Primary financial statements

STATEMENT OF COMPREHENSIVE INCOME for the period ended 30 June 2021

2021

2020

Original Budget 2021

Notes

$'000

$'000

$'000

NET COST OF SERVICES

Expenses

Employee benefits

1.1A

194,722

177,714

172,461

Suppliers

1.1B

131,237

122,823

131,555

Depreciation and amortisation

2.2A

164,851

117,029

145,894

Finance costs

1.1C

1,181

1,517

2,386

Impairment/(write-back) on financial instruments

(4)

42

-

Write-down and impairment of other assets

1.1D

1,804

491

1

Foreign exchange losses

68

88

84

Loss from sale of assets

198

583

-

Contributions to WMO and IOC1

2,821

2,862

2,146

Total expenses

496,878

423,149

454,527

Own-Source Income

Own-source revenue

Revenue from contracts with customers

1.2A

71,642

74,054

45,100

Other revenue

1.2B

1,868

271

-

Total own-source revenue

73,510

74,325

45,100

Gains

Foreign exchange gains

850

607

-

Total gains

850

607

-

Total own-source income

74,360

74,932

45,100

Net cost of services

(422,518)

(348,217)

(409,427)

Revenue from Government

1.2C

269,919

263,269

267,765

Deficit

(152,599)

(84,948)

(141,662)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

-

58,905

-

Total other comprehensive income

-

58,905

-

Total comprehensive loss

(152,599)

(26,043)

(141,662)

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 2021

2021

2020

Original Budget 2021

Notes

$'000

$'000

$'000

ASSETS

Financial Assets

Cash and cash equivalents

421

948

948

Trade and other receivables

2.1A

156,775

164,752

90,528

Accrued revenues

6,244

2,296

2,296

Total financial assets

163,440

167,996

93,772

Non-Financial Assets1

Land

2.2A

11,402

12,229

-

Buildings

2.2A

168,678

196,300

199,036

Plant and equipment

2.2A

436,071

461,302

489,778

Computer software

2.2A

239,459

178,722

237,330

Other intangibles

2.2A

1

3

-

Inventories

2.2B

4,439

5,381

5,381

Prepayments

7,311

9,155

9,155

Total non-financial assets

867,361

863,092

940,680

Assets held for sale

640

2,548

2,548

Total assets

1,031,441

1,033,636

1,037,000

LIABILITIES

Payables

Suppliers

2.3A

90,417

88,338

29,031

Other payables and liabilities

2.3B

10,062

6,532

49,089

Total payables

100,479

94,870

78,120

Interest bearing liabilities

Leases

2.4

103,845

123,755

127,066

Total interest bearing liabilities

103,845

123,755

127,066

Provisions

Employee provisions

5.1

64,875

63,279

63,279

Provisions for restoration

2.5

25,232

25,141

25,141

Total provisions

90,107

88,420

88,420

Total liabilities

294,431

307,045

293,606

Net assets

737,010

726,591

743,394

EQUITY

Contributed equity

1,250,095

1,086,180

1,246,978

Reserves

334,049

334,049

334,049

Accumulated deficit

(847,134)

(693,638)

(837,633)

Total equity

737,010

726,591

743,394

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

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 CHANGES IN EQUITY for the period ended 30 June 2021

2021

2020

Original Budget 2021

$'000

$'000

$'000

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

1,086,180

923,315

1,086,180

Adjusted opening balance

1,086,180

923,315

1,086,180

Transactions with owners

Distributions to owners

Returns of capital

Return of equity appropriations

(7)

(52)

-

Contributions by owners

Equity injection - appropriations

122,376

128,355

119,252

Departmental capital budget

41,546

34,562

41,546

Total transactions with owners

163,915

162,865

160,798

Closing balance as at 30 June

1,250,095

1,086,180

1,246,978

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

(693,638)

(609,680)

(693,638)

Adjustment on initial application of AASB 16

-

4,257

-

Adjustment to correct AASB 16 leases recognised1

731

-

-

Adjusted opening balance

(692,907)

(605,423)

(693,638)

Comprehensive income

Deficit for the period

(152,599)

(84,948)

(141,662)

Total comprehensive income

(152,599)

(84,948)

(141,662)

Transactions with owners

Distributions to owners

Other

(1,628)

(3,267)

(2,333)

Total transactions with owners

(1,628)

(3,267)

(2,333)

Closing balance as at 30 June

(847,134)

(693,638)

(837,633)

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

334,049

275,144

334,049

Adjusted opening balance

334,049

275,144

334,049

Comprehensive income

Other comprehensive income

-

58,905

-

Total comprehensive income

-

58,905

-

Closing balance as at 30 June

334,049

334,049

334,049

1 Refer Note 2.2A and 2.4 for further details.

2021

2020

Original Budget 2021

$'000

$'000

$'000

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

726,591

588,779

726,591

Adjustment on initial application of AASB 16

-

4,257

-

Adjustment to correct AASB 16 leases recognised1

731

-

-

Adjusted opening balance

727,322

593,036

726,591

Comprehensive income

Deficit for the period

(152,599)

(84,948)

(141,662)

Other comprehensive income

-

58,905

-

Total comprehensive income

(152,599)

(26,043)

(141,662)

Transactions with owners

Distributions to owners

Returns of capital

Return of equity appropriations

(7)

(52)

-

Other

(1,628)

(3,267)

(2,333)

Contributions by owners

Equity injection - appropriations

122,376

128,355

119,252

Departmental capital budget

41,546

34,562

41,546

Total transactions with owners

162,287

159,598

158,465

Closing balance as at 30 June

737,010

726,591

743,394

1 Refer Note 2.2A and 2.4 for further details.

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

The FRR require that distributions to owners be 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 retained earnings.

CASH FLOW STATEMENT for the period ended 30 June 2021

2021

2020

Original Budget 2021

Notes

$'000

$'000

$'000

OPERATING ACTIVITIES

Cash received

Appropriations

346,321

352,414

386,679

Sales of goods and rendering of services

89,895

84,011

45,099

GST received

28,584

28,323

-

Total cash received

464,800

464,748

431,778

Cash used

Employees

(190,131)

(186,071)

(175,211)

Suppliers

(156,102)

(158,100)

(145,555)

Interest payments on lease liabilities

(922)

(1,375)

(2,386)

Section 74 receipts transferred to OPA

(86,383)

(79,652)

(47,024)

GST paid

(3,370)

(6,161)

-

Total cash used

(436,908)

(431,359)

(370,176)

Net cash from operating activities

27,892

33,389

61,602

INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant and equipment and assets held for sale

2.2A

696

3,280

2,135

Total cash received

696

3,280

2,135

Cash used

Purchase of property, plant and equipment and intangibles

2.2A

(191,056)

(185,126)

(210,126)

Total cash used

(191,056)

(185,126)

(210,126)

Net cash used by investing activities

(190,360)

(181,846)

(207,991)

FINANCING ACTIVITIES

Cash received

Departmental capital budget

41,546

34,562

-

Contributed equity

136,714

131,108

160,798

Total cash received

178,260

165,670

160,798

Cash used

Principal payments of lease liabilities

(14,691)

(13,811)

(12,263)

Other

(1,628)

(3,267)

(2,146)

Total cash used

(16,319)

(17,078)

(14,409)

Net cash from financing activities

161,941

148,592

146,389

Net increase/(decrease) in cash held

(527)

135

-

Cash and cash equivalents at the beginning of the reporting period

948

813

948

Cash and cash equivalents at the end of the reporting period

421

948

948

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 ASSETS AND LIABILITIES as at 30 June 2021

2021

2020

Notes

$'000

$'000

ASSETS

Total assets administered on behalf of Government

-

-

LIABILITIES

Payables

Trade and other payables

3.1

366

366

Total liabilities administered on behalf of government

366

366

Net liabilities

(366)

(366)

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

Budget Variance Commentary

The original budget for 2021 has not been disclosed in the Administered Schedule of Comprehensive Income as no items were published in the 2020-21 Portfolio Budget Statements.

ADMINISTERED RECONCILIATION SCHEDULE for the period ended 30 June 2021

2021

2020

$'000

$'000

Opening assets less liabilities as at 1 July

(366)

(366)

Net contribution by services

Income/(expenses)

-

-

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)

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.

An administrative process is required to be re-initiated with Department of Finance for this balance to be repaid to the Bureau of Meteorology.

ADMINISTERED CASH FLOW STATEMENT for the period ended 30 June 2021

2021

2020

$'000

$'000

OPERATING ACTIVITIES

Cash received

Sale of goods and rendering of services

-

112

Net GST received

-

11

Total cash received

-

123

Cash used

Suppliers

-

(112)

Net GST paid

-

(11)

Total cash paid

-

(123)

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

-

-