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Commonwealth Scientific and Industrial Research Organisation Annual Report 2018–19

Statements

Statement of comprehensive income

For the period ended 30 June 2019

		Consolidated		CSIRO
		2019	2018	2019	2018
NET COST OF SERVICES	Notes	$'000	$'000	$'000	$'000
Expenses
Employee benefits	1.1A	763,169	699,295	760,029	697,888
Suppliers	1.1B	482,954	443,153	483,718	447,790
Depreciation and amortisation	2.2A	148,019	181,609	147,861	181,455
Finance leases		1,430	1,562	1,403	1,547
Impairment allowance on financial instruments	1.1C	536	1,093	536	684
Write-down and impairment of other assets	1.1D	13	5,910	13	5,910
Losses from asset sales		2,847	15,087	2,847	15,087
Total expenses		1,398,968	1,347,709	1,396,407	1,350,361

Own-Source Income
Own-source revenue
Sale of goods and rendering of services	1.2	410,432	384,554	435,475	405,190
Bank and term deposits interest	1.2	13,501	10,572	10,536	7,944
Rental income	1.2	10,546	11,001	10,546	11,001
Royalties and licence fees	1.2	34,427	43,175	34,427	43,175
Other revenues	1.2	28,961	35,864	25,453	31,832
Sale of investments and intellectual property	1.2	12,094	1,943	11,498	-
Total own-source revenue		509,961	487,109	527,935	499,142
Gains
Gain on recognition of assets	1.2	-	66	-	66
Gain/(loss) on foreign exchange- non-speculative	1.2	117	(828)	238	(746)
Gain/(loss) on revaluation of investment properties	1.2	2,375	(1,413)	2,375	(1,413)
Gain/(loss) on valuation of equity investments	1.2	14,660	-	(1,497)	-
Total gains		17,152	(2,175)	1,116	(2,093)
Total own-source income		527,113	484,934	529,051	497,049
Net cost of services		(871,855)	(862,775)	(867,356)	(853,312)
Revenue from Government	1.2	834,561	793,549	834,561	793,549
Surplus/(deficit)		(37,294)	(69,226)	(32,795)	(59,763)

OTHER COMPREHENSIVE INCOME
Items not subject to subsequent reclassification to net cost of services - change in asset revaluation reserves	1.3A	30,943	110,554	30,943	110,554
Items subject to subsequent reclassification to net cost of services - change in other reserves	1.3B	(15,256)	9,853	(5,982)	5,617
Total other comprehensive income		15,687	120,407	24,961	116,171
Total comprehensive income/(loss)		(21,607)	51,181	(7,834)	56,408

Profit for the year is attributable to:
Non-controlling interest		4,316	-	-	-
CSIRO		(41,610)	(69,226)	(32,795)	(59,763)
Total surplus/(deficit)		(37,294)	(69,226)	(32,795)	(59,763)
Total comprehensive income for the year is attributable to:
Non-controlling interest		4,316	-	-	-
CSIRO		(25,923)	51,181	(7,834)	56,408
Total comprehensive income/(loss)		(21,607)	51,181	(7,834)	56,408

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

Statement of financial position

As at 30 June 2019

		Consolidated		CSIRO
		2019	2018	2019	2018
	Notes	$'000	$'000	$'000	$'000
ASSETS
Financial Assets
Cash and cash equivalents		320,075	321,647	198,829	183,974
Trade and other receivables	2.1A	76,295	84,165	72,486	80,801
Other investments	2.1B	145,805	77,516	125,335	98,714
Total financial assets		542,175	483,328	396,650	363,489
Non-Financial Assets
Land and buildings	2.2A	1,564,162	1,625,607	1,564,162	1,625,607
Heritage and cultural	2.2A	4,463	4,463	4,463	4,463
Plant and equipment	2.2A	563,342	548,632	563,143	548,296
Intangibles	2.2A	16,740	16,573	16,740	16,573
Investment properties	2.2B	52,072	49,697	52,072	49,697
Inventories		1,265	1,440	1,265	1,440
Other non-financial assets	2.2C	50,060	44,295	50,152	44,271
Total non-financial assets		2,252,104	2,290,707	2,251,997	2,290,347
Properties held for sale		59,200	5,200	59,200	5,200
Total assets		2,853,479	2,779,235	2,707,847	2,659,036
LIABILITIES
Payables
Suppliers	2.3A	72,519	83,844	72,695	82,112
Other payables	2.3B	151,602	142,332	145,239	136,361
Total payables		224,121	226,176	217,934	218,473
Interest Bearing Liabilities
Finance leases	2.4A	27,337	31,968	27,337	31,968
Deposits	2.4B	23,310	12,315	27,364	12,336
Total Interest bearing liabilities		50,647	44,283	54,701	44,304

Provisions
Employee provisions	3.1A	238,498	218,956	238,374	218,774
Provision for remediation		41,020	29,815	41,020	29,815
Total provisions		279,518	248,771	279,394	248,589
Total liabilities		554,286	519,230	552,029	511,366
Net assets		2,299,193	2,260,005	2,155,818	2,147,670

EQUITY
Contributed equity		300,954	290,954	300,646	290,646
Asset revaluation reserves		1,523,229	1,492,286	1,523,229	1,492,286
Other reserves		(27)	15,229	-	5,982
Retained surplus		435,198	461,536	331,943	358,756
Non-controlling interest		39,839	-	-	-
Total equity		2,299,193	2,260,005	2,155,818	2,147,670

_{The above Statement should be read in conjunction with the accompanying notes.}

Statement of changes in equity – consolidated

For the period ended 30 June 2019

	Retained earnings		Asset revaluation reserve		Other reserves		Contributed equity/capital		Non-controlling interest		Total equity
	2019	2018	2019	2018	2019	2018	2019	2018	2019	2018	2019	2018
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Opening balance	461,536	530,762	1,492,286	1,381,732	15,229	5,376	290,954	280,954	-	-	2,260,005	2,198,824
Comprehensive income
Other comprehensive income¹	15,272	-	30,943	110,554	(15,256)	9,853	-	-	-	-	30,959	120,407
Surplus/(deficit) for the period	(41,610)	(69,226)	-	-	-	-	-	-	4,316	-	(37,294)	(69,226)
Total comprehensive income/(loss)	(26,338)	(69,226)	30,943	110,554	(15,256)	9,853	-	-	4,316	-	(6,335)	51,181
Other movements		-	-	-	-	-	-	-	-	-	-	-
Contributions by owners
Equity injection	-	-	-	-	-	-	10,000	10,000	35,523	-	45,523	10,000
Contributions by owners – other	-	-	-	-	-	-	-	-	-	-	-	-
Closing balance	435,198	461,536	1,523,229	1,492,286	(27)	15,229	300,954	290,954	39,839	-	2,299,193	2,260,005

_{The above Statement should be read in conjunction with the accompanying notes.}

1. Refer to Note 1.3.

Accounting Policy

Equity Injections

Amounts that are designated as equity injections for a year are recognised directly in contributed equity in that year.

Non-controlling interests

Non-controlling interests refer to equity in a subsidiary that is not attributable (directly or indirectly) to CSIRO as parent. CSIRO holds a non-controlling interest in the CSIRO Innovation Fund.

Statement of changes in equity – CSIRO

For the period ended 30 June 2019

	Retained earnings		Asset revaluation reserve		Other reserves		Contributed equity/capital		Non-controlling interest		Total equity
	2019	2018	2019	2018	2019	2018	2019	2018	2019	2018	2019	2018
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Opening balance	358,756	418,519	1,492,286	1,381,732	5,982	365	290,646	280,646	-	-	2,147,670	2,081,262
Comprehensive income
Other comprehensive income¹	5,982	-	30,943	110,554	(5,982)	5,617	-	-	-	-	30,943	116,171
Surplus/(deficit) for the period	(32,795)	(59,763)	-	-	-	-	-	-	-	-	(32,795)	(59,763)
Total comprehensive income/(loss)	(26,813)	(59,763)	30,943	110,554	(5,982)	5,617	-	-	-	-	(1,852)	56,408
Contributions by owners
Equity injection	-	-	-	-	-	-	10,000	10,000	-	-	10,000	10,000
Contributions by owners – other	-	-	-	-	-	-	-	-	-	-	-	-
Closing balance	331,943	358,756	1,523,229	1,492,286	-	5,982	300,646	290,646	-	-	2,155,818	2,147,670

_{The above Statement should be read in conjunction with the accompanying notes.}

1. Refer to Note 1.3

Cash flow statement

For the period ended 30 June 2019

	Consolidated		CSIRO
	2019	2018	2019	2018
	$'000	$'000	$'000	$'000
OPERATING ACTIVITIES
Cash received
Receipts from Government	832,641	793,549	832,641	793,549
Sale of goods and rendering of services	545,055	502,153	557,414	524,053
Interest	13,841	9,833	10,967	7,468
Net GST received	17,900	14,947	19,031	17,073
Deposits	9,329	7,138	13,362	3,992
Total cash received	1,418,766	1,327,620	1,433,415	1,346,135
Cash used
Employees	742,886	697,537	739,716	696,223
Suppliers	552,049	486,039	552,034	497,370
Finance costs	1,430	1,562	1,403	1,547
Total cash used	1,296,365	1,185,138	1,293,153	1,195,140
Net cash from operating activities	122,401	142,482	140,262	150,995

INVESTING ACTIVITIES
Cash received
Proceeds from sales of property, plant and equipment	967	5,090	988	5,074
Proceeds from sales of equity investments and intellectual property	6,147	5,391	425	-
Total cash received	7,114	10,481	1,413	5,074
Cash used
Purchase of property, plant and equipment	119,647	116,631	119,647	116,510
Equity investments	52,250	18,696	12,492	10,800
Other selling costs	82	69	50	69
Total cash used	171,979	135,396	132,189	127,379
Net cash used in investing activities	(164,865)	(124,915)	(130,776)	(122,305)

FINANCING ACTIVITIES
Cash received
Contributed equity	45,523	10,000	10,000	10,000
Total cash received	45,523	10,000	10,000	10,000
Cash used
Finance leases	4,631	5,787	4,631	5,787
Total cash used	4,631	5,787	4,631	5,787
Net cash from financing activities	40,892	4,213	5,369	4,213
Net increase (decrease) in cash held	(1,572)	21,780	14,855	32,903
Cash and cash equivalents at the beginning of the reporting period	321,647	299,867	183,974	151,071
Cash and cash equivalents at the end of the reporting period	320,075	321,647	198,829	183,974

_{The above Statement should be read in conjunction with the accompanying notes.}

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Commonwealth Scientific and Industrial Research Organisation Annual Report 2018–19

Statements

Statement of comprehensive income

Statement of financial position

Statement of changes in equity – consolidated

Statement of changes in equity – CSIRO

Cash flow statement

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