Financial Statements
Statement by the Secretary and Chief Financial Officer
Statement of Comprehensive Income
Original |
||||||
2018 |
2017 |
Budget |
||||
Notes |
$'000 |
$'000 |
$'000 |
|||
NET COST OF SERVICES |
||||||
Expenses |
||||||
Employee benefits |
797,532 |
778,564 |
746,014 |
|||
Suppliers |
694,351 |
698,362 |
691,089 |
|||
Depreciation and amortisation |
187,155 |
171,287 |
156,012 |
|||
Write-down and impairment of assets |
8,120 |
12,408 |
- |
|||
Grants and other contributions |
9,052 |
10,313 |
- |
|||
Finance costs |
314 |
659 |
- |
|||
Total expenses |
1,696,524 |
1,671,593 |
1,593,115 |
|||
Own-Source Income |
||||||
Own-source revenue |
||||||
Sale of goods and rendering of services |
138,918 |
135,116 |
125,436 |
|||
Other revenue |
6,548 |
14,513 |
11,258 |
|||
Total own-source revenue |
145,466 |
149,629 |
136,694 |
|||
Gains |
||||||
Gains on sale of assets |
132,863 |
367 |
- |
|||
Other gains |
3,627 |
1,860 |
121,271 |
|||
Foreign exchange gains - non-speculative |
5,546 |
11 |
- |
|||
Total gains |
142,036 |
2,238 |
121,271 |
|||
Total own-source income |
287,502 |
151,867 |
257,965 |
|||
Net (cost of) services |
(1,409,022) |
(1,519,726) |
(1,335,150) |
|||
Revenue from Government - departmental appropriations |
1,355,169 |
1,382,971 |
1,359,553 |
|||
(Deficit) / Surplus from continuing operations |
(53,853) |
(136,755) |
24,403 |
|||
OTHER COMPREHENSIVE INCOME |
||||||
Items not subject to subsequent reclassification to net cost of services |
||||||
Changes in asset revaluation surplus |
220,427 |
31,965 |
- |
|||
Total other comprehensive income |
220,427 |
31,965 |
- |
|||
Total comprehensive income / (loss) |
166,574 |
(104,790) |
24,403 |
The above statement should be read in conjunction with the accompanying notes.
Statement of Financial Position
Original |
||||||
2018 |
2017 |
Budget |
||||
Notes |
$'000 |
$'000 |
$'000 |
|||
ASSETS |
||||||
Financial assets |
||||||
Cash and cash equivalents |
405,943 |
178,403 |
57,295 |
|||
Trade and other receivables |
525,662 |
573,022 |
837,731 |
|||
Total financial assets |
931,605 |
751,425 |
895,026 |
|||
Non-financial assets |
||||||
Land |
1,821,170 |
1,662,056 |
1,593,397 |
|||
Buildings |
1,513,100 |
1,470,764 |
1,618,257 |
|||
Plant and equipment |
280,895 |
306,290 |
318,530 |
|||
Intangibles |
120,134 |
118,895 |
109,613 |
|||
Inventories |
46,383 |
47,118 |
47,586 |
|||
Assets held for sale |
- |
106,323 |
83,453 |
|||
Other non-financial assets |
66,258 |
59,915 |
96,169 |
|||
Total non-financial assets |
3,847,940 |
3,771,361 |
3,867,005 |
|||
Total assets |
4,779,545 |
4,522,786 |
4,762,031 |
|||
LIABILITIES |
||||||
Payables |
||||||
Suppliers |
108,013 |
154,107 |
81,552 |
|||
Other payables |
56,305 |
26,055 |
92,570 |
|||
Total payables |
164,318 |
180,162 |
174,122 |
|||
Provisions |
||||||
Employee provisions |
228,829 |
219,273 |
238,481 |
|||
Other provisions |
17,810 |
19,567 |
18,989 |
|||
Total provisions |
246,639 |
238,840 |
257,470 |
|||
Total liabilities |
410,957 |
419,002 |
431,592 |
|||
Net assets |
4,368,588 |
4,103,784 |
4,330,439 |
|||
EQUITY |
||||||
Contributed equity / capital |
2,618,447 |
2,520,217 |
2,628,644 |
|||
Asset revaluation surplus |
1,735,829 |
1,515,402 |
1,483,437 |
|||
Retained surplus |
14,312 |
68,165 |
218,358 |
|||
Total equity |
4,368,588 |
4,103,784 |
4,330,439 |
The above statement should be read in conjunction with the accompanying notes.
Statement of Changes in Equity
Retained surplus |
Asset revaluation surplus |
Contributed equity / capital |
Total equity |
|||||||||
Original |
Original |
Original |
Original |
|||||||||
2018 |
2017 |
Budget |
2018 |
2017 |
Budget |
2018 |
2017 |
Budget |
2018 |
2017 |
Budget |
|
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
|
Opening balance |
||||||||||||
Balance carried forward from previous period |
68,165 |
204,920 |
110,501 |
1,515,402 |
1,483,437 |
1,483,437 |
2,520,217 |
2,402,445 |
2,510,735 |
4,103,784 |
4,090,802 |
4,104,673 |
Adjusted opening balance |
68,165 |
204,920 |
110,501 |
1,515,402 |
1,483,437 |
1,483,437 |
2,520,217 |
2,402,445 |
2,510,735 |
4,103,784 |
4,090,802 |
4,104,673 |
Comprehensive income |
||||||||||||
Revaluation adjustment |
- |
- |
- |
221,457 |
32,079 |
- |
- |
- |
- |
221,457 |
32,079 |
- |
Makegood revaluation adjustment |
- |
- |
- |
(1,030) |
(114) |
- |
- |
- |
- |
(1,030) |
(114) |
- |
(Deficit) / Surplus for the period |
(53,853) |
(136,755) |
24,403 |
- |
- |
- |
- |
- |
- |
(53,853) |
(136,755) |
24,403 |
Total comprehensive income |
(53,853) |
(136,755) |
24,403 |
220,427 |
31,965 |
- |
- |
- |
- |
166,574 |
(104,790) |
24,403 |
Transactions with owners |
||||||||||||
Distribution to owners |
||||||||||||
Returns of capital: |
||||||||||||
Departmental equity returns |
- |
- |
- |
- |
- |
- |
(13,851) |
- |
- |
(13,851) |
- |
- |
Contributions by owners |
||||||||||||
Equity injection - Appropriations |
- |
- |
- |
- |
- |
- |
65,580 |
66,017 |
71,408 |
65,580 |
66,017 |
71,408 |
Departmental capital budget |
- |
- |
- |
- |
- |
- |
46,501 |
51,755 |
46,501 |
46,501 |
51,755 |
46,501 |
Other |
- |
- |
83,454 |
- |
- |
- |
- |
- |
- |
- |
- |
83,454 |
Total transactions with owners |
- |
- |
83,454 |
- |
- |
- |
98,230 |
117,772 |
117,909 |
98,230 |
117,772 |
201,363 |
Closing balance as at 30 June |
14,312 |
68,165 |
218,358 |
1,735,829 |
1,515,402 |
1,483,437 |
2,618,447 |
2,520,217 |
2,628,644 |
4,368,588 |
4,103,784 |
4,330,439 |
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.
2017-18 includes a quarantined amount of $5.829m under Appropriation Act (No.2) 2017-18 relating to no-win / no-loss for Security Funding Agreements.
Departmental Equity Returns
Lapsed appropriations are recognised as departmental equity returns. This amount represents prior year appropriations, which have been repealed in the Appropriation Act (No. 4) 2017-18.
The above statement should be read in conjunction with the accompanying notes.
Cash Flow Statement
Original |
||||||
2018 |
2017 |
Budget |
||||
Notes |
$'000 |
$'000 |
$'000 |
|||
OPERATING ACTIVITIES |
||||||
Cash received |
||||||
Appropriations |
1,586,806 |
1,602,175 |
1,359,553 |
|||
Sale of goods and rendering of services |
135,453 |
152,454 |
136,694 |
|||
Special account cash transferred from Official Public Account (OPA) |
380,000 |
89,000 |
- |
|||
GST received |
40,598 |
41,067 |
- |
|||
Other |
6,407 |
13,952 |
135,203 |
|||
Total cash received |
2,149,264 |
1,898,648 |
1,631,450 |
|||
Cash used |
||||||
Employees |
794,026 |
781,995 |
743,847 |
|||
Suppliers |
778,804 |
678,633 |
691,089 |
|||
Section 74 receipts transferred to OPA |
157,224 |
224,531 |
- |
|||
Special account cash transferred to OPA |
380,000 |
87,340 |
- |
|||
Other |
9,052 |
11,973 |
276,469 |
|||
Total cash used |
2,119,106 |
1,784,472 |
1,711,405 |
|||
Net cash from / (used by) operating activities |
30,158 |
114,176 |
(79,955) |
|||
INVESTING ACTIVITIES |
||||||
Cash received |
||||||
Proceeds from sales of property, plant and equipment |
243,292 |
1,222 |
215,158 |
|||
Total cash received |
243,292 |
1,222 |
215,158 |
|||
Cash used |
||||||
Purchase of land and buildings |
74,579 |
155,788 |
129,512 |
|||
Purchase of plant and equipment |
58,076 |
114,943 |
100,853 |
|||
Purchase and development of intangibles |
20,521 |
27,743 |
35,636 |
|||
Total cash used |
153,176 |
298,474 |
266,001 |
|||
Net cash from / (used by) investing activities |
90,116 |
(297,252) |
(50,843) |
|||
FINANCING ACTIVITIES |
||||||
Cash received |
||||||
Contributed equity |
101,720 |
200,284 |
130,798 |
|||
Total cash received |
101,720 |
200,284 |
130,798 |
|||
Net cash from financing activities |
101,720 |
200,284 |
130,798 |
|||
Net increase in cash held |
221,994 |
17,208 |
- |
|||
Cash and cash equivalents at the beginning of the reporting period |
178,403 |
161,184 |
57,295 |
|||
Effect of exchange rate movements on cash and cash equivalents at the beginning of the reporting period |
5,546 |
11 |
- |
|||
Cash and cash equivalents at the end of the reporting period |
405,943 |
178,403 |
57,295 |
The above statement should be read in conjunction with the accompanying notes.
Administered Schedule of Comprehensive Income
Original |
||||||
2018 |
2017 |
Budget |
||||
Notes |
$'000 |
$'000 |
$'000 |
|||
NET COST OF SERVICES |
||||||
Expenses |
||||||
International development assistance |
3,067,706 |
2,919,738 |
3,088,994 |
|||
Multilateral replenishments and other loans |
99,664 |
1,205,760 |
12,622 |
|||
Other grants and contributions |
418,422 |
415,157 |
546,947 |
|||
Export Finance and Insurance Corporation (Efic) |
1,349 |
9,115 |
1,300 |
|||
Other expenses |
10,776 |
8,289 |
3,889 |
|||
Payments to corporate Commonwealth entities - Tourism Australia |
129,308 |
143,610 |
129,308 |
|||
Depreciation and amortisation |
985 |
1,350 |
500 |
|||
Total expenses |
3,728,210 |
4,703,019 |
3,783,560 |
|||
Income |
||||||
Fees and charges |
538,985 |
505,290 |
546,158 |
|||
Multilateral replenishments and other loans |
401,181 |
12,050 |
- |
|||
Efic National Interest Account (NIA) |
33,653 |
34,708 |
46,497 |
|||
Efic dividend and competitive neutrality |
13,122 |
12,824 |
- |
|||
Return of prior year administered expenses |
56,925 |
38,454 |
30,982 |
|||
Other revenue and gains |
4,925 |
8,820 |
254 |
|||
Total income |
1,048,791 |
612,146 |
623,891 |
|||
Net cost of services |
(2,679,419) |
(4,090,873) |
(3,159,669) |
|||
OTHER COMPREHENSIVE INCOME |
||||||
Re-measurements of defined benefit plans |
6,414 |
2,991 |
- |
|||
Changes in asset revaluation surplus |
- |
532 |
- |
|||
Movement in the carrying amount of investments |
(6,191) |
6,513 |
- |
|||
Total other comprehensive (loss) / income |
223 |
10,036 |
- |
|||
Total comprehensive (loss) |
(2,679,196) |
(4,080,837) |
(3,159,669) |
|||
The above statement should be read in conjunction with the accompanying notes.
Administered Schedule of Assets and Liabilities
Original |
||||||
2018 |
2017 |
Budget |
||||
Notes |
$'000 |
$'000 |
$'000 |
|||
ASSETS |
||||||
Financial assets |
||||||
Cash on hand or on deposit |
10,458 |
12,162 |
257 |
|||
Trade and other receivables |
192,342 |
185,305 |
2,273,378 |
|||
Investments |
2,756,164 |
2,367,368 |
2,511,526 |
|||
Total financial assets |
2,958,964 |
2,564,835 |
4,785,161 |
|||
Non-financial assets |
||||||
Leasehold improvements |
- |
81 |
62 |
|||
Plant and equipment |
19 |
27 |
6 |
|||
Computer software internally developed |
3,046 |
3,565 |
4,220 |
|||
Prepayments |
64 |
128 |
572 |
|||
Total non-financial assets |
3,129 |
3,801 |
4,860 |
|||
Total assets administered on behalf of Government |
2,962,093 |
2,568,636 |
4,790,021 |
|||
LIABILITIES |
||||||
Payables |
||||||
Grants |
980,661 |
1,071,059 |
976,307 |
|||
Other payables |
889,595 |
1,127,086 |
1,322,705 |
|||
Total payables |
1,870,256 |
2,198,145 |
2,299,012 |
|||
Provisions |
||||||
Employee provisions |
79,611 |
82,252 |
89,711 |
|||
Total provisions |
79,611 |
82,252 |
89,711 |
|||
Total liabilities administered on behalf of Government |
1,949,867 |
2,280,397 |
2,388,723 |
|||
Net assets |
1,012,226 |
288,239 |
2,401,298 |
|||
The above statement should be read in conjunction with the accompanying notes.
Administered Reconciliation Schedule
2018 |
2017 |
||
$'000 |
$'000 |
||
Opening assets less liabilities as at 1 July |
288,239 |
1,122,824 |
|
Net (cost of) / contribution by services |
|||
Income |
1,048,791 |
612,146 |
|
Expenses |
|||
Payments to entities other than corporate Commonwealth entities |
(3,598,902) |
(4,559,409) |
|
Payments to corporate Commonwealth entities - Tourism Australia |
(129,308) |
(143,610) |
|
Other comprehensive income |
|||
Movement in the carrying amount of investments |
(6,191) |
6,513 |
|
Administered asset revaluations taken to / from reserves |
- |
532 |
|
Actuarial gains / (losses) on defined benefit plans |
6,414 |
2,991 |
|
Transfers (to) / from the Australian Government |
|||
Appropriation transfers from OPA |
|||
Administered assets and liabilities appropriations |
135,933 |
410,718 |
|
Annual appropriations |
|||
Payments to entities other than corporate Commonwealth entities |
3,918,176 |
3,421,926 |
|
Payments to corporate Commonwealth entities - Tourism Australia |
129,308 |
143,610 |
|
Special accounts |
|||
Payments to entities other than corporate Commonwealth entities |
16,347 |
8,920 |
|
Special appropriations (unlimited) |
|||
Payments to entities other than corporate Commonwealth entities |
715 |
656 |
|
Appropriation transfers to OPA |
|||
Transfers to OPA |
(797,296) |
(739,578) |
|
Closing assets less liabilities as at 30 June |
1,012,226 |
288,239 |
|
Accounting Policy
Administered cash transfers to and from the Official Public Account
Revenue collected by DFAT on behalf of the Government is administered revenue. Collections are transferred to the OPA maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of the Government. These transfers to and from the OPA are adjustments to the administered cash held by DFAT on behalf of the Government and reported as such in the Administered Cash Flow Statement and in the Administered Reconciliation Schedule.
Payments to corporate Commonwealth entities
Payments to corporate Commonwealth entities from amounts appropriated for that purpose are classified as administered expenses, equity injections or loans of the relevant portfolio department. The appropriation to DFAT is disclosed in Note 5.1A: Annual Appropriations (‘Recoverable GST exclusive’).
The above statement should be read in conjunction with the accompanying notes.
Administered Cash Flow Statement
2018 |
2017 |
|||
Notes |
$'000 |
$'000 |
||
OPERATING ACTIVITIES |
||||
Cash received |
||||
Fees and charges |
532,713 |
510,047 |
||
GST received |
103,769 |
92,454 |
||
Return of prior year administered expenses |
56,925 |
38,454 |
||
Efic dividend |
5,791 |
5,770 |
||
Efic competitive neutrality |
7,331 |
7,054 |
||
Efic - NIA |
30,927 |
34,421 |
||
Other |
3,743 |
8,182 |
||
Total cash received |
741,199 |
696,382 |
||
Cash used |
||||
International development assistance |
3,356,812 |
3,112,963 |
||
Other contributions |
418,422 |
415,157 |
||
Payments to corporate Commonwealth entities - Tourism Australia |
129,308 |
143,610 |
||
Efic - NIA |
- |
9,210 |
||
Other |
3,350 |
3,488 |
||
Total cash used |
3,907,892 |
3,684,428 |
||
Net cash (used by) operating activities |
(3,166,693) |
(2,988,046) |
||
INVESTING ACTIVITIES |
||||
Cash received |
||||
Proceeds from concessional financial instruments |
9,752 |
3,950 |
||
Total cash received |
9,752 |
3,950 |
||
Cash used |
||||
Purchase of intangibles |
382 |
329 |
||
Purchase of concessional financial instruments |
247,564 |
275,348 |
||
Total cash used |
247,946 |
275,677 |
||
Net cash (used by) investing activities |
(238,194) |
(271,727) |
||
Net (decrease) in cash held |
(3,404,887) |
(3,259,773) |
||
Cash and cash equivalents at the beginning of the reporting period |
12,162 |
25,683 |
||
Cash from Official Public Account |
||||
Appropriations |
4,184,132 |
3,976,910 |
||
Special accounts |
16,347 |
8,920 |
||
Total cash from official public account |
4,200,479 |
3,985,830 |
||
Cash to Official Public Account |
||||
Appropriations |
(797,296) |
(739,578) |
||
Total cash to official public account |
(797,296) |
(739,578) |
||
Cash and cash equivalents at the end of the reporting period |
10,458 |
12,162 |
||
The above statement should be read in conjunction with the accompanying notes.
Visit
https://www.transparency.gov.au/annual-reports/department-foreign-affairs-and-trade/2018/financial-statements/financial-statements