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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

1.1A

797,532

778,564

746,014

Suppliers

1.1B

694,351

698,362

691,089

Depreciation and amortisation

3.2A

187,155

171,287

156,012

Write-down and impairment of assets

1.1C

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

1.2A

138,918

135,116

125,436

Other revenue

1.2B

6,548

14,513

11,258

Total own-source revenue

145,466

149,629

136,694

Gains

Gains on sale of assets

1.2C

132,863

367

-

Other gains

1.2D

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

3.1A

405,943

178,403

57,295

Trade and other receivables

3.1B

525,662

573,022

837,731

Total financial assets

931,605

751,425

895,026

Non-financial assets

Land

3.2A

1,821,170

1,662,056

1,593,397

Buildings

3.2A

1,513,100

1,470,764

1,618,257

Plant and equipment

3.2A

280,895

306,290

318,530

Intangibles

3.2A

120,134

118,895

109,613

Inventories

3.2B

46,383

47,118

47,586

Assets held for sale

3.2C

-

106,323

83,453

Other non-financial assets

3.2D

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

3.3A

108,013

154,107

81,552

Other payables

3.3B

56,305

26,055

92,570

Total payables

164,318

180,162

174,122

Provisions

Employee provisions

6.1A

228,829

219,273

238,481

Other provisions

3.4A

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

3.1A

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

2.1A

3,067,706

2,919,738

3,088,994

Multilateral replenishments and other loans

2.1B

99,664

1,205,760

12,622

Other grants and contributions

2.1C

418,422

415,157

546,947

Export Finance and Insurance Corporation (Efic)

2.1D

1,349

9,115

1,300

Other expenses

2.1E

10,776

8,289

3,889

Payments to corporate Commonwealth entities - Tourism Australia

129,308

143,610

129,308

Depreciation and amortisation

4.2A

985

1,350

500

Total expenses

3,728,210

4,703,019

3,783,560

Income

Fees and charges

2.2A

538,985

505,290

546,158

Multilateral replenishments and other loans

2.2B

401,181

12,050

-

Efic National Interest Account (NIA)

2.2C

33,653

34,708

46,497

Efic dividend and competitive neutrality

2.2D

13,122

12,824

-

Return of prior year administered expenses

2.2E

56,925

38,454

30,982

Other revenue and gains

2.2F

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

4.1A

10,458

12,162

257

Trade and other receivables

4.1B

192,342

185,305

2,273,378

Investments

4.1C

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

4.2A

-

81

62

Plant and equipment

4.2A

19

27

6

Computer software internally developed

4.2A

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

4.3A

980,661

1,071,059

976,307

Other payables

4.3B

889,595

1,127,086

1,322,705

Total payables

1,870,256

2,198,145

2,299,012

Provisions

Employee provisions

6.1B

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

4.1A

10,458

12,162

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

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