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Statement of Comprehensive Income

For the period ended 30 June 2019

2019

2018

Original Budget

Notes

$'000

$'000

$'000

NET COST OF SERVICES

Expenses

Employee benefits

1.1A

194,763

198,771

170,886

Suppliers

1.1B

201,744

185,910

210,071

Depreciation and amortisation

3.2A

23,393

23,865

26,399

Impairment of intangible assets

3.2A

597

-

-

Losses from asset disposal

3.2A

11

869

-

Underwriting expenses

1.1C

41,571

27,739

29,700

Total expenses

462,079

437,154

437,056

Own-Source Income

Own-source revenue

Net premium revenue

1.1C

37,537

36,125

33,300

Investment revenue

1.1C

1,685

1,518

1,500

Insurance agency revenue

1.1C

3,067

2,891

3,000

Rendering of services

1.2A

7,243

6,866

6,176

Other revenue1

1.2B

728

728

727

Total own-source revenue

50,260

48,128

44,703

Total own-source income

50,260

48,128

44,703

Net cost of services

411,819

389,026

392,353

Revenue from Government - departmental appropriations

5.1A

374,778

368,346

366,606

Deficit before income tax on continuing operations

(37,041)

(20,680)

(25,747)

Income tax expense - competitive neutrality

-

372

-

Deficit after income tax on continuing operations

(37,041)

(21,052)

(25,747)

Deficit after income tax

(37,041)

(21,052)

(25,747)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

3.2A

1,967

654

-

Total other comprehensive income

1,967

654

-

Total comprehensive loss

(35,074)

(20,398)

(25,747)

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

For budgetary reporting information refer to Note 8.2.

1The original budget figure ($4.5m) from the PBS is reclassified from ‘Other Revenue’ to ‘Investment Revenue’ ($1.5m), and ‘Insurance Agency Revenue’ ($3.0m).