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IBA’s financial statements are presented on a consolidated basis together with its subsidiaries which operate businesses spread across tourism, mining services, renewables, retail, and investment property.

The consolidated statutory surplus for IBA is $30.3 million against a previous year’s statutory surplus of $43.0 million. The difference is primarily due to the change in valuation of financial assets, with a valuation decrement of $10.8 million this year, compared to a valuation increment of $3.5 million last year, reflecting the impact of COVID-19 on asset valuations.

Total income has decreased slightly from $286.4 million last financial year to $284.4 million (including revenue from the Unwinding of concessional discount) predominantly due to the valuation increments on financial assets last year, as opposed to this year, partly off-set by revenue from acquisitions made during the year.

Total expenses increased from $243.4 million last year to $254.1 million due mostly to increased supplier costs, higher depreciation (due to changes in accounting standards) and asset impairment charges, partly off-set by lower Finance costs caused by less than expected housing advances.

IBA’s total consolidated assets as at 30 June 2020 are $1.7 billion, an increase of $114 million over the previous year, primarily due to an increase in the home loan portfolio, land & buildings and value of investment properties held. IBA’s net assets of $1.6 billion are $59 million higher than last year, driven by retained earnings, equity appropriation from government and equity contribution from Indigenous groups.