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Financial Performance

Expenses

Notes to and forming part of the Financial Statements

for the period ended 30 June 2019

Financial Performance

2019

2018

$'000

$'000

NOTE 1.1 EXPENSES

1.1A Employee Benefits

Wages and salaries

6,331

3,905

Superannuation defined contribution plans

555

311

Leave and other entitlements

316

441

Total employee benefits

7,202

4,657

Accounting policies for employee related expenses is contained in the Overview section.

1.1B Suppliers

Support services provided by Export Finance Australia

768

1,591

Professional fees

534

871

Property costs

470

292

Travel

412

597

Consultants

206

320

Contractors

139

87

Computer and communication costs

127

225

Insurance

28

20

Advertising and promotional costs

11

57

Credit information

4

4

Other

137

126

Total suppliers

2,836

4,190

Leasing commitments

Operating lease payable

Within 1 year

120

117

Between 1 to 5 years

90

40

Total operating lease commitments

210

157

NAIF in its capacity as lessee of a property in Cairns has signed a lease agreement starting on the 25th March 2018 for a term of three years with a 3 year extension option. The total lease payments for the financial period was $117k. At this stage NAIF has not made any determination as to whether they will be extending the lease.

Operating lease payments are expensed on a straight line basis which is representative of the pattern of benefits derived from the lease.

Revenue

Notes to and forming part of the Financial Statements continued

For the period ended 30 June 2019

NOTE 1.2 REVENUE

1.2A Own source revenue

Interest

56

53

Sundry

-

1

Total own source revenue

56

54

1.2B Revenue from Government

Department of Industry, Innovation and Science

Corporate Commonwealth entity payment

9,505

8,504

Total revenue from Government

9,505

8,504

Funding received or receivable from the Department of Industry, Innovation and Science (appropriated to NAIF as a Corporate Commonwealth Entity payment item) is recognised as Revenue from the Government when NAIF gains control of the funding. If the funding is in the nature of an equity injection, such amounts are recognised directly in contributed equity in the year received.