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  • Statement of financial position

    Statement of financial position as at 30 June 2017
      Note 2017$'000 2016$'000 Original Budget$'000
    ASSETS
    Financial assets
    Cash 3A 23,115 67,390 46,087
    Trade and other receivables 3B 431,755 397,859 291,705
    Total financial assets   454,870 465,249 337,792
    Non-Financial Assets
    Buildings - leasehold improvements 4A 211,310 225,955 237,652
    Plant and equipment 4A 85,389 85,801 68,989
    Intangibles - computer software 4A 497,714 503,521 464,611
    Other non-financial assets 4B 89,367 105,617 108,314
    Total non-financial assets   883,780 920,894 879,566
    Total assets   1,338,650 1,386,143 1,217,358
    LIABILITIES
    Payables
    Employees 6A 17,948 11,891 21,216
    Suppliers 6B 280,755 332,478 224,793
    Other payables 6C 91,863 106,132 92,197
    Total payables   390,566 450,501 338,206
    Interest Bearing Liabilities
    Leases 7A 15,892 13,616 -
    Total interest bearing liabilities   15,892 13,616 -
    Provisions
    Employee provisions 8A 629,701 623,128 607,230
    Other provisions 8B 30,550 16,988 14,293
    Total provisions   660,251 640,116 621,523
    Total liabilities   1,066,709 1,104,233 959,729
    Net assets   271,941 281,910 257,629
    EQUITY
    Contributed equity   1,453,370 1,286,961 1,510,169
    Reserves   115,519 115,542 109,165
    Accumulated deficit   (1,296,948) (1,120,593) (1,361,705)
    Total equity   271,941 281,910 257,629
    Budget Variances Commentary: Statement of Financial Position

    Affected line items

    Explanation of major variances

    Cash

    The actual was lower than budget primarily due to fluctuations associated with the timing of payments to employees and suppliers.

    Trade and other receivables

    The higher actual was primarily driven by a higher than expected appropriation receivable balance associated with Government measures.

    Property, Plant and equipment and Intangibles

    The higher than expected actual was due to opening balance differences in relation to Gross book value and Accumulated depreciation, amortisation and impairment. In addition, finance leases were included under the operating expense budget.

    Other non-financial assets

    The actual was lower due to less than expected non-current prepayments made and lease incentives provided.

    Payables - Employees

    The variance is driven by a reduction in payables relating to employee redundancies.

    Payables - Suppliers

    The higher than budgeted actuals is primarily driven by opening balance differences in relation to Operating Lease Rentals and Accrued Expenses relating to the Supply of Goods and Services.

    Payables - Other provisions

    The higher than budgeted actual is largely driven by an increase in the provision for onerous leases.

    Equity

    The budgeted equity balances did not account for subsequent appropriation reductions associated with the repeal of a number of measures announced and recognised in prior years.

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

      Last modified: 30 Oct 2017QC 53648