STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 June 2014
| Note | 2014 $000 |
2013 $000 |
|
| COST OF SERVICES | |||
| Expenses | |||
| Employee benefits expense | 6 | 69,394 | 64,614 |
| Supplies and services | 7 | 496,794 | 473,546 |
| Depreciation expense of infrastructure assets | 8 | 251,682 | 247,437 |
| Depreciation and amortisation expense of other assets | 9 | 4,246 | 4,788 |
| Finance costs | 10 | 618 | 900 |
| Grants and subsidies | 11 | 311,161 | 222,850 |
| Non-current assets retired/replaced | 12 | 19,456 | 36,890 |
| Total cost of services | 1,153,351 | 1,051,025 | |
| Income | |||
| Revenue | |||
| Regulatory fines | 13 | 80,037 | 84,725 |
| Sale of goods and services | 14 | 9,854 | 5,901 |
| Commonwealth grants and contributions | 15 | 266,419 | 351,494 |
| Contributions to roadworks | 16 | 77,020 | 95,014 |
| Grants from other bodies | 17 | 75,246 | 63,537 |
| Interest revenue | 18 | 2,437 | 2,498 |
| Other revenue | 19 | 40,674 | 13,028 |
| Total Revenue | 551,687 | 616,197 | |
| Gains | |||
| Gain on disposal of non-current assets | 20 | 3,191 | 634 |
| Total gains | 3,191 | 634 | |
| Total income other than income from State Government | 554,878 | 616,831 | |
| NET COST OF SERVICES | 598,473 | 434,194 | |
| Income from State Government | 21 | ||
| Service appropriations | 816,275 | 712,979 | |
| Natural disaster funds | 35,577 | 90,584 | |
| Services received free of charge | 1,814 | 1,375 | |
| Royalties for Regions Fund | 1,410 | 1,407 | |
| Total income from State Government | 855,076 | 806,345 | |
| SURPLUS/(DEFICIT) FOR THE PERIOD | 256,603 | 372,151 | |
| OTHER COMPREHENSIVE INCOME | |||
| Items not reclassified subsequently to profit or loss | |||
| Changes in asset revaluation surplus | 36 | 1,401,667 | (334,380) |
| Total other comprehensive income | 1,401,667 | (334,380) | |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 1,658,270 | 37,771 | |
| See also note 50 ‘Schedule of Income and Expenses by Service’. | |||
| The Statement of Comprehensive Income should be read in conjunction with the accompanying notes. | |||
STATEMENT OF FINANCIAL POSITION
as at 30 June 2014
| Note | 2014 $000 |
2013 $000 |
|
| ASSETS | |||
| Current Assets | |||
| Cash and cash equivalents | 37 | 95,393 | 196,112 |
| Restricted cash and cash equivalents | 22 | 73,054 | 66,497 |
| Receivables | 23 | 53,601 | 60,974 |
| Amounts receivable for services | 24 | 47,553 | 46,907 |
| Inventories | 25 | 2,994 | 4,027 |
| Prepayments | 26 | 29,515 | 15,847 |
| Non-current assets classified as held for sale | 27 | 638 | 5,346 |
| Total Current Assets | 302,748 | 395,710 | |
| Non-Current Assets | |||
| Receivables | 23 | 115 | 138 |
| Amounts receivable for services | 24 | 1,544,651 | 1,373,652 |
| Inventories | 25 | 1,304 | 1,360 |
| Prepayments | 26 | 3,242 | 1,200 |
| Property, plant and equipment | 28 | 529,695 | 482,091 |
| Infrastructure | 29 | 41,206,446 | 39,163,464 |
| Intangible assets | 31 | 18,074 | 16,376 |
| Total Non-Current Assets | 43,303,527 | 41,038,281 | |
| TOTAL ASSETS | 43,606,275 | 41,433,991 | |
| LIABILITIES | |||
| Current Liabilities | |||
| Payables | 33 | 298,119 | 232,142 |
| Borrowings | 34 | 5,000 | 5,000 |
| Provisions | 35 | 33,787 | 36,862 |
| Total Current Liabilities | 336,906 | 274,004 | |
| Non-Current Liabilities | |||
| Borrowings | 34 | 5,766 | 10,766 |
| Provisions | 35 | 4,148 | 4,239 |
| Total Non-Current Liabilities | 9,914 | 15,005 | |
| TOTAL LIABILITIES | 346,820 | 289,009 | |
| NET ASSETS | 43,259,455 | 41,144,982 | |
| EQUITY | 36 | ||
| Contributed equity | 3,759,621 | 3,303,418 | |
| Reserves | 27,454,606 | 26,052,939 | |
| Accumulated surplus/(deficit) | 12,045,228 | 11,788,625 | |
| TOTAL EQUITY | 43,259,455 | 41,144,982 |
The Statement of Financial Position should be read in conjunction with the accompanying notes.
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2014
| Note | Contributed Equity $000 |
Reserves $000 |
Accumulated surplus/(deficit) $000 |
Total Equity $000 |
|
| Balance at 1 July 2012 | 36 | 3,122,196 | 26,387,319 | 11,416,474 | 40,925,989 |
| Changes in accounting policy or correction of prior period errors | - | - | - | - | |
| Restated balance at 1 July 2012 | 3,122,196 | 26,387,319 | 11,416,474 | 40,925,989 | |
| - Surplus/(deficit) | - | - | 372,151 | 372,151 | |
| - Other comprehensive income | - | (334,380) | - | (334,380) | |
| Total comprehensive income for the period | - | (334,380) | 372,151 | 37,771 | |
| Transactions with owners in their capacity as owners: | |||||
| - Capital appropriations | 200,348 | - | - | 200,348 | |
| - Other contributions by owners | 13,114 | - | - | 13,114 | |
| - Distributions to owners | (32,240) | - | - | (32,240) | |
| Total | 181,222 | - | - | 181,222 | |
| Balance at 30 June 2013 | 3,303,418 | 26,052,939 | 11,788,625 | 41,144,982 | |
| Balance at 1 July 2013 | 3,303,418 | 26,052,939 | 11,788,625 | 41,144,982 | |
| - Surplus/(deficit) | - | - | 256,603 | 256,603 | |
| - Other comprehensive income | - | 1,401,667 | - | 1,401,667 | |
| Total comprehensive income for the period | - | 1,401,667 | 256,603 | 1,658,270 | |
| Transactions with owners in their capacity as owners: | |||||
| - Capital appropriations | 443,592 | - | - | 443,592 | |
| - Other contributions by owners | 61,232 | - | - | 61,232 | |
| - Distributions to owners | (48,621) | - | - | (48,621) | |
| Total | 456,203 | - | - | 456,203 | |
| Balance at 30 June 2014 | 3,759,621 | 27,454,606 | 12,045,228 | 43,259,455 | |
| The Statement of Changes in Equity should be read in conjunction with the accompanying notes. | |||||
STATEMENT OF CASH FLOWS
for the year ended 30 June 2014
| Note | 2014$000 | 2013$000 | |
| CASH FLOWS FROM STATE GOVERNMENT | |||
| Service appropriations | 597,723 | 537,185 | |
| Capital appropriations | 443,592 | 200,348 | |
| Holding account drawdowns | 46,907 | 46,907 | |
| Natural disaster funding | 35,577 | 90,584 | |
| Royalties for Regions Fund | 32,113 | 10,562 | |
| Net cash provided by State Government | 1,155,912 | 885,586 | |
| Utilised as follows: | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Payments | |||
| Employee benefits | (73,858) | (64,310) | |
| Supplies and services | (480,287) | (472,803) | |
| Grants and subsidies | (196,478) | (218,147) | |
| GST payments on purchases | (149,714) | (128,888) | |
| Finance costs | (678) | (1,008) | |
| Receipts | |||
| Sale of goods and services | 112,072 | 74,967 | |
| Commonwealth grants and contributions | 266,419 | 351,494 | |
| Regulatory fines | 80,037 | 84,725 | |
| Interest received | 2,496 | 2,288 | |
| GST receipts on sales | 12,552 | 9,264 | |
| GST receipts from taxation authority | 134,160 | 120,637 | |
| Other receipts | 14,239 | 10,124 | |
| Rent received | 4,036 | 3,884 | |
| Net cash provided by/(used in) operating activities | 37 | (275,004) | (227,773) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Payments | |||
| Purchase of non-current physical assets | (24,342) | (22,167) | |
| Purchase of infrastructure assets | (958,875) | (806,909) | |
| Receipts | |||
| Proceeds from sale of non-current physical assets | 13,147 | 9,142 | |
| Net cash provided by/(used in) investing activities | (970,070) | (819,934) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Payments | |||
| Repayment of borrowings | (5,000) | (5,000) | |
| Net cash provided by/(used in) financing activities | (5,000) | (5,000) | |
| Net increase/(decrease) in cash and cash equivalents | (94,162) | (167,121) | |
| Cash and cash equivalents at the beginning of the period | 262,609 | 429,730 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 37 | 168,447 | 262,609 |
The Statement of Cash Flows should be read in conjunction with the accompanying notes.