Note 17: Administered - Financial Assets
FINANCIAL ASSETS |
2012 |
2011 |
|
|---|---|---|---|
$’000 |
$’000 |
||
Note 17A: Cash and Cash Equivalents |
|||
Cash on hand or on deposit |
191 |
2,528 |
|
Total cash and cash equivalents |
191 |
2,528 |
|
Note 17B: Trade and Other Receivables |
|||
Goods and services: |
|||
Goods and services receivable - external parties * |
5 |
17 |
|
Total receivables for goods and services |
5 |
17 |
|
Advances and loans: |
|||
Other - Travellers Emergency Loans |
1,448 |
1,404 |
|
Total advances and loans |
1,448 |
1,404 |
|
Other receivables: |
|||
Related entities |
408 |
313 |
|
GST receivable from the ATO |
354 |
157 |
|
Dividend - Export Finance and Investment Commission (EFIC) |
30,194 |
- |
|
Passport and Consular Fees |
1,784 |
1,228 |
|
Total other receivables |
32,740 |
1,698 |
|
Total trade and other receivables (gross) |
34,193 |
3,119 |
|
Less: impairment allowance account: |
|||
Advances and loans - Travellers Emergency Loans |
(546) |
(553) |
|
Total impairment allowance account |
(546) |
(553) |
|
Total trade and other receivables (net) |
33,647 |
2,566 |
|
Receivables are expected to be recovered in: |
|||
No more than 12 months |
33,243 |
1,851 |
|
More than 12 months |
404 |
715 |
|
Total trade and other receivables (net) |
33,647 |
2,566 |
|
Receivables were aged as follows: |
|||
Not overdue |
33,119 |
2,084 |
|
Overdue by: |
|||
0 to 30 days |
10 |
2 |
|
31 to 60 days |
9 |
47 |
|
61 to 90 days |
2 |
30 |
|
More than 90 days |
1,053 |
956 |
|
Total receivables (gross) |
34,193 |
3,119 |
|
The impairment allowance account is aged as follows: |
|||
Not overdue |
- |
- |
|
Overdue by: |
|||
0 to 30 days |
- |
- |
|
31 to 60 days |
- |
- |
|
61 to 90 days |
(1) |
- |
|
More than 90 days |
(545) |
(553) |
|
Total impairment allowance account |
(546) |
(553) |
|
*Goods and services receivable were with entities external to the Australian Government. Credit terms were within 30 days (2011: 30 days). |
|||
Reconciliation of the Impairment Allowance Account: |
|||
Movements in relation to 2012 |
|||
Advances and loans |
Other receivables |
Total |
|
$'000 |
$'000 |
$'000 |
|
Opening balance |
(553) |
- |
(553) |
Amounts impaired |
- |
- |
- |
Amounts recovered and reversed |
7 |
- |
7 |
Increase/decrease recognised in net surplus |
- |
- |
- |
Closing balance |
(546) |
- |
(546) |
Movements in relation to 2011 |
|||
Advances and loans |
Other receivables |
Total |
|
$'000 |
$'000 |
$'000 |
|
Opening balance |
(565) |
- |
(565) |
Amounts impaired |
- |
- |
- |
Amounts recovered and reversed |
12 |
- |
12 |
Increase/decrease recognised in net surplus |
- |
- |
- |
Closing balance |
(553) |
- |
(553) |
2012 |
2011 |
||
$’000 |
$’000 |
||
Note 17C: Investments Accounted for Using the Equity Method |
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Investments in associates: |
|||
Export Finance and Insurance Corporation (EFIC) |
418,063 |
408,082 |
|
Total equity accounted investments |
418,063 |
408,082 |
|
Investments in equity accounted investments are expected to be recovered in: |
|||
No more than 12 months |
- |
- |
|
More than 12 months |
418,063 |
408,082 |
|
Total equity accounted investments |
418,063 |
408,082 |
|
Details of investments accounted for using the equity method |
|||
Ownership |
|||
2012 |
2011 |
||
Name of entity |
% |
% |
|
Associates: |
|||
Export Finance and Insurance Corporation (EFIC) 1 |
100 |
100 |
|
1EFIC's principal activity is the provision of competitive finance and insurance services to Australian exporters and Australian companies investing in new projects overseas. |
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Summarised financial information of associates: |
|||
2012 |
2011 |
||
$'000 |
$'000 |
||
Balance sheet: |
|||
Assets |
3,273,913 |
3,036,162 |
|
Liabilities |
2,855,850 |
2,628,080 |
|
Net assets |
418,063 |
408,082 |
|
Statement of comprehensive income: |
|||
Income |
263,495 |
139,300 |
|
Expenses |
236,656 |
110,100 |
|
Net surplus/(deficit) |
26,839 |
29,200 |
|
Share of associates' net surplus/(deficit): |
26,839 |
29,200 |
|
Dividends receivable from associates in 2012 $30,194,000 (2011: dividend paid $28,708,000). The Treasurer announced in the May 2012 Budget that EFIC would be required to pay a "special dividend" of $200 million during the 2012-13 year. The mechanism to direct how the "special dividend" is to be paid is yet to be determined; however to enable the payment there will need to be legislative changes to the EFIC Act. The timing of these changes is unknown at this stage. |
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