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Financial Statements

Department of Foreign Affairs and Trade

Statement of Comprehensive Income

for the period ended 30 June 2018

Notes 2018
$’000		 2017
$’000		 Original
Budget
$’000
Net cost of services
Expenses
Employee benefits 1.1A 797,532 778,564 746,014
Suppliers 1.1B 694,351 698,362 698,362
Depreciation and amortisation 3.2A 187,155 171,287 171,287
Write-down and impairment of assets 1.1C 8,120 12,408 –
Grants and other contributions 9,052 10,313 –
Finance costs 314 659 –
Total expenses 1,696,524 1,671,593 1,593,115
Own-Source Income
Own-source revenue
Sale of goods and rendering of services 1.2A 138,918 135,116 125,436
Other revenue 1.2B 6,548 14,513 11,258
Total own-source revenue 145,466 149,629 136,694
Gains
Gains on sale of assets 1.2C 132,863 367 –
Other gains 1.2D 3,627 1,860 121,271
Foreign exchange gains – non-speculative 5,546 11 –
Total gains 142,036 2,238 121,271
Total own-source income 287,502 151,867 257,965
Net (cost of) services (1,409,022) (1,519,726) (1,335,150)
Revenue from Government – departmental appropriations 1,355,169 1,382,971 1,359,553
(Deficit) / Surplus from continuing operations (53,853) (136,755) 24,403
Other comprehensive income
Items not subject to subsequent reclassification to net cost of services
Changes in asset revaluation surplus 220,427 31,965 –
Changes in asset revaluation surplus 220,427 31,965 –
Total comprehensive income / (loss) 166,574 (104,790) 24,403

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

Department of Foreign Affairs and Trade

Statement of Financial Position

for the period ended 30 June 2018

Notes 2018
$’000		 2017
$’000		 Original
Budget
$’000
Assets
Financial assets
Cash and cash equivalents 3.1A 405,943 178,403 57,295
Trade and other receivables 3.1B 525,662 573,022 837,731
Total expenses 931,605 751,425 895,026
Non-financial assets
Land 3.2A 1,821,170 1,662,056 1,593,397
Buildings 3.2A 1,513,100 1,470,764 1,618,257
Plant and equipment 3.2A 280,895 306,290 318,530
Intangibles 3.2A 120,134 118,895 109,613
Inventories 3.2B 46,383 47,118 47,586
Assets held for sale 3.2C – 106,323 83,453
Other non-financial assets 3.2D 66,258 59,915 96,169
Total non-financial assets 3,847,940 3,771,361 3,867,005
Total assets 4,779,545 4,522,786 4,762,031
Liabilities
Payables
Suppliers 3.3A 108,013 154,107 81,552
Other payables 3.3B 56,305 26,055 92,570
Total payables 164,318 180,162 174,122
Provisions
Employee provisions 6.1A 228,829 219,273 238,481
Other provisions 3.4A 17,810 19,567 18,989
Total provisions 246,639 238,840 257,470
Total liabilities 410,957 419,002 431,592
Net assets 4,368,588 4,103,784 4,330,439
Equity
Contributed equity / capital 2,618,447 2,520,217 2,628,644
Asset revaluation surplus 1,735,829 1,515,402 1,483,437
Retained surplus 14,312 68,165 218,358
Total equity 4,368,588 4,103,784 4,330,439

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

Department of Foreign Affairs and Trade

Statement of Changes in Equity

for the period ended 30 June 2018

Retained surplus Asset revaluation surplus Contributed equity / capital Total equity
2018
$’000		 2017
$’000		 Original
Budget
$’000		 2018
$’000		 2017
$’000		 Original
Budget
$’000		 2018
$’000		 2017
$’000		 Original
Budget
$’000		 2018
$’000		 2017
$’000		 Original
Budget
$’000
Opening balance
Balance carried forward from previous period 68,165 204,920 110,501 1,515,402 1,483,437 1,483,437 2,520,217 2,402,445 2,510,735 4,103,784 4,090,802 4,104,673
Adjusted opening balance 68,165 204,920 110,501 1,515,402 1,483,437 1,483,437 2,520,217 2,402,445 2,510,735 4,103,784 4,090,802 4,104,673
Comprehensive income
Revaluation adjustment – – – 221,457 32,079 – – – – 221,457 32,079 –
Makegood revaluation adjustment – – – (1,030) (114) – – – – (1,030) (114) –
(Deficit) / Surplus for the period (53,853) (136,755) 24,403 – – – – – – (53,853) (136,755) 24,403
Total comprehensive income (53,853) (136,755) 24,403 220,427 31,965 – – – – 166,574 (104,790) 24,403
Transactions with owners
Distribution to owners
Returns of capital:
Departmental equity returns – – – – – – (13,851) – – (13,851) – –
Contributions by owners
Equity injection – Appropriations – – – – – – 65,580 66,017 71,408 65,580 66,017 71,408
Departmental capital budget – – – – – – 46,501 51,755 46,501 46,501 51,755 46,501
Other – – 83,454 – – – – – – – – 83,454
Total transactions with owners – – 83,454 – – – 98,230 117,772 117,909 98,230 117,772 201,363
Closing balance as at 30 June 14,312 68,165 218,358 1,735,829 1,515,402 1,483,437 2,618,447 2,520,217 2,628,644 4,368,588 4,103,784 4,330,439

Accounting Policy

Equity Injections

Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.

2017-18 includes a quarantined amount of $5.829m under Appropriation Act (No.2) 2017-18 relating to no-win / no-loss for Security Funding Agreements.

Departmental Equity Returns

Lapsed appropriations are recognised as departmental equity returns. This amount represents prior year appropriations, which have been repealed in the Appropriation Act (No. 4) 2017-18.

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

Department of Foreign Affairs and Trade

Cash Flow Statement

for the period ended 30 June 2018

Notes 2018
$’000		 2017
$’000		 Original
Budget
$’000
Operating activities
Cash received
Appropriations 1,586,806 1,602,175 1,359,553
Sale of goods and rendering of services 135,453 152,454 136,694
Special account cash transferred from Official Public Account (OPA) 380,000 89,000 –
GST received 40,598 41,067 –
Other 6,407 13,952 135,203
Total cash received 2,149,264 1,898,648 1,631,450
Cash used
Employees 794,026 781,995 743,847
Suppliers 778,804 678,633 691,089
Section 74 receipts transferred to OPA 157,224 224,531 –
Special account cash transferred to OPA 380,000 87,340 –
Other 9,052 11,973 276,469
Total cash used 2,119,106 1,784,472 1,711,405
Net cash from / (used by) operating activities 30,158 114,176 (79,955)
Investing activities
Cash received
Proceeds from sales of property, plant and equipment 243,292 1,222 215,158
Total cash received 243,292 1,222 215,158
Cash used
Purchase of land and buildings 74,579 155,788 129,512
Purchase of plant and equipment 58,076 114,943 100,853
Purchase and development of intangibles 20,521 27,743 35,636
Total cash used 153,176 298,474 266,001
Net cash from / (used by) investing activities 90,116 (297,252) (50,843)
Financing activities
Cash received
Contributed equity 101,720 200,284 130,798
Total cash received 101,720 200,284 130,798
Net cash from financing activities 101,720 200,284 130,798
Net increase in cash held 221,994 17,208 –
Cash and cash equivalents at the beginning of the reporting period 178,403 161,184 57,295
Effect of exchange rate movements on cash and cash equivalents at the beginning of the reporting period 5,546 11 –
Cash and cash equivalents at the end of the reporting period 3.1A 405,943 178,403 57,295

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

Department of Foreign Affairs and Trade

Administered Schedule of Comprehensive Income

for the period ended 30 June 2018

Notes 2018
$’000		 2017
$’000		 Original
Budget
$’000
Net cost of services
Expenses
International development assistance 2.1A 3,067,706 2,919,738 3,088,994
Multilateral replenishments and other loans 2.1B 99,664 1,205,760 12,622
Other grants and contributions 2.1C 418,422 415,157 546,947
Export Finance and Insurance Corporation (Efic) 2.1D 1,349 9,115 1,300
Other expenses 2.1E 10,776 8,289 3,889
Payments to corporate Commonwealth entities – Tourism Australia 129,308 143,610 129,308
Depreciation and amortisation 4.2A 985 1,350 500
Total expenses 3,728,210 4,703,019 3,783,560
Income
Fees and charges 2.2A 538,985 505,290 546,158
Multilateral replenishments and other loans 2.2B 401,181 12,050 –
Multilateral replenishments and other loans 2.2B 401,181 12,050 –
Efic National Interest Account (NIA) 2.2C 33,653 34,708 46,497
Efic dividend and competitive neutrality 2.2D 13,122 12,824 –
Return of prior year administered expenses 2.2E 56,925 38,454 30,982
Other revenue and gains 2.2F 4,925 8,820 254
Total income 1,048,791 612,146 623,891
Net cost of services (2,679,419) (4,090,873) (3,159,669)
Other comprehensive income
Re-measurements of defined benefit plans 6,414 2,991 –
Changes in asset revaluation surplus – 532 –
Movement in the carrying amount of investments (6,191) 6,513 –
Total other comprehensive (loss) / income 223 10,036 –
Total comprehensive (loss) (2,679,196) (4,080,837) (3,159,669)

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

Department of Foreign Affairs and Trade

Administered Schedule of Assets and Liabilities

for the period ended 30 June 2018

Notes 2018
$’000		 2017
$’000		 Original
Budget
$’000
Assets
Financial assets
Cash on hand or on deposit 4.1A 10,458 12,162 257
Trade and other receivables 4.1B 192,342 185,305 2,273,378
Investments 4.1C 2,756,164 2,367,368 2,511,526
Total financial assets 2,958,964 2,564,835 4,785,161
Non-financial assets
Leasehold improvements 4.2A – 81 62
Plant and equipment 4.2A 19 27 6
Computer software internally developed 4.2A 3,046 3,565 4,220
Prepayments 64 128 572
Total non-financial assets 3,129 3,801 4,860
Total assets administered on behalf of Government 2,962,093 2,568,636 4,790,021
Liabilities
Payables
Grants 4.3A 980,661 1,071,059 976,307
Other payables 4.3B 889,595 1,127,086 1,322,705
Total payables 1,870,256 2,198,145 2,299,012
Provisions
Other payables 6.1B 79,611 82,252 89,711
Total provisions 79,611 82,252 89,711
Total liabilities administered on behalf of Government 1,949,867 2,280,397 2,388,723
Net assets 1,012,226 288,239 2,401,298

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

Department of Foreign Affairs and Trade

Administered Reconciliation Schedule

for the period ended 30 June 2018

2018
$’000		 2017
$’000
Opening assets less liabilities as at 1 July 288,239 1,122,824
Net (cost of) / contribution by services
Income 1,048,791 612,146
Expenses
Payments to entities other than corporate Commonwealth entities (3,598,902) (4,559,409)
Payments to corporate Commonwealth entities – Tourism Australia (129,308) (143,610)
Other comprehensive income
Movement in the carrying amount of investments (6,191) 6,513
Administered asset revaluations taken to / from reserves – 532
Actuarial gains / (losses) on defined benefit plans 6,414 2,991
Transfers (to) / from the Australian Government
Appropriation transfers from OPA
Administered assets and liabilities appropriations 135,933 410,718
Annual appropriations
Payments to entities other than corporate Commonwealth entities 3,918,176 3,421,926
Payments to corporate Commonwealth entities – Tourism Australia 129,308 143,610
Special accounts
Payments to corporate Commonwealth entities – Tourism Australia 16,347 8,920
Special appropriations (unlimited)
Payments to entities other than corporate Commonwealth entities 715 656
Appropriation transfers to OPA
Payments to entities other than corporate Commonwealth entities (797,296) (739,578)
Closing assets less liabilities as at 30 June 1,012,226 288,239

Accounting Policy

Administered cash transfers to and from the Official Public Account
Revenue collected by DFAT on behalf of the Government is administered revenue. Collections are transferred to the OPA maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of the Government. These transfers to and from the OPA are adjustments to the administered cash held by DFAT on behalf of the Government and reported as such in the Administered Cash Flow Statement and in the Administered Reconciliation Schedule.

Payments to corporate Commonwealth entities
Payments to corporate Commonwealth entities from amounts appropriated for that purpose are classified as administered expenses, equity injections or loans of the relevant portfolio department. The appropriation to DFAT is disclosed in Note 5.1A: Annual Appropriations (‘Recoverable GST exclusive’).

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

Department of Foreign Affairs and Trade

Administered Schedule of Assets and Liabilities

for the period ended 30 June 2018

Notes 2018
$’000		 2017
$’000
Operating activities
Cash received
Fees and charges 532,713 510,047
GST received 103,769 92,454
Return of prior year administered expenses 56,925 38,454
Efic dividend 5,791 5,770
Efic competitive neutrality 7,331 7,054
Efic – NIA 30,927 34,421
Other 3,743 8,182
Total cash received 3,743 8,182
Cash used
International development assistance 3,356,812 3,112,963
Other contributions 418,422 415,157
Payments to corporate Commonwealth entities – Tourism Australia 129,308 143,610
Efic – NIA – 9,210
Efic – NIA 3,350 3,488
Total cash used 3,907,892 3,684,428
Net cash (used by) operating activities (3,166,693) (2,988,046)
Investing activities
Cash received
Proceeds from concessional financial instruments 9,752 3,950
Total cash received 9,752 3,950
Cash used
Purchase of intangibles 382 329
Purchase of concessional financial instruments 247,564 275,348
Total cash used 247,946 275,677
Net cash (used by) investing activities (238,194) (271,727)
Net (decrease) in cash held (3,404,887) (3,259,773)
Cash and cash equivalents at the beginning of the reporting period 12,162 25,683
Cash from Official Public Account
Appropriations 4,184,132 3,976,910
Special accounts 16,347 8,920
Total cash from official public account 4,200,479 3,985,830
Cash to Official Public Account
Appropriations (797,296) (739,578)
Total cash to official public account (797,296) (739,578)
Cash and cash equivalents at the end of the reporting period 4.1A 10,458 12,162

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

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