Indigenous Land Corporation gpo box 652 Adelaide sa 5001

RETAINED EARNINGS	ASSET REVALUATION RESERVE	TOTAL EQUITY
2014 $,000	2013 $,000	2014 $,000	2013 $,000	2014 $,000	2013 $,000
Opening Balance
Balance carried forward from previous period		215,958	282,166	6,949	3,384	222,907	285,550
Adjusted opening balance		215,958	282,166	6,949	3,384	222,907	285,550
Comprehensive Income
Deficit for the period		(28,835)	(66,248)	–	–	(28,835)	(66,248)
Other comprehensive income:
Fair value revaluation of property, plant and equipment		–	–	(305)	3,605	(305)	3,605
Total comprehensive income attributable to the Australian Government		(28,835)	(66,248)	(305)	3,605	(29,140)	(62,643)
Amount transferred from revaluation reserve for property, plant and equipment disposed of		83	40	(83)	(40)	–	–
Closing balance attributable to the Australian Government		187,206	215,958	6,561	6,949	193,767	222,907

ILC	Notes	RETAINED EARNINGS	ASSET REVALUATION RESERVE	TOTAL EQUITY
		2014 $,000	2013 $,000	2014 $,000	2013 $,000	2014 $,000	2013 $,000
Opening Balance
Balance carried forward from previous period		325,772	306,759	6,874	3,309	332,646	310,068
Adjusted opening balance		325,772	306,759	6,874	3,309	332,646	310,068
Comprehensive Income
Surplus for the period		4,373	18,973	–	–	4,373	18,973
Other comprehensive income:
Fair value revaluation of property, plant and equipment		–	–	(305)	3,605	(305)	3,605
Total comprehensive income attributable to the Australian Government		4,373	18,973	(305)	3,605	4,068	22,578
Amount transferred from revaluation reserve for property, plant and equipment disposed of		78	40	(78)	(40)	–	–
Closing balance attributable to the Australian Government		330,223	325,772	6,491	6,874	336,714	332,646

	Notes	Consol 2014 $,000	Consol 2013 $,000	ILC 2014 $,000	ILC 2013 $,000
OPERATING ACTIVITIES
Cash received
Receipts from Government		9,664	9,706	9,664	9,706
Other receipts from Government		56,606	71,938	55,646	70,666
Goods and services		140,027	134,024	18,592	10,969
Interest		2,142	2,383	1,950	1,760
Other		10,063	16,660	2,938	8,275
Net GST received from ATO		–	713	4,349	4,594
Total cash received		218,502	235,424	93,139	105,970
Cash used
Employees		74,750	65,786	12,620	12,150
Direct land acquisition		6,640	4,345	6,640	4,345
Land management		43,663	53,142	58,205	53,142
Interest paid		11,155	10,986	8,970	–
Other suppliers		73,922	73,559	12,086	13,325
Net GST paid to ATO		2,097	–	–	–
Total cash used		212,227	207,818	98,521	82,962
Net cash from or (used by) operating Activities	15	6,275	27,606	(5,382)	23,008
INVESTING ACTIVITIES
Cash received
Proceeds from the sale of property, plant & equipment		114	189	119	149
Proceeds from sale of investments, net		15,000	–	15,000	–
Total cash received		15,114	189	15,119	149
Cash used
Purchase of property, plant & equipment		9,505	29,374	3,135	3,176
Purchase of intangibles		851	35	73	35
Investments made		–	15,000	–	15,000
Total cash used		10,356	44,409	3,208	18,211
Net cash from or (used by) investing Activities		4,758	(44,220)	11,911	(18,062)
Net increase (decrease) in cash held		11,033	(16,614)	6,529	4,946
Cash at the beginning of the reporting Period		40,370	56,984	32,192	27,246
Cash at the end of the reporting Period	15	51,403	40,370	38,721	32,192

Type		Consol 2014 $,000	Consol 2013 $,000	ILC 2014 $,000	ILC 2013 $,000
Commitments receivable
Goods and services tax		(3,162)	(3,543)	(715)	(876)
Leases		(12)	–	–	–
Total commitments receivable		(3,174)	(3,543)	(715)	(876)
Capital commitments
Other^1		494	328	–	328
Total capital commitments		494	328	–	328
Other commitments
Operating leases^2		33,823	37,719	7,861	9,305
Other^3		476	926	–	–
Total other commitments		34,299	38,645	7,861	9,305
Net commitments by type		31,619	35,430	7,146	8,757
BY MATURITY
Commitments receivable
One year or less		(448)	(420)	(131)	(167)
From one to five years		(976)	(1,163)	(447)	(483)
Over five years		(1,750)	(1,960)	(137)	(226)
Net goods and services tax receivable		(3,174)	(3,543)	(715)	(876)
Capital commitments
One year or less		494	328	–	328
Net capital commitments		494	328	–	328
Other commitments
One year or less		4,314	4,296	1,442	1,507
From one to five years		10,731	12,791	4,913	5,313
Over five years		19,254	21,558	1,506	2,485
Net other commitments		34,299	38,645	7,861	9,305

The amounts reported as at 30 June 2014 as commitments payable include the GST where relevant. Recoveries of GST in relation to commitments payable is included in commitments receivable.

¹ The capital commitment comprised:

• at 30 June 2014 Voyages has capital commitments for orders placed awaiting completion or delivery of customised specified assets such as laundry equipment air-conditioning chiller and staff accommodation.

• at 30 June 2013 the Corporation has a remaining commitment on the design and delivery of specialised vehicles. Settlement of the commitment occurred in the 2013/14 financial year.

² The operating leases commitments comprise:

• Leases for office accommodation relate to tenancy of the ILC in its Adelaide (Head Office and ICS Office), Perth, Brisbane and Canberra offices. Voyages have a lease for its office accommodation in Sydney and a lease over the airport at Ayers Rock Resort. Lease payments are subject to annual increases in accordance with the lease contracts at either a fixed rate or to market. The initial periods of the leases are still current. The ILC has the option to renew for an additional term on expiry of the current term on six of the seven leases. There are no purchase options available to the ILC.

• Agreements for the provision of motor vehicles to senior executives – no contingent rentals exist. There are no renewal or purchase options available to the Corporation.

• Leases and Grazing licences entered into by the ILC are for the purposes of running a commercial enterprise. The commitment equals the total consideration paid by the ILC over the term of the lease, being a cash payment, which is subject to an annual index adjustment, and an agreed amount of capital development to be undertaken by the Corporation. The initial periods of the licences are still current. The ILC has the option to renew for an additional term on expiry of the current term on four of the five licences. There are no purchase options available to the ILC.

• During the reporting period, Voyages entered into a contract with The Leasing Centre for Retech terminals for its retail outlets, expiring in May 2017.

³ The other commitments comprise:

• Voyages have entered into a non-cancellable contract for the provision of fire and emergency services at Ayers Rock Resort. The contract expires on 30 June 2015.

	Notes	Consol 2014 $,000	Consol 2013 $,000	ILC 2014 $,000	ILC 2013 $,000
Contingent liabilities
Guarantees	16	–	500	566	680
Total contingent liabilities		–	500	566	680
Contingent assets
Claims for damages/costs	16	2,568	2,124	–	–
Total contingent assets		2,568	2,124	–	–
Net contingent assets (liabilities)		2,568	1,624	(566)	(680)

Details of each class of contingent assets and liabilities, including those not disclosed above because they cannot be quantified or considered remote, are shown in Note 16.