4. Events occurring after the Statement of Financial Position date
There are no events occurring after Statement of Financial Position date.
|
|
Consol
2014
$,000
|
Consol
2013
$,000
|
ILC
2014
$,000
|
ILC
2013
$,000
|
5. Expenses
5A. Property granted
The expense relates to the value of land granted (at cost) to Indigenous organisations in line with the objectives of the ILC. Costs incurred in transferring land, unsuccessful acquisitions or projects considered unlikely to proceed at reporting date are also included in this expense.
Value of property granted
|
7,826
|
9,649
|
7,826
|
9,649
|
Associated costs
|
265
|
79
|
265
|
79
|
|
|
|
|
|
Total property granted expenses
|
8,091
|
9,728
|
8,091
|
9,728
|
|
|
|
|
|
Property granted expense
|
|
|
|
|
Related entities
|
–
|
–
|
–
|
–
|
External entities
|
8,091
|
9,728
|
8,091
|
9,728
|
|
|
|
|
|
Total property granted expenses
|
8,091
|
9,728
|
8,091
|
9,728
|
|
|
|
|
|
5B. Provision for property held for grant and assets held in trust
A provision is raised in the Statement of Comprehensive Income for the full cost of land and infrastructure purchases representing the sacrifice of future benefits embodied in the assets. The following represents the net movement in the provisions for the reporting period.
Total movement in the provision for property
held for grant
|
(2,417)
|
21,598
|
(2,417)
|
21,598
|
|
|
|
|
|
Total movement in the provision for assets held
in trust
|
–
|
809
|
–
|
809
|
|
|
|
|
|
5C. Land management
The ILC works with the Indigenous corporations and develops a package of support in the form of agreed solutions to land management issues identified by the land owners. Land Management expenses also include land management on land held by the ILC and includes the cost of caretaking, use, maintenance and improvement of that land. Land Management expenses are recorded as expenses in the Statement of Comprehensive Income in the period in which they are incurred.
Land management expense
|
|
|
|
|
Related entities
|
3,140
|
5,109
|
17,030
|
18,915
|
External entities
|
38,021
|
31,792
|
38,022
|
31,792
|
|
|
|
|
|
Total land management expenses
|
41,161
|
36,901
|
55,052
|
50,707
|
|
|
|
|
|
|
|
Consol
2014
$,000
|
Consol
2013
$,000
|
ILC
2014
$,000
|
ILC
2013
$,000
|
5D. Employee benefits
Wages and salaries
|
66,986
|
65,692
|
11,340
|
9,943
|
Superannuation:
|
|
|
|
|
Defined contribution plan
|
5,352
|
4,952
|
900
|
827
|
Defined benefit plan
|
890
|
914
|
890
|
914
|
Separation and redundancy
|
15
|
145
|
15
|
145
|
|
|
|
|
|
Total employee benefits
|
73,243
|
71,703
|
13,145
|
11,829
|
|
|
|
|
|
5E. Suppliers expenses
Goods and services:
|
|
|
|
|
Raw materials and consumables
|
27,600
|
25,657
|
–
|
–
|
Travel
|
2,129
|
2,279
|
1,495
|
1,536
|
Consultants
|
2,866
|
2,968
|
1,152
|
1,006
|
Marketing
|
3,232
|
4,148
|
–
|
–
|
Repairs and maintenance
|
5,703
|
6,268
|
43
|
32
|
Utilities, rates and services
|
7,395
|
7,279
|
84
|
74
|
Other
|
13,515
|
10,784
|
2,215
|
1,929
|
|
|
|
|
|
Total supplier expenses
|
62,440
|
59,383
|
4,989
|
4,577
|
|
|
|
|
|
Goods and services are made up of:
|
|
|
|
|
Rendering of services – related entities
|
1,991
|
1,695
|
880
|
824
|
Rendering of services – external entities
|
60,449
|
57,688
|
4,109
|
3,753
|
|
|
|
|
|
Total supplier expenses
|
62,440
|
59,383
|
4,989
|
4,577
|
|
|
|
|
|
Other supplier expenses:
|
|
|
|
|
Operating lease rentals1
|
3,472
|
4,756
|
1,915
|
3,407
|
Workers’ compensation premiums
|
1,487
|
898
|
84
|
90
|
|
|
|
|
|
Total other supplier expenses
|
4,959
|
5,654
|
1,999
|
3,497
|
|
|
|
|
|
Total supplier expenses
|
67,399
|
65,037
|
6,988
|
8,074
|
|
|
|
|
|
|
|
|
|
|
1 These comprise minimum lease payments only
|
|
Consol
2014
$,000
|
Consol
2013
$,000
|
ILC
2014
$,000
|
ILC
2013
$,000
|
5F. Depreciation and amortisation
Administration Assets
|
|
|
|
|
Office equipment
|
30
|
46
|
21
|
33
|
Furniture and fittings
|
12
|
436
|
5
|
6
|
Computer equipment
|
265
|
223
|
157
|
197
|
Office fitouts
|
145
|
165
|
138
|
145
|
Commercial Property Assets
|
|
|
|
|
Buildings and infrastructure
|
9,933
|
9,986
|
3,900
|
3,845
|
Plant and equipment
|
2,447
|
2,146
|
1,019
|
905
|
Furniture and fitting
|
3,601
|
2,661
|
66
|
82
|
Motor vehicles
|
1,181
|
875
|
952
|
669
|
|
|
|
|
|
Total depreciation
|
17,614
|
16,538
|
6,258
|
5,882
|
|
|
|
|
|
Amortisation of “make good” asset
|
43
|
22
|
43
|
22
|
Amortisation of software
|
109
|
1,117
|
109
|
131
|
Amortisation of goodwill
|
7
|
7
|
7
|
7
|
Amortisation of trademarks and licences
|
558
|
310
|
–
|
–
|
|
|
|
|
|
Total amortisation
|
717
|
1,456
|
159
|
160
|
|
|
|
|
|
Total depreciation and amortisation
|
18,331
|
17,994
|
6,417
|
6,042
|
|
|
|
|
|
|
|
Consol
2014
$,000
|
Consol
2013
$,000
|
ILC
2014
$,000
|
ILC
2013
$,000
|
5G. Impairment of assets
Net impairment of assets:
|
|
|
|
|
Land
|
1,451
|
11,269
|
–
|
–
|
Property, plant and equipment
|
6,173
|
46,830
|
323
|
–
|
Intangibles
|
11,592
|
4,158
|
–
|
–
|
Receivables
|
2
|
102
|
9
|
2
|
|
|
|
|
|
Total impairment of assets
|
19,218
|
62,359
|
332
|
2
|
|
|
|
|
|
5H. Other net loss (gain)
Net write up of assets held for sale
|
(25)
|
2,835
|
(25)
|
2,835
|
Assets received for no or nominal consideration
|
–
|
(26,250)
|
–
|
(26,250)
|
Forgiveness of loan to subsidiary
|
–
|
–
|
5,647
|
–
|
Change in net present value of sundry creditors
|
915
|
859
|
915
|
859
|
Change in fair value of forward contracts
|
–
|
(9)
|
–
|
(9)
|
Reversals of impairment on repayable grants
|
(4)
|
(68)
|
(4)
|
(68)
|
Write off of intangibles
|
25
|
7
|
25
|
7
|
Write down of property, plant and equipment
|
35
|
–
|
14
|
–
|
|
|
|
|
|
Total net loss (gain) of assets
|
946
|
(22,626)
|
6,572
|
(22,626)
|
|
|
|
|
|
5I. Finance costs
Loans
|
11,094
|
11,507
|
8,970
|
8,955
|
|
|
|
|
|
Total finance costs
|
11,094
|
11,507
|
8,970
|
8,955
|
|
|
|
|
|
|
|
Consol
2014
$,000
|
Consol
2013
$,000
|
ILC
2014
$,000
|
ILC
2013
$,000
|
5J. Income tax expense (benefit)
The major components of income tax are:
Income Statement
|
|
|
|
|
Current income tax
|
|
|
|
|
Current income tax charge
|
(5,322)
|
(6,087)
|
–
|
–
|
Deferred income tax
|
|
|
|
|
Relating to origination of temporary Differences
|
(331)
|
(264)
|
–
|
–
|
Value of deferred tax assets not recognised
|
5,653
|
6,351
|
–
|
–
|
|
|
|
|
|
Income tax reported in Statement of Comprehensive Income
|
–
|
–
|
–
|
–
|
|
|
|
|
|
Numerical reconciliation between aggregate tax expenses recognised in the Statement of Comprehensive Income and tax as calculated per the statutory income tax rate:
Total accounting profit (loss)
|
(28,835)
|
(66,248)
|
4,373
|
18,973
|
Accounting profit not subject to income tax
|
8,682
|
17,803
|
4,373
|
18,973
|
|
|
|
|
|
Total accounting profit (loss) subject to
income tax
|
(37,517)
|
(84,051)
|
–
|
–
|
Income tax on profit at statutory rate (30%)
|
(11,255)
|
(25,215)
|
–
|
–
|
Entertainment
|
6
|
7
|
–
|
–
|
Fringe benefits tax
|
91
|
57
|
–
|
–
|
Revaluation/ impairment loss
|
5,668
|
18,675
|
–
|
–
|
Amortisation of intangibles
|
167
|
389
|
–
|
–
|
Adjustments in respect of current income tax
of previous years
|
165
|
746
|
–
|
–
|
Value of deferred tax assets not recognised
|
5,158
|
5,341
|
–
|
–
|
|
|
|
|
|
Aggregate income tax expense (benefit)
|
–
|
–
|
–
|
–
|
|
|
|
|
|
5J. Income tax expense (benefit) (cont.)
Deferred tax relates to the following:
|
Statement of
Financial Position
|
Statement of Comprehensive Income
|
|
|
Consol
2014
$,000
|
Consol
2013
$,000
|
Consol
2014
$,000
|
Consol
2013
$,000
|
|
|
|
|
|
Provision for doubtful debts
|
65
|
73
|
(7)
|
(26)
|
Provision for employee entitlements
|
1,313
|
1,085
|
(228)
|
(136)
|
Amortisation of intangibles
|
(4,388)
|
(4,481)
|
(93)
|
(92)
|
Other
|
36
|
39
|
(3)
|
(10)
|
Deferred tax expense (income)
|
|
|
(331)
|
(264)
|
|
|
|
|
|
|
|
|
|
|
Losses available for offsetting future taxable income
|
18,148
|
12,993
|
|
|
|
|
|
|
|
Value of net deferred tax assets not recognised
– current year
|
(5,488)
|
(5,605)
|
|
|
Value of net deferred tax assets not recognised
– prior year
|
(9,686)
|
(4,104)
|
|
|
|
|
|
|
|
Net deferred tax assets / (liabilities)
|
–
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of deferred tax assets / (liabilities) net:
|
|
|
|
|
|
|
|
|
|
Opening balance as of 1 July
|
–
|
–
|
–
|
–
|
Tax income / (expense) during the period recognised in statement of comprehensive income
|
331
|
264
|
–
|
–
|
Deferred taxes acquired in business combination
|
–
|
–
|
–
|
–
|
Losses available for offsetting future taxable income
|
5,322
|
6,087
|
–
|
–
|
Value of net deferred tax assets not recognised
|
(5,488)
|
(5,605)
|
–
|
–
|
Adjustments recognised in the current year to the current tax of prior years
|
(165)
|
(746)
|
–
|
–
|
|
|
|
|
|
Closing balance as at 30 June
|
–
|
–
|
–
|
–
|
|
|
|
|
|
|
|
Consol
2014
$,000
|
Consol
2013
$,000
|
ILC
2014
$,000
|
ILC
2013
$,000
|
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