Balance sheet

AEC 2012-13 Annual Report

Balance sheet as at 30 June 2013
	Notes	2013 $'000	2012 $’000
Assets
Financial Assets
Cash and cash equivalents	5A	1 689	1 535
Trade and other receivables	5B	21 317	22 366
Total financial assets		23 006	23 901
Non-Financial Assets
Land and buildings	6A,C	11 932	8 620
Property, plant and equipment	6B,C	5 796	3 814
Intangibles	6D,E	15 903	13 674
Inventories	6F	3 594	2 983
Lease incentive		163	252
Other non-financial assets	6G	1 653	2 191
Total non-financial assets		39 041	31 534
Total assets		62 047	55 435
Liabilities
Payables
Suppliers	7A	5 728	8 436
Other payables	7B	8 518	9 250
Total payables		14 246	17 686
Provisions
Employee provisions	8A	22 535	23 250
Other provisions	8B	1 553	1 538
Total provisions		24 088	24 788
Total liabilities		38 334	42 474
Net assets		23 713	12 961
Equity
Parent Entity Interest
Contributed equity		28 117	17 218
Asset revaluation reserve		13 629	11 641
Accumulated deficit		(18 033)	(15 898)
Total parent entity interest		23 713	12 961

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

Financial Assets
	2013 $’000	2012 $’000
Note 5A: Cash and Cash Equivalents
Cash on hand or on deposit	1 689	1 535
Total cash and cash equivalents	1 689	1 535
Note 5B: Trade and Other Receivables
Good and Services:
Goods and services – related entities	153	730
Goods and services – external parties	1 401	114
Total receivables for goods and services	1 554	844
Appropriations receivable:
Program funding	11 986	9 240
Equity Injections	1 654	4 581
Departmental Capital Budget	4 922	3 090
Total appropriations receivable	18 562	16 911
Other receivables:
GST receivable from the Australian Taxation Office	316	612
Other – related entities	213	243
Other – external parties	672	3 757
Total other receivables	1 201	4 612
Total trade and other receivables (gross)	21 317	22 367
Less impairment allowance account:
Goods and services	–	1
Total impairment allowance account	–	1
Total trade and other receivables (net)	21 317	22 366
Receivables are expected to be recovered in:
No more than 12 months	21 317	22 366
More than 12 months	–	–
Total trade and other receivables (net)	21 317	22 366
Receivables are aged as follows:
Not overdue	21 257	22 329
Overdue by:
0 to 30 days	41	35
31 to 60 days	14	2
61 to 90 days	–	–
More than 90 days	5	1
Total receivables (gross)	21 317	22 367
The impairment allowance account is aged as follows:
Overdue by:
More than 90 days	–	1
Total impairment allowance account	–	1

Credit terms for goods and services are within 30 days (2012: 30 days).

7A: Suppliers
	2013 $’000	2012 $’000
Note 7A: Suppliers
Trade creditors and accruals	5 728	8 436
Total supplier payables	5 728	8 436
Supplier payables expected to be settled within 12 months:
Related entities	638	2 849
External parties	5 090	5 587
Total	5 728	8 436
Total supplier payables	5 728	8 436

Settlement was usually made within 30 days.

The AEC received $160 751 (2012: $120 338) under the Paid Parental Leave Scheme.

7B: Other Payables
	2013 $’000	2012 $’000
Note 7B: Other Payables
Salaries and wages	2 074	2 337
Superannuation	314	271
Separations and redundancies	–	89
Lease incentives	4 421	3 550
Straight-line leases	306	180
Unearned revenue	1 403	2 823
Total other payables	8 518	9 250
Total other payables are expected to be settled in:
No more than 12 months	4 351	5 977
More than 12 months	4 167	3 273
Total other payables	8 518	9 250

Provisions
	2013 $’000	2012 $’000
Note 8A: Employee Provisions
Leave	22 535	23 250
Total employee provisions	22 535	23 250
Employee provisions are expected to be settled in:
No more than 12 months	5 784	5 843
More than 12 months	16 751	17 407
Total employee provisions	22 535	23 250
Note 8B: Other Provisions
Provision for restoration obligations	1 553	1 538
Total other provisions	1 553	1 538
Other provisions are expected to be settled in:
No more than 12 months	225	356
More than 12 months	1 328	1 182
Total other provisions	1 553	1 538

6A: Land and Buildings
	2013 $’000	2012 $’000
Note 6A: Land and Buildings
Leasehold improvements:
Work in progress	1 997	45
Fair value	10 168	8 575
Accumulated depreciation	(233)	–
Total leasehold improvements	11 932	8 620
Total land and buildings	11 932	8 620

No indicators of impairment were found for land and buildings (2012: $nil).

No land or buildings were expected to be sold or disposed of within the next 12 months.

6B: Property, Plant and Equipment
	2013 $’000	2012 $’000
Note 6B: Property, Plant and Equipment
Other property, plant and equipment:
Fair value	5 796	3 814
Accumulated depreciation	–	–
Total other property, plant and equipment	5 796	3 814
Total property, plant and equipment	5 796	3 814

No indicators of impairment were found for infrastructure, plant and equipment (2012: $nil).

6C: Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment 2013
	Leasehold Improvements $’000	Other Property, Plant and Equipment $’000	Total $’000
As at 1 July 2012
Gross book value	8 620	3 814	12 434
Accumulated depreciation and impairment	–	–	–
Net book value 1 July 2012	8 620	3 814	12 434
Additions
By purchase	6 469	2 619	9 088
Revaluations and impairments recognised in other comprehensive income	538	1 396	1 934
Depreciation expense	(3 670)	(1 969)	(5 639)
Disposals	(25)	(64)	(89)
Net book value 30 June 2013	11 932	5 796	17 728
Net book value as of 30 June 2013 represented by:
Gross book value	12 165	5 796	17 961
Accumulated depreciation and impairment	(233)	–	(233)
Net book value 30 June 2013	11 932	5 796	17 728

6C: Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment 2012
	Leasehold Improvements $’000	Other Property, Plant and Equipment $’000	Total $’000
As at 1 July 2011
Gross book value	7 603	4 423	12 026
Accumulated depreciation and impairment	(858)	–	(858)
Net book value 1 July 2011	6 745	4 423	11 168
Additions
By purchase	3 820	1 689	5 509
Revaluations and impairments recognised in other comprehensive income	535	(30)	505
Revaluations recognised in the operating result	–	–	–
Depreciation expense	(1 678)	(2 213)	(3 891)
Disposals	(802)	(55)	(857)
Net book value 30 June 2012	8 620	3 814	12 434
Net book value as of 30 June 2012 represented by:
Gross book value	8 620	3 814	12 434
Accumulated depreciation and impairment	–	–	–
Net book value 30 June 2012	8 620	3 814	12 434

6D: Intangibles
	2013 $’000	2012 $’000
Note 6D: Intangibles
Computer software:
Internally developed – in progress	123	496
Internally developed – in use	45 575	40 711
Purchased	2 265	1 950
Accumulated amortisation	(32 060)	(29 483)
Total computer software	15 903	13 674
Total intangibles	15 903	13 674

No indicators of impairment were found for intangible assets (2012: $nil).

No intangibles are expected to be sold or disposed of within the next 12 months.

Note 6E: Reconciliation of the Opening and Closing Balances of Intangibles 2013
	Computer software internally developed $’000	Computer software purchased $’000	Total $’000
As at 1 July 2012
Gross book value	41 207	1 950	43 157
Accumulated amortisation and impairment	(27 902)	(1 581)	(29 483)
Net book value 1 July 2012	13 305	369	13 674
Additions
By purchase or internally developed	4 736	315	5 051
Amortisation	(2 577)	(188)	(2 765)
Disposals	(57)	–	(57)
Net book value 30 June 2013	15 407	496	15 903
Net book value as of 30 June 2013 represented by:
Gross book value	45 698	2 265	47 963
Accumulated amortisation and impairment	(30 291)	(1 769)	(32 060)
Net book value 30 June 2013	15 407	496	15 903

Note 6E: Reconciliation of the Opening and Closing Balances of Intangibles 2012
	Computer software internally developed $’000	Computer software purchased $’000	Total $’000
As at 1 July 2011
Gross book value	37 479	1 838	39 317
Accumulated amortisation and impairment	(26 013)	(1 258)	(27 271)
Net book value 1 July 2012	11 466	580	12 046
Additions
By purchase or internally developed	3 728	245	3 973
Amortisation	(1 889)	(454)	(2 343)
Disposals	–	(2)	(2)
Net book value 30 June 2012	13 305	369	13 674
Net book value as of 30 June 2012 represented by:
Gross book value	41 207	1 950	43 157
Accumulated amortisation and impairment	(27 902)	(1 581)	(29 483)
Net book value 30 June 2012	13 305	369	13 674

6F: Inventories
	2013 $’000	2012 $’000
Note 6F: Inventories
Inventories held for distribution
Election equipment at cost (ballot paper and voting equipment)	3 594	2 983
Total inventories	3 594	2 983

During 2012–13, $114 420 of inventory held for distribution was recognised as an expense (2011–12: $607 039).

No items of inventory were recognised at fair value less cost to sell.

6G: Other Non-Financial Assets
	2013 $’000	2012 $’000
Note 6G: Other Non-Financial Assets
Prepayments	1 653	2 191
Total other non-financial assets	1 653	2 191
Total other non-financial assets – are expected to be recovered in:
No more than 12 months	1 611	2 155
More than 12 months	42	36
Total other non-financial assets	1 653	2 191

No indicators of impairment were found for other non-financial assets.

Annual Report 2012-13

Financial statements