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SUMMARY OF FINANCIAL PERFORMANCE |
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FINANCIAL OUTCOMESOperating outcomeDuring the financial year 2002–03 operating revenues, including revenue from government were $242.71m and operating expenses were $57.485m resulting in a net operating surplus before Capital Use Charge of $185.225m. After recognising the Capital Use Charge of $183.462m the operating result was $1.763m. The operating surplus after Capital Use Charge of $1.763m was $0.647m higher than the budget of $1.116m as reported in the Portfolio Estimates Statements 2002–03. The higher surplus was primarily due to higher than budgeted revenues. Operating revenueTotal operating revenue of $242.71m was $0.491m above budget and compares to total actual revenue of $224.939m for the 2001–02 financial year. A comparison of revenue across items against budget and against the last financial year is set out below. Please note the use of a logarithmic scaling in this graph.
The major variations between years relates to an increase in appropriation revenue of $21.303m and a reduction in sales of goods and services revenue of $3.185m. The increase in appropriation reflects additional funding ($20.917m) for the Capital Use Charge, primarily as the result of the revaluation of the National Collection in 2001–02. Funding for the Capital Use Charge increased from $162.545m to $183.462m. The reduction in revenue from the sale of goods and services reflects the one-off effect of the revenue associated with the Library’s anniversary program (-$0.988m) run during 2001–02 and the changed accounting treatment of the Kinetica Document Delivery Service's revenue (-$2.2m). Under the new contractual arrangements for the Kinetica Document Delivery Services, transactions that do not directly involve the Library as a supplier or a purchaser are not accounted for in the Library’s Statement of Financial Performance. For all other Kinetica Document Delivery Service transactions the Library’s contractual position is that of an agent passing in the payments between Kinetica Document Delivery Service participants. Operating expensesTotal operating expenses of $57.485m were $0.123m below budget and $3.587m less than the 2001–02 financial year expenditures. A comparison of expenditure across items and against budget and last financial year is set out below. Please note the use of a logarithmic scaling in this graph.
The major variation between years of -$3.587m in operating expenses primarily relates to the revised accounting treatment for the Kinetica Document Delivery Service (-$2.2m) as discussed under the heading Revenue, the one-off effect of the Library’s anniversary exhibition (-$1.85m) and increases to insurance premiums ($0.544m). EquityThe Library’s total equity increased by $2.848m to $1,672.568m in 2002–03. The increase was a result of an equity injection ($1.03m), a net revaluation increment ($0.055m) following the revaluation of the Library’s property, plant and equipment and the net operating result after Capital Use Charge for the year of $1.763m. Total assetsThe total value of the Library’s assets increased by $5.569m to $1,687.152m in 2002–03. Please note the use of a logarithmic scaling in this graph.
The main variations between financial years was the net increase ($3.018m after allowing for the net revaluation adjustment of $0.055m) in the value of plant and equipment/land and building due to continued investment in these assets; and an increase of $2.671m in cash at bank primarily reflecting the increase in supplier payables of $2.272m. Total liabilitiesThe Library’s total liabilities increased by $2.721m from last financial year to $14.584m as set out below.
The main changes related to: an increase in supplier payables ($2.272m) which reflected increased expenditure in the last quarter when compared to the 2001–02 financial year; and increased employee provisions ($0.508m), which reflects increased staff costs. Cash flow statementOverall there was an increase in the Library’s cash balance, which increased by $2.671m to $11.777m as at 30 June 2003. The Library holds cash to meet existing liabilities and fund ongoing operational activities including asset purchases. A comparison of cash flow items against the current and the previous financial year is set out below.
The increase ($25.74m) in net operating activities reflects the comments previously made under Operating Revenues and Operating Expenses. The variation ($1.889m) in the net investing activities primarily reflects increased investment in the Library’s collections. The variation ($20.916m) in net cash from financing activities reflects the increased Capital Use Charge paid, which was fully funded by government. Resource Table
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