Comcare statement of comprehensive income

for the period ended 30 June 2016
 
Notes
2016
$'000
2015
$'000
Original Budget
$'000
NET COST OF SERVICES
Expenses
Employee benefits 1.1A 67,801 64,955 69,516
Supplier expenses 1.1B 33,631 30,403 33,563
Depreciation and amortisation 1.1C 5,662 7,616 7,071
Finance costs 1.1D 101 61 -
Workers' compensation claims expense 1.1E 196,585 328,096 375,808
Common law asbestos related disease claims expense 1.1F 9,854 51,288 26,911
Total expenses 313,634 482,419 512,869
Own-Source Income
Own-source revenue
Sale of goods and rendering of services 1.2A 19,531 20,756 21,414
Fees and fines 1.2B 17,416 16,241 15,776
Workers' compensation premiums 1.2C 414,666 491,758 450,400
Interest 1.2D 27,554 26,164 26,877
Other revenue 757 456 -
Total own-source revenue 479,924 555,375 514,467
Gains
Net reversal of write-downs and impairment 1.2E 186 - -
Gains/(losses) from asset sales 1.2F 12 (1) -
Total gains/(losses) 198 (1) -
Total own-source income 480,122 555,374 514,467
Net cost of services 166,488 72,955 1,598
Revenue from Government 1.2G 86,539 91,862 67,439
Surplus on continuing operations 253,027 164,817 69,037
OTHER COMPREHENSIVE INCOME
Items not subject to subsequent reclassification to net cost of services  
Changes in asset revaluation reserve 4,271 - -
Total other comprehensive incomeĀ  257,298 164,817 69,037

 

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

Budget Variances Commentary Note Ref
 
Depreciation decreased due to a delay in asset replacement. 1.1C
Workers' compensation expenses were less due to a decrease in premium claims payments and a greater than budgeted downward movement in the premium claims provision, offset by an increase in the pre-premium claims provision as a result of the year-end valuation. 1.1G
Common law asbestos claims expenses were less due to lower claims payments and a greater than budgeted downward movement in the claims provision as a result of the year-end valuation. 1.1H
Variation was the result of a post budget change in the mix of licence fees, and sales of goods and rendering of services. 1.2B
A reduction in the average premium rate and a reduction in payroll estimates impacted revenue. 1.2C
Revenue from Government was higher due to an increase in the pre-premium claims provision which is funded by Special Appropriations. 1.2G