Comcare statement of financial position

as at 30 June 2016

 

Notes

2016
$'000

2015
$'000
Original Budget
$'000
ASSETS
Financial assets
Cash and cash equivalents 2.1A 820,339 677,619 765,588
Trade and other receivables 2.1B 2,960,208 2,950,762 2,847,291
Other financial assets 2.1C 12,442 12,808 8,174
Total financial assets 3,792,989 3,641,189 3,621,053
Non-financial assets
Property, plant and equipment 2.2A,C 14,564 13,687 13,771
Intangibles 2.2B,C 3,989 5,000 4,083
Other non-financial assets 2.2D 1,771 2,007 1,221
Total non-financial assets 20,324 20,694 19,075
Total assets 3,813,313 3,661,883 3,640,128
LIABILITIES
Payables
Suppliers 2.3A 3,310 3,069 3,429
Workers' compensation claims payable 2.3B 2,540 6,572 6,133
Other payables 2.3C 6,243 41,936 6,255
Total payables 12,093 51,577 15,817
Provisions
Employee provisions 4.1 16,608 14,733 16,465
Workers' compensation claims 2.4A, D, E, F 3,163,700 3,225,400 3,428,573
Common law asbestos related disease claims 2.4B, G 1,070,580 1,077,020 972,720
Other provisions 2.4C 2,422 2,541 2,610
Total provisions 4,253,310 4,319,694 4,420,368
Total liabilities 4,265,403 4,371,270 4,436,185
Net assets (452,090) (709,388) (796,057)
EQUITY
Contributed equity 7,717 7,717 7,717
Reserves 4,271 - -
Accumulated deficit (464,078) (717,105) (803,774)
Total Equity (452,090) (709,388) (796,057)
TOTAL EQUITY (452,090) (709,388) (796,057)

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

Budget Variances Commentary Note Ref
'Other financial assets' were higher due to higher average cash holdings. 2.1C
The timing of the incapacity payment cycle led to lower workers' compensation claims payable. 2.3B
The annual year-end valuation identified better than expected claims numbers, combined with a reduction in forecast future claims costs and lower claims administration costs, led to lower provisions. 2.4A, D, E
Common law asbestos claims provision was higher than budget due to timing of the actuarial valuation. The 2015/16 Portfolio Budget Statement (PBS) estimate of Comcare’s asbestos claims provisions was based on the latest available actuarial valuation as at 30 June 2014. The final valuation as at 30 June 2016 was significantly different to the PBS estimate as a result of changes in economic assumptions. 2.4B