Comcare statement of comprehensive income

for the period ended 30 June 2017

 

Notes

2017
$'000

2016
$'000

Original Budget
$'000

NET COST OF SERVICES

    
     

Expenses

    

Employee benefits

1.1A

66,775

67,801

69,189

Supplier expenses

1.1B

35,476

33,631

36,824

Depreciation and amortisation

2.2A

4,925

5,662

6,681

Finance costs

1.1C

39

101

-

Write-downs and impairment of assets

1.1D

664

(186)

-

Losses/(Gains) from asset sales

1.1E

26

(12)

-

Workers' compensation claims expense

1.1F

246,016

259,185

294,724

Common law asbestos-related disease claims expense

1.1G

18,708

22,594

30,045

Total expenses

 

372,629

388,776

437,463

     

Own-source income

    
     

Own-source revenue

    

Sale of goods and rendering of services

1.2A

22,613

19,531

20,386

Fees and fines

1.2B

16,159

17,416

17,249

Workers' compensation premiums

1.2C

382,502

414,666

405,400

Interest

1.2D

30,168

27,554

29,712

Other revenue

 

408

757

-

Total own-source revenue

 

451,850

479,924

472,747

     

Gains

    

Gains from movement in workers' compensation claims provision

1.2E

368,500

62,600

(47,460)

Gains from movement in common law asbestos-related disease claims provision

1.2F

85,820

12,740

15,120

Total Gain

 

454,320

75,340

(32,340)

     

Total own-source income

 

906,170

555,264

440,407

  

  

Net contribution by services

 

533,541

166,488

2,944

     

Revenue from Government

1.2G

60,999

66,167

69,867

Available funding from movement in claims provision

1.2H

(127,186)

20,372

(15,784)

Surplus on continuing operations

 

467,354

253,027

57,027

     

OTHER COMPREHENSIVE INCOME

    
     

Items not subject to subsequent reclassification to net cost of services

    

Changes in asset revaluation reserve

 

(6)

4,271

-

     

Total other comprehensive income

 

(6)

4,271

-

     

Total comprehensive income

 

467,348

257,298

57,027

     

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

Budget variances commentary

Note ref.

Workers' compensation claims expenses were $48.7m less than budget due to lower premium benefit payments ($52.4m) offset by pre-premium benefit payments ($3.7m).

1.1F

Gains from movement in workers' compensation claims provision were $416.0m higher than budget due to a reduction in the premium claims provision ($420.0m) offset by an increase in the pre-premium claims provision ($4.0m), as valued by Comcare's independent actuary.

1.2E

Gains from movement in common law asbestos-related disease claims provision were $70.7m higher than budget due to a reduction in the claims provision, as valued by Comcare's independent actuary.

1.2F

Available funding from movement in claims provision was lower due to the reduction in the claims provision for premium ($44.7) and common law asbestos-related disease ($70.7m) offset by an increase for pre-premium ($4.0).

1.2H