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Financial Statements

Independent Audit Report

Independent Audit Report
Audit Opinion

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Statement by the Chief Executive and Chief Financial Offiicer

Statement by the Chief Executive and Chief Financial Officer

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Statement of Financial Performance

for the year ended 30 June 2003

Budget
2003
$'000
Notes Actual
2003
$'000
Actual
2002
$'000
Revenues from ordinary activities
239 172 Revenues from Government 3A 229 264 213 008
10 076 Sales of goods and services 3B 10 720 10 203
808 Interest 3C 797 2 211
- Sale of assets 3D 3 632 3 367
- Other 3E 2 407 4 952
250 056 Revenues from ordinary activities 246 820 233 741
Expenses from ordinary activities (excluding borrowing costs expense)
84 757 Employees 4A 83 938 76 597
133 461 Suppliers 4B 110 245 93 153
13 660 Depreciation and amortisation 4C 12 803 11 231
- Write-down of assets 4D 2 960 1 366
- Value of assets sold 3D 3 483 3 745
- Other 4E 13 178 12 791

231 878

Expenses from ordinary activities (excluding borrowing costs expense)

226 607

198 883
Borrowing costs expense 5 125 147
18 178 Net Operating surplus from ordinary activities 20 088 34 711
18 178 Net surplus 20 088 34 711
- Net credit to asset revaluation reserve 16 146
- Total revenues, expenses and valuation adjustments attributable to the Commonwealth and recognised directly in equity 16 146
18 178 Total changes in equity other than those resulting from transactions with owners as owners 20 104 34 857

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

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Statement of Financial Position

as at 30 June 2003

Budget
2003
$'000
Notes Actual
2003
$'000
Actual
2002
$'000
Assets
Financial assets
9 094 Cash 6A 12 895 4 824
4 923 Receivables 6B 95 755 4 928
- Investments 6C - 28 000
1 049 Accrued Revenue 6D 909 1 049
15 066 Total financial assets 109 559 38 801
Non-financial assets
112 858 Land and buildings 7A,D 122 112 102 058
203 047 Infrastructure, plant and equipment 7B,D 116 810 108 308
15 046 Intangibles 7C,D 9 027 10 338
2 158 Inventories 7E 1 945 2 158
2 176 Other 7F 1 008 2 176
335 285 Total non-financial assets 250 902 225 038
350 351 Total assets 360 461 263 839
Liabilities
Interest Bearing Liabilities
- Lease Incentives 8 2 142 2 255
- Total interest bearing liabilities 2 142 2 255
Provisions
27 831 Employees 9B 28 108 26 814
- Capital use charge 9A - 1 289
27 831 Total provisions 28 108 28 103
Payables
9 094 Suppliers 10A 7 552 9 099
2 827 Other 10B 10 547 875
11 921 Total payables 18 099 9 974
39 752 Total liabilities 48 349 40 332
Net Assets 312 112 223 507
Equity
171 672 Contributed equity 11 126 494 32 994
126 494 Retained surpluses or accumulated deficits 11 173 169 178 080
12 433 Reserves 11 12 449 12 433
310 599 Total equity interest 11 312 112 223 507
- Current assets 112 512 43 135
- Non-current assets 247 949 220 704
- Total Assets 360 461 263 839
- Current liabilities 27 018 17 716
- Non-current liabilities 21 331 22 616
- Total Liabilities 48 349 40 332

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

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Statement of Cashflows

for the year ended 30 June 2003

Budget
2003
$'000
Notes Actual
2003
$'000
Actual
2002
$'000
OPERATING ACTIVITIES
Cash received
239 034 Appropriations for outputs 239 034 212 793
10 082 Sales of goods and services 11 713 6 567
807 Interest received 807 2 221
218 Other 2 657 6 612
4 146 GST received from ATO 8 089 7 110
254 287 Total cash received 262 300 235 303
Cash used
83 602 Employees 82 679 74 060
133 443 Suppliers 123 423 95 518
303 Other - 12 778
- Cash transferred to the OPA 92 193 -
4 387 GST paid to ATO 8 154 7 209
221 735 Total cash used 306 449 189 565
32 552 Net cash from (used by) operating activities 13 ( 44 149) 45 738
INVESTING ACTIVITIES
Cash received
- Proceeds from sales of property, plant and equipment 3 632 3 354
15 894 Proceeds from sale of financial instruments 342 000 327 690
15 894 Total cash received 345 632 331 044
Cash used
119 871 Purchase of property, plant and equipment and intangibles 46 624 30 870
- Purchase of financial instruments 314 000 322 690
119 871 Total cash used 360 624 353 560
( 103 977) Net cash from (used by) investing activities ( 14 992) (22 516)
FINANCING ACTIVITIES
Cash received
93 500 Appropriations - contributed equity 93 500 355
93 500 Total cash received 93 500 355
Cash used
25 875 Capital use charge paid 25 875 22 534
- Cash to the Offical Public Account 413 -
25 875 Total cash used 26 288 22 534
67 625 Net cash from (used by) financing activities 67 212 ( 22 179)
( 3 800) Net increase (decrease) in cash held 8 071 1 043
4 824 Cash at the beginning of reporting period 4 824 3 781
1 024 Cash at the end of reporting period 6A 12 895 4 824

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

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Schedule of Commitments

as at 30 June 2003

2003
$'000
2002
$'000
BY TYPE
CAPITAL COMMITMENTS
Land and buildings1 913 -
Infrastructure, plant and equipment1 6 337 5 865
Total capital commitments 7 250 5 865
OTHER COMMITMENTS
Operating leases2 63 474 53 737
Other commitments3 23 200 35 309
Total other commitments 86 674 89 046
COMMITMENTS RECEIVABLE4 6 243 6 068
Net commitments 87 681 88 843
BY MATURITY
All net commitments
One year or less 34 093 43 718
From one to five years 36 300 25 970
Over five years 17 288 19 155
Net commitments 87 681 88 843
Operating Lease Commitments
One year or less 9 644 6 929
From one to five years 34 826 22 349
Over five years 19 004 19 155
Net operating lease commitments 63 474 48 433
Notes

1 Land and Buildings and Infrastructure, plant and equipment were in respect of development on Christmas Island and Cocos (Keeling) Island.

2 Operating leases are effectively non-cancellable and comprise leases for office accommodation and agreements for the provision of motor vehicles to senior executive officers.

3 Other commitments relates to the provision of goods and services to the Department.

4 Commitments receivable include GST recoveries in relation to the commitments payable.

Nature of lease General description of leasing arrangement
Leases for office accommodation * The Department has entered into operating leases for office accommodation purposes.
* Most Departmental leases contain a clause permitting market indexation, subject to agreement by both parties. In general the rent reviews take place at least once every two years.
Agreement for the provision of motor vehicles to senior executive officers * Leaseplan is the new provider of vehicles for senior executive officers of the Department. However, some DASFleet contracts, set up under the previous provider, are being wound down and are included in this total.
* Leases are for a minimum period of three months and typically extend two years. They may be extended for up to three months from the originally specified expiry date.
* There are no existing contingent rental agreements between the Department and DASFleet or Leaseplan.
* There are no renewal options available on the Agreement.

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Schedule of Unquantifiable Commitments

as at 30 June 2003

The following departmental commitments are not disclosed in monetary terms as the contracted costs are expected to vary each year and can only be determined at that point of time.

# The operating lease with Telstra Enterprise Services (formerly Advantra Pty Ltd) for IT and other Communication support services is dependent on a number of variables. The contract will expire on 14 April 2004.

# The contract with Australian Government Solicitor for the provision of Legal Services is based on time and materials and is terminable by either party, with 90 days notice.

# The contract with Gaseng Petroleum Operations Pty Ltd for fuel arrangements on Christmas Island cannot be quantified with certainty as the contract price is based on supply. The contract expires on 3 February 2005.

# The contract with Allan Burke Real Estate for the provision of Property Management and Auction Services on Christmas Island and Cocos (Keeling) Island cannot be quantified with certainty as it is based on a percentage of gross rental collection and auction commission. The contract expires on 11 March 2004.

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Schedule of Contingencies

as at 30 June 2003

2003
$'000
2002
$'000
Contingent liabilities
Claims for damages/costs1 155 1 751
Contingent assets
Claims for damages/costs - -
Net contingent liabilities 155 1 751
Remote contingencies are disclosed in Note 14.
Details

1 This amount represents an estimate of the Department's liability based on precedent cases. The Department is defending the claims.

Details of each class of contingent liabilities and assets, including those not included above because they cannot be quantified or considered remote, are disclosed in Note 14: Contingent Liabilities and Assets.

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Schedule of Administered Items

DEPARTMENT OF TRANSPORT AND REGIONAL SERVICES
SCHEDULE OF ADMINISTERED ITEMS
Notes 2003
$'000
2002
$'000
Revenues Administered on Behalf of Government
for the year ended 30 June 2003
Taxation Revenue
Levies, Fees and Fines 20 294 878 231 597
Total Taxation Revenue 294 878 231 597
Non - Taxation Revenue
Sales of Goods and Services 20 54 296 51 114
Interest 20 12 373 13 035
Dividends 20 41 625 33 510
Revenue from Sale of Assets 20 5 332 -
Other revenue 20 18 782 22 346
Total Non - Taxation Revenue 132 408 120 005
Total Revenues Administered on Behalf of Government 427 286 351 602
Expenses Administered on Behalf of Government
for the year ended 30 June 2003
Grants 21 2 966 563 3 365 959
Subsidies 21 147 945 92 281
Suppliers 21 33 310 52 714
Depreciation and Amortisation 21 2 098 660
Write-down of assets 21 430 8 055
Value of Assets Sold 21 442 -
Other 21 2 404 4 123
Total Expenses Administered on Behalf of Government 3 153 192 3 523 792

This schedule should be read in conjunction with the accompanying notes.


DEPARTMENT OF TRANSPORT AND REGIONAL SERVICES
SCHEDULE OF ADMINISTERED ITEMS (continued)
Notes 2003
$'000
2002
$'000
Assets Administered on Behalf of Government
as at 30 June 2003
Financial Assets
Cash 22 246 16
Receivables 22 205 886 201 474
Accrued Revenue 22 42 289 44 850
Investments 22 549 044 599 044
Total Financial Assets 797 465 845 384
Non Financial Assets
Land and Buildings 22 68 162 72 425
Heritage Assets 22 13 360 13 349
Infrastructure, Plant and Equipment 22 2 -
Intangibles 22 4 387 4 671
Other 22 - -
Total Non - Financial Assets 85 911 90 445
Total Assets Administered on Behalf of Government 883 376 935 829
Liabilities Administered on Behalf of Government
as at 30 June 2003
Payables
Suppliers 23 1 165 8 899
Grants and Subsidies 23 112 958 128 642
Total Liabilities Administered on Behalf of Government 114 123 137 541
Net Assets Administered on Behalf of Government 24 769 253 798 288
Current Liabilities 25 628 44 495
Non Current Liabilities 88 495 93 046
Current Assets 55 658 47 975
Non Current Assets 827 718 887 854

This schedule should be read in conjunction with the accompanying notes.


DEPARTMENT OF TRANSPORT AND REGIONAL SERVICES
SCHEDULE OF ADMINISTERED ITEMS (continued)
2003
$'000
2002
$'000
Administered Cash Flows
for the year ended 30 June 2003
Operating Activities
Cash received
Taxes fees and fines 299 028 205 734
Sales of Goods 8 546 6 484
Interest 12 391 12 879
Dividends 30 625 33 510
Cash from the Official Public Account
Appropriations 3 146 432 3 187 181
Special Accounts 20 238 72 675
GST Received from the ATO 11 965 -
Other 26 381 22 346
Total cash received 3 555 606 3 540 809
Cash used
Suppliers 36 505 60 284
Subsidies paid 149 962 118 899
Grant payments 2 989 995 3 082 896
Cash to Official Public Account 367 802 276 781
Other 10 609 4 240
Total cash used 3 554 873 3 543 100
Net cash from / (used in) operating activities 733 ( 2 291)
Investing Activities
Cash received
Equity repayments 50 000 -
Repayment of Advances 10 706 9 737
Sale of Property, Plant and Equipment 401 -
Total cash received 61 107 9 737
Cash used
Advances and loans made 7 075 9 692
Cash to Official Public Account 61 107 -
Total cash used 68 182 9 692
Net cash from / (used in) investing activities ( 7 075) 45
Financing Activities
Cash received
Cash from Official Public Account
GST Appopriations 12 962 14 688
Capital injections 7 075 341
Total cash received 20 037 15 029
Cash used
Cash to Official Public Account
Return of GST Appropriations 13 465 13 296
Total cash used 13 465 13 296
Net cash from / (used in) financing activities 6 572 1 733
Net increase (decrease) in cash held 230 ( 513)
Cash at the beginning of the reporting period 16 529
Cash at the end of the reporting period 246 16

This schedule should be read in conjunction with the accompanying notes.


DEPARTMENT OF TRANSPORT AND REGIONAL SERVICES
SCHEDULE OF ADMINISTERED ITEMS (continued)
2003
$'000
2002
$'000
Administered Commitments
as at 30 June 2003
BY TYPE
Capital Commitments
Investments (1) 143 400 -
Total Capital Commitments 143 400 -
Other Commitments
Project Commitments 2 719 191 3 318 768
Goods and Services 4 495 5 127
Other (2) 11 532 41 246
Total Other Commitments 2 735 218 3 365 141
Commitments Receivable 3 464 1 538
Net Administered Commitments 2 875 154 3 363 603
BY MATURITY
All net commitments
One year or less 1 093 819 1 109 060
From one to five years 1 781 335 2 254 543
Over five years - -
Net Administered Commitments 2 875 154 3 363 603
NB: All 2002-03 commitments are GST inclusive where relevant.

(1) Capital commitments relate to an Australian Rail Track Corporation equity injection.

(2) Other commitments comprise grants and subsidies payable under agreements in respect of which the grantee has yet to provide the services required under the agreement. It comprises mainly payments made under the Rural Transaction Centre Program and Location Specific Pricing Subsidy Scheme.

This schedule should be read in conjunction with the accompanying notes.



DEPARTMENT OF TRANSPORT AND REGIONAL SERVICES
SCHEDULE OF ADMINISTERED ITEMS (continued)

as at 30 June 2003
2003
$'000
2002
$'000
Administered Contingencies
as at 30 June 2003
Administered Contingent liabilities
Guarantee to Northern Territory Government1 12 500 -
Total contingent liabilities 12 500 -
Administered Contingent assets - -
Net Administered Contingent liabilities 12 500 -
(1) Guarantee given to underwrite the construction of the Alice Springs to Darwin railway

Details of each class of contingent liabilities and assets, including those not included above because they cannot be quantified, or are considered remote are shown at Note 25.


Statement of Activities Administered on Behalf of Government

The major administered activities of Transport and Regional Services are directed toward achieving the two outcomes described in Note 1 to the Financial Statements. The major financial activities are the collection of levies charged to the airline industry and the administration of grants to assist the States and Territories improve Australia's transport system and develop opportunities for their local communities. Details of planned activities for the year can be found in Transport and Regional Services Portfolio Budget and Portfolio Additional Estimates Statements for 2002-03 which have been tabled in the Parliament.


This schedule should be read in conjunction with the accompanying notes.

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