abc annual report financial statements

Table of ContentsStatement by Directors....................................................................................................................................108

Statement of Financial Performance ................................................................................................................109

Statement of Financial Position........................................................................................................................110

Statement of Cash Flows ................................................................................................................................111

Schedule of Commitments ..............................................................................................................................112

Schedule of Contingencies..............................................................................................................................113

Notes to and Forming Part of the Financial Statements...................................................................................114

1. Statement of Significant Accounting Policies ............................................................................................114

2. Expenses and Revenues ..........................................................................................................................123

3. Economic Dependency ............................................................................................................................123

4. Revenues from Government.....................................................................................................................124

5. Revenue from Independent Sources ........................................................................................................124

6. Operating Expenses – Goods and Services .............................................................................................125

7. Borrowing Costs ......................................................................................................................................126

8. Financial Assets .......................................................................................................................................126

9. Non Financial Assets ................................................................................................................................127

10. Interest Bearing Liabilities .........................................................................................................................131

11. Provisions.................................................................................................................................................131

12. Payables ..................................................................................................................................................131

13. Equity.......................................................................................................................................................132

14. Cash Flow Reconciliation .........................................................................................................................133

15. External Financing Arrangements .............................................................................................................133

16. Financial Instruments (Consolidated) ........................................................................................................134

17. Remuneration of Directors........................................................................................................................136

18. Related Party Disclosures.........................................................................................................................137

19. Remuneration of Officers..........................................................................................................................139

20. Remuneration of Auditors.........................................................................................................................140

21. Trust Funds ..............................................................................................................................................140

22. Controlled Entities ....................................................................................................................................141

23. Reporting by Outcomes ...........................................................................................................................142

ABC Annual Report Financial Statements

ANNUAL REPORT 2001-2002

PAGE 107[FINANCIAL STATEMENTS]

Australian Broadcasting CorporationIn our opinion, the attached financial statements for the year ended 30 June 2002 give a true and fair view ofthe matters required by the Finance Minister’s Orders made under the Commonwealth Authorities andCompanies Act 1997.

Signed in accordance with a resolution of the directors.

DONALD McDONALD AO RUSSELL BALDINGChairman Managing Director

12 August 2002 12 August 2002

Statement by Directors


PAGE 108 [FINANCIAL STATEMENTS]

Consolidated ABC

2002 2001 2002 2001Notes $’000 $’000 $’000 $’000

Revenues from ordinary activitiesRevenues from government 4 755 740 668 540 710 565 622 921Sales of goods and services 5D 123 749 116 968 104 381 95 452Interest 5A 7 879 12 193 6 984 11 059Proceeds from disposal of assets 5B 816 787 756 778Net foreign exchange gain 5C — 1 276 — 1 276Other 5E 43 398 12 338 36 351 5 008Total revenues from ordinary activities(excluding borrowing costs expense) 931 582 812 102 859 037 736 494

Expenses from ordinary activitiesEmployees 6A 323 060 329 241 277 231 284 895Suppliers 6B 336 570 292 147 312 070 261 131Depreciation and amortisation 6C 63 268 55 531 62 644 54 904Program amortisation 6D 106 923 101 652 106 923 101 652Net foreign exchange loss 6E 448 — 448 —Write-down of assets 6F 12 824 4 275 12 824 4 275Disposal of assets 5B 956 1 631 924 1 604Other 6G — — 42 195Total expenses from ordinary activities(excluding borrowing costs expense) 844 049 784 477 773 106 708 656

Borrowing costs 7 8 181 12 282 8 179 12 282Net operating surplus from ordinary activities* 79 352 15 343 77 752 15 556

Net surplus 79 352 15 343 77 752 15 556

Net credit (debit) to asset revaluation reserve — (38 483) — (38 483)

Total revenues, expenses and valuation adjustmentsrecognised directly in equity — (38 483) — (38 483)

Total changes in equity other than those resultingfrom transactions with owners as owners beforecapital use charge 79 352 (23 140) 77 752 (22 927)

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

NOTE * Net surplus attributable to theCorporation before capital use charge 79 352 15 343 77 752 15 556Capital use provided for or paid (59 441) (56 179) (59 441) (56 179)Contribution to accumulated results 19 911 (40 836) 18 311 (40 623)

Statement of Financial Performancefor the year ended 30 June 2002



Consolidated ABC

2002 2001 2002 2001Notes $’000 $’000 $’000 $’000

ASSETSFinancial assetsCash 8A 30 720 29 592 6 119 4 887Receivables 8B 80 975 63 596 77 336 62 911Accrued revenues 8D 7 270 4 851 7 270 4 851Investments 8C — — — 1 840Total financial assets 118 965 98 039 90 725 74 489

Non-financial assetsLand and buildings 9A 427 979 381 289 427 714 380 958Infrastructure, plant and equipment 9B 251 789 254 903 248 132 252 340Inventories 9D 80 242 76 584 80 234 76 559Intangibles 9C 18 079 17 623 18 079 17 623Other 9E 15 207 13 657 15 006 13 590Total non-financial assets 793 296 744 056 789 165 741 070

Total assets 912 261 842 095 879 890 815 559

LIABILITIESInterest bearing liabilitiesLoans 10A 210 590 190 000 210 000 190 000Total interest bearing liabilities 210 590 190 000 210 000 190 000

ProvisionsCapital use charge 312 — 312 —Employees 11A 118 999 114 256 108 845 104 753Total provisions 119 311 114 256 109 157 104 753

PayablesSuppliers 12A 59 361 57 123 53 622 51 966Other 12B 30 392 22 620 14 579 9 219Total payables 89 753 79 743 68 201 61 185

Total liabilities 419 654 383 999 387 358 355 938

NET ASSETS 492 607 458 096 492 532 459 621

EQUITYParent equity interestContributed equity 13 89 113 74 513 89 113 74 513Reserves 13 228 708 228 708 228 708 228 708Accumulated surplus 13 174 786 154 875 174 711 156 400Total parent entity interest 492 607 458 096 492 532 459 621

Total equity 492 607 458 096 492 532 459 621

Current assets 213 395 185 188 184 949 161 763Non-current assets 698 866 656 907 694 941 653 796Current liabilities 159 722 149 044 132 061 126 334Non-current liabilities 259 932 234 955 255 297 229 604


Statement of Financial Positionas at 30 June 2002



Consolidated ABC

2002 2001 2002 2001Notes $’000 $’000 $’000 $’000

Inflows Inflows(Outflows) (Outflows)

OPERATING ACTIVITIESCash receivedAppropriations 748 986 659 167 710 565 622 921Sales of goods and services 137 311 130 920 104 722 92 064Interest and bill discounts 7 879 13 331 6 984 11 056GST recovered from taxation authority 24 541 22 475 24 541 22 321Other 11 454 — 11 454 —Total cash received 930 171 825 893 858 266 748 362

Cash usedEmployees (318 317) (334 845) (273 139) (289 359)Suppliers (446 348) (416 173) (421 910) (393 643)Borrowing costs (8 181) (15 896) (8 179) (15 896)Total cash used (772 846) (766 914) (703 228) (698 898)

Net cash from operating activities 14 157 325 58 979 155 038 49 464

INVESTING ACTIVITIESCash receivedProceeds from sale of property, plant and equipment 5B 816 787 756 778Bills of exchange and promissory notes — 28 818 — 27 530Total cash received 816 29 605 756 28 308Cash usedPurchase of property, plant and equipment (120 986) (107 002) (117 938) (106 537)Bills of exchange and promissory notes (11 776) — (11 783) —Total cash used (132 762) (107 002) (129 721) (106 537)

Net cash used by investing activities (131 946) (77 397) (128 965) (78 229)

FINANCING ACTIVITIESCash receivedProceeds from loans 20 590 100 000 20 000 100 000Appropriations – contributed equity 14 600 41 309 14 600 41 309Total cash received 35 190 141 309 34 600 141 309Cash usedRepayments of debt — (53 000) — (53 000)Capital use charge paid (59 441) (58 724) (59 441) (58 724)Total cash used (59 441) (111 724) (59 441) (111 724)

Net cash from/(used by) financing activities (24 251) 29 585 (24 841) 29 585

Net increase in cash held 1 128 11 167 1 232 820Cash at beginning of reporting period 29 592 18 425 4 887 4 067Cash at end of reporting period 8A 30 720 29 592 6 119 4 887


Statement of Cash Flowsfor the year ended 30 June 2002



Consolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

BY TYPE

Capital commitmentsBuildings (1) 35 088 — 35 088 —Infrastructure, plant and equipment (2) 16 894 2 138 16 894 2 138Total capital commitments 51 982 2 138 51 982 2 138

Other commitmentsOperating leases (3) 38 267 31 644 35 163 31 154Other (4) 1 620 352 485 009 1 612 896 478 353Total other commitments 1 658 619 516 653 1 648 059 509 507

Commitments receivable (482 938) (231 652) (482 526) (231 557)Net commitments 1 227 663 287 139 1 217 515 280 088

BY MATURITY

All net commitmentsOne year or less 159 659 119 042 155 481 112 661From one to five years 227 713 156 190 222 653 155 520Over five years 840 291 11 907 839 381 11 907Net commitments 1 227 663 287 139 1 217 515 280 088

Operating lease commitmentsOne year or less 16 490 14 155 15 867 13 800From one to five years 20 694 17 447 19 123 17 312Over five years 1 083 42 173 42Net operating lease commitments 38 267 31 644 35 163 31 154

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

NB: Commitments are GST inclusive where relevant.

1. Outstanding contractual commitments for capital works primarily associated with building works in Sydney and Perth.

2. Outstanding contractual commitments for capital works primarily associated with the purchase of infrastructure, plant andequipment.

3. Operating leases included are effectively non-cancellable and comprise:

Nature of Lease General description of leasing arrangement

Motor vehicles – business and senior executive Fully maintained operating lease; lease periods 24/36 months and/or40 000/60 000km; no contingent rentals exist; there are no renewal orpurchase options available to the Corporation.

PC leasing Corporation entered into supply agreement in 1999; 3 year lease on thespecific equipment covering hardware, operating system and maintenanceof hardware; lease of equipment is for 3 years; equipment returned at end oflease; Corporation has option to extend lease with one month notice.

Property leases – office and business premises Lease payments subject to increment increase in accordance with CPI orother agreed increment; initial period of lease ranges from 1 year to 10years; Corporation has options to extend in accordance with lease.

4. Other commitments as at 30 June 2002 are covered by an agreement and are associated with the provision of transmissionservices and satellite services, purchase of programs and program rights.

Schedule of Commitmentsas at 30 June 2002



Schedule of Unquantifiable ContingenciesIn the normal course of activities claims for damages have been lodged at the date of this report against theCorporation and certain of its officers. The Corporation has disclaimed liability and is actively defending theseactions. It is not possible to estimate the amounts of any eventual payments which may be required inrelation to these claims.

Contingent LossesThe Corporation has provided guarantees and indemnity to the Reserve Bank of Australia for $1 541 688(2001 $1 950 711) in support of 8 (2001 10) Bank Guarantees required in the day to day operations of theCorporation.

Schedule of Contingenciesas at 30 June 2002



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

1. Statement of Significant Accounting PoliciesThe principal accounting policies adopted in preparing the financial statements of the Australian BroadcastingCorporation (the ‘Corporation’ or ‘ABC’) and the consolidated financial statements of the Corporation, itscontrolled entities and the entities it controlled from time to time during the period, are stated to assist in ageneral understanding of these financial statements. These policies have been applied consistently by allentities in the economic entity.

1.1 Basis of AccountingThe financial statements are required by clause 1 (b) of Schedule 1 to the Commonwealth Authorities andCompanies Act 1997 and are a general purpose financial report.

The statements have been prepared in accordance with:

• Schedule 1 of the Commonwealth Authorities and Companies (Financial Statements 2001-2002) Ordersmade by the Finance Minister for the preparation of Financial Statements in relation to financial years endingon or after 30 June 2002;

• Australian Accounting Standards and Accounting Interpretations issued by Australian Accounting StandardsBoard;

• other authoritative pronouncements of the Board; and

• Consensus Views of the Urgent Issues Group.

The statements have been prepared having regard to:

• Statements of Accounting Concepts; and

• the Explanatory Notes to Schedule 1 of the Commonwealth Authorities and Companies (FinancialStatements 2001-2002) Orders issued by the Department of Finance and Administration; and

• Finance Briefs issued by that Department.

The Corporation and Consolidated Statements of Financial Performance and Financial Position have beenprepared on an accrual basis and are in accordance with historical cost convention, except for certain assetswhich, as noted, are at valuation. Except where stated, no allowance is made for the effect of changing priceson the results or on the financial position.

Assets and liabilities are recognized in the Corporation and Consolidated Statements of Financial Position whenand only when it is probable that future economic benefits will flow and the amounts of the assets or liabilitiescan be reliably measured. Assets and liabilities arising under agreements equally proportionately unperformedare however not recognized unless required by an Accounting Standard. Liabilities and assets which areunrecognized are reported in the Schedule of Commitments and the Schedule of Contingencies.

Revenues and expenses are recognized in the Corporation and Consolidated Statements of FinancialPerformance when and only when the flow or consumption or loss of economic benefits has occurred and canbe reliably measured.

1.2 RoundingAmounts are rounded to the nearest $1 000 except in relation to :

• remuneration of directors

• remuneration of officers (other than directors)

• remuneration of auditors

• trust funds

Notes to and Forming Part of the Financial Statementsfor the year ended 30 June 2002



1. Statement of Significant Accounting Policies (cont.)1.3 Principles of ConsolidationThe consolidated financial statements are those of the economic entity, comprising the financial statements ofthe Australian Broadcasting Corporation, its controlled entities from the date control commences until the datecontrol ceases.

Investment in controlled entities are carried in the Australian Broadcasting Corporation’s financial statements atthe lower of cost or recoverable amount.

Controlled entities have annual reporting periods ending 31 December. Accounts of the controlled entities areprepared for the period 1 July 2001 to 30 June 2002 for consolidation using accounting policies which areconsistent with those of the Corporation.

Control exists where the Australian Broadcasting Corporation has the capacity to dominate the decision makingin relation to the financial and operating policies of another entity so the controlled entity operates to achievethe objectives of the Australian Broadcasting Corporation.

The controlled entities of the Corporation include seven independent orchestral companies as detailed innote 22. The companies have been incorporated under the Corporation Act 2001 and are each governedby an independent Board of Directors. Each company is audited annually by the Auditor General.

The effects of all transactions and balances between the entities are eliminated in full. Details of controlledentities are contained in note 22.

Financial statements of subsidiaries not considered to be a going concern have been prepared on a liquidationbasis. No adjustments were necessary in relation to the recoverability and classification of the recorded assetsof those subsidiaries.

1.4 TaxationThe Australian Broadcasting Corporation and its primary controlled entities are not subject to income taxpursuant to Section 71 of the Australian Broadcasting Corporation Act 1983.

Music Choice Australia Pty Ltd and The News Channel Pty Limited, whilst subject to income tax, have beeninactive for the year ended 30 June 2000, 30 June 2001 and 30 June 2002.

The Corporation and controlled entities are subject to fringe benefits tax, payroll tax and goods andservices tax.

Goods and Services TaxRevenues, expenses and assets are recognised net of the amount of goods and services tax (GST) exceptwhere the amount of GST incurred is not recoverable from the taxation authority. In these circumstances, theGST is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to, the Australian Taxation Office (ATO), is included as acurrent asset in the Statement of Financial Position.

Cashflows are included in the Statement of Cash Flows on a gross basis. The GST components arising frominvesting and financing activities which are recoverable from, or payable to the ATO are classified as operatingcashflows.

Notes to and Forming Part of the Financial Statementsfor the year ended 30 June 2002 (cont.)



1. Statement of Significant Accounting Policies (cont.)1.5 Foreign Currency TransactionsRevenues and expenditures denominated in foreign currencies are converted to Australian currency at theexchange rates prevailing at the date of the transaction, or at the hedged rate.

Exchange gains and losses and hedging costs arising on contracts entered into as hedges of specific revenueor expense transactions are deferred until the date of such transactions at which time they are included in thedetermination of such revenues or expenses.

Open hedge contracts relating to all other revenue and expenditure transactions are converted at the applicableexchange rate at balance date with exchange gains or losses being included in the Statement of FinancialPerformance.

All foreign currency balances are converted to Australian currency at the exchange rate prevailing at balancedate, except for liabilities brought to account at contract rates, which are subject to currency swap contractsfor which an Australian dollar currency repayment schedule has been adopted. Monetary assets and liabilities ofoverseas branches and amounts payable to or by the Corporation in foreign currencies are translated intoAustralian currency at the applicable exchange rate at balance date. Non-monetary items of overseas branchesare translated at exchange rates current at the transaction date.

1.6 DerivativesDerivative financial instruments are used by the Corporation to manage financial risks and are not entered intofor trading purposes. The classes of derivative financial contracts used are interest rate swaps, forward foreignexchange contracts and foreign exchange.

Derivative financial instruments designated as hedges are accounted for on the same basis as the underlyingexposure.

A. Interest rate swaps and forward rate agreementsInterest rate swaps and forward rate agreements are entered into for the purpose of managing theCorporation’s interest rate position. Gains or losses on interest rate swaps are included in the measurement ofinterest payments on the transactions to which they relate. Premiums or discounts are amortised through theStatement of Financial Performance each year over the life of the swap.

B. Forward exchange contractsForward exchange contracts are used to hedge specific and regular occurring foreign exchange payments.Contracts are revalued at year end and the gain or loss is included in the Statement of Financial Performance.

C. Foreign exchange optionsForeign exchange options are used to hedge specific foreign currency payments. Premiums paid on foreignexchange options are amortised to the Statement of Financial Performance over the life of the contract.

1.7 BorrowingsBorrowings are recorded at the amount of the net proceeds received and carried at amortised cost until theliabilities are fully settled. Interest on the instruments is recognised as an expense on an effective yield basis.Borrowings are Commonwealth Government guaranteed.

All borrowing costs are expensed as incurred except to the extent that they are directly attributable to qualifyingassets, in which case they are capitalised. The amount capitalised in a reporting period does not exceed thecosts incurred in that period.




1. Statement of Significant Accounting Policies (cont.)1.8 CashCash includes notes and coins held, and any deposits held at call with a bank or financial institution.

1.9 ReceivablesReceivables are carried at nominal amounts due less provision for doubtful debts.

Trade debtors are normally settled within 30 days unless otherwise agreed and are carried at amounts due.

The Corporation makes a specific provision for doubtful debts by conducting a detailed review of materialdebtors, making an assessment of the probability of recovery of those debts and taking into account past baddebts experience.

1.10 Bills of Exchange and Promissory NotesPremiums or discounts are amortised through the Statement of Financial Performance each year from the dateof purchase so that investments attain their redemption value by maturity date and income is recognised on aneffective yield basis.

Any profits or losses arising from the disposal prior to maturity are taken to the Statement of FinancialPerformance in the period in which they are realised. These assets are intended to be held to maturity and arecarried at cost or cost adjusted for discounts and premiums.

1.11 Trade CreditorsCreditors are recognised at their nominal amounts, being the amounts at which the liabilities will be settled.Liabilities are recognised to the extent that the goods and services have been received (and irrespective ofhaving been invoiced).

Settlement is on normal commercial terms.

1.12 Reporting by Outcomes and SegmentsA comparison of Budget and Actual figures by outcomes specified in the Appropriation Acts relevant to theCorporation is presented in note 23. Any intra-government costs included in the figure ‘net cost to Budgetoutcomes’ are eliminated in calculating the actual budget outcome for the Government overall.

The Corporation principally provides a national television and radio service within the broadcasting industry. It istherefore considered for segmental reporting to operate predominantly in one industry and in one geographicalarea, Australia.

1.13 Revenue RecognitionThe revenues described in this note are revenues relating to the core operating activities of the Corporation.

Revenue from the sale of goods and services is recognised at fair value of the consideration received net of theamount of the goods and services tax upon the delivery of goods and services to customers.

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to thefinancial assets.

Credit sales are on normal commercial terms.

Revenue from disposal of non-current assets is recognised when control of the asset has passed to the buyer.




1. Statement of Significant Accounting Policies (cont.)1.13 Revenue Recognition (cont.)External contributions earned in respect of the production of television programs are reflected in the Statementof Financial Performance once the program has been broadcast (refer note 1.19).

Subsidies, grants, sponsorships and donations are recognised on receipt unless paid to the Corporation forspecific purpose where recognition of revenue will be recognised in accordance with the agreement.

Recognition of appropriations from the Government is discussed in note 1.22.

Core OperationsAll material revenue described in this note are revenues relating to the core operating activities of theCorporation and controlled entities. Details of revenue amounts are given in notes 4 and 5.

1.14 Employee EntitlementsLeaveThe liability for employee entitlements includes provision for annual leave and long service leave. No provisionhas been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future yearsby employees of the Corporation and the economic entity is estimated to be less than the annual entitlementfor sick leave.

The liability for annual leave reflects the value of total annual leave entitlements of all employees at 30 June2002 and is recognised at its nominal amount.

The non-current portion of the liability for long service leave is recognised and measured at the present valueof the estimated future cash flows to be made in respect of all employees at 30 June 2002. In determining thepresent value of the liability, attrition rates and pay increases through promotion and inflation have been takeninto account.

On-costs relating to annual and long service leave have been included in the provision.

Separation and RedundanciesProvision is made for separation and redundancy payments in cases where positions have been formallyidentified as excess to requirements, the existence of an excess has been publicly communicated, and areliable estimate of the amount payable can be determined.

SuperannuationEmployees contribute to the Commonwealth Superannuation Scheme and the Public Sector SuperannuationScheme. Employer contributions amounting to $15 902 071 (2000/2001: $28 080 557) for the Corporation and$18 420 445 (2000/2001: $31 595 741) for the economic entity in relation to these schemes have beenexpensed in these financial statements.

No liability is shown for superannuation in the Statement of Financial Position as the employer contributions fullyextinguish the accruing liability which is assumed by the Commonwealth.

Employer Superannuation Productivity Benefit contributions totalled $7 954 690 (2000/2001: $7 381 108) forthe Corporation and $8 858 496 (2000/2001: $8 383 419) for the economic entity.

1.15 Repairs and MaintenanceMaintenance, repair expenses and minor renewals which do not constitute an upgrading or enhancement ofequipment are expensed as incurred.




1. Statement of Significant Accounting Policies (cont.)1.16 Acquisition of AssetsAssets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fairvalue of assets transferred in exchange and liabilities undertaken.

Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and revenues at theirfair value at the date of acquisition.

1.17 Property (Land and Buildings), Infrastructure, Plant and EquipmentAsset Recognition ThresholdPurchases of property, plant and equipment costing $2 000 or more are recognised initially at cost in theStatement of Financial Position. Purchases costing less than $2 000 are expensed in the year of acquisition(except where they form part of a project or group of similar items which are significant in total).

RevaluationsLand, buildings, infrastructure, plant and equipment are revalued progressively in accordance with the ‘deprival’method of valuation in successive three-year cycles, so that no asset has a value greater than three years old.

• Freehold land, buildings on freehold land and leasehold improvements were independently valued during the2000/2001 financial year.

• All plant and equipment, furniture and fittings and information technology assets on hand (not underoperating leases), and any assets under finance leases, were independently valued during the 2000/2001financial year.

• All libraries and archives were independently valued during the 2000/2001 financial year.

Assets in each class acquired after the commencement of a progressive revaluation cycle are not captured bythe progressive revaluation then in progress.

In accordance with the deprival methodology, land is measured at its current market buying price. Propertyother than land, plant and equipment are measured at their depreciated replacement cost. Where assets areheld which would not be replaced or are surplus to requirements, measurement is at net realisable value.At 30 June 2002, the Corporation and the economic entity had no assets in this situation.

All valuations are independent or at director’s valuations.

Capital Works in ProgressThe cost of assets constructed or internally generated by the consolidated entity, other than goodwill, includethe cost of materials and direct labour. Directly attribute overheads and other incident costs are also capitalisedto the asset. Borrowing costs are capitalised to quantifying assets.

In respect of internally contracted assets, depreciation to charge, from the time the asset is completed and heldready for use.

Recoverable Amount TestSchedule 1 requires the application of the recoverable amount test to the Corporation’s non-current assets inaccordance with AAS 10 Recoverable Amount of Non-Current Assets. The carrying amounts of these non-current assets have been reviewed to determine whether they are in excess of their recoverable amounts. Inassessing recoverable amounts, the relevant cash flows, including the expected cash inflows from futureappropriations by the Parliament, have been discounted to their present value.

No write-down to recoverable amount has been made in 2001-2002.




1. Statement of Significant Accounting Policies (cont.)1.17 Property (Land and Buildings), Infrastructure, Plant and Equipment (cont.)Depreciation and AmortisationDepreciable property, plant and equipment assets are written off to their estimated residual values over theirestimated useful lives to the Corporation using, in all cases, the straight line method of depreciation. Leaseholdimprovements are amortised on a straight line basis over the lesser of the estimated useful life of theimprovements or the unexpired period of the lease.

Depreciation/amortisation rates (useful lives) and methods are reviewed at each balance date and necessaryadjustments are recognised in the current, or current and future reporting periods, as appropriate. Residualvalues are re-estimated for a change in prices only when assets are revalued.

Depreciation and amortisation rates applying to each class of depreciable asset are based on the followinguseful lives:

2002 2001

Buildings on freehold land 50 years 50 yearsLeasehold land, buildings and improvements Lease term Lease termPlant and equipment 6 – 15 years 6 – 15 years

The aggregate amount of depreciation allocated for each class of asset during the reporting period is disclosedin note 6C.

1.18 IntangiblesThe carrying amount of each non-current intangible asset is reviewed to determine whether it is in excess of theasset’s recoverable amount. If an excess exists as at the reporting date, the asset is written down to itsrecoverable amount immediately. In assessing recoverable amounts, the relevant cash flows, including theexpected cash inflows from future appropriations by the Parliament, have been discounted to their presentvalue.

No write-down to recoverable amount has been made in 2001-2002.

Software is stated at deemed cost from 1 July 2001 as required by Finance Minister’s Orders. The cost hasbeen deemed to be the amounts which assets carried at 30 June 2001, in compliance with AASB 1041.

A director’s valuation of the Bananas in Pyjamas intellectual property rights has been done on a discountedcash flow basis during the 2001-2002 financial year.

Intangible assets are amortised on a straight-line basis over their anticipated useful lives.

Useful lives are:

2002 2001

Copyright 5 years 5 yearsSoftware 3 – 5 years 3 – 5 years

The aggregate amount of amortisation allocated for intangible assets during the reporting period is disclosed innote 6C.

1.19 InventoriesInventories held for resale are valued at the lower of cost or net realisable value. Inventories not held for resaleare valued at cost, unless they are no longer required, in which case they are valued at net realisable value.Television programs are produced for domestic transmission and include direct salaries and expenses. Fixedproduction overheads are expensed in the period in which they are incurred.




1. Statement of Significant Accounting Policies (cont.)1.19 Inventories (cont.)Produced ProgramsThe cost of produced television program inventory is amortised as follows:

• News, Current Affairs and Live Programs – 100% on first screening.

• Children’s, Education and Movies – Straight line over three years.

• All other programs not covered above – 90% first screening and 10% second screening or in third year.

• Programs not shown within three years of completion or purchase to be amortised 100% in year three.

• Alternative Amortisation Schedule – Management may determine an alternative amortisation schedule forexceptional programs in any of the above categories for which the stated policy is considered inappropriate.

The costs of programs produced for news, current affairs and radio are expensed as incurred. Such programsare normally broadcast soon after production, stock on hand at any time being minimal.

Purchased ProgramsPurchase program inventory is amortised in accordance with policy noted above or over the rights period ofthe contract (whichever is lesser).

Subsequent sales of residual rights are recognised in the period in which they occur.

Merchandise InventoryThe provision for obsolete retail stock is based on stock on hand over twelve months old and which mayrequire discounting or disposal. Items in engineering and general stores which have not been issued for threeyears are provided for as obsolete.

1.20 Capital Usage ChargeA capital usage charge of 11% (2000/2001 12%) is imposed by the Commonwealth on the net assets of theCorporation. The charge is adjusted to take account of asset gifts and revaluation increments during thefinancial year.

1.21 LeasesA distinction is made between finance leases which effectively transfer from the lessor to the lesseesubstantially all the risks and benefits incidental to ownership of leased non-current assets and operatingleases under which the lessor effectively retains substantially all such risks and benefits.

Operating lease payments are expensed on a basis which is representative of the pattern of benefits derivedfrom the leased assets. The net present value of future net outlays in respect of surplus space under non-cancellable lease agreements is expensed in the period in which the space becomes surplus.

Lease incentives taking the form of ‘free’ leasehold improvements and rent holidays are recognised as liabilities.These liabilities are reduced by allocating lease payments between rental expense and reduction of the liability.

1.22 AppropriationsFrom 1 July 1999, the Commonwealth Budget has been prepared under an accruals framework. Under thisframework, Parliament appropriates monies to the Corporation as revenue appropriations, as loanappropriations and as equity injections.




1. Statement of Significant Accounting Policies (cont.)1.22 Appropriations (cont.)Revenue AppropriationsRevenues from Government are revenues of the core operating activities of the Corporation.

Appropriations for outputs are recognised as revenue to the extent they have been received into theCorporation’s bank account or are entitled to be received by the Corporation at year end.

Transactions by the Commonwealth as OwnerAppropriations to the Corporation designated as ‘capital equity injections’ are recognised directly in equity, tothe extent that the appropriation has been received into the Corporation’s bank account or are entitled to bereceived by the Corporation at year end.

1.23 GrantsThe Corporation receives grant monies from time to time.

Most grant agreements require the Corporation to perform services or provide facilities, or to meet eligibilitycriteria. A liability in respect of unearned revenues is recognised to the extent the services or facilities have notbeen provided or eligibility criteria have not been met.

1.24 InsuranceThe Corporation has insured for risk through the governments insurable risk managed fund called Comcover.Workers compensation is insured through Comcare.

1.25 Changes in Accounting PolicyChanges in accounting policy have been identified in this note under their appropriate headings.

1.26 Comparative FiguresWhere applicable, prior year comparative figures have been restated to reflect the current year’s presentation inthe financial statements.




2. Expenses and RevenuesConsolidated ABC

2002 2001 2002 2001Notes $’000 $’000 $’000 $’000

Expenses from ordinary activitiesEmployee related 6A 323 060 329 241 277 231 284 895 Artist fees 6B 15 799 14 425 8 028 6 100 Auditor’s remuneration 6B 300 320 213 200 Bad and doubtful debts 6B 273 104 270 (64)Communications 6B 24 493 24 364 23 798 23 601 Computer costs 6B 4 817 5 433 4 648 5 175 Consultants and contract labour 6B 17 473 13 475 16 952 13 005 Depreciation and amortisation 6C 63 268 55 531 62 644 54 904 Freight 6B 2 521 2 258 1 629 1 649 Borrowing costs 7 8 181 12 282 8 179 12 282 Legal costs 6B 3 274 2 768 3 233 2 741 Disposal of non-current assets 5B 956 1 631 924 1 604 Net loss on foreign exchange – non speculative 6E 448 — 448 — Materials and minor items 6B 10 384 15 410 11 943 12 205 Merchandising and promotion 6B 67 563 58 799 60 827 52 166 Transmission services 6B 86 258 69 453 86 119 69 453 Operating leases and occupancy 6B 19 649 19 379 18 181 17 691 Program amortisation 6D 106 923 101 652 106 923 101 652 Program rights 6B 7 918 6 992 7 880 6 902 Repairs, maintenance and hire 6B 23 291 20 441 20 699 17 466 Satellite and transmission 6B 22 483 11 901 22 457 11 901 Travel 6B 17 428 15 415 16 013 13 514 Video production services 6B 5 498 4 454 5 350 3 750 Incidental 6B 7 148 6 756 3 830 3 676 Write-down of assets 6F 12 824 4 275 12 824 4 275 Payment to controlled entities 6G — — 42 195 Total expenses from ordinary activities 852 230 796 759 781 285 720 938

Revenues from independent sourcesCo-production contributions 5D 1 654 2 897 1 654 1 902 Concert sales and subsidies 5D 18 870 19 916 — — Net gain on foreign exchange – non speculative 5C — 1 276 — 1 276 Proceeds from disposal of non-current assets 5B 816 787 756 778 Interest and bill discounts 5A 7 879 12 193 6 984 11 059 Insurance Settlement 5E 11 454 — 11 454 — Merchandising 5D 59 035 50 788 58 948 50 746 Program sales 5D 7 265 6 493 7 180 6 407 Rent and hire of facilities 5D 8 988 11 015 8 664 10 590 Royalties 5D 27 072 24 385 27 070 24 333 Sponsorships and donations 5E 5 753 6 165 — — Subsidies and grants 5E 20 537 3 145 19 945 3 145 Technology sales 5D 865 1 474 865 1 474Incidental 5E 5 654 3 028 4 952 1 863Total revenues from independent sources 175 842 143 562 148 472 113 573Total revenues from Government 4A, B, C 755 740 668 540 710 565 622 921Total revenues from ordinary activities 931 582 812 102 859 037 736 494Net operating surplus/deficit from ordinary activities 79 352 15 343 77 752 15 556

3. Economic DependencyThe ABC was established in 1932 as the Australian Broadcasting Commission. Since 1983 it has operatedunder the provisions of the Australian Broadcasting Corporation Act.

The Corporation and its controlled entities are dependent upon direct and indirect appropriations of monies byParliament. In excess of 81% of normal activities are funded in this manner, and without these appropriationsthe Corporation and its controlled entities would be unable to meet their obligations. (Refer to note 4 for detailsof revenues from Government).




4. Revenues from GovernmentConsolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

4A Appropriations (a) 637 172 553 652 637 172 553 652

4B Appropriations – Transmission revenue 73 393 69 269 73 393 69 269

4C Funding from Commonwealth/State Governments forOrchestral SubsidiariesDepartment of Communications, Information Technology and the Arts 36 009 36 246 — — Other 9 166 9 373 — —

45 175 45 619 — —

Total revenues from Government 755 740 668 540 710 565 622 921

(a) Appropriations from the Government include $59 260 000 (2001 $61 569 000) in respect of capital use charge funding.This amount was repaid to the Government on 3 June 2002.

5. Revenue from Independent SourcesConsolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

5A InterestDeposits 1 496 1 875 601 741 Bills receivable 6 383 10 318 6 383 10 318

7 879 12 193 6 984 11 059

5B Net loss from sales of assetsNon-financial assets – Infrastructure, plant and equipment

Revenue (proceeds) from sale 816 787 756 778 Expenses from sale 956 1 631 924 1 604 Net loss on sale (140) (844) (168) (826)

5C Net foreign exchange gainNon-speculative — 1 276 — 1 276

— 1 276 — 1 276

5D Sales of goods and servicesGoods 83 592 75 618 83 592 75 618 Services 40 157 41 350 20 789 19 834

123 749 116 968 104 381 95 452

Cost of sales of goods 49 797 44 571 49 797 44 571

5E Other revenuesSponsorships and donations 5 753 6 165 — —Subsidies and grants 20 537 3 145 19 945 3 145Insurance Settlement 11 454 — 11 454 —Other 5 654 3 028 4 952 1 863

43 398 12 338 36 351 5 008

Total revenue from independent sources 175 842 143 562 148 472 113 573




6. Operating Expenses – Goods and ServicesConsolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

6A Employee expensesBasic remuneration for services provided 270 965 271 577 230 682 233 333 Leave entitlements 43 054 37 417 38 027 31 819 Separation and redundancy 9 041 20 247 8 522 19 743

323 060 329 241 277 231 284 895

The Corporation and its controlled entities contribute to the Commonwealth Superannuation Scheme (CSS) and the Public SectorSuperannuation (PSS) which provide retirement, death and disability benefits to employees. Contributions to the schemes are at arate calculated to cover existing and emerging obligations. Current contribution rates are nil% (2001 18.6%) of salary (CSS)and 9.4% (2001 11.5%) of salary (PSS). An additional 3% (2001 3%) is contributed for employer productivity benefits.

6B Supplier expensesSupply of goods and services 328 466 284 615 303 966 253 599 Operating lease rentals 8 104 7 532 8 104 7 532

336 570 292 147 312 070 261 131

6C Depreciation and amortisationDepreciation of property, infrastructure, plant and equipment 57 824 51 326 57 200 50 699 Amortisation of intangible assets 5 444 4 205 5 444 4 205

63 268 55 531 62 644 54 904

The aggregate amounts of depreciation or amortisation expensed duringthe reporting period for each class of depreciable asset are as follows:

Buildings and land 13 277 10 037 13 277 9 996 Leasehold improvements 2 084 1 314 2 026 1 314 Infrastructure, plant and equipment 42 463 39 975 41 897 39 389 Software 3 232 1 992 3 232 1 992 Copyright 2 212 2 213 2 212 2 213

63 268 55 531 62 644 54 904

6D Program Amortisation 106 923 101 652 106 923 101 652 106 923 101 652 106 923 101 652

6E Net foreign exchange lossNon-speculative 448 — 448 —

448 — 448 —

6F Write-down of assetsFinancial assetsInvestments – diminution in value 1 840 — 1 840 —

Non-financial assetsInfrastructure, plant and equipment – impairment 10 984 4 275 10 984 4 275

12 824 4 275 12 824 4 275

6G OtherPayment to controlled entities — — 42 195

— — 42 195




7. Borrowing CostsConsolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

Loans 8 181 12 282 8 179 12 282Total borrowing costs 8 181 12 282 8 179 12 282

8. Financial AssetsConsolidated ABC

2002 2001 2002 2001Notes $’000 $’000 $’000 $’000

8A CashCash at bank and on hand 30 720 29 592 6 119 4 887

30 720 29 592 6 119 4 887

Balance of cash as at 30 June shown in theStatement of Cash Flows 30 720 29 592 6 119 4 887

8B ReceivablesGoods and services 13 363 13 862 12 251 14 544 Less:Provision for doubtful debts (417) (403) (328) (287)

12 946 13 459 11 923 14 257

Bills of exchange 55 751 43 975 55 745 43 962 GST receivable 6 540 3 461 6 244 3 059 Other debtors 5 738 2 701 3 424 1 633

68 029 50 137 65 413 48 654Total receivables 80 975 63 596 77 336 62 911

Receivables (gross) which are overdue are aged as follows:

Not Overdue 71 579 56 678 71 099 57 600Overdue by:– less than 30 days 4 819 2 275 2 711 946 – 30 to 60 days 1 121 1 200 825 1 078 – 60 to 90 days 338 1 044 169 924 – more than 90 days 3 535 2 802 2 860 2 650 Total receivables (gross) 81 392 63 999 77 664 63 198

8C InvestmentsShares in subsidiaries – (unlisted) at cost 22 — — 1 840 1 840Less:Write-down of investment — — (1 840) —

— — — 1 840

Investments are categorised as follows:

Current — — — —Non-current — — — 1 840

— — — 1 840

8D Accrued revenues 7 270 4 851 7 270 4 8517 270 4 851 7 270 4 851




9. Non Financial AssetsConsolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

9A Land and buildingsFreehold land – Independent valuation 2001(a) 119 194 119 194 119 194 119 194Freehold land – at cost 333 — 333 —

119 527 119 194 119 527 119 194

Buildings on freehold land – Independent valuation 2001(a) 407 537 407 475 407 537 407 475Accumulated depreciation (212 353) (199 521) (212 353) (199 521)

195 184 207 954 195 184 207 954

Buildings on freehold land – at cost 5 267 937 5 267 937Accumulated depreciation (376) (34) (376) (34)

4 891 903 4 891 903

Leasehold land – Independent valuation 2001(a) 1 839 1 839 1 839 1 839Accumulated amortisation (37) — (37) —

1 802 1 839 1 802 1 839

Leasehold buildings – Independent valuation 2001(a) 7 310 7 371 7 310 7 371Accumulated amortisation (4 912) (4 848) (4 912) (4 848)

2 398 2 523 2 398 2 523

Leasehold buildings – at cost 431 — 431 —Accumulated amortisation (4) — (4) —

427 — 427 —

Leasehold improvements – Independent valuation 2000 4 938 4 458 4 458 4 458Accumulated amortisation (3 539) (2 584) (3 324) (2 584)

1 399 1 874 1 134 1 874

Leasehold improvements – at cost 9 620 8 468 9 620 7 988Accumulated amortisation (5 273) (4 137) (5 273) (3 988)

4 347 4 331 4 347 4 000

Total land and buildings excluding capital works in progress 329 975 338 618 329 710 338 287Capital works in progress at cost (b) 98 004 42 671 98 004 42 671Total land and buildings 427 979 381 289 427 714 380 958

(a) The revaluations were in accordance with the revaluation policy stated at note 1, and were completed by independent valuersEdward Rushton Australia Pty Ltd. and McGee Bowen Pty Ltd.

(b) This amount includes borrowing costs which have been capitalised of $2 619 553 (2001 $204 387).

9B Infrastructure, plant and equipmentIndependent valuation 2001 (a) 439 898 469 357 439 898 469 357Accumulated depreciation (336 829) (339 501) (336 829) (339 501)

103 069 129 856 103 069 129 856At cost 125 352 61 413 119 396 57 073Accumulated depreciation (23 590) (4 268) (21 291) (2 491)

101 762 57 145 98 105 54 582Infrastructure, plant and equipmentexcluding capital works in progress 204 831 187 001 201 174 184 438Capital works in progress at cost 46 958 67 902 46 958 67 902Total infrastructure, plant and equipment 251 789 254 903 248 132 252 340

(a) The revaluations were in accordance with the revaluation policy stated at note 1, and were completed by independent valuersEdward Rushton Australia Pty Ltd. and McGee Bowen Pty Ltd.




9. Non Financial Assets (cont.)Consolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

9C Intangible assetsComputer software – Directors’ valuation 1998 — 2 466 — 2 466Accumulated amortisation — (1 405) — (1 405)

— 1 061 — 1 061

Computer software at cost (a) 19 649 7 777 19 649 7 777Accumulated amortisation (8 207) (3 570) (8 207) (3 570)

11 442 4 207 11 442 4 207

Copyright – Directors’ valuation 2002 (b) 11 062 11 062 11 062 11 062Accumulated amortisation (4 425) (2 212) (4 425) (2 212)

6 637 8 850 6 637 8 850Total intangible assets excluding capital works in progress 18 079 14 118 18 079 14 118Capital works in progress at cost — 3 505 — 3 505Total intangibles assets 18 079 17 623 18 079 17 623

(a) Software carrying value at 1 July 2001 deemed to be cost.(b) The revaluations were in accordance with the revaluation policy stated at note 1, and were completed by independent valuers

Edward Rushton Australia Pty Ltd. and McGee Bowen Pty Ltd.

Table A1Reconciliation of the opening and closing balances of property, infrastructure, plant and equipment and intangibles(Consolidated)




Item Land Buildings Total Other infra- Computer Other Total Totalland and structure, software intangibles intangiblesbuildings plant and

equipment$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Gross value as at 1 July 2001 121 033 428 709 549 742 530 770 10 243 11 062 21 305 1 101 817

AdditionsAcquisition of replacement assets — — — 166 — — — 166Acquisition of new assets 333 6 394 6 727 71 355 9 406 — 9 406 87 488

Revaluations — — — — — — — —Assets transferred in/(out) — — — — — — — —Reclassifications — — — — — — — —Write-offs — — — (10 984) — — — (10 984)Change in accounting policy — — — — — — — —Disposals — — — (26 057) — — — (26 057)Gross value as at 30 June 2002 121 366 435 103 556 469 565 250 19 649 11 062 30 711 1 152 430

Accumulated depreciation/amortisation as at 1 July 2001 — 211 136 211 136 343 769 4 975 2 212 7 187 562 092

Disposals — — — (25 815) — — — (25 815)Depreciation /amortisationcharge for assets held 37 15 321 15 358 42 465 3 232 2 213 5 445 63 268Adjustment for revaluations — — — — — — — —Assets transferred in/(out) — — — — — — — —Reclassifications — — — — — — — —Write-offs — — — — — — — —Change in accounting policy — — — — — — — —Accumulated depreciation/amortisation at 30 June 2002 37 226 457 226 494 360 419 8 207 4 425 12 632 599 545

Net book value at 30 June 2002 121 329 208 646 329 975 204 831 11 442 6 637 18 079 552 885

Net book value at 1 July 2001 121 033 217 573 338 606 187 001 5 268 8 850 14 118 539 725

Net revaluation increments/decrements in the table above comprise:• For land – net revaluation increments of $nil (2000/2001 increment: $34 169 000)• For buildings on freehold land – net decrement of $nil (2000/2001 decrement $98 961 000)• For other infrastructure, plant and equipment – net increment of $nil (2000/2001 increment of $22 571 000)• For other intangibles – net increment of $nil (2000/2001 net increment of $1 782 000)Asset write-offPlant and equipment values were written down by $10 984 150 to take account of the impairment in expected value of assets in thevicinity of a fire at the Gore Hill site in Sydney. This loss was covered by insurance.

9. Non Financial Assets (cont.)Table A2Reconciliation of the opening and closing balances of property, infrastructure, plant and equipment and intangibles (ABC)





equipment$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Gross value as at 1 July 2001 121 033 428 229 549 262 526 430 10 243 11 062 21 305 1 096 997

AdditionsAcquisition of replacement assets — — — — — — — —Acquisition of new assets 333 6 394 6 727 69 840 9 406 — 9 406 85 973

Revaluations — — — — — — — —Assets transferred in/(out) — — — — — — — —Reclassifications — — — — — — — —Write-offs — — — (10 984) — — — (10 984)Change in accounting policy — — — — — — — —Disposals — — — (25 992) — — — (25 992)Gross value as at 30 June 2002 121 366 434 623 555 989 559 294 19 649 11 062 30 711 1 145 994

Accumulated depreciation/amortisation as at 1 July 2001 — 210 975 210 975 341 992 4 975 2 212 7 187 560 154

Disposals — — — (25 768) — — — (25 768)Depreciation /amortisationcharge for the year 37 15 267 15 304 41 896 3 232 2 213 5 445 62 645Adjustment for revaluations — — — — — — — —Assets transferred in/(out) — — — — — — — —Reclassifications — — — — — — — —Write-offs — — — — — — — —Change in accounting policy — — — — — — — —Adjustment for other movements — — — — — — — —Accumulated depreciation/amortisation at 30 June 2002 37 226 242 226 279 358 120 8 207 4 425 12 632 597 031

Net book value at 30 June 2002 121 329 208 381 329 710 201 174 11 442 6 637 18 079 548 963

Net book value at 1 July 2001 121 033 217 254 338 287 184 438 5 268 8 850 14 118 536 843

Net revaluation increments/decrements in the table above comprise:• For land – net revaluation increments of $nil (2000/2001 increment: $34 169 000)• For buildings on freehold land – net decrement of $nil (2000/2001 decrement $98 961 000)• For other infrastructure, plant and equipment – net increment of $nil (2000/2001 increment of $22 571 000)• For other intangibles – net increment of $nil (2000/2001 net increment of $1 782 000)Asset write-offPlant and equipment values were written down by $10 984 150 to take account of the impairment in expected value of assets in thevicinity of a fire at the Gore Hill site in Sydney. This loss was covered by insurance.

Table BAssets at valuation (Consolidated Only)


equipment$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

As at 30 June 2002Gross value 121 033 419 305 540 338 439 898 — 11 062 11 062 991 298Accumulated depreciation/amortisation ( 37) (220 589) (220 626) (336 829) — (4 425) (4 425) (561 880)Net book value 120 996 198 716 319 712 103 069 — 6 637 6 637 429 418

As at 30 June 2001Gross value 121 033 419 304 540 337 469 357 2 466 11 063 13 529 1 023 223Accumulated depreciation/amortisation — (206 666) (206 666) (339 499) (1 405) (2 213) (3 618) (549 783)Net book value 121 033 212 638 333 671 129 858 1 061 8 850 9 911 473 440

9. Non Financial Assets (cont.)Table CAssets under construction (Consolidated only)





equipment$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

As at 30 June 2002Gross value — 98 004 98 004 46 958 — — — 144 962Accumulated depreciation/amortisation — — — — — — — —Net book value — 98 004 98 004 46 958 — — — 144 962

As at 30 June 2001Gross value — 42 671 42 671 67 902 3 505 — 3 505 114 078Accumulated depreciation/amortisation — — — — — — — —Net book value — 42 671 42 671 67 902 3 505 — 3 505 114 078

Consolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

9D InventoriesRetailInventory held for sale 10 923 8 466 10 915 8 441Provision for stock obsolescence (423) (433) (423) (433)

10 500 8 033 10 492 8 008Broadcasting consumablesInventory not held for sale (cost) 848 1 000 848 1 000

TV programsPurchased 31 102 23 885 31 102 23 885Produced 28 629 30 747 28 629 30 747In progress 9 163 12 919 9 163 12 919

68 894 67 551 68 894 67 551Total inventories 80 242 76 584 80 234 76 559

9E Other non-financial assetsPrepaid property rentals 156 155 156 155Other prepayments 15 051 13 502 14 850 13 435

15 207 13 657 15 006 13 590

10. Interest Bearing LiabilitiesConsolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

10A LoansLoans from Government 120 000 100 000 120 000 100 000Bank loans 590 — — —Non bank loan 40 000 40 000 40 000 40 000Inscribed stock 50 000 50 000 50 000 50 000

210 590 190 000 210 000 190 000

(a) Of this amount, $40 million are repayable in Japanese Yen. Currency swap contracts have been undertaken to effectively remove thecurrency risk associated with these loans.

Maturity schedule for loans:Payable within one year 50 165 — 50 000 —Payable in one to five years 109 425 139 000 109 000 139 000Payable in more than five years 51 000 51 000 51 000 51 000Total Loans 210 590 190 000 210 000 190 000

11. ProvisionsConsolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

11A EmployeesSalaries and wages 12 091 15 284 11 085 14 440Annual leave 44 185 42 797 42 024 41 057Long service leave 60 299 54 445 53 528 47 667Superannuation 2 424 1 515 2 208 1 395Workers’ compensation — 21 — —Separation and redundancy — 194 — 194Aggregate employee entitlement liability 118 999 114 256 108 845 104 753

12. PayablesConsolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

12A SuppliersTrade creditors 55 812 52 852 52 373 49 579Other creditors 3 549 4 271 1 249 2 387

59 361 57 123 53 622 51 966

12B OtherInterest payable 710 498 710 498Unearned revenue 29 682 22 122 13 869 8 721

30 392 22 620 14 579 9 219

Total Payables 89 753 79 743 68 201 61 185

Payables are categorised as follows:Current 84 997 74 169 68 081 60 962Non-current 4 756 5 574 120 223

89 753 79 743 68 201 61 185




13. EquityConsolidated




Item Contributed Accumulated Asset Totalequity results revaluation Equity

reserve2002 2001 2002 2001 2002 2001 2002 2001$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Opening balance as at 1 July 74 513 33 204 154 875 195 711 228 708 267 191 458 096 496 106

Operating results — — 79 352 15 343 — — 79 352 15 343

Net revaluation increment/(decrement) — — — — — (38 483) — (38 483)

Contribution of equity:appropriation (a) 14 600 41 309 — — — — 14 600 41 309

Other — — — — — — — —

Capital Use Charge (CUC) — — (59 441) (56 179) — — (59 441) (56 179)

Closing balance as at 30 June 89 113 74 513 174 786 154 875 228 708 228 708 492 607 458 096

ABC

Item Contributed Accumulated Asset Totalequity results revaluation Equity

reserve2002 2001 2002 2001 2002 2001 2002 2001$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Opening balance as at 1 July 74 513 33 204 156 400 197 023 228 708 267 191 459 621 497 418

Operating results — — 77 752 15 556 — — 77 752 15 556

Net revaluation increment/(decrement) — — — — — (38 483) — (38 483)

Contribution of equity:appropriation (a) 14 600 41 309 — — — — 14 600 41 309

Other — — — — — — — —

Capital Use Charge (CUC) — — (59 441) (56 179) — — (59 441) (56 179)

Closing balance as at 30 June 89 113 74 513 174 711 156 400 228 708 228 708 492 532 459 621

(a) $nil (2000/2001 $17.1 million) of the ABC’s on-going base funding is included in the equity injection of capital of $14.6 million(2000/2001 $41.3 million). The prior year amount was used to meet debt financing arrangements relating predominately to the purpose built facilities in the Ultimo and Southbank complexes. In 2001-2002 this funding has been appropriated to the ABC as revenue.

14. Cash Flow ReconciliationReconciliation of operating surplus to net cash from operating activities

Consolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

Net operating surplus from ordinary activities 79 352 15 343 77 752 15 556

Capital use provided (59 441) (56 179) (59 441) (56 179)Depreciation of fixed assets 57 824 51 326 57 200 50 699Amortisation of intangibles 5 444 4 205 5 444 4 205Amortisation of program purchases 106 923 101 652 106 923 101 652Transfer to/from provisions – employee entitlements 4 743 (10 963) 4 092 (11 297)Transfer to/from provisions – doubtful debts 273 ( 69) 270 ( 69)Write down of assets 12 824 4 275 12 824 4 275(Profit)/loss on disposal of property, infrastructure, plant and equipment 140 844 168 826

Changes in assets and liabilitiesIncrease/(decrease) in receivables (5 876) (7 438) (2 912) (7 108)Increase/(decrease) in other current assets (4 785) (5 455) (4 591) (7 024)Increase/(decrease) in inventories (110 581) (109 715) (110 598) (109 720)(Increase)/decrease in payables 62 401 63 621 62 235 62 904(Increase)/decrease in provisions/ liabilities 8 084 7 532 5 672 744Net cash from operating activities 157 325 58 979 155 038 49 464

15. External Financing ArrangementsConsolidated ABC

2002 2001 2002 2001$’000 $’000 $’000 $’000

Total facility (a) 1 000 1 000 — —Amount of facility used as at 30 June — — — —Facility available 1 000 1 000 — —

(a) Subsidiary facility held with Westpac Banking Corporation.




16. Financial Instruments (Consolidated)A. Interest Rate Risk Floating 1 Year 1 to 5 More Non Total Weighted

interest or less years than 5 interest averagerate years bearing effective

Notes $’000 $’000 $’000 $’000 $’000 $’000 interest rate

2002Financial assets (recognised)Cash at bank and on hand 8A 30 720 — — — — 30 720 4.15%ReceivablesGoods and services 8B — — — — 13 363 13 363 N/ALess provision for doubtful debts 8B — — — — (417) (417) N/AAccrued revenues 8D — — — — 7 270 7 270 N/AOther debtors 8B — — — — 5 738 5 738 N/AGST receivable 8B — — — — 6 540 6 540 N/ABills of exchange 8B 55 751 — — — — 55 751 4.98%Investments 8D — — — — — — N/A

Total financial assets 86 471 — — — 32 494 118 965

Total assets 912 261

Financial liabilities (recognised)DebtLoans – long term borrowings 10A — 50 165 109 425 51 000 — 210 590 5.40%Provisions and payablesSuppliers 12A/B — — — — 89 753 89 753 N/A

Total financial liabilities — 50 165 109 425 51 000 89 753 300 343

Total liabilities 419 654

Financial liabilities (unrecognised)Interest rate swap(Notional principal amounts only) (10 000) 50 000 (40 000) — — — N/A

2001Financial assets (recognised)Cash at bank and on hand 8A 29 592 — — — — 29 592 3.90%ReceivablesGoods and services 8B — — — — 13 862 13 862 N/ALess provision for doubtful debts 8B — — — — (403) (403) N/AAccrued revenues 8D — — — — 4 851 4 851 N/AOther debtors 8B — — — — 2 701 2 701 N/AGST receivable 8B — — — — 3 461 3 461 N/ABills of exchange 8B 43 975 — — — — 43 975 5.12%Investments 8D — — — — — — N/A

Total financial assets 73 567 — — — 24 472 98 039

Total assets 842 095

Financial liabilities (recognised)DebtLoans – long term borrowings 10A — — 139 000 51 000 — 190 000 6.46%Provisions and payablesSuppliers 12A/B — — — — 79 743 79 743 N/A

Total financial liabilities — — 139 000 51 000 79 743 269 743

Total liabilities 383 999

Financial liabilities (unrecognised)Interest rate swap(Notional principal amounts only) (10 000) — 10 000 — — — N/A

#The interest rates under these swaps range from the bank bill swap reference rate (BBSW) less 10 basis points and 4.84% onpayables and BBSW and 4.40% on receivables. BBSW rates are reset at 90 days.




16. Financial Instruments (Consolidated) (cont.)

B. Net Fair Values of Financial Assets and LiabilitiesThe following methods and assumptions were used to estimate the net fair values.

Cash, receivables, payables and short term borrowingsThe carrying amount approximates the net fair value because of the short term maturity.

InvestmentsThe carrying amount for non traded investments has been assessed by the directors based on the underlyingnet assets, expected cash flows and any particular special circumstances of the investee as approximating netfair values.

Long term borrowings The net fair values of long term borrowings are estimated using discounted cash flow analysis, based oncurrent interest rates for liabilities with similar risk profiles.

Interest rate swaps and cross currency swap agreementsThe net fair values of unrecognised financial instruments reflect the estimated amounts the economic entityexpects to pay or receive to terminate the contracts (net of transaction costs) or to replace the contracts attheir current market rates as at reporting date. This is based on independent market quotations and usingstandard valuation techniques.

Forward exchange contractsThe net fair values of forward exchange contracts is taken to be the unrealised gain or loss at balance datecalculated by reference to current forward exchange rates for contracts with similar maturity profiles.

Carrying Amount Net Fair Value

2002 2001 2002 2001$’000 $’000 $’000 $’000

Financial AssetsSwap agreements — — 8 109 14 104Foreign exchange contracts (55) 628 (321) 852

Financial LiabilitiesLong term borrowings (loans) 210 590 190 000 218 850 204 262

C. Credit Risk ExposuresCredit risk represents the loss that would be recognised if counterparties to financial instruments fail to performas contracted.

The economic entity has no significant exposures to any concentrations of credit risk.

Financial AssetsThe economic entity’s maximum exposures to credit risk at reporting date in relation to each class ofrecognised financial assets is the carrying amount, net of provision for doubtful debts, of those assets asindicated in the Statement of Financial Position.




16. Financial Instruments (Consolidated) (cont.)Items not recognised in the Statement of Financial PositionThe credit risk arising from dealings in financial instruments is controlled by a strict policy of credit approvals,limits and monitoring procedures. The economic entity has no material concentration of credit risk with anysingle counterparty and, as a matter of policy, only transacts with financial institutions that have a high creditrating. Credit exposure of foreign currency and interest rate derivatives is represented by the net fair value of thecontracts, as disclosed.

D. Hedging InstrumentsSpecific HedgesThe net unrecognised loss of $266 710 (2001 unrecognised gain $224 061) on specific hedges of anticipatedforeign currency purchases will be recognised at the date of the underlying transactions.

General HedgesAt balance date, the Corporation held forward exchange contracts to buy United States Dollars (USD), GreatBritish Pounds (GBP) and the Euro (EUR).

The following table sets out the gross value to be received under foreign currency contracts, the weightedaverage contracted exchange rates and the settlement periods of outstanding contracts for the economicentity.

Sell Australian Average ExchangeDollars Rate

2002 2001 2002 2001$’000 $’000

Buy USDLess than 1 year 4 281 3 380 0.5297 0.5642Greater than 1 year — — — —Buy GBPLess than 1 year 1 403 1 082 0.3718 0.3803Buy EURLess than 1 year 263 1 766 0.5982 0.5863

17. Remuneration of DirectorsABC

2002 2001$ $

Remuneration received or due and receivable by directors of the Corporation. 1 831 030 869 351

The number of directors of the Corporation included in these figures are shown below in therelevant remuneration bands: Number Number

$ Nil – $9 999 1 1$10 000 – $19 999 — 2$20 000 – $29 999 6 4$30 000 – $39 999 1 1$90 000 – $99 999 — 1$100 000 – $109 999 1 —$340 000 – $349 999 1 —$600 000 – $610 999 — 1$1 190 000 – $1 199 999 1 —

Remuneration received or due and receivable by directors of the Corporation and Controlled Entities as detailed in note 22is $3 088 326 (2001 $2 233 754). Directors’ remuneration for 2001 includes the reimbursement of relocation expenses.




18. Related Party DisclosuresDirectors of the CorporationThe Directors of the Corporation during the year were:

• Donald McDonald AO (Chairman)

• Jonathan Shier (Managing Director) Terminated 16 November 2001

• Russell Balding (Managing Director) Appointed 29 May 2002 (Acting 8 November 2001)

• Leith Boully

• John Gallagher QC

• Ian Henschke Retired 14 June 2002

• Ramona Koval Appointed 15 June 2002

• Michael Kroger

• Ross McLean

• Maurice Newman AC

• Judith Sloan

The aggregate remuneration of Directors is disclosed in note 17.

Transactions with entities in the wholly owned groupTransactions between related parties are on normal commercial terms and conditions no more favourable thanthose available to other parties unless otherwise stated.

Symphony Australia Holdings Pty LimitedThe company is a wholly owned subsidiary of the Corporation.

During the period the Corporation provided goods and services to Symphony Australia Holdings Pty Limitedon normal terms and conditions totalling $460 982 (2001 $455 659). At year end the Corporation was owed$19 220 (2001 $281 088) in relation to the supply of these goods and services.

At year end the Corporation owed Symphony Australia Holdings Pty Limited an amount of $nil (2001 $18 858)in relation to long service leave for staff at incorporation.

Adelaide Symphony Orchestra Pty LimitedThe company is a wholly owned subsidiary of the Corporation.

During the period the Corporation provided goods and services to Adelaide Symphony Orchestra Pty Limitedon normal terms and conditions totalling $77 033 (2001 $180 114). At year end the Corporation was owed$260 745 (2001 $154 453) in relation to the supply of these goods and services. At year end the Corporationowed Adelaide Symphony Orchestra Holdings Pty Limited an amount of $25 792 (2001 $25 837) in relation tolong service leave for staff at incorporation.




18. Related Party Disclosures (cont.)Melbourne Symphony Orchestra Pty LimitedThe company is a wholly owned subsidiary of the Corporation.

During the period the Corporation provided goods and services to Melbourne Symphony Orchestra Pty Limitedon normal terms and conditions totalling $183 298 (2001 $178 072). At year end the Corporation is owed$45 273 (2001 $51 181) for these goods and services. At year end the Corporation owed MelbourneSymphony Orchestra Pty Limited an amount of $34 534 (2001 $45 377) in relation to long service leavefor staff at incorporation.

Orchestral Network Australia Pty LimitedThe company was deregistered 18 February 2002. No transaction occurred between related parties.

Queensland Orchestras Pty LimitedThe company is a wholly owned subsidiary of the Corporation.

During the year the Corporation provided goods and services to Queensland Orchestras Pty Limited on normalterms and conditions totalling $42 642 (2001 $50 256). At year end the Corporation was owed $2 984(2001 $52 176) in relation to the supply of these goods and services. At year end the Corporation owedQueensland Orchestras Pty Limited $46 009 (2001 $63 821) for long service leave for staff at incorporation.

Sydney Symphony Orchestra Holdings Pty LimitedThe company is a wholly owned subsidiary of the Corporation.

During the period the Corporation provided goods and services on normal terms and conditions totalling$77 777 (2001 $87 746). At year end Sydney Symphony Orchestra Holdings Pty Limited owed the Corporation$36 681 (2001 $266 604). At year end the Corporation owed Sydney Symphony Orchestra Holdings PtyLimited $128 374 (2001 $186 869) for long service leave for staff at incorporation.

Tasmanian Symphony Orchestra Pty LimitedThe company is a wholly owned subsidiary of the Corporation.

During the year the Corporation provided goods and services to Tasmanian Symphony Orchestra Pty Limitedon normal terms and conditions totalling $107 841 (2001 $98 690). At year end the Corporation was owed$101 606 (2001 $86 642) in relation to the supply of these goods and services. At year end the Corporationowed Tasmanian Symphony Orchestra Pty Limited $nil (2001 $30 199) for long service leave for staff atincorporation.

West Australian Symphony Orchestra Holdings Pty LimitedThe company is a wholly owned subsidiary of the Corporation.

During the period the Corporation provided goods and services to West Australian Symphony OrchestraHoldings Pty Limited on normal terms and conditions totalling $155 240 (2001 $159 452). At year end theCorporation was owed $32 999 (2001 $131 880) in relation to the supply of these goods and services. At yearend the Corporation owed West Australian Symphony Orchestra Holdings Pty Limited an amount of $26 347(2001 $105 148) in relation to long service leave for staff at incorporation.




18. Related Party Disclosures (cont.)Music Choice Australia Pty Limited and The News Channel Pty LimitedThe companies are wholly owned subsidiaries of the Corporation that did not trade during the 2001-2002financial year.

AIM West Pty / Equipco Australia Pty Limited / AIM Holdings Australia Pty Limited / ArnbridgePty Limited / Australian Information Media Pty LimitedThese companies were placed into voluntary liquidation during the 1998/1999 financial year and werederegistered on 25 June 2002.

19. Remuneration of OfficersConsolidated ABC

2002 2001 2002 2001$ $ $ $

The aggregate amount of total remuneration of Officers shown is: 3 427 951 2 987 400 3 310 163 3 249 278

The number of officers who received or were due to receive totalremuneration of $100 000 or more:

2002 2001 2002 2001Number Number Number Number

$110 000 – $119 999 2 — 1 —$130 000 – $139 999 — 1 — 1$160 000 – $169 999 1 1 1 1$170 000 – $179 999 1 — 1 —$180 000 – $189 999 1 1 1 1$200 000 – $209 999 1 — 1 —$220 000 – $229 999 — 1 — 1$230 000 – $239 999 2 1 2 1$240 000 – $249 999 — 1 — 1$250 000 – $259 999 — 2 — 2$260 000 – $269 999 4 — 4 1$270 000 – $279 999 1 1 1 1$280 000 – $289 999 — 2 — 2$290 000 – $299 999 1 — 1 —$340 000 – $349 999 1 — 1 —$430 000 – $439 999 — 1 — 1

The officer remuneration includes all officers concerned with or taking part in the management of the Corporation during 2001-2002except the Managing Director. Details in relation to the Managing Director have been incorporated into note 17 – Remuneration ofDirectors.

Consolidated remuneration excludes officers of the principal entity who are Directors in the wholly owned group. Details in relation tothe officers have been incorporated into note 17 – Remuneration of Directors.

Consolidated remuneration includes termination payable of $119 551 (2001 $425 181).




20. Remuneration of AuditorsConsolidated ABC

2002 2001 2002 2001$ $ $ $

Remuneration to the Auditor-General for auditing thefinancial statements for reporting period. 275 799 257 000 211 000 203 000

KPMG have been contracted by the Australian National Audit Office to provide audit services on their behalf. Fees for these servicesare included in the above. In addition KPMG have earned $67 585 for advisory services where they have been separately contractedby the ABC.

21. Trust FundsConsolidated ABC

2002 2001 2002 2001$ $ $ $

The Corporation is trustee for foundations Ian Reed Sir Charles Moseswith accumulated funds at 30 June as follows: Foundation Foundation

Balance carried forward from previous year 444 244 446 253 3 190 3 187Receipts during the year 10 780 500 — —Interest received 25 773 23 078 1 3Available for payments 480 797 469 831 3 191 3 190Payments made (2) (25 587) — —Fund closing balance 480 795 444 244 3 191 3 190

Monies were received under formal trust arrangements. These trusts are independently managed in accordance with the terms of thetrusts and the funds are held in authorised trustee investments. These funds are not available for other purposes of the Corporation andare not recognised in the financial statements.




22. Controlled EntitiesPlace of Beneficial Beneficial

incorporation percentage percentageheld by held by

economic economicentity entity

2002 2001% %

Ultimate parent entity:Australian Broadcasting Corporation

Controlled entities ofAustralian Broadcasting Corporation

Adelaide Symphony Orchestra Pty Limited Australia 100% 100%

Melbourne Symphony Orchestra Pty Limited Australia 100% 100%

Queensland Orchestras Pty Limited Australia 100% 100%

Sydney Symphony Orchestra Holdings Pty Limited Australia 100% 100%

Symphony Australia Holdings Pty Limited Australia 100% 100%

Tasmanian Symphony Orchestra Pty Limited Australia 100% 100%

West Australian Symphony Orchestra Holdings Pty Limited Australia 100% 100%

Music Choice Australia Pty Ltd Australia 100% 100%

The News Channel Pty Limited Australia 100% 100%

Orchestral Network Australia Pty Limited (a) Australia — 100%

AIM Holdings Australia Pty Limited (b) Australia — 100%

AIM West Pty (b) Australia — 100%

Arnbridge Pty Limited (b) Australia — 100%

Australian Information Media Pty Limited (b) Australia — 100%

Equipco Australia Pty Limited (b) Australia — 100%

(a) Entity deregistered 18 February 2002.

(b) Entities deregistered 25 June 2002.




23. Reporting by OutcomesThe Corporation is structured to meet three outcomes:

Outcome 1The ABC will create and deliver distinctive programming and services; inform, entertain and educate itsaudiences; and develop cultural and community identity.

Outcome 2The ABC will maintain the scale and quality of analog terrestrial transmission of its national networks, regionalnetworks and Radio Australia programming which existed immediately prior to the privatisation of the NationalTransmission Network (NTN).

Outcome 3The Australian community has access to ABC digital television service in accordance with agreed timetablesand funding.

Note 23A – Total Cost/Contribution of Outcomes




Outcome 1 Outcome 2 Outcome 3 Total

Actual Budget Actual Budget Actual Budget Actual Budget$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Other administered expenses — — — — — — — —Net cost of departmentaloutputs 591 625 607 746 73 328 73 393 27 301 29 426 692 254 710 565Cost of outcome beforeextraordinary items 591 625 607 746 73 328 73 393 27 301 29 426 692 254 710 565Extraordinary items — — — — — — — —Net cost to Budget outcome 591 625 607 746 73 328 73 393 27 301 29 426 692 254 710 565

Note 23B – Major Departmental Revenues and Expenses by Output Group

Output Output Output Output TotalGroup 1.1 Group 1.2 Group 2.1 3.1

2002 2001 2002 2001 2002 2001 2002 2001 2002 2001$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Operating revenuesRevenues fromGovernment 369 857 336 937 237 889 216 715 73 393 69 269 29 426 — 710 565 622 921 Sale of goods and services 63 523 58 089 40 858 37 363 — — — — 104 381 95 452 Donations and bequests — — — — — — — — — — Industry contributions — — — — — — — — — — Other non-taxationrevenues 26 833 11 028 17 258 7 093 — — — — 44 091 18 121 Total operating revenues 460 213 406 054 296 005 261 171 73 393 69 269 29 426 — 859 037 736 494

Operating expensesEmployees 168 715 173 379 108 516 111 516 — — — — 277 231 284 895 Suppliers 128 677 116 837 82 764 75 148 73 328 69 146 27 301 — 312 070 261 131 Grants — — — — — — — — — — Depreciation andamortisation 38 123 33 413 24 521 21 491 — — — — 62 644 54 904 Write-down of assets 7 804 2 602 5 020 1 673 — — — — 12 824 4 275 Other 70 908 70 432 45 608 45 301 — — — — 116 516 115 733 Total operating expenses 414 227 396 663 266 429 255 129 73 328 69 146 27 301 — 781 285 720 938

23. Reporting by Outcomes (cont.)Note 23C – Major Classes of Departmental Assets and Liabilities by Output Group

Non-Specific Total

2002 2001 2002 2001$’000 $’000 $’000 $’000

Output specific departmental assetsGoods and services receivable 12 251 14 544 12 251 14 544 Less: provision for doubtful debts (328) (287) (328) (287)Loans receivable — — — — Less: provision for doubtful debts — — — — Net GST receivable 6 244 3 059 6 244 3 059 Land 121 329 121 033 121 329 121 033 Buildings 306 385 259 925 306 385 259 925 Plant and equipment 248 132 252 340 248 132 252 340 Internally developed software — — — — Inventories held for sale 80 234 76 559 80 234 76 559 Total specific departmental assets 774 247 727 173 774 247 727 173

Other departmental assetsCash at bank and on hand 6 119 4 887 6 119 4 887 Deposits at call — — — — Other receivables 59 169 45 595 59 169 45 595 Investments — 1 840 — 1 840 Other 40 355 36 064 40 355 36 064 Total other departmental assets 105 643 88 386 105 643 88 386

Output specific departmental liabilitiesLeases — — — — Employees 108 845 104 753 108 845 104 753 Suppliers 53 622 51 966 53 622 51 966 Total specific departmental liabilities 162 467 156 719 162 467 156 719

Other departmental liabilitiesLoans 210 000 190 000 210 000 190 000 Capital use charge 312 — 312 — Employees — — — — Other 14 579 9 219 14 579 9 219 Total other departmental liabilities 224 891 199 219 224 891 199 219

The above note and tables apply to the ABC’s appropriation only and not to the consolidated entity.




abc annual report financial statements

Documents

financial assets

financial instruments

attached financial statements

statement of cash flows

remuneration of directors

remuneration of officers

remuneration of auditors

schedule of commitments