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Statement of Comprehensive Income

Department of Veterans' Affairs
Statement of Comprehensive Income

for the period ended 30 June 2018

    2018 2017 Original
Budget
  Notes $'000 $'000 $'000
  1. Losses relates to makegood asset written-off and disposal of property, plant and equipment.
  2. $35.0m from the original budget figure ($41.9m) from the Portfolio Budget Statements (PBS) is reclassified from “Rendering of Services” to “Net Premium Revenue”.
  3. The original budget figure ($4.4m) from the PBS is reclassified from “Other Revenue” to “Investment” ($1.3m), and “Insurance Agency Revenue” ($3.1m).
NET COST OF SERVICES        
Expenses        
Employee benefits 1.1A 198,771 196,214 187,902
Suppliers 1.1B 185,910 128,911 193,527
Depreciation and amortisation 3.2A 23,865 24,073 26,632
Impairment of intangible assets 3.2A 96
Losses from asset sales1   869 3
Underwriting expenses 1.1C 27,739 34,058 29,500
Total expenses   437,154 383,355 437,561
         
Own-Source Income        
Own-source revenue        
Net premium revenue 1.1C 36,125 37,292 35,000
Investment revenue 1.1C 1,518 1,493 1,300
Insurance agency revenue 1.1C 2,891 2,810 3,100
Rendering of services2 1.2A 6,866 7,256 6,905
Other revenue3 1.2B 728 5,061 827
Total own-source revenue   48,128 53,912 47,132
         
Gains        
Revaluation increments 3.2A 121
Total gains   121
Total own-source income   48,128 54,033 47,132
         
Net cost of services   389,026 329,322 390,429
         
Revenue from Government — departmental appropriations   368,346 306,494 366,349
Deficit before income tax on continuing operations   (20,680) (22,828) (24,080)
         
Income tax expense — competitive neutrality   372 268
Deficit after income tax on continuing operations   (21,052) (23,096) (24,080)
Deficit after income tax   (21,052) (23,096) (24,080)
         
OTHER COMPREHENSIVE INCOME        
Items not subject to subsequent reclassification to net cost of services        
Changes in asset revaluation surplus 3.2A 654 2,004
Total other comprehensive income   654 2,004
Total comprehensive loss   (20,398) (21,092) (24,080)

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

For budgetary reporting information refer to Note 8.1.

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