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Statement of Comprehensive Income

Department of Veterans' Affairs
Statement of Comprehensive Income

for the period ended 30 June 2017

    2017 2016 Original
Budget
  Notes $'000 $'000 $'000
NET COST OF SERVICES        
Expenses        
Employee benefits 1.1A 196,214 196,993 187,763
Suppliers 1.1B 128,911 109,653 133,399
Depreciation and amortisation 3.2A 24,073 25,442 27,061
Impairment of intangible assets 3.2A 96 415 -
Losses from asset sales   3 754 -
Underwriting expenses 1.1C 34,362 26,587 29,500
Total expenses   383,659 359,844 377,723
         
Own-Source Income        
Own-source revenue        
Net premium revenue 1.1C 36,327 35,570 36,000
Investment revenue 1.1C 1,493 1,358 1,700
Insurance agency revenue 1.1C 2,810 2,846 3,000
Rendering of services1 1.2A 7,256 8,759 6,746
Other revenue2 1.2B 5,061 2,089 825
Total own-source revenue   52,947 50,622 48,271
         
Gains        
Revaluation increments 3.2A 121 - -
Total gains   121 - -
Total own-source income   53,068 50,622 48,271
         
Net cost of services   330,591 309,222 329,452
         
Revenue from Government—departmental appropriations 5.1A 306,494 303,097 306,341
Deficit before income tax on continuing operations   (24,097) (6,125) (23,111)
         
Income tax expense—competitive neutrality   268 317 -
Deficit after income tax on continuing operations   (24,365) (6,442) (23,111)
Deficit after income tax   (24,365) (6,442) (23,111)
         
OTHER COMPREHENSIVE INCOME        
Items not subject to subsequent reclassification to net cost of services        
Changes in asset revaluation surplus 3.2A 2,004 3,020 -
Total other comprehensive income   2,004 3,020 -
Total comprehensive loss   (22,361) (3,422) (23,111)

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

For budgetary reporting information refer to Note 8.1.

1 The original budget figure ($42.7m) from the Portfolio Budget Statements(PBS) is reclassified from "Rendering of services" to "Net premium revenue".
2The original budget figure ($4.7m) from the PBS is reclassified from "Other revenue" to "Investment", and "Insurance agency revenue".

 

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