Chapter One - Overview > Financial Overview > page 5 of 16
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Financial Overview

Defence's Financial Position

The Statement of Financial Position sets out Defence's assets, liabilities and equity as at 30 June 2005. Also known as the balance sheet, its purpose is to provide a snapshot of the long-term sustainability of the organisation. Defence had net assets of $50.1 billion as at 30 June 2005, which was $1.6 billion higher than the revised additional estimate. The bulk of this variation relates to the revaluation of the entire estate. Table 1.3 provides details. Explanations of variations follow Table 1.3.

Table 1.3 Statement of Financial Position
2004-05
Budget
Estimate
Revised
Estimate
Revised
Additional
Estimate
Actual
Result
Variation (1)
$'000 $'000 $'000 $'000 $'000
ASSETS
Financial Assets
Cash -90,443 87,584 87,584 254,425 166,841
Appropriate Receivable(2) 778,982 585,415 585,415 538,609 -46,806
Other Receivables 282,340 239,384 239,384 358,883 119,499
Total Financial Assets 970,879 912,383 912,383 1,151,917 239,534
Non-Financial Assets
Land and Buildings 8,923,728 9,879,536 9,879,536 11,018,882 1,139,346
Specialist Military Equipment 31,424,944 31,008,131 31,025,919 30,804,197 -221,722
Infrastructure, Plant and Equipment 4,834,022 5,091,787 5,090,787 5,422,669 331,882
Intangibles 85,847 254,313 254,313 414,797 160,484
Heritage and Cultural 19,047 26,010 26,010 800,459 774,449
Inventories 3,836,895 4,519,866 4,519,866 3,387,440 -1,132,426
Other Non Financial Assets 718,548 689,681 689,681 799,480 109,799
Total Non-Financial Assets 49,843,031 51,468,324 51,486,112 52,647,923 1,161,811
Total ASSETS 50,813,910 52,380,707 52,398,495 53,799,840 1,401,345
LIABILITIES
Debt
Interest Bearing Liabilities 317,570 354,336 354,336 260,822 -93,514
Total Debt 317,570 354,366 354,336 260,822 -93,514
Provisions and Payables
Employees 1,955,018 2,104,151 2,104,151 1,743,638 -360,513
Suppliers Payables 1,200,066 1,017,313 1,017,313 1,184,968 167,655
Other Provisions and Payables 373,729 407,723 407,723 491,760 84,037
Total Provisions and Payables 3,528,813 3,529,187 3,529,187 3,420,366 -108,821
Total LIABILITIES 3,846,383 3,883,573 3,883,523 3,681,188 -202,335
NET ASSETS 46,967,527 48,497,184 48,514,972 50,118,652 1,603,680
EQUITY
Capital 1,661,852 2,023,674 2,041,462 3,764,746 1,723,284
Reserves 7,247,911 8,176,230 8,176,230 10,610,860 2,434,630
Accumulated Surpluses 38,057,764 38,297,280 38,297,280 35,743,047 -2,554,233
TOTAL EQUITY 46,967,527 48,497,184 48,514,972 50,118,652 1,603,680

Notes

  1. The variation is between actual result as disclosed in the 2004-05 audited financial statements and the revised additional estimate which is the full year budget in the Portfolio Additional Estimates Statements 2004-05 including the Portfolio Supplementary Additional Estimates Statements.
  2. Appropriation Receivable represents undrawn appropriations from the Commonwealth as at 30 June 2005.

cont/...

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