PBS 2001-02 Section 3 Page 2

Defence Portfolio Budget Statements
2001-02

Section 3
Results for Government as Defence's Owner

BUDGETED FINANCIAL STATEMENTS

This section provides the budgeted financial statements for Defence. They have been prepared in accordance with the Finance Minister’s Orders. They consist of the following statements and accompanying notes for both departmental and administered positions.

Budgeted Statement of Financial Performance (Budgeted Operating Statement)

This statement provides a picture of the expected financial results for Defence by identifying expenses and revenues, which highlight whether Defence is operating at a sustainable level in the short term.

Budgeted Statement of Financial Position (Budgeted Balance Sheet)

This shows the current and projected financial position of Defence over the forward estimates. It enables decision makers to track the management of Defence’s assets and liabilities.

Budgeted Statement of Cash Flows (Budgeted Cash Flow Statement)

The budgeted statement of cash flows categorises expected cash flows arising from operating activities, investing activities and financing activities.

Capital Budget Statement

This shows all proposed capital expenditure funded by appropriation for outputs, by equity injections or loans and/or appropriations for administered capital, or by other sources.

Non-financial Assets - Summary of Movement

This statement shows movement in non-financial assets in the budget year.

Table 3.1: Budgeted Statement of Financial Performance

2000-01 Projected Result		2001-02 Previous Estimate	2001-02 Budget Estimate	Variation	2002-03 Forward Estimate	2003-04 Forward Estimate	2004-05 Forward Estimate
$'000		$'000	$'000	%	$'000	$'000	$'000
	REVENUES
16,978,677	Appropriations from Government	16,661,720	17,515,619	5.1	17,887,713	18,333,577	18,993,052
312,617	Sales of goods and services	262,510	272,097	3.7	267,332	252,487	258,767
26,708	Interest	26,708	26,708	-	27,376	28,060	28,762
33,082	Net gains from sales of assets	8,345	8,346	-	25,762	25,762	25,762
1,620,866	Other	20,951	17,417	(16.9)	17,762	18,116	18,479
18,971,950	TOTAL REVENUES	16,980,234	17,840,187	5.1	18,225,945	18,658,002	19,324,822
	EXPENSES
5,128,815	Employees	5,003,227	5,474,495	9.4	5,664,990	5,848,878	6,128,938
4,446,868	Suppliers	4,653,421	4,813,113	3.4	4,719,669	4,791,471	5,022,904
35,790	Grants		1,930		1,968	2,017	2,068
2,283,117	Depreciation and amortisation	2,268,469	2,576,312	13.6	2,802,181	2,959,622	2,987,346
442,124	Write-down of assets	-	168,531		86,187	77,064	75,489
15	Interest	1	1	-	-	-	-
41,152	Other	44,595	34,058	(23.6)	35,220	35,366	36,250
12,377,881	TOTAL EXPENSES	11,969,713	13,068,440	9.2	13,310,215	13,714,418	14,252,995
6,594,069	NET OPERATING RESULT	5,010,521	4,771,747	(4.8)	4,915,730	4,943,584	5,071,827
	EQUITY INTERESTS
36,895,455	Accumulated surpluses at 1 July	36,415,252	38,417,088	5.5	37,783,588	37,725,741	37,723,240
43,489,524	TOTAL AVAILABLE FOR APPROPRIATION	41,425,773	43,188,835	4.3	42,699,318	42,669,325	42,795,067
(4,954,636)	Capital use charge	(5,010,521	(4,771,747)	(4.8)	(4,759,829)	(4,836,185)	(4,945,630)
(117,800)	Capital withdrawal	(7,900)	(633,500)		(213,748)	(109,900)	(147,832)
38,417,088	ACCUMULATED SURPLUSES AT 30 JUNE	36,407,352	37,783,588	3.8	37,725,741	37,723,240	37,701,605

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Table 3.2: Budgeted Statement of Financial Position

2000-01 Projected Result		2000-02 Previous Estimate	2001-02 Budget Estimate	Variation	2002-03 Forward Estimate	2003-04 Forward Estimate	2004-05 Forward Estimate
$'000		$'000	$'000	%	$'000	$'000	$'000
	ASSETS
	Financial Assets
78,109	Cash and Investments	56,601	154,642	173.2	264,449	283,458	426,825
375,769	Receivables	224,733	284,465	26.6	243,158	197,506	187,879
1,262	Accrued revenues	1,262	1,262	0.0	1,262	1,262	1,262
455,140	Total Financial Assets	282,596	440,369	55.8	508,869	482,226	615,966
	Non-Financial Assets
7,049,796	Land and buildings	6,506,643	6,217,763	(4.4)	6,090,544	6,005,233	5,899,865
35,187,559	Infrastructure, plant and equipment	33,895,498	35,202,031	3.9	35,818,985	36,480,105	37,122,163
2,859,891	Inventories	3,008,264	2,947,049	(2.0)	2,993,622	3,357,849	3,672,019
127,351	Intangibles	179,502	180,588	0.6	150,671	119,344	87,611
673,275	Other	669,674	669,674	-	663,318	656,962	650,606
45,897,872	Total Non-Financial Assets	44,259,581	45,217,105	2.2	45,717,140	46,619,493	47,432,264
46,353,012	TOTAL ASSETS	44,542,177	45,657,474	2.5	46,226,009	47,101,719	48,048,230
	LIABILITIES
	Debt
313	Leases	250	250	-	250	250	250
313	Total Debt	250	250	-	250	250	250
	Provisions and Payables
2,353,818	Employees	2,320,442	2,381,266	2.6	2,422,703	2,468,826	2,453,478
555,119	Suppliers	446,174	509,393	14.2	463,908	431,865	405,208
74,808	Other	20,973	20,998	0.1	20,927	20,587	20,586
2,983,745	Total Provisions and Payables	2,787,589	2,911,657	4.5	2,907,538	2,921,278	2,879,272
2,984,058	TOTAL LIABILITIES	2,787,839	2,911,907	4.5	2,907,788	2,921,528	2,879,522
43,368,954	NET ASSETS	41,754,338	42,745,567	2.4	43,318,221	44,180,191	45,168,708
	EQUITY
1,084,692	Capital	1,441,325	1,095,256	(24.0)	1,620,860	2,423,861	3,467,246
3,867,174	Reserves	3,905,661	3,866,723	(1.0)	3,971,620	4,033,090	3,999,857
38,417,088	Accumulated surpluses	36,407,352	37,783,588	3.8	37,725,741	37,723,240	37,701,605
43,368,954	TOTAL EQUITY	41,754,338	42,745,567	2.4	43,318,221	44,180,191	45,168,708
Represented by:
2,061,940	Current assets	2,132,829	2,203,935	3.3	2,348,343	2,688,751	3,143,932
44,291,072	Non-current assets	42,409,348	43,453,539	2.5	43,877,666	44,412,967	44,904,299
1,438,947	Current liabilities	1,290,388	1,354,353	5.0	1,327,674	1,331,202	1,338,881
1,545,111	Non-current liabilities	1,497,451	1,557,554	4.0	1,580,114	1,590,325	1,540,642

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