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Journeys : Oct Nov 2010
RACT Annual Report 09–10 12 CONSOLIDATED NOTES 2010 $ 2009 $ Revenue 2 23,097,843 21,935,075 Share of profit of associate 2 1,301,592 594,353 Other revenue 2 (5,424) (1,204,201) Roadside agents expenses (2,686,355) (2,405,351) Cost of goods sold (567,283) (569,640) Employee benefits expense (10,236,716) (10,189,914) Marketing expense (957,829) (1,096,032) IT & communications expense (1,172,848) (1,092,710) Occupancy & maintenance expense (1,489,771) (1,423,953) Financial & consultation fee expense (1,097,716) (815,522) Depreciation and amortisation expense (1,194,658) (1,087,186) Other expenses (1,303,496) (1,434,122) Profit before income tax 3,687,339 1,210,797 Income tax benefit/(expense) (842,947) 368,755 Profit for the period 2,844,392 1,579,552 Other comprehensive income Cash flow hedges: Gain/(loss) taken to equity (341,457) - Acturial gain/(loss) on defined benefit plans 539 (311,416) Fair value revaluation of land and buildings - 644,966 income tax on items of other comprehensive income 102,275 362,623 Total other comprehensive income (238,643) 696,173 Total comprehensive income for the period 2,605,749 2,275,725 COMMENTARY: Both sound performance and improved market conditions have contributed to the Group’s overall increase in revenues from fiscal 2009. Roadside membership revenues have surpassed previous years’ results due to consistently high retention rates and a steady increase in membership numbers. The share of profit from R ACT Insurance Pty Ltd along with additional insurance commission incomes compared to 2009 have also contributed to increased revenue. Travel segment revenues have improved from 2009 as a result of recovering market conditions. Operating expenditure levels have remained consistent with increases attributable to higher service provision costs. Notes to the Financial Statements are included on page 16. Statement of Comprehensive income for the financial year ended 30 June 2010
Aug Sep 2010