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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 RACT 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 RACT Annual Report 09–10 13 2009 10 Statement of Financial Position as at 30 June 2010 CONSOLIDATED 2010 $ 2009 $ Current Assets Cash assets and cash equivalents 5,136,623 4,747,433 Receivables 2,449,902 1,804,985 Inventories 52,443 76,837 Other current assets 202,680 343,461 Other financial assets 2,350,000 2,000,000 Total Current Assets 10,191,648 8,972,716 Non-Current Assets Intangibles 1,919,750 1,487,555 Property, plant and equipment 19,472,183 10,128,548 Deferred tax asset 431,013 627,048 Investment in associate 18,456,764 15,555,705 Other financial assets 434,804 3,464,012 Total Non-Current Assets 40,714,514 31,262,868 Total Assets 50,906,162 40,235,584 Current Liabilities Payables 4,078,044 2,710,891 Provisions 6,412 ,091 5,716,957 Current tax liability/(receivable) 243,808 (232,530) Total Current Liabilities 10,733,943 8,195,318 Non-Current Liabilities Derivative financial instruments 341,457 - Borrowings 4,939,211 - Provisions 553,529 545,574 Deferred tax liability 815,661 578,080 Total Non-Current Liabilities 6,649,858 1,123,654 Total Liabilities 17,383,801 9,318,972 Net Assets 33,522,361 30,916,612 Equity Retained earnings 31,932,622 29,087,853 Reserves 1,589,739 1,828,759 Total Equity 33,522,361 30,916,612 COMMENTARY: The increase in Proper t y, plant and equipment is attributable to the new office building project which is currently a work in progress due for completion October 2010. The project is part financed by a loan facility with ANZ which was partially drawn down by balance date. The introduction of deriviative financial instruments relates to an interest rate swap designated as a cashflow hedge for the purpose of managing interest rate risk associated with the loan. The increase for Investment in associate relates not only to equity accounted profit from R ACT Insurance Pty Ltd but an increase in shareholding from October 2009. The decrease in Other financial assets is attributtable to the redemption of investments whilst the 2010 current tax liability as opposed to the 2009 receivable is resultant of the Groups profitability compared with the previous yea r. Notes to the Financial Statements are included on page 16.
Aug Sep 2010