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Journeys : Oct Nov 2011
Statement of Comprehensive income for the financial year ended 30 June 2011 CONSOLIDATED NOTES 2011 $ 2010 $ Revenue 2 22,695,939 23,097,843 Share of profit of associates 2 2,779,807 1,301,592 Other revenue 2 12,629 ( 5,424) Roadside agents expenses (2,629,214) (2,686,355) Cost of goods sold (543,782) (567,283) Employee benefits expense (8,894,471) (10,236,716) Marketing expense (955,233) (1,008,903) IT & communications expense (1,260,238) (1,384,256) Occupancy & maintenance expense (1,415,881) (1,246,292) Financial & consultation fee expense (1,662,640) (1,112 ,085) Depreciation and amortisation expense (1,360,721) (1,194,658) Other expenses (1,808,770) (1,270,124) Profit before income tax 4,957,425 3,687,339 Income tax expense (1,063,661) (842,947) Profit for the period 3,893,764 2,844,392 Other comprehensive income Cash flow hedges: Gain/(loss) taken to equity 49,812 (341,457) Acturial gain/(loss) on defined benefit plans 33,696 539 Fair value revaluation of land and buildings 940,980 - Income tax on items of other comprehensive income (30,421) 102,275 Total other comprehensive income 994,067 (238,643) Total comprehensive income for the period 4,887,831 2,605,749 COMMENTARY: Decreases in items of revenue and expense compared with the prior year are largely attributable to the separate accounting of travel revenues and expenses in the new jointly controlled associate, R ACT Travel Pty Ltd. However, this is partially offset by recognition of the share of profit in RACT Travel Pty Ltd. The increase in share of profit in RACT Insurance Pty Ltd and commission incomes generated from the sale of insurance products is well up on the prior year due to the strong overall performance of the insurance business and the increased equity investment in that business by the consolidated Group. Roadside membership sales continue to grow with revenue up by 9.6% from the previous year. Notes to the Financial Statements are included on page 16. 68 October / November 2011
MNJ Aug Sep 2011