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Journeys : Oct Nov 2011
2010/11 Statement of Financial Position as at 30 June 2011 CONSOLIDATED 2011 $ 2010 $ Current Assets Cash assets and cash equivalents 3,242,053 5,136,623 Receivables 2,481,013 2,449,902 Inventories 62,647 52,443 Other current assets 121,414 202,680 Other financial assets 1,511,572 2,350,000 Total Current Assets 7,418,699 10,191,648 Non-Current Assets Intangibles 504,826 1,919,750 Property, plant and equipment 25,050,731 19,472,183 Deferred tax asset 312,867 431,013 Investment in associates 28,778,448 18,456,764 Other financial assets 746,004 434,804 Total Non-Current Assets 55,392,876 40,714,514 Total Assets 62,811,575 50,906,162 Current Liabilities Payables 2,580,691 4,078,044 Borrowings 3,167,200 – Provisions 6,513,728 6,412 ,091 Current tax liability 363,375 243,808 Total Current Liabilities 12,624,994 10,733,943 Non-Current Liabilities Derivative financial instruments 291,644 341,457 Borrowings 9,722,200 4,939,211 Provisions 347,298 553,529 Deferred tax liability 1,415,247 815,661 Total Non-Current Liabilities 11,776,389 6,649,858 Total Liabilities 24,401,383 17,383,801 Net Assets 38,410,192 33,522,361 Equity Retained earnings 35,849,972 31,932,622 Reserves 2,560,220 1,589,739 Total Equity 38,410,192 33,522,361 COMMENTARY: The increase in Borrowings is due to the ANZ loan facility, which was used to part finance the construction of the new office building in Murray Street, Hobart, having been fully drawn down during the year. An additional loan facility with ANZ was accessed during the year to partially finance an additional shareholding in RACT Insurance Pty Ltd. Cash assets were also reduced in order to finance these investments. The increase in Property, plant and equipment primarily relates to the Hobart building development. The increased investment in associates also reflects the shareholding in RACT Travel Pty Ltd arising from the new joint venture with Hunter Travel Group Pty Ltd. Notes to the Financial Statements are included on page 16. October / November 2011 69
MNJ Aug Sep 2011