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Journeys : Oct Nov 2012
RACT Annual Report 2011/12 13 2011/12 Statement of Financial Position as at 30 June 2012 CONSOLIDATED 2012 $ 2011 $ Current Assets Cash assets and cash equivalents 2,752,045 3,242,053 Receivables 2,585,655 2,481,013 Inventories 166,939 62,647 Other current assets 287,190 121,414 Other financial assets 2,480,000 1,511,572 Total Current Assets 8,271,829 7,418,699 Non-Current Assets Intangibles 540,903 504,826 Property, plant and equipment 24,550,558 25,050,731 Deferred tax asset 693,456 312,867 Investment in associates 31,551,197 28,778,448 Other financial assets 746,004 746,004 Total Non-Current Assets 58,082,118 55,392,876 Total Assets 66,353,947 62,811,575 Current Liabilities Payables 2,582,617 2,580,691 Borrowings 555,600 3,167,200 Provisions 6,996,899 6,513,728 Current tax liability/(receivable) (22,820) 363,375 Total Current Liabilities 10,112 ,296 12,624,994 Non-Current Liabilities Derivative financial instruments 1,376,236 291,644 Borrowings 8,611,000 9,722,200 Provisions 294,509 347,298 Deferred tax liability 2,243,917 1,415,247 Total Non-Current Liabilities 12,525,662 11,776,389 Total Liabilities 22,637,958 24,401,383 Net Assets 43,715,989 38,410,192 Equity Retained earnings 41,914,983 35,849,972 Reserves 1,801,006 2,560,220 Total Equity 43,715,989 38,410,192 COMMENTARY: The equity accounted share of profit net of dividend from R ACT Insurance Pty Ltd has resulted in an overall increase in investment in associates. The repayment of the short term ANZ loan required for the purchase of additional RACT Insurance Pty Ltd shares in the 2011 financial year has markedly reduced the consolidated entity’s short term debt liability. Further reduction of the long term ANZ loan facility required for the construction of RACT House has also contributed to the overall decrease in borrowings. The market valuation of the fixed for variable interest rate swap derivative has contributed to the overall increase in non-current liabilities along with the higher deferred tax liability attributable to the share of profit in associates. Notes to the Financial Statements are included on page 16. October / November 2012 89
Aug Sep 2012
Dec 2012 Jan 2013