Royal Australian Mint Annual Report 2007-08

ROYAL AUSTRALIAN MINT
INCOME STATEMENT
for the year ended 30 June 2008



	Notes	2008 $’000	2007 $’000
INCOME
Revenue
Sale of goods	4A	92,018	60,198
Interest	4B	573	613
Rental income	4C	130	177
Other revenue	4D	20,000	-
Total revenue		112,721	60,988

Gains
Sale of assets	4E	2	-
Foreign Exchange	4F	25	-
Other gains	4G	157	152
Total gains		184	152
Total Income		112,905	61,140

EXPENSES
Employee benefits	5A	13,041	11,698
Suppliers	5B	64,919	45,284
Depreciation and amortisation	5C	2,402	1,206
Write-down and impairment of assets	5D	27	774
Losses from asset sales	5E	4	5
Royalties	5F	1,075	1,089
Total Expenses		81,468	60,056

Surplus (Deficit) before income tax		31,437	1,084
Income tax expense	6	(50)	40

Surplus (Deficit)		31,487	1,044

The above statement should be read in conjunction with the accompanying notes.

ROYAL AUSTRALIAN MINT
BALANCE SHEET
as at 30 June 2008



		2008	2007
	Notes	$’000	$’000
ASSETS
Financial Assets
Cash and cash equivalents	7A	18,149	16,444
Trade and other receivables	7B	37,075	12,713
Total financial assets		55,224	29,157
Non-Financial Assets
Leasehold improvements	8A	7,053	1,256
Infrastructure, plant and equipment	8B	12,263	11,574
Intangibles	8C	141	314
Inventories	8F	44,377	60,123
Deferred tax assets	8G	895	856
Other non-financial assets	8H	14,113	11,492
Total non-financial assets		78,842	85,615

Total Assets		134,066	114,772

LIABILITIES
Payables
Suppliers	9A	2,896	972
Tax liabilities	9B	748	677
Deferred tax liabilities	9C	672	825
Other payables	9D	851	44,003
Total payables		5,167	46,477
Provisions
Employee provisions	10	3,639	3,359
Total provisions		3,639	3,359

Total Liabilities		8,806	49,836

Net Assets		125,260	64,936

EQUITY
Contributed equity		73,243	45,444
Reserves		34,954	13,917
Retained surplus		17,063	5,575
Total Equity		125,260	64,936


Current Assets		101,134	89,329
Non-Current Assets		32,932	25,443
Current Liabilities		6,341	48,784
Non-Current Liabilities		2,465	1,052

The above statement should be read in conjunction with the accompanying notes.

ROYAL AUSTRALIAN MINT
STATEMENT OF CHANGES IN EQUITY
as at 30 June 2008



	Retained Earnings		Total Equity
	Retained Earnings		Total Equity		Asset Revaluation Reserves		Buffer Stock Reserves		Contributed Equity/Capital
	2008	2007	2008	2007	2008	2007	2008	2007	2008	2007
	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
Opening balance
Balance carried forward from previous period	5,575	4,531	13,917	5,393	-	-	45,444	34,429	64,936	44,353
Adjustment for errors	-	-	-	-	-	-	-	-	-	-
Adjustment for changes in accounting policies	-	-	-	-	-	-	-	-	-	-
Adjusted opening balance	5,575	4,531	13,917	5,393	-	-	45,444	34,429	64,936	44,353

Income and expense
Revaluations recognised directly in equity (each item)
Coin Collection	-	-	1,138	5,980	-	-	-	-	1,138	5,980
Infrastructure, plant & equipment	-	-	6	3,185	-	-	-	-	6	3,185
Tax effect on revaluation	-	-	(107)	(641)	-	-	-	-	(107)	(641)
Revaluation	-	-	1,037	8,524	-	-	-	-	1,037	8,524
Surplus for the period	31,487	1,044	-	-	-	-	-	-	31,487	1,044
Transfer to Buffer Stock Reserves	(20,000)	-	-	-	20,000	-	-	-	-	-
Total income and expenses	11,487	1,044	-	-	20,000	-	-	-	31,487	1,044

Transactions with owners
Transactions with owners
Contributions by Owners
Appropriation (equity injection)	-	-	-	-	-	-	27,799	11,015	27,799	11,015
Sub-total transactions with owners	-	-	-	-	-	-	27,799	11,015	27,799	11,015
Transfers between equity components	-	-	-	-	-	-	-	-	-	-
Closing balance at 30 June	17,063	5,575	14,954	13,917	20,000	-	73,243	45,444	125,260	64,936

The above statement should be read in conjunction with the accompanying notes.

ROYAL AUSTRALIAN MINT
CASH FLOW STATEMENT
for the year ended 30 June 2008



		2008	2007
	Notes	$’000	$’000


OPERATING ACTIVITIES
Cash received
Goods and services		27,664	32,371
Face value - Circulating Coin		167,840	139,737
Other cash received		598	177
Total cash received		196,102	172,285
Cash used
Employees		(12,426)	(10,778)
Suppliers		(46,810)	(86,817)
Net competitive neutrality payments		(64)	(1,842)
Payments to Commonwealth - royalties		(769)	(701)
Payments to Commonwealth - seigniorage		(136,080)	(57,025)
Net GST paid		(90)	(2,692)
Total cash used		(196,239)	(159,855)
Net cash flows from or (used by) Operating Activities	11	(137)	12,430
INVESTING ACTIVITIES
Cash received
Proceeds from sales of infrastructure, plant and equipment		6	4
Total cash received		6	4
Cash used
Purchase of infrastructure, plant and equipment		(8,738)	(3,084)
Purchase of coin collection		-	(66)
Total cash used		(8,738)	(3,150)
Net cash flows used by investing activities		(8,732)	(3,146)
FINANCING ACTIVITIES
Cash received
Appropriations - contributed equity		10,574	1,132
Total cash received		10,574	1,132
Net cash flows from financing activities		10,574	1,132
Net increase in cash held		1,705	10,416
Cash at the beginning of the reporting period		16,444	6,028
Cash and cash equivalents at the end of the reporting period	7A	18,149	16,444

The above statement should be read in conjunction with the accompanying notes.

ROYAL AUSTRALIAN MINT
SCHEDULE OF COMMITMENTS
as at 30 June 2008



	2008	2007
BY TYPE	$’000	$’000
Commitments Receivable
Sublease rental income	-	(124)
GST recoverable on commitments	(10,481)	(7,275)
Total commitments receivable	(10,481)	(7,399)
Capital commitments
Infrastructure, plant and equipment 1	10,631	1,264
Total capital commitments	10,631	1,264
Other commitments
Operating leases 2	72,068	73,865
Other commitments 3	32,601	5,185
Total other commitments	104,669	79,050
Net commitments by type	104,819	72,915
BY MATURITY
Commitments receivable
Operating lease income
One year or less	-	(124)
Total operating lease income	-	(124)
Other commitments receivable
One year or less	(3,988)	(626)
From one to five years	(1,127)	(905)
Over five years	(5,366)	(5,744)
Total other commitments receivable	(10,481)	(7,275)

Commitments payable
Capital commitments
One year or less	9,557	1,264
From one to five years	1,074	-
Total capital commitments	10,631	1,264
Operating lease commitments
One year or less	1,710	784
From one to five years	11,327	9,892
Over five years	59,031	63,189
Total operating lease commitments	72,068	73,865
Other Commitments
One year or less	32,587	5,127
From one to five years	14	58
Total other commitments	32,601	5,185
Net Commitments by Maturity	104,819	72,915

Note: Commitments are GST inclusive where relevant. The above schedule should be read in conjunction with the accompanying notes.

ROYAL AUSTRALIAN MINT
SCHEDULE OF COMMITMENTS
as at 30 June 2008



Footnote – relates to previous page
1	Plant and equipment commitments are contracts for purchases of production related equipment.
2	Operating leases included are effectively non-cancellable and comprise of :
	Nature of lease	General description of leasing arrangement
	Lease for office accommodation	The initial period of office accommodation lease is still current. Current lease payments are subject to an annual increase of 2%. Following the completion of the building refurbishment project a new lease will take effect. The term of this lease is 20 years from date of commencement. Lease payments of the new lease agreement are subject to an annual increase of 3% and a rental review to market every 5th anniversary.
	Leases for computer equipment and office equipment	The lessor provides all computer equipment designated as necessary in the supply contract for 3 years with an option to extend the term for a fixed period as agreed by both parties. The lessor provides all photocopier equipment designated as necessary in the supply contract for 4 years with an option to extend the term for a fixed period as agreed by both parties.
3	Other commitments comprise of amounts payable under agreements for which the contractor is yet to deliver the goods or perform the services.
The above schedule should be read in conjunction with the accompanying notes.

ROYAL AUSTRALIAN MINT
SCHEDULE OF CONTINGENCIES
for Not For Profit Reporting Entities
as at 30 June 2008



Contingent Assets	Guarantees		Indemnities		Claims for
Contingent Assets	Guarantees		Indemnities		damages or costs		TOTAL
	2008	2007	2008	2007	2008	2007	2008	2007
	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
Balance from previous period	-	-	-	-	-	-	-	-
New	1,000	-	-	-	-	-	1,000	-
Re-measurement	-	-	-	-	-	-	-	-
Assets crystallised	-	-	-	-	-	-	-	-
Expired	-	-	-	-	-	-	-	-
Total Contingent Assets	1,000	-	-	-	-	-	1,000	-

Contingent Liabilities	Guarantees		Indemnities		Claims for
Contingent Liabilities	Guarantees		Indemnities		damages or costs		TOTAL
	2008	2007	2008	2007	2008	2007	2008	2007
	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
Balance from previous period	-	-	-	-	-	-	-	-
New	-	-	-	-	-	-	-	-
Re-measurement	-	-	-	-	-	-	-	-
Liabilities crystallised	-	-	-	-	-	-	-	-
Obligations expired	-	-	-	-	-	-	-	-
Total Contingent Liabilities	-	-	-	-	-	-	-	-
Net Contingent Assets (Liabilities)	1,000	-	-	-	-	-	1,000	-

The above schedule should be read in conjunction with the accompanying notes.

ROYAL AUSTRALIAN MINT
SCHEDULE OF ADMINISTERED ITEMS
as at 30 June 2008



		2008	2007
	Notes	$’000	$’000
INCOME ADMINISTERED ON BEHALF OF GOVERNMENT
for the year ended 30 June 2008

Revenue

Non-taxation revenue
Seigniorage	16	90,261	98,320
Total non-taxation revenue		90,261	98,320

Total income administered on behalf of Government		90,261	98,320

EXPENSES ADMINISTERED ON BEHALF OF GOVERNMENT
for the period ended 30 June 2008

Other expense - Buffer Stock	16	20,000	-
Total expenses administered on behalf of Government		20,000	-

This schedule should be read in conjunction with the accompanying notes.


ASSETS ADMINISTERED ON BEHALF OF GOVERNMENT
as at 30 June 2008

Financial assets
Receivables -Seigniorage	16	-	42,836
Total financial assets		-	42,836

Total assets administered on behalf of Government		-	42,836

LIABILITIES ADMINISTERED ON BEHALF OF GOVERNMENT
as at 30 June 2008

Payables
Other payables -Seigniorage	16	(8,444)	-
Total payables		(8,444)	-
Total liabilities administered on behalf of Government		(8,444)	-
This schedule should be read in conjunction with the accompanying notes.

ROYAL AUSTRALIAN MINT
SCHEDULE OF ADMINISTERED ITEMS
as at 30 June 2008



		2008	2007
Notes		$’000	$’000
ADMINISTERED CASH FLOWS
for the year ended 30 June 2008
for the year ended 30 June 2008
Operating Activities
Cash received
Seigniorage	16	(121,541)	57,026
Total cash received		(121,541)	57,026

Net Cash from Operating Activities		(121,541)	57,026

Net Increase in Cash Held		(121,541)	57,026

Cash to Official Public Account for:
Special accounts–Seigniorage	16	121,541	(57,026)
		121,541	(57,026)
Cash at End of Reporting Period		-	-

This schedule should be read in conjunction with the accompanying notes.

Australian Government - Royal Australian Mint

Annual Report 2007-08

Section 5 - Financial Statements

APPENDIX A - INDEPENDENT AUDIT REPORT

APPENDIX A

APPENDIX A

ROYAL AUSTRALIAN MINT
INCOME STATEMENT
for the year ended 30 June 2008

ROYAL AUSTRALIAN MINT
BALANCE SHEET
as at 30 June 2008

ROYAL AUSTRALIAN MINT
STATEMENT OF CHANGES IN EQUITY
as at 30 June 2008

ROYAL AUSTRALIAN MINT
CASH FLOW STATEMENT
for the year ended 30 June 2008

ROYAL AUSTRALIAN MINT
SCHEDULE OF COMMITMENTS
as at 30 June 2008

ROYAL AUSTRALIAN MINT
SCHEDULE OF COMMITMENTS
as at 30 June 2008

ROYAL AUSTRALIAN MINT
SCHEDULE OF CONTINGENCIES
for Not For Profit Reporting Entities
as at 30 June 2008

ROYAL AUSTRALIAN MINT
SCHEDULE OF ADMINISTERED ITEMS
as at 30 June 2008

ROYAL AUSTRALIAN MINT
SCHEDULE OF ADMINISTERED ITEMS
as at 30 June 2008

Australian Government - Royal Australian Mint

Annual Report 2007-08

Section 5 - Financial Statements

APPENDIX A - INDEPENDENT AUDIT REPORT

APPENDIX A

APPENDIX A

ROYAL AUSTRALIAN MINT INCOME STATEMENT for the year ended 30 June 2008

ROYAL AUSTRALIAN MINT BALANCE SHEET as at 30 June 2008

ROYAL AUSTRALIAN MINT STATEMENT OF CHANGES IN EQUITY as at 30 June 2008

ROYAL AUSTRALIAN MINT CASH FLOW STATEMENT for the year ended 30 June 2008

ROYAL AUSTRALIAN MINT SCHEDULE OF COMMITMENTS as at 30 June 2008

ROYAL AUSTRALIAN MINT SCHEDULE OF COMMITMENTS as at 30 June 2008

ROYAL AUSTRALIAN MINT SCHEDULE OF CONTINGENCIES for Not For Profit Reporting Entities as at 30 June 2008

ROYAL AUSTRALIAN MINT SCHEDULE OF ADMINISTERED ITEMS as at 30 June 2008

ROYAL AUSTRALIAN MINT SCHEDULE OF ADMINISTERED ITEMS as at 30 June 2008

ROYAL AUSTRALIAN MINT
INCOME STATEMENT
for the year ended 30 June 2008

ROYAL AUSTRALIAN MINT
BALANCE SHEET
as at 30 June 2008

ROYAL AUSTRALIAN MINT
STATEMENT OF CHANGES IN EQUITY
as at 30 June 2008

ROYAL AUSTRALIAN MINT
CASH FLOW STATEMENT
for the year ended 30 June 2008

ROYAL AUSTRALIAN MINT
SCHEDULE OF COMMITMENTS
as at 30 June 2008

ROYAL AUSTRALIAN MINT
SCHEDULE OF COMMITMENTS
as at 30 June 2008

ROYAL AUSTRALIAN MINT
SCHEDULE OF CONTINGENCIES
for Not For Profit Reporting Entities
as at 30 June 2008

ROYAL AUSTRALIAN MINT
SCHEDULE OF ADMINISTERED ITEMS
as at 30 June 2008

ROYAL AUSTRALIAN MINT
SCHEDULE OF ADMINISTERED ITEMS
as at 30 June 2008