Skip to content
Australian Government - Department of Foreign Affairs and Trade

Advancing the interests of Australia and Australians internationally

Australian Government - Department of Foreign Affairs and Trade

Advancing the interests of Australia and Australians internationally

Note 17: Administered - Financial Assets

FINANCIAL ASSETS
2012
2011
$’000
$’000
Note 17A: Cash and Cash Equivalents
Cash on hand or on deposit
191
2,528
Total cash and cash equivalents
191
2,528
Note 17B: Trade and Other Receivables
Goods and services:
Goods and services receivable - external parties *
5
17
Total receivables for goods and services
5
17
Advances and loans:
Other - Travellers Emergency Loans
1,448
1,404
Total advances and loans
1,448
1,404
Other receivables:
Related entities
408
313
GST receivable from the ATO
354
157
Dividend - Export Finance and Investment Commission (EFIC)
30,194
-
Passport and Consular Fees
1,784
1,228
Total other receivables
32,740
1,698
Total trade and other receivables (gross)
34,193
3,119
Less: impairment allowance account:
Advances and loans - Travellers Emergency Loans
(546)
(553)
Total impairment allowance account
(546)
(553)
Total trade and other receivables (net)
33,647
2,566
Receivables are expected to be recovered in:
No more than 12 months
33,243
1,851
More than 12 months
404
715
Total trade and other receivables (net)
33,647
2,566
Receivables were aged as follows:
Not overdue
33,119
2,084
Overdue by:
0 to 30 days
10
2
31 to 60 days
9
47
61 to 90 days
2
30
More than 90 days
1,053
956
Total receivables (gross)
34,193
3,119
The impairment allowance account is aged as follows:
Not overdue
-
-
Overdue by:
0 to 30 days
-
-
31 to 60 days
-
-
61 to 90 days
(1)
-
More than 90 days
(545)
(553)
Total impairment allowance account
(546)
(553)
*Goods and services receivable were with entities external to the Australian Government. Credit terms were within 30 days (2011: 30 days).
Reconciliation of the Impairment Allowance Account:
Movements in relation to 2012
Advances and loans
Other receivables
Total
$'000
$'000
$'000
Opening balance
(553)
-
(553)
Amounts impaired
-
-
-
Amounts recovered and reversed
7
-
7
Increase/decrease recognised in net surplus
-
-
-
Closing balance
(546)
-
(546)
Movements in relation to 2011
Advances and loans
Other receivables
Total
$'000
$'000
$'000
Opening balance
(565)
-
(565)
Amounts impaired
-
-
-
Amounts recovered and reversed
12
-
12
Increase/decrease recognised in net surplus
-
-
-
Closing balance
(553)
-
(553)
2012
2011
$’000
$’000
Note 17C: Investments Accounted for Using the Equity Method
Investments in associates:
Export Finance and Insurance Corporation (EFIC)
418,063
408,082
Total equity accounted investments
418,063
408,082
Investments in equity accounted investments are expected to be recovered in:
No more than 12 months
-
-
More than 12 months
418,063
408,082
Total equity accounted investments
418,063
408,082
Details of investments accounted for using the equity method
Ownership
2012
2011
Name of entity
%
%
Associates:
Export Finance and Insurance Corporation (EFIC) 1
100
100
1EFIC's principal activity is the provision of competitive finance and insurance services to Australian exporters and Australian companies investing in new projects overseas.
Summarised financial information of associates:
2012
2011
$'000
$'000
Balance sheet:
Assets
3,273,913
3,036,162
Liabilities
2,855,850
2,628,080
Net assets
418,063
408,082
Statement of comprehensive income:
Income
263,495
139,300
Expenses
236,656
110,100
Net surplus/(deficit)
26,839
29,200
Share of associates' net surplus/(deficit):
26,839
29,200
Dividends receivable from associates in 2012 $30,194,000 (2011: dividend paid $28,708,000). The Treasurer announced in the May 2012 Budget that EFIC would be required to pay a "special dividend" of $200 million during the 2012-13 year. The mechanism to direct how the "special dividend" is to be paid is yet to be determined; however to enable the payment there will need to be legislative changes to the EFIC Act. The timing of these changes is unknown at this stage.

Department of Foreign Affairs and Trade