CONTENTS
NOTES TO AND FORMING PART OF THE
FINANCIAL STATEMENTS
4 FUNDING
SAFC is funded by its trading operations.
Prices charged for its products are determined by existing
market forces. This financial report encompasses the SAFC
Operating Account with the Department of Treasury and Finance
through which all funds controlled by SAFC are recorded.
Proceeds from the sale of all goods and
services are controlled by SAFC and can be deployed for the achievement
of its objectives. Returns to the South Australian Government
are by way of payments in lieu of income tax and dividends in
accordance with SAFC’s Dividend policy.
CORPORATE PROFILE
SOCIAL
ENVIRONMENTAL
ECONOMIC
FINANCIAL STATEMENT
|
Note
|
Year ended
30 June 2004
$’000
|
Year ended
30 June 2003
$’000
|
||||
|
|
|
|
|
|||
|
Change in net market value due
to:
|
|
|
|
|||
|
Normal growth and price
changes
|
|
80 866
|
81 117
|
|||
|
Reported in the Operating
Statement as:
|
|
|
|
|||
|
Sales Revenue (market value of
growing timber realised)
|
6(ii)
|
66 110
|
60 097
|
|||
|
Net change in value of
unrealised growing
timber due to: |
|
|
|
|||
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– Change in Volume
|
2.4
|
2 894
|
20 071
|
|||
|
– Change in Wood Prices
|
2.12
|
14 810
|
(613)
|
|||
|
– Young Plantations
valued at replacement cost
|
2.12
|
(2 948)
|
1 562
|
|||
|
|
|
14 756
|
21 020
|
|||
|
Change in Net Market Value:
|
|
80 866
|
81 117
|
|
6 Profit
|
Note
|
Year ended
30 June 2004
$’000
|
Year ended
30 June 2003
$’000
|
|||
|
Profit from ordinary
activities before income tax has been determined
after:
|
|
|
|
|||
|
(i) Charging as expenses:
|
|
|
|
|||
|
Interest paid or payable
|
17
|
104
|
36
|
|||
|
Depreciation of
non-current assets
|
13(b)
|
1 612
|
1 461
|
|||
|
Bad and doubtful debts
|
8
|
–
|
(2)
|
|||
|
Rental expense on
operating leases
|
|
|
|
|||
|
– Property
|
|
127
|
107
|
|||
|
– Plant &
Equipment
|
|
1 044
|
1 152
|
|||
|
(ii) Crediting as revenue:
|
|
|
|
|||
|
Sales Revenue –
|
|
|
|
|||
|
Revenue Realised from the Sale
of Timber Products
|
5
|
66 110
|
60 097
|
|||
|
Other sales revenue (including
recoup of harvesting and transport costs)
|
|
52 028
|
53 612
|
|||
|
|
|
118 138
|
113 709
|
|||
|
Community service obligation
funding received
|
1
|
3 600
|
3 512
|
|||
|
Other Operating Revenue
–
|
|
|
|
|||
|
Interest received or
receivable
|
|
1 177
|
1 185
|
|||
|
Proceeds on disposal of
non-current assets
|
|
147
|
66
|
|||
|
Government grants received
|
|
472
|
340
|
|||
|
Other Revenue
|
|
468
|
572
|
|||
|
|
|
2 264
|
2 163
|
|||
|
(iii) During the year $22 000
was paid to
consultants. |
|
22
|
31
|
|||
|
One consultancy for $10 000
was paid to JP Management Consulting (Asia-Pacific)
Pty Ltd.
|
|
|
|
|||
|
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|
|
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|
Note
|
Year ended
30 June 2004
$’000
|
Year ended
30 June 2003
$’000
|
||||
|
(i) The prima facie tax on
operating profit is reconciled to income tax
provided in the accounts as follows:
|
|
|
|
|||
|
Prima facie tax at 30% on
profit from
ordinary activities |
|
16 805
|
17 647
|
|||
|
Tax effect of permanent
differences –
|
|
|
|
|||
|
Forest revaluation
|
|
(4 427)
|
(6 306)
|
|||
|
Other permanent differences
|
|
(127)
|
252
|
|||
|
|
|
(4 554)
|
(6 054)
|
|||
|
Income tax attributable to
operating profit before income tax
|
|
12 251
|
11 593
|
|||
|
Income Tax Expense
|
|
12 251
|
11 593
|
|||
|
(ii) The income tax expense
comprises amounts
set aside as: |
|
|
|
|||
|
Provision for income tax
attributable to current year:–
|
|
|
|
|||
|
Income tax payable on taxable
income
|
|
12 223
|
11 450
|
|||
|
Provision for income tax
attributable to future years:–
|
|
|
|
|||
|
Provision for deferred income
tax
|
|
45
|
186
|
|||
|
Future Income Tax Benefit
|
|
(17)
|
(43)
|
|||
|
|
|
12 251
|
11 593
|
|
|
|
|
|
|
Transfer to/(from) doubtful
debts
|
|
–
|
(2)
|
|
|
|
|
|
|
Note
|
Year ended
30 June 2004
$’000
|
Year ended
30 June 2003
$’000
|
|
|
Amount received, or due and
receivable,
by the auditors for |
|
|
|
|
Auditing the accounts
|
|
88
|
85
|
|
|
|
88
|
85
|
|
10 RECEIVABLES
|
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