Annual Report 2014–15


Note 18: Other financial assets



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Note 18: Other financial assets

Item


Consolidated

2015


$'000

Consolidated

2014


$'000

Council

2015


$'000

Council

2014


$'000

Term deposits (with an original maturity date of greater than three months from the balance date of the financial statements.)

5,300

21,700

2,000

18,000

Total

5,300

21,700

2,000

18,000

Note 19: Inventories


Item

Consolidated

2015


$'000

Consolidated

2014


$'000

Council

2015


$'000

Council

2014


$'000

Inventory held for distribution

816

656

0

0

N/A

816

656

0

0

Note 20: Other assets


Item

Consolidated

2015


$'000

Consolidated

2014


$'000

Council

2015


$'000

Council

2014


$'000

Prepayments


2,027

1,307

2,430

156

Deposit of property purchase
($7.6 million deposit paid for Munro site purchase (total cost is $76 million, balance to be paid in 2015-16). The Council believes the Munro site to be of unprecedented strategic importance to the people of Melbourne and for the future of the Queen Victoria Market precinct)

7,600

0

7,600

0

Accrued income

6,033

5,316

1,927

1,109

Other

0

0

707

2,655

Total

15,660

6,623

12,664


3,920

Note 21: Investments


Non-Current

Consolidated

2015


$'000

Consolidated

2014


$'000

Council

2015


$'000

Council

2014


$'000

a) Subsidiaries

N/A

N/A

N/A

N/A

CityWide Service Solutions Pty Ltd

0

0

18,406

18,406

Queen Victoria Market Pty Ltd

0

0

200

200

Investment in Sustainable Melbourne Fund


0

0

5,803

6,035

Enterprise Melbourne (Investment in Enterprise Melbourne is $2)

0

0

0

0

Total Subsidiaries

0

0

24,409

24,641

b) Associates

N/A

N/A

N/A

N/A

Regent Management Company Pty Ltd

7,000

7,425

7,000

7,425

MAPS Group Ltd (Procurement Australia)

250

250

250

250

Total Associates


7,250

7,675

7,250

7,675

Total

7,250

7,675

31,659

32,316
  1. Subsidiaries

Citywide Service Solutions Pty Ltd (100 per cent owned subsidiary of Council)

The Company is a proprietary company incorporated under the Corporations Act 2001, and is domiciled in Australia. The Company’s registered office and principal place of business is Level 1, 150 Jolimont Road, East Melbourne VIC 3002.

Citywide has 100 per cent equity interest in the following subsidiaries: Sterling Group Services Pty Ltd, AWD Earthmoving Pty Ltd, Technigro Australia Pty Ltd and Technigro Pty Ltd.

The principal activities are to meet the contract service needs of local government, other government and private and public sector corporations and the community by providing a comprehensive range of quality, physical services.

Council has 100 per cent voting rights which clearly demonstrate power over investee and the ability to affect the amount of the investor’s returns. Council is exposed to variable returns in the form of dividends and tax equivalent payments. Controlling interest held.


Item

2015

$'000


2014

$'000


Summarised Statement of Comprehensive Income

N/A

N/A

Total income

245,698

251,933

Total expenses

242,329

244,435

Surplus/(deficit) for the year

3,369

7,498

Other comprehensive income

0

0

Total comprehensive result

3,369

7,498

Summarised balance sheet

N/A


N/A

Current assets

52,520

45,307

Non-current assets

88,352

96,183

Total assets

140,872

141,490

Current liabilities

57,046

53,546

Non-current liabilities

6,975

11,862

Total liabilities

64,021

65,408

Net assets

76,851

76,082

Summarised statement of cash flows

N/A


N/A

Net cash provided/(used in) operating activities

23,558

13,972

Net cash provided/(used in) investing activities

(8,964)

(13,754)

Net cash provided/(used in) financing activities

(9,400)

(800)

Net increase / (decrease) in cash and cash equivalents

5,194

(582)


Queen Victoria Market Pty Ltd (100 per cent owned subsidiary of Council)

The principal activities are to ensure that the market maintains and enhances an industry reputation as Australia’s foremost leading market, whilst meeting world’s best practice standards.

Council has 100 per cent voting rights which clearly demonstrate power over investee and the ability to affect the amount of the investor’s returns. Council is exposed to variable returns in the form of dividends and tax equivalent payments. Controlling interest held.


Item

2015

$'000


2014

$'000


Summarised Statement of Comprehensive Income

N/A

N/A

Total income

23,314

22,015

Total expenses

22,950

21,425

Surplus/(deficit) for the year

364

590

Other comprehensive income

0

0

Total comprehensive result

364

590

Summarised balance sheet

N/A

N/A

Current assets


7,540

6,761

Non-current assets

3,095

3,216

Total assets

10,635

9,977

Current liabilities

3,520

3,131

Non-current liabilities

1,771

1,722

Total liabilities

5,291

4,853

Net assets

5,344

5,124

Summarised statement of cash flows

N/A

N/A

Net cash provided/(used in) operating activities

548


493

Net cash provided/(used in) investing activities

(157)

1,171

Net cash provided/(used in) financing activities

(252)

(388)

Net increase / (decrease) in cash and cash equivalents

139

1,276


Sustainable Melbourne Fund Trust (100 per cent owned subsidiary of Council)


A self-sustaining fund set up by the Council which invests funds in projects with environmental benefits to the City. The projects may extend beyond the boundaries of the Council to the broader state of Victoria, reflecting the position of Melbourne as the capital city of Victoria.

Council has 100 per cent voting rights which clearly demonstrate power over investee and the ability to affect the amount of the investor’s returns. Council is exposed to variable returns in the form of dividend payments. Controlling interest held.



Item

2015

$'000


2014

$'000


Summarised Statement of Comprehensive Income

N/A

N/A

Total income

386

397

Total expenses

(618)

(575)

Surplus/(deficit) for the year

(232)

(178)

Other comprehensive income

0

0

Total comprehensive result

(232)

(178)

Summarised balance sheet

N/A

N/A

Current assets

5,079

5,723

Non-current assets

795


378

Total assets

5,874

6,101

Current liabilities

57

52

Non-current liabilities

14

14

Total liabilities

71

66

Net assets

5,803

6,035

Summarised statement of cash flows

N/A

N/A

Net cash provided/(used in) operating activities

(440)

574

Net cash provided/(used in) investing activities

400

0

Net cash provided/(used in) financing activities

0

0

Net increase / (decrease) in cash and cash equivalents


(40)

574


Enterprise Melbourne Pty Ltd (100 per cent owned subsidiary of Council)


Enterprise Melbourne was established by the Council to drive economic development for the city through supporting existing business growth, as well as attracting new local and international investment.

Council has 100 per cent voting rights which clearly demonstrate power over investee and the ability to affect the amount of the investor’s returns. Council is exposed financially to entity as it funds its operations. Controlling interest held.



Item

2015

$'000


2014

$'000


Summarised Statement of Comprehensive Income

N/A

N/A

Total income

2

12

Total expenses

369

278

Surplus/(deficit) for the year


(367)

(266)

Other comprehensive income

0

0

Total comprehensive result

(367)

(266)

Summarised balance sheet

N/A

N/A

Current assets

59

46

Non-current assets

0

0

Total assets

59

46

Current liabilities

0

0

Non-current liabilities

0

0

Total liabilities

0

0

Net assets

59

46

Summarised statement of cash flows

N/A

N/A

Net cash provided/(used in) operating activities


(367)

(266)

Net cash provided/(used in) investing activities

0

0

Net cash provided/(used in) financing activities

0

0

Net increase / (decrease) in cash and cash equivalents

(367)

(266)
  1. Associates

Regent Management Company (50 per cent owned by Council)

Council and the State Government of Victoria hold an equal 50per cent share in this entity. Council has 50 per cent voting rights. Both parties collectively control the entity but neither party can direct activities without co-operation of the other. Therefore a significant interest is held but not a controlling interest.

Regent Management Pty Ltd reported an operating profit of $408,063 for year ended 30 June 2015 and an operating loss of $393,471 for the previous year.

The latest valuation of the Regent Management Company Pty Ltd's assets was undertaken on 29 June 2015 on the basis of fair value by a qualified valuer Beau Jarvis, Certified Practising Valuer, member of Australian Property Institute, member number 77334. Land and building values are $14.000 million as at 30 June 2015.

MAPS Group Ltd (63 per cent owned by Council)


MAPS Group Ltd (MAPS) has issued a total of 396,862 fully paid ordinary shares. Council holds 250,000 shares in the Company, being 63 per cent of the issued capital of the Company. However due to the company constitution the Council has 9 per cent of voting rights (does not have the ability to direct activities of the entity without the co-operation of the other Councils). Therefore a significant interest is held but not a controlling interest.

MAPS reported an operating profit for the year ending 30 September 2014 of $910,536 compared to a loss of $928,782 for the previous year. The Company paid a dividend for the 2014 financial year of 21.5 cents per share. Dividend payment of $53,750 was received on 12 December 2014. Net assets are $3.20 million as at 30 September 2014.


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