City of Melbourne Annual Report 2015-16


Note 18. Other financial assets



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Note 18. Other financial assets

Item


Consolidated

2016


$'000

Consolidated

2015


$'000

Council

2016


$'000

Council

2015


$'000

Term deposits

12,550

13,800

5,000

7,000

Total

12,550

13,800

5,000

7,000

Term deposits with an original maturity date of greater than three months from acquisition of the financial asset.

Note 19. Inventories


Item

Consolidated

2016


$'000

Consolidated

2015


$'000

Council

2016


$'000

Council

2015


$'000

Inventory held for distribution

580

816

0

0

Total

580

816

0

0

Note 20. Other assets


Item

Consolidated

2016


$'000

Consolidated

2015


$'000

Council

2016

$'000


Council

2015


$'000

Prepayments

4,174

2,027

1,789

2,430

Deposit of property purchase (Deposit of property purchase $7.6 million deposit paid for Munro site. Site cost was $76 million, balance was paid in 2015-16)

0

7,600

0

7,600

Accrued income

4,490

6,033

2,307

1,927

Other

0

0

2,991

707

Total

8,664

15,660


7,087

12,664

Note 21. Investment in subsidiaries, associates and trust


Non-Current

Consolidated

2016

$'000

Consolidated

2015

$'000

Council

2016

$'000

Council

2015

$'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

Sustainable Melbourne Fund

0

0

5,539

5,804

Enterprise Melbourne (Investment in Enterprise Melbourne is $2)

0

0

0

0

Total Subsidiaries

0

0

24,145

24,410

b) Associates

N/A

N/A

N/A

N/A

Regent Management Company Pty Ltd

7,000

7,000

7,000

7,000

MAPS Group Ltd (Procurement Australia)

250

250

250


250

Total Associates

7,250

7,250

7,250

7,250

Total Non-Current

7,250

7,250

31,395

31,660

  1. Subsidiaries

Citywide Service Solutions Pty Ltd (100% 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 294 Arden St, North Melbourne VIC 3001.

Citywide has 100% 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% 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

2016

$'000


2015

$'000


Summarised statement of comprehensive income

N/A

N/A

Total income

244,337

245,698

Total expenses

238,782

242,329

Surplus/(deficit) for the year

5,555

3,369

Other comprehensive income

7,893

0

Total comprehensive result

13,448

3,369

Summarised balance sheet


N/A

N/A

Current assets

47,820

52,520

Non-current assets

103,366

88,352

Total assets

151,186

140,872

Current liabilities

57,330

57,046

Non-current liabilities

7,207

6,975

Total liabilities

64,537

64,021

Net assets

86,649

76,851

Summarised statement of cash flows


N/A

N/A

Net cash provided/(used in) operating activities

6,297

23,558

Net cash provided/(used in) investing activities

(6,539)

(8,964)

Net cash provided/(used in) financing activities

(2,600)

(9,400)

Net increase / (decrease) in cash and cash equivalents

(2,842)

5,194

Queen Victoria Market Pty Ltd (100% 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% 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


2016

$'000


2015

$'000


Summarised statement of comprehensive income

N/A

N/A

Total income

23,706

23,314

Total expenses

23,666

22,950

Surplus/(deficit) for the year

40

364

Other comprehensive income

0

0

Total comprehensive result

40

364

Summarised balance sheet

N/A

N/A

Current assets

7,499

7,540

Non-current assets


2,885

3,095

Total assets

10,384

10,635

Current liabilities

3,196

3,520

Non-current liabilities

1,822

1,771

Total liabilities

5,018

5,291

Net assets

5,366

5,344

Summarised statement of cash flows

N/A

N/A

Net cash provided/(used in) operating activities

809

548

Net cash provided/(used in) investing activities

(1,030)


(3,157)

Net cash provided/(used in) financing activities

(146)

(252)

Net increase / (decrease) in cash and cash equivalents

(367)

(2,861)

Sustainable Melbourne Fund Trust (100% owned subsidiary of Council)

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

Council has 100% 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 conversion of surpluses to units. Controlling interest held.


Item

2016

$'000


2015

$'000


Summarised statement of comprehensive income

N/A


N/A

Total income

279

386

Total expenses

(543)

(618)

Surplus/(deficit) for the year

(264)

(232)

Other comprehensive income

0

0

Total comprehensive result

(264)

(232)

Summarised balance sheet

N/A

N/A

Current assets

4,304

5,079

Non-current assets

1,342

795

Total assets

5,646


5,874

Current liabilities

88

57

Non-current liabilities

20

14

Total liabilities

108

71

Net assets

5,538

5,803

Summarised statement of cash flows

N/A

N/A

Net cash provided/(used in) operating activities

(513)

(440)

Net cash provided/(used in) investing activities

0

400

Net cash provided/(used in) financing activities

0

0

Net increase / (decrease) in cash and cash equivalents

(513)

(40)


Enterprise Melbourne Pty Ltd (100% owned subsidiary of Council)

Enterprise Melbourne was established by 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% 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 the investee as it funds its operations. Controlling interest held.


Item

2016

$'000


2015

$'000


Summarised statement of comprehensive income

N/A

N/A

Total income

26

2

Total expenses

597

369

Surplus/(deficit) for the year

(571)

(367)

Other comprehensive income


0

0

Total comprehensive result

(571)

(367)

Summarised balance sheet

N/A

N/A

Current assets

116

59

Non-current assets

0

0

Total assets

116

59

Current liabilities

0

0

Non-current liabilities

0

0

Total liabilities

0

0

Net assets

116

59

Summarised statement of cash flows

N/A


N/A

Net cash provided/(used in) operating activities

(571)

(367)

Net cash provided/(used in) investing activities

629

380

Net cash provided/(used in) financing activities

0

0

Net increase / (decrease) in cash and cash equivalents

58

13

  1. Associates

Regent Management Company (50% owned by Council)

  • Council and the State Government of Victoria hold an equal 50% share in this entity. Council has 50% 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 loss of $261,040 for year ended 30 June 2016 and an operating profit of $408,063 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 $14.0 million as at 30 June 2015. The 2015 valuation is the most current valuation pending an upcoming rental review in the 2016/17 financial year.


MAPS Group Ltd (63% 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 Council has 9% 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 2015 of $988,974 compared to a profit of $910,536 for the previous year. The Company paid a dividend for the 2015 financial year of 21.0 cents per share. Dividend payment of $52,500 was received in December 2015. Net assets are $4.1 million as at 30 September 2015.


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