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CIT SOLUTIONS PTY LTD

Objectives

CIT Solutions Pty Ltd is a commercial Registered Training Organisation (RTO) focussed on providing customised training, education and consultancy services in the ACT, Australia and internationally since 1988. With experience and depth of knowledge to help organisations find the right solutions for both employees and employers, CIT Solutions draws on the expertise of the academic staff of CIT, as well as carefully selected contractors and consultants from industry and academia.

CIT Solutions delivers training locally, nationally, overseas and via the Internet. Training facilities in Canberra include traditional classrooms, specialised laboratories and workshops.

Where appropriate, multimedia and computer-based techniques are used in both local and distance learning packages.

CIT Solutions offers training programmes in more than 80 discipline areas and aims to:

 provide nationally accredited qualifications, short accredited programmes, and personal development and leisure programmes on a commercial basis;

 provide customised solutions sensitive to client needs at competitive prices; provide consultancy services to clients in Australia and overseas; be an international education provider of choice; and extend and multiply CIT’s capability to respond to the individual needs of industry, commerce, Government and the community.

2003-04 Highlights

Strategic and operational issues to be pursued in 2003-04 include:

 expanding the company’s product base and program delivery; introducing new, comprehensive and auditable management systems; expanding management training capability; accessing additional student accommodation for domestic and international students; improving quality assurance processes, policies and procedures; and achieving targeted project outcomes and profit margins.

2003-04 Budget Paper No.4 461 CIT Solutions

CIT Solutions

Statement of Financial Performance

2002-03

Budget

$'000

6 681

1 411

46

8 138

Revenue

User Charges - Non ACT

Government

User Charges - ACT

Government

Interest

Total Ordinary Revenue

2002-03

Est.Outcome

$'000

6 386

1 733

48

8 167

2003-04

Budget

$'000

6 646

Var

%

4

2004-05

Estimate

$'000

6 809

2005-06

Estimate

$'000

6 977

2006-07

Estimate

$'000

7 149

1 776

75

8 497

2

56

4

1 821

93

8 723

1 866

118

8 961

1 913

133

9 195

3 146

323

4 041

179

192

7 881

Expenses

Employee Expenses

Superannuation Expenses

Supplies and Services

Depreciation and Amortisation

Other Expenses

Total Ordinary Expenses

257 Operating Result

3 129

442

3 952

178

222

7 923

244

3 369

455

4 051

182

228

8 285

212

8

3

3

2

3

5

-13

3 446

467

4 152

170

234

8 469

254

3 526

478

4 256

174

240

8 674

287

3 608

488

4 362

178

246

8 882

313

1 602

-213

1 646

Total Equity From Start of

Period

Dividend Declared

Total Equity At The End of

Period

1 708

-400

1 552

1 552

-218

1 546

-9

46

..

1 546

-218

1 582

1 582

-218

1 651

1 651

-218

1 746

2003-04 Budget Paper No.4 462 CIT Solutions

Budget as at 30/6/03

$'000

608

1 204

360

92

2 264

Current Assets

Cash

Receivables

Investments

Other

Total Current Assets

CIT Solutions

Statement of Financial Position

Est.Outcome Planned as at 30/6/03 as at 30/6/04

$'000 $'000

83

1 468

956

50

2 557

120

1 468

1 037

50

2 675

Planned Planned Planned

Var as at 30/6/05 as at 30/6/06 as at 30/6/07

% $'000 $'000 $'000

45

-

8

-

5

183

1 468

1 124

50

2 825

190

1 468

1 305

50

3 013

327

1 468

1 386

50

3 231

445

53

498

3 055

359

38

397

3 072

-19

-28

-20

1

285

23

308

3 133

207

8

215

3 228

118

0

118

3 349

388

52

440

Non Current Assets

Property, Plant and Equipment

Intangibles

Total Non Current Assets

2 704 TOTAL ASSETS

316

245

311

872

Current Liabilities

Payables

Employee Benefits

Other

Total Current Liabilities

186

186

Non Current Liabilities

Employee Benefits

Total Non Current Liabilities

1 058 TOTAL LIABILITIES

1 646 NET ASSETS

1 626

20

1 646

REPRESENTED BY FUNDS

EMPLOYED

Accumulated Funds

Reserves

TOTAL FUNDS

EMPLOYED

188

393

868

1 449

54

54

1 503

1 552

1 532

20

1 552

188

393

868

1 449

77

77

1 526

1 546

1 526

20

1 546

-

-

-

-

43

43

2

..

..

-

..

188

393

868

1 449

102

102

1 551

1 582

1 562

20

1 582

188

393

868

1 449

128

128

1 577

1 651

1 631

20

1 651

188

393

868

1 449

154

154

1 603

1 746

1 726

20

1 746

2003-04 Budget Paper No.4 463 CIT Solutions

CIT Solutions

Statement of Cashflows

2002-03

Budget

$'000

8 092

46

8 138

CASH FLOWS FROM

OPERATING ACTIVITIES

2002-03

Est.Outcome

$'000

Receipts

User Charges

Interest Received

Operating Receipts

8 119

48

8 167

2003-04

Budget

$'000

Var

%

2004-05

Estimate

$'000

2005-06

Estimate

$'000

2006-07

Estimate

$'000

8 422

75

8 497

4

56

4

8 630

93

8 723

8 843

118

8 961

9 062

133

9 195

3 447

4 041

192

7 680

458

0

0

Payments

Related to Employees

Related to Supplies and

Services

Other

Operating Payments

NET CASH

INFLOW/(OUTFLOW)

FROM OPERATING

ACTIVITIES

CASH FLOWS FROM

INVESTING ACTIVITIES

Receipts

Proceeds from Sale/Maturities of Investments

Investing Receipts

121

50

171

-171

213

213

-213

74

534

608

Payments

Purchase of Property, Plant and Equipment

Purchase of Investments

Investing Payments

NET CASH

INFLOW/(OUTFLOW)

FROM INVESTING

ACTIVITIES

CASH FLOWS FROM

FINANCING ACTIVITIES

Payments

Dividends to Government

Financing Payments

NET CASH

INFLOW/(OUTFLOW)

FROM FINANCING

ACTIVITIES

NET

INCREASE/(DECREASE)

IN CASH HELD

CASH AT BEGINNING OF

REPORTING PERIOD

CASH AT THE END OF

THE REPORTING

PERIOD

3 549

3 952

222

7 723

444

300

300

121

943

1 064

-764

400

400

-400

-720

803

83

3 801

4 051

228

8 080

417

194

194

81

275

356

-162

218

218

-218

37

83

120

-35

-35

-33

-71

-67

79

-46

-46

46

3

5

-6

7

3

105

-90

45

3 888

4 152

234

8 274

449

194

194

81

281

362

-168

218

218

-218

63

120

183

3 978

4 256

240

8 474

487

194

194

81

375

456

-262

218

218

-218

7

183

190

4 070

4 362

246

8 678

517

218

218

-218

137

190

327

294

294

81

375

456

-162

2003-04 Budget Paper No.4 464 CIT Solutions

Notes to the Budget Statements

Significant variations are as follows:

Statement of Financial Performance

 user charges - non ACT Government: the decrease of $0.295m in the 2002-03 estimated outcome from the original budget is due to a larger than expected concentration of work performed for other ACT Government agencies rather than external clients. The increase of $0.260m in the 2003-04 Budget from the 2002-03 estimated outcome is mainly due to an expected increase in the level of contracts;

 user charges – ACT Government: the increase of $0.322m in the 2002-03 estimated outcome from the original budget is primarily due to increased training courses for ACT

Government agencies;

 employee and superannuation expenses: the increase of $0.102m in the 2002-03 estimated outcome from the original budget is due to wage increases. The estimated outcome also reflects a correction to the estimates moving $0.119m from employee expenses to superannuation expenses. The increase of $0.253m in the 2003-04 Budget from the 2002-03 estimated outcome is also due to wage increases; and

 dividend declared: the increase of $0.187m in the 2002-03 estimated outcome from the original budget is due to the increase in the dividend declared by CIT Solutions Pty Ltd based on the operating result for the 2002 calendar year. Since then, the wage increases have had an offsetting impact on the 2002-03 estimated outcome.

Statement of Financial Position

 total assets: the increase of $0.351m in the 2002-03 estimated outcome from the original budget is mainly due to large invoices expected to be raised towards the end of the financial year; and

 total liabilities: the increase of $0.445m in the 2002-03 estimated outcome from the original budget is due to increased revenue received in advance for certain projects commencing early in 2003-04, offset by a decease in the level of creditors held at year end, reflecting the company policy of clearing debts within agreed payment periods.

2003-04 Budget Paper No.4 465 CIT Solutions

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