TOTALCARE INDUSTRIES LIMITED
Objectives
Totalcare Industries Limited is a provider of integrated solutions and services in the areas of
asset and infrastructure management and maintenance, and health services.
2003-04 Highlights
Strategic and operational issues to be pursued in 2003-04 include:
•
minimising financial risk to the Government;
•
providing support services to the Government; and
•
protecting the rights of existing Totalcare employees and that industrial relations matters
be addressed in a fair and equitable manner.
In the second half of 2002 the Government reviewed the prospects of Totalcare’s various
business elements and in March 2003 appointed a Working Group to provide advice to the
Government on how Totalcare should best achieve the Government’s objectives.
2003-04 Budget Paper No.4
387
Totalcare Industries Limited
Totalcare
Statement of Financial Performance
2002-03
Budget
$'000
2002-03
Est.Outcome
$'000
2003-04
Budget
$'000
Var
%
2004-05
Estimate
$'000
2005-06
Estimate
$'000
2006-07
Estimate
$'000
24 691
24 879
1
25 265
25 662
26 015
33 567
38 996
16
45 078
51 369
52 776
215
94
-56
97
99
101
58 473
63 969
9
70 440
77 130
78 892
18
1
3
5
1
28
1
17
1
1
5
18
1
2
5
317
812
037
772
181
38 516
1 974
18
1
2
5
776
859
109
912
181
43 963
2 019
19
1
2
5
Revenue
13 445
38 864
92
52 401
User Charges - Non ACT
Government
User Charges - ACT
Government
Interest
Total Ordinary Revenue
Expenses
17
1
5
5
631
732
203
107
64
19 994
1 887
51 618
Employee Expenses
Superannuation Expenses
Supplies and Services
Depreciation and Amortisation
Borrowing Costs
Cost of Goods Sold
Other Expenses
183
758
468
330
016
992
751
971
767
965
644
181
33 244
1 929
-1
1
-43
6
-82
15
10
242
905
233
912
181
44 833
2 069
Total Ordinary Expenses
60 498
62 701
4
68 609
74 819
76 375
Operating Result
-2 025
1 268
163
1 831
2 311
2 517
25 057
Total Equity From Start of
Period
20 439
18 414
-10
19 682
21 513
23 824
25 840
Total Equity At The End of
Period
18 414
19 682
7
21 513
23 824
26 341
783
2003-04 Budget Paper No.4
388
Totalcare Industries Limited
Totalcare
Statement of Financial Position
Budget
as at 30/6/03
$'000
Est.Outcome
Planned
as at 30/6/03 as at 30/6/04
$'000
$'000
Planned
Planned
Planned
Var as at 30/6/05 as at 30/6/06 as at 30/6/07
%
$'000
$'000
$'000
Current Assets
4 528
12 176
0
1 350
1 333
19 387
Cash
Receivables
Investments
Inventories
Other
Total Current Assets
3 468
7 326
0
665
1 652
2 594
8 760
1 500
954
2 152
-25
20
#
43
30
1
9
2
1
2
455
760
000
154
401
13 111
15 960
22
16 770
17 348
21 132
700
20 448
32
0
1 000
20 254
32
0
43
-1
-
3 500
20 477
32
0
6 500
20 810
32
0
5 000
21 143
32
0
11
2
1
2
-20
163
500
354
351
1
12
3
1
2
711
566
000
554
301
Non Current Assets
1 000
20 368
0
250
Investments
Property, Plant and Equipment
Intangibles
Other
21 618
Total Non Current Assets
21 180
21 286
1
24 009
27 342
26 175
41 005
TOTAL ASSETS
34 291
37 246
9
40 779
44 690
47 307
Current Liabilities
5 365
1 048
2 791
0
9 204
Payables
Finance Leases
Employee Benefits
Other
Total Current Liabilities
6
2
2
1
788
426
163
472
8
1
2
1
223
926
163
472
21
-21
-
8
1
2
1
973
481
163
472
9
1
2
1
623
983
163
472
10
2
2
1
273
485
163
472
12 849
13 784
7
14 089
15 241
16 393
953
2 075
1 705
2 075
79
-
3 102
2 075
3 550
2 075
2 498
2 075
3 028
3 780
25
5 177
5 625
4 573
Non Current Liabilities
4 225
1 736
5 961
Finance Leases
Employee Benefits
Total Non Current Liabilities
15 165
TOTAL LIABILITIES
15 877
17 564
11
19 266
20 866
20 966
25 840
NET ASSETS
18 414
19 682
7
21 513
23 824
26 341
-23 072
41 486
-21 804
41 486
5
-
-19 973
41 486
-17 662
41 486
-15 145
41 486
18 414
19 682
7
21 513
23 824
26 341
REPRESENTED BY FUNDS
EMPLOYED
-15 646
41 486
25 840
Accumulated Funds
Reserves
TOTAL FUNDS
EMPLOYED
2003-04 Budget Paper No.4
389
Totalcare Industries Limited
Totalcare
Statement of Cashflows
2002-03
Budget
$'000
2002-03
Est.Outcome
$'000
2003-04
Budget
$'000
Var
%
2004-05
Estimate
$'000
2005-06
Estimate
$'000
2006-07
Estimate
$'000
CASH FLOWS FROM
OPERATING ACTIVITIES
Receipts
58 955
92
5 810
User Charges
Interest Received
Other Revenue
58 310
204
5 810
61 057
94
6 285
5
-54
8
67 524
97
6 953
74 013
99
7 624
75 773
101
7 624
64 857
Operating Receipts
64 324
67 436
5
74 574
81 736
83 498
20 361
9 649
20 032
7 858
-2
-19
20 423
7 690
20 929
7 762
21 441
7 886
750
30 065
181
33 241
-76
11
181
39 376
181
45 544
181
46 464
60 825
61 312
1
67 670
74 416
75 972
3 499
6 124
75
6 904
7 320
7 526
119
90
-24
90
90
90
0
0
-
0
0
3 000
119
90
-24
90
90
3 090
3 387
5 540
64
6 085
6 335
6 335
1 000
0
-100
0
0
0
4 387
5 540
26
6 085
6 335
6 335
-4 268
-5 450
-28
-5 995
-6 245
-3 245
1 700
1 048
0
1 548
-100
48
0
2 048
0
2 550
0
2 550
2 748
1 548
-44
2 048
2 550
2 550
Payments
20 260
4 871
64
34 105
59 300
5 557
Related to Employees
Related to Supplies and
Services
Borrowing Costs
Other
Operating Payments
NET CASH
INFLOW/(OUTFLOW)
FROM OPERATING
ACTIVITIES
CASH FLOWS FROM
INVESTING ACTIVITIES
Receipts
119
0
119
Proceeds from Sale of
Property, Plant & Equipment
Proceeds from Sale/Maturities
of Investments
Investing Receipts
Payments
3 387
1 000
4 387
-4 268
Purchase of Property, Plant
and Equipment
Purchase of Investments
Investing Payments
NET CASH
INFLOW/(OUTFLOW)
FROM INVESTING
ACTIVITIES
CASH FLOWS FROM
FINANCING ACTIVITIES
Payments
0
1 048
1 048
Repayment of Borrowings
Repayment of Finance Lease
Financing Payments
2003-04 Budget Paper No.4
390
Totalcare Industries Limited
Totalcare
Statement of Cashflows
2002-03
Budget
$'000
2002-03
Est.Outcome
$'000
2003-04
Budget
$'000
Var
%
2004-05
Estimate
$'000
2005-06
Estimate
$'000
2006-07
Estimate
$'000
NET CASH
INFLOW/(OUTFLOW)
FROM FINANCING
ACTIVITIES
-2 748
-1 548
44
-2 048
-2 550
-2 550
241
NET
INCREASE/(DECREASE)
IN CASH HELD
-3 517
-874
75
-1 139
-1 475
1 731
4 287
CASH AT BEGINNING OF
REPORTING PERIOD
6 985
3 468
-50
2 594
1 455
-20
4 528
CASH AT THE END OF
THE REPORTING
PERIOD
3 468
2 594
-25
1 455
-20
1 711
-1 048
Notes to the Budget Statements
Following the outcome of the Working Group process and the implementation of any
subsequent Government decisions, the 2003-04 Budget year and forward year estimates may
need to be varied.
The financial statements for Totalcare have been prepared on the following basis:
For the 2002-03 estimated outcome: these have been provided by Totalcare as the latest
estimated outcome for 2002-03.
For the 2003-04 Budget and forward years: due to the uncertainty about the outcomes of the
current Working Group investigation and subsequent Government decisions, the technical
estimates included imply no policy or activity changes. Estimates have, however, been
adjusted for the flow through of the 2002-03 estimated outcome as provided by Totalcare.
This represents a no change basis.
Statement of Financial Performance
•
user charges: the increase of $5.949m in the 2002-03 estimated outcome from the
original budget is primarily due to increased sales in the Fleet, Linen and Sterilisation
business units as well as increased revenue from the Facilities Management Business
from work generated by the January 2003 bushfire;
•
interest: the increase of $0.123m in the 2002-03 estimated outcome from the original
budget is primarily due to higher than anticipated average cash and investment balances;
•
employee expenses: the increase of $0.552m in the 2002-03 estimated outcome from the
original budget is due to increased activity as reflected above in user charges;
2003-04 Budget Paper No.4
391
Totalcare Industries Limited
•
supplies and services: the decrease of $1.735m in the 2002-03 estimated outcome from
the original budget reflects that some items for expense have now included in cost of
goods sold;
•
depreciation: the increase of $0.223m in the 2002-03 estimated outcome from the
original budget reflects the capital expenditure during the 2002-03 financial year;
•
borrowing costs: the increase of $0.952m in the 2002-03 estimated outcome from the
original budget is due to revised accounting methodology for finance leases within the
fleet entity; and
•
cost of goods sold: the increase of $8.998m in the 2002-03 estimated outcome from the
original budget is primarily due to increased activity reflected above in user charges.
Statement of Financial Position
•
cash and investments: the decrease of $1.360m in the 2002-03 estimated outcome from
the original budget is primarily due to decreased profitability;
•
receivables: the decrease of $4.850m in the 2002-03 estimated outcome from the original
budget is due to improved receivables management to assist cashflow control;
•
other current assets: the increase of $0.319m in the 2002-03 estimated outcome from the
original budget is due increased prepayments;
•
payables: the increase of $1.423m in the 2002-03 estimated outcome from the original
budget is primarily due to better enforcement and management of cashflows;
•
current and non-current finance leases: the decrease of $1.894m in the 2002-03 estimated
outcome from the original budget is primarily due to revised accounting methodology for
finance leases; and
•
current and non-current employee benefits: the decrease of $0.289m in the 2002-03
estimated outcome from the original budget is due to redundancies of long term
employees that occurred during the 2002-03 financial year.
Statement of Cash Flows
•
net cash from operating activities: the decrease of $2.058m in the 2002-03 estimated
outcome from the original budget is primarily due to decreased profitability; and
•
net cash from financing activities: the decrease of $1.700m in the 2002-03 estimated
outcome from the original budget is due to the repayment of a borrowing that was to
occur in 2001-02, but took place in 2002-03.
2003-04 Budget Paper No.4
392
Totalcare Industries Limited