|
Consolidated
|
Parent
entity
|
|||
|
2002
$000s |
2001
$000s |
2002
$000s |
2001
$000s |
|
 |
||||
| 2.
OPERATING PROFIT a) Profit from ordinary activities is after crediting the following revenues: |
||||
| Sales Revenue | ||||
| Rendering of services |
757,055
|
731,263
|
-
|
2,135
|
|
|
||||
| Other revenues | ||||
| Net foreign exchange gains (refer also to Borrowing costs) |
802
|
692
|
1,169
|
-
|
| Decrease in underwriting liability to controlled entity following novation of financial instruments |
-
|
-
|
16,914
|
-
|
| Gain on other financial instruments |
1,406
|
-
|
1,070
|
-
|
| Amortisation of discount on forward exchange contracts |
1,485
|
-
|
-
|
-
|
| Dividends received from: | ||||
| - Other persons |
278
|
214
|
-
|
-
|
| - Controlled entity |
-
|
-
|
41,512
|
-
|
| Interest received from: | ||||
| - Other persons |
4,161
|
3,663
|
465
|
273
|
| - Controlled entities |
-
|
-
|
13,189
|
15,473
|
| Rent received |
1,947
|
4,598
|
-
|
-
|
| License fees received from controlled entities |
-
|
-
|
5,486
|
4,780
|
| Other fees received from controlled entities |
-
|
-
|
4,772
|
5,993
|
| Gross proceeds from the sale of: | ||||
| - Property, plant and equipment |
646
|
1,970
|
-
|
4
|
| - Investments |
8,520
|
3,689
|
-
|
-
|
| - SUMMIT (refer to note 2(b)) |
-
|
6,653
|
-
|
-
|
| - Non-current assets to controlled entities |
-
|
-
|
102
|
3,159
|
| Other revenue items in total |
4,666
|
1,577
|
65
|
21
|
|
|
||||
| Total other revenues |
23,911
|
23,056
|
84,735
|
29,703
|
|
|
||||
|
780,966
|
754,318
|
84,735
|
31,838
|
|
|
|
||||
| Total revenues |
780,966
|
756,701
|
84,735
|
31,838
|
|
|
||||
| Profit from ordinary activities is after charging the following expenses: | ||||
| Depreciation and amortisation | ||||
| Depreciation of property, plant and equipment |
21,951
|
18,131
|
406
|
268
|
| Amortisation of: | ||||
| - Leased assets |
1,115
|
1,295
|
618
|
967
|
| - Leasehold improvements |
2,006
|
874
|
16
|
16
|
| - Established costs |
67
|
5
|
-
|
-
|
| - Premium on forward exchange contract |
-
|
1,006
|
-
|
1,006
|
| - Currency options |
37
|
-
|
37
|
-
|
| Employee shares |
85
|
-
|
74
|
-
|
| Goodwill |
29,869
|
25,007
|
-
|
-
|
|
|
||||
| Total depreciation and amortisation |
55,130
|
46,318
|
1,151
|
2,257
|
|
|
||||
| Borrowing costs | ||||
| Interest paid: | ||||
| - to other persons |
8,798
|
11,630
|
6,456
|
10,931
|
| - on finance leases |
344
|
433
|
109
|
173
|
| - to controlled entities |
-
|
-
|
315
|
43
|
| Exchange (gain)/loss on refinancing of foreign currency loans |
-
|
1,277
|
(853)
|
1,277
|
| Loan facility fees |
1,027
|
1,062
|
732
|
878
|
|
|
||||
| Total borrowing costs |
10,169
|
14,402
|
6,759
|
13,302
|
|
|
||||
| Other operating expense items | ||||
| Operating lease rentals (a) |
27,973
|
19,373
|
2,897
|
2,633
|
| Provision for employee entitlements |
3,212
|
4,360
|
330
|
265
|
| Net charge to/(Reduction in) provision for doubtful trade debts |
(242)
|
1,667
|
(604)
|
-
|
| (Profit)/Loss on disposal of investments |
(1,889)
|
(427)
|
-
|
-
|
| Expense from sale of: | ||||
| - Plant and equipment |
641
|
1,630
|
-
|
-
|
| - Plant and equipment to controlled entity |
-
|
-
|
102
|
3,159
|
| - Investments |
6,631
|
3,262
|
-
|
-
|
| (Profit)/Loss on sale of property, plant and equipment |
(5)
|
(340)
|
-
|
4
|
| Net foreign exchange loss on hedges |
-
|
-
|
-
|
8,560
|
| Net foreign exchange loss on other financial instruments |
-
|
397
|
-
|
397
|
(a) Operating lease rentals includes contingent rentals of approximately $786,590.
b) Individually
significant items
Revenues
During the year ended 30 June 2001 Computershare Technology Services Pty Limited sold the SUMMIT broker/client accounting system to Wilco International (a wholly owned subsidiary of Automatic Data Processing Inc.) for a net gain of $6,155,003 (after tax $4,062,324). Since the sale of SUMMIT to Wilco in February 2001, Computershare Limited has ceased to be a significant technology provider to E*Trade Australia Limited ("ETR"). As a consequence, the significance of the Computershare Limited shareholding in ETR has shifted from being strategic to passive.
Expenses
As at 30 June 2002, Computershare Limited held 11,504,513 shares being 11.84% of the issued capital of ETR. The results for the year ended 30 June 2001 reflect a pre-tax write-down of $21,263,673 (after tax $20,243,673) following the directors' evaluation of the investment at that date. No write-down was considered necessary in the year ended 30 June 2002.
In accordance with Australian Accounting Standards the write-down of the investment in ETR in 2001 was only partially tax effected. In the results for the year ended 30 June 2001, the additional tax expense incurred by not fully tax effecting the write-down was $6,208,000.
Outside equity interest
On 1 June 2002 Computershare Group sold 7.32% of its interest in Computershare Hong Kong Investor Services Limited ('CHIS').
In addition, CHIS issued shares to a subsidiary of the Hong Kong Securities Clearing Company Limited ('MPL') equivalent to 18% of the expanded CHIS share capital. These shares were issued in consideration for MPL transferring its interest in its Hong Kong registry operations to CHIS. As part of the above transactions, the terms and conditions of the shares held by the Computershare Group in CHIS were changed to provide a preferential right to the extent of the retained profits in CHIS as at the transaction date. In accordance with AASB 1024 Consolidated Accounts, the movement in the parent entity's share of net assets of CHIS (arising as a consequence of the issue of new shares in CHIS) has been recorded in the Statement of Financial Performance as a loss to the outside equity interest.
