Territory Stories

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Details:

Title

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Other title

Tabled paper 1556

Collection

Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT

Date

2015-11-19

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C01622

Parent handle

https://hdl.handle.net/10070/273151

Citation address

https://hdl.handle.net/10070/799706

Page content

Northern Territory Motor Accidents (Compensation) Commission Notes to the Financial Statements - 30 June 2015Annual Report 2015 Page 79 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 65 31. Financing arrangements and borrowings 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Unrestricted access was available at reporting date to the following lines of credit Total facilities Bank multiple option facility (1) - - - 20,000 20,000 - Revolving credit facility (2) - - - 50,000 50,000 - - - - 70,000 70,000 - Used at reporting date Bank multiple option facility (1) - - - - - - Revolving credit facility (2) - - - 50,000 50,000 - - - - 50,000 50,000 - Unused at reporting date Bank multiple option facility (1) - - - 20,000 20,000 - Revolving credit facility (2) - - - - - - - - - 20,000 20,000 - Current - - - 25,000 25,000 - Non-current - - - 25,000 25,000 - - - - 50,000 50,000 - (1)! The multiple option facility may be drawn by TIO Banking business at any time and may be terminated by the bank with due notice. Interest rates on this facility are variable. The financing arrangements were settled in December 2014. (2)! The revolving credit facility was established on the 29th of November 2012 for a period of 2 years for the day to day cash management and liquidity requirements of the Banking business. On the 29th of November 2013 $25m was extended for another 2 years. Repayment scheduled to occur under the terms and conditions of the rolling facility as follows, unless the facilities are rolled over: $25m 29 November 2014 $25m 29 November 2015 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 64 30. Reconciliation of net profit to net cash inflow from operating activities 2015 2014 MACC TIO Insurance & Banking Discontinued Operations (see Note 36) MAC Fund TIO TIO Insurance & Banking Discontinued Operations (see Note 36) MAC Fund $000 $000 $000 $000 $000 $000 Net Profit 13,174 (5,495) 18,669 40,365 18,375 21,990 Depreciation and amortisation expense 833 833 - 1,957 1,411 546 Provision for impairment 147 147 - (327) (327) - Changes in net market value of investments 1203 (5,470) 6,673 (48,984) (5,263) (43,721) Profit on Sale of Investment Securities (2,025) (19,121) (9,250) (998) (8,252) (21,146) Loss on sale of non-current assets 33 33 - (22) (22) - Change in investment property fair value 618 - 618 - - - Changes in operating assets and liabilities: (Increase)/Decrease in receivables 5,697 5,241 455 (1,164) (508) (646) (Increase)/Decrease in reinsurance and other recoveries receivable (12,022) (708) (11,314) 1,910 (46) 1,956 (Increase)/Decrease in deferred acquisition costs 779 844 (66) (1,047) (1,141) 93 Increase/(Decrease) in outstanding claims 63,525 12,438 51,087 66,276 310 65,966 Increase/(Decrease) in derivatives (1,334) (234) (1,100) 1,316 190 1,126 (Increase)/Decrease in net deferred broker charges 132 132 - (34) (34) - (Increase)/Decrease in lease incentives 18 - 18 - - - Increase/(Decrease) in unearned premiums (6,845) (8,518) 1,673 1,197 1,390 (193) Increase/(Decrease) in payables 4,806 4,667 139 4,249 2,928 1,309 Increase/(Decrease) in employee benefits and other liabilities (612) (612) - 447 447 - Increase/(Decrease) in provision for income tax payable (6,151) (6,151) - 539 539 - Increase/(Decrease) in deferred tax liabilities 1,581 1,581 - (656) (656) - (Increase)/Decrease in deferred tax assets (4,126) (4,126) - (4) (4) - Increase/(Decrease) in GST payable (3,989) (3,966) (23) (266) (224) (42) Net cash inflow from operating activities 36,321 (11,389) 47,708 56,502 16,367 40,132


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