2002/03 Annual report - Agri-Food & Veterinary Authority of Singapore

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Three-Year Value Added Statement Page 76 FY 02/03 FY 01/02 FY 00/01 $’000 $’000 $’000 Turnover from operations 26,108 25,310 25,159 Less: Purchase of goods/services 22,633 22,485 16,692 Value added from operations 3,475 2,825 8,467 Grants 51,899 46,708 51,277 Non-Operating (Expenditure)/Income (23) 49 (10,204) Interest income 21 59 84 (Loss)/Gain on disposal of property, plant and equipment (44) (10) 35 Administrative charge arising from alienation of land – – (10,323) Total value added available for distribution 55,351 49,582 49,540 Distribution To Employees Salaries and staff welfare/benefits 46,241 41,718 43,092 To Government 1,209 283 – (Writeback)/Contribution in lieu of tax (2) 2 – Property and other taxes 1,211 281 – Retained for reinvestment and future growth 7,901 7,581 6,448 Depreciation 8,464 7,575 6,378 (Deficit)/Surplus (563) 6 70 Total value added 55,351 49,582 49,540 Total Value Added Distribution of Value Added FY 02/03 01/02 00/01 2.2% 14.3% 0.6% 15.3% 83.5% 84.1% 87% To Government Retained for reinvestment and future growth To Employees 13% 60,000 50,000 40,000 30,000 20,000 10,000 0 Thousands FY 02/03 01/02 00/01 46,241 1,209 41,718 7,901 7,581 283 43,092 6,448 60,000 50,000 40,000 30,000 20,000 10,000 0 Thousands Financial Review Financial Results During the year, AVA generated $26.1 million revenue of which 50.0% was attributed to income derived from the issuance of certificates and collection of permits. Operating expenditure for the year was $78.5 million, an increase of 9.0% over last year's operation cost. The former Food Control Department of the Ministry of Environment was transferred to AVA with effect from 1 July 2002. This had contributed to an increase of $6.5 million on operational and staff costs as a result of the expansion of AVA's operations to include the regulation of food up to the stage before the retail chain. With this expansion, the staff strength of AVA increased from 730 to 815 employees as at end of year. Outside of normal operations, AVA received interest income of $21,057 in 2003 and incurred a loss on the disposal of plant and equipment of $44,460. The net deficit before government grant for the year was $52.5 million. Grant in Aid received from government for FY2002/2003 was $43.3 million. In addition, AVA transferred $8.5 million from deferred capital grants to the income and expenditure statement to cover the net deficit. Overall, in comparison to prior year, the increase in operating expenditure had more than offset the increase in operating revenue. This had led to AVA incurring a net deficit of $563,550 for the year as compared to a net surplus of $5,765 last year. Results from Operations FY 02/03 01/02 (Deficit)/Surplus for the year Deficit before grants – 563 – 52,464 – 46,700 6 10,000 0 -10,000 -20,000 -30,000 -40,000 -50,000 -60,000 Thousands Page 77
Financial Position As at 31 March 2003, AVA's total assets increased by $18.0 million to $190.4 million (FY2001/2002: $172.4 million). Property, plant and equipment at $169.2 million (FY2001/2002: $151.3 million) accounted for 88.9% of the total assets. The 11.9% increase arose from the development cost for the on-going construction of the Veterinary Public Health Centre and Animal and Plant Health Centre at Lim Chu Kang. Page 78 Total Assets Current Assets Property, Plant and Equipment 200,000 190,000 180,000 170,000 160,000 150,000 140,000 Thousands Capital, reserves and liabilities of the Authority as at 31 March 2003 totalled $190.4 million (FY2001/2002: $172.4 million). This included the accumulated deficit of $0.5 million arising from the operations and provisions for property tax payable on alienated properties. The special project fund balance accounted for $7.4 million. Non-current liabilities increased by $2.2 million to $5.3 million. The increase was attributed to provision made for pension benefits payable to pensionable officers. Funds matching this provision has also been put aside in the Authority's banks. A sum of $26.1 million was transferred to Deferred Capital Grants arising mainly from the Veterinary and Public Health Centre and Animal and Plant Health Centre projects that are being developed at Lim Chu Kang. Capital, Reserves and Liabilities Current Liabilities Non Current Liabilities Project Fund Capital and Reserves FY 02/03 01/02 11.1% 88.9% 12.3% 87.7% FY 02/03 01/02 3.8% 3.4% 3.9% 88.9% 4.2% 2.5% 4.5% 88.8% 200,000 190,000 180,000 170,000 160,000 150,000 140,000 130,000 120,000 Thousands Cash Flows During FY2002/2003, AVA incurred $26.5 million in development expenditure and purchases of fixed assets. Cash used in FY2002/2003 operations amounted to $41.2 million. Total cash used for the year was $68 million. Cash received through government grants during the year amounted to $66.6 million. The overall net cash outflow was $1.4 million, represented mainly by payment of pension benefits and expenditure for vegetable project. Cash Flows Net Cash Outflow from operating activities Net Cash Outflow from investing activities Net Cash Inflow from financing activities Net (decrease)/increase in cash – 41,208 FY 02/03 01/02 – 26,453 66,262 FY 02/03 FY 01/02 $’000 $’000 Net cash outflow from operating activities (41,208) (34,898) Net cash outflow from investing activities (26,453) (8,068) Net cash inflow from financing activities 66,262 56,377 Net (decrease)/increase in cash (1,399) 13,411 – 1,399 –34,898 – 8,068 56,377 13,411 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 -10,000 -20,000 -30,000 -40,000 -50,000 Thousands Page 79
Page 1 and 2: The Look of Life\ Agri-Food & Veter
Page 3 and 4: The contrast of textures
Page 5 and 6: Board of Directors Mr Koh Poh Tiong
Page 7 and 8: The spontaneity of expression
Page 9 and 10: AVA placed several advertorials in
Page 11 and 12: Enhancing the Safety of Our Food No
Page 13 and 14: A total of 177,427 import permits w
Page 15 and 16: These surveillance programmes enabl
Page 17 and 18: Singapore Food Manufacturers’ Ass
Page 19 and 20: To ensure that the introduction and
Page 21 and 22: Animal Control Measures Stray anima
Page 23 and 24: The inevitable result of urbanisati
Page 25 and 26: Forging Global Ties and Facilitatin
Page 27 and 28: As the national authority for agric
Page 29 and 30: Synergising Staff and Resources An
Page 31 and 32: which was attended by 22 badminton
Page 33 and 34: AVA Service Centres AVA Service Cen
Page 35 and 36: Food Supply and Technology Agri-Tra
Page 37 and 38: Consumption, Import and Local Farm
Page 39: Three-Year Financial Summary FY 02/
Page 43 and 44: Capital Expenditure Capital expendi
Page 45 and 46: Statement of Changes in Fund and Gr
Page 47 and 48: Notes to the Financial Statements F
Page 49 and 50: Notes to the Financial Statements F

2002/03 Annual report - Agri-Food & Veterinary Authority of Singapore

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