Success - ACRA

22
Advancing in Synergy
Financial Highlights Financial Highlights ACRA Annual Report 2004/2005 23
Financial
Highlights
Financial Results
INCOME
ACRA achieved an operating surplus of S$21.8 million. Operating income of S$39.6 million mainly comes from
fines and penalties (41%) and companies registration and related fees (28%). The remaining 31% is made up of
information service fees (17%), business registration and related fees (12%) and public accountants registration
and related fees (2%). Net surplus after contribution to Government Consolidated Fund is S$17.4 million.
OPERATING EXPENDITURE
We classify operating expenditure into four major components, namely services; staff costs; rental, maintenance and
supplies and lastly, depreciation and other operating expenses. Operating expenditure amounted to S$17.8 million
in FY2004/05.
Services is the highest cost component and accounts for 36% of total operating expenditure. Services consisted
mainly of charges on computer services of S$5.0 million for the improvement and sustenance of the online
e-filing system (BizFile), followed by consultancy and agency fees and commission. Staff costs consisted of
salaries and training costs and accounts for 31% of total operating expenditure.
Financial Position
ASSETS
As at 31 March 2005, total assets was $34.7 million. Fixed assets and development projects-in-progress accounted for
19% of total assets. The remaining 81% consisted of cash at banks and receivables.
LIABILITIES
ACRA did not have any long term liabilities except for provision for pension of S$0.1 million. Current liabilities
were much higher at S$8.6 million which consisted of trade and other payables due to operating activities
(S$2.8 million) and the provision for contribution to Government Consolidated Fund (S$4.4 million).
CASH FLOW
There is an overall net cash inflow of S$26.6 million during the year. This is mainly due to an inflow of operating
income of S$26.7 million, an outflow of S$0.3 million for expenditure on fixed assets and development projects
and an inflow of S$0.1 million from cash from the issuance of shares to Government.
Rental, maintenance and supplies (15%) consisted mainly of rental charges of office premises, maintenance of
fixed assets and expenses on office supplies. Depreciation of fixed assets of S$2.3 million accounted for 13%
of total operating expenditure and other operating expenses made up the remaining 5%.
Balance Sheet Summary
As at 31 March 2005
S$ million
CAPITAL EXPENDITURE
Capital expenditure incurred was minimal in FY04/05, with additions of fixed assets of S$0.2 million and
development projects-in-progress of S$0.2 million. Capital commitments made for development projects but
not yet recorded as expenditure in the financial statements amounted to S$2.8 million, mainly for renovation of office
premises and IT projects.
Income and Expenditure summary
Year ended 31 March 2005
S$ million
Operating Income 39.6
Staff Costs (5.6)
Other Operating Costs (12.2)
Operating Expenditure (17.8)
Fixed Assets 6.4
Development Projects-In-Progress 0.2
Current Assets 28.1
Total Assets 34.7
Less:
Current Liabilities (8.6)
Non-current Liabilities (0.1)
Net Assets 26.1
Share Capital 8.6
Accumulated Surplus 17.4
26.1
Gross Profit/(Loss) 21.8
Less: Contribution to Govt Consolidated Fund (4.4)
Net Profit/(Loss) 17.4