Annual Report - Screen Australia

FILM FINANCE CORPORATION AUSTRALIA LIMITED
6. CURRENT RECEIVABLES
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2008 ($) 2007 ($)
GST refund from Australian Taxation Office 652,605 959,022
Sundry receivables 60,449 175,864
Less: Provision against sundry receivables 33,000 −
7. CURRENT FILM LOANS
27,449 175,864
680,054 1,134,886
Film loans outstanding at the beginning of the year 1,304,563 344,008
Add, principal and interest for new loans in current year 243,740 969,911
Less, repayments of loans 20,990 9,356
1,527,313 1,304,563
Less: Allowance for impairment loss 988,547 980,361
538,766 324,202
Movements in allowance for impairment loss
Allowance for impairment loss at beginning of year 980,361 58,200
Add, charged to profit and loss 8,186 922,161
ALLOWANCE FOR IMPAIRMENT LOSS AT END OF YEAR 988,547 980,361
8. NON-CURRENT EQUITY FILM INVESTMENTS
Equity film investments at the beginning of the year 346,555,767 289,310,556
Add, new investments and additions to existing investments 70,896,454 63,553,042
Less, recouped from film makers 6,974,396 6,307,831
410,477,825 346,555,767
Less: Allowance for impairment loss 368,609,131 315,846,516
Total recoupments for the year ended 30 June 2008 were $8,543,036, which includes $1,568,640
which was taken directly to profit as the related investments had previously been written-off.
41,868,694 30,709,251
Movements in allowance for impairment loss
Allowance for impairment loss at beginning of year − investments 315,846,516 258,262,785
Add: charged to profit and loss 52,762,615 57,583,731
ALLOWANCE FOR IMPAIRMENT LOSS AT END OF YEAR 368,609,131 315,846,516
Comprising
Allowance for impairment loss − film loans 988,547 980,361
Allowance for impairment loss − equity film investments 368,609,131 315,846,516
369,597,678 316,826,877
9. PLANT AND EQUIPMENT
ABN 22 008 642 564
2008 ($) 2007 ($)
Computer equipment − at cost 245,456 232,754
Less, accumulated depreciation 188,752 192,918
NET CARRYING AMOUNT 56,704 39,836
Leasehold improvements − at cost 1,295,495 1,238,428
Less, accumulated depreciation 738,038 581,991
NET CARRYING AMOUNT 557,457 656,437
Motor vehicle − at cost 19,864 19,864
Less, accumulated depreciation 14,898 11,918
NET CARRYING AMOUNT 4,966 7,946
Office equipment − at cost 106,666 134,218
Less, accumulated depreciation 104,435 130,662
NET CARRYING AMOUNT 2,231 3,556
Office furniture and fittings − at cost 448,390 451,413
Less, accumulated depreciation 442,832 442,358
NET CARRYING AMOUNT 5,558 9,055
Video equipment - at cost 114,568 115,645
Less, accumulated depreciation 112,734 103,254
NET CARRYING AMOUNT 1,834 12,391
TOTAL NET CARRYING AMOUNT 628,750 729,221
Movements in plant and equipment
Net carrying amount at beginning of year 729,221 882,381
Add, additions at cost 103,923 43,760
833,144 926,141
Less disposals at cost 65,806 30,594
767,338 895,547
Add, depreciation adjustment on disposals 65,454 29,600
832,792 925,147
Less, amortisation and depreciation expense 204,042 195,926
NET CARRYING AMOUNT AT END OF YEAR 628,750 729,221
10. CURRENT PAYABLES
Accrued expenses 416,988 385,015
11. PROVISIONS
416,988 385,015
Current
Provision for employee benefits
Non-current
564,309 529,149
Provision for employee benefits 307,792 258,314
Provision for onerous film contracts 28,137,040 14,050,475
Provison for make good on leased premises 190,450 179,914
28,635,282 14,488,703
Make good provision. The company’s leased premises are required to be returned to the lessor in original
condition. The provision for make good is measured at the present value of the expected cost of
refurbishment as at each reporting date.
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