AnnuAl REPORT 2011-2012 - Sbs

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NOTES TO THE FINANCIAL STATEMENTS (w) Jointly controlled entities Joint ventures are accounted for using the equity method in accordance with AASB 131 “Interests in Joint Ventures” and the FMOs. Further details relating to its joint venture with the Australian Broadcasting Corporation (National DAB Licence Company Ltd) are provided in Note 7(d)(ii). (x) Financial liabilities Financial liabilities are classified as ‘other financial liabilities’ in accordance with AASB 139 “Financial Instruments: Recognition and Measurement”. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Financial assets are recognised and derecognised upon trade date. Other financial liabilities Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. The fair value of loans from Government is deemed to be the initial principal amount. The Corporation does not have any commercial bank loans. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Loans are classified as current liabilities unless the Corporation has the unconditional right to defer settlement for at least 12 months after the balance sheet date. Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced). Standard settlement terms are 30 days commercial. (y) taxation The Corporation is not subject to income tax. Its controlled entity, STV Ltd, is subject to payroll and income tax – see Note 6. 86 SBS The Corporation, as well as its controlled entity, STV Ltd, are subject to fringe benefits tax (FBT) and goods and services tax (GST). Tax expense comprises current and deferred tax. Current and deferred tax are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the declaration of dividends. The current and deferred tax amounts are measured by reference to the carrying amounts of the assets and liabilities in its balance sheet. Deferred tax assets arising from unused tax losses are recognised to the extent that it is probable that future taxable profits of the taxable entity will be available against which the asset can be utilised. Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except: (i) where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of an asset or as part of an item of expense; or (ii) for receivables and payables which are recognised inclusive of GST. The net amount of GST receivable from the ATO is included as a financial asset in the balance sheet while any net amount of GST payable to the ATO is included as a liability in the balance sheet. In the cash flow statement, the GST components arising from investing and financing activities which are recoverable from or payable to the ATO are classified as operating cash flows. (z) Foreign currency The financial statements are presented in Australian dollars, and transactions denominated in a foreign currency are converted at the effective exchange rate on the date of the transaction. Exchange gains and losses are reported in profit or loss. As the Corporation does not hedge account, movements do not go through Other Comprehensive Income.
(aa) Contingent liabilities and Contingent Assets Contingent assets and contingent liabilities are not recognised in the balance sheet but are disclosed in the relevant schedule and Note 19: Contingent Liabilities and Assets. They may arise from uncertainty as to the existence of an asset or liability, or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote. (ab) Comparative figures Comparative figures are, where applicable, restated to reflect the current year presentation of the financial statements. 2. Events after the reporting period On 1 July 2012, the Corporation purchased all assets and liabilities of its controlled entity, STV Ltd. This was done for administrative efficiency only, with a view to STV Ltd being wound up in due course. The effect of all transactions within the economic entities are eliminated in full, and have no financial impact on the economic entity’s consolidated result. 3. Operating expenses 3(a) employee benefits and average staffing level Average staffing level COnSOlIDAteD CORpORAtIOn 2012 2011 2012 2011 The average staffing levels for the Corporation and the consolidated entity during the year were: 862 848 833 824 Notes COnSOlIDAteD CORpORAtIOn 2012 $’000 2011 $’000 2012 $’000 2011 $’000 employee benefits Wages and salaries 71,953 68,989 69,700 66,749 Superannuation (Defined Contribution Plans) 1(k) 9,953 9,174 9,735 9,174 Leave and other entitlements 1(j) 10,527 9,160 10,337 9,160 total basic remuneration for services provided 92,433 87,323 89,772 85,083 AnnuAl RepoRt 2011 – 2012 87
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AnnuAl REPORT 2011-2012
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ExPlORing ThE wORld wiTh sbs... ThR
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AnnuAl RepoRt 2011 - 2012 3
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ChAiRmAn And mAnAging diRECTOR’s
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niTv jOinEd sbs On july 1, 2012 AhE
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sbs budgET bOOsT SBS welcomed a $15
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nEw-lOOk sTudiO And AuTOmATEd COnTR
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uniTing COmmuniTiEs ThROugh inTERnA
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OARd OF diRECTORs The SBS Board of
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Michael ebeid - Managing Director M
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OuR sTRATEgiC PRiORiTiEs This Annua
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Goal 1 TO dEEPEn AusTRAliAns’ Eng
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SbS cQ is an extension of SbS progr
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Significant coverage for the year i
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Goal 1: Objective 1.2 To create mor
Page 37 and 38: SBS acquired programming SbS has ac
Page 39 and 40: Studio StUDiO is an SbS subscriptio
Page 41 and 42: The Family SbS Radio supported the
Page 43 and 44: Goal 2 To GRoW aUDIENCES Objectives
Page 45 and 46: SBS International Program Sales SbS
Page 47 and 48: Transmission SBS television service
Page 49 and 50: Goal 2: Objective 2.2 For australia
Page 51 and 52: Goal 2: Objective 2.3 For more aust
Page 53 and 54: Organisation AnnuAl RepoRt 2011 - 2
Page 55 and 56: Contractor management system SbS ha
Page 57 and 58: Online advertising Online advertisi
Page 59 and 60: GovERNaNCE Statement on governance
Page 61 and 62: Expenditure by Classification 80% 6
Page 63 and 64: Health and Safety Committees (HSC)
Page 65 and 66: SbS continued to play an active rol
Page 67 and 68: Financial Statements AnnuAl RepoRt
Page 69 and 70: STATEMENT BY THE DIRECTORS, CHIEF E
Page 71 and 72: Notes COnSOlIDAteD CORpORAtIOn 2012
Page 73 and 74: STATEMENTS OF CHANGES IN EQUITY for
Page 75 and 76: CASH FLOW STATEMENTS for the year e
Page 77 and 78: SCHEDULES OF COMMITMENTS as at 30 J
Page 79 and 80: SCHEDULES OF CONTINGENCIES as at 30
Page 81 and 82: 1. Summary of significant accountin
Page 83 and 84: In 2012, in line with Government po
Page 85 and 86: The classification depends on the n
Page 87: Depreciation and amortisation rates
Page 91 and 92: 3(c) Depreciation and amortisation
Page 93 and 94: 4. Own-source income 4(a) Sale of g
Page 95 and 96: 6. Income tax Notes 6(a) Income tax
Page 97 and 98: 6(e) Movement in temporary differen
Page 99 and 100: 7(c) Investments Notes COnSOlIDAteD
Page 101 and 102: 7(d) Other investments (cont.) Free
Page 103 and 104: 8(d) Analysis of property, plant an
Page 105 and 106: 8(d) Analysis of property, plant an
Page 107 and 108: 8(e) Inventories All inventories ar
Page 109 and 110: 9(b) Other payables (cont.) Total o
Page 111 and 112: 12. Cash flow reconciliation COnSOl
Page 113 and 114: 14. Directors remuneration Director
Page 115 and 116: 16(b) Average annual reportable rem
Page 117 and 118: 16(c) Other employees whose salary
Page 119 and 120: 18(c) net income and expense from f
Page 121 and 122: 18(e) Credit risk (cont.) The follo
Page 123 and 124: WeIghteD AveRAge eFFeCtIve RAte FIx
Page 125 and 126: APPENDICES Appendix 1 Multilingual
Page 127 and 128: SBS Radio analogue networks - weekl
Page 129 and 130: SBS TWo - 24 hours local iMPoRTed g
Page 131 and 132: APPENDIX 4 Programs commissioned fo
Page 133 and 134: APPENDIX 6 SBS ONE: Languages broad
Page 135 and 136: APPENDIX 8 SBS TWO: Languages broad
Page 137 and 138: APPENDIX 10 SBS Radio - Language pr
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APPENDIX 11 SBS Radio: Schedules an
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National Radio Network* MONDAY TuES
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APPENDIX 13 SBS TWO: Languages and
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SBS TWo LANguAgE COuNTRY HH:MM % LO
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APPENDIX 16 SBS ONE: Top 50 program
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APPENDIX 17 SBS Television: Audienc
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APPENDIX 17 (CONTINuED) average wee
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APPENDIX 18 SBS Online: Top 10 SBS
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APPENDIX 20 SBS DVD titles: Top sel
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AREA SERVED CHANNEL Beswick* 63 Bic
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AREA SERVED CHANNEL Elizabeth South
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AREA SERVED CHANNEL Mandurah 54 Man
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AREA SERVED CHANNEL Nowra North 63
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AREA SERVED CHANNEL South Australia
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APPENDIX 23 SBS analogue radio serv
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AREA SERVED CHANNEL South Australia
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Chevron Choosi Chorus Line Chrysler
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Qld Dept of Justice & Attorney gene
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APPENDIX 25 SBS Television: Program
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PROgRAM SPONSORS Iron Chef, The (Se
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PROgRAM SPONSORS Speedweek 2012 Hig
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APPENDIX 26 SBS Online: Advertisers
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Musiktrafik My Wardrobe NSW Attorne
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APPENDIX 29 SBS outside broadcasts
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indEx OF AnnuAl REPORT REQuiREmEnTs
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