Environment and Primary Industries. <pp> 30 Part 5 Summary of financial Performance Financial Performance and Position Summary ($'000) 2013 2012 2011 2010 2009 Revenue from Government 16,576 20,979 16,910 37,104 53,512 Other revenue 32,489 26,777 26,726 28,199 25,198 Total income 49,065 47,756 43,636 65,303 78,710 Total expenses 37,298 43,706 52,749 60,947 78,905 Net result for the period 11,767 4,050 (9,113) 4,356 (195) Net cash flow from operating activities 13,607 4,281 (107) 15,919 (13,658) Total assets 47,944 32,769 28,794 37,970 37,073 liabilities 8,888 5,480 5,555 5,618 9,077 Significant changes in financial performance and position during the year and subsequent events Revenue increased marginally, while the reduction in expenditure ($6.4m) was due largely to reduced program activity, as a result of delayed project approvals and launches. SV will continue to deliver its three-year strategic plan (SV2015) following the completion of the first year in 2012 to 13. In December 2012, the Victorian Budget update 2012 to 13 announced the efficiency measure "supporting sustainability Victoria's functions more efficiently", which provided us the opportunity to renew our focus on frontline service delivery while achieving back office cost savings. On 31 July 2013, the board of SV approved the sale of 88,100 renewable energy certificates held by SV, with the proceeds to be forwarded to the department of environment and primary industries as part of SV's response to the efficiency measure announced in the Victorian state Budget update 2012 to 13. This sale occurred on 22 August 2013 and the impact has been built into SV's forward budgets. The Ministerial Advisory Committee on Waste and Resource Recovery Governance Reform delivered its final report to the Honourable Ryan Smith MP, Minister for Environment and Climate Change, on 31 May 2013. The government has supported the majority of the recommendations, which include strengthening SV's role in waste planning and coordination and will be implemented over the next 12 to 18 months. The financial impact of the reforms cannot be measured at the date of
Environment and Primary Industries. <pp> 30 Part 5 Summary of financial Performance Financial Performance and Position Summary ($'000) 2013 2012 2011 2010 2009 Revenue from Government 16,576 20,979 16,910 37,104 53,512 Other revenue 32,489 26,777 26,726 28,199 25,198 Total income 49,065 47,756 43,636 65,303 78,710 Total expenses 37,298 43,706 52,749 60,947 78,905 Net result for the period 11,767 4,050 (9,113) 4,356 (195) Net cash flow from operating activities 13,607 4,281 (107) 15,919 (13,658) Total assets 47,944 32,769 28,794 37,970 37,073 liabilities 8,888 5,480 5,555 5,618 9,077 Significant changes in financial performance and position during the year and subsequent events Revenue increased marginally, while the reduction in expenditure ($6.4m) was due largely to reduced program activity, as a result of delayed project approvals and launches. SV will continue to deliver its three-year strategic plan (SV2015) following the completion of the first year in 2012 to 13. In December 2012, the Victorian Budget update 2012 to 13 announced the efficiency measure "supporting sustainability Victoria's functions more efficiently", which provided us the opportunity to renew our focus on frontline service delivery while achieving back office cost savings. On 31 July 2013, the board of SV approved the sale of 88,100 renewable energy certificates held by SV, with the proceeds to be forwarded to the department of environment and primary industries as part of SV's response to the efficiency measure announced in the Victorian state Budget update 2012 to 13. This sale occurred on 22 August 2013 and the impact has been built into SV's forward budgets. The Ministerial Advisory Committee on Waste and Resource Recovery Governance Reform delivered its final report to the Honourable Ryan Smith MP, Minister for Environment and Climate Change, on 31 May 2013. The government has supported the majority of the recommendations, which include strengthening SV's role in waste planning and coordination and will be implemented over the next 12 to 18 months. The financial impact of the reforms cannot be measured at the date of
Annual-Report-SV-2012-13-Word.docx