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Summary of our financial performance
Our operating result for 2008–09 was a surplus of $0.351m, which compares favourably with the budgeted zero result. The outcome was mainly due to lower-than-budgeted supplier expenses, offset by higher-than-expected employee and write-down expenses.
Our financial management focus continues to be on delivering maximum outputs within available funding and ensuring we continue to provide world-leading anti-doping programs through the efficient and effective use of resources.
While user-pays revenue increased by five per cent during 2008–09, overall revenue fell by three per cent, due to a reduction in appropriation revenue of four per cent (total revenue was $14.834m in 2007–08, $14.336m in 2008–09).
Operating expenses fell by seven per cent to $14.012m ($15.148m in 2007–08). This was predominantly due to a significant reduction in supplier expenses, following a tightening of activity after the mid-year review, offset by a two per cent increase in employee expenses. The mid-year tightening of activity has provided us with capital funds for an expanded level of capital purchases in 2009–10 and 2010–11.
We experienced a 16 per cent growth in net assets (from $2.924m in 2007–08 to $3.397m in 2008–09). The current assets/current liabilities ratio increased from 1.1 on 30 June 2008 to 1.5 on 30 June 2009.