Financial Review

5-Year Financial Summary

5-Year Financial Summary ($'m) FY2013 FY2014 FY2015 FY2016 FY2017
Operating Surplus 35.9 39.9 19.7 81.9 35.9
Gross Surplus (after Government grants) 45.9 46.4 28.1 90.7 45.3
Net Surplus 38.2 38.5 23.3 75.2 37.6

Financial Highlights

For FY2017, the Authority recorded a net surplus of $37.6 million before other comprehensive income, a decrease of 50% over the $75.2 million in FY2016.

Operating Income

The Authority’s operating income comprised agency fees, regulatory fees, processing fees and other fees and charges. FY2017 operating income of $182.2 million was lower by 13% (or $27.1 million).

Operating Income FY2017 FY2016 Increase/ Decrease
$'m $'m $'m %
Agency Fees 88.3 88.7 (0.4) -
Regulatory Fees & Charges 83.6 112.6 (29.0) -26%
Other Fees & Charges 10.3 8.0 2.3 29%
Total 182.2 209.3 (27.1) -13%

Operating Expenditure

Operating expenditure of the Authority increased by 15% (or $18.9 million) to $146.3 million for FY2017.

Operating Expenditure FY2017 FY2016 Increase/ Decrease
$'m $'m $'m %
Expenditure on Manpower 58.8 57.8 1.0 2%
Maintenance of IT Systems & Services 23.7 21.5 2.2 10%
Expenditure relating to Agency Functions 36.1 21.4 14.7 69%
Rental Expenses 7.9 7.9 - -
Depreciation & Amortisation of Assets 8.2 7.3 0.9 12%
Project & Professional Fees 3.5 3.7 (0.2) -5%
Others 8.1 7.8 0.3 4%
Total 146.3 127.4 18.9 15%

Financial Position

As at 31 March 2018, the Authority’s financial position strengthened, with total equity at $346.4 million, an increase of $27.2 million from a year ago. This was mainly attributable to the net surplus of $37.6 million for FY2017, offset by the dividend paid to Government of $9.0 million in FY2017.

Total assets of the Authority stood at $441.9 million, whilst liabilities totalled $95.5 million.

Assets FY2017 FY2016 Increase/ Decrease
$'m $'m $'m %
Property, Plant & Equipment and Intangible Assets 24.8 23.0 1.8 8%
Other Non-Current Assets 3.4 6.1 (2.7) -44%
Current Assets 413.7 381.9 31.8 8%
Total 441.9 411.0 30.9 8%
Equity & Liabilities FY2017 FY2016 Increase/ Decrease
$'m $'m $'m %
Equity 346.4 319.2 27.2 9%
Non-Current Liabilities 6.1 4.4 1.7 39%
Current Liabilities 89.4 87.4 2.0 2%
Total 441.9 411.0 30.9 8%