APPENDIX F

ESTIMATED OUTCOME FOR DISCONTINUED AGENCIES

RHODIUM ASSET SOLUTIONS LIMITED
Objectives
Rhodium Asset Solutions Limited (Rhodium) provides fleet management and leasing services to the ACT Government, a number of Commonwealth Government agencies and various private organisations.
At the time the 2007‑08 Budget was prepared, Rhodium was expected to be sold by 30 June 2007.  Therefore, no estimates were provided in the 2007‑08 Budget Papers for the 2007‑08 financial year.
Whilst there have been unforseen delays in the sale, the Government expects Rhodium to be sold by 30 June 2008.  However, the Government is not in a position to pre-empt the financial arrangements of Rhodium until the confirmatory due diligence and negotiations with the prospective new owner have been finalised.  As a result, Rhodium’s assets and liabilities have been removed to reflect the sale of the company as a going concern.  This adjustment has been reflected as Restructure of Rhodium in Rhodium’s Operating Result.
Estimated Employment Level

2007-08
Budget
			2007-08
Est. Outcome	2008-09
Budget	
0		Staffing  (FTE) 	39	0	

Rhodium Asset Solutions Ltd	
Operating Statement	
  2007-08			  2007-08	   2008-09		  2009-10	  2010-11	  2011-12		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		Income								
		Revenue								
0		User Charges - Non ACT Government	16,323	0	-100	0	0	0		
0		User Charges - ACT Government	6,335	0	-100	0	0	0		
0		Interest	222	0	-100	0	0	0		
0		Other Revenue	515	0	-100	0	0	0		
0		Total Revenue	23,395	0	-100	0	0	0		
		Gains								
0		Total Gains	0	0	-	0	0	0		
0		Total Income	23,395	0	-100	0	0	0		
		Expenses								
0		Employee Expenses	1,928	0	-100	0	0	0		
0		Superannuation Expenses	218	0	-100	0	0	0		
0		Supplies and Services	4,513	0	-100	0	0	0		
0		Depreciation and Amortisation	4,598	0	-100	0	0	0		
0		Borrowing Costs	5,188	0	-100	0	0	0		
0		Cost of Goods Sold	5,950	0	-100	0	0	0		
0		Other Expenses	6,653	0	-100	0	0	0		
0		Total Ordinary Expenses	29,048	0	-100	0	0	0		
0		Operating Result From Ordinary Activities	-5,653	0	100	0	0	0		
0		Income Tax Equivalent	250	0	-100	0	0	0		
0		Operating Result	-5,903	0	100	0	0	0		

Rhodium Asset Solutions Ltd	
Cash Flow Statement	
  2007-08			  2007-08	   2008-09		  2009-10	  2010-11	  2011-12		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
0		User Charges	77,829	0	-100	0	0	0		
0		Interest Received	219	0	-100	0	0	0		
0		Other Revenue	17,463	0	-100	0	0	0		
0		Operating Receipts	95,511	0	-100	0	0	0		
		Payments								
0		Related to Employees	2,166	0	-100	0	0	0		
0		Related to Supplies and Services	34,071	0	-100	0	0	0		
0		Borrowing Costs	6,197	0	-100	0	0	0		
0		Other	59,709	0	-100	0	0	0		
0		Operating Payments	102,143	0	-100	0	0	0		
0		NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES	-6,632	0	100	0	0	0		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Receipts								
0		Proceeds from Sale of Property, Plant & Equipment	2,518	0	-100	0	0	0		
0		Investing Receipts	2,518	0	-100	0	0	0		
		Payments								
0		Purchase of Property, Plant and Equipment	367	0	-100	0	0	0		
0		Investing Payments	367	0	-100	0	0	0		
0		NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES	2,151	0	-100	0	0	0		
0		NET INCREASE/(DECREASE) IN CASH HELD	-4,481	0	100	0	0	0		
0		CASH AT BEGINNING OF REPORTING PERIOD	4,481	0	-100	0	0	0		
0		CASH AT THE END OF THE REPORTING PERIOD	0	0	-	0	0	0		

Rhodium Asset Solutions Ltd	
Statement of Changes in Equity	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/08			as at 30/6/08	as at 30/6/09	   Var	as at 30/6/10	as at 30/6/11	as at 30/6/12		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
0		Opening Balance	5,903	0	-100	0	0	0		
		Accumulated Funds								
0		Operating Result for the Period	-5,903	0	100	0	0	0		
		Reserves								
0		Total Income And Expense For The Period	-5,903	0	100	0	0	0		
		Transactions Involving Equity Holders Affecting Accumulated Funds								
0		Closing Balance	0	0	-	0	0	0		
Notes to the Budget Statements
The decrease in the 2008‑09 Budget from the estimated outcome for the 2007‑08 financial year is due to the expectation that Rhodium will be sold by 30 June 2008.