Financial & performance summary

Financial summary

Landgate finished 2014/15 in a sound financial position. Revenue has met expectation despite the uncertainty in the state’s property market, particularly in the second half of the financial year. Management has maintained focus on delivering an efficient and effective operating environment with continued investment in the strategic reform of the authority to build a better Landgate for our customers, our people and the community.

Landgate delivered a gross profit of $29.8m, 15% above budget despite a weaker than expected property market. This positive outcome compares favourably with last year’s result, considering challenging trading conditions and additional expenditure. The increase in expenditure was associated with strategic business improvement initiatives to deliver future benefits for customers and the community.

Customer revenue of $128.6m is primarily driven by activity in the state’s property market. This year’s result is slightly down compared to last year due to the weakening market, though overall, revenue finished 3.3% above target.

Landgate’s net assets have grown to $201.4m, representing a 3.2% increase on the previous year. This was achieved mainly through continued positive retained earnings and the strengthening of the authority’s asset position relative to liabilities.

Capital expenditure during the year totaled $19.9m. This investment supports strategic initiatives such as e-conveyancing, reforms to the Strata Titles Act 1985, and Landgate’s business improvement program Transform. Capital investment was also made to increase the delivery of online services and improve the quality and accessibility of location information across agencies and industry.

Gross profit ($m)

Graph showing gross profit from 2011 to 2015. The 2011 profit was $0.9 million, the 2012 profit was $20.9 million, the 2013 profit was $38 million, the 2014 profit was $40.6 million and the 2015 profit was $29.8 million.

Our profit

Landgate delivered a gross profit of $29.8m which was 15% above budget. This year’s positive outcome compares favourably to the last two years in light of the weakening property market impacting revenue and additional expenditure to support strategic initiatives.

Net assets ($m)

Graph showing net assets from 2011 to 2015. In 2011 the value of net assets was $108.1 million, in 2012 the value of net assets was $130.3 million, in 2013 the value of net assets was $166.8 million, in 2014 the value of net assets was $196.2 million and in 2015 the value of net assets was $201.7 million.

Our net assets

Landgate’s net assets have grown to $201.4m, representing a 3.2% increase on the previous year. This strong financial position allows continuing investment in the efficient delivery of services. It will also allow for further diversification and enhancement in the range of products and services available to the community. The strong net asset position will also enable Landgate to contribute to the state’s finances through the payment of income and payroll taxes and dividends to the government.

Our expenditure ($m)

Graph showing Landgate's expenditure. Employee benefits expenditure was $81.1 million (57%), Supplies and services expenditure was $29.3 million (21%), Other expenses were $10.7 million (7%), Depreciation and amortisation was $9.8 million (7%), Investment costs were $5.4 million (4%), Accommodation expenditure was $4.1 million (3%), Finance costs were $2.1 million (1%).

Our expenditure

Landgate continues to proactively manage expenditure and finished within 1.2% of its original budget. This was despite additional costs associated with its strategic business improvement initiatives that will lead to long term cost savings within Landgate’s two largest cost categories (Employee benefits and IT costs within supplies and services), with the goal of building a better Landgate for all stakeholders.

Our revenue ($m)

Graph showing Landgate's revenue. Customer revenue - registrations was $104.5 million (60%), State government funding was $30.5 million (18%), Customer revenue - valuations was $14.3 million (8%), Other revenue was $13.6 million (8%), Customer revenue - other was $9.9 million (6%).

Our revenue

Landgate’s operating revenue exceeded the target by 3.3%. This was at a similar level to the previous financial year, mainly due to revenue from the reclassification adjustment of the authority’s investment in PEXA Ltd, which offset the decline in revenue from registrations, searches and valuations. Landgate also received service appropriation from the State Government, comprising 18% of total revenue which is comparable to last financial year.

Performance summary

Landgate’s key services include land information, valuation and access to government location information.

Land registration and information services are delivered to ensure the state’s administrative, commercial and social systems are supported by a land information base and certainty of ownership and other interests in land.

Average cost per land registration action

Graph showing average cost per land registration action. In 2011 the average cost was $39.69, in 2012 it was $36.84, in 2013 it was $31.67, in 2014 it was $30.05, in 2015 the actual cost is $34.42 and the target is $31.38. 

Land registration actions

The actual average cost per land registration action of $34.42 for this financial year was 9.7% above the target of $31.38. This was due to a number of factors including the reduction in the expected number of land registration actions and an increase in costs associated with Landgate’s strategic business improvement initiatives.

Average cost per land information action

Graph showing average cost per land information action. In 2011 the average cost was $18.49, in 2012 it was $15.67, in 2013 it was $16.80, in 2014 it was $19.25, in 2015 the actual cost is $20.86 and the target is $18.65. 

Land information actions

The actual average cost per land information action for this financial year was $20.86, which was 11.8% above the target of $18.65. This was due to a decrease in the expected amount of land information collected, together with an increase in total costs for delivering this service as a result of Landgate’s reform programs.

Independent valuations support the collection of rates and taxes and government’s management of property assets.

Average cost per valuation

Graph showing average cost per valuation. In 2011 the average cost was $12.80, in 2012 it was $18.92, in 2013 it was $14.91, in 2014 it was $13.55, in 2015 the actual is $18.92 and the target is $19.05. 

Valuations completed

The 2014/15 actual cost per valuation was $18.92 which was 13 cents below the target of $19.05, collectively due to an increase in valuations made, internal efficiencies and expenditure restraint.

Coordinating the capture and delivery of government location information.

Average cost of co-ordinating the SLICP per request for capture

Graph showing the average cost of co-ordinating the SLICP per request for capture. In 2012 the average cost was $6,834, in 2013 it was $8,924, in 2014 it was $10,644, in 2015 the actual is $4,233 and the target is $10,041. 

Requests by agencies for data capture through the State Land Information Capture Program (now known as Capture WA)

The 2014/15 actual average cost of $4,233 for coordinating SLICP requests for capture was significantly lower than the target of $10,041 due to an increase in capture requests received, together with reduced overhead costs associated with delivering the program.

Average cost per gigabyte of information delivered by SLIP

Graph showing Average cost per gigabyte of information delivered by SLIP. In 2012 the average cost was $987, in 2013 it was $933, in 2014 it was $1,487, in 2015 the actual is $1,117 and the target is $1,160. 

Information delivered by Shared Location Information Platform (SLIP)

The 2014/15 actual average cost per gigabyte of information delivered through SLIP of $1,117 was slightly lower than the target of $1,160. This was due to an increase in the information delivered through SLIP during the year, which offset an increase in costs associated with supporting and maintaining the SLIP service.

This page was last updated on: 28 Jul 2018