b'Restoring Financial Health(contd)Core operating expenses (excluding exchange losses,WemaintaingoodrelationshipswithourvendorsUWI MonaFY 2016-20 UWI MonaFY 2016-20financechargeanddepreciation)wereflat.TheyandseekthemostfavourablecredittermswhenStudent Registration Net Revenuemoved from $18.19B in 2018-2019 down to $18.14Bdoing business. For the most part they have been in 2019-2020. We achieved savings in some targetedvery supportive and willing to continue to exercise areas of spend. These were: patience and give us more time to settle our debts.Utilities - $310M The changes to the student tuition fees credit policy Hospitality & entertainment - $184M that were implemented in FY2019 had to be relaxed Staff Costs - $180M in the latter half of FY2020. This was necessary as Travel - $57M the effect of job losses took hold and affected many Tuition discounts - $35M students ability to keep up with their payment plans. ThesavingsindirectutilitycostsarosefromtheConsequently,theagingofstudentreceivablesis commissioningoftheCogenerationPlantinJulyshowing a deterioration year over year with $1.99B 104 2019. At the same time our finance costs increaseddue for more than 365 days. In FY2019 the over 365Annualised Growth Rate 2015-20: 2.2% Annualised Growth Rates: Govt 7.6%, Tution Fees 3.3%,105as the Plant is being leased from Pelican Power Ltddays category was valued at $1.56B. Spec Proj 0.9%, Comm Pos -1.1%under a 15-year lease agreement. The current ratio declined to 0.67 at year end. ThisTotal Net Revenue: 3.4%The savings in operating expenses helped to bluntwas a 4 percentage point reduction from FY2019.someofthenegativeeffectsofthelowrevenue growth. Thus we had an increase in net income beforeLooking Ahead UWI MonaFY 2016-20 UWI MonaFY 2016-20exchange differences, finance costs and depreciation. Thegrowthwas$358Mor46%.However,afterNet Income before Pension & PE benefits Total Comprehensive Incometaking these cost elements into account (includingIt is felt by many economic analysts that an economic post-employment benefits) we suffered a net loss ofrebound will not take place until sometime in calendar $1.53B. This was a $115M improvement over the netyear2022.Withtherolloutofvaccinesagainst loss of $1.65B that was posted in 2019. COVID-19 in calendar 2021 this expectation seems reasonableasitshouldresultintheremovalof Statement of Financial Position current physical restrictions. To be prepared for that Cashflowgenerationisourpriority.WegeneratedtheCampuswillcontinuetomakemajorchanges positivecashflowsfromoperatingactivitiesinto its cost structure that is heavily weighted toward the2019-2020FinancialYear(FY)of$1.53B.Thestaff costs and leave very little room for recurrent corresponding generation in 2018-2019 was a positiveexpenses.Wearealreadytargetingnon-core $0.82B.Nonetheless,withthecontractionintheactivities that are ripe for revenue growth even within economy due to the effects of COVID-19 we have hadthe current environment. to be flexible on both sides of the liquidity equation.ANNUAL REPORT 2019/20 Realigning our Resources with Resilience and Resourcefulness'