SYDNEY PORTS CORPORATION ANNUAL REPORT 12

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58 Sydney PortS CorPoration noteS to the FinanCiaL StateMentS note 4. eXPenSeS Sydney PortS CorPoration finanCial rePort 2011/12 CorPoration ConSolidated CorPoration note Employee benefits expense Salaries and wages 38,484 34,312 34,302 Annual leave 12 3,228 2,858 2,865 Long service leave 12 1,722 1,367 1,371 Retirement benefits – defined benefit 15(d) 54 52 52 Retirement benefits – accumulation 3,328 2,899 2,908 Depreciation and amortisation expense 46,816 41,488 41,498 Depreciation 9(d) 29,025 22,668 22,621 Amortisation of intangible assets 10 2,019 1,223 1,223 Amortisation of prepaid licence fee 1,218 44 44 Other expenses 32,262 23,935 23,888 Service contractors 29,868 26,718 26,630 Indirect taxes 18,647 15,914 15,908 Utilities and communications 4,744 4,184 4,182 Insurance 3,078 3,093 2,992 Legal costs 1,725 993 993 Materials 1,946 2,106 2,087 Minimum lease payments – operating leases 3,293 3,129 3,129 Revaluation decrements – property, plant and equipment 9(d) 68 4,085 4,085 Directors’ remuneration 21 312 330 330 Auditor’s remuneration – audit of financial statements 194 202 198 Impairment of trade receivables, net of recovery 7(a) 448 231 231 Impairment of asset held for sale 8 1,497 – – Consultants’ fees 19 – 206 206 Net loss/(gain) on sale of property, plant and equipment 6 (21) (21) Channel fees 3,917 3,665 3,665 Onerous contract expense 12 (2,212) – – Other operations and services 5,786 6,658 6,643 Finance costs 73,317 71,493 71,258 Finance cost on debts and borrowings 48,197 13,165 13,165 Unwinding of discount on provisions 384 625 625 Other 18 20 20 48,599 13,810 13,810 Total expenses 200,994 150,726 150,454 2012 $000 2011 $000 2011 $000
note 5. inCome taX eQUivalent eXPenSe CorPoration ConSolidated CorPoration (a) Income tax equivalent expense Major components of income tax equivalent expense for the periods ended 30 June 2012 and 30 June 2011 are: Charged to profit or loss Current income tax Current income tax equivalent expense Adjustments in respect of current income tax equivalent expense 16,802 24,368 24,325 of previous years Deferred income tax (1,183) (411) (411) Relating to origination and reversal of temporary differences Income tax equivalent expense charged to profit or loss in the 7,440 7,414 7,435 statement of comprehensive income (b) Amounts charged or credited directly to equity Deferred income tax 23,059 31,371 31,349 Defined benefit superannuation (9,558) (138) (138) Net gain on revaluation of land and buildings 14,893 22,024 22,024 Financial instruments Income tax equivalent expense charged directly to items in other 549 515 515 comprehensive income in the statement of comprehensive income (c) Numerical reconciliation between aggregate tax expense recognised in profit or loss in the statement of comprehensive income and tax expense calculated per the statutory income tax rate A reconciliation of income tax equivalent expense applicable to accounting profit before income tax equivalent expense at the statutory income tax equivalent rate to income tax equivalent expense at the Corporation’s effective income tax equivalent rate for the periods ended 30 June 2012 and 30 June 2011 is as follows: 5,884 22,401 22,401 Accounting profit before income tax equivalent expense 75,504 104,859 105,649 At the statutory income tax equivalent rate of 30% (2011: 30%) Adjustment in respect of current income tax equivalent expense 22,651 31,457 31,695 of previous years (1,183) (411) (411) Derecognition/recognition of temporary differences 1,088 227 227 Non assessable distribution from subsidiary – – (260) Non deductible expenditure 5 19 19 Property, plant and equipment 498 79 79 At effective income tax equivalent rate of 31% (2011: 30%) Income tax equivalent expense reported in profit or loss in the 23,059 31,371 31,349 statement of comprehensive income 23,059 31,371 31,349 2012 $000 2011 $000 2011 $000 Sydney PortS CorPoration finanCial rePort 2011/12 59
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18 17 16 15 14 13 SYDNEY PORTS CORP
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TABLE OF CONTENTS HIGHLIGHTS 2 OvER
Page 5 and 6:
OvErvIEw SYDNEY PORTS mANAgES ThE C
Page 7 and 8:
TrADE HIGHLIGHTS totaL Container tr
Page 9 and 10: imPort CommoditieS 2011/12 (teUs) f
Page 11 and 12: CHIEF EXECUTIvE OFFICEr’S rEPOrT
Page 13 and 14: Mr Yassine holds other non-executiv
Page 15 and 16: exeCutive generAl mAnAger, mArine s
Page 17 and 18: CUSTOMEr SErvICE CHArTEr FOllOwINg
Page 19 and 20: MArINE SErvICES mARINE SERvICES mAI
Page 21 and 22: SECUrITY wITh ITS AROuND-ThE-ClOCk
Page 23 and 24: POrT BOTANY LANDSIDE IMPrOvEMENT ST
Page 25 and 26: N 0 200 400 Metres 600 800 Mill Str
Page 27 and 28: INTErMODAL LOGISTICS CENTrE AT ENFI
Page 29 and 30: CrUISE IN DECEmBER 2011, SYDNEY wAS
Page 31 and 32: SUSTAINABILITY SYDNEY PORTS’ mAIN
Page 33 and 34: MAPS PORT BOTANY PORT FACILITIES AN
Page 35 and 36: Sydney HarboUr PreCinCtS and tenant
Page 37 and 38: CookS river raiL yardS A B maritime
Page 39 and 40: Port of eden Boydtown East Boyd Tow
Page 41: metroPoLitan road and raiL LinkS 50
Page 44 and 45: 42 BeGinninG oF audited FinanCiaL S
Page 46 and 47: 44 Sydney PortS CorPoration StateMe
Page 48 and 49: 46 Sydney PortS CorPoration noteS t
Page 88 and 89: Sydney PortS CorPoration indePenden
Page 90 and 91: 88 Sydney PortS CorPoration StateMe
Page 92 and 93: 90 Sydney PortS CorPoration Statuto
Page 102 and 103: 100 Sydney PortS CorPoration Statut
Page 104 and 105: 102 Sydney PortS CorPoration Statut
Page 106 and 107: 104 Sydney PortS CorPoration iNDeX
Page 108: Corporate office and address L4, 20
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SYDNEY PORTS CORPORATION ANNUAL REPORT 12

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