SYDNEY PORTS CORPORATION ANNUAL REPORT 12

note 12. ProviSionS
CorPoration CorPoration
Current
Employee benefits 12,668 11,925
Provision for onerous contract 770 1,337
Non-current
13,438 13,262
Employee benefits 1,431 1,038
Provision for onerous contract 1,104 3,921
Provision for make good 477 416
3,012 5,375
Employee benefits
Employee benefits relate to annual leave, long service leave, termination and other employee benefits. Refer to note 2(s) for
the relevant accounting policy and discussion of the significant estimations and assumptions applied in the measurement
of this provision.
Provision for onerous contract
The provision for onerous contract arises from a non-cancellable lease where the unavoidable costs of meeting the lease
contract exceed the economic benefits to be received from it at the statement of financial position date. A write-back of
$2.340 million was recognised in the current financial year due to the sublease of the vacated premises during the year.
Provision for make good
A provision was raised in respect of the Corporation’s obligation to remove leasehold improvements from its leased
office premises.
Movement in provisions
BalanCe
30 JUne 2011
$000
CUrrent
Charge/
(write-BaCk)
to Profit
or loSS
$000
PaymentS
made
$000
CUrrent
Charge to
ConStrUCtion
in ProgreSS
$000
2012
$000
tranSfer
from roadS
and maritime
ServiCeS
$000
2011
$000
BalanCe
30 JUne
2012
$000
Current
Employee benefits
Annual leave 3,995 3,228 (3,054) 117 52 4,338
Long service leave 7,857 1,329 (995) 67 72 8,330
Other 73 65 (138) – – –
Provision for onerous contract 1,337 (567) – – – 770
Non-current
Employee benefits
13,262 4,055 (4,187) 184 124 13,438
Long service leave 1,038 393 – – – 1,431
Provision for onerous contract 3,921 (2,817) – – – 1,104
Provision for make good 416 61 – – – 477
5,375 (2,363) – – – 3,012
Sydney PortS CorPoration finanCial rePort 2011/12 67