SYDNEY PORTS CORPORATION ANNUAL REPORT 12

note 22. eventS after the rePorting Period
Except for the settlement of the sale of the land and buildings at the Harbour Control Tower site on 25 July 2012
(refer to note 8), there were no events occurring after the balance sheet date requiring disclosure.
note 23. aSSetS and liaBilitieS tranSferred from SUBSidiary
All employees of Sydney Pilot Service Pty Ltd were transferred to Sydney Ports Corporation on 1 July 2010. Provision for
employee benefits including annual leave and long service leave of $1.083 million were also transferred to Sydney Ports
Corporation at that date.
The vessel pilotage business of Sydney Pilot Service Pty Ltd was transferred to Sydney Ports Corporation on 1 September 2010.
As at 31 August 2010, the balance sheet of Sydney Pilot Service Pty Ltd was as follows:
31 aUgUSt 2010
$000
Assets
Cash and cash equivalents 525
Trade and other receivables 1,025
Property, plant and equipment 2,118
Intangible assets 4
Deferred tax equivalent assets 549
Total assets
Liabilities
4,221
Trade and other payables 2,205
Deferred tax equivalent liabilities 31
Total liabilities 2,236
Net assets
Equity
1,985
Contributed equity 1,120
Retained earnings 865
Total equity 1,985
note 24. diStriBUtion reSUlting from liQUidation of SUBSidiary
On 7 March 2011 the liquidators of Sydney Pilot Service Pty Ltd resolved that a distribution be made to its shareholders and
that this distribution be made by way of an in specie distribution of $1,985,619.
The distribution represents a return of Sydney Pilot Service Pty Ltd’s share capital of $1,120,000 and a dividend from
retained earnings of $865,619. Refer to note 1(b) and note 23.
Sydney PortS CorPoration finanCial rePort 2011/12 83