2009-10 Annual Report - Australia Post

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stAtutory rePortinG reQuirements index (continued) for the year ended 30 June 2010 division 2 – General information about operations and activities (continued) section subject location pages s.10(1)(a)(iii) principal outputs and contributions chairman’s report Managing director’s report Financial results Key business results s.10(1)(b) current and future events and trends, including risks and opportunities our business chairman’s report Managing director’s report Financial results s.10(1)(c) significant events under s.15 of cac act Managing director’s report Financial results s.10(1)(d)(i) operational and financial results - principal outputs Managing director’s report Financial results s.10(1)(d)(ii) Major investing and financial activities chairman’s report Managing director’s report Financial results s.10(1)(d)(iii) Financial and non-financial performance indicators Financial results community service obligations statutory report s.10(1)(e) significant changes in affairs or principal activities during the year n/a s.10(1)(f) significant developments since end of financial year n/a s.11(a) Judicial tribunal decisions that have had a significant impact n/a s.11(b) reports by the auditor-General, a parliamentary committee or commonwealth ombudsman 108 AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports Financial statements audit report performance standards audit s.12(1)(a)(i) any directions by responsible ministers during the financial year n/a s.12(1)(a)(ii) since the end of the financial year n/a s.12(1)(a)(iii) continuing from previous financial years n/a s.12(1)(b)(i) Government policies under s.28 of the cac act during the financial year n/a s.12(1)(b)(ii) since the end of the financial year n/a s.12(1)(b)(iii) continuing from previous financial years statutory report 109 s.13(1)(a)(i) significant changes in financial structure n/a s.13(1)(a)(ii) events that may affect future operating results n/a s.13(1)(b) dividends paid or recommended Financial results 10 Financial statements 77 s.13(1)(c) community service obligations community service obligations 98 division 3 – specific information s.14(1)(a) directors’ details corporate governance Board of directors 8 9 10–11 12 4–7 8 9 10–11 9 10–11 9 10–11 8 9 10–11 10–11 98 109–110 40–41 99–100 30 34–35 s.14(1)(b) directors’ meetings corporate governance 33 s.15(1) Main governance practices corporate governance 30–33 s.15(2) Board committee details (including audit committee) corporate governance 30 s.16(1)(a) indemnity for officers statutory report 109 s.16(1)(b) premium paid statutory report 109
stAtutory rePortinG reQuirements for the year ended 30 June 2010 introduction australia post is subject to various statutory reporting requirements under the Australian Postal Corporation Act 1989, the Commonwealth Authorities and Companies Act 1997, the Freedom of Information Act 1982, the Occupational Health and Safety (Commonwealth Employment) Act 1991, the Superannuation Benefits (Supervisory Mechanisms) Act 1990, and the Environment Protection and Biodiversity Act 1999. the index on pages 106–108 shows where the relevant information can be found in this annual report. a number of matters are dealt with in the main body of the report. others are covered below. legislation the powers and functions of australia post are set out in sections 14 to 19 of the Australian Postal Corporation Act 1989 (the act). australia post’s principal function is to supply postal services within australia and between australia and other countries. australia post may also carry on any business or activity, either domestically or internationally, that relates or is incidental to the supply of postal services. indemnities and insurance premiums for directors and officers australia post has in place a directors’ and officers’ liability insurance policy. the policy, which expires on 31 october 2010, provides cover in respect of any person who is or was a director or officer of australia post when acting in these capacities. australia post also maintains a separate insurance policy which provides cover to all former directors or officers of the corporation. this policy, which expires on 31 october 2019, provides cover in respect of any matters arising from the time such persons were a director or officer of australia post. confidentiality requirements within the insurance contracts prohibit any additional disclosures. directors of australia post are also indemnified by the corporation to the extent permitted by law against any liability incurred in their capacity as a director. Corporate plan each year, australia post prepares a rolling three-year corporate plan. the 2009–10 plan and associated statement of corporate intent were submitted to the shareholder ministers in June 2009. objective our primary objective is to provide high-quality, efficient services to the community. as much as possible, we will also grow dividends and enhance shareholder value. strategies the corporation has pursued strategies aimed at revenue growth and cost restraint within our three product portfolios: letters & associated services, parcels & logistics, and agency services & retail merchandise. the strategies and their main programs of work are as follows. 1 support and promote the letter value chain, and develop opportunities in the wider communications market by: • extracting costs from the letter business • protecting our existing mail volumes • developing an identity-verified secure communications capability. 2 optimise our return from our unique set of distribution and logistics businesses and extend our reach and capability to meet market demand by: • growing parcels revenue from our enhanced eparcel service, enhanced product features and price increases • continuing our logistics cost reduction and warehouse consolidation programs • exploiting international growth opportunities through our Kahala postal Group alliance and our sai cheng operations. 3 reposition our agency services and retail merchandise business to provide multi-channel service offers supported by retail merchandise. this will be achieved by expanding our existing identity and trust-based services to offset a decline in over-the-counter bill payments. targets Key financial and non-financial performance measures set out in the plan were: • profit before tax of $290.1 million in the first year of the plan • dividends paid of $157 million in the first year of the plan. specific targets for 2009–10 and performance against these targets were as follows. Performance indicator target Performance on-time letter delivery 94% 96.1% profit before tax $290.1 million $103 million return on average operating assets 8.5% 3.8% ordinary dividend declared for 2009–10 $158.2 million $79.1 million Government policies in February 2004, the Minister of communications, information technology and the arts provided formal notification under section 28 of the Commonwealth Authorities and Companies Act 1997 that the Government’s national code for the construction industry and associated implementation guidelines were to apply to all construction-related activity undertaken by and on behalf of australia post. the notification has had no major impact on the corporation as australia post had, since their introduction in 1997, made compliance with the code and guidelines a condition of all of its construction related tenders. section 49 of the Australian Postal Corporation Act 1989 empowers the Minister to give the board written directions in relation to the performance of australia post’s functions as appear to be necessary in the public interest. no notification or direction has been issued under this provision. other government obligations Administrative law the cost of meeting commonwealth administrative requirements in 2009–10 is estimated at approximately $1.5 million. Postal industry ombudsman during 2009–10, the pio has estimated the cost of investigating complaints relating to australia post to be $240,000. ACCC record keeping the cost of the regulatory audit and compliance with the accc’s record keeping rules in 2009–10 is estimated at $520,000. AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports 109
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gETTing fuTuRE REAdY AuSTRAliA PoST
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AUSTRALIA POST HAS ALWAYS BEEN IN T
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OUR BUSINESS OUR CAPABILITIES AND B
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OUR BUSINESS THE YEAR IN REVIEW 6 A
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OUR BUSINESS CHAIRMAN’S REPORT Da
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OUR BUSINESS FINANCIAL REPORT Perfo
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our Business Key Business results O
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CORE BUSINESSES In 2009-10, our 4,4
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CORE BUSINESSES LETTERS & ASSOCIATE
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CORE BUSINESSES AGENCY SERVICES & R
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core Businesses aGenCY seRViCes & R
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CORE BUSINESSES PARCELS & LOGISTICS
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CORPORATE RESPONSIBILITY Some key r
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CorPorAte governAnCe General austra
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BOARD OF DIRECTORS David A Mortimer
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FINANCIAL AND STATUTORY REPORTS 36
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FinAnCiAl And stAtutory rePorts for
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stAtement oF ComPrehensive inCome f
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CAshFlow stAtement for the year end
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sChedule oF Commitments as at 30 Ju
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2009-10 Annual Report - Australia Post

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