2009-10 Annual Report - Australia Post

More documents

Recommendations

Info

notes to And ForminG PArt oF the FinAnCiAl rePort For the year ended 30 June 2010 (gg) Financial guarantees Financial guarantees are initially measured at fair value. at each subsequent reporting date, they are carried at the higher of the initial fair value amount less cumulative amortisation or the amount determined under aasB 137: Provisions, Contingent Assets and Contingent Liabilities. the fair value of financial guarantee contracts discussed in note 18 has been assessed using a probability weighted discounted cashflow approach. in order to estimate the initial fair value under this approach, the following assumptions are made: • probability of default (pd): represents the likelihood of the guaranteed party defaulting over the terms of relevant agreements and is assessed based on historical default rates of companies rated by standard & poor’s. the range used in the model is between 0% and 5%. • loss Given default (lGd): represents the proportion of the exposure that is not expected to be recovered in the event of a default by the guaranteed party and is based on the result of studies into the recovery rate for unsecured debt obligations. the range used in the model is between 0% and 50%. • exposure at default (ead): represents the maximum loss that the corporation is exposed to if the guaranteed party was to default and is the maximum possible exposure at the time of default and hence equates to the values disclosed in note 18. • the discount rate adopted was based on the commonwealth Government bond yield. When the uncertainty associated with an assumption was sufficient to warrant consideration of a range of possible assumptions, the maximum in the range was used for valuation purposes. (hh) Contributed equity ordinary shares are classified as equity. incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. (ii) insurance Generally, the corporation self-insures its own risks. however, with respect to catastrophic losses, appropriate insurance coverage for both the corporation and its controlled entities has been arranged with general insurers. payments on account of losses and insurance premiums paid in any year are charged against revenue for the year. Where appropriate, the controlled entities insure their other risks with general insurers. (jj) Contingent liabilities and contingent assets contingent liabilities and contingent assets are not recognised in the balance sheet but are reported in the relevant schedules and notes. they may arise from uncertainty as to the existence of a liability or an asset or may represent an existing liability or asset in respect of which settlement is not probable or the amount cannot be reliably measured. contingent assets are reported when settlement is probable, and contingent liabilities are recognised when settlement is not considered remote. (kk) Comparatives Where necessary, comparatives have been reclassified and repositioned for consistency with current year disclosures. 58 AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports
2 Revenues and other income revenue: rendering of services to: related entities (1) external entities (2) 2010 $m 184.6 4,224.8 consolidated corporation 2009 $m 186.9 4,288.6 2010 $m 184.6 4,119.3 2009 $m 186.9 4,159.5 4,409.4 4,475.5 4,303.9 4,346.4 sale of goods to external entities (2) 344.0 370.9 339.7 361.9 interest income calculated using the effective interest method from: 4,753.4 4,846.4 4,643.6 4,708.3 cash on hand and promissory notes 15.4 24.1 15.1 23.9 loans and receivables 10.3 10.3 11.4 11.7 25.7 34.4 26.5 35.6 dividends received or receivable from jointly controlled entities – – 15.0 15.1 total revenue other income and gains: 4,779.1 4,880.8 4,685.1 4,759.0 rents from operating leases 32.6 32.4 33.1 32.9 other revenues and gains other services: related entities (government grants) (1) external entities (2) net gain on disposal of assets: land and buildings investment property change in fair value of interest rate swaps net foreign exchange gains – non-speculative total other revenues and gains 3.0 19.0 3.2 17.0 3.0 18.6 3.2 16.3 22.0 20.2 21.6 19.5 22.5 – 35.6 2.2 22.5 – 35.6 2.2 22.5 37.8 22.5 37.8 total other income and gains 77.1 93.7 77.2 93.2 total income 4,856.2 4,974.5 4,762.3 4,852.2 (1) related entities – related to the commonwealth Government. (2) external entities – not related to the commonwealth Government. – – 44.5 1.8 1.5 61.3 – – 44.1 1.8 1.2 60.3 AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports 59
Page 1:
gETTing fuTuRE REAdY AuSTRAliA PoST
Page 4 and 5:
AUSTRALIA POST HAS ALWAYS BEEN IN T
Page 6 and 7:
OUR BUSINESS OUR CAPABILITIES AND B
Page 8 and 9:
OUR BUSINESS THE YEAR IN REVIEW 6 A
Page 10 and 11: OUR BUSINESS CHAIRMAN’S REPORT Da
Page 12 and 13: OUR BUSINESS FINANCIAL REPORT Perfo
Page 14 and 15: our Business Key Business results O
Page 16 and 17: CORE BUSINESSES In 2009-10, our 4,4
Page 18 and 19: CORE BUSINESSES LETTERS & ASSOCIATE
Page 20 and 21: CORE BUSINESSES AGENCY SERVICES & R
Page 22 and 23: core Businesses aGenCY seRViCes & R
Page 24 and 25: CORE BUSINESSES PARCELS & LOGISTICS
Page 30 and 31: CORPORATE RESPONSIBILITY Some key r
Page 32 and 33: CorPorAte governAnCe General austra
Page 34 and 35: CorPorAte governAnCe incentive rewa
Page 36 and 37: BOARD OF DIRECTORS David A Mortimer
Page 38 and 39: FINANCIAL AND STATUTORY REPORTS 36
Page 40 and 41: FinAnCiAl And stAtutory rePorts for
Page 42 and 43: FinAnCiAl stAtements Audit rePort f
Page 44 and 45: stAtement oF ComPrehensive inCome f
Page 46 and 47: CAshFlow stAtement for the year end
Page 48 and 49: sChedule oF Commitments as at 30 Ju
Page 50 and 51: notes to And ForminG PArt oF the Fi
Page 100 and 101: Community serviCe oBliGAtions for t
Page 102 and 103: Auditor-GenerAl’s rePort - PerFor
Page 104 and 105: domestiC letter serviCe monitor (co
Page 106 and 107: survey CertiFiCAtion (continued) fo
Page 108 and 109: stAtutory rePortinG reQuirements in
Page 110 and 111:
stAtutory rePortinG reQuirements in
Page 112 and 113:
stAtutory rePortinG reQuirements (c
Page 114 and 115:
stAtutory rePortinG reQuirements (c
Page 116 and 117:
AustrAliA Post - the stAtistiCs (co
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
index (CONTINUED) courier services;
Page 124 and 125:
index (continued) r raw materials 5
Page 126 and 127:
ABout tHis AnnuAl rePort editor/pro
Page 128 and 129:
STAmP gAllERY 2009-10 Kokoda 20 Apr
Page 130:
AuSTRAliA PoST AnnuAl REPoRT 2009-1
show all

2009-10 Annual Report - Australia Post

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?