2009-10 Annual Report - Australia Post

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notes to And ForminG PArt oF the FinAnCiAl rePort For the year ended 30 June 2010 6 Current assets – trade and other receivables Goods and services receivable (1) allowance for doubtful debts proceeds receivable Finance lease receivable (refer note 30 (ii)) interest receivable trade receivables from controlled and jointly controlled entities (refer note 28) income tax receivable other receivables (2) 64 AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports 2010 $m 351.4 (4.2) consolidated corporation 2009 $m 350.7 (5.0) 2010 $m 333.9 (3.2) 2009 $m 325.7 (4.0) 347.2 345.7 330.7 321.7 total current assets 369.2 390.4 354.2 366.6 receivables not impaired are aged as follows not past due past due less than 30 days past due 30–60 days past due 61–90 days past due more than 90 days receivables individually determined to be impaired are aged as follows not past due past due less than 30 days past due 30–60 days past due 61–90 days past due more than 90 days movements in the allowance for doubtful debts during the financial year, are set out below Balance at 1 July charge for the year amounts written off – 6.5 0.9 1.4 5.5 7.7 337.8 11.5 8.8 0.8 10.3 24.2 6.5 1.2 1.5 – 11.3 342.3 14.1 2.7 4.8 26.5 – 6.5 0.9 3.5 5.5 7.1 327.9 8.0 8.1 0.6 9.6 24.2 6.5 1.2 2.3 – 10.7 329.5 7.5 1.8 4.0 23.8 369.2 390.4 354.2 366.6 0.4 – – 0.2 3.6 0.1 0.1 – – 4.8 0.3 – – 0.1 2.8 – 0.1 – – 3.9 4.2 5.0 3.2 4.0 Balance at 30 June 4.2 5.0 3.2 4.0 (1) Goods and services receivable are interest-free and are normally on settlement terms of between 10 and 30 days. included within goods and services receivable are international debtors, which are settled in accordance with universal postal union (upu) arrangements, which may be longer than 30 days. (2) receivables are interest-free with various maturities. 7 Current assets – inventories (held for sale) raw materials (at net realisable value) Work in progress (at cost) Finished goods (at net realisable value) total current inventories at lower of cost and net realisable value 44.1 50.1 44.1 50.1 inventory write-down expense recognised totalled $3.3 million (2009: $0.2 million) for the group and $3.3 million (2009: $0.2 million) for the corporation. this expense is included in the write-down of inventory. refer to note 3. 8 Other current assets prepayments Foreign currency exchange contracts total other current assets 78.1 62.7 75.8 61.4 5.0 0.2 (1.0) 1.1 1.1 41.9 77.7 0.4 4.5 0.8 (0.3) 1.2 1.2 47.7 62.6 0.1 4.0 0.1 (0.9) 1.1 1.1 41.9 75.4 0.4 3.5 1.3 (0.8) 1.2 1.2 47.7 61.3 0.1
9 Non-current assets – trade and other receivables (1) loans to controlled and jointly controlled entities (refer note 28) provision for impairment of loans to controlled and jointly controlled entities Finance lease receivable (refer note 30 (ii)) other receivables 2010 $m 130.7 (1.3) consolidated corporation 2009 $m 130.7 – 2010 $m 160.7 (31.1) 2009 $m 147.5 (16.6) 129.4 130.7 129.6 130.9 total non-current assets 227.1 228.6 227.3 228.8 (1) there are no non-current trade and other receivables that are past due (2009: $nil). there are no non-current trade and other receivables whose terms have been renegotiated that would otherwise be past due (2009: $nil). the terms of loans agreements with controlled entities are reviewed and updated prior to expiry or on an as-needs basis to ensure they are appropriate in light of the current financial position of the controlled entity. 10 Investments in controlled entities sprintpak pty ltd postcorp developments pty ltd Geospend pty ltd corprocure pty ltd post Fulfilment online pty ltd snapX pty ltd decipha pty ltd ap international holdings pty ltd postlogistics pte ltd australia post transaction services pty ltd post logistics australasia pty ltd lakewood logistics pty ltd printsoft holdings pty ltd printsoft development pty ltd printsoft products pty ltd printsoft americas, inc printsoft systems ltd printsoft solutions ltd program products services ltd printsoft sas printsoft systems Gmbh printsoft slovenska republika s.r.o printsoft ceska republika s.r.o printsoft italia srl note (1) (1) (1) (1) (1) (1) (2) (1) (4) (3) (1) (2) (5) (1) (2) (6) (1) (1) (3) (3) (3) (3) (3) (3) (3) (3) (3) country of incorporation australia australia australia australia australia australia australia australia hong Kong australia australia australia australia australia australia usa uK uK uK France Germany slovak republic czech republic italy 97.0 0.7 97.0 0.9 australian postal corporation investment amount 2010 $m 1.0 0.1 1.2 0.1 – 0.7 2.4 2.0 – – 10.0 – – – – – – – – – – – – – investments in controlled entities 17.5 43.3 2009 $m 97.0 0.7 2010 % 97.0 0.9 % of equity held by immediate parent (1) these entities are incorporated in australia and are small proprietary companies. as such, they are not required to prepare and lodge audited financial statements with the australian securities and investments commission (asic). (2) these entities are incorporated in australia and are large proprietary companies required to lodge audited financial statements with asic. (3) these entities are not audited by the australian national audit office. (4) during the year, the corporation provided $2.0 million against its investment (2009: $nil). (5) during the year, the corporation provided $10.0 million against its investment (2009: the corporation raised a provision of $33.1 million against its initial investment and invested a further $20.0 million). (6) during the year, the corporation provided $13.8 million against its investment (2009: the corporation provided $16.3 million against its investment). 1.0 0.1 1.2 0.1 – 0.7 2.4 4.0 – – 20.0 – 13.8 – – – – – – – – – – – 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 68.0 72.0 100.0 2009 % 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 68.0 72.0 100.0 AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports 65
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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
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AustrAliA Post - the stAtistiCs (co
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Page 120 and 121:
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index (CONTINUED) courier services;
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index (continued) r raw materials 5
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ABout tHis AnnuAl rePort editor/pro
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STAmP gAllERY 2009-10 Kokoda 20 Apr
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AuSTRAliA PoST AnnuAl REPoRT 2009-1
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2009-10 Annual Report - Australia Post

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