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 29 Financial and capital risk management (continued) (k) Fair value of financial assets and liabilities the fair value of financial assets and financial liabilities is based on market prices (where a market exists) or by discounting back the expected future cashflows using the applicable yield curve for assets and liabilities with similar risk profiles. Fair value of financial instruments not measured at fair value in the balance sheet except as detailed in the following table, the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the balance sheet approximates their fair value. 94 Carrying Amount $m AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports consolidated corporation 2010 2009 2010 2009 Fair value $m carrying amount $m Fair Value $m Carrying Amount $m Fair value $m carrying amount $m Financial assets Finance lease receivable loans to controlled and jointly 103.5 83.5 103.5 84.4 103.5 83.5 103.5 84.4 controlled entities Financial liabilities 129.4 133.5 130.7 133.8 129.6 133.7 130.9 134.0 Bonds payable 547.0 550.1 541.7 537.1 547.0 550.1 541.7 537.1 Fair value measurements recognised in the balance sheet the following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable: • level 1: fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. • level 2: fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable from the asset or liability, either directly (as prices) or indirectly (derived from prices). • level 3: fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Financial assets at fair value through profit or loss Foreign currency exchange contracts interest rate swaps Financial liabilities at fair value through profit or loss Foreign currency exchange contracts interest rate swaps commodity swaps level 1 $m there were no transfers between levels 1, 2 and 3 during the year. – – – – – level 2 $m 0.4 5.5 – 11.4 0.5 Fair Value $m corporation and consolidated 2010 2009 level 3 $m – – – – – level 1 $m – – – – – level 2 $m 0.1 9.7 1.2 18.9 – level 3 $m – – – – –
30 Leases (i) operating leases the corporation leases a total of 794 properties. these are under operating leases with various occupancy terms that are due to expire in the next one to ten years. the leased property portfolio comprises 19 commercial, 222 industrial, 8 residential, 537 retail and 8 general sites. leases generally provide the corporation with a right of renewal, at which time the commercial terms are renegotiated. lease payments generally comprise a base amount plus an incremental contingent rental based on movements in the consumer price index and reviews to market-based levels. Minimum lease payments contingent rentals 2010 $m 135.6 1.5 consolidated operating lease rentals (refer note 3) 137.1 128.5 Full details of the ageing of the group’s operating leases are contained in the schedule of commitments. (ii) Finance lease receivable the corporation has a finance lease receivable relating to the disposal in 1996–97 of the sydney Gpo heritage site under a 99-year lease. the agreement includes a seven-year rent-free period to the lessee, followed by a guaranteed minimum rental. reconciliation of minimum lease payments to lease receivable: Gross minimum finance lease rentals receivable Finance lease revenue not yet recognised 2010 $m 555.7 (452.2) Finance lease receivable (notes 6 and 9) 103.5 103.5 Minimum finance lease rentals receivable: (a) within one year (b) from one year to five years (c) over five years 6.5 26.0 523.2 2009 $m 127.0 1.5 2009 $m 562.2 (458.7) total 555.7 562.2 the lease commitments receivable at year-end equal the minimum lease payments, as there are no material contingent payments or unguaranteed residual value relating to this lease agreement. (iii) Finance lease payable the group has certain hire purchase and finance lease agreements. the present value of these minimum lease payments is $0.1 million (2009: $0.3 million), which will be made within a year. 6.5 26.0 529.7 AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports 95
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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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CorPorAte governAnCe incentive rewa
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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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FinAnCiAl stAtements Audit rePort f
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stAtement oF ComPrehensive inCome f
Page 46 and 47: CAshFlow stAtement for the year end
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Page 50 and 51: notes to And ForminG PArt oF the Fi
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Page 114 and 115: stAtutory rePortinG reQuirements (c
Page 116 and 117: AustrAliA Post - the stAtistiCs (co
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
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2009-10 Annual Report - Australia Post

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