2004-05 Annual Report - Australia Post

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Australia Post Annual Report 2004/05 Financial and Statutory Reports Notes to and forming part of the financial statements | 80 | NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2005 20. NON-CURRENT LIABILITIES – PROVISIONS Employees: 2005 $m Consolidated Corporation Leave 236.2 207.5 235.5 206.9 Workers’ compensation 98.6 89.6 98.6 89.6 Total non-current provisions 334.8 297.1 334.1 296.5 Refer to note 32 for a schedule showing movements in provisions. 21. NON-CURRENT LIABILITIES – PAYABLES Deferred interest 0.4 0.0 0.4 0.0 Loans from controlled entities (refer note 28) 0.0 0.0 1.7 1.7 Other payables 4.1 4.6 0.0 0.0 Total non-current payables 4.5 4.6 2.1 1.7 22. NON-CURRENT LIABILITIES – TAX Deferred income tax 124.6 131.8 124.6 131.8 Total non-current tax liabilities 124.6 131.8 124.6 131.8 23. ANALYSIS OF EQUITY Consolidated Retained profits $m 2004 $m Asset revaluation reserve $m 2005 $m Contributed equity $m 2004 $m Total equity $m Balance at 1 July 2004 943.8 215.8 400.0 1,559.6 Operating profit 374.9 0.0 0.0 374.9 Net revaluation increase 0.0 121.6 0.0 121.6 Dividends (refer note 27) (241.7) 0.0 0.0 (241.7) Balance at 30 June 2005 1,077.0 337.4 400.0 1,814.4 Share of retained earnings attributable to minority interests Balance at 30 June 2005 attributable to the Commonwealth Corporation 0.0 0.0 0.0 0.0 1,077.0 337.4 400.0 1,814.4 Balance at 1 July 2004 936.5 215.8 400.0 1,552.3 Operating profit 381.6 0.0 0.0 381.6 Net revaluation increase 0.0 121.6 0.0 121.6 Dividends (refer note 27) (241.7) 0.0 0.0 (241.7) Balance at 30 June 2005 attributable to the Commonwealth 1,076.4 337.4 400.0 1,813.8 The asset revaluation reserve is used to record increments and decrements on the revaluation of non-current assets. 24. AUDITORS’ REMUNERATION Consolidated ($) Corporation ($) 2005 2004 2005 2004 Audit related to financial statements (1) 1,103,500 858,000 992,000 839,000 Other audit services (performance standards and acquittal of government grants) 143,300 124,000 143,300 124,000 Other services – contract auditors 85,000 546,000 85,000 546,000 Note 1. Includes amounts paid or payable for work relating to the transition to A-IFRS.
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 25. DIRECTORS’ REMUNERATION AND RETIREMENT BENEFITS FOR THE YEAR ENDED 30 JUNE 2005 The remuneration of the corporation’s non-executive directors is determined independently by the Commonwealth Remuneration Tribunal. The Board Human Resources Committee is responsible for reviewing and recommending to the board the remuneration arrangements for the managing director. These arrangements are then implemented in accordance with remuneration policy and procedural arrangements approved by the Remuneration Tribunal. Further information relating to the corporation’s remuneration policies is contained in the corporation’s Corporate Governance Statement. The remuneration received or due and receivable directly or indirectly by the corporation’s executive and non-executive directors totalled $2,869,254 (2003–04, $2,552,104). No amounts were paid to directors of controlled entities (2003–04, Nil) in their capacity as a director of those entities. The remuneration details of the corporation’s directors is as follows: Year ended 30 June 2005 Primary benefits ($) Directors Cash salary Short-term incentive Post employment benefits ($) Nonmonetary benefits (1) Superannuation (2) Termination Other benefits ($) Total ($) Linda Nicholls 130,000 – 81,228 18,590 – 229,818 David Mortimer 87,500 – – 12,513 – 100,013 Graeme John 1,053,300 739,000 43,833 256,299 – 2,092,432 Mark Birrell 65,000 – – 9,295 – 74,295 Margaret Gibson 59,986 – 2,629 8,578 – 71,193 Peter McLaughlin 65,000 – – 9,295 – 74,295 Sandra McPhee 72,500 – – 10,368 – 82,868 Edward Tweddell 72,500 – – 10,368 – 82,868 Ian Warner 53,781 – – 7,691 – 61,472 Year ended 30 June 2004 Primary benefits ($) Directors Cash salary Short-term incentive Post employment benefits ($) Nonmonetary benefits (1) Superannuation (2) Termination Other benefits ($) Total ($) Linda Nicholls 94,120 – 37,177 13,459 – 144,756 David Mortimer 59,800 – – 8,551 – 68,351 Graeme John 989,666 747,274 44,443 248,382 – 2,029,765 Mark Birrell 40,525 – – 5,795 – 46,320 Peter McLaughlin 46,080 – – 6,589 – 52,669 Sandra McPhee 46,080 – – 6,589 – 52,669 Helen Nugent 46,080 – – 6,589 – 52,669 Edward Tweddell 46,080 – – 6,589 – 52,669 Ian Warner 45,701 – – 6,535 – 52,236 Notes 1. Non-monetary benefits include spouse travel, motor vehicles and other expenses paid on behalf of the directors. 2. The above amounts for superannuation reflect the benefit to be received by the director (calculated at 14.3% of the director’s salary for superannuation purposes). This amount differs to the cost to the corporation, which was $3,134 (2004, $1,011) for Linda Nicholls, $2,109 (2004, $642) for David Mortimer, $42,636 (2004, $14,937) for Graeme John, $1,567 (2004, $435) for Mark Birrell, $1,567 (2004, $495) for Peter McLaughlin, $1,446 (2004, $Nil) for Margaret Gibson, $1,748 (2004, $495) for Sandra McPhee and Edward Tweddell and $1,297 (2004, $491) for Ian Warner. The amount provided in the prior year for Helen Nugent was $495. Australia Post Annual Report 2004/05 Financial and Statutory Reports Notes to and forming part of the financial statements | 81 |
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