2004-05 Annual Report - Australia Post

Australia Post Annual Report 2004/05 Financial and Statutory Reports
Notes to and forming part of the financial statements
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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2005
27. DIVIDENDS PAID
2005
$m
Consolidated Corporation
Final ordinary dividend (from prior year results) 111.5 109.1 111.5 109.1
Interim ordinary dividend 130.2 109.4 130.2 109.4
Total dividends paid 241.7 218.5 241.7 218.5
Dividend not recognised as a liability (refer note 1(e)) 156.0 111.5 156.0 111.5
28. RELATED PARTIES
Directors
The following persons were directors of the Australian Postal Corporation during all of the past two financial years
unless otherwise stated: LB Nicholls, DA Mortimer, GT John, MA Birrell (appointed 14 August 2003), MM Gibson
(appointed 2 September 2004), PA McLaughlin, SV McPhee, HM Nugent (retired 30 June 2004), ED Tweddell,
and IK Warner (resigned 27 June 2004 and re-appointed 2 September 2004).
Remuneration and retirement benefits
Information on remuneration of directors and amounts paid in connection with the retirement of directors is disclosed
in note 25.
Transactions with Directors
A number of directors of the Australian Postal Corporation are also directors of other entities that have transacted
with the Australian Postal Corporation group. One of these entities, PricewaterhouseCoopers, is considered to be
a director-related entity of Margaret Gibson. PricewaterhouseCoopers provided services totalling $1.9 million to the
group during the financial year. These transactions have occurred on terms and conditions no more favourable than
those which it is reasonable to expect the group would have adopted if dealing at arm’s length with any third party.
Other transactions with related parties Consolidated Corporation
Payments for collection and delivery services
Joint-venture entities 42.1 39.8 42.1 39.8
Controlled entities – – – –
Payments for management and administrative services
Joint-venture entities 39.1 39.8 39.1 39.8
Controlled entities – – 24.1 8.9
Payments for accommodation
Joint-venture entities 2.0 0.6 2.0 0.6
Revenue from collection and delivery services
Joint-venture entities 11.3 6.3 11.3 6.3
Controlled entities – – 3.4 10.4
Revenue from administrative services
Joint-venture entities 10.8 0.3 10.8 0.3
Controlled entities – – 0.2 0.6
Dividends received (note 30)
Joint-venture entities – – 25.2 7.8
Interest received
Joint-venture entities 10.3 5.1 10.3 5.1
Controlled entities – – 0.6 0.2
Aggregate amounts receivable from and payable to other related parties at balance date were as follows:
Current receivables
Joint-venture entities 1.5 0.8 1.5 0.8
Controlled entities – – 2.2 0.9
Current payables
Joint-venture entities 10.2 9.1 10.2 9.1
Controlled entities – – 10.7 1.8
Loans advanced to
Joint-venture entities 129.0 129.0 129.0 129.0
Controlled entities – – 12.7 8.4
Loans advanced from
Controlled entities – – 1.7 1.7
2005
$m
2004
$m
2004
$m
All transactions with other related parties are conducted on commercial terms and conditions.
2005
$m
2005
$m
2004
$m
2004
$m