Australia Post Annual Report 2008–09

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Notes to and forming part of the Financial Report for the year ended 30 June 2009 14 Analysis of intangibles Reconciliation of the opening and closing balances of intangibles Gross book value Accumulated amortisation 84 Australia Post Annual Report 2008–09 | Financial and statutory reports Computer software $m 545.0 (429.1) Goodwill $m 67.8 0.0 Other intangibles $m 14.6 (5.7) Consolidated Total intangibles $m Net book value as at 30 June 2007 115.9 67.8 8.9 192.6 Additions by purchase Amortisation expense Impairment loss Settlement of contingent consideration Disposals Transfers Gross book value Accumulated amortisation 82.6 (35.9) 0.0 0.0 (1.3) 0.3 634.7 (473.1) 1.0 0.0 (12.0) (2.0) 0.0 0.0 66.8 (12.0) 0.7 (7.6) 0.0 0.0 0.0 0.0 15.3 (13.3) 627.4 (434.8) 84.3 (43.5) (12.0) (2.0) (1.3) 0.3 716.8 (498.4) Net book value as at 30 June 2008 161.6 54.8 2.0 218.4 Additions by purchase Amortisation expense Impairment loss Disposals Gross book value Accumulated amortisation 83.3 (52.6) 0.0 (0.7) 716.1 (524.5) 0.0 0.0 (24.4) 0.0 66.8 (36.4) 1.0 (1.2) 0.0 0.0 16.3 (14.5) 84.3 (53.8) (24.4) (0.7) 799.2 (575.4) Net book value as at 30 June 2009 191.6 30.4 1.8 223.8 Reconciliation of the opening and closing balances of intangibles Gross book value Accumulated amortisation Computer software $m 542.5 (427.5) Goodwill $m 12.4 0.0 Other intangibles $m 0.0 0.0 Corporation Total intangibles $m Net book value as at 30 June 2007 115.0 12.4 0.0 127.4 Additions by purchase Amortisation expense Disposals Gross book value Accumulated amortisation 77.8 (35.3) (1.0) 618.6 (462.1) 1.0 0.0 0.0 13.4 0.0 0.0 0.0 0.0 0.0 0.0 554.9 (427.5) 78.8 (35.3) (1.0) 632.0 (462.1) Net book value as at 30 June 2008 156.5 13.4 0.0 169.9 Additions by purchase Amortisation expense Transfers from investment Gross book value Accumulated amortisation 81.9 (49.2) 0.0 699.3 (510.1) 0.0 0.0 7.9 21.3 0.0 0.0 0.0 0.0 0.0 0.0 81.9 (49.2) 7.9 720.6 (510.1) Net book value as at 30 June 2009 189.2 21.3 0.0 210.5 Goodwill is not amortised but is subject to annual impairment testing (see note 16).
15 Investment properties Opening balance as at 1 July Additions Net transfer to investment property Disposals Net (loss)/gain from fair value adjustments 2009 $m Consolidated Corporation Closing balance as at 30 June 219.5 238.4 219.5 241.3 Investment properties are stated at fair value, which has been determined based on valuations performed by Savills Pty Ltd for all property as at 30 June 2009 and 30 June 2008. Savills is an industry specialist in valuing these types of investment property. The fair value considers the capitalised rental streams where the property is leased to a third party and the amount at which the assets could be exchanged between a knowledgeable willing buyer and a knowledgeable willing seller in an arm’s-length transaction at the date of valuation, in accordance with Australian Valuation Standards. In determining fair value, the expected net cashflows applicable to each property have been discounted to their present value using a market-determined, risk-adjusted, discount rate applicable to the respective asset. 16 Impairment testing of goodwill Goodwill acquired through business combinations has been allocated to individual cash-generating units as follows: Post Logistics Group Messenger Post The Printsoft eLetter Group Other 238.4 0.5 2.9 (3.5) (18.8) 2009 $m 0.0 19.9 9.1 1.4 2008 $m 127.1 0.3 47.8 (1.2) 64.4 2009 $m 241.3 0.5 0.0 (3.5) (18.8) 2008 $m 130.0 0.3 47.8 (1.2) 64.4 Consolidated Corporation 2008 $m 24.4 19.9 9.1 1.4 2009 $m 0.0 19.9 0.0 1.4 2008 $m 0.0 12.0 0.0 1.4 30.4 54.8 21.3 13.4 The recoverable amount of all goodwill has been determined based on a value-in-use calculation using cashflow forecasts extracted from three-year corporate plans approved by senior management and the board. The forecasts are extrapolated for a further two years and a terminal value is applied. These forecasts use management estimates to determine income, expenses, capital expenditure and cashflows for each CGU. Revenue growth rates applied by all cash-generating units to the two-year period outside the corporate plan are 4.0% (2008: 2.5% to 4.0%). After this period a 1.5% to 2.5% (2008: 1.5% to 2.5%) revenue growth rate is applied. A pre-tax discount rate applicable to the specific cash-generating unit has been applied. These rates are between 13.1% and 13.2% (2008: 11.4% and 12.0%). At 30 June 2009, the carrying value of Goodwill for the Post Logistics Group CGU was tested for impairment based on value in use. This test resulted in an impairment charge of $24.4 million (2008: $12 million) being recognised in the consolidated accounts against goodwill and $33.1 million (2008: $12 million) in the corporation’s accounts against the investment balance (see note 10). Management believes that any reasonably possible change in the key assumptions would not cause the carrying amount of any cash-generating units containing goodwill to exceed their recoverable amount. Australia Post Annual Report 2008–09 | Financial and statutory reports 85
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1809 2009 Australia Post Annual Rep
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Over the past 200 years, Australian
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Our business Celebrating 200 years
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For 200 years, we have developed ou
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We handled 5.3 billion items of mai
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Our business Managing Director’s
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Mail volumes m 6,000 5,000 4,000 3,
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Our business Performance against ta
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Core businesses Australia’s posta
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Core businesses Letters & associate
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Collaborative solutions across the
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Rewarding customer loyalty Australi
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Core businesses Agency services & r
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1968 Behind the front counter of th
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Sending home comforts to the world
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Core businesses Parcels & logistics
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1936 Transporting mail from the SS
Page 35 and 36: Expanding Business, Naturally When
Page 37 and 38: Corporate responsibility From a wor
Page 39 and 40: Corporate responsibility Highlights
Page 41 and 42: Employment by occupation % Administ
Page 43 and 44: 1950s A postie delivering mail in s
Page 45 and 46: Human Resources Committee Incorpora
Page 47 and 48: Treasury A comprehensive and pruden
Page 49 and 50: Mark Darras LLM, BA LLB, BEd Direct
Page 51 and 52: Contents - Financial and statutory
Page 53 and 54: Statements by directors for the yea
Page 55 and 56: Australia Post Annual Report 2008-0
Page 57 and 58: Balance sheet as at 30 June 2009 No
Page 59 and 60: Cashflow statement for the year end
Page 61 and 62: Schedule of contingencies as at 30
Page 63 and 64: Reference Title Nature of change to
Page 65 and 66: Where settlement of any part of the
Page 67 and 68: (iii) Translation of group companie
Page 69 and 70: (ii) Held-to-maturity investments N
Page 71 and 72: is increased to its recoverable amo
Page 73 and 74: 2 Revenues and other income Revenue
Page 75 and 76: 4 Finance costs Bonds (1) Interest
Page 77 and 78: 5 Income tax (continued) (e) Unreco
Page 79 and 80: 9 Non-current assets - trade and ot
Page 81 and 82: 11 Investments in jointly controlle
Page 83 and 84: 12 Superannuation (continued) (v) C
Page 85: 13 Analysis of property, plant & eq
Page 89 and 90: 20 Provisions Current provisions An
Page 91 and 92: 22 Analysis of total equity (contin
Page 93 and 94: 24 Dividends paid Final ordinary di
Page 95 and 96: 26 Segment information (continued)
Page 97 and 98: 27 Key management personnel remuner
Page 99 and 100: 27 Key Management personnel remuner
Page 101 and 102: 28 Related parties (continued) Tran
Page 103 and 104: 29 Financial and capital risk manag
Page 111 and 112: 32 Corporate information The financ
Page 113 and 114: Auditor-General’s report - perfor
Page 115 and 116: Domestic letter service monitor for
Page 117 and 118: Survey certification for the year e
Page 119 and 120: Reserved/non-reserved services for
Page 121 and 122: Australian Postal Corporation Act 1
Page 123 and 124: Statutory reporting requirements fo
Page 125 and 126: Consultative arrangements The Stake
Page 127 and 128: Australia Post - the statistics for
Page 129 and 130: 5 Mail delivery network Private hou
Page 131 and 132: 9 Overall letter service performanc
Page 133 and 134: Index Australia Post Annual Report
Page 135 and 136: I (continued) interest 11, 57 inter
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Contact details Australia Post Head
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Stamp gallery 2008-09 Australia Pos
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AAT: International Polar Year 2007-
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Australia Post Annual Report 2008–09

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