Australia Post Annual Report 2008–09
Australia Post Annual Report 2008–09
Australia Post Annual Report 2008–09
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Notes to and forming part of the Financial <strong>Report</strong> for the year ended 30 June 2009<br />
17 Other non-current assets<br />
Interest rate swap contracts<br />
Prepayments<br />
86<br />
<strong>Australia</strong> <strong>Post</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2008–09</strong> | Financial and statutory reports<br />
2009<br />
$m<br />
Consolidated Corporation<br />
Total other non-current assets 13.5 3.9 13.4 3.8<br />
18 Current liabilities – trade and other payables<br />
Trade creditors (1) 299.5 295.4 282.9 281.2<br />
Other:<br />
Agency creditors (1)<br />
Salaries and wages<br />
Borrowing costs (2)<br />
Unearned postage revenue<br />
Other advance receipts<br />
Deferred government grant income<br />
Payables to controlled and jointly controlled entities (see note 28)<br />
Goods and services tax payable<br />
Financial guarantees (3)<br />
Forward exchange contracts<br />
Other payables<br />
499.4 508.6 490.2 503.8<br />
Total current payables 798.9 804.0 773.1 785.0<br />
(1) Trade creditors and agency creditors are non-interest bearing and normally settled on 30-day and next-business-day terms respectively. Included within trade creditors are<br />
international creditors, are settled in accordance with Universal <strong>Post</strong>al Union (UPU) arrangements, which may be longer than 30 days.<br />
(2) Borrowing costs are normally settled on a half-yearly basis during the financial year.<br />
(3) As described in note 1(gg), the group has provided financial guarantees to third parties, which commit the group to make payments on behalf of these parties upon their failure<br />
to perform under the terms of the relevant contracts. The account estimates and/or assumptions used in determining the fair value of the guarantees has been disclosed in<br />
note 1(gg). The maximum credit risk associated with these contracts is $66.1 million (2008: $140.9 million) and is included within the disclosures of note 29(i).<br />
19 Interest-bearing liabilities<br />
Current<br />
Bank overdraft and other loans<br />
Fixed rate unsecured bonds payable – within one year<br />
Interest rate swaps – within one year<br />
Finance lease and hire purchase liabilities payable – within one year<br />
Total current interest-bearing liabilities 0.9 301.0 0.0 300.0<br />
Non-current<br />
Fixed-rate unsecured bonds payable – in one to five years<br />
Interest rate swaps – in one to five years<br />
Total non-current interest-bearing liabilities 560.6 229.5 560.6 229.5<br />
$555 million bonds<br />
These bonds are unsecured and repayable in full, with $230 million maturing on 23 March 2012 and the remaining $325 million due on 25 March 2014.<br />
9.7<br />
3.8<br />
168.9<br />
49.0<br />
5.6<br />
59.4<br />
84.4<br />
8.0<br />
17.9<br />
20.1<br />
0.1<br />
1.2<br />
84.8<br />
0.6<br />
0.0<br />
0.0<br />
0.3<br />
541.7<br />
18.9<br />
2008<br />
$m<br />
0.0<br />
3.9<br />
222.9<br />
43.3<br />
10.8<br />
56.7<br />
81.2<br />
11.2<br />
17.6<br />
14.8<br />
0.3<br />
0.4<br />
49.4<br />
0.2<br />
295.8<br />
4.2<br />
0.8<br />
218.4<br />
11.1<br />
2009<br />
$m<br />
9.7<br />
3.7<br />
168.9<br />
47.1<br />
5.6<br />
59.4<br />
80.4<br />
8.0<br />
20.5<br />
20.1<br />
0.1<br />
1.2<br />
78.9<br />
0.0<br />
0.0<br />
0.0<br />
0.0<br />
541.7<br />
18.9<br />
2008<br />
$m<br />
0.0<br />
3.8<br />
222.9<br />
42.2<br />
10.8<br />
56.7<br />
77.6<br />
11.2<br />
24.9<br />
14.8<br />
0.3<br />
0.4<br />
42.0<br />
0.0<br />
295.8<br />
4.2<br />
0.0<br />
218.4<br />
11.1