Port Hedland Port Authority Annual Report 2011 - Parliament of ...

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Operating Lease Commitments Within One Year 273 226 Later Than One Year but Not Later Than 5 Years 300 428 Later Than 5 Years - - Total 573 654 Construction was completed during the financial year on a new multi-user public berth at Utah Point, Port Hedland. It has been funded by capital contributions, prepaid charges and borrowings. The prepaid charges will be applied as future prepaid revenue as the new port facilities are utilized. The amount advanced as at 30 June 2010 was $46.5 million, included as part of prepaid revenue in Note 17 and the capital contribution of $70 million was received in 2008/09. The remaining funding has been sourced from port borrowings, which will be fully repaid with port user fees within ten years. Lease Rentals Properties are leased to tenants under operating leases with rental payments in accordance with the terms of the lease agreement. Minimum lease payments receivable on property leases are as follows: Minimum lease payments under non-cancellable operating leases not recognised in the financial statements are as follows: 2011 2010 $'000 $'000 Within One Year 7,280 4,262 Later Than One Year but not Later than Five Years 24,878 16,089 Later Than Five Years 85,008 41,079 TOTAL 117,166 61,430 Note 25. Related Parties Directors Mr. M Currie and his alternate Mr. R Richardson and Mr. C Campbell are employees of BHP Billiton Iron Ore Pty Ltd. Mr J Tapp is an employee of Fortescue Metals Group Pty Ltd. Both BHPB and FMG use port facilities for the export of iron ore commodities and the terms of trade offered to these customers are equivalent to those offered to all other port users. BHPB and FMG are leaseholders of the Port Hedland Port Authority, and the lease agreements are based on normal commercial terms and conditions. Port Hedland Port Authority lease a house from Mr. André Bush to assist with staff housing needs. This house is leased at the lower end of market rates. Mr. Ian Williams has declared a non-pecuniary interest in the Pinc Group. Pinc Group provide management posts as part of a PHPA integrated construction management team for the construction of the Utah Berth. Remuneration Benefits Information on remuneration of Directors is disclosed in the Directors’ Report. Page 80
Note 26. Events Occurring after the Statement of Financial Position Date There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Authority, to affect significantly the operations of the Authority, the results of those operations, or the state of affairs of the Authority, in future financial years. Note 27. Reconciliation of Profit after Income Tax to Net Cash Inflow from Operating Activities 2011 2010 $'000 $'000 Profit for the Year 3,117 (1,493) Depreciation and Amortisation 12,667 8,777 Net (Gain) Loss on Sale of Non-Current Assets 28 12 Finance Revenue (2,612) - Finance Costs 3,169 - Decrease (Increase) in Trade Debtors (7,922) (45,918) Decrease (Increase) in Inventories (1,069) (896) Decrease (Increase) Prepayments 1,282 (84) Increase (Decrease) in Accrued Charges (12,835) 13,800 Increase (Decrease) in Trade Creditors (11,108) 6,682 Increase (Decrease) in Rehabilitation Liability 3,095 62,818 (Increase) Decrease in Future Income Tax Benefit (22,718) (315) Increase (Decrease) in Provisions for Income Taxes Payable (4,523) (22,721) Increase (Decrease) in Provision for Deferred Income Tax 16,661 (1,183) Increase (Decrease) Prepaid Revenue (4,026) 20,536 Increase (Decrease) in Other Provisions 336 117 Net Cash (Outflow) Inflow From Operating Activities (26,458) 40,132 Page 81
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Port Hedland Port Authority Annual
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CONTENTS 05 Who We Are 07 Year in R
Page 5 and 6:
005 WHO WE ARE OUR VISION, MISSION,
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007 With a trade record of 199 mill
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009 OUR HISTORY 1896 Construction o
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011 and has commenced construction
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013 JAN FORD Dip Business (RE) Dire
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015 OUR EXECUTIVE CAPTAIN LINDSAY C
Page 17 and 18:
“The PHPA provides and maintains
Page 20 and 21:
Our SENIOR MANAGEMENT
Page 22 and 23:
022 “This section discusses the s
Page 24 and 25:
024 The Walk provides a connection
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026 Orange Ball, Port Hedland Speed
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028 berths at BHP’s Harriet Point
Page 30 and 31: 030 for Port Hedland having to be d
Page 32 and 33: 032 Ratio of Accident/Total Vessel
Page 34 and 35: 034 OUR PEOPLE PEOPLE and CULTURE T
Page 36 and 37: 036 Code of Conduct The code of con
Page 38: 038 Organisational Structure Board
Page 41 and 42: 041 OUR ENVIRONMENT Environmental M
Page 43 and 44: 043 Mangrove Research Further work
Page 45 and 46: 045 The PHPA and the Board are comm
Page 47 and 48: 047 • A comprehensive annual insu
Page 49 and 50: PORT HEDLAND PORT AUTHORITY FINANCI
Page 51 and 52: Figure 1 - PHPA OPERATING REVENUE &
Page 53 and 54: Statement of Financial Position as
Page 55 and 56: Statement of Cash Flows for the Yea
Page 57 and 58: Various assumptions are required in
Page 59 and 60: The collectability of receivables i
Page 61 and 62: In addition, the long service leave
Page 63 and 64: Note 3. Revenue Revenue consists of
Page 65 and 66: Note 8. Income Tax Expense 2011 201
Page 67 and 68: Note 12. Current Assets - Inventori
Page 69 and 70: Note 14. Non-Current Assets 2011 20
Page 71 and 72: Note 17. Non Current Liabilities De
Page 73 and 74: Note 20. Financial Instruments (a)
Page 75 and 76: 2011 Weighted Average Effective Int
Page 77 and 78: Note 21. Director and Executive Dis
Page 79: Note 22. Remuneration of Auditors R
Page 83 and 84: Page 83
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