annual report 2008-2009 - V/Line

NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
2009 2008
$’000 $’000
NOTE 18 REMUNERATION OF DIRECTORS
AND ACCOUNTABLE OFFICER
Income paid or payable, or otherwise made available,
in respect of the financial year, to all Directors and the
Accountable Officer, directly or indirectly, from the
entity or any related party.
520 512
The number of Directors and the Accountable Officer
whose income (including superannuation contribution)
falls within the following bands:
$10,000 – $19,999 2 –
$20,000 – $29,999 2 4
$30,000 – $39,999 – –
$40,000 – $49,999 – –
$50,000 – $59,999 – –
$60,000 – $69,999 1 1
$330,000 – $339,999 – 1
$340,000 – $349,999 – –
$350,000 – $359,999 – –
$360,000 – $369,999 1 –
6 6
NOTE 19 REMUNERATION OF AUDITORS
Amounts received or due and receivable by the auditors:
2009 2008
$’000 $’000
– audit of the financial statements 82 78
– other services – –
82 78
NOTE 20 DIRECTORS DISCLOSURES
The directors of the parent entity during the year ending 30 June 2009 were:
Frank A. Tait (Appointed 1 October 2003)
Catherine L. Scott (Appointed 1 October 2003 – Resigned 30th June 2009)
Michael D. Tilley (Appointed 1 July 2006)
Fiona Bennett (Appointed 1st December 2008)
David Worth (Appointed 1st December 2008)
All directors are directors of V/Line Passenger Pty Ltd which forms part of the consolidated entity.
NOTE 21 RELATED PARTY DISCLOSURES
Related
party
Nature of
transaction
Payments to related parties
Metlink
Victoria
Pty Ltd
VicTrack
Access
Southern
Cross
Station
Authority
Department
of Transport
Transport
Ticketing
Authority
Provision of services
for V/Line customers
to access suburban
network
Provision of
communication
services
Rental
payments
Miscellaneous
payments made
under the Franchise
Agreement
Reimbursement of
accounts receivable
staff salary and wages
Receipts from related parties
Department
of Transport
VicTrack
Access
VicTrack
Access
Provides funding
to the corporation
Management fee
for rent collection
Network access
charges
Terms and
conditions
The entity was
charged services
on a cost basis
only
Normal
commercial terms
and conditions
Normal commercial
terms and
conditions
In accordance
with the Franchise
Agreement
In accordance
with agreement
between the
parties
In accordance
with the Franchise
Agreement
In accordance
with agreement
In accordance
with agreement
2009
$’000
2008
$’000
3,160,733 2,196,000
10,820,985 8,852,152
1,116,336 874,887
3,241,608 4,922,211
80,169 –
255,600,000 226,703,236
– 62,949
NOTE 22 CONTINGENT ASSETS AND LIABILITIES
Prior to 30 June 2009 there had been a number of incidents involving rolling stock and either
motor vehicles or trucks at level crossings throughout Victoria. As a result of these incidents,
damage has been sustained to rolling stock that has or will necessitate repairs as well as other
operational costs incurred from the incidents in question. V/Line is pursuing the owners and/or
operators of the vehicles in question from these incidents (either in person or through their
insurers) for the costs of the repairs and other expenses incurred. The amount of contingent
assets in relation to these incidents is uncertain. In addition, there may be contingent liabilities
in relation to these incidents.
On 28 May 2008 the EPA issued V/Line a Clean Up Notice in relation to contamination on
railway land in Ararat that is adjacent to a former gasworks site. A Clean Up Plan is currently
being developed for the site which will determine the remediation strategy that is required.
If full remediation is required to be undertaken, costs of up to $1 million may be incurred.
V/Line acknowledges that there are potential contingent liabilities relating to this incident.
While V/Line as the occupier of the land is managing the remediation, the contamination is
pre-existing so V/Line will be pursuing reimbursement for these expenses from relevant third
parties. As such, there is a potential contingent asset for close to the same amount.
On 18 November 2008 the EPA issued V/Line a Pollution Abatement Notice in relation to an
oily sheen in Traralgon Creek. The source of the material was traced back to a storm water drain
discharging from railway land. The EPA determined that activities on the site are likely to cause
pollution and issued the notice. V/Line is exploring whether there is a defect and whether there
is a warranty claim against the manufacturer. The more extensive works required by the
pollution abatement notice may reveal pre-existing contamination. If remediation works are
required, V/Line will pursue relevant third parties for recoveries or up front expenses. V/Line
acknowledges contingent liabilities with respect to any environmental costs relating to this
incident but, at the same time, there is a potential for contingent assets arising out of warranty
claims or claims against pre-existing contamination.
474,338 –
The parent company did not have any related party transactions within the
wholly-owned group.
V/LINE ANNUAL REPORT 2008-2009 FINANCIAL STATEMENTS 88/89