2011/2012 Annual Report - Metro Tasmania

DIRECTORS’
REPORT
The Directors of Metro Tasmania Pty Ltd present the
annual financial report for the year ended 30 June 2012.
Principal activities
The principal activity of the
Company during the financial
year was the provision of bus
passenger transport services in
the Tasmanian urban centres of
Hobart, Launceston and Burnie
and to some regional centres
around Hobart and Burnie.
Review of operations
For the year ended 30 June 2012
The Company incurred a loss
before income tax of $421,000
(2011: loss of $73,000) and an
after tax loss of $296,000 (2011:
of $51,000). A detailed review of
operations is contained in the
Chairperson’s Review on page
2 and in the Chief Executive
Officer’s Review on page 4.
Dividends
The Directors do not
recommend payment of a
dividend this year. No dividend
was paid for the year ended
30 June 2011.
Changes in state
of affairs
There were no significant
changes in the state of affairs
of the Company that occurred
during the financial year
under review.
Subsequent events
There has not been any matter
or circumstance other than
that referred to in the Financial
Statements or Notes thereto
that has arisen since the end
of the financial year that has
significantly affected, or
may significantly affect, the
operation of the entity, the
results of those operations, or
the state of affairs of the entity
in future financial years.
Likely future
developments
The Company continues to
negotiate with the Department
of Infrastructure, Energy and
Resources for sustainable
contracts which will provide
appropriate payments for
operating expenditure and
capital replacement, and there
are ongoing discussions on
the appropriateness of the
Company’s capital structure.
Directors
The names of the Directors
in office during and since the
end of the financial year are set
out in Note 20 of the Financial
Statements. The names of
current Directors and details
of their qualifications and
experience appear on pages
16–17. Directors are appointed
for terms of three years by
the Shareholders and are
eligible for reappointment in
accordance with the Guidelines
for Government Businesses –
Board Appointments issued
by the Department of Treasury
and Finance. The Chairperson
is appointed annually by the
Shareholders.
20 METRO Annual Report 2011 | 2012