4.78 MB - Perth Airport

More documents

Recommendations

Info

REPORT DIRECTORS’ REPORT Your directors present their report on the financial report for the year ended 30 June 2005. DIRECTORS The following persons held office as directors during the financial year and up to the date of this report: Mr David Crawford (Chairman) Mr Michael Fitzpatrick (resigned 31 August 2005) Mr Peter Taylor Mr Alistair Barker (appointed 31 August 2005) Dr Allan Griffin Mr Ronald Doubikin Mr Dominic Helmsley Mr Stuart Condie Mr Duncan Taylor Mr Lyndon Rowe (appointed 25 August 2004) Mr Stephen Vineburg (appointed 16 September 2004 as alternate director to Mr Duncan Taylor) Mr Hamish De Run (alternate director to Mr Michael Fitzpatrick & Mr Peter Taylor; resigned 27 August 2004) Mr Graham Matthews (resigned 25 August 2004; appointed alternate director to Mr Lyndon Rowe 25 August 2004) Mr Alexander Austin (alternate director to Mr Graham Matthews; resigned 25 August 2004) Mr Alexander Wheeler (appointed 24 November 2004 as alternate director to Mr Michael Fitzpatrick & Mr Peter Taylor) NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES The principal activities of Westralia Airports Corporation Pty Ltd (WAC) during the financial year consisted of the management of Perth Airport and associated retail and property interests. CORPORATE STRUCTURE WAC is a proprietary company limited by shares that is incorporated and domiciled in Australia. WAC has prepared a consolidated financial report incorporating the entity that it controlled during the financial year being: • WAC Investments Pty Ltd. WAC’s registered address and principal place of business being Baker Road (Opposite Domestic Terminal), Perth Airport, WA, 6105. REVIEW OF OPERATIONS Details regarding the review of operations are contained on page 40. EMPLOYEES The consolidated entity employed 134 employees as at 30 June 2005 (2004 - 132 employees). The full-time equivalent employees for the year ended 30 June 2005 for the consolidated entity was 132.6 (2004 – 127.3 full-time equivalent employees). DIVIDENDS WAC has not paid or declared any dividends during the financial year and the directors have not recommended any dividends be paid or declared. 2
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Other than reported below, there were no significant changes in the nature of the consolidated entity’s activities during the year. Perth Airport Property Trust During the year, WAC secured the necessary Senior Lender, Shareholder and Board approvals for the creation of the Perth Airport Property Trust (PAPT). PAPT has been created as an alternative structure to facilitate the development and funding of WAC’s extensive non-aeronautical land. While such funding is on a non-recourse basis to WAC, the structure enables WAC and its shareholders to continue to benefit financially from property development activities. The Perth Airport Property Trust (PAPT) was established on 5 April 2005. LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS Information on likely developments in the operations of the consolidated entity and the expected results of operations have not been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the consolidated entity. ENVIRONMENTAL REGULATION WAC is subject to environmental legislation for its land development and operations. This legislation includes: • Airports Act 1996; • Airports (Environmental Protection) Regulations 1997; • Environmental Protection and Biodiversity Conservation Act 1999 (EPBC). 1. Environment Strategy and Reporting WAC’s Environment Strategy has been reviewed based on input received during the public comment period. The Draft Environmental Strategy was submitted to the Minister for Transport and Regional Services and formally approved on 15 July 2004. An Annual Environmental Report was submitted to the Department of Transport and Regional Services in October 2004 in fulfilment of the requirements under the Airports (Environmental Protection) Regulations 1997. Part of this report covered incidents which may put at risk the quality of air, water, land and vegetation in the airport precinct. National Pollutant Inventory (NPI) reporting was also undertaken under the requirements of the National Environmental Protection Measures (Implementation) Act 1998. A report was submitted to the Western Australian Department of Environmental Protection in September 2004. 2. Land Development Approvals All development approvals initiated in the 2004/05 year complied with the Airports Act 1996, the Airports (Environmental Protection) Regulations 1997 and the Environmental Protection and Biodiversity Conservation Act 1999. 3. Environmental Protection During the year there were no known breaches of the requirements of the Airports (Environmental Protection) Regulations 1997, the EPBC Act 1999. 4. Dangerous Goods Dangerous Goods Licences are required under the Western Australian Dangerous Goods Regulations 1992 for the fuel storage facilities operated by WAC at the airport. All WAC owned facilities are currently licensed in accordance with these Regulations. Additionally all leased facilities developed during the 2004/05 year have been approved in accordance with the requirements of the Western Australian Department of Minerals and Energy. 5. Incidents WAC recorded a number of incidents during the 2004/2005 year, none of which were assessed as having serious consequences and/or long term impact on the environment. Details may be found in the Annual Environmental Report. 6. Non-Compliance Notices/Prosecutions No injunctions, notices or prosecutions were issued by any State or Commonwealth Environmental Protection Agency in respect of any activity or operation conducted at the airport over the past year. The board receives regular reports on compliance with environmental requirements. 3
Page 1 and 2: PERTH AIRPORT 2004/2005 ANNUAL REPO
Page 3 and 4: CONTENTS Chairman’s Review 2 CEO
Page 5 and 6: During the year, WAC undertook the
Page 7: An agreement with Conservation Volu
Page 11 and 12: ABOUT ABOUT PERTH AIRPORT Strategic
Page 13 and 14: Mr Peter Taylor Mr Ron Doubikin Mr
Page 15 and 16: HIGHLIGHTS HIGHLIGHTS 2004/2005 Pro
Page 17 and 18: TOTAL BREAK-UP IN DOMESTIC AND INTE
Page 19: FINANCIAL STATISTICS 2004/2005 FIVE
Page 23: CASHFLOW CASHFLOW SUMMARY CASHFLOW
Page 27: COMMUNITY SUPPORT Many community gr
Page 31: INVESTMENT IN INFRASTRUCTURE Westra
Page 35: RETAIL & GROUND TRANSPORT REVENUE G
Page 39: ENVIRONMENT ENVIRONMENT STRATEGY On
Page 42 and 43: PERTH AIRPORT 2004/2005 FINANCIAL R
Page 46 and 47: SECURITY MANAGEMENT The company is
Page 48 and 49: CORPORATE GOVERNANCE STATEMENT The
Page 50 and 51: STATEMENT OF FINANCIAL PERFORMANCE
Page 52 and 53: STATEMENT OF CASH FLOWS FOR THE FIN
Page 54 and 55: NOTES TO THE FINANCIAL STATEMENTS 3
Page 80 and 81: INDEPENDENT AUDIT REPORT TO MEMBERS
Page 82 and 83: REVIEW REVIEW OF OPERATIONS For the
Page 84: Westralia Airports Corporation Pty

4.78 MB - Perth Airport

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?