4.78 MB - Perth Airport

More documents

Recommendations

Info

STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2005 Consolidated Parent Notes 2005 2004 2005 2004 $’000 $’000 $’000 $’000 Cash Flows from Operating Activities Receipts from customers 137,372 120,619 137,372 108,550 Payments to suppliers and employees (68,378) (52,245) (68,378) (40,716) Interest received 798 704 798 704 Net cash inflow from operating activities 30 69,792 69,078 69,792 68,538 Cash Flows from Investing Activities Proceeds from sale of infrastructure, plant and equipment 5,811 79 5,811 79 Payments transferred (to)/from cash reserve accounts (806) (702) (806) (702) Payments for infrastructure, plant and equipment (45,681) (22,906) (45,681) (22,906) Payments for other non-current assets (2,064) (91) (2,064) (91) Net cash outflow from investing activities (42,740) (23,620) (42,740) (23,620) Cash Flows from Financing Activities Proceeds from borrowings: Primary debt holders 27,296 14,534 27,296 14,534 Subordinated debt holders 21,320 - 21,320 - Repayment of borrowings: Primary debt holders (1,525) (500) (1,525) (500) Subordinated debt holders (15,000) (6,700) (15,000) (6,700) Borrowing costs: Primary debt holders (38,744) (42,501) (38,744) (42,125) Subordinated debt holders (20,626) (14,340) (20,626) (14,340) Loans (to) / from wholly-owned subsidiary - - - 164 Net cash outflow from financing activities (27,279) (49,507) (27,279) (48,967) Net increase/(decrease) in cash held (227) (4,049) (227) (4,049) Effect of exchange rate on cash (29) 17 (29) 17 Cash at the beginning of the financial year 8,822 12,854 8,822 12,854 Cash at the end of the financial year 4 8,566 8,822 8,566 8,822 The above statement of cash flows should be read in conjunction with the accompanying notes. 10
NOTES NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2005 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This general purpose financial report has been prepared in accordance with Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Consensus Views and the Corporations Act 2001. It is prepared in accordance with the historical cost convention, except for certain assets which, as noted, are at valuation. Unless otherwise stated, the accounting policies adopted are consistent with those of the previous period. Comparative information is reclassified where appropriate to enhance comparability. (a) Principles of Consolidation The consolidated accounts comprise the accounts of WAC and all of its controlled entities. A controlled entity is any entity controlled by WAC. Control exists where WAC has the capacity to dominate the decision making in relation to the financial and operating policies of another entity so that the other entity operates with WAC to achieve common objectives. Details of the controlled entity are contained in note 9 to the accounts. All inter-company balances and transactions between the entities in the consolidated entity, including any unrealised profit or losses, have been eliminated on consolidation. (b) Changes in accounting policies The accounting policies adopted are consistent with those of the previous year. (c) Taxes (i) Income taxes Tax effect accounting procedures using the liability method are followed whereby the income tax expense is matched with the accounting profit after allowing for permanent differences. The future income tax benefit relating to tax losses is not carried forward as an asset unless the benefit is virtually certain of realisation. Income tax on cumulative timing differences is set aside to the deferred income tax or the future income tax benefit accounts at the rates which are expected to apply when those timing differences reverse. (ii) Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST except: • where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and • receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Statement of Financial Position. Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. (iii) Tax consolidation legislation WAC’s parent, Airstralia Development Group Pty Ltd elected to form a tax consolidation group for income tax purposes with effect from 1 July 2003. The Australian Taxation Office has been formally notified of this decision. As a consequence, Airstralia Development Group, as the head entity in the tax consolidated group, recognises current and deferred tax amounts relating to transactions, events and balances of the wholly- owned controlled entities in the group as if those transactions, events and balances were its own, in addition to the current and deferred amounts arising in relation to its own transactions, events and balances. Amounts receivable or payable under an accounting tax sharing agreement with the tax consolidated entities are recognised separately as tax-related amounts receivable from or payable to other entities in the group. Expenses and revenues arising under the tax sharing agreement are recognised as a component of income tax expense or income tax revenue. 11
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 44 and 45: REPORT DIRECTORS’ REPORT Your dir
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 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

Create successful ePaper yourself

Delete template?

Save as template?