4.78 MB - Perth Airport

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NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2005 (CONTINUED) NOTE 3. INCOME TAX (CONTINUED) Consolidated Parent Notes 2005 2004 2005 2004 $’000 $’000 $’000 $’000 The directors estimate that the potential future income tax benefit at 30 June 2005 not brought to account is: Tax losses - operating 9,848 15,745 9,848 15,745 Timing differences (6,340) 9,667 (6,340) 9,667 3,508 25,412 3,508 25,412 Tax Losses All tax losses of WAC are now held by ADG, however due to the entry into tax sharing arrangements the future benefit of tax losses will be recognised by WAC when and if ADG is able to recognise this benefit. This benefit for tax losses will only be obtained if: (i) future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be realised is derived; (ii) the conditions for deductibility imposed by tax legislation continued to be complied with; and (iii) no changes in tax legislation adversely affect the consolidated entity in realising the benefit from the deductions for the losses. 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. Members of the group will enter into a tax sharing arrangement in order to allocate income tax expense to the wholly-owned subsidiaries on a stand alone basis. As a consequence of using the stand-alone basis, timing differences arise due to items being brought to account in different periods for tax funding and accounting purposes. These are carried in the Statement of Financial Position as tax funding assets and liabilities that are expected to affect future payments to the head entity under the tax funding agreement. Tax funding assets are not brought to account unless realisation of the asset is assured beyond reasonable doubt. Tax funding assets referable to tax losses are only carried forward when realisation of the benefits is virtually certain. Revenue and expenses arising under the tax funding agreement are disclosed as income tax expense in the Statement of Financial Performance. Income tax expense is calculated on the accounting profit after allowing for permanent differences. NOTE 4. CASH ASSETS Cash at bank and on hand 8,566 8,822 8,566 8,822 NOTE 5. CURRENT RECEIVABLES Trade debtors (a) 9,768 8,971 9,768 8,971 Less: Provision for doubtful debts (75) (257) (75) (257) 9,693 8,714 9,693 8,714 Other debtors (a) 8,982 7,371 8,982 7,371 18,675 16,085 18,675 16,085 (a) Terms and conditions Trade debtors are non-interest bearing and generally on 30 day terms. Other debtors generally arise from transactions outside the usual operating activities of the consolidated entity and are non-interest bearing. 18
Consolidated Parent Notes 2005 2004 2005 2004 $’000 $’000 $’000 $’000 NOTE 6. CURRENT INVENTORIES Raw materials – at cost 66 74 66 74 NOTE 7. ASSETS HELD FOR SALE – AT COST Land held for sale – at cost (a) 6,750 - 6,750 - Buildings held for sale – at cost (a) 5,902 9,625 5,902 9,625 12,652 9,625 12,652 9,625 (a) Reconciliations A reconciliation of the carrying amount for property, plant and equipment at the beginning and end of the current financial year is set out below. Land Carrying amount at beginning - - Transfers 6,750 6,750 6,750 6,750 Buildings Carrying amount at beginning 9,625 9,625 Transfers 5,902 5,902 Disposals (9,625) (9,625) 5,902 5,902 NOTE 8. CURRENT ASSETS OTHER Prepayments 107 1,058 107 1,058 Major O&M Reserve Account (a) - 752 - 752 Capex Reserve Account (a) - 1,867 - 1,867 Maintenance Reserve Account (a) 6,923 - 6,923 - Security Trustee Indemnification Reserve (a) 129 123 129 123 GST Clearing Accounts 928 450 928 450 Security Bonds and Retentions 1,162 693 1,162 693 Deferred loss on cross currency swaps 2,112 761 2,112 761 11,361 5,704 11,361 5,704 (a) Terms and conditions Pursuant to its Financing Arrangements, WAC is required to establish, fund and maintain the following reserve accounts: Maintenance Reserve Account: The Maintenance Reserve account replaces both of the previously established Major Maintenance and Capex Reserve accounts (current and non-current). Major maintenance consists of maintenance of a non-recurring nature on runways, taxiways, aprons, roads and terminals. The balance of the reserve account is required to be maintained at a minimum level of $6,700,000. Security Trustee Indemnification Reserve: Established for the purpose of paying or reimbursing the Security Trustee or any Receiver for any loss or damages sustained in connection with the Tripartite Agreement. 19
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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 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
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4.78 MB - Perth Airport

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