4.78 MB - Perth Airport

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NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2005 (CONTINUED) NOTE 25. REMUNERATION OF AUDITORS Consolidated Parent 2005 2004 2005 2004 $ $ $ $ Remuneration of the auditors of the consolidated entity for: Audit and review of the financial reports 57,080 52,315 57,080 52,315 Other services - taxation 117,779 68,122 117,779 68,122 - advisory services 118,049 207,326 118,049 207,326 292,908 327,763 292,908 327,763 NOTE 26. CONTINGENT LIABILITIES No specific native title claims exist over Perth Airport. The Directors are aware of general claims for native title over large tracts of metropolitan Perth, which might include the airport, but the directors believe that these claims will not have any adverse impact on the operation or growth of the airport. Parts of Perth Airport (the Munday Swamp Bushland and Forrestfield Bushland) are listed on the Register of the National Estate. The Minister for Transport and Regional Services may approve development of land on the Register if he or she is satisfied that there is no prudent or feasible alternative to the development. As a result of changes that came into place from 1 January 2004, the Australian Heritage Council compiles and maintains the Register of the National Estate (RNE). In addition to the RNE, two other lists have been created. These are the National Heritage List (NHL) and the Commonwealth Heritage List (CHL). The NHL contains places of exceptional national heritage value. No areas on WAC land have been uplifted from the RNE to NHL. The CHL contains areas of heritage value that are owned or controlled by the Commonwealth. Two areas (Forrestfield Bushland and Munday Swamp and Surrounding Bushland) have been listed as indicative places. Consolidated Parent NOTE 27. COMMITMENTS FOR EXPENDITURE Capital Commitments 2005 2004 2005 2004 $’000 $’000 $’000 $’000 Commitments for the acquisition of plant and equipment contracted for at the reporting date but not recognised as liabilities: Not later than one year 8,033 27,726 8,033 27,726 Capital Expenditure Commitments As part of its tender for the acquisition of the Perth Airport lease, WAC committed to the Commonwealth Government to fund capital expenditure for aeronautical infrastructure and other improvements totalling a minimum of $54,600,000 during the 5 fiscal years 1997 to 2002 inclusive and additional sums totalling $33,300,000 during the 5 fiscal years 2003 to 2007. WAC renegotiated these commitments with the Commonwealth Government to extend the timeframe in respect of the first 5 year commitment for a further 4 years, to 30 June 2006. To date WAC has funded a cumulative total of $111,283,044 in capital expenditure towards this commitment to 30 June 2005. The Commonwealth Government has yet to approve WAC’s capital expenditure statement. Technical Service Agreement A technical service agreement (TSA) exists between WAC and Port of Portland Holdings Pty Ltd (POPH) for the provision of technical advice to WAC about its management, operation and maintenance of the Perth Airport. Under the terms of the TSA, WAC is committed to pay an annual fee for each financial year being the greater of the Base Fee or an Incentive Fee which is linked to earnings for that financial year. The agreement is for a period of 15 years expiring on 5 May 2012. The TSA is considered to be an onerous contract & accordingly a provision for the future cashflows has been raised as at 30 June 2005 (see note 18a). Consulting Agreement A consulting agreement exists between WAC and BAA International Limited (BAA) for the provision of consultancy services to WAC in connection with the planning, operation, management and development of the airport businesses carried on at the Perth Airport. Under the terms of the agreement, WAC is committed to pay an annual fee for each financial year comprising a Base Fee and a Bonus Fee which is linked to earnings for that financial year. The agreement is for a period of 10 years expiring on 30 June 2011. 30
Directors Remuneration Scheme During the year the WAC Board approved the implementation of a Directors Remuneration Scheme (DRS), which provides for payment of directors fees to directors appointed by shareholders in proportion to the respective shareholding of each shareholder in the parent entity (ADG). Where shareholders have elected, their representative director receives the proportionate directors fee. If shareholders elect for their representative director not to receive any remuneration, the shareholder receives the proportionate director fee as consideration for the procurement of the representative director. At 30 June 2005 accounts payable included $961,042 of fees payable to the shareholders as per the election made by the individual shareholders. Consolidated Parent 2005 2004 2005 2004 $’000 $’000 $’000 $’000 NOTE 28. EMPLOYEE BENEFITS The aggregate employee benefit liability is comprised of: Accrued wages, salaries and on-costs 781 733 781 733 Provisions (current) 2,690 2,497 2,690 2,497 Provisions (non-current) 169 211 169 211 3,640 3,441 3,640 3,441 NOTE 29. RELATED PARTIES Directors The names of persons who were directors of WAC at any time between 1 July 2004 and 30 June 2005 are as follows: Appointed By Mr David Crawford Mr Michael Fitzpatrick Mr Peter Taylor Dr Allan Griffin Mr Ronald Doubikin Mr Dominic Helmsley Mr Stuart Condie Mr Duncan Taylor Mr Lyndon Rowe (appointed 25 August 2004) Mr Alexander Wheeler (appointed 24 November 2004 as alternate to Michael Fitzpatrick & Peter Taylor) Mr Hamish De Run (alternate to Michael Fitzpatrick & Peter Taylor; resigned 27 August 2004) Mr Graham Matthews (resigned 25 August 2004; appointed alternate to Lyndon Rowe 25 August 2004) Mr Alexander Austin (alternate director to Graham Matthews; resigned 25 August 2004) Mr Stephen Vineburg (appointed alternate to Duncan Taylor Hastings Funds Management Ltd Hastings Funds Management Ltd Utilities of Australia Pty Ltd Utilities of Australia Pty Ltd BAA Australia Pty Ltd BAA Australia Pty Ltd Colonial First State Private Capital Ltd and National Nominees Ltd Westscheme Pty Ltd Hasting Funds Management Ltd Hastings Funds Management Ltd Westscheme Pty Ltd Westscheme Pty Ltd Colonial First State Private Capital 16 September 2004) Ltd and National Nominees Ltd Remuneration Information on remuneration of directors is disclosed in note 24. 31
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PERTH AIRPORT 2004/2005 ANNUAL REPO
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CONTENTS Chairman’s Review 2 CEO
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During the year, WAC undertook the
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An agreement with Conservation Volu
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ABOUT ABOUT PERTH AIRPORT Strategic
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Mr Peter Taylor Mr Ron Doubikin Mr
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HIGHLIGHTS HIGHLIGHTS 2004/2005 Pro
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TOTAL BREAK-UP IN DOMESTIC AND INTE
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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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