QR financial report 2008/09 - Queensland Rail

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QR LIMITED Financial REPORTNotes to the financial statementsNotes to the financial statementsQR LIMITED Financial REPORT28 292008/0930 June 2009 (continued)30 June 2009 (continued)2008/095 Revenue from operations2009$’000ConsolidatedFrom continuing operationsServices revenue 3,712,384 3,284,437 2,165,966 2,812,582Interest revenue 5,424 3,301 4,178 2,646Other revenue 76,399 101,591 48,572 77,797Construction and other works revenue 32,045 20,781 24,674 20,7812008$’0002009$’000Rent and sub-lease rentals 11,010 9,451 7,123 9,439Services revenue includes Transport Service Contracts of $1,307.2 million (2008: $1,103.8 million).Other revenue includes Shareholder Agreement revenue of $8.7 million (2008: $9.7 million).6 Other incomeParent2008$’0003,837,262 3,419,561 2,250,513 2,923,245ConsolidatedParent2009$’0002008$’0002009$’0002008$’000Net gain / (loss) on disposal of property, plant and equipment - 14,412 - 14,750Net unrealised gain / (loss) on foreign currency and commodityderivatives not qualifying as hedges2,349 13,128 2,096 13,283Net realised gain / (loss) on foreign exchange 29,793 (1,647) 29,545 (1,647)Government grants (a) 101,427 97,857 76,310 73,933133,569 123,750 107,951 100,319(a) Government grantsGrants of $101.4 million (2008: $97.9 million) were recognised as other income by the Group during the financial year. These grants mainly comprise fuel rebatesof $99.4 million (2008: $96.5 million). There are no unfulfilled conditions or other contingencies attached to these grants. The Group did not benefit directly fromany other forms of government assistance.7 ExpensesConsolidatedParent2009 2008 2009 2008$’000 $’000 $’000 $’000Profit before income tax includes the followingspecific expenses:DepreciationBuildings 19,316 17,309 17,435 16,122Plant and equipment 55,758 52,849 45,341 45,206Rollingstock 169,883 112,300 143,243 90,538Infrastructure 179,968 164,738 43,575 162,939Total depreciation 424,925 347,196 249,594 314,805AmortisationBuildings under finance leases 419 343 208 231Rollingstock under finance leases 78,431 98,838 78,431 98,839Infrastructure under finance leases - 1 - 1Total amortisation 78,850 99,182 78,639 99,071Total property, plant and equipment depreciationand amortisation expense (note 16) 503,775 446,378 328,233 413,876Other amortisationSoftware 11,150 11,611 10,919 11,325Customer contracts 241 1,816 - -Total amortisation (note 17) 11,391 13,427 10,919 11,325Total depreciation and amortisation expense 515,166 459,805 339,152 425,201Finance costsInterest and finance charges paid/payable 336,985 304,106 336,984 304,105Finance costs expensed 336,985 304,106 336,984 304,105Other expensesRental expenses relating to leases 15,348 11,448 200 857Net loss on disposal of property, plant and equipment 3,445 - 1,851 -Defined benefit superannuation expense 41,112 40,264 32,534 40,264Defined contribution superannuation expense 64,834 52,317 40,228 43,470Provision for inventory obsolescence 1,475 4,863 1,298 4,749Research and development costs 555 296 530 295Other expenses (1,574) 6,940 (4,550) 5,268125,195 116,128 72,091 94,903Settlement of litigation expenses (2,130) (986) (2,133) (986)Impairment losses – financial assetsTrade receivables 2,412 1,221 237 590Impairment of other assetsProperty, plant and equipment (17,617) 26,746 (17,899) 23,538Software - 887 - 887Impairment of other assets (17,617) 27,633 (17,899) 24,425Total other expenses 107,860 143,996 52,296 118,932
QR LIMITED Financial REPORTNotes to the financial statementsNotes to the financial statementsQR LIMITED Financial REPORT30 312008/0930 June 2009 (continued)30 June 2009 (continued)2008/098 Income tax expense(a) Income tax expenseConsolidatedParent2009 2008 2009 2008$’000 $’000 $’000 $’000Current tax 12,338 45,371 (109,754) 35,422Deferred tax 73,650 23,679 47,071 26,543Adjustments for current tax of prior periods 1,599 2,672 1,774 2,64187,587 71,722 (60,909) 64,606Deferred income tax expense included in income tax expensecomprises:(Increase) / decrease in deferred tax assets (note 20) (20,844) (7,532) (31,918) (3,469)Increase in deferred tax liabilities (note 27) 94,494 31,211 78,989 30,012(b) Numerical reconciliation of incometax expense to prima facie tax payable73,650 23,679 47,071 26,543Profit from continuing operations before income tax expense 386,266 287,706 (112,113) 267,046Tax at the Australian tax rate of 30% (2008: 30%) 115,880 86,311 (33,633) 80,113Tax effect of amounts which are non-deductible (taxable) incalculating taxable income:Capital gains / (losses) (37) 5,532 (37) 5,532Consulting 842 166 265 91Entertainment 98 128 40 52Research and development (4,014) (124) (3,362) (124)Share of net profit from joint ventures (165) - (153) -Interest Capitalisation (28,208) (8,384) (28,208) (8,384)Foreign exchange gains capitalised (4,414) - (4,414) -Other 6,283 (13,208) 7,119 (13,943)Non-assessable income (277) (1,372) (300) (1,372)Adjustment for fixed assets transfer - - - -Adjustments for current tax of prior periods 1,599 2,673 1,774 2,641Total income tax expense 87,587 71,722 (60,909) 64,606(e) Tax consolidation legislationQR Limited and its wholly-owned Australian controlled entities implemented tax consolidation legislation from 1 July 2003.The tax consolidation group adopted a group allocation approach effective 1 July 2006 and account for their own current and deferred tax amounts.This method complies with Interpretation 1052 Tax Consolidation Accounting and AASB 112 Income Taxes with tax amounts measured as if the Group were astand-alone taxpayer in its own right.Under the terms of the tax funding agreement, the Group compensates QR for any current tax payable assumed and is compensated by QR for anycurrent tax receivable and deferred tax assets relating to unused tax losses or unused tax credits that are transferred to QR under tax consolidatedlegislation. The funding amounts are recognised as non-current inter-company receivables or payables.9 Current assets – Cash and cash equivalentsConsolidatedParent2009 2008 2009 2008$’000 $’000 $’000 $’000Cash on hand 188 198 45 185Bank balances 57,127 25,955 5,897 20,012Short term investments 47,840 27,888 47,840 24,215Trust monies 30 1,058 3 1,058105,185 55,099 53,785 45,470(a) Reconciliation to cash at the end of the yearThe above figures are reconciled to cash at the end of the financial year as shown in the statement of cash flows as follows:ConsolidatedParent2009 2008 2009 2008$’000 $’000 $’000 $’000Balances as above 105,186 55,098 53,785 45,469Less: Trust monies (30) (1,058) (3) (1,058)Balances per statement of cash flows 105,156 54,040 53,782 44,411(b) Interest rate risk exposureThe Group’s and the parent entity’s exposure to interest rate risk is discussed in note 2.(c) Amounts recognised directly in equityAggregate current and deferred tax arising in the reportingperiod and not recognised in net profit or loss but directlydebited or credited to equityNet deferred tax – debited (credited) directlyto equity (notes 20 and 27) (26,785) 25,325 (26,791) 25,438(d) Tax lossesTax losses transferred to (receivable from) parent entityunder tax funding agreement - - 406,390 33,139Potential tax benefit @ 30% - - 121,917 9,942
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QR financial report 2008/09 - Queensland Rail

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