QR financial report 2008/09 - Queensland Rail

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QR LIMITED Financial REPORTQR LIMITED Financial REPORT04 052008/092008/09Meetings of directorsThe number of meetings the Group’s Board of Directors and each board committee held during the year ended 30 June 2009, and the number of meetingsattended by each director were:BoardMeetingsAudit & RiskManagementRemuneration& SuccessionFreightBusinessStrategy 1PassengerServicesStrategy 2BusinessDevelopment 3 Network 4A B A B A B A B A B A B A BJ Prescott AC 14 14 6 6 3 3 1 1 1 1 2 2 2 2A Davies* 10 10 - - - - - - - - 2 2 - -P Gregg** 4 4 - - - - - - - - - - - -R Holloway 13 14 - - 3 3 - - 1 1 2 2 - -P Holmes à Court 12 14 - - - - - - - - 2 2 - -Dr L Keliher AO*** 9 10 2 2 - - - - - - - - 2 2W McLachlan 14 14 6 6 - - 1 1 - - - - 2 2D Petie 14 14 - - 3 3 1 1 - - - - 2 2S Rix 13 14 6 6 - - - - 1 1 - - 2 2J West 13 14 - - - - 1 1 - - 2 2 - -Auditor’s independence declarationThe auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 6.Rounding of amountsThe company is of a kind referred to in Class Order 98/100, issued by the Australian Securities and Investments Commission, relating to the “rounding off’’ ofamounts in the directors’ report. Amounts in the directors’ report have been rounded off in accordance with that Class Order to the nearest thousand dollars,or in certain cases, to the nearest dollar.AuditorThe Auditor-General of Queensland continues in office in accordance with section 327 of the Corporations Act 2001, the Auditor-General is appointed inaccordance with the Auditor-General Act 2009.This report is made in accordance with a resolution of the directors.J B Prescott ACChairmanS RixDirectorBrisbane, QLDBrisbane, QLD11 August 2009 11 August 2009A = Number of meetings attendedB = Number of meetings held during the time the director held office or was a member of the committee during the year(1) The Board approved the withdrawal of the remit of the Freight Business Strategy Committee at its meeting on 28 January 2009.(2) The Board approved the withdrawal of the remit of the Passenger Services Strategy Committee at its meeting on 28 January 2009.(3) The Board approved terms of reference for the Business Development Committee at its meeting on 28 January 2009.(4) The Board approved terms of reference for the Network Committee at its meeting on 28 January 2009.* Allan Davies was appointed as a Director on 1 October 2008.** Peter Gregg was appointed as a Director on 7 May 2009.*** Leo Keliher was appointed as a Director on 1 October 2008.DividendsIn respect of the financial year ended 30 June 2009, a dividend of $215.1 million was declared to the holders of fully paid ordinary shares (2008: $156.8million declared and subsequently paid on 31 December 2008 for the full reporting period ending 30 June 2008), to be paid in December 2009.Insurance of officersDuring the financial year, a related entity paid a premium in respect of an insurance contract to indemnify officers against liabilities that may have arisen fromtheir position as officers of the parent and its controlled entities. Officers indemnified include the Company Secretary and all executive officers participating inthe management of the Group.Further disclosure required under section 300 of the Corporations Act 2001 is prohibited under the terms of the contract.Proceedings on behalf of the GroupNo person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Group, or to intervene inany proceedings to which the Group is a party, for the purpose of taking responsibility on behalf of the Group for all or part of those proceedings.No proceedings have been brought or intervened in on behalf of the Group with leave of the Court under section 237 of the Corporations Act 2001.
QR LIMITED Financial REPORTIncome StatementQR LIMITED Financial REPORT06 072008/09For the year ended 30 June 20092008/09Auditor’s Independence DeclarationTo the Directors of QR LimitedThis audit independence declaration has been provided pursuant to s.307C of the Corporations Act 2001.Independence DeclarationAs lead auditor for the audit of QR Limited for the year ended 30 June 2009, I declare that, to the best of my knowledge and belief, there have been -(a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and(b) no contraventions of any applicable code of professional conduct in relation to the audit.This declaration is in respect of QR Limited and the entities it controlled during the period.GG POOLE FCPAAuditor-General of QueenslandQueensland Audit OfficeIncome Statement For the year ended 30 June 2009ConsolidatedParent2009 2008 2009 2008Notes $’000 $’000 $’000 $’000Revenue from continuing operations 5 3,837,262 3,419,561 2,250,513 2,923,245Other income 6 133,569 123,750 107,951 100,319Consumables (1,396,993) (1,207,133) (905,353) (908,664)Employee benefits expense (1,228,112) (1,141,360) (837,304) (999,717)Depreciation and amortisation expense 7 (515,166) (459,805) (339,152) (425,201)Other expenses 7 (107,860) (143,996) (52,296) (118,932)Finance costs 7 (336,985) (304,106) (336,984) (304,105)Share of net profits of associates and joint venturepartnership accounted for using the equity method 551 795 512 101Profit / (loss) before income tax 386,266 287,706 (112,113) 267,046Income tax benefit / (expense) 8 (87,587) (71,722) 60,909 (64,606)Profit / (loss) for the year 298,679 215,984 (51,204) 202,440The above income statement should be read in conjunction with the accompanying notes (see page 11).
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QR financial report 2008/09 - Queensland Rail

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