Annual Report for 2006/07 - Metro Tasmania

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229. InventoriesConsolidatedCompany2007 2006 2007 2006$000’s $000’s $000’s $000’sInventories 957 929 957 929Less provision for obsolesence (108) (76) (108) (76)849 853 849 85310. Assets Held For SaleConsolidatedCompany2007 2006 2007 2006$000’s $000’s $000’s $000’sProperty, plant and equipment 67 242 67 24267 242 67 242311. Other Current AssetsConsolidatedCompany2007 2006 2007 2006$000’s $000’s $000’s $000’sPrepayments 564 571 564 571564 571 564 57112. Property, Plant and EquipmentNotes to the Financial StatementsConsolidatedBalance at Transfers/ Balance at1 Jul 2006 Additions Eliminations Disposals Revaluation 30 Jun 2007$’000 $’000 $’000 $’000 $’000Gross carrying amountLand & buildings- at independent valuation 12,215 62 - - - 12,277Route infrastructure - at cost 2,030 61 - - - 2,091Office equipment - at cost 1,469 175 - (645) - 999Electronic ticketing & communicationequipment - at cost 3,450 8 - (72) - 3,386Plant & equipment - at cost 1,229 14 - (266) - 977Auxiliary vehicles - at cost 522 149 - (130) - 541Buses - at independent valuation 24,359 1,688 (7,451) (598) 5,084* 23,082Work in progress - at cost 398 505 (422) (107) - 37445,672 2,662 (7,873) (1,818) 5,084 43,727ConsolidatedBalance atBalance at1 Jul 2006 Disposals Depreciation Impairment Revaluation 30 Jun 2007$’000 $’000 $’000 $’000 $’000Accumulated depreciation and impairmentLand & buildings- at independent valuation - - 121 - - 121Route infrastructure - at cost 1,669 - 67 - - 1,736Office equipment - at cost 1,159 (594) 116 - - 681Electronic ticketing & communicationequipment - at cost 3,347 (72) 20 - - 3,295Plant & equipment - at cost 920 (263) 40 - - 697Auxiliary vehicles - at cost 310 (120) 118 - - 308Buses - at independent valuation 5,191 (107) 2,484 (117) (7,451)* -12,596 (1,156) 2,966 (117) (7,451) 6,838
Balance atBalance at1 Jul 2006 30 Jun 2007Net book value $’000 $’000Land & buildings - at independent valuation 12,215 12,156Route infrastructure - at cost 361 355Office equipment - at cost 310 318Electronic ticketing & communication equipment - at cost 103 91Plant & equipment - at cost 309 280Auxiliary vehicles - at cost 212 233Buses - at independent valuation 19,168 23,082Work in progress - at cost 398 374All items of property, plant and equipment are held by the parent.33,076 36,889* All accumulated depreciation existing at the date of revaluation has been eliminated against the gross carrying amount of buses, andsubsequently adjusted so that the gross carrying amount is restated to the revalued amount. The total revaluation increment was$5,084,000.An independent valuation of freehold land and buildings was performed as at 30 June 2006 by Mr A Pitt Dip.Val. AAPI AREI CertifiedPracticing Valuer of Saunders & Pitt. This valuation was performed on the basis of ‘current market value in the existing use’.An independent valuation of ‘in service’ buses was performed as at 30 June 2007 by Mr R.A. van Raay FAPI, FRICS, ASA, AFAIM,CMILT, Certified Practising Valuer (P&M) of Jones Lang LaSalle. The valuation was performed on the basis of ‘market value for existinguse’. This approach assumes that the asset could be sold in the market for its existing use.13. Intangibles Consolidated Company2007 2006 2007 2006$’000 $’000 $’000 $’000Licences - at cost 64 64 64 64Less accumulated amortisation (33) (17) (33) (17)31 47 31 47Computer software- at cost 1,682 1,398 1,682 1,398Less accumulated amortisation (1,346) (1,279) (1,346) (1,279)336 119 336 119367 166 367 16614. Trade and Other Payables Consolidated Company2007 2006 2007 2006$’000 $’000 $’000 $’000Trade creditors and accruals 2,262 2,504 2,262 2,504Employee benefits oncosts 357 683 357 683Intercompany - - 107 1072,619 3,187 2,726 3,294Notes to the Financial Statements23
Page 2 and 3: IntroductionThe Principal objective
Page 4 and 5: Chairperson’s ReviewChairperson
Page 6: Chief Executive Officer’s ReviewI
Page 9 and 10: Table 5 - Number of Buses in Servic
Page 11 and 12: Auditor’s independence declaratio
Page 13 and 14: Balance SheetAs at 30 June 200Conso
Page 15 and 16: Cash Flow StatementFor the year end
Page 17 and 18: 3. Significant Accounting Policies(
Page 19 and 20: Retirement benefitsDefined benefit
Page 21 and 22: 4. Revenue(a) Revenue from traffic
Page 23: 2007 ConsolidatedCategory Opening R
Page 27 and 28: 19. Retained Profits/ (Losses) Cons
Page 29 and 30: 2007Average effective Floating Less
Page 31 and 32: Balance sheet results as at 30 June
Page 33 and 34: Defined Benefit Obligations inclusi
Page 35 and 36: 30 June 2007 30 June 2006Expected R
Page 37 and 38: Funding and contribution informatio
Page 39 and 40: Providing safe, reliable and qualit

Annual Report for 2006/07 - Metro Tasmania

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