Endeavour Energy Annual Performance Report - Parliament of New ...

4 Expenses
2011
$’000
2010
$’000
Expenses relating to operating activities
Bad debts written off and allowance for impairment of receivables 767 3,387
Consultants 1,803 1,782
Contractors 48,317 46,854
Employee benefits 231,050 228,819
Superannuation contributions 34,909 23,688
Superannuation (defined benefits) expense excluding actuarial gains or losses* 7,780 11,064
Operating lease rentals 1,461 330
Net loss on disposal of property, plant and equipment and assets held for sale 2,975 24
Net loss arising from ineffectiveness on cash flow hedges – 566
Distribution of electricity and other services 301,620 264,553
Total expenses relating to operating activities 630,682 581,067
Depreciation of non-current assets
System assets 122,337 106,780
Buildings 3,375 3,036
Plant and equipment 21,687 23,386
Total depreciation of non-current assets 147,399 133,202
Amortisation of intangible assets
Software 17,261 16,516
Total depreciation and amortisation expense 164,660 149,718
Total expenses from operating activities 795,341 730,785
Finance costs
Gross interest expense 142,353 127,790
Net amortisation of discounts/premiums on loans 11,165 19,308
Other interest expense 39,068 40,512
Total finance costs 192,586 187,610
* Refer Note 14. Superannuation (defined benefits) expense totals $13.2m (2010: $14.6m), including actuarial losses of $5.4m (2010: $3.6m) recognised
in other comprehensive income and other superannuation expenses totalling $7.8m (2010: $11.0m) recognised in profit or loss.
Maintenance expenses included within expenses relating to operating activities are as follows:
(i)
(ii)
Employee related costs included in employee benefits expense $72.1m (2010: $67.9m)
Contracted labour and other (non-employee related) expenses $50.7m (2010: $41.4m)
Endeavour Energy Annual Performance Report 2010–11
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