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