Port Nelson Annual Report 2007 (pdf)

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N O T E S T O T H E A C C O U N T S N O T E 2 3 : R E C O N C I L I A T I O N B E T W E E N N Z I F R S A N D N Z G A A P A S A T 3 0 J U N E 2 0 0 6 ( . . . c o n t ) (e) Asset Revaluation Reserve Effect of transition Effect of transition Previous to NZIFRS to NZIFRS NZGAAP Reclassification Adjusting Entry NZIFRS 30 June 2006 $000 $000 $000 $000 A S S E T R E V A L U A T I O N R E S E R V E 78,969 (12,015) 1,318 68,272 Consisting of: Buildings 1,144 - 780 1,924 Land 61,853 - - 61,853 Investment Property 11,944 (11,944) - - Wharves 4,028 (71) 538 4,495 The revaluation components associated with Investment Property are more appropriately allocated to Retained Earnings as per NZIAS 40 (35). $000 Opening 78,969 Transfer from Retained Earnings of credit balances relating to individual assets previously netted-off on a class basis 1,108 Transfer of accumulated revaluation increments for Investment Property (11,944) Reversal of existing NZ GAAP Deferred Tax Liability balance at Transition 329 Reversal of existing NZ GAAP Deferred Tax Liability movement in 2006 year 2,217 Deferred Tax Liability adjustment on depreciable revaluations on 1 July 2005 (2,616) IFRS transition adjusting entry 209 C L O S I N G 68,272 N O T E 2 4 : E X P L A N A T I O N O F T R A N S I T I O N T O N E W Z E A L A N D E Q U I V A L E N T S T O I F R S A S A T T H E D A T E O F T R A N S I T I O N T O N Z I F R S : 1 J U L Y 2 0 0 5 Previous Effect of transition NZGAAP to NZIFRS NZIFRS C U R R E N T A S S E T S Notes $000 $000 $000 Cash and Cash Equivalents - - - Trade and Other Receivables 3,666 - 3,666 Inventories 436 - 436 Prepayments 131 - 131 Tax Refund 6 - 6 4,239 - 4,239 L E S S C U R R E N T L I A B I L I T I E S Bank 17 - 17 Trade and Other Payables 1,682 - 1,682 Employee Entitlements 961 - 961 Hedging Liability a 129 129 2,660 129 2,789 W O R K I N G C A P I T A L 1,579 (129) 1,450 N O N C U R R E N T A S S E T S Property, Plant and Equipment b 117,189 18,958 136,147 Investment Property - 13,271 13,271 Intangible Assets b - 695 695 117,189 32,924 150,113 N O N C U R R E N T L I A B I L I T I E S Employee Entitlements 289 - 289 Deferred Tax Liability c 1,588 2,306 3,894 Term Loan 19,000 - 19,000 20,877 2,306 23,183 T O T A L N E T A S S E T S 97,891 30,489 128,380 4 0 E Q U I T Y Issued Capital 31,046 - 31,046 Retained Earnings d 16,894 9,855 26,749 Proposed Dividend Reserve 2,400 - 2,400 Asset Revaluation Reserve e 47,551 20,721 68,272 Hedging Reserve a - (87) (87) T O T A L E Q U I T Y 97,891 30,489 128,380
N O T E S T O T H E A C C O U N T S N o t e s t o t h e R e c o n c i l i a t i o n s 1 J u l y 2 0 0 5 (a) Hedging Liability Port Nelson qualifies for treatment of its financial derivatives as Cash Flow Hedges per NZ IAS 39. On transition Port Nelson had a $129,000 hedging liability. Effect of movement: Previous Effect of Transition NZGAAP to NZIFRS NZIFRS $000 $000 $000 Deferred Tax (Asset) - (42) (42) Hedging Liability - 129 129 Hedging Reserve - (87) (87) (b) Revaluations On transition, a number of reclassifications where made to Property Plant and Equipment in addition to Port Nelson revaluing its Land, Wharves and Buildings. Previously Buildings were not revalued. The revaluation of Buildings is a policy change associated with the transition to IFRS. Effect of Transition Effect of Transition Previous to NZIFRS to NZIFRS NZGAAP Reclassification Revaluation NZIFRS 1 July 2005 $000 $000 $000 $000 P R O P E R T Y , P L A N T A N D E Q U I P M E N T 117,189 32,924 150,113 Consisting of: Mobile Plant 9,835 - - 9,835 Floating Plant 2,183 - - 2,183 Wharves Leased 2,288 - 302 2,591 Wharves 11,467 - 4,712 16,178 Plant, Furniture and Fittings 4,296 - - 4,296 Information Technology 1,080 (695) - 385 Software (Intangibles) - 695 - 695 Hard standing and Roadways 4,198 - - 4,199 Dredging 2,093 - - 2,093 Buildings 6,336 - 1,297 7,632 Buildings Leased 2,240 - 410 2,651 Land at Cost – Reclamation 1,443 - - 1,443 Land (Revalued) 33,532 (298) 10,646 43,881 Land (Revalued) Leased 33,857 (7,504) 10,086 36,439 Investment Property - 7,802 5,469 13,271 Work in Progress 2,341 - - 2,341 Port Nelson has elected to use the revalued amounts at Transition as fair value. Land will continue to be revalued every three years and Wharves and Buildings at five year intervals or earlier if there has been a material change in value of the assets. Intangibles in the nature of software amounting to $695,000 at Transition have been identified. Investment Property has been classified and revalued at Transition. The amount relating to Investment Property under previous NZ GAAP was $7,802,000 recognised on transition and subsequently revalued. On Transition a review was undertaken of the categorisation of all Port Nelson assets with reclassification adjustments made where deemed appropriate between the other categories. 4 1
Page 1 and 2: 2 0 0 7 A N N U A L R E P O R T
Page 3 and 4: “During the Noise Variation proce
Page 5 and 6: P E R F O R M A N C E R E V I E W -
Page 7 and 8: “We work in a hectic environment
Page 9 and 10: Port Nelson’s support of the Nels
Page 11 and 12: “Watching the SZAP 5 descend bene
Page 13 and 14: “When the topic of Environmental
Page 15 and 16: “I’m proud to work for a compan
Page 17 and 18: F I N A N C I A L R E P O R T 2 0 0
Page 19 and 20: S T A T U T O R Y I N F O R M A T I
Page 21 and 22: S T A T E M E N T O F C O R P O R A
Page 23 and 24: S T A T E M E N T O F F I N A N C I
Page 25 and 26: S T A T E M E N T O F C A S H F L O
Page 27 and 28: S T A T E M E N T O F A C C O U N T
Page 29 and 30: N O T E S T O T H E A C C O U N T S
Page 39: N O T E S T O T H E A C C O U N T S
Page 43 and 44: Board of Directors A.O. Patterson C

Port Nelson Annual Report 2007 (pdf)

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