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Judicial decisions • Application by East Australian Pipeline Limited [2005] ACompT. The Australian Competition Tribunal considered an application by East Australian Pipeline Limited under section 39(1) of the Gas Pipeline Access (South Australia) Act 1997 (‘the Gas Pipeline Act’). The application was for review of an ACCC decision concerning the method of depreciating optimised replacement cost to arrive at depreciated optimised, which the applicant argued was prohibited by section 39(5) of the Gas Pipeline Act. 62 • Western Power Corporation v Koenig [2004] WASCA 119. The Western Australian Supreme Court (‘WA SC’) considered the application of Regulation 63(1) of the Electrical (Licensing) Regulations 1991. In particular, the WA Supreme Court considered the reporting obligations on Western Power Corporation following an incident on a river, where a derrick attached to a barge was struck by an overhead powerline. COUNTRY ENERGY ANNUAL REPORT 2004–2005
Financial statements contents Independent Audit Report 64 Statement by Members of the Board 65 Statement of Financial Performance 66 Statement of Financial Position 67 Statement of Cash Flows 68 Notes to the Financial Statements 69 Note 1. Significant Accounting Policies 69 a) Reporting Entity 69 b) Financial Reporting Framework 69 c) Principles of Consolidation 69 d) Change in Accounting Policies 69 e) Impacts of Adopting Australian Equivalents to International Financial Reporting Standards 69 f) Recognition of Revenue 71 g) Valuation of Current Assets 72 h) Valuation of Property, Plant and Equipment 72 i) Valuation of Other Non-Current Assets 73 j) Liabilities 74 k) Income Tax 74 l) Goods and Services Tax 75 m) Electricity Purchases 75 n) Construction Contracts 75 o) Joint Venture 75 p) Foreign Currency 75 q) Rounding of Amounts 75 r) Exemptions 75 Financial Reporting Exemptions 76 Annual Reporting Exemptions 76 Note 2. Components of Revenue and Expenses 77 Note 3. Income Tax Expense 78 Note 4. Tax Assets 78 Note 5. Tax Liabilities 79 Note 6. Dividends 79 Note 7. Cash Assets 79 Note 8. Receivables 79 Note 9. Inventories 80 Note 10. Investments in Subsidiary Corporations 80 Note 11. Other Assets 80 Note 12. Property, Plant and Equipment 81 Note 13. Intangible Assets 82 Note 14. Deposits 82 Note 15. Payables 82 Note 16. Interest Bearing Liabilities 83 Note 17. Provisions 84 Note 18. Other Liabilities 84 Note 19. Components of Equity 85 Note 20. Finance Facilities 85 Note 21. Notes to the Statement of Cash Flows for the Year Ended June 2005 86 Note 22. Financial Instruments – Consolidated 87 Note 23. Commitments 90 Note 24. Auditors’ Remuneration 91 Note 25. Directors’ Remuneration 91 Note 26. Related Parties 92 Note 27. Controlled Entities 92 Note 28. Statement of Operations by Segment 92 Note 29. Superannuation Plans 94 Note 30. Joint Venture 96 Note 31. Contingent Liabilities 96 Note 32. Events Subsequent to Balance Date 96 63 COUNTRY ENERGY ANNUAL REPORT 2004–2005
Page 1 and 2:
Becoming Australia’s leading util
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Priorities in 2004-2005 Country Ene
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A leader in safety 5 COUNTRY ENERGY
Page 7 and 8:
Detailed audit schedules have been
Page 9 and 10:
Workers compensation In addition to
Page 11 and 12: A successful national retailer 11 C
Page 13 and 14: Looking inside We recognise that ou
Page 15 and 16: This resulted in the campuses reduc
Page 17 and 18: The best network manager 17 COUNTRY
Page 19 and 20: The table below highlights some exa
Page 21 and 22: • Large snowfalls in the Snowy Mo
Page 23 and 24: Vegetation management The managemen
Page 25 and 26: Information services In addition to
Page 27 and 28: A responsible environmental manager
Page 29 and 30: One of the most rewarding aspects o
Page 31 and 32: Our increasing involvement in proje
Page 33 and 34: Waste management A code of practice
Page 35 and 36: A valued part of the community 35 C
Page 37 and 38: Increased presence Our program of r
Page 39 and 40: Nu 1000 0 2002-2003 2003-2004 2004-
Page 41 and 42: Sponsorship spend $82,424 $125,000
Page 43 and 44: An employer of choice 43 COUNTRY EN
Page 45 and 46: Apprentices by region / operational
Page 47 and 48: Employees also initiated a fundrais
Page 49 and 50: Employee assistance program Country
Page 51 and 52: Our Executive Craig Murray - Managi
Page 53 and 54: Director Current appointment Board
Page 55 and 56: Risk management Country Energy appr
Page 57 and 58: Executive remuneration At the end o
Page 59 and 60: Consultants A total of $1.3 million
Page 61: • Electricity Industry Act 2000 N
Page 65 and 66: Statement by Members of the Board 6
Page 67 and 68: Statement of Financial Position as
Page 69 and 70: Notes to the Financial Statements f
Page 97 and 98: Customer information The following
Page 99 and 100: Index A Achievements inside cover A
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