Full Version - Essential Energy
Full Version - Essential Energy Full Version - Essential Energy
Notes to the Financial Statements for the year ended 30 June 2005 NOTE 26. RELATED PARTIES Directors The names of persons holding the position of Director of Country Energy during the financial year are: Barbara Ward (Chairman) Craig Murray (Managing Director) Michael Lee Greg McLean Tim Sullivan OAM Rowena Sylvester John Wearne AM Details of directors’ remuneration are set out in note 25. Some Directors of Country Energy are also Directors of other companies, or have a substantial interest in other companies or entities, that may have had transactions with Country Energy during the year. A Register of Directors’ Interests is confirmed and noted at each meeting of the Board. During the year no Directors declared material interests in any matters discussed at the meetings. 92 Wholly-owned Group The wholly-owned group consists of Country Energy and its wholly-owned controlled entities, EMMLINK Pty Limited, NorthPower Energy Services Pty Limited and Country Energy Gas Pty Limited. Ownership interests in these entities is set out in note 27. Other Related Parties Country Energy has an interest in a joint venture. Details are set out in note 30. NOTE 27. CONTROLLED ENTITIES The Group includes a consolidation of the following controlled entities, incorporated in Australia. Name of Entity Shares Held Interest EMMLINK Pty Limited 10,000,000 Ordinary shares - $1 each 100% NorthPower Energy Services Pty Limited 2 Ordinary shares - $1 each 100% Country Energy Gas Pty Limited 26,870,593 Ordinary shares - $1 each 100% The following is a comparison of consolidated key figures for each subsidiary and their proportion to group totals. Total Revenue Operating Profit (Loss) Before Income Tax Total Assets 2005 2004 2005 2004 2005 2004 $’000 $’000 $’000 $’000 $’000 $’000 Country Energy 1,697,311 1,632,957 147,766 139,851 3,039,167 2,717,011 EMMLINK Pty Limited 3,853 1,498 794 (1,249) 50,492 49,705 NorthPower Energy Services Pty Limited - - - - - - Country Energy Gas Pty Limited 9,261 9,382 2,417 2,108 98,415 98,992 Group Total 1,710,425 1,643,837 150,977 140,710 3,188,074 2,865,708 NOTE 28. STATEMENT OF OPERATIONS BY SEGMENT Segment information is prepared in conformity with the accounting policies of the entity as disclosed in note 1 and the Australian Accounting Standard AASB 1005 Segment Reporting. Segment revenues, expenses, assets and liabilities are those that are directly attributable to that segment, and also include any portion that can be allocated to that segment on a reasonable basis. Segment assets and liabilities include those that are used by that segment and includes allocations of assets and liabilities attributable to that segment using appropriate drivers as a reasonable estimate. Segment assets exclude income tax assets and financing assets. Segment liabilities exclude income tax liabilities, dividend provision, borrowings, bank overdraft and other financing liabilities. COUNTRY ENERGY ANNUAL REPORT 2004–2005
Notes to the Financial Statements for the year ended 30 June 2005 Business Segments The consolidated entity operates in the Energy Segment. This involves the distribution and retailing of electricity and gas. Revenue is earned from sales to both franchise and contestable customers as well as from electricity retailers for the use of its electricity network. Geographical Segments The consolidated entity operates in one geographical segment, being Australia. Energy Other Eliminations Consolidated 2005 2004 2005 2004 2005 2004 2005 2004 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 PRIMARY REPORTING - BUSINESS SEGMENTS Revenue Sales to external customers Inter-segment sales 1,618,157 1,518,189 13,643 45,029 - - 1,631,800 1,563,218 - - 5,073 - (5,073) - - - 93 Total Sales Revenue 1,618,157 1,518,189 18,716 45,029 (5,073) - 1,631,800 1,563,218 Other revenue 77,746 78,651 - 41 - - 77,746 78,692 Total Segment Revenue 1,695,903 1,596,840 18,716 45,070 (5,073) - 1,709,546 1,641,910 Reconciliation of Segment Revenue To Entity Revenue from Ordinary Activities Total segment revenue 1,709,546 1,641,910 Add: investment income 879 1,927 Revenue from ordinary activities 1,710,425 1,643,837 Expenses Non cash expenses included in segment results 42,310 40,631 - - (5,073) - 42,310 40,631 Depreciation and amortisation included in segment results 148,203 127,888 109 96 - - 148,312 127,984 Segment Result 259,814 246,905 1,065 3,173 - - 260,879 250,078 Reconciliation of Segment Result to Entity Net Profit after Tax Segment Result 260,879 250,078 Add: revenues excluded from segment result 879 1,927 Less: expenses excluded from segment result (110,781) (111,295) Profit from ordinary activities before income tax expense 150,977 140,710 Income tax expense (52,258) (62,371) Profit from ordinary activities after income tax expense 98,719 78,339 COUNTRY ENERGY ANNUAL REPORT 2004–2005
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Notes to the Financial Statements<br />
for the year ended 30 June 2005<br />
NOTE 26. RELATED PARTIES<br />
Directors<br />
The names of persons holding the position of Director of Country <strong>Energy</strong> during the financial year are:<br />
Barbara Ward (Chairman)<br />
Craig Murray (Managing Director)<br />
Michael Lee<br />
Greg McLean<br />
Tim Sullivan OAM<br />
Rowena Sylvester<br />
John Wearne AM<br />
Details of directors’ remuneration are set out in note 25.<br />
Some Directors of Country <strong>Energy</strong> are also Directors of other companies, or have a substantial interest in other companies or entities,<br />
that may have had transactions with Country <strong>Energy</strong> during the year. A Register of Directors’ Interests is confirmed and noted at each<br />
meeting of the Board. During the year no Directors declared material interests in any matters discussed at the meetings.<br />
92<br />
Wholly-owned Group<br />
The wholly-owned group consists of Country <strong>Energy</strong> and its wholly-owned controlled entities, EMMLINK Pty Limited, NorthPower<br />
<strong>Energy</strong> Services Pty Limited and Country <strong>Energy</strong> Gas Pty Limited.<br />
Ownership interests in these entities is set out in note 27.<br />
Other Related Parties<br />
Country <strong>Energy</strong> has an interest in a joint venture. Details are set out in note 30.<br />
NOTE 27. CONTROLLED ENTITIES<br />
The Group includes a consolidation of the following controlled entities, incorporated in Australia.<br />
Name of Entity Shares Held Interest<br />
EMMLINK Pty Limited 10,000,000 Ordinary shares - $1 each 100%<br />
NorthPower <strong>Energy</strong> Services Pty Limited 2 Ordinary shares - $1 each 100%<br />
Country <strong>Energy</strong> Gas Pty Limited 26,870,593 Ordinary shares - $1 each 100%<br />
The following is a comparison of consolidated key figures for each subsidiary and their proportion to group<br />
totals.<br />
Total Revenue<br />
Operating Profit (Loss)<br />
Before Income Tax<br />
Total Assets<br />
2005 2004 2005 2004 2005 2004<br />
$’000 $’000 $’000 $’000 $’000 $’000<br />
Country <strong>Energy</strong> 1,697,311 1,632,957 147,766 139,851 3,039,167 2,717,011<br />
EMMLINK Pty Limited 3,853 1,498 794 (1,249) 50,492 49,705<br />
NorthPower <strong>Energy</strong> Services Pty Limited - - - - - -<br />
Country <strong>Energy</strong> Gas Pty Limited 9,261 9,382 2,417 2,108 98,415 98,992<br />
Group Total 1,710,425 1,643,837 150,977 140,710 3,188,074 2,865,708<br />
NOTE 28. STATEMENT OF OPERATIONS BY SEGMENT<br />
Segment information is prepared in conformity with the accounting policies of the entity as disclosed in note 1 and the Australian<br />
Accounting Standard AASB 1005 Segment Reporting.<br />
Segment revenues, expenses, assets and liabilities are those that are directly attributable to that segment, and also include any portion<br />
that can be allocated to that segment on a reasonable basis. Segment assets and liabilities include those that are used by that segment<br />
and includes allocations of assets and liabilities attributable to that segment using appropriate drivers as a reasonable estimate.<br />
Segment assets exclude income tax assets and financing assets. Segment liabilities exclude income tax liabilities, dividend provision,<br />
borrowings, bank overdraft and other financing liabilities.<br />
COUNTRY ENERGY ANNUAL REPORT 2004–2005
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