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Notes to the Financial Statements for the year ended 30 June 2005 Assets and Liabilities Energy Other Eliminations Consolidated 2005 2004 2005 2004 2005 2004 2005 2004 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Segment assets 2,915,147 2,696,018 218,737 106,725 - - 3,133,884 2,802,743 Assets excluded from segment assets 54,190 62,965 Total Entity Assets 3,188,074 2,865,708 Segment Liabilities 410,690 348,381 47,721 86,132 - - 458,411 434,513 Liabilities excluded from segment liabilities 1,910,631 1,707,440 Total Entity Liabilities 2,369,042 2,141,953 94 SECONDARY REPORTING - GEOGRAPHICAL SEGMENTS Revenue by location of customer 1,709,546 1,641,910 Carrying amounts of segment assets by location 3,133,884 2,802,743 Acquisition of non-current assets by location 392,920 326,292 NOTE 29. SUPERANNUATION PLANS The Corporation contributes to one defined contribution and several defined benefit employee superannuation plans of the Energy Industries Superannuation Schemes Pty Ltd. The Corporation also contributes to a defined employee benefit plan of the Electricity Supply Industry Superannuation (Qld) Ltd. In the case of the defined benefit employee superannuation plans, employer contributions are based on the advice of the plans’ actuaries. Employee contributions are based on various percentages of employee gross salaries. After serving a qualifying period all employees are entitled to benefits on retirement, disability or death. The plans provide defined benefits based on years of service and final average salary. In accordance with the various Trust Deeds the Corporation is under no legal obligation to make up any shortfall in the plans’ assets to meet payments due to employees. An assessment of the defined benefit plans as at 30 June 2005 was carried out by FuturePlus Financial Services Pty Limited for NSW employees. The actuaries used by the trustees were William M Mercer Pty Limited (NSW). The authorities concluded that the assets of the plans were sufficient to meet all benefits payable in the event of the plans’ termination or the voluntary or compulsory termination of all contributors of the Corporation. The most recent assessment of the defined benefit plans for QLD employees was performed in June 2002 by Electricity Supply Industry Superannuation (Qld) Ltd. At that time, the actuaries used by the trustees were NSP Buck Pty Limited (QLD), who concluded that the assets of the plan were sufficient to meet all benefits payable in the event of the plan’s termination or the voluntary or compulsory termination of all contributors of the Corporation. Accordingly, the amounts included in this disclosure for the Electricity Supply Industry Superannuation Fund (Qld) is the most recent information available, being measured as at 1 July 2002. Only four Country Energy employees belong in the Electricity Supply Industry Superannuation Fund (Qld), and as such, the amounts disclosed are not material. The accrued benefits and plan assets at net market value are set out below. Accrued benefits are benefits which the plans are presently obliged to pay at some future date as a result of membership of the plans. COUNTRY ENERGY ANNUAL REPORT 2004–2005
Notes to the Financial Statements for the year ended 30 June 2005 The directors, based on the advice of the trustees of the plans, are not aware of any changes in circumstances since the date of the most recent financial statements of the plans which would have a material impact on the overall financial position of the plans. The 2005 estimates are based on the table of assumptions below. The actuary has made these estimates based upon a number of assumptions in relation to member “exits” from the schemes. Actuarial Assumptions 2005 2006 2007 Thereafter % % % % Energy Industries Superannuation Scheme Rate of Investment return 12.5 7.5 7.5 7.5 Rate of salary escalation 4.0 4.0 4.0 4.0 Rate of CPI increase 2.5 2.5 2.5 2.5 State Superannuation Scheme & State Authorities Non-Contributory Superannuation Scheme Rate of Investment return 7.0 7.0 7.0 7.0 Rate of salary escalation 4.0 4.0 4.0 4.0 Rate of CPI increase 2.5 2.5 2.5 2.5 95 Actuarial assumptions are not available for the Electricity Supply Industry Superannuation Fund (Qld). 2005 2004 $’000 $’000 Employer contributions paid to the plans during the financial year 18,958 16,822 DEFINED BENEFIT PLANS Plans Assets at Market Value Total Accrued Benefits Excess/(Deficit) 2005 2004 2005 2004 2005 2004 $’000 $’000 $’000 $’000 $’000 $’000 Energy Industries Superannuation Scheme 193,345 172,624 155,324 147,638 38,021 24,986 State Superannuation Scheme 506 440 321 297 185 143 State Authorities Non-Contributory Superannuation Scheme 43 17 45 41 (2) (24) State Authorities Superannuation Scheme 149 6 - - 149 6 Electricity Supply Industry Superannuation Fund (Qld) 922 922 898 898 24 24 194,965 174,009 156,588 148,874 38,377 25,135 COUNTRY ENERGY ANNUAL REPORT 2004–2005
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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
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Detailed audit schedules have been
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Workers compensation In addition to
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A successful national retailer 11 C
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Looking inside We recognise that ou
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This resulted in the campuses reduc
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The best network manager 17 COUNTRY
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The table below highlights some exa
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• Large snowfalls in the Snowy Mo
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Vegetation management The managemen
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Information services In addition to
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A responsible environmental manager
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One of the most rewarding aspects o
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Our increasing involvement in proje
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Waste management A code of practice
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A valued part of the community 35 C
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Increased presence Our program of r
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Nu 1000 0 2002-2003 2003-2004 2004-
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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 and 62: • Electricity Industry Act 2000 N
Page 63 and 64: Financial statements contents Indep
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 93: 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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