Full Version - Essential Energy

Notes to the Financial Statements
for the year ended 30 June 2005
The total amount of excess between the market values and accrued benefits of the plans, has been recognised as a receivable in
the Statement of Financial Position (refer note 8). Where the plans accrued benefits exceed the market values, a liability has been
recognised in the Statement of Financial Position (refer note 18).
The movement during the year being an increase in the excess has been recognised as revenue in the Statement of Financial
Performance.
The components of the amounts disclosed in the Statement of Financial Performance are as follows:
2005 2004
$’000 $’000
Contribution valuation adjustment (13,241) (6,403)
Superannuation cost 18,958 16,822
5,717 10,419
96
NOTE 30. JOINT VENTURE
Country Energy has a 20% participating joint venture interest in a wind farm.
Consolidated
Corporation
2005 2004 2005 2004
$’000 $’000 $’000 $’000
The Corporation’s share of the assets employed in the joint venture is
included in the consolidated Statement of Financial Position under the
classification of Non-Current Assets - property, plant and equipment. 1,519 1,587 1,519 1,587
NOTE 31. CONTINGENT LIABILITIES
There are no known contingent liabilities that would impact on the state of affairs of the economic entity or have a material effect on
these financial statements.
NOTE 32. EVENTS SUBSEQUENT TO BALANCE DATE
On 1 July 2005 pursuant to section 84 of the Electricity Supply Act 1995, the boundaries of Country Energy were altered to include the
distribution district of the former Australian Inland Energy Water Infrastructure.
Also on that date, pursuant to section 14 of the Energy Services Corporations Act 1995, the State Owned Corporation of Australian
Inland Energy Water Infrastructure was removed from Schedule 5 of the State Owned Corporations Act 1989. This resulted in the
dissolution of that corporation. Also from that date Country Energy replaced Australian Inland Energy Water Infrastructure as the State
Owned Corporation listed as a water supply authority under Part 3 of Schedule 3 of the Water Management Act 2000.
As a result of these administrative changes, on 1 July 2005 the net assets and equity of Country Energy were increased by the
amounts of net assets and equity held by Australian Inland Energy Water Infrastructure on 30 June 2005. The operating activities
of Country Energy also increased by a factor equivalent to the sum of the operating activities of Australian Inland Energy Water
Infrastructure.
END OF AUDITED FINANCIAL STATEMENTS
COUNTRY ENERGY ANNUAL REPORT 2004–2005