ANNUAL REPORT 2004â05 - V/Line

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CONSOLIDATED PARENT2005 $’000 2004 $’000 2005 $’000 2004 $’00012 MONTHS 11.5 MONTHS 12 MONTHS 11.5 MONTHSNOTE 6 RECEIVABLESTrade debtors 6,512 4,250 - -Less: Provision for doubtful debts (185) (248) - -6,327 4002 - -Fuel rebate receivables 841 1,461 - -Insurance Refund - 936 - -Other receivables 1,258 662 - -8,426 7,061 - -Related party receivableTrade debtors include the following receivables from related partiesDepartment of Infrastructure receivables 4,593 380 - -Other related parties 418 170 - -5,011 550 - -(a) Terms and conditionsTerms and conditions relating to the above financial instruments:I. Credit sales are on 30 day termsII. Details of the terms and conditions of related parties.Receivables are set out in Note 21 - Related PartyNOTE 7 INVENTORIESDiesel Fuel 85 62 - -NOTE 8 OTHER ASSETSPrepayments 365 186 - -NOTE 9 INVESTMENTSUnlisted shares in the following companiesName Country of Percentageincorporation of equityinterest heldin entityV/Line Passenger Pty. Ltd. Australia 100% - - 136,769 136,769Provision for diminution - - (11,653) (10,697)- - 125,116 126,072Victorian Railway Heritage Operation Pty. Ltd. Australia 100% - - - -
NOTES TO THE FINANCIAL STATEMENTSCONSOLIDATEDPARENT2005 $’000 2004 $’000 2005 $’000 2004 $’00012 MONTHS 11.5 MONTHS 12 MONTHS 11.5 MONTHSNOTE 9 INVESTMENTS (CONTINUED)On 1 October 2003, the Corporation purchased one ordinary share in V/Line Passenger Pty Ltd (subject to Deed of Company Arrangement) for $1.This represents 100% of the company's issued and paid up capital.The Corporation has consolidated the V/Line Passenger Pty. Ltd. investment as it has control.On 7 July 2004, to give effect to a Direction by the Director of Public Transport pursuant to section 4.3 of the Franchise Agreement, Victorian RailHeritage Operations Pty. Limited (VRHO) was registered. V/Line Passenger Pty. Limited has 100% ownership of VRHO. The principal activities of VRHOare the provision of labour requirements to operate a Passenger Train Network in accordance with the requirements of Division 3, Part VI of the TransportAct. The labour requirement enables the operation of three Heritage Train Operator Incorporated bodies.NOTE 10 PROPERTY, PLANT AND EQUIPMENTPlant and equipmentAt cost 9,300 8,895 - -Provision for depreciation (6,972) (6,136) - -2,328 2,759 - -Rolling stockAt cost 503 108 - -Provision for depreciation (30) (5) - -473 103 - -Rolling stockAt independent valuation - 1 October 2003 167,743 167,743 - -Provision for depreciation (22,720) (10,708) - -145,023 157,035 - -Leasehold improvementsAt cost 1,041 301 - -Provision for amortisation (158) (58) - -883 243 -Rolling stock - capital improvementsCost 20,300 7,770 - -Provision for depreciation (5,491) (2,284) - -14,809 5,486 - -Capital works in progress 8,508 2,273 - -Total property, plant and equipment net book value 172,024 167,899 - -V/LINE ANNUAL REPORT 2004-05|55
Page 1 and 2:
ANNUAL REPORT 2004-05
Page 3 and 4:
REPORT 04-05 CONTENTSLETTER TO THE
Page 5 and 6: LETTER TO THE MINISTEROctober 2005T
Page 7 and 8: CHAIRMAN’S REPORTWhile we know th
Page 9 and 10: CEO’S REPORTDespite this focus on
Page 11 and 12: AN OVERVIEWTHE V/LINE RAIL AND COAC
Page 13 and 14: AN OVERVIEW (CONTINUED)THE YEAR IN
Page 15 and 16: MAJOR PROJECTSVLOCITY TRAINSThe int
Page 17 and 18: OUR CUSTOMERS“GRENVILLE DAWSONOUR
Page 19 and 20: OUR CUSTOMERS (CONTINUED)The redeve
Page 21 and 22: OUR CUSTOMERS (CONTINUED)V/LINE IN
Page 23 and 24: OUR OPERATIONS“GRAEME CLEAKTHE NE
Page 25 and 26: OUR OPERATIONS (CONTINUED)THE PERCE
Page 27 and 28: OUR OPERATIONS (CONTINUED)THE MAJOR
Page 29 and 30: OUR OPERATIONS (CONTINUED)Since 200
Page 31 and 32: OUR OPERATIONS (CONTINUED)SAFETY CH
Page 33 and 34: OUR EMPLOYEES“JOHN MITCHELLOUR MA
Page 35 and 36: OUR EMPLOYEES (CONTINUED)Early resu
Page 37 and 38: OUR EMPLOYEES (CONTINUED)New traini
Page 39 and 40: CORPORATE GOVERNANCEFROM LEFT: MERE
Page 41 and 42: CORPORATE GOVERNANCE (CONTINUED)COL
Page 43 and 44: FINANCIAL AND STATUTORY STATEMENTSS
Page 45 and 46: STATEMENT OF FINANCIAL PERFORMANCEF
Page 47 and 48: STATEMENT OF CASH FLOWSFOR THE YEAR
Page 49 and 50: TABLE OF CONTENTS NOTES TO THE FINA
Page 51 and 52: NOTES TO THE FINANCIAL STATEMENTS(i
Page 53 and 54: NOTES TO THE FINANCIAL STATEMENTSTh
Page 55: NOTES TO THE FINANCIAL STATEMENTSCO
Page 59 and 60: NOTES TO THE FINANCIAL STATEMENTSCO
Page 61 and 62: NOTES TO THE FINANCIAL STATEMENTSNO
Page 67 and 68: NOTES TO THE FINANCIAL STATEMENTSCO
Page 71 and 72: NOTES TO THE FINANCIAL STATEMENTS1.
Page 73 and 74: AUDITOR GENERAL’S STATEMENTV/LINE
Page 75: CONTACT DETAILSV/LINE PASSENGER PTY
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ANNUAL REPORT 2004â05 - V/Line