ANNUAL REPORT 2004–05 - V/Line

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