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1996/97 STATE TRANSIT ANNUAL REPORT
Financial Statements



Notes To and Forming Part of the Financial Statements

For the year ended 30 June 1997

9: PROPERTY, PLANT AND EQUIPMENT     1997
$000
1996
$000
         
Land, buildings and wharves        
         
Land        
Freehold operating land        
  • At independent valuation
    52,550 45,420
Freehold commercial land        
  • At independent valuation
    28,496 38,925
         
Total land    
81,046

84,345
         
         
Buildings        
At replacement cost     49,717 45,442
  • Less accumulated depreciation
    16,729 11,337
         
     
32,988

34,105
         
Current year acquisitions - at cost    
250

------
  • Less accumulated depreciation
    1 ------
         
     
249

------
         
Total buildings    
33,237

34,105
         
Wharves        
At replacement cost     25,146 26,547
  • Less accumulated depreciation
    20,302 19,363
         
     
4,844

7,184
         
  • Less provision for major periodic maintenance
    1,750 2,025
         
     
3,094

5,159
         
         
Total land, buildings and wharves    
117,377

123,609
         
Plant and equipment        
         
At replacement cost     53,295 60,822
  • Less accumulated depreciation
    38,227 42,525
         
Total plant and equipment    
15,068

18,297
         
Vehicles        
         
Motor vehicles, other than buses        
At replacement cost     2,820 2,584
  • Less accumulated depreciation
    742 708
         
     
2,078

1,876
         
Passenger vehicles (buses)        
At replacement cost     263,609 245,481
  • Less accumulated depreciation
    164,263 149,391
         
     
99,346

96,090
         
Current year acquisitions - at cost    
18,999

------
  • Less accumulated depreciation
    532 ------
         
     
18,467

------
         
         
     
117,813

96,090
  • Less provision for major periodic maintenance
  5,381 9,939
         
     
112,432

86,151
         
Total owned vehicles    
114,510

88,027
         
         
Leased passenger vehicles (buses)        
At replacement cost     73,428 83,322
  • Less accumulated depreciation
    43,846 43,589
         
     
29,582

39,733
         
  • Less provision for major periodic maintenance
    3,290 2,090
         
     
26,292

37,643
         
Total vehicles    
140,802

125,670
         
Vessels (Ferries)        
         
At replacement cost     99,591 97,337
  • Less accumulated depreciation
  55,300 49,430
         
     
44,291

47,907
  • Less provision for major periodic maintenance
  1,941 4,540
         
Total owned vessels    
42,350

43,367
         
Leased vessels (Ferries)        
       
At replacement cost     27,444 35,108
  • Less accumulated amortisation
    19,456 22,570
         
     
7,988

12,538
  • Less provision for major periodic maintenance
    1,045 3,732
Total leased vessels    
6,943

8,806
         
Total vessels     49,293 52,173
         
Works in progress (at cost)    
21,081

11,397
         
Total property, plant and equipment    
343,621

331,146


(i) Most property, plant and equipment was revalued on 30 June 1996 and subsequent expenditure is recorded at cost. Several minor operating sites and wharf improvements were revalued by the Rushton Group, registered valuers on 30 June 1997.

(ii) The independent valuations of freehold commercial and operating land and buildings were conducted as at 30 June 1996 by the Rushton Group, registered valuers.

Wharves located on land owned by the Authority have been valued at written down replacement value. They have been independently valued by the Rushton Group, registered valuers as at 30 June 1996.

Plant and equipment, vehicles and vessels were valued as at 30 June 1996 by the Board.

(iii) Major items of works in progress include bus acquisitions ($16.65M), bus equipment ($0.90M), depot facilities ($0.56M).

(iv) Major Periodic Maintenance Schedule -

The following schedule shows the program for major periodic maintenance expenditure, together with a comparison of actual and planned expenditure:

ASSET TYPE 1995/
1996
$ 000
1996/
1997
$ 000
1997/
1998
$ 000
1998/
1999
$ 000
2000 -
2002
$ 000
2003 -
2007
$ 000
2008 -
2018
$ 000
Buses Actual
Planned
4,953
6,543
5,027
8,600
-----
7,418
------
------
------
------
------
528
------
6,072
Vessels Actual
Planned
1,307
3,050
2,479
1,780
------
1,738
------
1,550
------
4,290
------
6,940
------
14,430
Wharves Actual
Planned
105
1,900
476
1,700
------
420
------
160
------
440
------
1,765
------
3,605
Total Actual
Planned
6,365
11,493
7,982
12,080
------
9,576
------
1,710
------
4,730
------
9,233
------
24,107


(a) Buses

A review of the bus refurbishment program during the year identified the need to reschedule some of the work planned for 1996/97 into future years.

(b) Vessels

Higher than planned expenditure was incurred in 1996/97 due to the spillover effect of delays in the program experienced in 1995/96. Consistent with revisions to the fleet replacement strategy, the scope of work included in the ferry major periodic maintenance program has been reduced for future years.

(c) Wharves

Unexpected delays in obtaining development consent from local government authorities has resulted in the rescheduling of major periodic maintenance on a number of wharves into future years.



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