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. (Next Page) (Table of Contents) (Financial Statements Menu)

---

For more site information:
Email info@genii.com.au
or visit our site builders:
genii.com.au