26 Infrastructure, property, plant, equipment and vehicles

 

2007

2007

2007

2007

2006

2006

2006

2006

 

Cost

 At Fair Value

Accumulated depreciation

 Carrying amount as at 30 June 2007

Cost

 At Fair Value

Accumulated depreciation

 Carrying amount as at 30 June 2006

 

 $000

 $000

 $000

 $000

 $000

 $000

 $000

 $000

Owned Assets:

 

 

 

 

 

 

 

 

Land (i)

0

213,620

0

213,620

0

199,984

0

199,984

Buildings (ii)

0

164,754

111,383

53,371

0

54,925

6,611

48,314

Freight Network Infrastructure (iii)

0

300,885

23,850

277,035

0

300,885

17,242

283,643

Rollingstock (iv), (x)

0

933,124

333,964

599,160

0

391,611

28,791

362,820

Railway infrastructure (v)

0

925,364

106,890

818,474

0

745,721

73,459

672,262

Plant, equipment and motor vehicles

7,738

0

3,571

4,167

0

7,061

3,409

3,652

Bus infrastructure (vi)

0

173,815

81,535

92,280

0

74,177

12,451

61,726

Vessels (iv)

0

1,850

1,850

0

0

576

464

112

Buses (iv)

0

529,676

314,626

215,050

0

225,287

55,647

169,640

Leased Assets: (vii)

 

 

 

 

 

 

 

 

Railcars

68

0

12

56

0

65,828

10,782

55,046

Construction in progress (viii)

1,040,118

0

0

1,040,118

989,909

0

0

989,909

TOTAL

1,047,924

3,243,088

(ix)
977,681

3,313,331

989,909

2,066,055

(ix)
208,856

2,847,108

(i) Land controlled by the PTA has been revalued as at 1 July 2006 by Landgate (Valuation Services) and Burgess Rawson. The valuations were performed during the year ended 30 June 2006 and recognised at 30 June 2007. The fair value was determined by reference to market values. See note 2g.

To ensure the valuations provided by Valuation Services were compliant at 30 June 2007 with the fair value requirements under AASB 116, Valuation Services provided the Department of Treasury and Finance (DTF) with information that tracked the general movement in the market value of land and in building construction costs from the 1 July 2006 (the date of valuation) to 31 March 2007. DTF reviewed the information and determined that the valuations provided by Valuation Services (as at 1 July 2006) were compliant with fair value requirements for 30 June 2007 reporting without further adjustment by reference to market values based on existing use.

Land and buildings which are commercially leased were independently valued on the capitalised value of current lease by Burgess Rawson. The valuations were performed during the year ended 30 June 2006 and recognised at 30 June 2007.

(ii) Buildings have been revalued in accordance with independent valuations by Burgess Rawson. The methodology adopted was depreciated replacement cost. The effective date of valuation is 30 June 2007.

(iii) Freight network infrastructure was recognised at fair value on the 1 July 2003 based on the value of the unearned income on the prepaid operating lease of the asset.

(iv) Rollingstock, vessels and buses have been revalued by PTA’s engineering and management professionals and Third party vendors based on depreciated replacement cost with a modern equivalent asset capable of delivering the same service potential. The effective date of valuation is 30 June 2007.

(v) Railway infrastructure was last revalued on the 1 July 2003. Railway infrastructure is scheduled for revaluation in 2007/08.

(vi) Bus infrastructure has been revalued in accordance with independent valuations by Ralph Beattie Bosworth. The methodology adopted has been depreciated replacement cost. The effective date of valuation is 30 June 2007.

(vii) For leased assets the fair value has been deemed to be their cost as at 30 June 2007.

(viii) Construction in progress is valued at cost.

(ix) In the current year PTA adopted the gross basis of accounting for accumulated depreciation. On the establishment of PTA on 1 July 2003 the net basis of accounting for accumulated depreciation was used.

(x) Some rollingstock is subject to an arrangement, involving a series of leases, prepayment and deposit transactions. The arrangement is accounted for as one linked transaction in accordance with its economic substance. The arrangement (i) does not restrict PTA’s use of rollingstock, (ii) has a term of between 13 and 19 years, and (iii) includes options allowing PTA to purchase the rollingstock on certain specified dates.

Reconciliations of the carrying amounts of infrastructure, property, plant, equipment and vehicles at the beginning and end of the current financial year are set out below.


2007

Carrying amount at the start of the year

Additions

Transfers

Revaluation Increments

Disposals

Depreciation

Carrying amount at the end of the year

Owned Assets:

 

 

 

 

 

 

 

Land

199,984

1,320

0

12,316

0

0

213,620

Buildings

48,314

0

934

        7,447

    (290)

        (3,034)

53,371

Freight Network Infrastructure

     283,643

0

0

0

0

       (6,608)

277,035

Rollingstock

     362,820

0

77,506

     176,241

     (60)

     (17,347)

599,160

Railway infrastructure

     672,262

         124

177,633

0

     (80)

      (31,465)

818,474

Plant, equipment and motor vehicles

         3,652

          344

1,127

0

     (3)

          (953)

4,167

Bus infrastructure

       61,726

       1,430

13,070

      20,065

0

       (4,011)

92,280

Vessels

            112

0

0

0

0

         (112)

0

Buses

     169,640

0

46,395

      20,047

 (1,716)

     (19,316)

215,050

Leased assets

 

 

 

 

 

 

 

Leased Railcars

       55,046

0

   (52,691)

0

0

       (2,299)

56

Construction in progress

     989,909

    402,108

 (351,899)

0

0

0

1,040,118

TOTAL

2,847,108

405,326

(i) (87,925)

     236,116

  (2,149)

     (85,145)

3,313,331

(i) On the 28 June 2007 the PTA recognised transferred assets to Main Roads WA for road and construction works of the Mt Henry’s bridge.

2006

Carrying amount at the start of the year

Additions

Revaluation

Disposals

Depreciation

Carrying amount at the end of the year

Owned Assets:

 

 

 

 

 

 

Land

     173,121

0

        26,913

            (50)

0

199,984

Buildings

       34,479

        17,141

0

0

       (3,306)

48,314

Freight Network Infrastructure

     239,436

        50,587

0

0

        (6,380)

283,643

Rollingstock

     270,061

      106,005

0

             (81)

      (13,165)

362,820

Railway infrastructure

     607,534

       106,308

0

               (7)

      (41,573)

672,262

Plant, equipment and motor vehicles

         3,939

              989

0

             (32)

        (1,244)

3,652

Bus infrastructure

       65,487

             501

0

            (47)

        (4,215)

61,726

Vessels

            224

0

0

               0

           (112)

112

Buses

     162,123

        26,152

0

           (387)

      (18,248)

169,640

Leased assets

 

 

 

 

 

 

Leased Railcars

       58,640

0

0

0

        (3,594)

55,046

Construction in progress

     744,133

       245,776

0

0

0

989,909

TOTAL

2,359,177

553,459

        26,913

          (604)

     (91,837)

2,847,108