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) |
3,313,331 |
989,909 |
2,066,055 |
(ix) |
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 |