26 Infrastructure, property, plant, equipment and vehicles

  2008 2008 2008 2008 2007 2007 2007 2007
  Cost At Fair Value Accumulated depreciation Carrying amount as at 30 June 2008 Cost At Fair Value Accumulated depreciation Carrying amount as at 30 June 2007
  $000 $000 $000 $000 $000 $000 $000 $000

Owned Assets:

                
Land (i) 0 306,476 0 306,476 0 213,620 0 213,620
Buildings 0 125,043 65,132 59,911 0 164,754 111,383 53,371
Freight Network Infrastructure (ii) 0 300,885 30,458 270,427 0 300,885 23,850 277,035
Rollingstock (vi) 0 922,827 350,992 571,835 0 933,124 333,964 599,160
Railway infrastructure (iii) 0 2,755,187 628,039 2,127,148 0 925,364 106,890 818,474
Plant, equipment and motor vehicles 10,434 0 4,342 6,092 7,738 0 3,571 4,167
Bus infrastructure 0 187,914 88,686 99,228 0 173,815 81,535 92,280
Vessels 0 1,850 1,850 0 0 1,850 1,850 0
Buses 0 543,439 310,159 233,280 0 529,676 314,626 215,050

Leased Assets (iv)

    
Railcars 0 0 0 0 0 68 12 56

Construction in progress (v)

 182,212 0 0 182,212 1,040,118 0 0 1,040,118
TOTAL 192,646 5,143,621 1,479,658 3,856,609 1,047,856 3,243,156 977,681 3,313,331

  1. Land controlled by the PTA has been revalued as at 1 July 2007 by Landgate (Valuation Services) and Burgess Rawson. The valuations were performed during the year ended 30 June 2008 and recognised at 30 June 2008. The fair value was determined by reference to market values. See note 2(g). To ensure the valuations provided by Valuation Services were compliant at 30 June 2008 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 2007 (the date of valuation) to 30 June 2008. DTF reviewed the information and determined that the valuations provided by Valuation Services (as at 1 July 2007) were compliant with fair value requirements for 30 June 2008 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 2008 and recognised at 30 June 2008.
  2. Freight network infrastructure was recognised at fair value on 1 July 2003 based on the value of the unearned income on the prepaid operating lease of the asset.
  3. Railway infrastructure was last revalued on 1 July 2003. Railway infrastructure has been revalued by PTA’s management professionals and third party vendors. A model has been developed based on contemporary costs from the New MetroRail Project adjusted by an appropriate index to reflect current replacement cost. The revaluation approach adopted also forms part of PTA costing guidelines applied to the Rail Access Regime. The methodology adopted has been depreciated replacement cost with a modern equivalent asset capable of delivering the same service potential. The effective date of valuation is 30 June 2008.
  4. For leased assets the fair value has been deemed to be their cost as at 30 June 2008.
  5. Construction in progress is valued at cost.
  6. 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 rolling stock, (ii) has a term of between 13 and 17 years, and (iii) includes options allowing PTA to purchase the rolling stock 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.

2008 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 213,620 0 15,040 77,816 0 0 306,476
Buildings 53,371 0 12,689 0 (2,797) (3,352) 59,911
Freight Network Infrastructure 277,035 0 0 0 0 (6,608) 270,427
Rollingstock 599,160 0 2,045 0 0 (29,370) 571,835
Railway infrastructure 818,474 0 906,851 454,043 (4,568) (47,652) 2,127,148
Plant, equipment and motor vehicles 4,167 0 2,933 0 (15) (993) 6,092
Bus infrastructure 92,280 8,092 5,107 0 (35) (6,216) 99,228
Vessels 0 0 0 0 0 0 0
Buses 215,050 0 38,886 0 (515) (20,141) 233,280

Leased assets

              
Leased Railcars 56 0 0 0 (55) (1) 0

Construction in progress

 1,040,118 216,806 (1,074,712) 0 0 0 182,212
TOTAL 3,313,331 224,898 (91,161) 531,859 (7,985) (114,333) 3,856,609
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 (87,925) 236,116 (2,149) (85,145) 3,313,331