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Notes to the Financial Statements 25-30 | |
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Notes to the Financial Statements
For the year ended 30 June 2004
25. Construction in progress
| |
2004
$'000 |
2003
$'000 |
 |
| At cost: |
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|
| Buses |
1,392 |
1,392 |
| Computer hardware and software |
31,471 |
25,135 |
| Buildings and refurbishments |
4 |
4 |
| Maritime infrastructure |
4,930 |
5,118 |
| Public transport infrastructure |
- |
3,422 |
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| |
37,797 |
35,071 |
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Reconciliations
Reconciliations of the carrying amounts of construction
in progress are set out below:
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2004
$'000 |
2003
$'000 |
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| Carrying amount at start of year |
35,071 |
29,299 |
| Expenditure during the year |
9,667 |
13,097 |
| Transferred from Department of Transport |
- |
16,876 |
| Capitalised during the year |
(859) |
(21,581) |
| Transferred to the Public Transport Authority |
(4,309) |
- |
| Amounts expensed |
(1,773) |
(2,620) |
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| Carrying amount at end of year |
37,797 |
35,071 |
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26. Payables
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2004
$'000 |
2003
$'000 |
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| Current |
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| Trade creditors |
6,022 |
16,566 |
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27. Interest bearing liabilities
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2004
$'000 |
2003
$'000 |
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| Current |
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| Western Australian Treasury Corporation loans |
2,581 |
13,610 |
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| Non-current |
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| Western Australian Treasury Corporation loans |
9,752 |
261,821 |
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28. Provisions
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2004
$'000 |
2003
$'000 |
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| Employee benefits |
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| Current |
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| Annual leave |
6,706 |
5,296 |
| Long service leave |
5,188 |
5,333 |
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11,894 |
10,629 |
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| Non-current |
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| Long service leave |
7,533 |
6,195 |
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| Total employee benefits |
19,427 |
16,824 |
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The settlement of annual and long service leave liabilities gives rise to the payment of employment on-costs. The liability for such on-costs is included here. The associated expense is included under Other related expenses (under Employee expenses) at note 4.
The Department considers the carrying amount of employee benefits to approximate the net fair value.
29. Other liabilities
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2004
$'000 |
2003
$'000 |
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| Current |
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| Accrued salaries |
2,358 |
1,645 |
| Income received in advance |
1,970 |
774 |
| Accrued interest payable |
165 |
4,542 |
| Foreign exchange hedging contract payable |
- |
4,726 |
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4,493 |
11,687 |
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30. Capitalised borrowing costs
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2004
$'000 |
2003
$'000 |
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| Borrowing costs capitalised during the year |
308 |
249 |
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| Weighted average capitalisation rate on funds borrowed generally |
5.8% |
4.6% |
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| Investment revenue earned on funds borrowed specifically and deducted from borrowing costs incurred in determining the amount of borrowing costs to be capitalised. |
- |
- |
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