APA Group (APA) 2001年年度報告「ASX」.pdf

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1、HeaderBCCAnnual Report 2001Annual Financial ReportAustralianPipeline TrustARSN 091 678 778 1Contents01Review of OperationsCorporate Highlights4Key Issues6Operations7Chairmans Report10CEOs Report11Corporate Governance14Management Team18Corporate Directory(Inside back cover)02 Annual Financial ReportD

2、irectors Report22Statement of Financial Performance31Statement of Financial Position32Statement of Cash Flows33Notes to the Financial Statements 34Directors Declaration58Independent Audit Report59Additional Stock Exchange Information60ReportThis report is in respect of our first financial year cover

3、ing the period from 17 March 2000 to 30 June2001(the period).Australian Pipeline Limited(“APL”)as responsible entity for Australian Pipeline Trust(“APA”)hasdetermined that it will hold a general meeting to discuss its annual results and strategy on 24 October2001,at the Hotel Inter-Continental,Macqu

4、arie Street,Sydney at 10.30 am.The annual financial accounts for period ended 30 June 2001,will be presented for discussion andquestions may be asked from the floor,but there is no requirement to have the financial accountsaccepted by the Unitholders.A presentation will be made outlining the opportu

5、nities and challenges forAPA in the next few years.Invitation to a Unitholder General MeetingA Unitholder General Meeting will be held in the Hotel Inter-Continental,Macquarie Street,Sydney,on Wednesday 24 October 2001 at 10.30am.Invitations have been sent with this report to allUnitholders.2“Our go

6、al is simple.Australian Pipeline Trust aims to berecognised as the leading transporter of natural gas in Australia.We are well on the way.”Jim McDonald,CEO of Australian Pipeline Trust3Review of Operations01Corporate Highlights4Gas throughput and revenues will benefit from a number of recentAPA init

7、iatives.In the previous period,APA has:Achieved a solid financial performance;Commenced projects in Queensland as part of the development of apipeline system to bring coal seam methane from the Peat and Scotia fieldsinto Brisbane,including the looping of the Roma-to-Brisbane Pipeline andthe construc

8、tion of 125km of lateral pipelines;Acquired the minority 15 per cent interest in the Roma-to-Brisbane Pipelinefrom APAs then joint-venture partner,Interstate RBP Pipelines Pty Ltd;5Fast-tracked agreements to deliver gas to CS Energy for a planned 385-megawatt,gas-fired,combined-cycle electricity gen

9、eration plant at Swanbank,near Brisbane;andBuilt a 15km lateral to a power station at Mt Magnet from the Mid WestPipeline in Western Australia.The above projects complement long-term strategies to increase value forAPA stakeholders,including the development of a strategy to connect thegas transmissi

10、on pipeline systems supplying the Northern Territory,Queensland,South Australia,NSW and Victoria,accessing additional gassupplies such as the Timor Sea and PNG Gas projects.Key Issues6Natural Gas is a growth IndustryThe Australian Bureau of Agricultural Resources and Economics(“ABARE”)predicts that

11、natural gasconsumption in Australia will account for 28%of primary energy by 2015,up from the current level of18%.The need for a firm energy policyThe removal of accelerated depreciation for infrastructure such as natural gas pipelines has highlightedthe need for a predictable fiscal regime to provi

12、de certainty in the planning of pipeline infrastructure inAustralia.CoAGs(Council of Australia Governments)Council on Energy initiative,should provide new energypolicy direction for natural gas the fuel,and provide a refinement of the regulatory environment fortransmission pipelines to encourage inv

13、estment in major new projects.Natural gas is the environmentally friendly fossil fuelGreenhouse gas abatement measures are critical for the planets health.Natural gas is anenvironmentally friendly fuel and its use should be encouraged.South-East Australia needs additional gas supplies South-East Aus

14、tralia will experience a shortfall in gas supplies by the end of the decade.Additional gassupplies are required if natural gas is to realise the potential predicted by ABARE.NORTHERN TERRITORYQUEENSLANDWESTERN AUSTRALIASOUTH AUSTRALIANEW SOUTH WALESVICTORIATASMANIAPNGBROWSENORTH WEST SHELFTIMOR SEAB

15、ONAPARTECOOPER BASINOTWAYBASINGIPPSLANDBASINAMADEUSBASIN SYDNEY CANBERRA MELBOURNE PERTH DARWIN Newcastle Wollongong Lithgow DubboADELAIDE Orange Alice Springs Palm Valley Mt Isa Townsville Barcaldine Rockhampton BRISBANE BalleratRoma Port Headland Newman DampierCarnavon Windimurra Mt Whaleback Mt K

16、eith Kalgoorlie Murrin MurrinWiluna Geraldton Pinjarra Bunbury Leonard Portland MilduraWhyalla Port Pirie Wagga Albury Moonie GladstoneMereeni BamagaGas Pipelines APT PipelinesProposed Timor Sea LineProposed PNG lineOtherRelative Size of GasDeposits Gove HOBARTKnown Gas Reserves and Pipeline Routes7

17、OperationsAPA is Australias leading natural gas transmission business No issue has emerged that has significantly affected,or may affect,the operations or results of thebusiness in the short-or long-term.The principal activity of APA during the financial year was the ownership of gas transmission pi

18、pelineslocated throughout Australia.APA has interests in about 7,000km of pipelines,which transport about25%of Australias annual natural gas consumption.APA has facilitated transportation of gas and related services to producers,consumers,and aggregatorsof gas through these transmission pipelines.Fi

19、nancialsAPAs first year of business as a listed entity produced results that exceeded forecasts in the OfferDocument of 5 May 2000.The net equity raised at the initial public offering in June,2000,together with initial borrowings,totalled$1.2 billion.These funds were applied to the purchase of contr

20、olled entities($351.6 million)and therepayment of existing borrowings of those entities($864.4 million).APAs total revenue for the financial period was$263.2 million,which was$5.3 million or 2.1%abovethe Offer Document forecast.When total revenues are adjusted to exclude Other Pipeline Revenue,which

21、 is in the nature of passthrough revenue(which delivers no margin to APA),actual pipelinerevenue growth was 4%.The operating profit after tax and minorities was$33 million,an increase of$7.5 million or 29.4%overthat forecast in the Offer Document.Net cash provided by operating activities during the

22、financial year was$112.8 million.This was appliedto pipeline expansions($53 million),including the acquisition of the 15%minority interest in the Roma-to-Brisbane Pipeline,cash distributions($39 million),and net debt repayments($5 million).APA hadabout$12 million in cash at the end of the period.Dur

23、ing the financial period,APA distributed 16 cents per unit,representing 7.9 cents per unit of income,45%franked at the 34 per cent corporate rate of income tax,and 8.1 cents per unit as a return ofcapital.With the proposed 6.0 cents per unit distribution,comprising an unfranked income distributionof

24、 5.0 cents per unit and a capital distribution of 1.0 cent per unit,as reflected in the financialstatements,the overall cash distribution in respect of the financial period is 22.0 cents per unit.APAs key financial data for the financial periodCategoryFinancial report Offer documentChange(%)actual f

25、orecast$m$mPipeline revenue247.9245.1+1.1%EBITDA134.5128.1+5.0%EBIT109.4102.5+6.7%Pre tax profit5746.9+21.5%Income tax expense23.821.4+11.2%Operating profit after tax33.025.5+29.4%Earnings per unit(cents)13.510.5+28.6%Operations continued8GroundworkThe pipeline industry revolves around long-lived as

26、sets with substantial up-front capital costs.Thegestation period of major projects can be considerable.Over the past year,APA management has directed its efforts into laying the groundwork for futurepipeline activities.We have stated positions in the two largest proposed natural gas infrastructurepr

27、ojects,the Timor Sea and PNG gas projects.APA intends to facilitate pipeline construction to servethe ever-expanding natural gas market,and with its national footprint it is ideally positioned to play apivotal role in either or both of these planned major constructions.Management efforts over the pe

28、riodhas advanced this goal.PipelinesAPAs activities for the period have been based on growth from three sources:organic growth which is the carriage of additional gas within the existing pipelines and theprogressive enhancement of capacity and introduction of new gas supplies into these pipelines;ac

29、quisition of interests in pipelines owned by others(including minority interests in jointly heldpipelines);andmajor new transmission pipelines to service the increasing demand for gas and the consequentdevelopment of new producing fields.In view of these opportunities,APA has structured its operatio

30、ns to ensure the continued efficiency andquality of its impressive portfolio of pipeline interests.These activities complement APAs existingportfolio of pipelines.In NSW,the Moomba to Sydney Pipeline system links the Cooper Basin gas fields at Moomba with thereceiving terminals at Wilton(south west

31、of Sydney),Canberra,and other major cities and townsthroughout NSW.Revenue from the pipeline is underpinned by a long-term contract with The Australian Gas LightCompany(AGL)that provides a predictable revenue stream until 2006 and a measure of certainty to2016.In Queensland,contracts with major gas

32、producers guarantee the revenue of the Roma-to-BrisbanePipeline.This revenue is substantially insulated against tariff reviews until 2006.The Carpentaria Pipeline in Queensland transports gas from Ballera to Mt Isa,supplying gas to the MicaCreek power station,WMCs fertiliser plant at Phosphate Hill

33、and the BHP mine at Cannington.Therevenue from this pipeline is insulated against tariff reviews until 2023.The Carpentaria Pipeline servicesthe resource-rich Northwest minerals province of Queensland.In Western Australia,the Goldfields Gas Pipeline(of which APA owns 45%through its investment inthe

34、Southern Cross Pipelines companies)transports gas to industrial and power generation customers inthe Pilbara and Goldfields mining regions.The Goldfields Gas Pipeline has long-term contracts in placewith major mining companies such as WMC,Normandy and BHP Minerals.The Mid West Pipeline(of which APA

35、owns 50%)transports gas from the Dampier to Bunbury Pipelinenear Geraldton to power generating and mining process consumers in the Windimurra region.In the Northern Territory,APAs principal interests are held through a 96%interest in the Amadeus GasTrust and 100%ownership of two laterals.NT Gas Pty

36、Limited as trustee,(a wholly owned by APA)manages and operates the pipeline,which is leased by the Amadeus Gas Trust from a consortium offinancial institutions.9RegulationsDiscussions and submissions to governments and regulators regarding the impact of the regulation gastransmission pipelines conti

37、nue to have a significant impact on APAs resources.East Australian Pipeline Limited(a wholly subsidiary of APA)has elected to pursue revocation ofregulatory coverage over the Moomba to Sydney pipeline system following the Australian CompetitionTribunal decision to revoke regulatory coverage over the

38、 competing Eastern Gas Pipeline,owned byDuke Energy.A Federal Government initiated review of the impact of regulationon the Pipeline Industry will commence following the currentreview of Part III A of the Trade Practices Act.APA will contributeto that review.EnvironmentThe operation,construction and

39、 maintenance of APAs pipelineassets is conducted subject to various Commonwealth,state andterritory environmental legislation.Ongoing monitoring of compliance is achieved throughenvironmental audit performed by an accredited external auditor.No breaches were reported during the financial period.A gr

40、eat pedigree APA is an industry leader in gas transmissioninfrastructure.In June 2000,it acquired most ofAGLs Australian gas transmission assets,givingAPA an interest in more than 7,000km ofpipelines and a 25%share of Australias naturalgas transmission market.APA was listed on the Australian Stock E

41、xchangeon 13 June 2000.The initial public offer wasmade at$2.00 per unit,with 60%of the 244million units being set aside for the public.AGL provides management,technical andmarketing services to APA under the PipelineManagement Agreement(PMA).APA and AGL share pipeline developmentopportunities throu

42、gh the Pipeline DevelopmentAgreement(PDA).10APA has made good progress in its first financial period,fulfilling thepromise of the Offer Document which forecast solid growth in a strongindustry.Welcome to APAs first annual report.I am pleased to announce that APAs performance exceeded Offer Documents

43、 forecasts.With good management and the increasing utilisation of natural gas,I believe solid growth issustainable.Industry trends support our confidence.Natural gas is increasingly being used to power and heatAustralian homes,businesses and industry.New gas transmission pipelines are being built an

44、d more gasis being carried in those pipelines.Natural gas is now beginning to fulfil its promise for powergeneration.In addition,the community recognises the contribution that natural gas can make to abetter environment.Challenges confront APA and the industry as a whole,but I remain confident and c

45、ommitted to thesector and our stakeholders.Our first period of business justifies that optimism and provides the foundation for further growth.Thank you for your continuing support.Chairmans ReportGeorge H BennettChairman11The first year of a new business venture should produce expectations,challeng

46、es and rewards.So it has been over our first period as we consolidateour position as Australias leading natural gas transmission business.Rock SolidSound growth and better-than-forecast profits mark the first year of APAs operations.Our results areencouraging given we have been operating in a slowin

47、g economy.Higher transport revenue across allour major pipelines and savings in operating expenses and interests contributed to the strong results.We are proud of both the results and the work ethic of our people.The crucial tasks and these have been achieved were to bed down APAs operations,establi

48、shmanagement systems,fine-tune arrangements between APA and its contractors,and ensure new staffand the Board quickly grasped the nature of the business while bonding as a working unit.The business has continued to grow.APA has established its identity and we now move forward asAustralias leading ga

49、s transmission business.In these volatile times,the business of gas transmission is fundamentally sound and secure.Reflectingthis,APA is a rock-solid business in a sound sector of the economy.I am confident that APA profit and growth targets for future years will be met or bettered.CEOs ReportJim Mc

50、DonaldChief Executive OfficerCEOs Report continued12A smooth transitionAPA is a new entity with an established pedigree.Because the business existed within AGL before theformation of APA,it had strong cash flow and an established customer base from day one.The transferof ownership from AGL to APA an

51、d the implementation of new management procedures waschallenging,but orderly.The task now is to further develop the business and to rely upon the systems we have put in place tofunction with minimal surveillance and maintenance.One of the underlying advantages of the gas transmission business is tha

52、t revenues are predictable.Wehave a diversified portfolio of pipeline assets,with a balance between mature pipelines and recentlycompleted greenfields projects.Setting realistic goalsOur primary goal is to ensure that we take advantage of every opportunity to fill the existing pipelinesystem.The nex

53、t gigajoule of gas that we carry in the existing pipelines has a very low incrementaltransmission cost.Our secondary goal is to continue to explore opportunities for theacquisition of pipelines held by others.There are significant opportunitiesfor expansion to reinforce APAs position as Australias l

54、eadingtransporter of natural gas.An industry shakeout is occurring,but the key is to make prudentinvestment decisions.APA aims to secure profit-generating acquisitionsthat fit our vision for the future benefit of the business and itsstakeholders.For the future,the major task is to ensure that we par

55、ticipate in thedevelopment of additional gas transmission assets as south-eastAustralian reserves continue to decline.This decline provides theopportunity to haul Timor Sea or Papua New Guinea gas to supplementAustralias increasing demand for natural gas.We have announced astaged development to buil

56、d a 4,500km pipeline bringing Timor Sea gasto south-east Australia.This major project involves delivering Timor gassouth and east into the Queensland,NSW and South Australian marketsusing the Cooper Basin fields as a distribution hub.Use of those fieldswill be facilitated by Santos and its partners

57、in a spirit of unprecedentedcooperation in Australias gas industry.Management continues to focus on shareholder value.In the pursuit of our goals,we are mindful of the immediate needs of APA but also its longer terminterests.We look to Government to ensure that the appropriate incentives are in plac

58、e and disincentivesremoved to enable such major infrastructure projects to proceed.To this end,APA has joined industry associations such as the Australian Pipeline Industry Associationand the Australian Gas Association and the Australian Council for Infrastructure Development in callingfor a review

59、of natural gas energy policy,tariff regulation and approvals processes.Strong foundations APA hauls 25%of the natural gas carried inAustralia.APAs portfolio boasts a mix of establishedand greenfields pipelines that give rise tonew opportunities throughout Australia.APA has assets presence in each st

60、ate andterritory excepting Victoria and Tasmania.Ithas interests in six major pipelines and anumber of smaller pipelines,laterals andinterconnections.APAs pipelines serve the high-growthsectors of the Australian natural gas market,including power generation,and industrialand commercial consumers.13A

61、 greener futureThe uptake of natural gas as an energy source is strengthening.We are encouraged by the QueenslandGovernments commitment that 15%of its electricity will be generated from natural gas or renewablefuels.The decision represents progressive thinking and is a benchmark for other government

62、s.At the same time,there is an apparent weakening in the worlds commitment to greenhouse gasabatement.In the switch from heavy-polluting fuels to renewables,natural gas can play a vital role as a transitionfuel.Positive action by governments around the globe is required.It is worth noting the carbon

63、 dioxide emission levels of various sources of electricity production.Emissions from burning brown coal on a whole-of-life basis are about 1300 grams of carbon dioxide perkilowatt.Compare this with natural gas and its emission rate of less than 250 grams of carbon dioxideper kilowatt.The numbers pro

64、vide compelling evidence to encourage greener energy sources.Naturalgas is one of the cleanest-burning fossil fuels and is far less environmentally damaging than coal.The level of carbon emission is the issue that political and business leaders must address.Encouraging trendsABARE predicts that natu

65、ral gas consumption will account for 28%of primary energy by 2015,whichwill provide a much larger market for natural gas and substantial opportunities for APA and itsstakeholders.Complementing this industry growth is APAs reputation as a secure and reliable owner and operator ofnatural gas pipelines

66、.Our pipelines are very good pipelines in very good locations.Volume growth is likely to result from a number of initiatives:-innovative marketing of natural gas in major growth markets such as power generation;fostering relationships with other sections of industry to create new transmission opport

67、unities such asinterconnections and spur lines to stimulate competition;cultivating relationships with other parties offering complementary services;and developing greenfields pipeline projects to bring new gas supplies to market.Business as usualIn summary,APAs strong first year of business has inc

68、reased its faith in the gas transmission industryand the significant role that APA can play within it.Stakeholders in APA can draw confidence from the stability and certainty of the gas transmissionbusiness and the reliable cash flow that it offers.Our task is a simple one:we haul gas from point to

69、point at tariff,and we do that in the interests of ourcustomers and our stakeholders.If we maintain the correct balance,attractive yields will follow and thebusiness will prosper.APA thanks its stakeholders for investing in the business and entrusting us with their investment.Corporate Governance14T

70、he Directors of Australian Pipeline Limited(“the responsible entity”)are responsible for the corporategovernance practices of Australian Pipeline Trust(“the Trust”)and its controlled entities(together“theconsolidated entity”).This statement sets out the main corporate governance practices that were

71、inoperation throughout the financial period.Duties of the Responsible Entity The primary duties and obligations of the responsible entity include:Exercising its powers and performing its functions under the Trust Constitution dated 18 Feb 2000,asamended,diligently and in the best interest of the Uni

72、tholders;and Ensuring that the Trust is carried on and conducted in a proper and efficient manner.The responsible entity fulfils its primary responsibilities through the operation of a highly qualified Boardof Directors,professional executive management and an internal control framework.The Board of

73、 DirectorsThe Board of Australian Pipeline Limited is accountable to Unitholders for the business and affairs of theConsolidated Entity.Specifically,the Board sets the strategic direction of the consolidated entity,establishes goals for management,reviews the performance of the Chief Executive Offic

74、er and seniorexecutives,and ensures that Unitholders funds are prudently safeguarded.The Directors of the responsible entity are under a fiduciary duty to the Unitholders to act in theUnitholders best interests in decisions affecting the Trust when they are voting as a member of theresponsible entit

75、ys Board.The responsibility for implementing the strategic direction and the day to day affairs of the consolidatedentity is delegated to the Chief Executive Officer.The Board is supported by several committees comprising its members.The main continuingcommittees are the Remuneration Committee and t

76、he Audit Committee.15Composition of the BoardThe Board of Australian Pipeline Limited as the responsible entity of the Australian Pipeline Trust consistsof six directors.The Chairman of the Board is a non-executive Director and the Directors possess a broadrange of skills,qualifications and experien

77、ce.All six Directors are non-executive Directors.Ng ChongWah was appointed as an alternate director to Muri Muhammad.The names of the Directors and theirattendance at meetings during the financial period is set out in the Directors Report.Non-executive Directors are remunerated by fees determined by

78、 the Board.External professional adviceis sought to benchmark Directors fees are benchmarked with fees paid to directors of other similarcorporations.Further details of Directors remuneration and superannuation benefits are set out in the DirectorsReport.Risk ManagementA system of internal controls

79、in relation to the operations of the Trust,is set out in the TrustsCompliance Plan.The Compliance Plan provides a system of regular reporting on the financial andoperational systems of the Trust and the responsible entity to the Board of Directors.In addition,the Board investigates ways of enhancing

80、 existing risk management strategies,includingappropriate segregation of duties,and the employment and training of suitability qualified andexperienced personnel.External AuditorPursuant to the Trusts Constitution,the responsible entity is required to appoint an auditor for the Trustfor the purposes

81、 of auditing the reports required under the Trusts Constitution and the CorporationsAct 2001.The Audit Committee of the responsible entity monitors the adequacy of the external auditarrangements to ensure that they comply with the requirements of the Trusts Constitution and theCorporations Act 2001.

82、Corporate Governance Continued16Remuneration CommitteeThe Board has established a Remuneration Committee consisting of the following non-executiveDirectors:Mr G H Bennett(Chairman)Mr L J FiskMr M Muhammad.The primary functions of the Committee are to:Review and recommend to the Board of the responsi

83、ble entity,the remuneration of the Directors ofthe responsible entity.Review and recommend to the Board of the responsible entity,the remuneration of the ChiefExecutive Officer and his/her direct reports.Develop and recommend to the Board of the responsible entity,the remuneration policy for theexec

84、utives of the consolidated entity.Review and recommend to the Board of the responsible entity,proposals for the issue of units to staff.Review and recommend to the Board of the responsible entity,proposals for executive share plansand other long-term incentive programmes.Review and recommend to the

85、Board of the responsible entity,proposals for other reward initiativesincluding incentive plans for the Chief Executive Officer,executives and other staff of theconsolidated entity.Review and recommend to the Board of the responsible entity,recommendations for newsuperannuation plans or amendments t

86、o existing superannuation plans.Review periodically the succession plans for the Chief Executive Officer,his/her direct reports andother positions considered to be of corporate significance.Review and recommend to the Board of the responsible entity,employment contracts and letters ofappointment in

87、accordance with policy and prevailing industrial relations legislation.Keep abreast of all human resource policy initiatives affecting the basis and nature of all employeesrelationships with the consolidated entity.Perform other duties as directed by the Board of the responsible entity from time to

88、time.The Committee may seek independent advice on any matter brought to the Committees attention.Audit CommitteeThe Board has established an Audit Committee consisting of three non-executive Directors.During theyear,four meetings of the Committee were held.Minutes of the Committee meetings are avail

89、able tobe reviewed by the Board from the meeting immediately following the Audit Committee meeting date.The current members of the Audit Committee are:Mr R J Wright(Chairman)Mr J A FletcherMr T C Ford.The responsibilities of the Audit Committee are to:Recommend to the Board of the responsible entity

90、 the appointment of the external auditor and itsfees;Review and recommend to the Board of the responsible entity,the audit plan of the external auditor;Review and recommend to the Board of the responsible entity,the performance of the externalauditor;Evaluate the effectiveness of the internal review

91、 processes through review of regular compliancereports and meetings with the relevant Responsible Officers;Review and recommend to the Board of the responsible entity,the management letters from theexternal auditor and managements responses;17Determine that no restrictions are being placed upon eith

92、er the internal review processes or externalaudit provider;Evaluate the adequacy and effectiveness of the reporting and accounting controls of the consolidatedentity through active communication with operating management and the external auditor;Review and recommend to the Board of the responsible e

93、ntity,acceptance of the financial reports tobe made to the Unitholders and/or the public prior to their release;Evaluate the consolidated entitys exposure to business risks;Monitor the standard of corporate conduct in areas such as arms-length dealings and likely conflictof interest;Review reports f

94、rom management,the compliance service provider and/or the external auditor onany significant regulatory,accounting or reporting development to assess potential financialreporting issues;Review and approve all significant accounting policy changes;Review the consolidated entitys taxation position;Rev

95、iew the half-yearly and annual financial statements and recommend acceptance to the Board;Perform other duties as directed by the Board of the responsible entity,from time to time.Unitholder ReportingThe responsible entity aims to ensure that the Unitholders are informed of all major developmentsaff

96、ecting the Trusts state of affairs.Information is communicated to Unitholders as follows:Annual financial reports;Unitholder newsletters;Unitholder general meetings;andASX releases in compliance with continuous disclosure.Unitholder MeetingsBecause the Trust is a registered Managed Investment Scheme

97、(“MIS”)under the Managed InvestmentsSchemes Act(1998)rather than a listed public company,particular Corporations Act 2001 provisionsapply to determine the rules for holding meetings.The Trust,as a MIS,is not obliged to hold an annualmeeting unless required to do so by its constitution,or as required

98、 by Unitholders under Part 2G.4 of theCorporations Act 2001.The constitution of the Trust does not require an annual general meeting to beheld,but allows the responsible entity to convene a meeting at any time.The Trust does not have a Board of Directors,rather there is a responsible entity which ha

99、s the power tocall meetings of the Trusts Unitholders and the responsibility to act at all times in the interests ofUnitholders.Appointments and removal of the Directors of the responsible entity is a matter forshareholders of the responsible entity rather than the Unitholders of the Trust.The Trust

100、 will hold a general meeting to discuss annual results and general strategy on Wednesday 24October 2001 a the Hotel Inter-Continental Sydney at 10.30am.The responsible entity encourages full participation of Unitholders at the meeting to enable a high levelof understanding and identification with th

101、e Trusts strategy and goals.No resolutions are intended to be put to the meeting,because as a MIS,the Trust is not obliged to seekUnitholders approval for the annual financial reports,appointment of auditors or determination of finaldistribution in respect of the financial period.Independent Profess

102、ional AdviceWith the prior approval of the Chairman,Directors have the right to seek independent legal and otherprofessional advice at the Trusts expense concerning any aspect of the Trusts operation or undertakingsin order to fulfil their duties and responsibilities as Directors.Continuous Disclosu

103、reA continuous disclosure regime operates within the Trust in accordance with Australian Stock ExchangeListing Rule 3.Management Team18Ian H Haddow BE,GradDipAdminGeneralManager,TechnicalMr Haddow is responsible forall aspects of operations,engineering and developmentof the assets of APA.Specificall

104、y,Mr Haddowoversees the activities of AGLunder the terms of the PipelineManagement Agreement intechnical management,operations and engineering.Mr Haddow has over 20 yearsexperience in operationsmanagement and engineeringroles in the pipeline industry.Mr Haddow is chairman of the Australian Standards

105、Committee responsible for thedevelopment of AustralianStandard AS2885.Michael J McCormack General Manager CommercialBSurv,GradDipEng,MBAMr McCormack is responsiblefor marketing,contractmanagement,regulatory affairs and acquisitions.Mr McCormack has extensivemanagement experience in allaspects of the

106、 gas transmissionbusiness,including operationsand project development anddealing with the Australian gas pipeline regulatoryenvironment.Mr McCormackwas responsible for thepreparation of AccessArrangements for AGLspipelines under the NationalGas Access Code for ThirdParty Pipelines.Austin JV James LL

107、BCompany Secretary/General Manager CorporateMr James is responsible for the management of corporateservices functions includingpublic and unitholder relations,legal services,andadministration,and is also the Secretary of APA and itscontrolled entities.Mr James has substantialexperience in corporate,

108、legal and regulatory roles.James K McDonald FAICD Chief Executive OfficerMr McDonald carries overall responsibilityfor the management team.Mr McDonaldhas extensive experience in generalmanagement in the gas transmissionindustry.Prior to joining APA,his mostrecent role was Divisional General ManagerP

109、ipelines where he was responsible forAGLs Pipeline Operations in Australia.Priorto his roles with AGL,Mr McDonald spent15 years with Esso Australias GippslandProduction Group,including several years insenior management positions.Mr McDonald is Vice President of theAustralian Pipeline Industry Associ

110、ation,amember of the Pipeline Owners Committeeof that Association,and past Chairman ofthe Environmental Affairs Committee ofthat Association.He is a member of theBoard of the Australian Council forInfrastructure Development.19Graeme N Williams CPAChief Financial OfficerMr Williams is responsible for

111、 thefinancial management of APA.Thisincludes accounting,treasury and taxation functions.Mr Williamshas over 30 years accountingexperience including 11 years inpublic accounting.Prior to joiningAPA,Mr Williams was ChiefFinancial Officer and ExecutiveDirector of Lucent TechnologiesAustralia Pty Limite

112、d and had spenteight years as Chief Financial Officerand Company Secretary of JNATelecommunications Limited.Kevin F Dixon BE(Elec)FIEAust General Manager,StrategicPlanning Mr Dixon is responsible fordeveloping medium and long termstrategies of APA to ensure itremains the leading natural gastransmiss

113、ion business in Australia.He has had various managementand board roles in the energyindustry including over 20 yearswith Esso Australia Limited.Hismost recent assignments includeCoal Marketing and CorporateAffairs with Exxon Coal andMinerals Australia Pty Limited.20Annual Financial Reportfor the Fin

114、ancial Period 17 March 2000 to 30 June 200102Directors Report22Statement of Financial Performance31Statement of Financial Position32Statement of Cash Flows33Notes to the Financial Statements 34Directors Declaration58Independent Audit Report59Additional Stock Exchange Information60Australian Pipeline

115、 Trust(ARSN 091 678 778)and controlled entities 21Directors Report22Mr G H Bennett FCAIndependent ChairmanAppointed 11 February 2000 Mr George Bennett is a companydirector with almost 40 yearsexperience at accounting servicesfirm KPMG.Mr Bennett retiredas National Executive Chairmanof KPMG and Chair

116、man of theKPMG Asia Pacific Board in1993.His other directorshipsinclude Bank of Tokyo-Mitsubishi(Australia)Limited,BrazinLimited,Fantastic FurnitureHoldings Limited,MacquarieLeisure Management Limited,Macquarie PropertyManagement Limited Ltd.Mr Bennett isalso the Chairman of theRemuneration Committe

117、e.Mr L J Fisk FAICD,FCICS,FCPANon-Executive DirectorAppointed 11 February 2000 Mr Les Fisk is Group GeneralManager Corporate Services andCompany Secretary with AGL.He was appointed to thisposition in 1997,having joinedAGL as Company Secretary in1995.Prior to joining AGL,MrFisk had a 25 year career w

118、ithQantas Airways Limited,culminating in the position ofDirector of Corporate Servicesand Company Secretary.Mr Fiskis a director of Elgas Limited.MrFisk is a Fellow of the CharteredInstitute of Company Secretaries,a Fellow of CPA Australia and aFellow of the Australian Instituteof Company Directors.

119、Mr Fisk isa member of the RemunerationCommittee.Mr J A Fletcher BSc,MBANon-Executive DirectorAppointed 11 February 2000 Mr John Fletcher is GroupGeneral Manager Finance withAGL.He has held this positionsince 1997,prior to which heheld a number of senior positionsincluding Group ManagerFinance,Group

120、Controller andTreasurer.Mr Fletcher joinedAGL in 1979 having previouslyworked in South Africa andEngland in various capacities.Mr Fletcher is a director of ElgasLimited and Natural GasCorporation Holdings Limited.Mr Fletcher is a member of theAudit Committee.Mr T C Ford FAICDIndependent Non-Executiv

121、eDirectorAppointed 11 February 2000Mr Tom Ford is an investmentbanker and consultant,with over 30 years experience instockbroking and banking.Mr Ford is Chairman ofRESIMAC Limited.He is also a director of AmalgamatedHoldings Limited and IntegralTreasury Holdings Pty Limited.Mr Ford is a former direc

122、tor ofCredit Union Financial Services(Australia)Limited.Mr Ford is aFellow of the Australian Instituteof Company Directors,a memberof Finance and TreasuryAssociation Limited and on thecommittee of Australian BusinessEconomists.Mr Ford retired in1991 as a Senior ExecutiveDirector of Capel CourtCorpor

123、ation Limited and as anExecutive Director of CapelCourt Securities Limited.Mr Fordis a member of the AuditCommittee.The Directors of Australian Pipeline Limited(“the responsible entity”)submitherewith the annual financial report of Australian Pipeline Trust(“the Trust”)and its controlled entities(“h

124、ereafter referred to as the consolidated entity”)for the financial period 17 March 2000 to 30 June 2001.In order to complywith the provisions of the Corporations Act 2001,the Directors report asfollows:The names and particulars of the Directors of the responsible entity during orsince the end of the

125、 financial period:23Mr M Muhammad MScNon-Executive Director.Appointed 8 March 2000 Mr Muri Muhammad is VicePresident,Gas Business ofPetronas.He brings to theresponsible entity,30 yearsexperience in the chemicals andpetroleum industry as well as expertise in the domestic andinternational gas transmis

126、sion and distribution,gas utilisation,cogeneration and conversionbusinesses where he has heldvarious senior executive positions.Mr Muri Muhammad sits on theboards of several of Petronasdomestic and internationalsubsidiaries and associatedcompanies.Currently,he isChairman of Petronas group of compani

127、es involved incogeneration and compressed gas for transportation.Mr MuriMuhammad is a member of theRemuneration Committee.Mr R J Wright BComm,FCPA Independent Non-ExecutiveDirector.Appointed 11 February 2000 Mr Robert Wright has 30 yearsfinancial management experience.He has held a number of ChiefFi

128、nancial Officer positionsincluding Finance Director ofDavid Jones Limited from 1990 to1999.Between 1991 and 1995,hewas also an Executive Director ofThe Adelaide Steamship CompanyLimited,and was a director ofTooth&Co Limited,IndustrialEquity Limited,WoolworthsLimited and National ConsolidatedLimited.

129、Mr Wright is theChairman of the Audit Committee.Mr Ng Chong Wah BEAlternate Non-Executive Directorfor M MuhammadAppointed 8 August 2000 Mr Ng Chong Wah graduated inChemical Engineering fromUniversity of Malaya,Malaysia.He worked as a Technical ServicesEngineer in Singapore PetroleumCompany(refinery)

130、between 1974and 1976.Mr Ng Chong Wah hasheld a number of seniormanagement positions withinPetronas.Most recently(1998),Mr Ng Chong Wah became theCountry Manager of Australia&Project Director(Petronas)for thePNG Gas Pipeline Project.Directors ReportFor the Financial Period ended 30 June 2001Principal

131、 ActivitiesThe principal activity of the Trust during the course of the financial period was the ownership of gastransmission pipelines located throughout Australia pursuant to its investments in various controlledentities in accordance with the provisions of the Trusts constitution.The consolidated

132、 entity undertookthe sale of transportation and related services to the producers,consumers,and aggregators of gasthrough these gas transmission pipelines.There has been no significant change in the activities of the consolidated entity during the financialperiod.Review of OperationsThe Trust was re

133、gistered with the Australian Securities and Investments Commission as a ManagedInvestment Scheme pursuant to the Managed Investments Scheme Act(1998)on 17 March 2000.The net equity raised at the initial public offering on 13 June 2000,together with the initial borrowings,totalled$1.2 billion.These f

134、unds were applied to the purchase of controlled entities($351.6 million),and to the repayment of existing borrowings at the time of their acquisition($864.4 million),as wasdetailed in the Offer Document dated 5 May 2000.The Trust is positioning itself to be the leading natural gas transmission compa

135、ny in Australia.The Trustcurrently has interests in approximately 7,000 km of pipelines transporting approximately 25%ofAustralias annual natural gas consumption.The consolidated entitys total revenue for the financial period was$263.2 million,an increase of$5.3million or 2.1%above the Offer Documen

136、t forecast.When total revenues are adjusted to excludeOther Pipeline Revenue,which is in the nature of passthrough revenue,actual pipeline revenue growthwas 4.0%.The operating profit after income tax and minorities amounted to$33.0 million,an increaseof$7.5 million or 29.4%over that forecast in the

137、Offer Document.A table depicting key financial data is shown below:AppendixAppendixFinancialOffer4B4BReportDocumentChangeJune 2000June 2001ActualForecast$mill$mill$mill$mill%Pipeline Revenue8.7173.8182.5175.44.0%Other Pipeline Revenue3.961.565.469.7(6.2%)Other Revenue1.314.015.312.819.5%Total Revenu

138、e13.9249.3263.2257.92.1%EBITDAa7.0127.5134.5128.15.0%EBITb5.8103.6109.4102.56.7%Pre tax Profit3.753.357.046.921.5%Income Tax Expense(1.5)(22.3)(23.8)(21.4)11.2%Operating Profit after Tax and Minorities2.330.733.025.529.4%Earnings per Unit(cents)0.912.613.510.528.6%a-Earnings Before Interest,Tax,Depr

139、eciation and Amortisationb-Earnings Before Interest and Tax24Directors ReportFor the Financial Period ended 30 June 2001Net cash provided by operating activities during the financial period amounted to$112.8 million.Thiswas applied to pipeline expansions($53 million),including the acquisition of the

140、 15%minority interestin the Roma to Brisbane Pipeline,cash distributions($39 million),and net debt repayments($5 million).The Trust had approximately$12 million in cash at financial period-end.The management and Directors of the Trust have placed a great deal of their initial focus in enabling thebu

141、siness by instigating procedures and control systems to support the commercial operations of thebusiness.Syndicated bank borrowing at financial period-end totalled$733 million and interest ratehedges were in place to the extent of$695 million.Unused facilities totalled$112 million at financialperiod

142、-end.The Trust has stated positions in the two largest proposed natural gas infrastructure projects,the TimorSea&PNG gas projects.It is the intent of the Trust to facilitate pipeline construction so as to serve theever-expanding natural gas market,and with its national footprint it is ideally positi

143、oned to play apivotal role in either or both of these planned major constructions.The pipeline industry is concerned with long-lived assets with substantial upfront capital costs.Thegestation period of major projects can be considerable.The challenge to management is to balance thebasket of opportun

144、ities that exist so as to maximise the returns and benefits to its stakeholders.As mostgreenfields pipeline opportunities have an initial period of low profitability and cash-flow,it isimperative that more mature assets maintain capacity throughput so that any dilution is minimised.Discussions and s

145、ubmissions to governments and regulators regarding the impact of regulation andchanges in taxation treatment on gas transmission pipelines,continues to have a priority focus and hasa significant impact on the Trusts resources.The Board of the responsible entity and managementconsider the Trusts invo

146、lvement in the shaping of future regulatory and fiscal regimes to be critical forthe future growth of the Trust and the integrity of its asset base.During the financial period the Trust distributed 16.0 cents per unit,representing 7.9 cents per unit ofincome,45%franked at the 34%corporate rate of in

147、come tax,and 8.1 cents per unit as a return ofcapital.With the proposed 6.0 cents per unit distribution,comprising an unfranked income distribution of 5.0cents per unit and a capital distribution of 1.0 cent per unit,as reflected in the financial statements,theoverall cash distribution in respect of

148、 the financial period is 22.0 cents per unit.Changes in State of AffairsDuring the financial period,there was no significant change in the state of affairs of the consolidatedentity other than that referred to in the financial statements or notes thereto.Subsequent EventsThere has not been any matte

149、r or circumstance,other than that referred to in the financial statementsor notes thereto,that has arisen since the end of the financial period,that has significantly affected,ormay significantly affect,the operations of the consolidated entity,the results of those operations,or thestate of affairs

150、of the consolidated entity in future financial periods.25Directors ReportFor the Financial Period ended 30 June 2001Future DevelopmentsDisclosure of information regarding likely developments in the operations of the consolidated entity infuture financial periods and the expected results of those ope

151、rations is likely to result in unreasonableprejudice to the consolidated entity.Accordingly,this information has not been disclosed in this report.Environmental RegulationsThe operation,construction and maintenance of the Trusts pipeline assets are subject to variousCommonwealth,state and territory

152、environmental legislation.These licences pursuant to pipelineassests,require compliance with AS2885,Pipelines Gas and Liquid Petroleum Standard.The Standardhas a requirement for the management of the environmental matters associated with all aspects of thehigh-pressure pipeline industry and the Trus

153、t has a requirement to comply.Environmental plans are prepared and independently audited for construction activities,and inaccordance with Part 3 of the Standard,environmental plans are in place and are managed in accordance with the Trusts contracts and the terms and conditions of the licences that

154、 the Trust has been issued.All pipeline assets owned by the Trust are designed,constructed,tested,operated and maintained inaccordance with pipeline licences issued by the relevant jurisdictions and Australian standards.Ongoing monitoring of these requirements is achieved through the use of an envir

155、onmental auditprocess carried out by an accredited external auditor.The Board of the responsible entity reviews the external audit reports and,on a monthly basis theinternal reports prepared relating to environmental issues.No breaches have been reported during thefinancial period and the Trust has

156、complied fully with the environmental management plans that are inplace.26Directors ReportFor the Financial Period ended 30 June 2001DistributionsIn respect of the financial period ended 30 June 2001,distributions to Unitholders were made asfollows:Relevant PeriodDate PaidCapital IncomeFrankedCompon

157、entComponent%$17 March 2000 to 30 June 200020 December 20001,464,000976,00038%*1 July 2000 to 30 September 200020 December 20006,100,0006,100,00038%*1 October 2000 to 31 December 200028 March 20016,100,0006,100,00038%*1 January 2001 to 31 March 200127 June 20016,100,0006,100,00060%*Income distributi

158、ons to date in respect of the financial period ended 30 June 2001 have been franked at the 34%corporate income tax rate.The final distribution for the financial period ended 30 June 2001 will be 6.0 cents per unit,comprisingan unfranked income distribution of 5.0 cents per unit and a capital distrib

159、ution of 1.0 cent per unit.This equates to a total cash distribution of$14,640,000.This distribution will be paid on 26 September2001.Options GrantedNo options were:i.Granted over unissued units in the Trust during or since the end of the financial period;andii.Granted to the responsible entity.No u

160、nissued units in the Trust were under option as at the date on which this report was made.No units were issued in the Trust during or since the end of the financial period as a result of theexercise of an option over unissued units in the Trust.Indemnification of Officers and AuditorsDuring the fina

161、ncial period,the responsible entity paid a premium in respect of a contract insuring thedirectors of the responsible entity(as named above),the responsible entity secretary,Mr A J V James,and all executive officers of the responsible entity and of any related body corporate of the Trustagainst a lia

162、bility incurred as such a director,secretary or executive officer to the extent permitted bythe Corporations Act 2001.The contract of insurance prohibits disclosure of the nature of the liabilityand the amount of the premium.The responsible entity has not otherwise,during or since the financial peri

163、od,indemnified or agreed toindemnify an officer or auditor of the responsible entity or of any related body corporate of the Trustagainst a liability incurred as such an officer or auditor.27Directors ReportFor the Financial Period ended 30 June 2001Directors Meetings The following table sets out th

164、e number of Directors meetings(including meetings of committees ofdirectors)held during the financial period and the number of meetings attended by each Director(whilethey were a director or committee member).During the financial period,twenty-four Board Meetings,one Remuneration Committee meeting a

165、nd four Audit Committee meetings were held.Board of DirectorsRemuneration CommitteeAudit CommitteeDirectorsHeldAttendedHeldAttendedHeldAttendedG H Bennett24*2211-L J Fisk24*2311-J A Fletcher24*22-43T C Ford24*23-44M Muhammad24*1211-R J Wright24*23-44Ng Chong Wah(Alternate44-for M.Muhammad)*Twelve me

166、etings were held in conjunction with the due diligence process in relation to the acquisition of APT PipelinesLimitied.Directors Unitholdings The following table sets out each directors relevant interest in units of the Trust or a related bodycorporate as at the date of this report.DirectorsFully Pa

167、id Units Units acquired Units disposed as atduring theof during the30 June 2001financial periodfinancial periodG H Bennett15,00015,000-L J Fisk5,0005,000-J A Fletcher4,0004,000-T C Ford40,00040,000-M Muhammad10,00010,000-R J Wright10,00010,000-Ng Chong Wah2,0002,000-There are no contracts to which a

168、 Director is a party or under which the director is entitled to a benefitand that confer a right to call for or deliver interests in the scheme.Directors and Executives Remuneration The Remuneration Committee reviews the remuneration packages of all Directors and executiveofficers on an annual basis

169、 and makes recommendations to the Board.Remuneration packages arereviewed with due regard to performance and other relevant factors.In order to retain and attract executives of sufficient calibre to facilitate the efficient and effectivemanagement of the Trusts operations,the Remuneration Committee

170、seeks the advice of externaladvisers in connection with the structure of remuneration packages.28Directors ReportFor the Financial Period ended 30 June 2001 Remuneration packages contain the following key elements:a)Salary/fees;b)Benefits including the provision of motor vehicle and superannuation b

171、enefits;andc)Incentive schemes including performance related bonuses.The following table discloses the remuneration of the directors of Australian Pipeline Limited asresponsible entity for the Trust:NameSalary/FeesBenefitsIncentive TotalSchemesNon-Executive DirectorsG H Bennett$84,205$6,736-$90,941L

172、 J Fisk$40,000-$40,000J A Fletcher$40,000-$40,000T C Ford$42,103$3,368-$45,471M Muhammad$40,000-$40,000R J Wright$42,103$3,368-$45,471Ng Chong Wah-The following table discloses the remuneration of the five highest remunerated executives of the Trustand the consolidated entity:NameSalary/FeesBenefits

173、Incentive TotalSchemesConsolidated EntityJ K McDonald$346,305$167,609$106,373$620,287G N Williams$179,435$45,317$56,188$280,940A J V James$173,306$39,297$50,859$263,462M J McCormack$139,273$66,158$44,550$249,981I H Haddow$112,948$62,512$42,027$217,487Scheme Information in the Financial ReportFees pa

174、id to the responsible entity and its associates(including directors and secretaries of theresponsible entity,related body corporates and directors and secretaries of related body corporates)outof Trust property during the financial period are disclosed in this Directors Report and Note 38 to thefina

175、ncial statements.The responsible entity does not hold any units in the Trust.The Australian Gas Light Company,a 50%shareholder in the responsible entity,holds 30%of the units in the Trust.The number of interests inthe Trust issued during the financial period,withdrawals from the Trust during the fin

176、ancial period,andthe number of interests in the Trust at the end of the financial period are disclosed in Note 26 to thefinancial statements.The value of the Trusts assets as at the end of the financial period is disclosed in the statement offinancial position(Total Assets)and the basis of valuation

177、 is included in Note 1 to the financialstatements.29Directors ReportFor the Financial Period ended 30 June 2001Rounding Off AmountsThe Trust is an entity of the kind referred to in Australian Securities and Investments Commission(“ASIC”)ASIC Class Order 98/0100,dated 10 July 1998,and in accordance w

178、ith that Class Orderamounts in the Directors report and the financial report are rounded off to the nearest thousanddollars.Signed in accordance with a resolution of the Directors of the responsible entity made pursuant tos.298(2)of the Corporations Act 2001.On behalf of the Directors:G H BennettR J

179、 WrightChairmanDirectorSYDNEY,5 September 200130Statement of Financial PerformanceFor the Financial Period ended 30 June 200131ConsolidatedTrustNote17 March 2000 17 March 2000 30 June 200130 June 2001$000$000Revenue from ordinary activities254,47932,668Share of net profits of joint venture entities

180、accounted for using the equity method8,718-Pipeline operation and management expenses(41,310)-Depreciation and amortisation expense(25,064)-Other pipeline costs(65,447)-Borrowing costs(66,472)(161)Other expenses from ordinary activities(7,887)(1,030)Profit From Ordinary Activities Before Income Tax

181、Expense257,01731,477Income tax expense relating to ordinary activities4(23,796)-Profit From Ordinary Activities After Income Tax Expense33,22131,477Net Profit Attributable to Outside Equity Interests(257)-Net Profit Attributable to Unitholders of the Parent Entity32,96431,477Total Changes in Equity

182、Other than those Resulting from Transactions with Unitholders as Owners32,96431,477Earnings Per Unit(cents per unit)Basic earnings per unit based on profit from ordinary activities after income tax attributable to Unitholders of the parent entity13.51Weighted average number of units on issue used in

183、 the calculation of basic earnings per unit(million)244Diluted earnings per unit is the same as basic earnings per unit and therefore is not disclosed in the financial statements.Notes to the financial statements are included on pages 34 to 57Statement of Financial PositionAs at 30 June 200132Consol

184、idatedTrust20012001Note$000$000Current AssetsCash12,237103Receivables625,741101Inventories7175-Other8988-39,141204Non-Current AssetsReceivables9354-Investments accounted for using the equity method10129,753-Other financial assets11-488,295Property,plant and equipment121,208,739-Intangibles139,680-De

185、ferred tax assets147,526-Other155,646-1,361,698488,295Total Assets1,400,839488,499Current LiabilitiesPayables1662,83620,025Interest-bearing liabilities17206-Provisions1815,77114,640Other196,587-85,40034,665Non-Current LiabilitiesPayables20331,250Interest-bearing liabilities21735,011-Deferred tax lia

186、bilities22125,597-Provisions2397-Other24600-Total Non-Current Liabilities861,3381,250Total Liabilities946,73835,915Net Assets454,101452,584EquityContributed equity26452,583452,583Retained profits271,4881Parent Entity Interest454,071452,584Outside Equity Interest2830-Total Equity454,101452,584Notes t

187、o the financial statements are included on pages 34 to 57Statement of Cash FlowsFor the Financial Period ended 30 June 200133ConsolidatedTrustNote17 March 2000 17 March 2000 30 June 200130 June 2001$000$000Cash Flows From Operating ActivitiesReceipts from customers282,554497Payments to suppliers and

188、 employees(133,723)(1,330)Dividends received7,20631,476Interest received13,717695Interest and other costs of finance paid(52,456)(161)Income tax paid(4,529)-Net cash provided by operating activities39(d)112,76931,177Cash Flows From Investing ActivitiesPayment for property,plant and equipment(53,291)

189、-Proceeds from sale of property,plant and equipment142-Purchase of controlled entities net of cash acquired39(c)(341,270)(351,551)Net cash(used in)investing activities(394,419)(351,551)Cash Flows From Financing ActivitiesProceeds from issues of units488,000488,000Payment for unit issue costs(13,213)

190、(13,213)Proceeds from borrowings914,855-Repayment of borrowings(1,056,258)-Amounts advanced to related parties-(115,270)Distributions and dividends paid(39,497)(39,040)Net cash provided by financing activities293,887320,477Net Increase In Cash Held12,237103Cash At The Beginning Of The Financial Peri

191、od-Cash At The End Of The Financial Period39(a)12,237103Notes to the financial statements are included on pages 34 to 57Notes to the Financial StatementsFor the Financial Period ended 30 June 2001341.Summary of Accounting PoliciesFinancial Reporting FrameworkThe financial report is a general purpose

192、 financial report which has been prepared in accordance withthe Trusts Constitution,the Corporations Act 2001,applicable Accounting Standards and Urgent IssuesGroup Consensus Views,and complies with other requirements of the law.The financial report has been prepared on the basis of historical cost

193、and except where stated,does nottake into account changing money values or current valuations of non-current assets.Cost is based onthe fair values of the consideration given in exchange for assets.Significant Accounting PoliciesAccounting policies are selected and applied in a manner which ensures

194、that the resulting financialinformation satisfies the concepts of relevance and reliability,thereby ensuring that the substance ofthe underlying transactions or other events is reported.The following significant accounting policies have been adopted in the preparation and presentation ofthe financia

195、l report:(a)Principles of ConsolidationThe consolidated financial statements are prepared by combining the financial statements of all theentities that comprise the consolidated entity,being Australian Pipeline Trust(the parent entity)andits controlled entities as defined in accounting standard AASB

196、 1024 Consolidated Accounts.A list of controlled entities appears in Note 33 to the financial statements.Consistent accountingpolicies have been employed in the preparation and presentation of the consolidated financialstatements.The consolidated financial statements include the information and resu

197、lts of each controlled entityfrom the date on which the Trust obtains control and until such time as the Trust ceases to controlsuch entity.In preparing the consolidated financial statements,all intercompany balances and transactions,andunrealised profits arising within the consolidated entity are e

198、liminated in full.(b)Accounts PayableTrade payables and other accounts payable are recognised when the consolidated entity becomesobliged to make future payments resulting from the purchase of goods and services.(c)Acquisition of AssetsAssets acquired are recorded at the cost of acquisition,being th

199、e purchase considerationdetermined as at the date of acquisition plus costs incidental to the acquisition.In the event that settlement of all or part of the cash consideration given in the acquisition of anasset is deferred,the fair value of the purchase consideration is determined by discounting th

200、eamounts payable in the future to their present values as at the date of acquisition.(d)Interest-Bearing LiabilitiesBank loans and other loans are recorded at an amount equal to the net proceeds received.Interestexpense is recognised on an accrual basis.Ancillary costs incurred in connection with th

201、e arrangement of interest-bearing liabilities aredeferred and amortised over the period of the interest-bearing liability.Notes to the Financial StatementsFor the Financial Period ended 30 June 200135Summary of Accounting Policies(continued)(e)Capitalisation of Borrowing CostsBorrowing costs directl

202、y attributable to assets under construction are capitalised as part of the costof those assets.(f)Date of RegistrationThe Australian Pipeline Trust was registered with the Australian Securities and InvestmentsCommission as a Managed Investment Scheme pursuant to the Managed Investments Scheme Act(19

203、98)on 17 March 2000,and accordingly only current figures from the date of registration to 30June 2001 are shown.(g)DepreciationDepreciation is provided on property,plant and equipment,including freehold buildings butexcluding land.Depreciation is calculated on either a straight line or throughput ba

204、sis dependingon the nature of the asset so as to write off the net cost of each asset over its estimated useful life.Leasehold improvements are depreciated over the period of the lease or estimated useful life,whichever is the shorter,using the straight line method.The following estimated useful liv

205、es areused in the calculation of depreciation:Buildings50 years Compressorsup to 25 years Pipelinesup to 60 years Other plant and equipment3 20 years(h)IntangiblesGoodwill,representing the excess of the cost of acquisition over the fair value of the identifiablenet assets acquired,is amortised on a

206、straight line basis over a period of 20 years.The right to receive a pipeline tariff is being amortised on a straight-line basis until 2011 beingtermination of the contract to which the right relates.(i)Derivative Financial InstrumentsThe consolidated entity enters into derivative financial instrume

207、nts including forward interest ratecontracts and interest rate swaps to manage its exposure to interest rate risk.Further details aredisclosed in Note 42 to the financial statements.Interest Rate SwapsGains and losses on interest rate swaps are included in the determination of interest expense.(j)Em

208、ployee EntitlementsProvision is made for benefits accruing to employees in respect of wages and salaries,annual leaveand long service leave when it is probable that settlement will be required and they are capable ofbeing measured reliably.Provisions made in respect of wages and salaries,annual leav

209、e,and other employee entitlements(long service leave)expected to be settled within 12 months,are measured at their nominal values.Provisions made in respect of other employee entitlements(long service leave)which are notexpected to be settled within 12 months are measured as the present value of the

210、 estimated futurecash outflows to be made by the consolidated entity in respect of services provided by employeesup to the reporting date.Notes to the Financial StatementsFor the Financial Period ended 30 June 200136Summary of Accounting Policies(continued)(k)Financial Instruments Issued by the Trus

211、tTransaction Costs on the Issue of Equity InstrumentsTransaction costs arising on the issue of equity instruments are recognised directly in equity as areduction of the proceeds of the equity instruments to which the costs relate.Transaction costs arethe costs that are incurred directly in connectio

212、n with the issue of those equity instruments andwhich would not have been incurred had those instruments not been issued.Interest and DividendsInterest and dividends are classified as expenses or as distributions of profit consistent with thestatement of financial position classification of the rela

213、ted debt or equity instruments or componentparts of compound instruments.(l)Goods and Services TaxRevenues,expenses and assets are recognised net of the amount of goods and services tax(GST),except:i.where the amount of GST incurred is not recoverable from the taxation authority,it isrecognised as p

214、art of the cost of acquisition of an asset or as part of an item of expense;orii.for receivables and payables which are recognised inclusive of GST,except for accruedrevenue and expense at balance date which excludes GST.The net amount of GST recoverable from,or payable to,the taxation authority is

215、included as partof receivables or payables.GST receivable or GST payable is only recognised once a tax invoice has been received or issued.(m)Income TaxTax effect accounting principles have been adopted whereby income tax expense has beencalculated on pre-tax accounting profits after adjustment for

216、permanent differences.The tax effectof timing differences,which occur when items are included or allowed for income tax purposes ina period different to that for accounting,is shown at current taxation rates in provision for deferredincome tax and future income tax benefit,as applicable.(n)Inventori

217、esInventories are valued at the lower of cost and net realisable value.Costs,including an appropriateportion of fixed and variable overhead expenses,are assigned to inventory on hand by the methodmost appropriate to each particular class of inventory,with the majority being valued on a first infirst

218、 out basis.(o)InvestmentsInvestments in controlled entities are recorded at cost.Investments in associates have beenaccounted for under the equity method in the consolidated financial statements.Other investmentsare recorded at cost.Dividend revenue is recognised on a receivable basis.Interest reven

219、ue is recognised on an accrualbasis.Notes to the Financial StatementsFor the Financial Period ended 30 June 200137Summary of Accounting Policies(continued)(p)Joint VenturesJoint Venture OperationsInterests in joint venture operations are reported in the financial statements by including theconsolida

220、ted entitys share of assets employed in the joint ventures,the share of liabilities incurredin relation to joint ventures and the share of any expenses incurred in relation to joint ventures intheir respective classification categories.Joint Venture EntitiesInterests in joint venture entities which

221、are not partnerships are accounted for under the equitymethod in the consolidated financial statements and the cost method in the Trust financialstatements.(q)Leased AssetsLeased assets classified as finance leases are capitalised as fixed assets.The amount initially broughtto account is the present

222、 value of minimum lease payments.A finance lease is one which effectivelytransfers from the lessor to the lessee substantially all the risks and benefits incidental to ownershipof the leased property.Capitalised leased assets are amortised on a straight line basis over the estimated useful life of t

223、heasset.Finance lease payments are allocated between interest expense and reduction of lease liability overthe term of the lease.The interest expense is determined by applying the interest rate implicit inthe lease to the outstanding lease liability at the beginning of each lease payment period.Oper

224、ating lease payments are charged as an expense in the period in which they are incurred.(r)ReceivablesTrade receivables and other receivables are recorded at amounts due less any provision for doubtfuldebts.(s)Recoverable Amount of Non-Current AssetsNon-current assets are written down to recoverable

225、 amount where the carrying value of any non-current asset exceeds recoverable amount.In determining the recoverable amount of non-currentassets,the expected net cash flows have been discounted to their present value,using discountrates in the range of 7.5%to 9.0%depending on the risk profile of the

226、particular assets,except forintangibles,deferred tax assets and other assets where undiscounted cash flows have been used.(t)Revenue RecognitionDisposal of AssetsRevenue from the disposal of assets is recognised when the consolidated entity has passed controlof the assets to the buyer.Rendering of S

227、ervicesRevenue from a contract to provide services is recognised by reference to the stage of completionof the contract.Notes to the Financial StatementsFor the Financial Period ended 30 June 200138ConsolidatedTrust17 March 2000 17 March 2000 30 June 200130 June 2001$000$0002.Profit from Ordinary Ac

228、tivitiesProfit from ordinary activities before income tax includes the following items of revenue and expense:(a)Operating RevenueSales revenue:Pipeline transportation revenue173,819-Other pipeline revenue65,447-239,266-Interest revenue:Other entities 14,042695Dividends wholly-owned controlled entit

229、ies-31,476Share of net profits from joint venture entities accounted for using the equity method(Note 41)8,718-Other 1,029497263,05532,668(b)Non-Operating RevenueProceeds from disposal of property,plant and equipment142-263,19732,668(c)ExpensesBorrowing costs:Interest:Other entities63,346161Amortisa

230、tion of deferred borrowing costs2,958-Finance lease finance charges60-Other borrowing costs574-66,938161Less:amounts capitalised as part of the carryingvalue of pipeline assetsa(466)-66,472161a Capitalisation rate applicable to funds borrowed generally 9.88%.Notes to the Financial StatementsFor the

231、Financial Period ended 30 June 200139ConsolidatedTrust17 March 2000 17 March 2000 30 June 200130 June 2001$000$0002.Profit from Ordinary Activities(continued)Net bad and doubtful debts arising from other entities11-Depreciation of non-current assets:Property,plant and equipment22,539-Amortisation of

232、 non-current assets:Deferred expenditure1,013-Goodwill487-Leased assets290-Right to receive pipeline tariff735-25,064-Other Pipeline CostsOperating lease rental expense20,101-Gas Pipeline costs45,346-65,447-Net transfers to provisions:Employee entitlements506-3.Sales of AssetsSales of assets in the

233、ordinary course of business have given rise to the following profits and losses:Net ProfitsProperty,plant and equipment62-Net LossesProperty,plant and equipment-Notes to the Financial StatementsFor the Financial Period ended 30 June 200140ConsolidatedTrust17 March 2000 17 March 2000 30 June 200130 J

234、une 2001$000$0004.Income Tax(a)The prima facie income tax expense on pre-tax accounting profit reconciles to the income tax expense in the financial statements as follows:Profit from Ordinary Activities57,01731,477Income tax expense calculated at 34%(2000:36%)of operating profit19,46010,712Permanent

235、 Differences:Non-allowable depreciation2,546-Non-allowable interest expense2,149-Amortisation of intangible assets417-Equity share of associates profit(less unfranked dividends received)(514)-Rebateable dividends-(10,702)Effect on deferred tax balances due to the change in tax rate(1,887)(10)Other1,

236、625-Income Tax Expense Attributable to Operating Profit23,796-(b)Future income tax benefits not brought to account as assets:Tax losses revenue 821-Tax losses capital 90,341-91,162-The taxation benefit of tax losses not brought to account will only be obtained if:(a)the consolidated entity derives f

237、uture assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for theloss to be realised;(b)the consolidated entity continues to comply with the conditions for deductibility imposed by tax legislation;and(c)no changes in tax legislation adversely affect th

238、e consolidated entity in realising the benefit from the deductions for the loss.5.DistributionsFirst interim distribution paid 20 December 2000Income distribution(2.9 cents per unit)a7,0767,076Capital distribution(3.1 cents per unit)7,5647,564Second interim distribution paid 28 March 2001Income dist

239、ribution(2.5 cents per unit)a6,1006,100Capital distribution(2.5 cents per unit)6,1006,100Third interim distribution paid 27 June 2001Income distribution(2.5 cents per unit)b6,1006,100Capital distribution(2.5 cents per unit)6,1006,100Final distribution payable 26 September 2001Income distribution(5.0

240、 cents per unit)c12,20012,200Capital distribution(1.0 cent per unit)2,4402,440Total Distribution53,68053,680Adjusted franking account balance 30%985-a Income distribution franked to 38%at corporate income tax rate of 34%b Income distribution franked to 60%at corporate income tax rate of 34%c Income

241、distribution is unfranked Notes to the Financial StatementsFor the Financial Period ended 30 June 200141ConsolidatedTrust17 March 2000 17 March 2000 30 June 200130 June 2001$000$0006.Current ReceivablesTrade receivables28,954-Provision for doubtful debts(3,306)-25,648-Goods and services tax(GST)reco

242、verable-101Other receivables93-25,7411017.Current InventoriesFinished goods-at cost175-8.Other Current AssetsPrepayments988-9.Non-Current ReceivablesOther receivables354-10.Investments Accounted for Using the Equity MethodJoint venture entities not quoted on stock exchange(Note 41)129,753-11.Other N

243、on-Current Financial AssetsShares in controlled entities at cost-371,551Non-trade receivables from:Wholly-owned controlled entities-116,744-488,295Notes to the Financial StatementsFor the Financial Period ended 30 June 20014212.Property,Plant and EquipmentConsolidated($000)Freehold land LeaseholdPip

244、elinePlant and Work in&buildingsimprovementsassetsequipmentprogressTOTALGross Carrying AmountBalance at 17 March 2000-Acquisitions of entities5,815-1,154,5633,79811,9661,176,142Additions5442948,5278996,52656,435Disposals-(80)-(80)Transfers-3,735245(3,980)-Balance at 30 June 20015,8694291,206,8254,86

245、214,5121,232,497Accumulated Depreciation/AmortisationBalance at 17 March 2000-Depreciation expense(134)(150)(22,381)(1,093)-(23,758)Disposals-Recoverable amount write-downs-Balance at 30 June 2001(134)(150)(22,381)(1,093)-(23,758)Net Book ValueAs at 17 March 2000-As at 30 June 20015,7352791,184,4443

246、,76914,5121,208,739Trust($000)Freehold land LeaseholdPipelinePlant and Work in&buildingsimprovementsassetsequipmentprogressTOTALGross Carrying AmountBalance at 17 March 2000-Acquisitions of entities-Additions-Disposals-Recoverable amount write-downs-Balance at 30 June 2001-Accumulated Depreciation/A

247、mortisationBalance at 17 March 2000-Depreciation expense-Disposals-Recoverable amount write-downs-Balance at 30 June 2001-Net Book ValueAs at 17 March 2000-As at 30 June 2001-Current Value of Freehold Land and BuildingsThe current value of freehold land and buildings was determined in accordance wit

248、h a Directors valuation performed on acquisition,13 June 2000,having regard to independent valuations made on the basis of existing use.The consolidated entity has adopted the cost basis for valuing freehold land and buildings.Notes to the Financial StatementsFor the Financial Period ended 30 June 2

249、00143ConsolidatedTrust20012001$000$00013.IntangiblesGoodwill7,916-Less:accumulated amortisation(5,589)-2,327-Right to receive pipeline tariff15,677-Less:accumulated amortisation(8,324)-7,353-9,680-Aggregate amortisation allocated during the financial period is recognised as an expense in Note 2 to t

250、he financial statements.14.Deferred Tax AssetsFuture income tax benefitTax losses revenue1,896-Timing differences5,630-7,526-15.Other Non-Current AssetsDebts issue costs8,450-Less:accumulated amortisation(2,958)-5,492-Other154-5,646-Aggregate amortisation allocated during the financial period is rec

251、ognised as an expense in Note 2 to the financial statements.16.Current PayablesTrade payables32,79125Other payables30,04520,00062,83620,02517.Current Interest-Bearing LiabilitiesFinance lease liabilitiesa(Note 31)206-a Secured by the assets leased,the current market value of which exceeds the value

252、of the finance lease liability.Notes to the Financial StatementsFor the Financial Period ended 30 June 200144ConsolidatedTrust20012001$000$00018.Current ProvisionsUnitholder distributions14,64014,640Employee entitlements(Note 25)556-Other575-15,77114,64019.Other Current LiabilitiesUnearned revenue i

253、nterest6,284-Unearned revenue other303-6,587-20.Non-Current PayablesNon-trade payables to:Wholly-owned controlled entities-1,250Others33-331,25021.Non-Current Interest-Bearing LiabilitiesUnsecured:Syndicated bank borrowings733,000-Secured:Bank borrowingsa1,645-Finance lease liabilitiesb(Note 31)366-

254、2,011-735,011-a Secured over buildings located in the Northern Territory.b Secured by the assets leased,the current market value of which exceeds the value of the finance lease liability.22.Deferred Tax LiabilitiesDeferred income tax125,597-23.Non-Current ProvisionsEmployee entitlements(Note 25)97-2

255、4.Other Non-Current LiabilitiesUnearned revenue other600-Notes to the Financial StatementsFor the Financial Period ended 30 June 200145ConsolidatedTrust20012001$000$00025.Employee EntitlementsThe aggregate employee entitlement liability recognised and included in the financial statements is as follo

256、ws:Provision for employee entitlementsCurrent(Note 18)556-Non-current(Note 23)97-653-ConsolidatedTrust20012001No.No.Number of employees at the end of financial period14-ConsolidatedTrust20012001$000$00026.Contributed EquityContributed EquityBalance at the beginning of the financial period-Issue of 2

257、44,000,000 fully paid units488,000488,000Payment of issue costs(13,213)(13,213)Capital distributions(Note 5)(22,204)(22,204)Balance at the end of the financial period452,583452,583Fully Paid UnitsaBalance at the beginning of the financial period-Issue of units244,000244,000Balance at the end of the

258、financial period244,000244,000a Fully paid units carry one vote per unit and carry the right to distributions.27.Retained ProfitsBalance at the beginning of the financial period-Net profit for the financial period32,96431,477Distributions provided for or paid(31,476)(31,476)Balance at the end of the

259、 financial period1,4881Notes to the Financial StatementsFor the Financial Period ended 30 June 200146ConsolidatedTrust20012001$000$00028.Outside Equity InterestsOutside equity interests in controlled entities comprise:Issued capital4-Retained profits25-Reserves1-30-29.Commitments for Expenditure(a)C

260、apital Expenditure CommitmentsPlant and EquipmentNot longer than 1 year42,001-Longer than 1 year but not longer than 5 years-Longer than 5 years-42,001-Consolidated Entitys share of joint venture entities commitmentsNot longer than 1 year944-Longer than 1 year but not longer than 5 years-Longer than

261、 5 years-944-(b)Other Expenditure CommitmentsConsolidated Entitys share of joint venture entities commitmentsNot longer than 1 year287-Longer than 1 year but not longer than 5 years44-Longer than 5 years-33130.Contingent LiabilitiesBank guarantees19-One of the Trusts controlled entities has undertak

262、en to provide financial support,as and when required,to certain other of theTrusts wholly owned controlled entities,so as to enable those controlled entities to pay their debts as and when such debtsbecome due and payable.Notes to the Financial StatementsFor the Financial Period ended 30 June 200147

263、ConsolidatedTrust20012001$000$00031.LeasesFinance LeasesLeasing arrangementsFinance leases relate to leases of general property,plant and equipment.There are no contingent rental payments due or payable.There are no renewal or purchase options and escalation clauses or restrictions imposed by lease

264、arrangements concerningdistributions,additional debt and further leasing.Finance lease liabilitiesNo later than 1 year242-Later than 1 year and not later than 5 years400-Later than 5 years-Minimum finance lease payments642-Less:future finance charges(70)-Present value of lease payments572-Included i

265、n the financial statements as:Current interest-bearing liabilities(Note 17)206-Non-current interest-bearing liabilities(Note 21)366-Non-Cancellable Operating LeasesLeasing arrangementsOperating leases relate to leases of office space and the lease of transmission pipelines in the Northern Territory.

266、There are nocontingent rental payments due or payable.There are no renewal or purchase options and escalation clauses or restrictionsimposed by lease arrangements concerning distributions,additional debt and further leasing.Various operating leases havestandard lease renewal options.In respect of th

267、e transmission pipelines,the Northern Territory Government has guaranteed a minimum income in respect of theTrust to meet the operating lease commitments as detailed.Non-cancellable operating leases transmission pipelinesNot longer than 1 year17,092-Longer than 1 year but not longer than 5 years68,8

268、07-Longer than 5 years148,204-234,103-Non-cancellable operating leases otherNot longer than 1 year174-Longer than 1 year but not longer than 5 years141-Longer than 5 years29-344-Notes to the Financial StatementsFor the Financial Period ended 30 June 20014832.Joint Venture Operations2001Joint Venture

269、Interest of Consolidated EntityPrincipal activityCarpentaria pipeline70%Gas pipeline operation QueenslandMid West pipeline50%Gas pipeline operation West.AustraliaRoma to Brisbane pipelinea-Gas pipeline operation Queenslanda-During the financial period the consolidated entity purchased the remaining

270、15%to move to 100%ownership of this pipeline operation.The consolidated entitys interest in assets employed in the above joint venture operations is detailed below.The amounts areincluded in the financial statements and consolidated financial statements under their respective asset categories:Consol

271、idatedTrust20012001$000$000Current AssetsCash121-Receivables226-Other104-Non-Current AssetsProperty,plant and equipment146,390-Total Assets146,841-33.Controlled EntitiesCountry ofOwnership InterestName of EntityIncorporation2001(%)Parent EntityAustralian Pipeline TrustAustralia100Controlled Entities

272、APT Pipelines LimitedAustralia100ACN 006 699 378 Pty LimitedAustralia100Agex Pty LimitedAustralia100Amadeus Gas TrustAustralia96APT Management Services Pty LimitedAustralia100APT Petroleum Pipelines Holdings Pty LimitedAustralia100APT Petroleum Pipelines LimitedAustralia100APT Pipelines(NSW)Pty Limi

273、tedAustralia100APT Pipelines(NT)Pty LimitedAustralia100APT Pipelines(Qld)Pty LimitedAustralia100APT Pipelines(WA)Pty LimitedAustralia100APT Pipelines Investments(NSW)Pty LimitedAustralia100APT Pipelines Investments(WA)Pty LimitedAustralia100East Australian Pipeline LimitedAustralia100Gasinvest Austr

274、alia Pty LimitedAustralia100NT Gas Distribution Pty LimitedAustralia96NT Gas Easements Pty LimitedAustralia100NT Gas Pty LimitedAustralia96Roverton Pty LimitedAustralia100Sopic Pty LimitedAustralia100Notes to the Financial StatementsFor the Financial Period ended 30 June 20014934.Acquisition of Cont

275、rolled EntitiesOn 13 June 2000,the Trust acquired APT Pipelines Limited and its controlled entities from The Australian Gas Light Company(as disclosed in Note 33 above)for consideration of$351.551 million.Further details of the acquisition are disclosed in Note 39to the financial statements.35.Segme

276、nt InformationThe consolidated entity operates predominantly in one industry,being the gas transmission infrastructure industry and onegeographic segment,being Australia.The consolidated entity earns revenue by selling transportation and related services to theproducers,consumers and aggregators of

277、gas.ConsolidatedTrust20012001$36.Directors and Executives RemunerationaAggregate income paid or payable,or otherwise made available,to directors of:Australian Pipeline Limited,as responsible entity for the Trust301,883301,883Executives whose remuneration equals or exceeds$100,0001,755,065-The number

278、 of directors and executives whose total remuneration falls within each successive$10,000 band:DirectorsNo.No.$0 to$9,9991$40,000 to$49,9995$90,000 to$99,9991Executives$120,000 to$129,9991-$210,000 to$219,9991-$240,000 to$249,9991-$260,000 to$269,9991-$280,000 to$289,9991-$620,000 to$629,9991-a Remu

279、neration for each director and executive officer includes salary,bonus,superannuation,retirement payments and other benefits.ConsolidatedTrust20012001$37.Remuneration of AuditorRemuneration of the auditor of the Trust for:Auditing the financial report177,0005,000Compliance Plan audit16,450-Initial S

280、ystems Implementation support33,155-Other Accounting and Assurance Services53,395-280,0005,000Notes to the Financial StatementsFor the Financial Period ended 30 June 20015038.Related Party Disclosures(a)Responsible EntityThe responsible entity of Australian Pipeline Trust is Australian Pipeline Limi

281、ted(ACN 091 344 704).Australian Pipeline Limitedis 50%owned by The Australian Gas Light Company(AGL)and 50%owned by unrelated parties.(b)Equity Interests in Related PartiesDetails of the percentage of ordinary shares held in controlled entities are disclosed in Note 33 to the financial statements an

282、dthe details of the percentage of ordinary shares held in joint venture entities are disclosed in Note 41 to the financial statements.(c)Directors RemunerationDetails of Directors remuneration is disclosed in Note 36 to the financial statements.(d)Equity Holdings of Directors of Australian Pipeline

283、LimitedUnits of the TrustIssued during the financial period to Directors and their director-related entities86,000Disposed during the financial period by Directors and their director-related entities-Number held at the end of the financial period by Directors and their director-related entities86,00

284、0(e)Transactions between the Trust and Controlled EntitiesDetails of dividend and interest revenue from controlled entities is disclosed in Note 2 to the financial statements.Aggregateamounts receivable from and payable to controlled entities are disclosed in Notes 11 and 20 to the financial stateme

285、nts.(f)Transactions with Related PartiesTransactions with related parties have taken place at arms length and in the ordinary course of business.Australian Pipeline LimitedManagement fees of$1.029 million were paid to the responsible entity as reimbursement of costs incurred on behalf of the Trust.N

286、o amounts were paid directly by the Trust to the directors of Australian Pipeline Limited.The Australian Gas Light Company(“AGL”)The relationship between the Trust and AGL is governed by a number of agreements including the Pipeline ManagementAgreement(PMA)and the Pipeline Development Agreement(PDA)

287、.Under the PMA a controlled entity of AGL,Agility Management Pty Limited,provides technical services and certain marketingand transitional services in respect of the consolidated entitys gas transmission assets.Compensation for these services is acombination of agreed costs and a fixed fee of$6 mill

288、ion per annum partially indexed to CPI.The initial term of the PMA istwenty years and rolling five year terms thereafter,terminable on twelve months notice.The costs for specified technical andmarketing services are fixed until 2005,but are reviewable thereafter.After 30 June 2005,the consolidated e

289、ntity may requestAgility Management Pty Limited to introduce contestability in the provision of certain of the services.Notes to the Financial StatementsFor the Financial Period ended 30 June 20015138.Related Party Disclosures(continued)The PDA sets out the terms governing the future transfer of ass

290、ets between the Trust and AGL.Pursuant to this agreement,both parties agree that they will jointly seek out and examine opportunitiesto develop projects.The Agreement provides the consolidated entity with a first right to purchase atleast 20%of the Papua New Guinea Gas Pipeline and AGLs entire inter

291、est in other future gastransmission projects in Australia.Under the Agreement,the Board of the responsible entity will reviewany future project offered and determine whether or not to purchase the project on terms nominatedby AGL.The annual amount payable for these services is the greater of costs(d

292、etermined by referenceto hourly rates)and$250,000(increasing in accordance with CPI).The initial term of the PDA is twentyyears and rolling five year terms thereafter,terminable on twelve months notice.During the financial period,AGL provided various services to the consolidated entity totalling$79.

293、043million.This included$28.774 million paid to Agility Management Pty Limited under the PMA,$36.463 million paid to Agility Team Build Pty Limited in relation to capital construction costs and atotal of$12.696 million to Agility Services Pty Limited($8.549 million)and Agility Management PtyLimited(

294、$4.147 million)for sub-contracted pipeline maintenance services and$1.11million to otherAGL controlled entities for initial setup and advisory services.The Gas Transportation Deed(GTD)between East Australian Pipeline Limited(EAPL),an entity inthe wholly-owned group,and AGL Wholesale Gas Limited is t

295、he main revenue contract for theMoomba to Sydney Pipeline system and expires on 1 January 2017.Until 1 January 2007 AGLWholesale Gas Limited will,pursuant to the GTD,pay a series of minimum monthly payments to EAPLto be offset against AGL Wholesale Gas Limiteds liability to pay for gas transported,d

296、etermined usingthe minimum published Reference Tariff from time to time.As at 1 January 2007,any amounts thatare not required to satisfy AGL Wholesale Gas Limiteds liability to pay for transportation services areretained by EAPL.For the period 1 January 2007 until 1 January 2017,EAPL must provide AG

297、L Wholesale Gas Limitedfirm transportation service with a grant of transportation reservation to a defined maximum dailyquantity.The tariff for this service will be the minimum published Reference Tariff from time to time.During the financial period,the Trust provided gas transportation and other se

298、rvices to AGL and itscontrolled entities.The total gas transportation and related services revenue was$107.303 million.Of this amount transportation revenue under the GTD with AGL Wholesale Gas Limited was$95.484 million.AGL has provided a$5 million guarantee to enable the responsible entity to meet

299、 its Dealers Licenserequirements under the Corporation Act 2001.Notes to the Financial StatementsFor the Financial Period ended 30 June 20015239.Notes to the Statement of Cash FlowsConsolidatedTrust20012001$000$000(a)Reconciliation of CashFor the purposes of the statement of cash flows,cash includes

300、 cash on hand and in banks and investments in money marketinstruments,net of outstanding bank overdrafts.Cash at the end of the financial period as shown in the statement of cash flowsis reconciled to the related items in the balance sheet as follows:Cash at bank and on hand6,406103Short-term deposi

301、ts5,831-12,237103(b)Financing FacilitiesUnsecured syndicated bank borrowings:Amount used733,000-Amount unused112,000-845,000-(c)Controlled Entities Acquired(Note 34)Consideration:Cash351,551351,551Other assets-351,551351,551Fair value of net assets acquiredCash10,281-Receivables43,654-Investments128

302、,240371,551Property,plant and equipment1,176,142-Intangibles10,902-Deferred expenditure8,766-Deferred tax assets2,222-Other assets1,209-Payables(186,815)(20,000)Unearned revenue(1,245)-Borrowings(740,392)-Deferred tax liabilities(101,161)-Other provisions(147)-Outside equity interests(105)-Total351,

303、551351,551Notes to the Financial StatementsFor the Financial Period ended 30 June 20015339.Notes to the Statement of Cash Flows(continued)ConsolidatedTrust20012001$000$000Net cash outflow on acquisitionCash consideration351,551351,551Less:cash balances acquired(10,281)-Total outflow of cash341,27035

304、1,551(d)Reconciliation of Profit from Ordinary Activities After Income Tax to Net Cash Flows from Operating ActivitiesProfit from ordinary activities after income tax33,22131,477(Profit)/loss on sale of non-current assets(62)-Share of associates profit(net of dividends received)(1,513)-Depreciation

305、and amortisation of non-current assets28,022-Changes in assets and liabilities,net of effects from acquisitions of businesses:Current receivables15,421(101)Current inventories(13)-Other current assets59-Current payables10,734(199)Other current liabilities7,022-Non-current liabilities(76)-Increase/(d

306、ecrease)in income tax balances19,954-Net cash from operating activities112,76931,17740.Economic Dependency(a)A significant volume of the consolidated entitys revenues are derived pursuant to the Gas Transportation Deed between AGLWholesale Gas Limited and a wholly-owned controlled entity of the Trus

307、t.(b)The consolidated entity is dependent to a significant extent on the technical and marketing services provided by AgilityManagement Pty Limited pursuant to the Pipeline Management Agreement that covers certain of the consolidated entitysgas transmission pipelines.Notes to the Financial Statement

308、sFor the Financial Period ended 30 June 200154Ownership InterestConsolidated20012001%$00041.Investments Accounted for Using the Equity MethodEquity MethodName of entityPrincipal activitySCP Investments(No.1)Pty LtdTransmission of natural gas45%Movement in Investment in Joint Venture EntityEquity acc

309、ounted amount of investment on acquisition by the Trust128,240Share of net profit from ordinary activities after income tax expense8,538Adjustment for dissimilar accounting policies490Additional amortisation on acquisition(310)Share of dividends(7,205)Equity accounted amount of investment at the end

310、 of the financial period129,753Share of assets and liabilities of Joint Venture EntityAssetsCash10,458Other current assets7,238Property,plant and equipment238,951LiabilitiesCurrent payables(2,797)Current interest-bearing liabilities(5,803)Non-current liabilities(137,084)Net assets110,963Share of net

311、 profit of joint venture entityRevenues from ordinary activities33,849Expenses from ordinary activities(20,956)Profit from ordinary activities before income tax expense12,893Income tax(expense)attributable to ordinary activities(4,355)Profit from ordinary activities after income tax expense8,538Shar

312、e of reserves of joint venture entityRetained profits-On acquisition by the Trust2,665At the end of the financial period2,665The capital commitments arising from the consolidated entitys interest in joint venture entities are disclosed in Note 30.Notes to the Financial StatementsFor the Financial Pe

313、riod ended 30 June 20015542.Financial Instruments(a)Significant Accounting PoliciesDetails of the significant accounting policies and methods adopted,including the criteria for recognition,the basis ofmeasurement and the basis on which revenues and expenses are recognised,in respect of each class of

314、 financial asset,financialliability and equity instrument are disclosed in Note 1 to the financial statements.(b)Interest Rate ContractsThe consolidated entity enters into various types of interest rate contracts in managing interest rate exposure,including interestrate swap contracts and forward in

315、terest rate contracts.The consolidated entity does not enter into such instruments forspeculative purposes.Under interest rate swap contracts,the consolidated entity agrees to exchange the difference between fixed and floating rateinterest amounts calculated on agreed notional principal amounts.Such

316、 contracts enable the consolidated entity to mitigate therisk of rising interest rates.The following table details the notional principal amounts and remaining terms of interest rate swap contracts and forwardinterest rate contracts outstanding as at the reporting date.Weighted AverageNotional Produ

317、ctInterest RateAmount20012001Outstanding Contracts%$000Less than 1 year4.8408225,0001 to 2 years6.955050,0002 to 5 years7.031470,0005 years and more7.1371350,000695,000(c)Credit RiskCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial

318、loss to theconsolidated entity.The consolidated entity has adopted the policy of only dealing with creditworthy counterparties andobtaining sufficient collateral or other security where appropriate,as a means of mitigating the risk of financial loss from defaults.The consolidated entity measures cre

319、dit risk on a fair value basis.The consolidated entity does not have any significant credit riskexposure to any single counterparty or any group of counterparties having similar characteristics.The carrying amount of financial assets recorded in the financial statements,net of any provisions,represe

320、nts the consolidatedentitys maximum exposure to credit risk in relation to those assets.Notes to the Financial StatementsFor the Financial Period ended 30 June 20015642.Financial Instruments(continued)(d)Interest Rate RiskThe consolidated entitys exposure to interest rate risk and the effective inte

321、rest rate on financial instruments at the reportingdate are detailed in the following table.Fixed Interest Rate Maturity2001Average VariableLess than 1 to 5 More thanNon-InterestTotalInterest Rate Interest Rate1 YearYears5 YearsBearing%$000$000$000$000$000$000Financial AssetsCash4.8212,237-12,237Rec

322、eivables-26,09526,09512,237-26,09538,332Financial LiabilitiesPayables-62,86962,869Bank loans5.80733,000-733,000Bank loana0.00-1,6451,645Interest rate contracts6.37(695,000)225,000120,000350,000-Financial lease liabilities7.09572-572Distribution payable-14,64014,640Employee entitlements-653653Other u

323、nearned interest-6,2846,284 unearned revenue-90390338,572225,000120,000350,00086,994820,566a residual payment due to Financiers on expiration of lease.Notes to the Financial StatementsFor the Financial Period ended 30 June 20015742.Financial Instruments(continued)(e)Net Fair ValuesExcept as detailed

324、 in the following table,the carrying amount of financial assets and financial liabilities recorded in the financialstatements represents their respective net fair values,determined in accordance with the accounting policies disclosed in Note 1to the financial statements.The net fair value of financi

325、al assets and liabilities are determined in accordance with generally accepted pricing models based ondiscounted cash flow theory.Carrying AmountNet Fair Value20012001$000$000Financial Assets not readily tradedFavourable interest rate swaps23643Financial Liabilities not readily tradedUnfavourable in

326、terest rate swaps(898)(18,568)58Directors DeclarationThe financial statements and notes thereto of the Australian Pipeline Trust(the Trust)for the financialperiod ended 30 June 2001 have been prepared by Australian Pipeline Limited(the responsibleentity)in accordance with the Corporations Act 2001.T

327、he directors of the responsible entity declare that:a)the attached financial statements and notes thereto comply with Accounting Standards;b)the attached financial statements and notes thereto give a true and fair view of the financialposition and performance of the Trust and the consolidated entity

328、;c)in the directors opinion,the attached financial statements and notes thereto are in accordance withthe Corporations Act 2001;andd)in the directors opinion,there are reasonable grounds to believe that the Trust will be able to payits debts as and when they become due and payable.Signed in accordan

329、ce with a resolution of the Directors of the responsible entity made pursuant tos.295(5)of the Corporations Act 2001.On behalf of the DirectorsG H BennettR J WrightChairmanDirectorSYDNEY,5 September 200159Independent Audit Report to the Unitholders of Australian Pipeline TrustScopeWe have audited th

330、e financial report of Australian Pipeline Trust(the Trust)for the financial periodfrom 17 March 2000 to 30 June 2001 as set out on pages 31 to 58.The financial report includes theconsolidated financial statements of the consolidated entity comprising the Trust and the entities itcontrolled at the fi

331、nancial periods end or from time to time during the financial period.The Directorsof Australian Pipeline Limited,as responsible entity for the Trust,are responsible for the financial report.We have conducted an independent audit of the financial report in order to express an opinion on itto the Unit

332、holders of the Trust.Our audit has been conducted in accordance with Australian Auditing Standards to provide reasonableassurance whether the financial report is free of material mistatement.Our procedures includedexamination,on a test basis,of evidence supporting the amounts and other disclosures i

333、n the financialreport,and the evaluation of accounting policies and significant accounting estimates.Theseprocedures have been undertaken to form an opinion whether,in all material respects,the financialreport is presented fairly in accordance with Accounting Standards issued in Australia and othermandatory professional reporting requirements and statutory requirements so as to present a viewwhich