❓ A WA parliamentary question scrutinizes the Forest Products Commission's (FPC) financial reporting, asset valuation, debt management, and operational costs related to native forests and plantations, raising concerns about transparency and financial solvency.
AnsweredQoN 749Legislative Council
QuestionView source ↗
(1) How can the Forest Products Commission (FPC) claim State native forest as an asset (FPC Annual Report 2001-2002) when State forest land is not vested in the FPC nor does the FPC own, lease, control or manage it and the FPC does not own, lease, control or manage State forest products?
(2) The FPC Annual Report 2001-2002 states that the Commission has access rights to a total State forest estate of 987 190ha. Whom does the Commission pay for these access rights and how much does it pay for them?
(3) What was the valuation of State native forest when the FPC was created?
(4) The FPC Annual Report 2001-2002 states that there has been an increase in the valuation of state native forest due to a decrease in costs previously attributed to the Commission -
(a) how much was this decrease and how was it arrived at; and
(b) what are these costs and who is now responsible for them?
(5) With regard to the FPC Annual Report 2001-2002, what are -
(a) the ‘current assets’ of the FPC, which are valued at $31.46m;
(b) the ‘non-current assets’ of the FPC, which are valued at $308 460 000;
(c) the current liabilities, which are valued at $20.2m;
(d) the non-current liabilities, which are valued at $79.9m; and
(e) the components of the $75m interest bearing liability transferred from CALM to the FPC?
(6) The FPC Annual Report 2001-2002 shows an increase in both current assets and non-current assets between 2001 and 2002 and yet on page 9, it states there has been a decrease in the value of the natural resource assets of $1.2m. Would the Minister explain the increase and the decrease?
(7) Why don’t the FPC’s borrowings of $80.76m from the WA Treasury Corporation show up in the financial overview given on page 4 of the FPC Annual Report 2001-2002?
(8) Given that the FPC Annual Report 2001-2002 states that the Commission has current liabilities of $20.2m, non-current liabilities of $79.93m, interest bearing liabilities of $75m (transferred from CALM) and borrowings of $80.076m from WA Treasury Corporation, what are the FPC’s total debts and is the FPC insolvent?
(9) Regarding overdue payments to the FPC -
(a) how many native forest logs buyers does the FPC have;
(b) how many of them owe the FPC money (ie. they are more than one day over the 30 day payment period);
(c) how many of the buyers included under (b) are currently negotiating their exit from the industry;
(d) based on the FPC’s credit risk management audit, how many of the buyers included under (b) are considered likely to pay the FPC the money they owe; and
(e) has any action been commenced against any of the outstanding debtors to seize logs and/or timber; and
(f) if action has not commenced, why not?
(10) Given that, according to the FPC Annual Report 2001-2002, the FPC has access rights to 987 190ha of State native forest and the value of standing timber is put at $66 534 000, how does the FPC justify the valuation of $67 per hectare for standing timber in State native forest?
(11) Given that, according to the FPC Annual Report 2001-2002, the FPC has access rights to 136 471ha of plantations and the value of standing timber is put at $175 027 000, how does the FPC justify the valuation of $1 286 per hectare for standing timber in plantations, or 19 times more than standing timber in State native forest?
(12) In 2001-2002, what was the total ‘harvesting’ cost to the FPC for -
(a) native forests; and
(b) plantations?
(13) Can the Minister explain why the valuation of standing sandalwood has declined from $72.9m in 2001 to $28.7m in 2002, a decrease of 60 per cent?
(2) The FPC Annual Report 2001-2002 states that the Commission has access rights to a total State forest estate of 987 190ha. Whom does the Commission pay for these access rights and how much does it pay for them?
(3) What was the valuation of State native forest when the FPC was created?
(4) The FPC Annual Report 2001-2002 states that there has been an increase in the valuation of state native forest due to a decrease in costs previously attributed to the Commission -
(a) how much was this decrease and how was it arrived at; and
(b) what are these costs and who is now responsible for them?
(5) With regard to the FPC Annual Report 2001-2002, what are -
(a) the ‘current assets’ of the FPC, which are valued at $31.46m;
(b) the ‘non-current assets’ of the FPC, which are valued at $308 460 000;
(c) the current liabilities, which are valued at $20.2m;
(d) the non-current liabilities, which are valued at $79.9m; and
(e) the components of the $75m interest bearing liability transferred from CALM to the FPC?
(6) The FPC Annual Report 2001-2002 shows an increase in both current assets and non-current assets between 2001 and 2002 and yet on page 9, it states there has been a decrease in the value of the natural resource assets of $1.2m. Would the Minister explain the increase and the decrease?
(7) Why don’t the FPC’s borrowings of $80.76m from the WA Treasury Corporation show up in the financial overview given on page 4 of the FPC Annual Report 2001-2002?
(8) Given that the FPC Annual Report 2001-2002 states that the Commission has current liabilities of $20.2m, non-current liabilities of $79.93m, interest bearing liabilities of $75m (transferred from CALM) and borrowings of $80.076m from WA Treasury Corporation, what are the FPC’s total debts and is the FPC insolvent?
(9) Regarding overdue payments to the FPC -
(a) how many native forest logs buyers does the FPC have;
(b) how many of them owe the FPC money (ie. they are more than one day over the 30 day payment period);
(c) how many of the buyers included under (b) are currently negotiating their exit from the industry;
(d) based on the FPC’s credit risk management audit, how many of the buyers included under (b) are considered likely to pay the FPC the money they owe; and
(e) has any action been commenced against any of the outstanding debtors to seize logs and/or timber; and
(f) if action has not commenced, why not?
(10) Given that, according to the FPC Annual Report 2001-2002, the FPC has access rights to 987 190ha of State native forest and the value of standing timber is put at $66 534 000, how does the FPC justify the valuation of $67 per hectare for standing timber in State native forest?
(11) Given that, according to the FPC Annual Report 2001-2002, the FPC has access rights to 136 471ha of plantations and the value of standing timber is put at $175 027 000, how does the FPC justify the valuation of $1 286 per hectare for standing timber in plantations, or 19 times more than standing timber in State native forest?
(12) In 2001-2002, what was the total ‘harvesting’ cost to the FPC for -
(a) native forests; and
(b) plantations?
(13) Can the Minister explain why the valuation of standing sandalwood has declined from $72.9m in 2001 to $28.7m in 2002, a decrease of 60 per cent?
AnswerView source ↗
Answered
25 June 2003
Responded by
Minister for Agriculture, Forestry and Fisheries
Response time
47 days
(b) what are these costs and who is now responsible for them?
(b) the ‘non-current assets’ of the FPC, which are valued at $308 460 000; (c) the current liabilities, which are valued at $20.2m; (d) the non-current liabilities, which are valued at $79.9m; and (e) the components of the $75m interest bearing liability transferred from CALM to the FPC?
(c) the current liabilities, which are valued at $20.2m; (d) the non-current liabilities, which are valued at $79.9m; and (e) the components of the $75m interest bearing liability transferred from CALM to the FPC?
(d) the non-current liabilities, which are valued at $79.9m; and (e) the components of the $75m interest bearing liability transferred from CALM to the FPC?
(e) the components of the $75m interest bearing liability transferred from CALM to the FPC?
(b) how many of them owe the FPC money (ie. they are more than one day over the 30 day payment period); (c) how many of the buyers included under (b) are currently negotiating their exit from the industry; (d) based on the FPC’s credit risk management audit, how many of the buyers included under (b) are considered likely to pay the FPC the money they owe; and (e) has any action been commenced against any of the outstanding debtors to seize logs and/or timber; and (f) if action has not commenced, why not?
(c) how many of the buyers included under (b) are currently negotiating their exit from the industry; (d) based on the FPC’s credit risk management audit, how many of the buyers included under (b) are considered likely to pay the FPC the money they owe; and (e) has any action been commenced against any of the outstanding debtors to seize logs and/or timber; and (f) if action has not commenced, why not?
(d) based on the FPC’s credit risk management audit, how many of the buyers included under (b) are considered likely to pay the FPC the money they owe; and (e) has any action been commenced against any of the outstanding debtors to seize logs and/or timber; and (f) if action has not commenced, why not?
(e) has any action been commenced against any of the outstanding debtors to seize logs and/or timber; and (f) if action has not commenced, why not?
(f) if action has not commenced, why not?
(b) plantations?
(2) Access rights are granted in terms of the FPC’s enabling act. The FPC does not pay for these access rights. (3) $26.5m. (4) (a) The decrease was $12m. The amount was determined by examining all costs transferred from the Department of Conservation and Land Management to the Forest Products Commission to ensure they related to the FPC’s functions as set out in Section 10 of the Forest Products Act 2000. (b) The costs are management costs of State forests not aligned to the commercial charter of the FPC. The costs were therefore transferred back to the Department of Conservation and Land Management. (5) (a) Current assets of the FPC are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(3) $26.5m. (4) (a) The decrease was $12m. The amount was determined by examining all costs transferred from the Department of Conservation and Land Management to the Forest Products Commission to ensure they related to the FPC’s functions as set out in Section 10 of the Forest Products Act 2000. (b) The costs are management costs of State forests not aligned to the commercial charter of the FPC. The costs were therefore transferred back to the Department of Conservation and Land Management. (5) (a) Current assets of the FPC are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(4) (a) The decrease was $12m. The amount was determined by examining all costs transferred from the Department of Conservation and Land Management to the Forest Products Commission to ensure they related to the FPC’s functions as set out in Section 10 of the Forest Products Act 2000. (b) The costs are management costs of State forests not aligned to the commercial charter of the FPC. The costs were therefore transferred back to the Department of Conservation and Land Management. (5) (a) Current assets of the FPC are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(b) The costs are management costs of State forests not aligned to the commercial charter of the FPC. The costs were therefore transferred back to the Department of Conservation and Land Management. (5) (a) Current assets of the FPC are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(5) (a) Current assets of the FPC are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
See tabled paper.
See tabled paper.
(b) the ‘non-current assets’ of the FPC, which are valued at $308 460 000; (c) the current liabilities, which are valued at $20.2m; (d) the non-current liabilities, which are valued at $79.9m; and (e) the components of the $75m interest bearing liability transferred from CALM to the FPC?
(c) the current liabilities, which are valued at $20.2m; (d) the non-current liabilities, which are valued at $79.9m; and (e) the components of the $75m interest bearing liability transferred from CALM to the FPC?
(d) the non-current liabilities, which are valued at $79.9m; and (e) the components of the $75m interest bearing liability transferred from CALM to the FPC?
(e) the components of the $75m interest bearing liability transferred from CALM to the FPC?
(b) how many of them owe the FPC money (ie. they are more than one day over the 30 day payment period); (c) how many of the buyers included under (b) are currently negotiating their exit from the industry; (d) based on the FPC’s credit risk management audit, how many of the buyers included under (b) are considered likely to pay the FPC the money they owe; and (e) has any action been commenced against any of the outstanding debtors to seize logs and/or timber; and (f) if action has not commenced, why not?
(c) how many of the buyers included under (b) are currently negotiating their exit from the industry; (d) based on the FPC’s credit risk management audit, how many of the buyers included under (b) are considered likely to pay the FPC the money they owe; and (e) has any action been commenced against any of the outstanding debtors to seize logs and/or timber; and (f) if action has not commenced, why not?
(d) based on the FPC’s credit risk management audit, how many of the buyers included under (b) are considered likely to pay the FPC the money they owe; and (e) has any action been commenced against any of the outstanding debtors to seize logs and/or timber; and (f) if action has not commenced, why not?
(e) has any action been commenced against any of the outstanding debtors to seize logs and/or timber; and (f) if action has not commenced, why not?
(f) if action has not commenced, why not?
(b) plantations?
(2) Access rights are granted in terms of the FPC’s enabling act. The FPC does not pay for these access rights. (3) $26.5m. (4) (a) The decrease was $12m. The amount was determined by examining all costs transferred from the Department of Conservation and Land Management to the Forest Products Commission to ensure they related to the FPC’s functions as set out in Section 10 of the Forest Products Act 2000. (b) The costs are management costs of State forests not aligned to the commercial charter of the FPC. The costs were therefore transferred back to the Department of Conservation and Land Management. (5) (a) Current assets of the FPC are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(3) $26.5m. (4) (a) The decrease was $12m. The amount was determined by examining all costs transferred from the Department of Conservation and Land Management to the Forest Products Commission to ensure they related to the FPC’s functions as set out in Section 10 of the Forest Products Act 2000. (b) The costs are management costs of State forests not aligned to the commercial charter of the FPC. The costs were therefore transferred back to the Department of Conservation and Land Management. (5) (a) Current assets of the FPC are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(4) (a) The decrease was $12m. The amount was determined by examining all costs transferred from the Department of Conservation and Land Management to the Forest Products Commission to ensure they related to the FPC’s functions as set out in Section 10 of the Forest Products Act 2000. (b) The costs are management costs of State forests not aligned to the commercial charter of the FPC. The costs were therefore transferred back to the Department of Conservation and Land Management. (5) (a) Current assets of the FPC are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(b) The costs are management costs of State forests not aligned to the commercial charter of the FPC. The costs were therefore transferred back to the Department of Conservation and Land Management. (5) (a) Current assets of the FPC are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(5) (a) Current assets of the FPC are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(b) Non-current assets are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(c) Current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(d) Non-current liabilities are detailed on page 18 of Volume 2 of the annual financial statements (Statement of Financial Position). See attached tabled document. (e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(e) This is a loan payable to the WA Treasury Corporation – refer note 24, page 35 of Volume 2 of the FPC’s annual financial statements. An analysis of the loan is provided in note 35, page 45 of Volume 2 of the FPC’s annual financial statements. (6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(6) A breakdown of the components of the current and non-current assets is shown in the statement of financial position, page 18 of Volume 2 of the FPC’s annual financial statements. Natural resource assets are a component of non-current assets. The movement between the 30 June 2001 and 30 June 2002 balances for natural resource assets is explained in note 8 on page 29 of Volume 2 of the FPC’s annual financial statements. A reconciliation of the movement from 30 June 2001 to 30 June 2002 is as per attached tabled document. (7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(7) The FPC’s borrowings from the WA Treasury Corporation do show up in the financial overview on page 4. As shown in note 24 on page 35 of the financial statements, the WA Treasury Corporation loan is comprised of a short-term portion – i.e. a portion payable within 12 months of the financial period end of $2.424m and a long-term portion – i.e. a portion payable more than 12 months from the financial period end of $77.652m. Each of these portions are incorporated within the current liabilities of $20.2m and non-current liabilities of $79.9m respectively, shown on the financial overview on page 4. For a breakdown of the current and non-current liabilities, refer to the statement of financial position on page 18 to the financial statements. (8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(8) The FPC’s total interest bearing debt as at 30 June 2002 was $82.39m (FPC’s annual financial statements, Volume 2 note 24, page 35). This debt is made up of $4.738m current interest bearing debt (i.e. debt repayable on demand or within 12 months of the 30 June) of which $2.4m is debt payable to the WA Treasury Corporation, and $77.652m interest bearing debt payable more than 12 months from the 30 June 2002, all of which is payable to the WA Treasury Corporation. The total interest bearing debt is broken down as per the attached tabled document. The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
The current interest bearing debt of $2.314m for bank overdraft and $2.424m for Western Australian Treasury Corporation are included in the current liabilities figure of $20.207m in the statement of financial position. The non-current Western Australian Treasury Corporation loan of $77.652m is included in the non-current liabilities of $79.9m in the statement of financial position. The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
The interest bearing liabilities of $75m transferred from the Department of Conservation and Land Management is a component of the $80.076m Western Australian Treasury Corporation loan, and is not an amount of debt in addition to the $80.076m Western Australian Treasury Corporation loan. Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
Total interest bearing debts are therefore $82.39m. In addition, the FPC has non-interest bearing debts of $17.747m which combined with the $82.39m interest bearing debt shown in the table above, gives total liabilities of $100.137m as shown on the statement of financial position at 30 June 2002. Total assets are $339.922m as shown on the statement of financial position at 30 June 2002. Total assets exceed total liabilities by $239.785m. The FPC is therefore not insolvent. (9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(9) (a) As at 30 June 2002, the FPC had 95 customers who owed money for the purchase of native forest logs. (b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(b) Of these 95 customers 50, had debts due to the FPC more than one day over the 30-day payment period. (c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(c) Of the number of customers listed in (a) above 16 had applied for business exit assistance as at 30 June 2002. (d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(d) Of the 50 listed in (b) above with overdue accounts 45 were considered likely to pay the amounts they owed. (e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(e) The FPC has a policy relating to the collection of outstanding debts. Prior to any debt being written off, all avenues for recovery of outstanding funds are explored. This includes calling in bank guarantees or utilising cash deposits, charging interest on overdue accounts and seizure of logs and/or timber if necessary. Of those customers considered doubtful as at 30 June 2002, such action had commenced against 5 customers whom the FPC felt warranted such action in order to recover outstanding amounts. (f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(f) There are no overdue accounts where action for recovery of amounts owing has not commenced. (10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(10) The valuation of native forests is based on net market values, using discounted cash flows to estimate net market values, as per Australian Accounting Standards Board’s Accounting Standard 1037 (AASB1037). Refer to the FPC’s annual financial statements Volume 2, note 2.4, page 22. (11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(11) The valuation of plantations is based on net market values, using discounted cash flows to estimate net market values as detailed in the FPC’s annual financial statements (refer Volume 2, note 2.4, page 22). (12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(12) Harvesting costs comprise 98% of the “expenses from natural resource assets” figure of $54.426m in total for the FPC as shown in note 3.1 on page 26 of Volume 2 of the FPC’s annual financial statements. This figure is split between the Native Forests and Plantations Divisions on the segment report, note 43 of Volume 2 of the FPC’s annual financial statements. The segment report shows total expenses from natural resource assets for Native Forests Division of (a) $29.215m and (b) $25.212m for Plantations Division respectively. (13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
(13) The decrease in valuation is as a result of increased silviculture expenditure for the FPC’s sandalwood operations, as stated in note 8 to Volume 2, page 29 and 30, of the FPC’s annual financial statements. See tabled paper.
See tabled paper.
See tabled paper.
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