brisbane port holdings ipty ltd · bph is wholly owned by queensland treasury holdings pty ltd...

BRISBANE PORT HOLDINGS IPTY LTD

ACN124048522

FINANCIAL REPORT

FOR THE YEAR ENDED

30 JUNE 2016

FINANCIAL REPORT OF BRISBANE PORT HOLDINGS PTY LTDACN124048522

DIRECTORS ' REPORT ..............,,,.,.,...............................................................,............,.,,,,,,,,,,,,,,,,,,,,,,,,, I

AUDITOR ' S INDEPENDEN CE DECLARATION . . . . . . . . . .. . . . .. .,.,.. . . . . . . . . . . .,.,.,., .,. . . ..,.,.,.. . . . .,.,.. . . ........... . ..... . . . . . 3

STATEM ENT OF COM P REH EN SIV E INCOM E. .... . . . . . . . . . . . ....... . . ... . . .. . . . . . . ....... . .... .,,. . . . . . .,.,. . . . . . ,,,,.,. . .,.,.. . . . . . . 4

BALANCE SH EET ...............................,..,.,,,.,....,.,..,................................................................................ 5

STATEM ENT OF CHANGES IN EQUITY ... . . .. . . . . . ., .,.. . . ...,.. . . . . . .,.,.,.,.,., . . . . . . . . . .,.,. . . . . . .,,.,.. . . .,,., . . . . . . . . . . .,. . . ...... 6

STATEMENT OF CASH FLOWS .....,.,.,.,.,...............................,.............................,...,.....,,.,,................,.,, 7

NOTES To AND FORMING PART OF THE FINANCIAL STATEMENTS. . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . ... 8

DIRECTOR S ' D EC LAl^TION . . . . . . . . . . . . . . . . . . . . . . . . , . , . . . . . . . . . . . . . . , , . , . , . . . . . . . . . . . . , . , . . , , , . . . . . , . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

INDEPENDENT AUDITOR ' S REPORT . . ......... . ..... . . . . . . . . . . . .,,.,... . .,, . . .,, . . . . . . .,,,.,., .,,. .,. . . . . ...,.. . . . . . . .,.,. . .,...... . . . 15

CONTENTS

DIRECTORS ' REPORT

The directors present tlieir report together with the financial report of Brisbane Port Holdings Pty Ltd(BPH) for the year ended 30 June 2016 in accordance witli a resolution of the directors'

BPH, formerly known as Port of Brisbane Corporation Limited, was a Government Owned Corporation,constituted on I July 2007 under the provisions of the GolJei, milent Owned Colipo}, atto, ?s Act 1993 (theGoC Act). BPH's status as a Government Owned Corporation was revoked on 16 December 2010 aspart of the privatisation of the Port of Brisbane by way of a 99 year lease, under which alllease revenuewas received up front. Tile long-tenn lease structure allows the State (by retaining ownership of land andinfrastructure in a 'lessor' capacity) to transfer operational responsibilities to the lessee, while retainingthe land as a State asset over the long-tenn.

BRISBANE PORT HOLDINGS PTY LTDrtCA, 124048522

DIRECTORS

Tile names of tlie directors ofBPH ill office during or since the end of the financial year are:

AppointedCurrent directors

G Bradley (Cliainnan) 10 August 201217 Marcli 20 I IP Noble17 Mareli 20 I II Frozer

K Millinan 18 May 2012M Curtis 28 August 2014

No directors Ileld ally interest in shares or options of BPH.

PRINCIPAL ACTIVITIES

BPH's principal activity is to 1101d port land and infrastructure assets acting as port lessor under a longtenn leasing arrangement.

REVIEW AND RESULTS OF OPERATIONS

BPl-I'Sitet profit after tax for tlie year ended 30 June 2016 was $335 000 (2015: $417 000).

No dividends were paid to shareholders during 11/6 financial year (2015: Nio.

EVENTS SUBSEQUENT To BALANCE DATE

There are no matters or circuinstances whicli nave arisen since tlie end of the financial year tliat navesignificantly affected orinay significantly affect the operations ofBPH, tlie results of those operations orthe state of affairs of BPH in future financial years.

LIKELY FUTURE DEVELOPMENTS AND EXPECTED RESULTS

There are no known Inatters or circumstances wliicli are likely to significantly affect the operations orresults of BPH in the future.

PERroRi\IANCEIN RELATION To ENVIRONMENTAL LEGISLATION

BPH is subject to various environmental regulations under botli Commonwealtli and State legislation. Thedirectors are not aware of any material breaches of environmental regulations during or since the end ofthe financial year.

in accordance witli the long-term lease agreements, the risk and benefits and day-to-day management ofthe Port of Brisbane including GIIvironnlental manageinent resides witli the lessee of the port. BPH 11asexposure to claims that may be made relating to any pre-existing contamination of land. At balance date,there have been no claims Inade,

PIOf16

DIRECTORS REMUNERATION

Nomcome was paid to any director of BEH during the financial year (2015: Nil), however independentdirectors are reinunerated as part of their directorship in the parent entity, Queensland Treasury HoldingsPty Ltd.

KEY MANAGEMENT PERSONNEL REMUNERATION

No officers were employed directly by BPH. BPH outsources administrative and company secretarialservices to Queensland Treasury Corporation.

INDEMNIMCATION OF OFFICERS AND AUDITORS

BPH 11as not, during the financial year, in respect of any person who is or 11as been an officer or auditor ofBPH or a related body corporate:

. indellmified or made any relevant agreement for indemnifying against a liability incurred as anofficer, including costs and expenses in successfully defending legal proceedings, and

. paid or agreed to pay a premium in respect of a contract insuring against a liability incurred as anofficer for the costs or expenses to defend legal proceedings.

The State has entered into deeds indemnifying the company officers for certain liabilities which thedirectors may incur by reason of acting as an officer of BPH.

The auditor ofBPH forthe year ended 30 June 2016is the Auditor-General of Queensland,

INDEMNIFICATION ANDINSURANCE OF FORMER DIRECTORS AND OFFICERS

BPH has in dellmified and insured independent prior directors of the parent and subsidiary companies inrespect of Directors and Officers liability and company reiinbursement insurance. Under the insurancepolicy the insurer agrees to pay:

. alllosses whicli each insured person becomes legally obligated to pay on account of any claims forwrongful acts, and

. all losses for which BPH may grant in dellmification to eacli insured person.

AUDITOR'S INDEPENDENCE DECLARATION

A copy of the auditor'sindependence declaration as required under s 307C of the Golpoi'alibi?rrlci2001is set out on page 3.

ROUNDING OF AMOUNTS

BPH is a kind of entity referred to in ASIC Class Order 20/6/191 dated March 2016 and iit accordancewith that Class Order, amounts in the financial report and directors' report have been rounded to thenearest thousand dollars, unless stated to be otherwise.

BRISBANE PORT HOLDINGS PTY LTDA CN 124 048522

Signed in accordance witli a resolution of the directors,

;^sG BradleyChaimian

02 August 20 16

P 2 of 16

To the Directors of Brisbane Port Holdings Pty Ltd

This auditor's independence declaration has been provided pursuant to s 307C of the Corporallofts lid2001.

BRISBANE PORT HOLDINGS PTY LTDACN124048522

Independence Deemro!ion

As lead auditor for the audit of Brisbane Port Holdings Ply Ltd for the year ended 30 June 2016, Ideclarethat, to the best of my knowledge and belief, there have been

AUDITOR'S INDEPENDENCE DECLARATION

a) no contraventions of the auditor independence requirements of the Corporalions ACi 2001 in relationto the audit; and

by no contraventions of any applicable code of professional conduct in relation to the audit,

P CHRISTENSEN FCPA

(as Delegate of the AuditorGeneral of Queensland)

QUEENSLAND

I AUG 20/6

^@01T OFF IC^.

Queensland Audit OfficeBrisbane

BRISBANE PORT HOLDINGS PTY LTDACN124048522

Revenue

interest revenue

Other income

Total revenue

STATEMENT Or COMPREHENSIVE INCOME

For the year ended 30 June 2016

ExpensesAdministration expensesFinance costs

Total expenses

Net profit for the year

Total comprehensive income attrib"table to equityholders of BrisbanelPort Holdings Pty Ltd

Notes

3

2016

$000

521

4

2015

$000

522

592

2

168

19

594

187

335

158

19

335

177

The above statement of comprehensive income SITould be read in conjunction with the accompanying notes.

4/7

4/7

P 4 of 16


Cmrremt Assets

Cash and cash equivalentsReceivables

PrepaymentsTotal Current Assets

BALANCE SHEET

As at 30 June 2016

TOTAL ASSETS

Cmrremt Liabilities

PayablesTotal Current Liabilities

TOTAL LIABILITIES

NET ASSETS

Notes

EquityContributed equityRetained profitsTOTAL SHAREHOLDERS' EQUITY

5

2016

$000

6

18228

21

129

2015

$000

18378

18378

17796

21

225

18042

27

18042

27

7

27

18351

26

The above balance sheet should be read in conjunction with the accoii, panying notes

26

2250

16/01

26

18351

18016

2250

15766

18016

P 5 of 16

BRISBANE PORT HOLDINGS PTY LTDxiCN 124 048522

Balance at I July 2014

Total coinprehensive income for the year

STATEMENT OF CHANGES IN EQUITY


Balance at 30 June 2015

Balance at I July 2015

Total comprehensive income for the year

Balance at 30 June 2016

Contributed

Equity$000

2250

Retained

Earnings$000

2250

15349

2250

4/7

Total

$000

15766

2250

17599

15766

4/7

18016

335

16/01

18016

335

The above statement of changes in equity should be read in conjunction witli the accompanying notes

18351

P 6 of 16

BRISBANE PORT HOLDINGS PTY LTDrtCN 124 048522

Cash flows from operating activitiesReceipts from customersPayments to suppliers and employeesGST received norn the ATO

GST paid to the ATOinterest received

Net cash provided by operating activities

STATEMENT OF CASH FLOWS


Net increase in cash and cash equivalents heldCasli and Gasli equivalents at beginning of financial yearCash at the end of the year

Notes 2016

$000

10

(94)20

(16)521

2015

$000

2

(105)1761

(1758)593

5

432

432

17796

18228

493

493

17303

17796

Tlie above statenient of cash flows snOuld be read in conjunction with tlie accompanying notes

P 7 of 16

Notes to and forming part of the financial statements fun. the year ended 30 June 2016

I. General information

Brisbane Port Holdings Pty Ltd (BPH) is a company incorporated and domiciled in Brisbane*Australia. The Company's registered officeis Level6,123 A1bert Street, Brisbane, Australia

BRISBANE PORT HOLDINGS PTY LTDACNi24048522

BPH is wholly owned by Queensland Treasury Holdings Pty Ltd (QTH), and is ultimatelycontrolled by the State of Queensland. BPH is a for profit entity. BPH's primary activity is to 1101dport land assets acting as Port Lessor under a long-ternl leasing arrangement.

2, Significant accounting policies and other explanatory information

Tlie prtncipal accounting policies adopted in the preparation of these financial statements are set outbelow, Tlie accounting policies nave been applied consistently to all years presented

(a) Basis of preparation

Statement of complianceThese general pulpose financial stateIn Grits nave been prepared ill accordance witli AustralianAccounting Standards adopted by the Australian Accounting Standards Board and the requirementsof the Coipoi, aimi?SACt 2001.

The financial stateITTents were authorised for'issue by tile Board of Directors o1/02 August 2016.

Busis of measurement

The financial statements nave been prepared under the Instorical cost convention.

Functional and presentation currencyThe financial statements are presented in Australian dollars* wliich is BPH's functional CUITency

BPH is a kind of entity referred to in ASIC Class Order 20/6/191 dated MarclI 2016 and inaccordance witli that Class Order, all financial infonnatioii has been rounded to the nearestthousand dollars, unless otherwise stated

Use of judgements and assumptionsThe preparation of the financial statements requires the use of certain accounting estimates. BPH'skeyjudgements and assumptions that Inayimpact these financial statements are disclosed milote 13.

ComparativesNo changes have been made to comparative figures in the current year

(b) Revenue

Revenue is recognised to the extent that it is probable that the econoinic benefits will flow to theentity and tlie revenue can be Tenably measured.

filterest revel, "e

interest revenue is recognised using the effective interest rate method and is recognised on aproportional basis taking into account the interest rates applicable.

(c) Income tax

BPH was removed from the National Tax Equivalent Regime (NTER) effective I July 2011

P 8 of 16

Notes to and forming part of the financial statements for the year ended 30 June 2016

2.

(d)

Significant accounting policies and other explanatory information (continued)

Cash and cash eq"iv^lentsFor the purpose of the Balance Sheet and Statement of Cash Flows, cash includes cash at bank anddeposits at call.

PayablesThese amounts represent liabilities for goods and services provided to BPH prior to the end of thefinancial year which at 30 June are unpaid. The amounts are unsecured and are usually paid within30 days of recognition

Goods and services tax (CST)Revenues, expenses and assets are recognised net of the amount of GST except:

. where the GST incurred on a purchase of goods and services is not recoverable from tileAustralian Taxation Office (ATO), in which case the GST is recognised as part of the cost ofacquisition of the asset or as part of the expense item as applicable; and

. receivables and payables are stated witli tlie amount of GST included.

New accounting standards and interpretationsA number of new and amended accounting standards are mandatory for the first time for the yearended 30 June 2016. The adoption of these standards or interpretations did not have any significantimpact on the financial statements or the perfonnance of BPH,

Certain new accounting standards and interpretations have been published that are effective forannual periods beginning after I July 2015 and nave not been applied in preparing these financialstatements, BPH's assessment of the impact of standards and interpretations on issue but not yeteffective is that they are not expected to have any significant jinpact o11 the financial statements orperfomiance of BPH. However, the pronouncements may result in changes to now infomiation iscurrently disclosed in the financial statements. BPH does not plan to early adopt any of 111esestandards


(e)

(t)

(g)

P 9 o116

Notes to and for. ming part of the financial statements for. the year ended 30 June 2016

3. Interest revenue

interest - QTC Casli Fund

BRISBANE PORT HOLDINGS PTY LTDACN 124 048522

4. Administration expenses

Audit fees

insurance expenseCompany secretariat and accounting services - QTC

5. Cash and cash equivalents

Cash at Bank

QTC Cash Fund

6. Prepayments

intsurance

7. Contributed equity

(a) Issued and paid up capital

2,314,152 ordinary snares @$0,9723 each

(b) No movement 11as occurred ill the ITUinber of shares on issue for the year

2016

$000

521

521

2015

Soon

8. Remuneration of auditor

4

96

68

592

Amount paid, or due and payable, to the Auditor-General ofQueensland for:Audit of accounts

592

168

18227

4

96

58

18228

158

17795

129

17796

2250

225

2250

2016

$

4500

2015

S

4500

13 to o1/6

Notes to and forming part of the financial statements for the year ended 30 June 2016

9. Related party transactions

(a) Ultimate controlling entityQueensland Treasury Holdings Pty Ltd (QTH) is the sole shareholder of BPH. The ultimate parententity of BPH is the State of Queensland,

BRISBANE PORT HOLDINGS PTY LTDxi CN 124 048522

(b) Key management personnelKey management personnel are defined as those persons having authority and responsibility for theplanning, directing and controlling of activities of BPH, being members of the Board of Directors'

(c) Compensation - directorsNo income was paid to or made available to any director of BPH during the financial year(2015: Nil). However* independent directors are reinunerated in the parent company, QueenslandTreasury Holdings Pty Ltd.

(d) Compensation - other officersBPH does not employ any other officers' All administration is out-sourced to Queensland TreasuryCorporation (QTC), a related party, QTC charges a fee for these services

(e) Other related party transactionsDuring the year the following transactions were undertaken between BPH and related parties. Alltransactions were at nounal commercial ternis and conditions unless otherwise stated

. Funds invested with the QTC Cash Fund as at 30 June 2016 totalled $18227184(2015: $17795047). Interest incoiile net of management fees received during the yeartotalled $502 015 (2015: $572895)

' QTC provides administrative and company secretariat services to BPH. A fee of $67884(2015: $57714) was charged for these services

Reconciliation of net profit to net cash flows from operating activities10.

Net profit for tl\e year

Changes in assets and liabilities- Decrease/(increase) in receivables- Decrease in prepayments- Decrease in payablesNet cash provided by operating activities

2016

$000

335

2015

$000

96

4/7

432

(19)96

(1)493

Pit o1/6

Notes to and forming part of the financial statements for tlie year ended 30 June 2016

11. Financial risk management

BPH 11as only minimal exposure to financial risk which includes market risk, liquidity risk andcredit risk, BPH manages these exposures in accordance with internal financial risk managementpolicies


(a)

Interest ^"te ,'isk

BPH is exposed to interest rate risk througll its investments Ileld primarily in tile QTC Cash Fund.

Market risk

At reporting date, the interest rate profile for interest-bearing financial instruments is as follows

Floating rate instrumentsFinancial assets - cash

Sensitivity analysisSensitivity to interest rate movements is shown for variable financial assets based o11 tlie carryingamount at reporting date. The following interest rate sensitivity analysis depicts the effect that areasonably possible change in interest rates (assumed to be I%) would nave o11 tlie profit andequity, based on the carrying values at the end of the reporting period:

Floating rate instruments

30 June 2016

Financial assets

30 June 2015

Financial assets

(b) Liquidity riskBPH is exposed to liquidity risk in tile 1101mal course of business. As the entity has few liabilitiesand Inaintaiiis sufficient casli reserves to meet ongoing expenses, this risk is minimal. Currentassets are valued at $18377269 while currentliabilities are valued at $26698.

Profit or loss

191" increase I% decrease$000 $000

2016

$000

(c) Credit riskBPH is exposed to credit risk Ihrougli its investments primarily ill the QTC Casll Fund. Tile QTCCasl} Fund is an asset Inariageinent portfolio that invests witli a wide range of ITigli credit ratedcounterparties. Deposits witli the QTC Casli Fund are capital guaranteed.

18228

182

2015

$000

182

The niaximuin credit risk exposure of BPH is represented by the carrying ainounts of financialassets recognised in the Balance Sheet.

17796

Equity

19'" increase I% decreaseSoOO $000

178

(d) Fair values of assets and limbilitiesThe carrying amQUITts represent fair value of financial assets and liabilities of tile entity at balancedate. These consist of deposits witli QTC at prevailing Inarket rates and short tenn payables andreceivables.

(182)

178

(182)

(178)(178)

182

182

178

(182)

178

(182)

(178)(178)

P 12 of 16

Notes to and forming part of the financial statements fin. the year ended 30 June 2016

11. Financial risk management (continued)

(e) Fair value hierarchyThe fair value hierarchy has not been produced as no valuation techinques have been applied andall financial assets Ileld at balance date represent short tenn receivables or the realisation ofbalances of cash holdings. Cash holdings are primarily in the QTC Cash Fund and fair value isbased on the current carrying value. For the purposes of the fair value Inerarchy, these financialassets are classified as Level2


12. Contingentliabilities

(a) Environmental obligationsBPH has exposure to claims that may be made against it in relation to any pre-existingcontamination of land assets. At balance date, there have been no claims made against the entity

(b) Land taxUnder the Port of Brisbane Share Sales and Purchase Agreement, the State has agreed to pay to thePort Lessee, any portion of the Port Lessee's land tax liability in years the land tax assessment forthe leased area exceeds the estimated land tax assessment. The obligations are subject to certainconditions, including the lessee pursuing any objection available to it 111 relation to an assessment,and are limited to assessment years up to and including 30 June 2025.

13. Leases

On 30 November 2010, BPH entered into a 99-year lease witli QPH Property Trust for the use ofBPH's land, buildings and improvements, WITarves, infrastructure, intangible and work in progressassets for a total of $1 349.9 Inillioii, This has resulted in QPH Property Trust assumingsubstantially all tlie risks and benefits of ownership. The lease premium was paid in advance byQPH Property Trust. All revenue was recognised ill the Statement of Comprehensive income andassets disposed based on the risks and benefits pursuant to the lease arrangeinent,

in accordance willl AllsB I 17: Leases these assets have been treated as a finance lease and

derecognised. The long-tenn lease structure allows the State (by retaining ownership of land andinfrastructure in a 'lessor' capacity) to transfer operational responsibilities to the lessee, whileretaining the land as a State asset over the long-tenn.

BPH's interest in the land is based o11 a passive landlord relationship, with all operationalresponsibilities for the Port, including capital expenditure, maintenance, enviromnentalmanagement and land planning functions being the responsibility of the lessee. The lessee isresponsible for costs associated with the use and occupation of the site along willl all leasingarrangements witli the port tenants* including shipping channels and wharves

Events subsequent to balance date14.

There are 110 matters or circumstances whic}I nave arisen since the end of the financial year thathave significantly affected or may significantly affect the operations ofBPH, the results of thoseoperations or the state of affairs of BPH in future years

P 13 o116

DIRECTORS' DECLARATION

The Directors of Brisbane Port Holdings Pty Ltd declare that:

The financial statements and associated notes as set out on pages 4 to 13 are in accordance witli theColipoiu!jolts, 4c! 2001, including:

BRISBANE PORT HOLDINGS PTY LTDrtCN124048522

a. complying willI tlie Accounting Standards, the Co, poi. ajions Reg, {/unoi?s 2001 and othermandatory professional reporting regulations, and

b, give a true and fair view of the financial position of 111e Company as at 30 June 2016 and of itsperfonnance for the financial year ended on that date.

111 the directors' opinion there are reasonable grounds to believe that the Company will be able to pay itsdebts as and when they be coine due and payable,

This declaration is Inade in accordance witli a resolution of tlie directors and is signed for and on behalf ofthe directors by:

G radleyCliaitman

02 August 20 16

P 14 of 16

To the Meinbers of Brisbane Port Holdings Pty Ltd

Report on the Financial Report

I have audited the accompanying financial report of Brisbane Port Holdings Pty Ltd which comprises thebalance sheet as at 30 June 2016, the statement of comprehensive income, statement of changes in equityand statement of cash flows for the year then ended, notes to the financial statements includingsignificant accounting policies and other explanatory infomiation, and the directors' declaration.

Di, .ectors ' Respo"sib^110,161 the Financial Report

INDEPENDENT AUDITOR'S REPORT

The directors of the company are responsible for the preparation of the financial report that gives a trueand fair view in accordance with Australian Accounting Standards and the Corporari'ons ACi 2001 and forsuch internal control as the directors detennine is necessary to enable the preparation of the financialreport that gives a true and fair view and is free from material misstatement, whether due to fraud orerror.

Aud^for 's Responsibility

My responsibility is to express an opinion on the financial report based on the audit, The audit wasconducted in accordance with the Auditor-General qfQueenslnnd Auditing StQndords, which incorporatethe Australian Auditing Standards. Those standards require compliance with relevant ethicalrequirements relating to audit engagements and that tlie audit is planned and perfonned to obtainreasonable assurance about whether the financial report is free from Inaterial Inis statement

An audit involves perfonniiig procedures to obtain audit evidence about the ainouiits and disclosures inthe financial report. The procedures selected depend o11 the auditor's judgenlGrit, including theassessment of the risks of material misstateinent of the financial report, whether due to fraud or error. 111making those risk assessments, tlie auditor considers internal control relevant to the company'spreparation of the financial report that gives a true and fair view in order to design audit procedures thatare appropriate in the circumstances* but not for the purpose of expressing an opinion on the effectivenessof the company's internal control. All audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of accounting estimates made by the directors, as well as evaluatingthe overall presentation of the financial report.

I believe that the audit evidence obtained is sufficient and appropriate to provide a basis for my auditopinion.

Independence

The Auditor-Genei, "/ Act 2009 proinotes tile independence of the Auditor-General and all authorisedauditors. The Auditor-General is the auditor of all Queensland public sector entities and can be removedonly by Parliament

The Auditor-General may conduct an audit in any way considered appropriate and is not subject todirection by any person about the way in whicli audit powers are to be exercised. TITS Auditor-Generalhas for the purposes of conducting an audit, access to all documents and property and can report toParliament matters whicliin the Auditor-General's opinion are significant

1/1 conducting the audit, the independence requirements of the Coinorations Act 2001 nave beencomplied with. I confinn that the independence declaration required by the Corporal1'017s ACi 2001,whic}I 11as been given to the directors of Brisbane Port Holdings Pty Ltd, would be in the same tenns ifgiven to the directors as at the time of this auditor's report.

P 15 of 16

Opinion

in my opinion, the financial report of Brisbane Port Holdings Ply Ltd is in accordance with theCoworuiio"slid 2001, including

giving a true and fair view of the company's financial position as at 30 June 2016 andof its performance for the year ended on that date; and

complying with Australian Accounting Standards and the Corpor@!ions Regt, 10no"s2001.

(i)

(ii)

Other Matters - Electronic Presentatio" of the Audited Financial Report

Those viewing an electronic presentation of these financial statements should note that audit does notprovide assurance on the integrity of the information presented electronically and does not provide anopinion on any infomiation which may be hyperlinked to or from the financial statements. If users of thefinancial statements are concerned with the inherent risks arising from electronic presentation ofinfonnation, they are advised to refer to the printed copy of the audited financial statements to confimithe accuracy of this electronically presented information,

P CHRISTENSEN FCPA

(as Delegate of the AuditorGeneral of Queensland)

QUEENSLAND

^ 8 AUG 21/6

AUDIT OFF\GE;.

Queensland Audit OfficeBrisbane

P 16 of 16

brisbane port holdings ipty ltd · bph is wholly owned by queensland treasury holdings pty ltd...

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