Dividends
There was no dividend provided for or paid
in the current year by the Group (the Group
comprises Australian Rail Track Corporation
Ltd, ARTC Services Company Pty Ltd and
the Standard Gauge Company Pty Ltd),
(2011: $nil).
Principal activities
The principal activities of the Group during
the year were the provision of rail access and
infrastructure management of rail networks,
either owned or leased by ARTC.
Review of operations
The review of operations of the Group is
contained in the Chief Executive Officer
and Chairman’s Report.
Significant changes in the
state of affairs
During July 2011, the Group received an
equity injection of $409.3m in relation
to the Nation Building Rail Investment
initiative announced in the 2010
Commonwealth Budget.
As a part of the take up of the NSW Lease
ARTC managed the Country Regional
Network on a commission fee basis. On
16 December 2010 the Country Regional
Infrastructure Authority (CRIA) formally
advised ARTC of their intention to
terminate the Country Regional Network
Management Agreement (CRNMA). The
termination date occurred at midnight on
14 January 2012.
On the 30th of June 2011 the ARTC Services
Company a 100% owned subsidiary of
ARTC ceased to trade and all employees and
activities were transferred into ARTC.
There were no other significant changes in
the state of affairs.
Significant events after the
balance date
Equity injection
The Group received in July 2012 an equity injection
of $116.7m from the Commonwealth Government
as per its announcement in the 2010 Federal
Budget to invest further equity in ARTC to build
on existing investment strategies and deliver
productivity benefits to the overall economy
through investment in transport infrastructure.
Likely developments and expected
results of operations
Likely developments and the expected results
of operations of ARTC are contained in the Chief
Executive Officer and Chairman’s Report.
Environmental regulation
ARTC holds licences from both the Environmental
Protection Authority of South Australia and the
Environmental Protection Authority of NSW. In
South Australia, the licence is held under Part
6 of the Environmental Protection Act, 1993 to
undertake the activity of a “Railway System”. The
licence is due to expire on 31 January 2013 and
an application for renewal will be lodged at that
time. In New South Wales, the licence is held under
Section 55 of the Protection of the Environment
Operations Act 1997 to undertake “Railway
Activities”. The licence expires on 5 September
2012 and an application for renewal will be lodged
prior to expiration. To date, ARTC has complied
with the requirements of both licence agreements.
Other than in South Australia and New South
Wales, ARTC is not required to be licensed.
Rounding of Amounts
The financial report is presented in Australian
dollars and all values are rounded to the nearest
thousand dollars ($’000) unless otherwise stated
under the option available to the Group under
ASIC Class order 98/100. The Group is an entity
to which the class order applies.
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