interruptions, the full costs of which
have been appropriately reflected in
the 2014/15 accounts.
During May 2015 as part of the
announcements in the lead up to the
Federal Budget, the Commonwealth
Government advised that it would
undertake a Scoping Study in 2015/16
on options for the future management,
operations and ownership of ARTC
and that recommendations from this
study will be considered as part of the
2016/17 Budget process. That Study
commenced in August 2015 and the
Group is working cooperatively with the
Government in relation to the Study.
There were no other significant changes
in the state of affairs of the Group during
the year.
SIGNIFICANT EVENTS
AFTER THE BALANCE
DATE
Following the end of the financial year
to the date of this report, it is the
opinion of the Directors of the Group
that no event has arisen that would
significantly affect the operation of the
Group, the result of those operations,
or the state of affairs of the Group in
future financial years.
LIKELY DEVELOPMENTS
AND EXPECTED RESULTS
OF OPERATIONS
Likely developments and the expected
results of operations of ARTC are
contained in the Chief Executive
Officer’s and Chairman’s Report.
DIVIDENDS -
AUSTRALIAN RAIL TRACK
CORPORATION LTD
On 13 October 2014 the Group made
a payment of $20.1 million to the
shareholder as the final dividend for the
2013/14 financial year.
On 30 April 2015, the Group made
a payment of $37.3 million to the
shareholder as an interim dividend.
REVIEW OF OPERATIONS
The review of operations of the Group
is contained in the Chief Executive
Officer’s and Chairman’s Report.
ENVIRONMENTAL
REGULATION
ARTC is committed to managing its
operational activities and services
in an environmentally responsible
manner to meet legal, social and
ethical obligations. ARTC holds
licences from both the Environment
Protection Authority of South
Australia and the Environment
Protection Authority of NSW. In
South Australia, the licence is held
under Part 6 of the Environment
Protection Act 1993 to undertake
the activity of “Railway Operations”.
The licence is due to expire on 31
January 2019. In New South Wales,
the licence is held under Section 55
of the Protection of the Environment
Operations Act 1997 to undertake
“Railway Systems Activities”. The
licence has an anniversary date of
September 5 and subject to payment
of the fee and provision of annual
returns continues until the parties
agree to change or withdraw it.
Changes were agreed in June 2015
with payment and the annual return
to be provided by the relevant due
date. 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.
38
