covered most of this before in previous post but will expand. All in the notes to the annual accounts.
The coal terminal under accounting standards must be recorded as an intangiable as under accounting standards items under long term lease must be (therefore not shown as plant and equipment). The coal terminal reverts to the QLD Government at the end of the long term lease. In return the terminal gets regulated income for many years.
Goodwill is the value of either the contracts calculated on a discount cash flow method, or fair value of leases less selling costs.
Remember plant and equipment is valued at cost less depreciation. So when looking at book value you look at the cost of the asset plus the goodwill associated with it. I feel values are conservative under this method as evidenced by the PowerCo sale.
Look at note 16 & 17 in the note to the financial statements for more information.
Cheers
BBI Price at posting:
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