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Forest NSW Annual Report 2012

Forests NSW Consolidated Annual Financial Reports Year ended 30 June 2012 ABN 43 141 857 613 Notes to and forming part of the financial statements For the year ended 30 June 2012 Note 21: Provisions Economic Economic Statutory Statutory Entity Entity Corporation Corporation 2012 2011 2012 2011 $'000 $'000 $'000 $'000 Current         Employee Benefits 13 310 12 133 - - Onerous contracts 751 1159 751 1159 Workers Compensation 770 860 770 860 Personnel Services 22 534 24 447 35 844 36 739 Total Current 37 365 38 599 37 365 38 758           Non-Current         Employee Benefits 10 346 4224 10 346 4224 Personnel Services 117 931 48 720 117 931 48 561 Workers Compensation 3830 3520 3830 3520 Total Non-Current 132 107 56 464 132 107 56 305           Total Provisions 169 472 95 063 169 472 95 063           Movement in provisions (other than employee benefits)  Onerous contracts         - Carrying amount at the beginning of the year 1159 7116 1159 7116 - additional provisions made in the year (408) (5957) (408) (5957) - Carrying amount at the end of the year 751 1159 751 1159 Workers Compensation         - Carrying amount at the beginning of the year 4380 4130 4380 4130 - additional provisions made in the year 220 250 220 250 - amounts used during the year         - Carrying amount at the end of the year 4600 4380 4600 4380           Total Carrying amount of provisions 5351 5539 5351 5539 Those that are current provisions will be settled within 12 months and non-current will be 12 months and beyond. There are no settlements of warranty costs Increase in employee benefits and personnel services provision due to higher actuarial losses incurred in 2011–2012. Note 22: Capital and Reserves Contributed Equity Forests NSW has Contributed Equity which represents NSW Government’s investment in Forests NSW Asset Revaluation Reserve The Asset Revaluation Reserve is used to record increments and decrements in the fair value of property, plant and equipment. Capital Management Policy Forests NSW is a for-profit entity and it operates under the guidelines and policies set up by NSW Treasury. It is management practice and policy to maintain a strong capital base to sustain future development of the business. Senior management monitors the return on capital as well as the level of debt and dividends payable to NSW Treasury. 88 Forests NSW Annual Report 2011–12 Social, Environmental and Economic Performance


Forest NSW Annual Report 2012
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