25
Debt Position
Likely Developments
There is a loan agreement between the Company and UGDC (parent). At 30 June 2013 the loan balance is $25.006m, this is down from $29.996m in June 2012. A repayment of $5m was made in December 2012 in accordance with Board approved debt reduction strategy and a future $5m will be repaid in 2013/14.
In 2013/14 the Company will explore opportunities to develop the vacant development sites in the Park. It will also undertake a strategic review of the conference and events business to ensure it is prepared for the significant change to the events industry that will be experienced during and after the Sydney Exhibition Centre refurbishment. The focus will be on ensuring the park continues to satisfy its Constitutional objectives and manages these in light of NSW Government priorities.
Dividends The Company is a not for profit entity limited by guarantee in accordance with its Constitution. To this end it does not pay dividends and all surplus funds are reinvested in the Company.
Liability of Members In accordance with the Company’s constitution the liability of Members is limited in an amount not exceeding twenty dollars.
State of Affairs In the opinion of the Directors, there were no significant changes in the state of affairs of the Company that occurred during the financial year under review. On 1 January 2013, ATPSL’s sole member, the Sydney Metropolitan Development Authority (SMDA), was renamed UrbanGrowth NSW Development Corporation (UGDC).
Environmental Regulation The Company’s operations are subject to various environmental regulations under both Commonwealth and State legislation, which set the minimum requirements that the Company must meet. ATPSL has established and implemented a comprehensive and detailed comprehensive Environmental Management Plan for the ATP site.
Auditor’s Independence Declaration The auditor’s independence declaration is attached and forms part of the Directors’ Report for the year ended 30 June 2013.
Directors Benefits Since 30 June 2013, no Director has received, or has become entitled to receive a benefit because of a contract that the Director, a firm of which the Director is a member, or any entity in which the Director has a substantial financial interest has made (during the year ended 30 June 2013 or at any other time) with: a) the Company; b) an entity that the contact was made or when the Director received, or became entitled to receive, any benefit (if any)
Indemnification and Insurance of Officers and Auditors During or since the financial year, the Company has not indemnified, or made a relevant agreement for indemnifying, against liability of any present or former officer or auditor of the Company as contemplated by subsections 309A (1) and (2) of the Corporations Act 2001. During the financial year, the Company paid a premium under a contract of Directors and Officers Insurance. Disclosure of the nature of the liability and the amount of the premium is prohibited by the confidentiality clause of the contract of insurance.
Rounding Off The Company is of a kind referred to in ASIC Class Order 98/100 dated 10 July 1998 and in accordance with that Class Order, amounts in the Financial Report and Directors’ Report have been rounded to the nearest thousand dollars, unless otherwise stated. This report is made by the in accordance with a resolution of the Directors made pursuant to S295(5) (a) of the Corporations Act 2001. Signed on behalf of the Directors,
Sean O’Toole Managing Director On 23 September 2013
AUSTRALIAN TECHNOLOGY PARK 2012/13 ANNUAL REPORT
The Company monitors compliance with environmental regulations, and the Directors are not aware of any significant breaches during the period covered by this report.
Also this year, the Company began discussions with the National Centre of Indigenous Excellence and Carriageworks to explore the potential transfer of the community programs we have established. This is likely to result in these activities transferring out of the Company in 2013/14.