1 Fremantle Ports 2005 Corporate Progress

Transcription

1 O U R C O R P O R AT E P R O G R E S S I N C O R P O R AT I N G T H E C O N C I S E A N N U A L R E P O R T

2 1 C O N T E N T S 2 Performance Highlights 3 Values and Broad Objectives 4 Port Profile 5 Report of Chairman and Chief Executive Officer 11 Corporate Scorecard 13 Business Results 14 Five Year Summary Commitment to Sustainability 16 Commitment to Sustainability 24 People, Safety and Health The Hon Alannah MacTiernan MLA Minister for Planning and Infrastructure Report on Operations 28 Shipping Activity 31 Services and Facilities 39 Trade and Business Facilitation 54 Improvement and Sustainability Corporate Governance 59 Legislative Framework 63 Directors Report 69 Corporate Structure 70 Executive Team Financial Statements 72 Statements Contents 73 Financial Statements 82 Directors Declaration 83 Financial Audit Opinion 84 Key Performance Indicators 91 Statistical Information 101 Inner and Outer Harbour Maps 102 Publications, Abbreviations, Address

3 2 P E R F O R M A N C E H I G H L I G HT S Performance Highlights Non-trans-shipped trade in full containers increased by almost 10 per cent, new motor vehicles increased by 13 per cent and bulk materials through the Kwinana Bulk Terminal rose by 11.5 per cent. Fremantle Ports achieved targets set by government with an after tax profit of $12.3 million, (including a contribution of asset of $2.4 million which represents the fair value of a property that was inherited by Fremantle Ports from the expiration of a trading agreement), a 7.3 per cent rate of return and contributed $12.9 million to government in taxes, tax equivalents and dividends. A $31.8 million upgrading of our Kwinana Bulk Terminal was in final commissioning stage in readiness to handle the shipping needs of the HIsmelt commercial pig iron plant scheduled to go into production in Construction began on the $30 million North Quay rail project, with work progressing well towards a scheduled completion of December The rail project is part of the Metropolitan Freight Network Review plan to increase freight efficiency while reducing community impacts. Realignment of the freight rail line closer to the Fremantle Railway Station and construction of Peter Hughes Drive was completed, opening up more land for cargo handling and improving both amenity and public access to the attractions at the western end of Victoria Quay. Significant progress was made towards achieving approvals for the Fremantle Ports Outer Harbour Project to develop container and general cargo facilities at Kwinana, with draft Strategic Assessment Guidelines advertised for public comment. Community support for the continuation of the Fremantle Inner Harbour as a busy working port remained high, with approximately 90 per cent of people surveyed in favour. View to North Quay from Victoria Quay s western end.

4 3 VA L U E S A N D B R OA D O B J E C T I V E S Vision and Mission Fremantle Ports Vision and Mission is a two part description of our overall business intent. Our Vision Statement describes what we want to be known for, and our Mission how we intend to get there. Over the years, they have been of critical importance in providing a sound foundation for our decision making, helping us to work towards common goals. They are at the heart of our Strategic Plan, enabling us to achieve commitment and understanding at all levels so that the Fremantle Ports team has a shared view of our aims and can focus on the priorities. Corporate Values Our People Respect, honesty and openness with one another Our Work Ethic Commitment to achieving high work standards Our Customers A dedication to customer service Our Workplace A safe and satisfying place to work Our Community & Environment Care for the community and the environment Vision To be creative and dynamic in delivering value to our customers and to Western Australians. Attributes of our Vision Creative continually innovating to achieve best practice and to find solutions; forward looking Dynamic energetic, flexible, adaptable, responsive Customers service to port users who are dependent on our services and facilities Western Australians providing value to the local and wider Western Australian communities Mission Reviewing Our Values Our organisational values are important in ensuring that we all know what is expected of us. They help us to achieve our Vision and Mission, to make decisions and to know that we work as part of an organisation which has values aligned with our own. Over the past year we have had an internal team looking at our values, to see whether they need to be revised and updated to reflect changes in our aims and aspirations and in our operational environment since they were developed in Our intention from the start was to involve everyone at Fremantle Ports in this project. Following wide ranging consultation with staff at all levels, the Values Team has developed a revised version of the values, incorporating the input obtained. Copies of the draft revised values have been sent to each staff member for personal feedback on the proposed changes. The goal is to ensure that Fremantle Ports has a set of values all employees can support and demonstrate and which will assist us to achieve our Vision. To add value for our customers and stakeholders by facilitating trade in an efficient and commercial manner while fulfilling our social and environmental responsibilities. Broad Objectives Services and Facilities to ensure that port services and facilities are reliable and competitive and meet customer needs Trade Development to work with customers to facilitate trade opportunities Improvement and Sustainability to continue to improve our capability to provide value for our customers and provide for long term business sustainability

5 4 PORT PROFILE Fremantle Port, operating from two locations, is the principal general cargo port for Western Australia, handling more than $18.1 billion in trade annually. Fremantle Ports, a Western Australian Government trading enterprise has responsibility for overall strategic management of the port. Infrastructure and Trade The Inner Harbour at Fremantle handles the majority of the container trade for Western Australia, with most of the containers having their origin or destination in the metropolitan area. It also provides facilities for handling livestock exports, motor vehicle imports, other general cargo trades, cruise ships and visiting naval vessels. The container terminals on North Quay are privately operated on land leased from Fremantle Ports. The Inner Harbour also has several common user berths. The Outer Harbour, twenty kilometres to the south at Kwinana, is one of Australia s major bulk cargo ports handling grain, petroleum, liquid petroleum gas, alumina, mineral sands, fertilisers, sulphur and other bulk commodities. Fremantle Ports operates the Kwinana Bulk Jetty and the Kwinana Bulk Terminal at Kwinana, providing facilities to handle a range of imports and exports. Alcoa, BP and Co-operative Bulk Handling also operate cargo-handling facilities in the Outer Harbour. The Inner and Outer Harbours are linked by rail to the interstate and intrastate rail networks. Port Management and Service Providers Fremantle Ports is fully owned by the Western Australian State Government and operates as a commercialised trading enterprise. Its role is to ensure that the port can efficiently cater for trade and operate in a sustainable manner, with the support of customers and stakeholders. Fremantle Ports provides and maintains shipping channels, navigation aids, cargo wharves, road and rail infrastructure within the port area, moles and seawalls, and other port infrastructure. The Fremantle Passenger Terminal on Victoria Quay is owned and managed by Fremantle Ports. Other services provided by Fremantle Ports include port planning, ship scheduling and berth allocation, port communications, pilot transport, mooring, security services and ensuring emergency response capability when part of the supply chain. Fremantle Ports also provides customer information and advice, trade facilitation, port promotion and property services. Fremantle Ports provides stevedoring services at Kwinana. Services provided by the private sector include stevedoring, towage, pilotage (under contract to Fremantle Ports), line boats, bunkers and ships providores. The two container stevedoring companies, P&O Ports and Patrick Terminals, operate under lease agreements with Fremantle Ports and their performance is monitored under the terms of the lease agreements. North Quay, Inner Harbour. Fremantle Ports also cooperates with the Commonwealth Government in facilitating customs, quarantine and Australian Maritime Safety Authority activities in the port area.

6 5 R E P O R T O F T H E C H A I R M A N A N D C H I E F E X E C UT I V E O F F I C E R At a time when infrastructure has been the subject of political and media attention nationally, Fremantle Ports has been progressing planning and construction projects on a major scale to meet present and future trade needs. The capital works and planning program represents the biggest infrastructure agenda undertaken by Fremantle Ports for decades. Capital projects include: $30 million for the North Quay rail project, $31.8 million for infrastructure at the Kwinana Bulk Jetty to cater for HIsmelt and other customers, $5.7 million for the Victoria Quay road and rail realignment and $2.1 million for port security. Inner Harbour Rail Services Construction of the new North Quay rail link and Stage One of a new rail terminal began in November 2004 and is expected to be completed in December The need to put more containers on rail was recognised by the 2002 Metropolitan Freight Network Review as a priority, and the dual gauge rail link connecting with North Quay is a key strategy in building the rail share for Inner Harbour containerised freight. As well as improving freight efficiency, increasing the rail share for the land transport of inbound and outbound cargo will help reduce the growth in port related truck traffic on connecting roads. Other measures to reduce freight impacts on our local community are also being implemented or explored, with improved vehicle booking systems being introduced by the container terminal operators, and Fremantle Ports participating in a study with government agencies and industry to determine the extent to which improved logistics arrangements can be facilitated by initiatives such as intermodal terminals, inland container parks and road hubs. The aim is to develop a clearer understanding of land transport logistics for containers and identify and evaluate options for achieving the objectives of improving efficiency and minimising truck movements to and from Fremantle Port. More than two thirds of the cost of the North Quay rail project is being met by the State Government and its agencies, Fremantle Ports, Main Roads Western Australia and the Public Transport Authority, with $9.5 million being provided from the Federal Government s AusLink program. North Quay rail loop and rail terminal under construction. A related and also important project completed during the year has been the realignment of the freight rail line adjacent to Victoria Quay. Expanding Bulk Handling Capacity In the Outer Harbour, the upgrading of the Kwinana Bulk Terminal has been tackled as a top priority to service the needs of the HIsmelt commercial pig iron plant and other customers. The upgrading is being completed, with the HIsmelt operation and the upgraded infrastructure now at the commissioning stage.

7 6 R E P O R T O F T H E C H A I R M A N A N D C H I E F E X E C UT I V E O F F I C E R A new unloader required as part of the upgrade is now undergoing commissioning and will substantially lift bulk handling capacity at the terminal, as well as improving berth availability. Other works at the Kwinana Bulk Terminal included an upgraded and extended conveyor system, installation of dust suppression and extraction systems and upgrading of roads and paving. Fremantle Ports has a strong track record in working to meet customer needs and the successful upgrading of the Kwinana Bulk Terminal is evidence of this customer focused approach. Kwinana Bulk Berth 2 at the Kwinana Bulk Terminal. In anticipation of HIsmelt expanding its operations to Stage Two, Fremantle Ports is currently progressing work associated with the environmental approval process for re-development of the currently disused Kwinana Bulk Berth 1. Ship berthing simulations and modelling were undertaken during the year as part of this to ensure the design would be able to accommodate larger post-panamax ships. Planning for New Container Berths Although based on Inner Harbour capacity, Fremantle Ports proposed container and general cargo port facilities for Kwinana/Cockburn Sound are still some years away from being required, in line with the Six Point Plan arising from the Metropolitan Freight Network Review significant progress has been made towards obtaining approvals for the overflow facilities. This complex project, one of great importance to Western Australia s ongoing economic health, involves a strategic assessment of the four design options, followed by a statutory approvals process once a preferred option has been decided by government. The Strategic Assessment Guidelines, developed through extensive community consultation and with the help of consultants with expertise in sustainability assessment, were referred to the Environmental Protection Authority and Western Australian Planning Commission for finalising and will be applied to the four port options, with the aim of identifying a preferred option by mid Fremantle Ports expansion plans have been developed through very detailed and wide ranging studies over more than two decades. Trade Performance Our trading results for the year showed strong growth in a number of areas in both Inner and Outer Harbour operations. Trade in non trans-shipped full containers was up by 9.8 per cent, although the overall container volume grew at a lower rate than in recent years, reflecting the loss of trans-shipment cargo resulting from a restructuring of services by one of our major customers. Fremantle Ports trade in new motor vehicles is a continuing success story, with the number of imported units showing an increase of 13 per cent on last year s results, following a 19.5 per cent increase in the previous year.

8 7 R E P O R T O F T H E C H A I R M A N A N D C H I E F E X E C UT I V E O F F I C E R In bulk trades, there was strong growth in wheat exports through the Cooperative Bulk Handling facility at Kwinana, which were up by 8.8 per cent, phosphate imports across our Kwinana Bulk Jetty increased by 35 per cent, and shipments of coal, iron ore and dolomite for HIsmelt boosted Kwinana Bulk Terminal imports growth to almost 70 per cent. This was offset by decreases in crude oil, caustic soda and sulphur imports and alumina, refined petroleum and mineral sands exports. Port Security Charges To assist the competitiveness of the State s exporters, our continuing strong trade performance has enabled us to achieve a real terms reduction of 40 per cent in Fremantle Ports prices over the past decade. However, the cost of additional security measures to create the safer and more secure port environment required as part of our federally approved port security plan cannot be absorbed, and at least some of this extra cost needed to be recovered through modest increases in some ship and cargo charges in the coming year, as notified to our customers. Working With Our Customers During the year, we continued to work closely with all our customers to respond to their needs and to put in place specific initiatives to improve service provision. The improvements to security in all areas of the port have been well received, with the motor vehicle industry saying that we have set the benchmark for other ports for the upgraded security we have provided for the new motor vehicle trade on Victoria Quay. We continued our customer liaison program and maintained our schedule of regular meetings of our Client Council, a valuable forum for information sharing and for understanding the needs of our customers and their business environment. It is also pleasing to note that overall shipping line customer satisfaction in the 2004/2005 customer survey maintained last year s high level of 96 per cent. This survey involved 24 of our major shipping line customers. Security for the trade in new motor vehicles has been significantly upgraded. Implementing the Fremantle Waterfront Masterplan Fremantle Ports is also progressively implementing various elements of the Fremantle Waterfront masterplan, with access to the waterfront to promote interest in the working port and better linkages to Fremantle an important part of this work. A new road improving public access to the western end of Victoria Quay and attractions such as the Maritime Museum was opened in April by our Minister, the Hon Alannah MacTiernan MLA. The completion of the new Peter Hughes Drive, named in honour of our longest serving former staff member, has the added benefit of providing more operational space for cargo handling and allowing the introduction of improved security measures, as well as improving access and amenity and building community support for the working port.

9 8 R E P O R T O F T H E C H A I R M A N A N D C H I E F E X E C UT I V E O F F I C E R Lost Time Injury Frequency Rate 1994/1995 to 2004/2005 Fremantle Ports also co-ordinated detailed inter-agency discussions designed to achieve integration between the Fremantle Waterfront development plans, including the proposed Commercial Precinct, and the planned upgrading of adjacent areas by the City of Fremantle and the Public Transport Authority. Business Improvement and Sustainability Reflecting our strong commitment to business improvement and a sustainable approach to the way we do business, we have developed a sustainability framework this year modelled on the State Sustainability Strategy. This will help us apply and embed our sustainability principles addressing economic, environmental and social issues. We have also undertaken some internal restructuring. Our new Business Sustainability Division draws together the planning, environment and business improvement areas and the ongoing application of the Australian Business Excellence framework, as well as risk and safety management. While it is pleasing to note that all our performance indicators on safety management issues have shown improvement over the past 12 months, including a significant reduction in lost time injuries, more needs to be done. Workplace safety will continue to be a major area of focus in the future, as well as managing our business in an environmentally responsible way and continuous improvement, which are also identified in our corporate values as being among our top priorities. Results of the most recent external audit of our safety, environmental management and quality systems show that we continue to meet the rigorous international and national standards for these three areas. However, to drive further improvement in the area of workplace safety we have set up a new team, Team Safety, with the objective of identifying further significant improvements. Our achievement of triple certification to the international environmental, quality and safety standards demonstrates to our customers and our community that we have a real commitment to operating in a sustainable manner. The outcomes of our employee opinion survey undertaken during the year have been important in identifying further opportunities for improvement, which are now being followed up. Areas of work include preparation of pamphlets on how to get the job you want and the establishment of a team to review how we recognise outstanding contributions by our employees. Associated with this, there was also a refinement of our leadership model, and developing leadership throughout our organisation will be another focus of activity as we go forward.

10 9 R E P O R T O F T H E C H A I R M A N A N D C H I E F E X E C UT I V E O F F I C E R Looking Ahead Western Australia s economic forecasts auger well for a strong trading year for Fremantle Ports in 2005/2006, with HIsmelt coming into production and further strong growth expected in full container volumes. The 12 months ahead will also see the completion of the new North Quay rail loop, and the strategic assessment phase for the Fremantle Ports Outer Harbour Project is expected to be completed. As part of this, further consultation and a considerable number of additional studies are planned to complete assessment of the factors as agreed. With the international trend towards larger ships, once the planned deepening of the Port of Melbourne occurs, the trend to larger ships on the Australian trade routes is expected to accelerate. This has led to recognition that the Inner Harbour is likely to require further dredging to deepen within the next few years and engineering and geotechnical investigations are occurring in relation to the pre-feasibility studies of this. The calling of Expressions of Interest for the use of Berths 11 and 12 in the Inner Harbour led to the selection of MSC, the world s second largest container ship operator, as the preferred proponent and the setting of a number of conditions precedent. Further progress is dependent on advice from MSC and a net benefit assessment. Consultation is planned on our new Sustainability Framework, with an extensive program of actions identified to progress its goals. We look forward to continuing to work in a responsive way with our customers and community to understand and meet their needs. Board Changes Rose Pinter retired as a Director on 31 December 2004 after three years valuable service. She brought to the Board extensive experience and interest in community, transport and cultural issues. Her contribution is warmly acknowledged. Our newest Board member is Mr John O Connor who was appointed on 1 January Mr O Connor has extensive experience in the transport industry and employee relations policy, having been the Secretary of the Transport Workers Union from 1978 to 1993 and a Commissioner of the Australian Industrial Relations Commission for nine years.

11 10 R E P O R T O F T H E C H A I R M A N A N D C H I E F E X E C UT I V E O F F I C E R In Conclusion The scale of the infrastructure program we have undertaken, along with many other projects and programmes of high strategic importance have placed additional demands on our staff over the past year. The commitment and team work from those involved and indeed throughout the organisation has been outstanding. We would also like to acknowledge with thanks the loyalty of our customers and the way in which they have worked with us to enable us to continuously improve our services to meet their needs. We also greatly appreciate the support and assistance we continue to experience in our relationship with our Minister, the Honourable Alannah MacTiernan MLA and her staff as we progress complex projects together. The goodwill, understanding and co-operation we have received over the past 12 months from a wide range of local government, State and Federal agencies, as well as our local community is also acknowledged with thanks. Joe McKay Chairman Kerry Sanderson Chief Executive Officer

12 11 H OW W E P E R F O R M E D Each year in our Annual Report, we publish a range of corporate targets covering economic, social and environmental performance and the extent to which we managed to achieve these business objectives. CORPORATE SCORECARD How We Plan To Succeed Target 2004/2005 Results Target 2005/2006 Economic Financial Results $6.9m after tax profit $12.3m profit after tax equivalent payment (includes a $2.4m contribution of asset which represents the fair value of a property inherited by Fremantle Ports from the expiry of a trading agreement). $ 7.3m after tax profit Trade Results Total trade 27.9m mass tonnes 25.5m mass tonnes, influenced by later than expected commissioning of the HIsmelt commercial pig iron plant has impacted on the total trade figure. 28.5m mass tonnes Containers 473,800 TEUs 467,580 (Non trans-shipped trade in full containers increased by 10 per cent. The overall container volume reflects the loss of trans-shipment cargo resulting from the restructure of services by one of our major customers). 501,400 TEUs Cost effectiveness and reliability Real Price Index of 58 (1993/1994=100) The Real Price Index has fallen by a further 1.6 per cent in 2004/2005 to 60 (1993/1994=100). Real Price Index of 57 (1993/1994=100) Charges will not be increased in 2004/2005. Charges were not increased in 2004/2005. This is the tenth year in succession where prices have not been increased. As a result, our charges have fallen by 40 per cent in real terms from 1993/1994 to 2004/2005. While there will be no increase in the general level of charges, a pricing adjustment will be made in 2005/2006 to recover costs associated with the additional security measures needed under international agreements. Zero time awaiting berth due to controllable delays for incoming vessels. Inner Harbour 2.7 hrs Outer Harbour Zero Zero time awaiting berth due to controllable delays for incoming vessels. Customer satisfaction Maintain at least 80 to 90 per cent overall customer satisfaction with agents/ shipping lines. Continue to liaise closely with our customers to identify and implement priority improvements from 2004 customer survey. 96 per cent of shipping line customers were satisfied or very satisfied with services provided by Fremantle Ports, based on shipping line/agents survey. Surveying identified opportunities for improvement, particularly in relation to bulk trade. Level of overall satisfaction was exceeded. Progressed issues including improved security, equipment availability and reliability and electronic business. Maintain at least 80 to 90 per cent overall customer satisfaction with agents/shipping lines. Continue to liaise closely with our customers to identify and implement priority improvements from 2005 customer survey and to further monitor levels of customer satisfaction. Best practice environmental, safety and other business systems through innovation and improvement Compliance with ISO Continue to comply with ISO 14001, and further improve our Environmental Management System. Certification of Environmental Management System to ISO was maintained following external audit. Continue to comply with ISO

13 12 H OW W E P E R F O R M E D CORPORATE SCORECARD How We Plan To Succeed Target 2004/2005 Results Target 2005/2006 Best practice environmental, safety and other business systems through innovation and improvement (continued) Australian Business Excellence Framework Progress improvements across all areas to achieve further assessment in 2005/2006. Internal assessment led to teams being established to progress continuous improvement opportunities in areas including communications, sustainability, knowledge management, review of our Values and innovation. Progress improvements across all areas to achieve further assessment in Overall risk profile Continue to implement treatment actions to ensure risk profile is reduced. We have reduced a further 9 loss exposures below substantial for the period. Continue to implement treatment actions to ensure risk profile is further reduced. Time lost to injuries Zero tolerance of lost time injuries. Reduce number of lost time injuries. Maintain certification to Australian Standard AS/NZS 4801 (Occupational Health and Safety Management Systems). Certification to AS 4801(Occupational Health and Safety Management Systems) was maintained. Number of lost time injuries was 30 per cent below the 3 year rolling average. Safety remains a high priority. Zero tolerance of lost time injuries. Reduce number of workplace injuries. Maintain certification to AS/NZS Employee commitment and satisfaction Continue to provide a coordinated approach to employee development strategies to ensure that staff understand and have the appropriate skills and motivation to contribute to achievement of our goals. Follow up actions undertaken to address improvement opportunities identified in employee opinion survey. Continue to provide a coordinated approach to employee development strategies and arrangements to ensure that staff understand and have the appropriate skills and motivation to contribute to achievement of organisational objectives. Further follow up of Employee Opinion Survey results will be part of this. Social Community satisfaction Continue to improve overall community satisfaction and support. June 2005 community survey showed support for Fremantle working port was maintained at 90% for the Inner Harbour survey area and 89% for the Outer Harbour survey area. Nevertheless, follow up work will be undertaken to address issues raised. Continue to develop and implement strategies to improve overall community satisfaction and support. Consultation on the Outer Harbour Project will continue and we will seek to increase awareness of our contribution to the economy, the community and environment. Actions on complaints and suggestions Continue to implement improvements arising from complaints and suggestions. All complaints followed up. Significant progress made in minimising dust and odour impacts. Continue to implement improvements arising from complaints and suggestions and use trend data to plan strategically.

14 13 B U S I N E S S R E S U LT S Total Port Trade (Mass Tonnes) Comparison 2000/2001 to 2004/2005 Total Container Trade - TEUs Comparison 2000/2001 to 2004/2005 Container Trade 2000/2001 to 2004/2005 Fremantle - Market Share % Australian Container Trade Operating Profit (Loss) Before Income Tax Equivalent Comparison 2000/2001 to 2004/2005 Economic Rate of Return on Assets Comparison 2000/2001 to 2004/2005 Fremantle Ports Real Price Index (1993/1994 = 100) Container Trade (TEUs) Per Fremantle Ports Employee Comparison 2000/2001 to 2004/2005 Time Awaiting Berth - Container 2004/2005 Percentage of Container Vessels Waiting for Berth Time Awaiting Berth - Bulk 2004/2005 Percentage of Bulk Vessels Waiting for Berth

15 14 F I V E Y E A R S U M M A RY FIVE YEAR SUMMARY Shipping 2004/ / / / /2001 No. of Ships: Inner Harbour ,002 1,007 Outer Harbour Naval Total 1,648 1,666 1,674 1,697 1,712 Gross Tonnage (000s): Inner Harbour 25,385 26,449 28,857 26,918 24,761 Outer Harbour 17,373 17,953 16,451 16,559 16,621 Total 42,758 44,402 45,308 43,477 41,382 Turnover per linear metre of wharf Inner Harbour Tonnage Only - (i) Trade in Tonnes 1,911 1,962 1,801 1,615 1,528 Gross Tonnage 7,948 8,281 9,035 8,428 7,752 Trade Mass tonnes 000 Mass tonnes 000 Mass tonnes 000 Mass tonnes 000 Mass tonnes 000 Total Port Trade 25,546 25,939 23,490 22,652 22,547 Imports: Inner Harbour 2,712 2,796 2,604 2,148 1,965 Outer Harbour 8,722 8,931 8,419 8,480 7,765 Total 11,434 11,727 11,023 10,628 9,730 Exports: Inner Harbour 3,279 3,283 3,085 2,950 2,864 Outer Harbour 10,635 10,774 9,239 8,918 9,819 Total 13,914 14,057 12,324 11,868 12,683 Bunkers: Inner Harbour Outer Harbour Total Finance $ Millions $ Millions $ Millions $ Millions $ Millions Revenue from ordinary activities (ii), (iv) Operating expenses (iv) Interest and depreciation charges (iv) Profits from ordinary activities (iv) Written down value of fixed assets (iv) Percentage of Revenue Per Cent Per Cent Per Cent Per Cent Per Cent Charges on cargo (iv) Charges on ships (iv) Charges for shipping services (iv) Charges for other services (iv) Operating expenses (iv) Personnel No. No. No. No. No. Employees at 30th June (iii) (i) Lengths of berths A, B and C are excluded from turnover per linear metre of wharf calculations as these berths are not used for cargo purposes. (ii) Revenue for ordinary activities for 2004/2005 and 2002/2003 includes a contribution of asset. (iii) Full time equivalent employees. (iv) Information included above for 2001/2002 to 2004/2005 is not comparable with previous years because of the acquisition of the BHP Billiton bulk handling business in 2001/2002.