9365206765

9365206765



SGSP (Australia) Assets Pty Ltd

ABN 60 126 327 624

Notes to the financial statements

For the year ended 31 December 2015 4 Critical accounting estimates and judgements (continued)

(ix)    Conłract intangibles

As part of ascribing fair values to assets acquired under business combinations, values were attributed to the Group's identifiable contract intangibles. These values were derived from independent valuations and predicated on estimates and judgements including futurę cash flows, revenue streams and value in use calculations. The carrying amount of contract intangibles is set out in notę 18.

(x)    Defined benefit superannuation plans

The present value of the defined benefit obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions based on the most recent actuarial assessment performed to the year end. The assumptions used in determining the net cost/(income) for defined benefit superannuation plans include the discount ratę. The carrying amount of such obligations are set out in notę 19.

(xi)    Environmental provisions

These provisions have been reviewed through the year to assess the Group's obligations, probability and estimate of outflow of resources. For impacted sites, assumptions have been madę on the most probable course of action in remediating, to arrive at a best estimate of the outflow of resources. It is also assumed that such course of action will enable successful remediation of relevant contamination in accordance with applicable laws and regulatory requirements, within the expected timeframe.

It is difficult to estimate the futurę costs of environmental remediation because of many uncertainties, particularly with regard to the availability of particular remediation methods and technologies, the extent to which contaminated materiał may be treated on site or alternatively treated off site and then disposed to landfill, the possibility that applicable laws and standards may change with time, as well as the Information availab!e about conditions at the individual sites.

Significant factors relevant to the estimation of these costs include previous experiences in similar cases, expert opinions regarding environmental programs, current costs and market conditions and new developments affecting costs, managemenfs interpretation of current environmental laws and regulations, and managemenfs assessment of site conditions and the remediation methods which are likely to be deployed as a result of those conditions.

Environmental costs are generally estimated based on the advice of external consultants and/or internal experts and legał advice where applicable. Where there are multiple parties involved in remediation projects for impacted sites, estimates are madę of potential cost allocation between the parties for those sites. These estimates are informed through assessing relevant Communications between the Group and other parties, and any dispute resolution processes, where applicable. Changes in the assumptions underlying these estimated costs may impact futurę reported results.

Subject to these factors, but taking into consideration experience gained to datę regarding environmental matters of a similar naturę, the Group believes the provisions to be appropriate based upon currently available information. However, given the inherent difficulties in estimating liabilities in this area, it cannot be guaranteed that additional costs will not be incurred beyond the amounts provided. It is possible that finał resolution of these matters may require expenditures to be madę in excess of established provisions over an extended period of time that may result in changes in timing of anticipated cash flows from those assumed and in a rangę of amounts that cannot be reasonably estimated.

This environmental provision will periodically be re-assessed by management, having regard to matters including futurę regulatory assessments, internal risk assessments and advancements in appropriate technologies. The discount ratę used for determining the present value of the provision is the appropriate government bond ratę and this may vary from year to year. The methodology to determine the discount ratę is consistent with the prior period. The carrying amount of such provisions are set out in notę 21.

(xii)    Decommissioning provisions

The Company estimates the amount of decommissioning provision at each balance datę. This exercise involves considerable judgement regarding the likely futurę costs of decommissioning.

Expected decommissioning costs are based on the estimated current cost of detailed plans prepared. Where there is a change in the expected decommissioning costs, an adjustment is recorded against the carrying amount of the provision and any plant and equipment. The carrying amount of such provisions are set out in notę 21.

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