Notes to and forming part of the consolidated financial
statements for the year ended 30 June 2010
Note 29. Related party transactions (continued)
(h) T ransactions with Directors and Director-related entities
Aggregate amounts of transactions with Directors and their Director-related entities recognised as income or (expenses):
2010 2009
$ $
Director related entities of Anthony Shepherd, Dr Peter Goode
(and in 2009: Peter Watson) (TSI Fund)
Management services fee 9,191,120 8,085,581
Operations and maintenance services fee 25,709,749 46,208,875
Success, advisory, development and major works fees 3,600,000 185,703
Cash distribution received 16,979,008 18,285,086
Director related entities of Peter Watson
Commercial rent paid to a relative of the former Managing Director and Chief Executive Officer
for the use of an apartment whist undertaking business related activities in Sydney - (66,252)
Director related entities of Guido and Luca Belgiorno-Nettis
Corporate services provided by Transfield Corporate Pty Limited (358,232)* (604,624)*
Information technology services provided to Transfield Corporate Pty Limited 192 193,944
Transactions with Anthony Shepherd
Consulting fee for representing Transfield Services Limited on the
Board of Transfield Services Infrastructure Fund (55,000) (88,000)
The unpaid amounts at 30 June owing by / (to) Director related entities are:
Transfield Services Infrastructure Fund 1,760,000 5,796,803
Transfield Services Infrastructure Fund (107,778) (64,598)
Transfield Corporate Pty Limited 212 175,010
1,652,434 5,907,215
* Inclusive of Director’s fees Guido and Luca Belgiorno-Nettis, trademark registration fee reimbursements and other corporate costs.
Directors and director related entities that are shareholders have received dividends and had the right to participate in the rights offer on the same terms
and conditions that apply to other shareholders.
Dividends 7,401,483 14,364,792
In addition the Group provides car parking and secretarial facilities and services to Anthony Shepherd as required to perform his duties. The estimated value
of these benefits is $135,000 (2009: $130,000).
(i) O ther related parties
Transactions with joint venture entities and partnerships and associates were made on normal commercial terms and conditions and at market rates, except
that there are no fixed terms for the repayment of loans between the parties.
2010 2009
$’000 $’000
Conversion of loan to joint ventures and partnerships to / (from) equity investment. (3,600) 1,758
Proceeds from / (repayments of) borrowings – joint ventures and partnerships 6,103 (2,275)
Loans (to) / from joint ventures and partnerships (3,660) (2,382)