Annual Report 2017-18

                                                                                              Financial Statements 2018



Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2018

Note 23. Equity Investments


Accounting Recognition:
As at 1 July 2010 a water distribution and retail business called Unitywater was established in accordance with the
South-East Queensland Water (Distribution and Retail Restructuring) Act 2009 to deliver water and waste water
services to customers within the local government areas of Moreton Bay Regional Council, Sunshine Coast
Regional Council and Noosa Shire Council.
Under the Act, governance arrangements for Unitywater were established in a Participation Agreement which
commenced from 1 July 2010. The agreement provides for participation rights to be held by the participating
Councils. The participating Councils are Noosa Shire Council, Moreton Bay Regional Council and the Sunshine
Coast Regional Council. The Participation Rights effectively represent an investment in an associate by Noosa
Shire Council.
Investment in Associates are accounted for using the Equity Accounting Method - and are disclosed as a one
line entry in both the Income Statement and Statement of Financial Position.

                                                    Council's Share of Net Income          Council's Share of Net Assets
                                                               2018                2017             2018                2017
                                                               $'000               $'000            $'000               $'000
   Investment in Associate                                   5,075              5,759              81,559             76,515
   Total                                                     5,075              5,759              81,559             76,515



Associates
Council has incorporated the following Associate into its Financial Statements.

(a) Net Carrying Amounts - Council's Share
                                              Nature of            Measurement                      2018                2017
Name of Entity                                Relationship         Method                         $'000                 $'000
Unitywater                                    Associate            Equity                       78,377                73,332
Total Carrying Amounts                                                                          78,377                73,332

(b) Details
                                                                                                            Place of
Name of Entity                                Principal Activity                                            Business
                                                                                                            Moreton Bay,
                                                                                                            Sunshine
Unitywater                                    Water and Wastewater Services                                 Coast &
                                                                                                            Noosa
                                                                                                            Regions

(c) Relevant Interests and Fair Values                Quoted                 Interest in     Interest in    Participation
                                                    Fair Value                Outputs        Ownership      Portion
Name of Entity                                    2018           2017       2018    2017    2018    2017     2018     2017
Unitywater                                                                                                  4.25% 4.25%




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