notes to the financial statements for the year ended 30 June 2001 l) Employee Entitlements g) Income Tax m) Borrowing Costs h) Receivables  i) Trade and other creditors n) Cash Flows o) Conditional Receipts j) Infrastructure Loan Facilities k) Non Interest Bearing Long Term Debt p) Earnings per Share (i) Basic Earnings per Share Basic earnings per share is determined by dividing the profit after income tax attributable to shareholders by the weighted average number of shares outstanding during the financial year. Non interest bearing long term debt represented by the Concession Notes has been included in the financial statements at the present value of expected future repayments. The present value of expected future repayments is determined using a discount rate applicable to the consolidated entity’s other borrowing arrangements. The present value of expected future repayments will be reassessed periodically. The Company has two Infrastructure Loan facilities. Under the terms of these facilities, the Company must provide cash collateral equal to the utilised amounts of the facilities. This cash collateral has been set-off against the outstanding infrastructure borrowing facilities so that no asset or liability in respect of those facilities has been recorded in the balance sheet of the consolidated entity. Where the consolidated entity has received payments that are provisional or subject to legal dispute, the total value of the receipts will be accounted for as a liability and will not be reclassified as revenue until the nature of the receipt is virtually certain and supports the classification as revenue. For the purpose of the statement of cash flows, cash includes cash on hand, deposits held at call with banks, investments in money market instruments and amounts held on deposit as collateral for the Infrastructure Loan facilities. These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. The amounts are unsecured and are usually paid within 45 days of recognition. Collectibility of trade debtors is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off. A provision for doubtful debts is raised when some doubt as to collection exists. Borrowing costs are recognised as expenses in the period in which they are incurred and include: Income tax is brought to account in respect of the Company, which has adopted the liability method of tax effect accounting. Income tax expense is calculated on the operating profit of the Company, adjusted for permanent differences between taxable and accounting income. The tax effect of timing differences which arise from items being brought to account in different periods for income tax and accounting purposes is carried forward in the balance sheet as a future income tax benefit or a deferred tax liability. However, the future tax benefit relating to timing differences and tax losses is not carried forward as an asset unless the benefit is virtually certain of realisation.  The Company contributes the statutory minimum to superannuation plans as nominated by the employee. The superannuation plans are all accumulation funds. Liabilities for current and deferred employee compensation and annual leave are recognised, and are measured as the amount unpaid at the reporting date at current pay rates in respect of employees’ services up to that date. The cost of current and deferred employee compensation and contributions to employee superannuation plans were charged to the statement of financial performance. • Interest on short-term and long-term borrowings • Costs incurred in connection with the arrangement of borrowings, and • Finance lease charges. 39