annual report - Harvey Norman Company Reports & Announcements

More documents

Recommendations

Info

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31. Related Party Transactions (a) Ultimate Controlling Entity The ultimate controlling entity of the consolidated entity is Harvey Norman Holdings Limited, a company incorporated in Australia. C O N S O L I D A T E D 2012 2011 $ $ (b) Transactions with Other Related Parties - Several controlled entities of Harvey Norman Holdings Limited operate intercompany loan accounts with other wholly owned subsidiaries. The function of these inter-company loans is to facilitate the reimbursement of expenses paid by wholly-owned subsidiaries in Australia including travel expenses, advertising, marketing support, courier costs, other miscellaneous expenses and to provide working capital funding from time to time. Inter-company loans have been eliminated on consolidation. The amount of such inter-company loans at balance date were: 217,589,235 234,490,962 - Network Consumer Finance Pty Limited (a wholly owned subsidiary of Harvey Norman Holdings Limited) acts as financier to several controlled partnerships and controlled entities. These controlled partnerships and controlled entities request advances from Network Consumer Finance Pty Limited to pay for general working capital expenses including, but not limited to, wages, travel, rental and other operating costs. Inter-company loans are at arm‟s length terms and conditions and have been eliminated on consolidation. - The amount of inter-company loans at balance date was: 40,284,121 43,114,358 - The aggregate amount of interest charged by Network Consumer Finance Pty Limited to controlled partnerships and controlled entities was at normal commercial terms and conditions. The aggregate amount of interest charged was: 988,415 1,224,886 - - Several controlled entities of Harvey Norman Holdings Limited operate loan accounts with other related parties, mainly consisting of joint venture entities and the other joint venturer to joint venture entities. Refer to Note 5. The amount of other related party loans at balance date was: The consolidated entity has a payable to other related parties at arm‟s length terms and conditions amounting to the following at balance date: 20,442,118 12,253,069 27,695,629 7,370,996 32. Commitments 2012 2011 (a) Capital expenditure contracted but not provided is payable as follows: $000 $000 Not later than one year 37,589 95,562 Later than one year but not later than five years 2,893 7,004 Total capital expenditure commitments 40,482 102,566 The consolidated entity had contractual obligations to purchase property, plant and equipment, investment properties and joint venture properties of $40.48 million (2011: $102.57 million). The contractual obligations relating to property, plant and equipment are mainly for the construction of new stores of overseas controlled entities. The contractual obligations relating to investment properties are mainly for the construction of proposed franchised complexes in Australia. Included in the above disclosure are the contractual obligations relating to joint venture properties of $1.28 million for the year ended 30 June 2012 (2011: $0). (b) Lease expenditure commitments: (i) Finance lease rentals are payable as follows: Not later than one year 131 198 Later than one year but not later than five years 12 - Minimum finance lease payments Deduct future finance charges (14) (30) Total finance lease liabilities 143 129 198 168 109
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 32. Commitments (continued) (b) Lease expenditure commitments (continued): 110 All lease payments are determined at the commencement of the lease and remain fixed for the lease term. The finance lease liabilities are secured by charges over the underlying assets financed (refer to Note 12 for net book value of capitalised lease assets). (ii) Operating lease expenditure contracted for is payable as follows: - - - Not later than one year 152,976 153,049 Later than one year but not later than five years 413,202 433,424 Later than five years 268,814 371,803 Total operating lease liabilities 834,992 958,276 Operating leases are entered into as a means of acquiring access to retail property and warehouse facilities. Rental payments are renewed annually in line with rental agreements. (iii) Geographic representation of operating lease expenditure: - - - - - - 30 June 2012 Australia $000 New Zealand $000 Asia $000 Ireland and Northern Ireland $000 Croatia $000 Not later than one year Later than one year but not 111,838 8,441 13,440 17,738 1,519 152,976 later than five years 301,055 22,549 13,334 71,213 5,051 413,202 Later than five years 110,870 4,335 - 153,609 - 268,814 Total operating lease liabilities 30 June 2011 523,763 Australia $000 35,325 New Zealand $000 26,774 Asia $000 242,560 Ireland and Northern Ireland $000 6,570 Croatia $000 Total $000 834,992 Not later than one year 112,576 7,703 13,903 18,867 - 153,049 Later than one year but not later than five years 315,162 24,397 16,462 77,403 - 433,424 Later than five years 160,545 7,010 - 204,248 - 371,803 Total operating lease liabilities 33. Contingent Liabilities Guarantees 588,283 39,110 30,365 300,518 C O N S O L I D A T E D 2012 2011 $000 $000 Disclosed as follows: Current liabilities (refer Note 16) 117 168 Non-current liabilities (refer Note 19) 12 - Total finance lease liabilities - Total $000 958,276 As at 30 June 2012, Harvey Norman Holdings Limited had guaranteed the performance of a number of controlled entities which have entered into operating leases and facilities with other parties totalling $274.93 million (2011: $352.07 million). 129 168
Page 1 and 2:
2012 ANNUAL REPORT HOLDINGS LIMITED
Page 3 and 4:
2 Contents Company Information 1 Co
Page 5 and 6:
CHAIRMAN‟S REPORT Business Perfor
Page 7 and 8:
CHAIRMAN‟S REPORT (CONTINUED) Our
Page 9 and 10:
CHAIRMAN‟S REPORT (CONTINUED) Bre
Page 11 and 12:
CHAIRMAN‟S REPORT (CONTINUED) Sal
Page 13 and 14:
CHAIRMAN‟S REPORT (CONTINUED) Slo
Page 15 and 16:
DIRECTOR‟S REPORT Your directors
Page 17 and 18:
DIRECTOR‟S REPORT (CONTINUED) Com
Page 19 and 20:
DIRECTOR‟S REPORT (CONTINUED) Div
Page 21 and 22:
DIRECTOR‟S REPORT (CONTINUED) Rem
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
DIRECTORS‟ REPORT (CONTINUED) Rem
Page 31 and 32:
DIRECTORS‟ REPORT (CONTINUED) Rem
Page 33 and 34:
DIRECTORS‟ REPORT (CONTINUED) Aud
Page 35 and 36:
CORPORATE GOVERNANCE STATEMENT (CON
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
STATEMENT OF FINANCIAL POSITION AS
Page 45 and 46:
STATEMENT OF COMPREHENSIVE INCOME F
Page 47 and 48:
STATEMENT OF CHANGES IN EQUITY FOR
Page 49 and 50:
STATEMENT OF CASH FLOWS FOR THE YEA
Page 51 and 52:
OPERATING SEGMENTS (CONTINUED) Oper
Page 53 and 54:
OPERATING SEGMENTS (CONTINUED) OPER
Page 55 and 56:
OPERATING SEGMENTS (CONTINUED) Oper
Page 57 and 58:
STATEMENT OF SIGNIFICANT ACCOUNTING
Page 59 and 60: STATEMENT OF SIGNIFICANT ACCOUNTING
Page 71 and 72: Reference Title Summary Application
Page 77 and 78: NOTES TO THE FINANCIAL STATEMENTS (
Page 109: NOTES TO THE FINANCIAL STATEMENTS (
Page 139 and 140: Independent auditor’s report to t
Page 141 and 142: SHAREHOLDER INFORMATION Distributio
Page 143 and 144: DIRECTORY OF HARVEY NORMAN, DOMAYNE
show all

annual report - Harvey Norman Company Reports & Announcements

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?