annual report - Harvey Norman Company Reports & Announcements

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 34. Financial Risk Management (continued) (d) Liquidity Risk (continued) The Board reviews this exposure on a monthly basis from a projected 12 month cash flow forecast, listing of banking facilities, explanations of variances from the prior month <strong>report</strong>s and current funding positions of the overseas controlled entities provided by the Finance Department. The following table details the consolidated entity‟s remaining contractual maturity for its financial assets and financial liabilities. The financial assets have been disclosed based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets. The financial liabilities have been disclosed based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the consolidated entity can be required to pay. Less than 1 to 2 2 to 5 Over 5 Total Year ended 30 June 2012 1 year years years years CONSOLIDATED $000 $000 $000 $000 $000 Non derivative financial assets Cash and cash equivalents 172,459 - - - 172,459 Trade and other receivables 1,019,785 8,159 2,872 384 1,031,200 Other financial assets 24,396 - - 9,355 33,751 Total financial assets 1,216,640 8,159 2,872 9,739 1,237,410 Non derivative financial liabilities Trade and other payables 647,279 - - - 647,279 Interest bearing loans and borrowings 261,337 28,310 555,332 - 844,979 Derivative financial liabilities Derivatives 1,199 984 17,800 - 19,983 Total financial liabilities Net maturity 909,815 306,825 29,294 (21,135) 573,132 (570,260) - 9,739 1,512,241 (274,831) Less than 1 to 2 2 to 5 Over 5 Total Year ended 30 June 2011 1 year years years years CONSOLIDATED $000 $000 $000 $000 $000 Non derivative financial assets Cash and cash equivalents 162,779 - - - 162,779 Trade and other receivables 1,067,357 9,644 6,059 406 1,083,466 Other financial assets 41,221 - - 8,294 49,515 Derivative financial assets Derivatives 8 - - - 8 Total financial assets 1,271,365 9,644 6,059 8,700 1,295,768 Non derivative financial liabilities Trade and other payables 854,897 - - - 854,897 Interest bearing loans and borrowings 138,985 558,390 741 - 698,116 Derivative financial liabilities Derivatives - 1,068 201 - 1,269 Total financial liabilities Net maturity 993,882 277,483 559,458 (549,814) 942 5,117 For detailed information on financing facilities available as at 30 June 2012 refer to Note 20. - 8,700 1,554,282 (258,514) 117
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 34. Financial Risk Management (continued) (e) Fair Value of Financial Instruments 118 The fair value of financial assets and financial liabilities are determined as follows: The fair value of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices. The fair value of other financial assets and financial liabilities (excluding derivative instruments) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions. The fair value of current trade receivables and payables is assessed to equal carrying value due to the shortterm nature of the assets. The fair value of derivative instruments are calculated using quoted prices. Where such prices are not available, use is made of discounted cash flow analysis using the applicable yield curve for the duration of the instruments for non-option derivatives and option pricing models for option derivatives. The consolidated entity uses various methods in estimating the fair value of a financial instrument. The methods comprise: Level 1 – the fair value is calculated using quoted prices in active markets. Level 2 – the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3 – the fair value is estimated using inputs for the asset or liability that are not based on observable market data. The fair value of the financial instruments as well as the methods used to estimate the fair value are summarised in the table below. Quoted market price Valuation technique – market observable inputs (Level 2) $000 Valuation technique – non market observable inputs Year ended 30 June 2012 (Level 1) (Level 3) CONSOLIDATED Financial Assets $000 $000 $000 Listed investments 32,290 - - 32,290 Total Financial Assets 32,290 - - Total 32,290 Financial Liabilities Foreign exchange contracts - 183 - 183 Interest rate swaps - 19,800 - 19,800 Total Financial Liabilities Year ended 30 June 2011 CONSOLIDATED Quoted market price - (Level 1) $000 19,983 Valuation technique – market observable inputs (Level 2) $000 Valuation technique – non market observable inputs - (Level 3) $000 19,983 Financial Assets Listed investments 48,251 - - 48,251 Foreign exchange contracts - 8 - 8 Total Financial Assets 48,251 8 - Total $000 48,259 Financial Liabilities Foreign exchange contracts - 34 - 34 Interest rate swaps - 1,235 - 1,235 Total Financial Liabilities - 1,269 - 1,269
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2012 ANNUAL REPORT HOLDINGS LIMITED
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2 Contents Company Information 1 Co
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CHAIRMAN‟S REPORT Business Perfor
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CHAIRMAN‟S REPORT (CONTINUED) Our
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CHAIRMAN‟S REPORT (CONTINUED) Bre
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CHAIRMAN‟S REPORT (CONTINUED) Sal
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CHAIRMAN‟S REPORT (CONTINUED) Slo
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DIRECTOR‟S REPORT Your directors
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DIRECTOR‟S REPORT (CONTINUED) Com
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DIRECTOR‟S REPORT (CONTINUED) Div
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DIRECTOR‟S REPORT (CONTINUED) Rem
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DIRECTORS‟ REPORT (CONTINUED) Rem
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DIRECTORS‟ REPORT (CONTINUED) Rem
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DIRECTORS‟ REPORT (CONTINUED) Aud
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CORPORATE GOVERNANCE STATEMENT (CON
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STATEMENT OF FINANCIAL POSITION AS
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STATEMENT OF COMPREHENSIVE INCOME F
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STATEMENT OF CHANGES IN EQUITY FOR
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STATEMENT OF CASH FLOWS FOR THE YEA
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OPERATING SEGMENTS (CONTINUED) Oper
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OPERATING SEGMENTS (CONTINUED) OPER
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OPERATING SEGMENTS (CONTINUED) Oper
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STATEMENT OF SIGNIFICANT ACCOUNTING
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Page 67 and 68: STATEMENT OF SIGNIFICANT ACCOUNTING
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Page 143 and 144: DIRECTORY OF HARVEY NORMAN, DOMAYNE
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