annual report - Harvey Norman Company Reports & Announcements

More documents

Recommendations

Info

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 36. Associates and Joint Venture Entities (continued) (c) A wholly-owned subsidiary of HNHL has entered into a joint venture with an unrelated party to provide mining camp accommodation. The JV was granted a finance facility by ANZ Bank (“ANZ”) (“the Benaraby Facility”). The total amount of the Benaraby Facility is $14.1 million plus interest and costs. HNHL has granted a joint and several guarantee to ANZ in respect of the JV under the Benaraby Facility. (d) A wholly-owned subsidiary of Harvey Norman Holdings Limited (“HNHL”) has entered into a joint venture with an unrelated party to provide mining camp accommodation. The JV has been granted a finance facility by CBA (“the Fairview Facility”). The amount of the Fairview Facility is $23.30 million plus interest and costs. HNHL has granted a joint and several guarantee to CBA in respect of the JV under the Fairview Facility. Aggregate carrying amounts of joint venture entities CONSOL IDATED 2012 Retained Other Cost Total Profits Reserves Carrying Amount $000 $000 $000 $000 Balance at the beginning of the year Movements during the year: - 31,323 127,655 158,978 Capital contributions - - 338 338 Revaluation increment - (2,505) - (2,505) Distributions received (13,742) - 1,090 (12,652) Share of net profit Net foreign currency differences arising from 13,742 - - 13,742 foreign operations - 91 - 91 Balance at the end of the year - Retained Profits 28,909 Other Reserves 129,083 CONSOL IDATED 2011 157,992 Cost Total carrying amount $000 $000 $000 $000 Balance at the beginning of the year Movements during the year: - 32,021 108,560 140,581 Capital contributions - - 38,424 38,424 Revaluation increment - 158 - 158 Reverse revaluation upon disposal - (537) - (537) Distributions received (17,888) - (19,329) (37,217) Share of net profit Net foreign currency differences arising 17,888 - - 17,888 from foreign operations - (319) - (319) Balance at the end of the year Financial summary of joint venture entities - 31,323 127,655 158,978 CO N S O L I D A T E D 2012 2011 $000 $000 Current assets 23,350 11,135 Non-current assets 292,513 261,813 Current liabilities (35,131) (9,671) Non-Current liabilities (37,269) (15,184) Net Assets 243,463 248,093 Revenues 57,524 57,495 Expenses (30,268) (22,840) Net profit Share of net profit of joint venture entities 27,256 13,742 34,655 17,888 123
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 37. Business Combination On 1 July 2010 Harvey Norman CP Pty Limited, a wholly-owned subsidiary of Harvey Norman Holdings Limited (“the Purchaser”), entered into an Asset Sale Agreement (“ASA”) with Clive Peeters Limited ACN 058 868 018 (Administrators Appointed) (Receivers & Managers Appointed) (“CP”) and certain associated companies of CP (“the Vendors”) to purchase certain assets for an estimated purchase price of $55 million inclusive of GST. The ASA was completed on 7 July 2010 and, subsequent to the satisfactory completion of the due diligence by management, a final purchase price of $54.75 million inclusive of GST was agreed with the Receivers. The Purchaser acquired the inventory and plant and equipment assets of twenty-eight (28) Clive Peeters and Rick Hart stores, the know-how and intellectual property rights and systems of the Vendors less an allowance for employee entitlement provisions and customer deposits received in advance. There was no goodwill recognised pursuant to the Clive Peeters business combination as the purchase consideration paid for the net assets acquired approximated fair value as at acquisition date. The fair values of the identifiable assets and liabilities of Clive Peeters and Rick Hart as of the date of acquisition were: 124 7 July 2010 Assets Inventory 44,180 Plant and equipment 10,544 Total assets acquired $000 54,724 Liabilities Employee entitlements 2,869 Customer deposits received in advance 2,087 Total liabilities assumed Fair value of identifiable net assets 49,768 Non-controlling interest in identifiable net assets acquired - Goodwill arising on acquisition - Fair value of identifiable net assets acquired 4,956 49,768 Acquisition date fair value of consideration transferred: Cash paid to Receivers 49,768 GST on assets acquired 4,977 Consideration transferred 54,745 Net cash outflow on acquisition is as follows: Cash paid 49,768 Net cash acquired on business combination - Net consolidated cash outflow 49,768 In August 2011 the consolidated entity advised the market of its intention to restructure the Clive Peeters and Rick Hart businesses and to cease trading under the impaired brand names. By the end of August 2011, four (4) former Clive Peeters stores and three (3) former Rick Hart stores were closed. The remaining thirteen (13) Clive Peeters stores and five (5) Rick Hart stores were converted to Harvey Norman and Joyce Mayne franchised operations. The consolidated entity incurred restructuring and closure costs of $8.07 million before tax mainly attributable to redundancy and termination costs, fixed asset write-downs and onerous lease costs for the closed sites. This is less than the expected closure costs previously estimated and reported in August 2011 of approximately $10.00 million before tax.
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:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Reference Title Summary Application
Page 73 and 74: Reference Title Summary Application
Page 75 and 76: Reference Title Summary Application
Page 77 and 78: NOTES TO THE FINANCIAL STATEMENTS (
Page 123: 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

Create successful ePaper yourself

Delete template?

Save as template?