annual report - Harvey Norman Company Reports & Announcements

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OPERATING SEGMENTS (CONTINUED) The consolidated entity operates predominantly in twelve (12) primary segments: Operating Segment Description of Segment Franchising Operations Retail – New Zealand Retail – Asia Retail – Slovenia & Croatia Retail – Ireland & Northern Ireland Non-Franchised Retail – Clive Peeters & Rick Hart Non-Franchised Retail Retail Property Property Under Construction for Retail Property Developments for Resale Equity Investments Other Consists of the franchising operations of the consolidated entity (other than retailing, property and financial services). Consists of the wholly-owned operations of the consolidated entity in New Zealand. Consists of the controlling interest of the consolidated entity in the retail trading operations in Singapore and Malaysia under the Harvey Norman and Space brand names. Consists of the wholly-owned operations of the consolidated entity in the retail trading operations in Slovenia and Croatia under the Harvey Norman brand name. Consists of the wholly-owned operations of the consolidated entity in Ireland and Northern Ireland. Consists of the wholly-owned operations of the consolidated entity under the Clive Peeters and Rick Hart brands prior to the restructure in August 2011. Consists of the retail trading operations in Australia which are controlled by the consolidated entity and do not include any operations of Harvey Norman franchisees. This segment includes the Space brand in Malaysia. Consists of land and buildings for each retail site that is fully operational or is ready and able to be tenanted. The revenue and results of this segment consists of rental income, outgoings recovered and the net property revaluation increments and/or decrements recognised in the Income Statement for each retail site that is owned by the consolidated entity which is fully operational (or ready for operations) as at year end. The property is held for the purpose of facilitating the expansion and operation of the franchising operations. Consists of sites that are currently undergoing construction at year end intended for retail leasing. It also includes vacant land that has been purchased for the purposes of generating future investment income and facilitating the expansion and operation of the franchising operations. Consists of land and buildings acquired by the consolidated entity, to be developed, or currently under development, for the sole purpose of resale at a profit. This segment refers to the trading of, and investment in, listed securities. This segment primarily relates to credit facilities provided to third parties and other unallocated income and expense items. 55
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES 1. Statement of Significant Accounting Policies (a) Corporate Information Harvey Norman Holdings Limited (the “Company”) is a company limited by shares incorporated in Australia and operating in Australia, New Zealand, Ireland, Northern Ireland, Singapore, Malaysia, Slovenia and Croatia whose shares are publicly traded on the Australian stock exchange (trading under the symbol HVN). (b) Basis of Preparation The financial report has been prepared on a historical cost basis, except for investment properties, completed land and buildings, derivative financial instruments, listed shares held for trading and available-for-sale investments, which have been measured at fair value. The carrying values of recognised assets and liabilities that are hedged items in fair value hedges, and are otherwise carried at cost, are adjusted to record changes in the fair values attributable to the risks that are being hedged. The financial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars ($‟000) unless otherwise stated under the option available to the Company under ASIC Class Order 98/0100. The Company is an entity to which the class order applies. The financial report of the consolidated entity for the year ended 30 June 2012 was authorised for issue in accordance with a resolution of the directors on 28 September 2012. (c) Statement of Compliance The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and interpretations, and complies with other requirements of the law. The financial report complies with Australian Accounting Standards, as issued by the Australian Accounting Standards Board, and International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board. Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the consolidated entity for the annual reporting period ended 30 June 2012. For details on the impact of future accounting standards, refer to page 69. (d) Summary of Significant Accounting Policies (i) Significant accounting judgements, estimates and assumptions Significant Accounting Judgements: In applying the consolidated entity‟s accounting policies management continually evaluates judgments, estimates and assumptions based on experience and other factors, including expectations of future events that may have an impact on the consolidated entity. All judgments, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances available to management. Actual results may differ from the judgments, estimates and assumptions. Revision to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. Significant judgments, estimates and assumptions made by management in the preparation of these financial statements are outlined below: Operating lease commitments – consolidated entity as lessor The entity has entered into commercial property leases on its investment property portfolio. The entity has determined that it retains all the significant risks and rewards of ownership of these properties and has thus classified the leases as operating leases. Recovery of deferred tax assets Deferred tax assets are recognised for deductible temporary differences as management considers that it is probable that future taxable profits will be available to utilise those temporary differences. 56
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2012 ANNUAL REPORT HOLDINGS LIMITED
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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 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 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: OPERATING SEGMENTS (CONTINUED) Oper
Page 59 and 60: STATEMENT OF SIGNIFICANT ACCOUNTING
Page 71 and 72: Reference Title Summary Application
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NOTES TO THE FINANCIAL STATEMENTS (
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Independent auditor’s report to t
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SHAREHOLDER INFORMATION Distributio
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DIRECTORY OF HARVEY NORMAN, DOMAYNE
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