annual report - Harvey Norman Company Reports & Announcements

More documents

Recommendations

Info

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 17. Other Liabilities (Current) C O N S O L I D A T E D 2012 2011 $000 $000 Lease incentives 1,503 1,545 Unearned revenue 128 58 Total other liabilities (current) 18. Provisions Current: Employee benefits (Note 28) 15,843 20,450 Make good provision 1,061 658 Deferred lease expenses 737 1,058 Onerous lease costs 2,110 2,426 Other 746 643 Total provisions (current) 1,631 20,497 1,603 25,235 Non-Current: Employee benefits (Note 28) 1,278 2,343 Make good provision 3,028 2,058 Deferred lease expenses 4,648 5,274 Total provisions (non-current) 8,954 9,675 93
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 18. Provisions (continued) 94 Movements in the provisions for the year are as follows: CONSOLIDATED Make Good Provision $000 Deferred Lease Expenses $000 Onerous Lease Costs $000 At 1 July 2011 2,716 6,332 2,426 643 12,117 Arising during the year 2,250 1,153 5,971 488 9,862 Utilised (937) (2,073) (6,287) (394) (9,691) Other Discount rate adjustment 9 - - - 9 Exchange rate variance 51 (27) - 9 33 At 30 June 2012 4,089 5,385 2,110 $000 746 Total $000 12,330 Current 2012 1,061 737 2,110 746 4,654 Non-current 2012 3,028 4,648 - - 7,676 Total provisions 2012 4,089 5,385 2,110 746 12,330 Current 2011 658 1,058 2,426 643 4,785 Non-current 2011 2,058 5,274 - - 7,332 Total provisions 2011 2,716 6,332 2,426 643 12,117 Make good provision In accordance with certain lease agreements, the consolidated entity is obligated to restore certain leased premises to a specified condition at the end of the lease term. The balance of the make good provision as at 30 June 2012 was $4.09 million representing the expected costs to be incurred in restoring the leased premises to the condition specified in the lease. The provision has been calculated using a discount rate of 3 per cent. Onerous lease costs The provision for onerous lease costs represents the present value of the future lease payments that the consolidated entity is presently obligated to make in respect of onerous lease contracts under non-cancellable operating lease agreements. This obligation may be reduced by the revenue expected to be earned on the lease including estimated future sub-lease revenue, where applicable. The estimate may vary as a result of changes in the utilisation of the leased premises and sub-lease arrangements where applicable. The unexpired term of the leases ranges from 1 to 3 years. During the year ended 30 June 2012, the consolidated entity closed four (4) leased franchised stores and had restructured the company-operated Clive Peeters and Rick Hart business. This restructure resulted in the closure of seven (7) Clive Peeters and Rick Hart retail sites, all of which were leased from external parties. The balance of the provision for onerous lease costs as at 30 June 2012 was $2.11 million. The majority of this provision relates to the franchised and company-operated closures during the current year. Deferred lease expenses Deferred lease expenses represent the present value of the future lease payments that the consolidated entity is presently obligated to make under non-cancellable operating lease agreements to enable the even recognition of lease payments as an expense on a straight-line basis over the lease term. Other The other provisions relates to provisions for employees‟ day in lieu incurred by a controlled entity within the consolidated entity.
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 71 and 72: Reference Title Summary Application
Page 77 and 78: NOTES TO THE FINANCIAL STATEMENTS (
Page 93: 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
Page 145 and 146:
DIRECTORY OF HARVEY NORMAN, DOMAYNE
Page 147 and 148:
Page 149 and 150:
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?