Complete 2012 Annual Report - Agra

More documents

Recommendations

Info

Agra (Co-operative) Limited and its subsidiaries Annual Financial Statements for the year ended 31 July 2012 Contents The reports and statements set out below comprise the annual financial statements presented to the shareholders: Contents Page Report of the Supervisory Committee 4 Report of the Chairman 5 - 6 Report of the Chief Executive Officer 7 - 19 Directors' Responsibilities and Approval 20 Independent Auditors' Report 21 - 22 Directors' Report 23 - 24 Statement of Financial Position 25 - 26 Statement of Comprehensive Income 27 Statement of Changes in Equity 28 - 29 Statement of Cash Flows 30 Accounting Policies 31 - 46 Notes to the Annual Financial Statements 47 - 84 The following supplementary information does not form part of the annual financial statements and is unaudited: Detailed Statement of Comprehensive Income 85 - 86 3
Agra (Co-operative) Limited and its subsidiaries Annual Financial Statements for the year ended 31 July 2012 Report of the supervisory committee Report of the Supervisory Committee The year under review, much like the previous number of years, consisted of mostly good rainfall for farmers and good financial performance for Agra. Taking an analytical look however, it becomes clear that it did not go too well with farmers. The pressure on production costs increased while income decreased amongst others as a result of problems in the international economy. Agra also had its challenges, especially in the livestock division. During the year under review all three supervisory committee members attended all the meetings of the board of directors and were thus informed and had input into all matters discussed. In the competitive business environment in which we operate it is crucial to get maximum inputs and support of those who have been elected by members to serve on the board of directors. The supervisory committee can confirm that the essential research for business development and all the relevant actions are well considered, and are done with prudence. The board and management are congratulated with the financial performance of the past year. Members should take cognisance of the fact that it was not only business with members resulting in these achievements, but that diversification largely contributed to the success, for the benefit of the members. Lastly, I would like to state: business development does not only require innovation and planning – it also calls for financial inputs of a magnitude that is sometimes difficult to comprehend. As farmers, we know that you first have to sow before you can harvest; you first need to invest in a good quality herd of cattle or sheep, before you can market calves or lambs. Agra is at the point where new developments need to be done to be able to reap a good harvest in a number of years. We wish the board of directors, management and staff all the best for the exciting times ahead. J H Nieuwoudt SUPERVISORY COMMITTEE TOESIGHOUDENDE KOMITEE Verslag van Toesighoudende Komitee (TK) Die jaar onder oorsig het verloop soos die afgelope paar jare, met meestal goeie reëns vir boere en goeie prestasie op finansiële gebied vir Agra. Kyk mens egter analities daarna dan is dit duidelik die boere nie te goed gegaan het nie. Die druk op produksiekoste het toegeneem terwyl inkomste gedaal het, ondermeer as gevolg van probleme in die internasionale ekonomie. Agra het ook sy uitdagings gehad, veral in die lewende hawe afdeling. Gedurende die jaar het al drie TK lede al die direksie vergaderings bygewoon, en het dus insae gehad en insette gelewer in al die sake onder bespreking. In die kompeterende besigheids-omgewing waarin ons beweeg is dit nodig om maksimum insette en ondersteuning te kry van hulle wat deur lede aangewys is om op die direksie te dien. Die TK kan getuig dat die voetwerk wat nodig is met besigheidsontwikkeling en al die aksies wat daarmee gepaard gaan, werklik goed deurdag en beredeneerd gedoen word. Die bestuur en direksie word gelukgewens met die finansiële prestasie van die afgelope jaar. Dit is egter belangrik dat lede kennis neem van die feit dat dit nie net besigheid met lede was wat hierdie prestasies tot gevolg het nie, maar dat diversifikasie grootliks gehelp het om die boeke so goed te laat klop tot die voordeel van lede. Ten slotte net dit: besigheidsontwikkeling verg nie net innovasie en beplanning nie; dit vra ook finansiële insette van ‘n omvang wat mens soms laat duisel. Ons boere weet egter dat jy eers moet plant en saai voordat jy kan oes; dat jy eers in ‘n goeie kuddebeeste of skape moet belê voordat jy kalwers of lammers kan bemark. Agra is op daardie punt waar nuwe ontwikkelings noodsaaklik is om oor ‘n paar jaar goeie oeste te kan insamel. Baie sterkte en voorspoed word direksie, bestuur en personeel toegewens in die opwindende tye wat voorlê. 4
Page 1 and 2: Agra (CO-OPERATIVE) LTD ANNUAL REPO
Page 3: Agra (Co-operative) Limited and its
Page 7 and 8: Agra (Co-operative) Limited and its
Page 9 and 10: 1. LIVESTOCK DIVISION Agra (Co-oper
Page 11 and 12: 3. PROPERTY DIVISION Agra (Co-opera
Page 13 and 14: 6. FINANCIAL RESULTS Agra (Co-opera
Page 15 and 16: 7.1.3 Current assets Inventories: A
Page 19 and 20: Profit before finance charges Agra
Page 23 and 24: Independent Auditors' Report (conti
Page 25 and 26: 5. Directors Agra (Co-operative) Li
Page 27 and 28: Liabilities Agra (Co-operative) Lim
Page 31 and 32: Cash flows from operating activitie
Page 33 and 34: 1.1 Consolidation (continued) Agra
Page 37 and 38: 1.3 Investment property (continued)
Page 39 and 40: 1.6 Investments in subsidiaries Agr
Page 41 and 42: 1.7 Financial instruments (continue
Page 43 and 44: 1.9 Leases (continued) Agra (Co-ope
Page 45 and 46: 1.15 Members' funds Agra (Co-operat
Page 47 and 48: 1.18 Revenue (continued) Agra (Co-o
Page 55 and 56:
Agra (Co-operative) Limited and its
Page 57 and 58:
Financial Instrument Analysis: Agra
Page 59 and 60:
Financial Instrument Analysis: Agra
Page 61 and 62:
Fair value estimation Agra (Co-oper
Page 63 and 64:
Page 65 and 66:
5. Property, plant and equipment Ag
Page 67 and 68:
6. Intangible assets (continued) Ag
Page 69 and 70:
Page 71 and 72:
10. Retirement benefits (continued)
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
17. Borrowings Agra (Co-operative)
Page 79 and 80:
20. Bonus share Agra (Co-operative)
Page 81 and 82:
24. Investment income Agra (Co-oper
Page 83 and 84:
31. Commitments Authorised capital
Page 85 and 86:
32. Related parties (continued) Pen
Page 87:
show all

Complete 2012 Annual Report - Agra

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

Delete template?

Save as template?