Apata Limited and Group

More documents

Recommendations

Info

Notes to the financial statements (year ended 31 March 2008) apata (annual report 2007/08) 42 Note 24 : Related parties Transactions with directors and related entities The directors trade with the Group in the normal course of business. All transactions are at arms length and on normal trading terms. Parties associated with the directors contribute to a significant portion of the Group’s turnover. No debts owing to or from related parties have been written off during the year. There are no amounts outstanding at the respective balance dates. Parties associated with Directors of the Group control 39.3 % of the voting shares of the Group. The aggregate value of transactions and outstanding balances due to the Group, at the respective 31 March year ends, relating to directors and entities over which they have control or significant influence were as follows: Summary of payments to: Summary of income from: Net balance receivable 2008 Group 2007 Group 2008 Group 2007 Group 2008 Group 2007 Group David Goodwin 128,316 160,191 145,801 35,243 – 354 Max McGreevy 150,855 218,220 595,055 541,948 156,755 88,351 Peter Mayston 183,151 195,428 344,259 243,207 137,728 119,204 Michael Muller 92,949 78,467 26,105 30,970 197 163 Paul O’Brien 270,304 309,092 144,197 117,118 253 – Peter Rogers 150 2,750 – – – – 825,725 946,148 1,255,417 968,486 294,933 208,072 The table below provides a breakdown by transaction type: 2008 Group 2008 Company 2007 Group 2007 Company Payments for rebates, kiwistart and non standard – David Goodwin 76,845 76,845 120,169 120,169 – Max McGreevy 56,324 56,324 76,039 76,039 – Peter Mayston 87,380 87,380 90,293 90,293 – Michael Muller 6,688 6,688 6,815 6,815 – Paul O’Brien 65,471 65,471 84,662 84,662 Payments for dividends (net) – David Goodwin 51,471 51,471 40,022 40,022 – Max McGreevy 85,074 85,074 78,961 78,961 – Peter Mayston 92,595 92,595 85,942 85,942 – Michael Muller 60,487 60,487 63,807 63,807 – Paul O’Brien 6,346 6,346 4,913 4,913 Payments for executive services/consultancy fees – Michael Muller 25,774 25,774 7,845 7,845 – Peter Rogers 150 150 2,750 2,750 Payments for harvest and picking services – Max McGreevy – – 16,592 16,592 – Peter Mayston 2,853 2,853 14,980 14,980 – Paul O’Brien 198,487 198,487 219,517 219,517 Payments for other goods and services – Max McGreevy 9,457 – 46,628 32,907 – Peter Mayston 323 323 4,213 – Sales of packaging to directors – Max McGreevy 577,169 577,169 455,649 455,649 – Peter Mayston 324,222 324,222 148,821 148,821 Revenue from packing and other goods and services to directors – David Goodwin 145,801 145,801 35,243 35,243 – Max McGreevy 17,886 6,861 86,299 74,398 – Peter Mayston 20,037 10,953 94,386 88,597 – Michael Muller 26,105 26,105 30,970 30,970 – Paul O’Brien 144,197 144,197 117,118 117,118 A direct relative of a director undertook a project for the Company, at arms length, on normal commercial terms. The relative was professionally qualified to undertake the project, for which fees amounting to $9,788 (2007: Nil) were paid.
SouthLink Limited / Southlink Supply Limited SouthLink Limited provides logistical services for the Group and other industry parties at commercial rates. Mr Goodwin is Chairman and Mr Low is a Director of SouthLink Limited, representing the Apata Group. During the year to 31 March 2008, payments amounting to $926,393 (2007: $774,911) for logistical services were made by Apata Suppliers Limited to SouthLink Limited. SouthLink Limited paid Apata Suppliers Limited $18,864 (2007: nil) for damaged pallets. SouthLink Limited paid Apata Limited $8,250 (2007: $9,000) for office space, $5,000 (2007: $5,000) in directors fees, $239,979 (2007: $236,333) in rebates, and $1,897 (2007: nil) for administration services. Southlink Supply Limited is a new company established to take over the activities of SouthLink Limited prior to the 2008 harvest. Centrepac Packhouse & Coolstore Limited Apata Limited leases the building at Pyes Pa from Centrepac Packhouse & Coolstore Limited. Centrepac Packhouse & Coolstore Limited is a private company of which Mr Goodwin is a director and shareholder. The lease rental has been determined by negotiation between the parties; Mr Goodwin took no part in the negotiations or board meetings concerning this lease. During the year to 31 March 2008, payments amounting $439,464 (2007: $439,911) for occupancy costs were made by Apata Limited to Centrepac Packhouse & Coolstore Limited. Tetley Coolstores Limited Apata Limited leases the building at Katikati from Tetley Coolstores Limited. Tetley Coolstores Limited is a private company of which Mr M McGreevy is a director and shareholder. The lease rental has been determined by negotiation between Note 25 : Events after balance date parties; Mr McGreevy took no part in the negotiations or board meetings concerning this lease. During the year to 31 March 2008, payments amounting to $203,729 (2007: $190,733) for occupancy costs were made by Apata Limited to Tetley Coolstores Limited. In addition, as a shareholder in Apata Limited, Tetley Coolstores Limited received net cash dividends amounting to $61,057 (2007: $56,670). Apata Suppliers Entity Limited Apata Suppliers Entity Limited (ASEL) is a separate legal entity with directors elected by Apata growers and appointed by the Group and other independent coolstore facilities. This entity does not form part of the Group. During the year to 31 March 2008, the Group received $26,566,498 (2007: $14,224,834) from ASEL in respect of post–harvest services and fruit proceeds, and made payments to ASEL of $743,763 (2007: $975,491) in respect of post–harvest services. Transactions with key management personnel Apata’s Executive team have authority and responsibility for planning, directing and controlling the activities of the Group. The team was restructured during the year, with changes in personnel and a reduction of the Executive team to four members. The total value of short term remuneration paid to key management personnel during the financial year was $804,363 (2007: $781,306). At 31 March 2008, key management personnel held 62,000 shares in the Company (2007: 2,000 shares). Dividends paid to key management personnel in respect of those shares amounted to $10,354 (2007: $310). On 26 June 2008 the Directors of the Company declared their intention to pay a final cash dividend of 9.86 cents per share (2007: 8.7 cents per share), to be paid in September 2008. As the intention was declared after balance date, the financial effect has not been recognised in the financial statements. Note 26 : Transition to NZ IFRS The Group undertook a project to assess the key differences between NZ IFRS and NZ GAAP. The transition to NZ IFRS has not affected the reported balance sheet, income statement and cash flows of the Company and Group. apata (annual report 2007/08) 43
Page 1 and 2: Apata Limited and Group Financial S
Page 3 and 4: Balance sheet As at 31 March 2008 I
Page 5 and 6: Notes to the financial statements (
Page 7 and 8: (e) Leased assets Leases in terms o
Page 9 and 10: Note 4 : Determination of fair valu
Page 11 and 12: Market valuation The property, plan
Page 13 and 14: Note 15 : Capital and reserves Reco
Page 15 and 16: Note 17 : Employee benefits (Compan
Page 17: Note 20 : Operating leases Leases a
Page 21 and 22: Statutory information - Year ended
Page 23 and 24: Securities Act Exemption Notice inf
Page 25 and 26: Company details Company name Apata

Apata Limited and Group

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

Delete template?

Save as template?