Annual Report Annual Report - NZX

29 INVESTMENT IN SUBSIDIARY COMPANY
Awarua Holdings Limited is 100% owned by South Port New Zealand Ltd and has been consolidated into the South Port New
Zealand Limited Group results. Awarua Holdings Limited provides management and administration services to South Port New
Zealand Limited based on market rates for the services provided.
All balances owed to Awarua Holdings Limited by South Port NZ Ltd are classified as inter-entity receivables and are repayable
on demand. During the year ended 30 June 2012 no amounts invoiced by Awarua Holdings Limited were written off as bad
debts or included in the doubtful debts provision at balance date (2011: nil).
Total management fees paid to Awarua Holdings Ltd during the year were $946,000 (2011: $863,000).
30 SUBSEQUENT EVENTS
In late July 2012 South Port entered into an agreement to purchase the cold storage business of Southland Cool Stores Ltd located
at Bluff. The transaction was dependent on the successful outcome of a due diligence process and it was subsequently confirmed
that the business acquisition would proceed. A long term lease of the former Southland Cool Stores premises was executed as
part of the transaction and integration of this operating site with South Port’s existing cold storage division is now underway.
On 23 August 2012 the Board declared a final dividend for the year to 30 June 2012 for 14.50 cents per share amounting
to approximately $3.804 million (before supplementary dividends). (2011: Final dividend declared for 14.50 cents per share
amounting to approximately $3.804 million.)
31 AUTHORISATION FOR ISSUE
The Chief Executive, Mark O’Connor, Finance Manager, Lara Stevens, and Directors certify that these Financial Statements
comply with generally accepted accounting standards and New Zealand equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS), and present a true and fair view of the financial
affairs of the Company. This being the case, the Directors authorised the Financial Statements for issue on 23 August 2012.
49