Annual Report 2013 - Mainfreight

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15 Non-current Assets – Intangible Assets and Goodwill (continued) (b) Impairment Tests for Goodwill and Brand Names (continued) (iii) Key assumptions used in value in use calculations for cash generating units (CGU's) The calculation of value in use for all CGU’s is most sensitive to the following assumptions; EBITDA, discount rates and growth rates used. EBITDA is based on the average achieved in the last twelve months allowing for expected efficiency and utilisation gains. Discount rates reflect management’s estimate of the time value of money and the risks specific to each unit. For the purposes of impairment testing a terminal growth rate has been used for all segments based on the long-term industry and country averages. (iv) Sensitivity to changes in assumptions With regard to the assessment of the value in use for all CGU’s, management believes that no reasonably possible change in any of the above key assumptions would cause the carrying values of the units to materially exceed its recoverable amount. 16 Employee Entitlements 2013 $000 Group 2012 $000 2013 $000 Parent 2012 $000 Current Long Service Leave 5,015 3,676 – – Annual Leave 16,890 17,819 2,093 2,059 Bonus Accrual 14,467 13,975 3,172 2,978 36,372 35,470 5,265 5,037 Non-current Long Service Leave 903 831 – – 17 Provisions Onerous Leases 2013 $000 Group Onerous Leases 2012 $000 Onerous Leases 2013 $000 Parent Onerous Leases 2012 $000 Opening Balance 2,814 2,964 – – Adjustment for Movement in Exchange Rate (37) (172) – – Provided for During the Year – 666 – – Utilised During Year (973) (644) – – Closing Balance 1,804 2,814 – – Onerous Lease Provisions – Not Later than One Year 1,004 944 – – – Later than One Year but not Later than Two Years 762 904 – – – Later than Two Years but not Later than Five Years 38 966 – – – After Five Years – – – – 1,804 2,814 – – Provisions were made for the ongoing lease costs on facilities that were surplus to the Group and Parent requirements. 102 Mainfreight | Annual Report 2013
18 Derivatives 2013 $000 Group 2012 $000 2013 $000 Parent 2012 $000 Current Assets Interest Rate Swap Contracts – – – – Current Liabilities Interest Rate Swap Contracts – – – – Derivative financial instruments are used by the Group in the normal course of business to hedge exposure to fluctuations in interest rates. Hedge accounting is not applied. Refer to note 3 for credit risk and interest rate risk exposure on derivative financial instruments. 19 Bank Term Loan The Bank Term Loan falls due for repayment in the following periods: 2013 $000 Group 2012 $000 2013 $000 Parent 2012 $000 Non-current 272,338 278,828 174,364 182,066 272,338 278,828 174,364 182,066 A long-term revolving facility of NZ$99,000,000 plus US$27,500,000 plus Euro €49,500,000 with the Westpac Banking Corporation was established on 4 March 2011 expiring on 4 March 2016. This was amended on 26 March 2013 to extend facilities to 30 April 2018. A further long-term revolving facility of NZ$81,000,000 plus US$22,500,000 plus Euro €40,500,000 with the Commonwealth Bank of Australia was established on 4 March 2011 expiring on 4 March 2016. This was amended on 26 March 2013 to extend the facilities to 1 April 2018. All facilities operate under a negative pledge and cross company guarantees. The facilities allow the borrowing Group to offset deposits against borrowings when calculating indebtedness for covenant compliance. The carrying amount of the Group’s current and non-current borrowings approximate their fair value. These loan facilities are at a floating interest rate. Interest was payable during the year at the average rate of 2.86% per annum (2012 3.63%). Financial Statements 103
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Mainfreight Annual Report 2013 Recr
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The Mainfreight business has become
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Facts & Figures Our operations are
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Wherever we are in the world, all o
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on any given day We're tackling our
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Group Managing Director's report As
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Continued investment in facilities
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once again working to provide Austr
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We continue to work hard to further
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We have increased our trans-border
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Margin levels have been impacted as
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Laurie McMahon, Mainfreight Christc
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Environment Mainfreight has always
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Our people We have no widgets or ga
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28 Mainfreight | Annual Report 2013
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Kelvin Teasdale, Lee Tuhura, Chris
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Wim Bosman Genk Steven Bleys, Rosol
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on any given day Behind the scenes
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Marcel ter Heerdt, Driver in Domest
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on any given day Mainfreight has he
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Executive Team Carl George National
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Executive Team continued Carl Howar
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Targets & Achievements Recent Curre
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Capital Expenditure This year’s f
Page 50 and 51: Corporate Governance THE ROLE OF TH
Page 52 and 53: on any given day Wherever we are in
Page 54 and 55: on any given day Whatever we do, wh
Page 56 and 57: Board of directors Emmet Hobbs Inde
Page 58 and 59: 60 As we drive ourselves hard in th
Page 60 and 61: Operating Statistics How we measure
Page 62 and 63: Financial Contents 65 Income Statem
Page 64 and 65: Balance Sheet as at 31 March 2013 N
Page 66 and 67: Statement of Changes in Equity for
Page 68 and 69: Cash Flow Statement for the Year En
Page 70 and 71: 2 Summary of Significant Accounting
Page 82 and 83: 3 Financial Risk Management Objecti
Page 84 and 85: 3 Financial Risk Management Objecti
Page 86 and 87: 5 Segmental Reporting The Group ope
Page 88 and 89: 6 Expenses and Other Income The Pro
Page 90 and 91: 7 Income Tax (continued) Recognised
Page 92 and 93: 9 Earnings Per Share The following
Page 94 and 95: 13 Investment in Subsidiary Compani
Page 96 and 97: 14 Non-current Assets - Property, P
Page 98 and 99: 15 Non-current Assets - Intangible
Page 102 and 103: 20 Leases At balance date the Group
Page 104 and 105: 21 Contributed Equity (continued) C
Page 106 and 107: 23 Related Parties (continued) Tran
Page 108 and 109: 25 Share-based Payment Plans (conti
Page 110 and 111: 30 Abnormal Items During the year t
Page 112 and 113: of Directors’ financial Responsib
Page 114 and 115: Donations and Auditors’ Fees Dona
Page 116 and 117: Interests Register The following en
Page 118: Glossary Air & Ocean C&F EBIT EBITA
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Annual Report 2013 - Mainfreight

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