Annual Report 2013 - Mainfreight

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20 Leases At balance date the Group and Company had the following lease commitments: 2013 $000 Group 2012 $000 2013 $000 Parent 2012 $000 Finance Lease Liabilities Payable: – Not Later than One Year 2,359 2,146 – – – Later than One Year but not Later than Two Years 2,693 1,469 – – – Later than Two Years but not Later than Five Years 3,752 3,718 – – – After Five Years 122 365 – – Minimum Lease Payments 8,926 7,698 – – Less Future Finance Charges (925) (865) – – 8,001 6,833 – – Classified in the Statement of Financial Position as: Current 2,009 1,852 – – Non-current 5,992 4,981 – – 8,001 6,833 – – Operating Lease Commitments (non-cancellable) – Not Later than One Year 53,022 47,251 10,360 8,378 – Later than One Year but not Later than Two Years 41,419 36,894 7,664 5,452 – Later than Two Years but not Later than Five Years 52,062 48,281 8,226 5,341 – After Five Years 63,471 58,639 10,956 2,085 209,974 191,065 37,206 21,256 104 Mainfreight | Annual Report 2013
21 Contributed Equity 2013 $000 Group 2012 $000 2013 $000 Parent 2012 $000 Authorised, Issued and Fully Paid Up Capital 68,927 68,927 68,927 68,927 99,023,548 ordinary shares (2012 99,023,548) 550,000 ordinary shares partly paid to 1c (2012 550,000) Neither ordinary shares or partly paid ordinary shares have a par value. All ordinary shares have equal voting rights and share equally in dividends and any surplus on winding up. Movements in Ordinary Shares on Issue 2013 Shares Parent 2012 Shares 2013 $000 Parent 2012 $000 Opening Balance 99,023,548 98,469,190 68,927 66,545 Employee Share Based Payments Scheme (i) – – – 406 Exercise of Partly Paid Share Scheme (ii) – 1,260,000 – 9,096 Treasury Buyback (ii) – (705,642) – (7,120) Closing Balance 99,023,548 99,023,548 68,927 68,927 (i) Refer note 25. At 31 March 2013 the following partly paid shares were outstanding: Quantity Exercise Price Exercise Dates 550,000 724.0 cents 12/06/14 to 12/07/14 (ii) On 30 May 2011 the Board announced its intention to offer to buy back up to a maximum of 1,372,000 of these partly paid shares that have been converted to ordinary shares by team members of the Partly Paid Share Scheme. In addition, as an alternative, the Board offered to extend the exercise period of this Scheme by three years to dates between 12 June 2014 and 12 July 2014 to those team members who desired to take this option. In July 2011 a total of 1,260,000 redeemable ordinary shares were fully paid by the participants at an average price of $7.24 per share. Also in July 2011 the Company bought back 705,642 of those shares at an average price of $10.09. Team members holding 550,000 partly paid shares opted to extend the exercise period of this Scheme by three years to dates between 12 June 2014 and 12 July 2014. Capital Management When managing capital, the Board of Directors’ (the “Board”) objective is to ensure the entity continues as a going concern as well as to maintain optimal returns to shareholders and benefits for other stakeholders. The Board also aims to maintain a capital structure that ensures the lowest cost of capital available to the entity. The capital structure of the Group consists of Shareholders’ Equity and debt. The Board is periodically reviewing and adjusting the capital structure to take advantage of favourable costs of capital. As the market is constantly changing, the Board may change the amount of dividends to be paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Board has no current plans to issue further shares on the market. Subsequent to balance date, on 16 May 2013 the Company issued 1,200,000 redeemable ordinary shares (representing 1.21% of the issued capital) to the Mainfreight Share Scheme Trustee Ltd, the Trustee of the Mainfreight Limited Partly Paid Share Scheme (the Scheme). The Scheme was established to enable key team members of the Company to acquire ordinary shares in the Company. Within the Trust all shares are allocated to team members. The Trustee is appointed by the Board of Mainfreight Ltd and is able to exercise any voting rights attached to these shares. The issue price was $10.56 per share, which was the market price at the time. The shares are partly paid to 1c and are due for payment from 30 May 2016 to 29 July 2016. The shares participate in dividends and voting rights in proportion with the paid up amount. Financial Statements 105
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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
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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 100 and 101: 15 Non-current Assets - Intangible
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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