Annual Report 2013 - Mainfreight

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23 Related Parties (continued) Transactions with Related Parties: Sales to Related Parties $000 Purchases from Related Parties $000 Other Transactions with Related Parties $000 Parent 2013 Year Subsidiaries – Freight Sales 21,826 10,680 – Subsidiaries – Lease & Administration Charges 12,326 1,266 – Subsidiaries – Dividend Revenue – – 33,908 Subsidiaries – Royalty Revenue – – 10,315 Parent 2012 Year Subsidiaries – Freight Sales 20,353 13,417 – Subsidiaries – Lease & Administration Charges 11,443 2,054 – Subsidiaries – Dividend Revenue – – 23,859 Subsidiaries – Royalty Revenue – – 8,876 The Company transacts with each other company within the Group on an arms’ length basis. The advances are not secured and interest charged was at commercial bank rates. No related party debts have been written off or forgiven during the period (2012 nil). 24 Key Management Personnel Compensation of Key Management Personnel 2013 $000 Group 2012 $000 2013 $000 Parent 2012 $000 Short-term Employee Benefits 7,921 7,546 5,158 4,693 Share Based Payments - 166 - 38 Termination Benefits 85 78 85 78 8,006 7,790 5,243 4,809 Partly paid shares held by key management personnel excluding directors have the following expiry dates and exercise prices: Quantity Issue Price Exercise Dates 200,000 724 cents 12/06/14 to 12/07/14 108 Mainfreight | Annual Report 2013
25 Share-based Payment Plans (a) Recognised Share-based Payment Expenses The expense recognised for employee services received during the year from partly paid share scheme is shown in the table below: 2013 $000 Group 2012 $000 2013 $000 Parent 2012 $000 Partly Paid Shares issued July 2008 maturing July 2011 – 200 – 200 Partly Paid Shares issued July 2008 extended to July 2014 – 206 – 206 – 406 – 406 (b) Partly Paid Share Scheme Eligibility to Participate in Scheme From time to time the Board may offer selected executives the ability to participate in the Scheme and to acquire shares in the Company through the Trustee. The number of shares offered to each selected executive is determined by the Board. Issue of Shares Where an executive accepts an offer to participate, the Company issues the relevant number of redeemable ordinary shares to the Trustee on a partly-paid basis to hold for the benefit of the executive. Issue Price The issue price of the redeemable ordinary shares is the weighted average price of Company’s shares on the NZSX over the 7 trading days prior to the issue date. Vesting of Shares The shares held by the Trustee on behalf of each employee vest in the employee on the earlier of: (a) the third anniversary of the issue date; and (b) the date on which a group of persons acting in concert acquires 50% or more of the ordinary shares in the Company on issue. On the third anniversary of the issue date, to exercise the right to purchase the partly paid shares, the participant needs to pay the exercise price within the exercise period less any amounts previously paid. If a participant leaves before the shares vest they do not receive the shares. (c) Summary of Partly Paid Shares Issued The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of, and movements in, partly paid shares issued during the year: 2013 No. 2013 WAEP 2012 No. 2012 WAEP Outstanding at the Beginning of the Year. 550,000 7.24 1,830,000 7.24 Exercised During the Year – 7.24 (1,260,000) 7.24 Forfeited During the Year – 7.24 (20,000) 7.24 Outstanding at the End of the Year 550,000 $7.24 550,000 $7.24 Exercisable at the End of the Year – – – – At 31 March 2013 the following partly paid shares were outstanding. Quantity Issue/Exercise Price Exercise Dates 550,000 724 cents 12/06/14 to 12/07/14 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. Financial Statements 109
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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
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on any given day Wherever we are in
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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 102 and 103: 20 Leases At balance date the Group
Page 104 and 105: 21 Contributed Equity (continued) C
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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