Annual Report 2013 - Mainfreight

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3 Financial Risk Management Objectives and Policies (continued) Liquidity Risk Liquidity risk represents the Group’s ability to meet their contractual obligations. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans, and finance leases. The Board considers that, in general, the Group has sufficient cash flows from operating activities to meet their obligations. If there are projected shortfalls, management ensures adequate committed finance is available. At 31 March 2013, none of the Group’s debt will mature in less than one year (2012: nil). The table below reflects all contractually fixed payments and receivables for settlement, repayments and interest resulting from recognised financial assets and liabilities, including derivative financial instruments as of 31 March 2013. The respective undiscounted cash flows for the respective upcoming fiscal years are presented. Cash flows for financial assets and liabilities without fixed amount or timing are based on the conditions existing at 31 March 2013. The remaining contractual maturities of the Group’s and Parent entity’s financial liabilities are:
4 Significant Accounting Judgements, Estimates and Assumptions In applying the Group’s accounting policies, management continually evaluates judgements, estimates and assumptions based on experience and other factors, including expectations of future events that may have an impact on the Group. All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances available to management. Actual results may differ from the judgements, estimates and assumptions and the differences may be material. Significant judgements, estimates and assumptions made by management in the preparation of these financial statements are outlined below: (a) Significant Accounting Judgements Allocation of Goodwill Goodwill relating to the acquisition of the Wim Bosman Group has been allocated to the single cash generating unit (CGU) being Europe. (b) Significant Accounting Estimates and Assumptions Impairment of Goodwill and Intangibles with Indefinite Useful Lives The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the recoverable amount of the cash‐generating unit(s) to which the goodwill is allocated. No impairment was recognised in the current year in respect of goodwill. The assumptions used in this estimation of recoverable amount and the carrying amount of goodwill are discussed in note 15. Share Based Payment Transactions The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by an external valuer using Black Scholes and binomial models, with the assumptions detailed in note 25. The accounting estimates and assumptions relating to equity‐settled share‐based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact expenses and equity. Long Service Leave Provision As discussed in note 2(p), the liability for long service leave is recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at balance date. In determining the present value of the liability, attrition rates and pay increases through promotion and inflation have been taken into account based on past history. Allowance for Impairment Loss on Trade Receivables Where receivables are outstanding beyond the normal trading terms, the likelihood of the recovery of these receivables is assessed by management. Due to the large number of debtors, this assessment is based on supportable past collection history and historical writeoffs of bad debts, which includes 100% over 180 days. The allowance for impairment loss is outlined in note 11. Estimation of Useful Lives of Assets The estimation of the useful lives of assets including intangibles have been based on historical experience as well as lease terms (for leased equipment), and turnover policies (for motor vehicles). In addition, the condition of the assets is assessed at least once per year and considered against the remaining useful life. Adjustments to useful life are made when considered necessary. Depreciation and amortisation charges are included in note 6. Estimation of Land Valuation The Group performs an annual valuation of the land, buildings and leasehold improvements. The fair value is determined by an external valuer with the assumptions detailed in note 14. Financial Statements 87
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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
Page 34 and 35: Wim Bosman Genk Steven Bleys, Rosol
Page 36 and 37: on any given day Behind the scenes
Page 38 and 39: Marcel ter Heerdt, Driver in Domest
Page 40 and 41: on any given day Mainfreight has he
Page 42 and 43: Executive Team Carl George National
Page 44 and 45: Executive Team continued Carl Howar
Page 46 and 47: Targets & Achievements Recent Curre
Page 48 and 49: 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 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 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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