New Image Annual Report 2012 concept.indd - NZX

Notes to and forming part of the financial
statements (continued)
For the year ended 30 June 2012
*** 100% of New Image International Far East (Philippines), Inc. is consolidated into the Group’s result.
New Image International Limited directly owns a minority of the shares in the company and indirectly
owns the remaining shares through a formal arrangement with the other legal shareholder, providing
the Group with full economic and management control.
17Interest Bearing Loans and Borrowings
**** 100% of New Image International (Thailand) Co. Limited is consolidated in the Group’s result along
with a 5% Non Controlling Interest. New Image International Limited directly owns a majority of the
shares in the company and indirectly owns the remaining shares through an agreement with the other
shareholder providing the Group with full economic and management control. A capital restructuring
is currently underway which will see the Group’s direct shareholding interest increase to 95%.
Investment in Associates
This note provides information about the contractual terms of the Group’s interest-bearing loans and
borrowings. For more information about the Group’s exposure to interest rate and foreign currency
risk, see Note 22.
2012 2011
Group $’000 $’000
Clegg Family Trust (unsecured) 5,000 6,500
Food Contractors (1979) Ltd (vendor finance) 400 400
ANZ National Bank Ltd 3,065 -
Hongkong and Shanghai Banking Corporation Ltd - 1,767
On 1 October 2011 the Group obtained control of Living Nature Natural Products Limited. The group
ceased equity accounting for its share of the loss of the company and began consolidating the results
of the subsidiary into the Group result (refer to Note 25).
On 30 April 2012 the Group lost control of Golden Dairy (HK) Limited and deconsolidated the results
of the company from the Group. From 1 May 2012 the Group equity accounts for its share of the loss
of the company (refer to Note 25).
Tax Management New Zealand Ltd - 500
BOQ Equipment Finance Ltd (finance leases) 164 53
Kiwi Asset Finance Ltd 49 70
Total Loans 8,678 9,290
50
Investment in Joint Ventures
During the year the Group obtained 100% of the shares in Primary Nutrition Limited and the Joint
Venture Agreement was cancelled (refer to Note 31) and no longer equity accounts for any share of
profits from the Joint Venture.
Repayable within 1 Year 6,429 9,200
Repayable between 1 and 5 Years 2,249 90
Total Loans 8,678 9,290
51
16 Trade
and Other Payables
Group Company
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Trade Payables 8,230 7,755 - -
Employee Entitlements 1,333 1,224 - -
GST Payable 497 315 - -
Sundry Payables and Accruals 1,241 745 - -
Acquisition Contingent Consideration 85 51 - -
11,386 10,090 - -
Clegg Family Trust (unsecured)
The loans from the Clegg Family Trust are unsecured, repayable on demand, and carry interest rates
as follows:
Loan Interest Rate
2012 2011 2012 2011
Group $’000 $’000
Unsecured Loan 5,000 6,034 10.31% 10.31%
Unsecured Loan - 466 - 9.85%
Total Unsecured Loans 5,000 6,500
Food Contractors (1979) Ltd (vendor finance)
The loan from Food Contractors (1979) Limited is secured over the plant and equipment of the Food
Contractors business and carries an interest rate of 9.77% (2011: 9.77%) and is repayable in full on 31
December 2012.
NEW IMAGE GROUP ANNUAL REPORT
NEW IMAGE GROUP ANNUAL REPORT