RFG Annual Report 2007 - Retail Food Group

06/07
70
Retail Food Group
35. Related party transactions (continued)
(v)
Transactions Within the Wholly-owned Group
The wholly-owned group includes:
• the ultimate parent entity in the wholly-owned group;
• wholly-owned controlled entities; and
The ultimate parent entity in the wholly-owned group is Retail Food Group Limited.
Details of dividend and interest revenue derived by the entity from entities in the wholly-owned group are disclosed in note 6 to the
fi nancial statements.
Details of interest expense with entities in the wholly-owned group are disclosed in note 7 to the fi nancial statements.
Amounts receivable from entities in the wholly-owned group are disclosed in note 12 to the fi nancial statements.
(c) Transactions with other related parties
Other related parties include:
• the parent entity;
• entities with joint control or signifi cant infl uence over the Group;
• subsidiaries;
• key management personnel of Retail Food Group Limited;
• former key management personnel; and
• other related parties.
No amounts were provided for doubtful debts relating to debts due from related parties at reporting date.
Amounts receivable from these related parties are disclosed in notes 12 to the fi nancial statements. All loans advanced to related parties are
unsecured and subordinate to other liabilities. Interest is charged annually on all outstanding intercompany loan balances at 8%. During the
fi nancial year, Retail Food Group Limited received interest from RFG Finance Pty Ltd in an amount of $240,145 (2006: paid RFG Finance Pty
Ltd $339,535).
RFG Finance Pty Ltd also received interest from other subsidiary entities in an amount of $566,762 (2006:$557,152) in relation to other
related party loans.
(d) Transactions involving the parent entity
All transactions disclosed below are made on arms length terms within the meaning of Section 210 of the Corporations Act.
During the fi nancial year, Retail Food Group Limited recognised a net receivable of $2,696,768 (2006: $2,354,866) from its wholly-owned
subsidiaries for their tax payable for the current period.
During the fi nancial year, Retail Food Group Limited recognised a net receivable of $2,355,000 (2006: $2,434,000) from its wholly-owned
subsidiaries for various services including but not limited to administration and fi nancing provided for the current period.
During the fi nancial year, Retail Food Group Limited received dividends of $4,250,000 (2006: $14,800,000) from its subsidiary RFGA
Holdings (Aust) Pty Ltd.
Transactions involving other related parties
All transactions disclosed below are made on arms length terms within the meaning of Section 210 of the Corporations Act.
During the fi nancial year, subsidiaries of Retail Food Group Limited paid a total amount of $178,250 + GST to Alfords Accountants and Business
Advisers (includes Alfords Operations Pty Ltd and AIP Services Pty Ltd) for the provision of professional services and personnel.
During the fi nancial year, subsidiaries of Retail Food Group Limited received a total amount of $32,961 + GST from Alfords Accountants and
Business Advisers (includes Alfords Operations Pty Ltd and AIP Services Pty Ltd) for the provision of professional services and personnel.
Retail Food Group leases the original Central Manufacturing Facility at Old Pacifi c Highway Yatala from Yak Investments Pty Ltd. Yak Investments
Pty Ltd is a related party of Tony Alford, Gary Best and Alicia Atkinson. A total of $88,320 + GST was paid or payable during the year.
The Cranot Superannuation Fund is associated with Tony Alford. It is the owner and lessor of premises at which the Retail Food Group archives
and stores its records and other business related materials. A total of $9,353 was paid during the year for use of premises.