ASX ANNOUNCEMENT Bega Cheese Limited ... - Open Briefing

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Financial Statements Year Ended 30 June 2011 Consolidated Statement of Cash Flows Consolidated Statement of Cash Flows The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. Consolidated 2011 2010 Notes $'000 $'000 Cash flows from operating activities Receipts from customers inclusive of goods and services tax 980,246 863,366 Payments to suppliers and employees inclusive of goods and services tax (893,851) (797,736) Interest and other costs of financing paid (8,934) (11,000) Income taxes paid (3,582) (1,412) Net cash inflow from operating activities 30 73,879 53,218 Cash flows from investing activities Interest received 456 438 Dividend received 327 - Payments for property, plant and equipment 13 (24,817) (20,741) Payments for shares in listed companies (22,235) (1,211) Proceeds from sale of property, plant and equipment 42 622 Proceeds from sale of shares in listed companies - 1,423 Proceeds from sale of shares in unlisted companies - 112 Net cash (outflow) from investing activities (46,227) (19,357) Cash flows from financing activities Proceeds from borrowings 20,000 - Repayment of borrowings (35,000) (33,367) Repayment of leases (1,394) (514) Loans made to non-controlling interests (2,753) (3,228) Share capital subscribed by members 8 2,353 Share capital purchased back from members (2) - Share capital subscribed by non-controlling interests 2,058 1,340 Share capital purchased back from non-controlling interests (232) (1,194) Dividends paid to members (3,260) (1,737) Dividends paid to non-controlling interests (4,659) (1,308) Net cash (outflow) from financing activities (25,234) (37,655) Net increase/(decrease) in cash and cash equivalents 2,418 (3,794) Cash and cash equivalents at the beginning of the year 18,169 21,963 Cash and cash equivalents at the end of the year 30 20,587 18,169 Bega Cheese Limited 2011 Annual Report 30
Financial Statements Year Ended 30 June 2011 Notes to the Financial Statements Notes to the Financial Statements 1. Summary of Significant Accounting Policies The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial report financial statements are for the consolidated entity consisting of Bega Cheese and its subsidiaries. Bega Cheese is domiciled in New South Wales and is incorporated in Australia. The financial statements were authorised for issue by the Directors on 27 September 2011. The Directors have the power to amend and re-issue the financial statements. a. Basis of Preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001. Compliance with IFRS The consolidated financial statements of Bega Cheese also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Historical Cost Convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available for sale financial assets, financial assets and liabilities (including derivative instruments). Critical Accounting Estimates The preparation of financial statements in conformity with Australian Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. Areas where assumptions and estimates are significant to the financial statements are disclosed in the Note 3. b. Principles of Consolidation Joint Venture The interest in a joint venture is accounted for in the consolidated financial statements using the proportionate consolidation method. Under proportionate consolidation the share of each of the assets, liabilities, income and expenses of a jointly controlled entity is combined line by line with similar items in the financial statements. Details relating to the joint venture are set out in Note 28. Profits or losses on transactions establishing the joint venture and transactions with the joint venture are eliminated to the extent of the Group's ownership interest until such time as they are realised by the joint venture on consumption or sale. However, a loss on the transaction is recognised immediately if the loss provides evidence of a reduction in the net realisable value of current assets, or an impairment loss. Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Bega Cheese (Company or parent entity) as at 30 June 2011 and the results of all subsidiaries for the year then ended. Bega Cheese and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity. Subsidiaries are all those entities (including special purpose entities) over which the Group has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group (refer to Note 1i.). Bega Cheese Limited 2011 Annual Report 31
Page 1 and 2: ASX ANNOUNCEMENT Bega Cheese Limite
Page 3 and 4: Corporate Directory Bega Cheese Lim
Page 5 and 6: Executive Chairman’s Review Year
Page 7 and 8: Chief Executive Officer’s Review
Page 9 and 10: Directors’ Report Year Ended 30 J
Page 11 and 12: Directors’ Report (cont.) Year En
Page 25 and 26: Auditors Independence Declaration Y
Page 27 and 28: Corporate Governance Statement (con
Page 29 and 30: Corporate Governance Statement (con
Page 31 and 32: Financial Statements Year Ended 30
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Page 71 and 72: Directors’ Declaration Year Ended
Page 73 and 74: Independent Auditor’s Report (con
Page 75 and 76: Shareholder Information (cont.) Yea

ASX ANNOUNCEMENT Bega Cheese Limited ... - Open Briefing

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