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Notes to the Consolidated Financial Statements (continued) 36. Auditor’s remuneration During the year the following services were paid or payable to the auditor of the parent entity, its related practices and non related audit firms: Audit Services Fees paid or payable to BDO Audit (WA) Pty Ltd Audit and review of financial reports and other audit work under the Corporations Act 2001 2012 $ Consolidated 2011 $ 686,857 581,000 Fees paid or payable to affiliated offices of BDO Audit (WA) Pty Ltd Audit and review of financial reports and other audit work under the Corporations Act 2001 274,550 446,850 961,407 1,027,850 Advisory Services Fees paid or payable to BDO Audit (WA) Pty Ltd Advice and provision of support services for <strong>AHG</strong>’s Internal Audit function 2,170 16,304 Fees paid or payable to affiliated offices of BDO Audit (WA) Pty Ltd Provision of Training to <strong>AHG</strong> management in respect of Executive Management Leadership - 4,500 Provision of accounting assistance to New Zealand entities - 17,892 Taxation Services Fees paid or payable to BDO Tax (WA) Pty Ltd 445,888 442,827 Fees paid or payable to affiliated offices of BDO Tax (WA) Pty Ltd 53,690 7,580 Total of Non-Audit Services provided to the Group 501,748 489,103 122 Automotive Holdings Group
2012 Annual Report For the year ended June 2012 37. Derivative financial instruments 2012 $’000 Consolidated Current assets Interest-rate swap contracts (included in Receivables note 12) - 7 2011 $’000 Current liabilities Interest-rate swap contracts (included in Payables note 18) 796 - Forward foreign exchange contracts (included in Payables note 18) 1,655 66 2,450 66 (a) Instruments used by the Group The Group is party to derivative financial instruments in the normal course of business in order to hedge exposure to fluctuations in interest and foreign exchange rates in accordance with the Group’s financial risk management policies (refer to note 3). (i) Interest rate swaps – cash flow hedges Bank loans of the Group currently bear an average variable interest rate of 4.8% (2011: 5.0%) (excluding fees). It is policy to protect part of the loans from exposure to increasing interest rates. Accordingly, the Group has entered into interest rate swap contracts under which it is obliged to receive interest at variable interest rates and to pay interest at fixed rates. Swaps currently in place cover approximately 90% (2011: 40%) of the variable loan principal outstanding. The average fixed interest rate is 4.7% (2011: 5.0%). The contracts require settlement of net interest receivable or payable on a monthly basis. The gain or loss from remeasuring the hedging instruments at fair value is recognised in other comprehensive income and deferred in equity in the hedging reserve, to the extent that the hedge is effective. It is reclassified into the statement of comprehensive income when the hedged interest expense is recognised. In the year ended 30 June 2012 a loss of $170,231 (2011: loss of $47,216) was reclassified into the statement of comprehensive income and included in finance costs. There was no hedge ineffectiveness in the current year. (ii) Forward exchange contracts – cash flow hedges Components of the Other Logistics segment purchase inventory in Euros and US Dollars. In order to protect against exchange rate movements, the Group has entered into forward exchange contracts to purchase Euros and US Dollars. These contracts are hedging highly probable forecasted purchases for the ensuing financial year. The contracts are timed to mature when payments for major shipments are scheduled to be made. The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in other comprehensive income. When the cash flows occur, the Group adjusts the initial measurement recognised in the statement of financial position by removing the related amount from other comprehensive income. During the year ended 30 June 2012 $44,355 (2011: $Nil) was reclassified from other comprehensive income and included in the cost of sales. (b) Risk exposures and fair value measurements Information about the Group’s exposure to foreign exchange and interest rate risk and about the methods and assumptions used in determining fair values is provided in note 3. Automotive Holdings Group 123
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