Annual Report - Bega Cheese

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Financial Statements Period Ended 30 June 2010 Statements of of Comprehensive Cash Flows Income Statements of Cash Flows Statements of of Comprehensive Cash Flows Income Consolidated Company 2010 2009 2010 2009 Notes $'000 $'000 $'000 $'000 Cash flows from operating activities Revenue from continuing operations 3 829,029 797,939 564,793 503,695 Receipts from customers Cost of sales (737,145) (727,346) (517,864) (456,674) inclusive of goods and services tax 863,366 808,697 592,106 513,379 Gross Payments profit to suppliers and employees inclusive of goods and services tax 91,884 (791,131) 70,593 (777,331) 46,929 (546,189) 47,021 (498,495) Other Regional income milk price premium paid 3 (6,605) 8,106 (11,771) 10,628 (6,605) 8,652 (11,771) 14,471 Distribution Interest expense and other costs of financing paid (24,016) (11,000) (20,012) (7,430) (13,056) (6,423) (10,249) (3,816) Marketing Income expense taxes paid (8,085) (1,412) (7,509) - (7,341) (1,412) (6,255) - Occupancy expense (2,358) (2,878) (1,727) (1,804) Net cash inflow/(outflow) from operating activities 30 53,218 12,165 31,477 (703) Administration expense (27,007) (23,125) (10,236) (10,997) Finance Cash costs flows from investing activities 4 (10,120) (9,036) (6,689) (4,467) Impairment of goodwill 12 - (3,615) - (3,615) Interest received 438 498 230 231 Discount on acquisition of business 8,730 - 8,730 Dividend received - 664 853 4,341 Profit Payments before regional for business milk combinations price premium 25 28,404 - (81,902) 23,776 16,532 - (81,902) 32,835 Payments for property, plant and equipment 11 (20,741) (19,625) (14,930) (10,314) Regional Payments milk price for shares premium in listed companies (6,605) (1,211) (11,771) - (6,605) (1,211) (11,771) - Payments for shares in unlisted companies - - (6,000) (5,000) Profit before income tax 21,799 12,005 9,927 21,064 Proceeds from sale of property, plant and equipment 622 802 173 26 Income Proceeds tax benefit/(expense) from sale of shares in listed companies 5 1,468 1,423 (1,705) 3,330 (2,620) 1,423 (3,587) 3,330 Proceeds from sale of shares in unlisted companies Profit for the year 112 23,267 - 10,300 112 7,307 - 17,477 Net cash (outflow) from investing activities (19,357) (96,233) (19,350) (89,288) Profit Cash is attributable flows from to: financing activities Equity Proceeds holders from of borrowings Bega Cheese Limited 18,223 - 114,700 11,350 7,307 - 17,477 99,500 Non-controlling Repayment of borrowings interests (33,367) 5,044 (1,050) (7,099) (19,100) - - Repayment of leases (514) (908) (60) - 23,267 10,300 7,307 17,477 Loans repaid made to non-controlling interests (3,228) (4,051) - - Share capital subscribed by members 2,353 14 2,353 14 Share capital subscribed by non-controlling interests 1,340 - - - Other comprehensive income Share capital purchased back from non-controlling interests (1,194) (985) - - Cash flow hedges (3,300) (3,332) (242) (679) Dividends paid to members (1,737) (2,479) (1,737) (2,479) Available for sale financial assets 98 - - - Dividends paid to non-controlling interests (1,308) (4,577) - - Total other comprehensive income (3,202) (3,332) (242) (679) Net cash (outflow)/inflow from financing activities (37,655) 94,615 (18,544) 97,035 Total comprehensive income for the year 20,065 6,968 7,065 16,798 Net (decrease)/increase in cash and cash equivalents (3,794) 10,547 (6,417) 7,044 Total comprehensive income for the year Cash and cash equivalents at the beginning of the year is attributable to: 21,963 11,416 15,671 8,627 Equity holders of Bega Cheese Limited 15,909 8,814 7,065 16,798 Cash and cash equivalents at the end of the year 30 18,169 21,963 9,254 15,671 Non-controlling interests 4,156 (1,846) - - 20,065 6,968 7,065 16,798 The above Statements statements of Comprehensive Cash Flows should Income be read should in conjunction be read in conjunction with the accompanying with the accompanying notes. notes. Bega Cheese Limited 2010 Annual Report 12 16
Notes Notes Financial Statements Period Ended 30 June 2010 Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements 1. Summary of Significant Accounting Policies 1. Summary of Significant The principal Accounting accounting Policies policies adopted in the preparation of the financial report are set out below. These policies have The principal accounting been consistently policies adopted applied in to the all preparation the years presented, of the financial unless report otherwise are set stated. out below. The financial These report policies includes have separate financial been consistently applied statements to all the for years Bega presented, Cheese as unless an individual otherwise entity stated. and The the financial consolidated report includes entity consisting separate financial of Bega Cheese and its statements for Bega subsidiaries. Cheese as Bega an Cheese individual is domiciled entity and in the New consolidated South Wales entity and is consisting incorporated of in Bega Australia. Cheese The and address its of the registered subsidiaries. Bega office Cheese is 23-45 is domiciled Ridge Street, in New Bega, South New Wales South and Wales. is incorporated in Australia. The address of the registered office is 23-45 Ridge Street, Bega, New South Wales. The financial statements were authorised for issue by the Directors on 28 September 2010. The Directors have the power to The financial statements amend were and authorised re-issue the for financial issue by statements. the Directors on 28 September 2010. The Directors have the power to amend and re-issue the financial statements. a. Basis of Preparation a. Basis of Preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards, other These general purpose authoritative financial pronouncements statements have of been the prepared Australian in Accounting accordance Standards with Australian Board, Accounting Urgent Issues Standards, Group other Interpretations and the authoritative pronouncements Corporations of Act the 2001. Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001. At 30 June 2010 Tatura Milk Industries Limited (“Tatura Milk”), a subsidiary of Bega Cheese, has a material debt facility due At 30 June 2010 Tatura for renegotiation Milk Industries within Limited 12 months (“Tatura from Milk”), the a date subsidiary of signing of Bega the financial Cheese, report. has a material The facility, debt a facility $60.0 due million facility of which for renegotiation within $21.5 12 million months has from been the drawn date of down signing at year the end, financial is due report. for renewal The facility, on 31 a January $60.0 million 2011. facility This debt of which is currently disclosed as $21.5 million has been current drawn in accordance down at year with end, the is relevant due for renewal accounting on 31 standards. January 2011. It is management’s This debt is currently intention disclosed to renegotiate as the facility for a current in accordance further with 12 the months relevant such accounting that the full standards. amount does It is not management’s fall payable intention 31 January to renegotiate 2011. the facility for a further 12 months such that the full amount does not fall payable on 31 January 2011. Having reviewed and considered the banking arrangements, forecast profitability and cash flows and considering the Having reviewed and strength considered of the entity's the banking relationship arrangements, with the financial forecast institution profitability the and Directors cash flows and management and considering have the formed the view that strength of the entity's Tatura relationship Milk will with continue the financial as a going institution concern the from Directors the date and of management this report have and consequently formed the view will that realise its assets and Tatura Milk will continue extinguish as a its going liabilities concern in the from normal the course date of of this business report at and the consequently amounts included will realise in the consolidated its assets and financial report. The extinguish its liabilities financial the report normal for course the Group of business has therefore at the been amounts prepared included on a going the concern consolidated basis. financial report. The financial report for the Group has therefore been prepared on a going concern basis. Compliance with IFRS Compliance with IFRS Australian Accounting Standards include Australian equivalents to International Financial Reporting Standards (AIFRS). Australian Accounting Compliance Standards with include AIFRS Australian ensures that equivalents the financial to International report of Bega Financial Cheese Reporting complies Standards with International (AIFRS). Financial Reporting Compliance with AIFRS Standards ensures (IFRS). that the financial report of Bega Cheese complies with International Financial Reporting Standards (IFRS). Historical Cost Convention Historical Cost Convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of These financial statements available have for sale been financial prepared assets, under financial the historical assets and cost liabilities convention, (including as modified derivative by instruments) the revaluation at fair of value through profit available for sale financial or loss, assets, certain classes financial of assets property, and plant liabilities and equipment (including derivative and investment instruments) property. at fair value through profit or loss, certain classes of property, plant and equipment and investment property. Critical Accounting Estimates Critical Accounting The Estimates preparation of financial statements in conformity with AIFRS requires the use of certain critical accounting estimates. It The preparation of also financial requires statements management in conformity to exercise with AIFRS its judgement requires in the use process of certain of applying critical accounting the Group’s estimates. accounting Itpolicies. There are also requires management no areas to involving exercise a its high judgement degree of in judgement the process or of complexity. applying the Areas Group’s where accounting assumptions policies. and estimates There are are significant to the no areas involving a financial high degree statements of judgement are disclosed or complexity. in the following Areas notes: where assumptions and estimates are significant to the financial statements are disclosed in the following notes: Note 8 Inventories Note 8 Inventories Note 10 Non-current assets – Other financial assets Note 10 Non-current assets – Other financial assets Note 12 Non-current assets – Intangible assets Note 12 Non-current assets – Intangible assets Financial Statement Presentation Financial Statement The Presentation Group has applied the revised AASB 101 Presentation of Financial Statements which became effective on 1 January The Group has applied 2009. the The revised AASB standard 101 Presentation requires the separate of Financial presentation Statements of a which statement became of comprehensive effective on 1 January income and a statement of 2009. The revised changes standard in requires equity. the All separate non-owner presentation changes in of equity a statement must now of comprehensive be presented in income the statement and a statement of comprehensive of income. As changes in equity. a All consequence, non-owner changes the Group in equity had to must change now the be presentation presented in of the its statement financial statements. of comprehensive Comparative income. information As has been represented Group had so to that change it is also the in presentation conformity of with its the financial revised statements. standard Comparative information has been re- a consequence, the presented so that it is also in conformity with the revised standard The above statements of Cash Flows should be read in conjunction with the accompanying notes. The above statements of Cash Flows should be read in conjunction with the accompanying notes. Bega Cheese Limited 2010 Annual Report 17 Bega Cheese Limited 2010 Annual Report 17
Page 1 and 2: Bega Cheese Limited Trading as ‘B
Page 3 and 4: Review of Operations and Activities
Page 5 and 6: Directors’ Report (cont.) Period
Page 7 and 8: Auditors Independence Declaration P
Page 9 and 10: Independent Auditor’s Report (con
Page 11 and 12: Index to to Financial Statements In
Page 13 and 14: Financial Statements Period Ended 3
Page 15: Financial Statements Period Ended 3
Page 19 and 20: Financial Statements Financial Peri

Annual Report - Bega Cheese

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