Annual Report - Bega Cheese

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Financial Statements Period Financial Ended Statements 30 June 2010 Notes Period to Ended the Financial 30 June Statements 2010 Notes to the Financial Statements 5. Income Tax (cont.) Company Period ending 30 June 2010 Opening Charged to Charged to Closing balance income equity balance $'000 $'000 $'000 $'000 Deferred tax assets Borrowing costs 91 (25) - 66 Doubtful debts 76 (65) - 11 Stock provisions 20 (20) - - Sundry accrued expenses 135 (78) - 57 Employee provisions 3,346 748 - 4,094 Tax losses brought to account - - - - Fair value of derivatives 291 - (291) - 3,959 560 (291) 4,228 Deferred tax liabilities Property, plant and equipment (1,531) 234 - (1,297) Total 2,428 794 (291) 2,931 Company Period ending 30 June 2009 Opening / at Charged to Charged to Closing acquisition income equity balance $'000 $'000 $'000 $'000 Deferred tax assets Borrowing costs 17 74 - 91 Doubtful debts 8 68 - 76 Stock provisions 20 - - 20 Sundry accrued expenses 112 23 - 135 Employee provisions 3,436 (90) - 3,346 Tax losses brought to account 3,281 (3,281) - - Fair value of derivatives - - 291 291 6,874 (3,206) 291 3,959 Deferred tax liabilities Property, plant and equipment (1,865) 334 - (1,531) Total 5,009 (2,872) 291 2,428 Bega Cheese Limited 2010 Annual Report 34 Bega Cheese Limited 2010 Annual Report 34
Financial Statements Financial Period Ended Statements 30 June 2010 Period Notes to Ended the Financial 30 June 2010 Statements Notes to the Financial Statements 6. Current Trade and Other Receivables Consolidated Company 2010 2009 2010 2009 $'000 $'000 $'000 $'000 Trade receivables 81,855 81,455 50,948 42,563 Allowance for impairment of receivables (42) (311) (40) (257) 81,813 81,144 50,908 42,306 Goods and services tax (GST) receivable 4,463 4,752 1,380 2,510 Prepayments 462 601 132 226 Other debtors 277 6,661 277 6,660 Advances for vat loans 154 240 - - Advances to members of Tatura Milk 2,411 6,164 - - Total 89,580 99,562 52,697 51,702 The average credit period for trade debtors is 30 days. No interest is generally charged on overdue debts. An allowance has been made for estimated irrecoverable amounts from a review of debtors outside their trading terms. Advances for vat loans are made to members of Tatura Milk to assist with the purchase of on farm milk storage vats. Interest is charged at 9% (2009: 8%). Advances to members of Tatura Milk are interest bearing loans to assist with short term working capital. The advances have a maximum repayment term of 12 months and interest is charged at 9% (2009: 8%). 7. Other Financial Assets Consolidated Company 2010 2009 2010 2009 $'000 $'000 $'000 $'000 At fair value: Fair value of derivatives 819 5,037 819 1,578 Total 819 5,037 819 1,578 8. Inventories Consolidated Company 2010 2009 2010 2009 $'000 $'000 $'000 $'000 Finished goods at cost 17,021 27,491 17,021 24,221 Finished goods at net realisable value 50,113 27,398 6,093 3,270 Raw materials and stores at cost 55,397 49,169 44,771 41,104 Total 122,531 104,058 67,885 68,595 Bega Cheese Limited 2010 Annual Report 35 Bega Cheese Limited 2010 Annual Report 35
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 and 16: Financial Statements Period Ended 3
Page 17 and 18: Notes Notes Financial Statements Pe
Page 19 and 20: Financial Statements Financial Peri
Page 33: Financial Statements Financial Peri

Annual Report - Bega Cheese

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