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 17. Non-Current Liabilities - Borrowings Consolidated Company 2010 2009 2010 2009 $'000 $'000 $'000 $'000 Secured term loans 67,900 87,100 61,900 77,100 Finance lease liabilities 759 1,639 100 160 Total 68,659 88,739 62,000 77,260 Each of Bega Cheese and Tatura Milk have separate banking facilities. The respective facilities: • are stand-alone facilities and are not subject to cross-charges or cross-guarantees • include normal commercial terms and conditions and particular bank covenants relating to the financial position and performance of the respective entities • are subject to separate equitable mortgages and floating charges over all the assets and undertakings of the respective entities. Further information relating to the facilities is set out at Note 2. 18. Non-Current Liabilities - Provisions Consolidated Company 2010 2009 2010 2009 $'000 $'000 $'000 $'000 Employee benefits 2,136 1,498 1,715 1,061 Total 2,136 1,498 1,715 1,061 The number of employees in the Group at 30 June 2010 was 1,286 (2009: 1,160). The number of employees in the Company as at 30 June 2010 was 958 (2009: 842). 19. Contributed Equity Consolidated Company 2010 2009 2010 2009 $'000 $'000 $'000 $'000 a. Share capital Ordinary shares fully paid 27,163 24,810 27,163 24,810 Bega Cheese Limited 2010 Annual Report 40 Bega Cheese Limited 2010 Annual Report 40
Financial Statements Financial Period Ended Statements 30 June 2010 Period Notes to Ended the Financial 30 June 2010 Statements Notes to the Financial Statements 19. Contributed Equity (cont.) b. Movement in share capital A Class B Class Total Shares Shares $'000 and $'000 and $'000 and number number number Ordinary shares on issue at 1 July 2008 20,321 4,475 24,796 Subscribed by shareholders 14 - 14 Transfers between classes (338) 338 - Ordinary shares on issue at 30 June 2009 19,997 4,813 24,810 Ordinary shares on issue at 1 July 2009 19,997 4,813 24,810 Subscribed by shareholders 2,353 - 2,353 Transfers between classes (855) 855 - Ordinary shares on issue at 30 June 2010 21,495 5,668 27,163 c. Classes of ordinary shares Bega Cheese has two classes of ordinary shares; “A Class Shares”, which are held by suppliers, and “B Class Shares” if the member has ceased to be a supplier. Voting control of Bega Cheese is conferred on “A Class Shares” with one vote for each “A Class Share” held. “B Class Shares” do not carry any voting rights except for the purposes of voting on a variation of rights attached to “B Class Shares”. Both classes have rights to dividends and other distributions made on the basis of shares held. As the Company does not have a right to unconditionally repurchase the shares, the shares are classified in equity. 20. Reserves and Retained Earnings Consolidated Company 2010 2009 2010 2009 $'000 $'000 $'000 $'000 a. Reserves Capital profits reserve 33,959 33,891 32,563 32,563 Hedging reserve (2,052) 330 (921) (679) 31,907 34,221 31,642 31,884 b. Nature and purpose of reserves The hedging reserve is used to record gains or losses on a hedging instrument in a cash flow hedge that are recognised directly in equity, as described in Note 1. The capital profits reserve is held to maintain adequate equity balances in the business. Bega Cheese Limited 2010 Annual Report 41 Bega Cheese Limited 2010 Annual Report 41
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 39: Financial Statements Financial Peri

Annual Report - Bega Cheese

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