Annual Report - Bega Cheese

Financial Statements
Period Financial Ended Statements 30 June 2010
Notes Period to Ended the Financial 30 June Statements
2010
Notes to the Financial Statements
28. Joint Venture
Bega Cheese holds a 25% interest in the output of Capitol Chilled Foods (Australia) Pty Ltd, the management company
responsible for operating the joint venture. The principal activity of the joint venture is liquid milk and chilled food distribution.
Bega Cheese's interest in assets employed in the joint venture is detailed below. The amounts are included in the financial
statements under their respective asset categories:
Consolidated
Company
2010 2009 2010 2009
$'000 $'000 $'000 $'000
Current assets
Cash 903 402 903 402
Trade and other recivables 2,146 1,682 2,146 1,682
Inventories 197 190 197 190
Total current assets 3,246 2,274 3,246 2,274
Non-current assets
Property, plant and equipment 723 432 723 432
Total non-current assets 723 432 723 432
Total assets 3,969 2,706 3,969 2,706
Current liabilities
Current accounts payables 2,357 1,357 2,357 1,357
Total current liabilities 2,357 1,357 2,357 1,357
Total net assets 1,612 1,349 1,612 1,349
Income 13,329 12,889 13,329 12,889
Expense 10,967 10,901 10,967 10,901
No contingent liabilities arose from the consolidated entity's interest in the joint venture. The capital commitments arising
from the consolidated entity's interest in the joint venture are included within Note 24.
29. Remuneration Report
This report sets out the remuneration of the Executive Chairman, Chief Executive Officer (where applicable) and other key
management personnel of the Group, being the executives accountable for planning, directing and controlling the affairs of
the Group.
This report also addresses the remuneration of the non-executive Directors of the Company, being those Directors who do
not hold executive responsibilities. The remuneration of non-executive Directors is determined by reference to the
Constitution, which has been approved by the Shareholders of the Company.
Bega Cheese Limited 2010 Annual Report 48
Bega Cheese Limited 2010 Annual Report 48