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 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
Financial Statements Financial Period Ended Statements 30 June 2010 Period Notes to Ended the Financial 30 June 2010 Statements Notes to the Financial Statements 29. Remuneration Report (cont.) Executive Chairman’s Leadership Team - Key Management Personnel The Executive Chairman’s Leadership Team is selected by the Executive Chairman, is accountable for planning, directing and controlling the affairs of the Group, represents the key management personnel for the Group and comprised the following people: Name Positions Held Entity (1) 2010 2009 Barry Irvin Executive Chairman BCL Non-executive Chairman TMI Non-executive Deputy Chairman CCFA Michael Byrnes Chief Executive Officer BCL To 31 Jan 10 Non-executive Director TMI To 17 Feb 10 Aidan Coleman Chief Executive Officer TMI From 12 Aug 08 Maurice Van Ryn Chief Executive Officer TMI - To 11 Aug 08 General Manager Sales & Marketing BCL From 12 Aug 08 Alternate Non-executive Director TMI From 12 Aug 08 - Non-executive Director TMI From 17 Feb 10 - Colin Griffin CFO, Bega Franchise Mgr, Co. Secretary BCL Non-executive Director TMI Non-executive Director CCFA Indicates member of Executive Chairman’s Leadership Team for the full financial year ended 30 June (1) BCL – Bega Cheese Limited; TMI – Tatura Milk Industries Limited; CCFA – Capital Chilled Foods (Australia) Pty Ltd Bega Cheese Executives - Service Agreements Each of Michael Byrnes (up until he resigned in January 2010), Maurice Van Ryn and Colin Griffin has a specific service agreement with the Company, the key terms of which are as follows: Term Termination by Company Termination by Executive Payments on Termination Ongoing, subject to termination rights set out in the service agreement Two years notice if given within 12 months of a change of control of the Company, or payment in lieu of such minimum notice Otherwise one year’s notice, or payment in lieu of such minimum notice Forthwith in the event of incapacity or breach of the service agreement by the executive without remedy One year’s notice or lesser period as agreed by the Company Three months notice or lesser period as agreed by the Company if given within 12 months of a change of control of the Company Forthwith in the event of the Company going into liquidation or making any composition or arrangement with its creditors or breach of the agreement by the Company without remedy Salary and statutory entitlements up to the date of termination and, if applicable, payment in lieu of the minimum notice period as per above Other Executives of the Company, inclusive of the Executive Chairman are subject to a standard letter of employment, with no fixed term, where termination can be effected by either the Company or the Executive with one months notice and no contractual payments are due on termination, other than statutory entitlements. Bega Cheese Limited 2010 Annual Report 49 Bega Cheese Limited 2010 Annual Report 49
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 47: Financial Statements Financial Peri

Annual Report - Bega Cheese

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