2012 Annual Report - Domino's Pizza

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED The following table details the notional principal amounts and remaining terms of the interest rate swap contracts outstanding as at reporting date: Cash flow hedges Outstanding floating for fixed contract AVERAGE CONTRACTED FIXED INTEREST RATE 2012 % 2011 % NOTIONAL PRINCIPAL AMOUNT (i) 2012 $’000 2011 $’000 2012 $’000 FAIR VALUE Consolidated Less than 1 year n/a 5.22 - 15,035 - (137) 2011 $’000 2 to 5 years n/a 5.22 - - - - - 15,035 - (137) (i) The principal is a Euro denominated amount. The interest rate swap settled on a monthly basis, with the Consolidated entity settling the difference between the floating and fixed interest rate on a net basis. On 30 November 2011, the interest rate swap in relation to the Euro loan expired. 32.8 Credit risk management Credit risk refers to the risk that a franchisee or business partner will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. Credit exposure is controlled by limits that are continually reviewed. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. Except as detailed in the following table, the carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the Group’s maximum exposure to credit risk without taking account of the value of any collateral obtained: 32.8.1 Financial assets and other credit exposures MAXIMUM CREDIT RISK Consolidated Guarantee provided under deed of guarantee 10,740 18,258 The Group provides guarantees to third party financiers in order to enable internal candidates (i.e. franchisees and managers) to fund the purchase of DPE stores. The Group’s policy in this regard is to predominantly support internal candidates who have displayed strong operational expertise. Further, the Group generally provides guarantees to internal candidates in the metropolitan markets where it has operated or is operating corporate stores. In the event that a loan defaults, the Group’s policy is to purchase and operate the failed store as a corporate store. 2012 $’000 2011 $’000 70 ANNUAL REPORT 2012 DOMINO’S PIZZA ENTERPRISES LIMITED
32.9 Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and matching the maturity profiles of financial assets and liabilities. Included in note 32.9.2 is a listing of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk. 32.9.1 Liquidity and interest risk tables The following tables detail the Group’s remaining contractual maturity for its financial assets and liabilities and non-derivative financial assets and liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. LESS THAN 1 YEAR $’000 1 - 5 YEARS $’000 MORE THAN 5 YEARS $’000 1 JULY 2012 Financial assets Trade and other receivables 21,018 - - Loans receivables 2,929 6,589 - Other financial assets - - - Cash and cash equivalents 40,340 - - Financial guarantee contracts - 252 - Financial Liabilities Trade payables (18,053) - - Other payables (16,118) - - Euro loan (11,493) (2,224) - Finance lease liability (25) (83) - Other loans (16) (202) - Other liabilities - (235) - Financial guarantee contracts - (252) - 3 JULY 2011 Financial assets Trade and other receivables 18,615 - - Loans receivables 2,032 10,248 263 Other financial assets 12 - - Cash and cash equivalents 28,085 - - Financial guarantee contracts - 566 - Financial Liabilities Trade payables (15,388) - - Other payables (14,891) - - Commercial bills - - - Euro loan (15,334) - - Finance lease liability (30) (120) - Other loans (17) (343) - Other liabilities - (657) - Financial guarantee contracts - (566) - ANNUAL REPORT 2012 DOMINO’S PIZZA ENTERPRISES LIMITED 71
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Theatre Of Food ANNUAL REPORT 2012
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RECORD GROWTH IN EUROPE - TOTAL NET
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CHAIRMAN’S message Embracing tech
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Financial PERFORMANCE Investing in
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Digital Australia and New Zealand O
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New stores new designs Australia an
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The Future We remain focused and de
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Healthier CHOICES A rally to health
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Healthier ingredients Domino’s pr
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Theatre Of Food For THE LOve of FOO
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Connecting Through technology Techn
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FRANCE AND BELGIUM To interact with
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Domino’s Pizza Enterprises Ltd 8t
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KEY FINANCIAL INDICATORS 2006 2007
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CORPORATE GOVERNANCE STATEMENT CONT
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DIRECTORS’ REPORT The directors o
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DIRECTORS’ REPORT CONTINUED Share
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DIRECTORS’ REPORT CONTINUED REMUN
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DIRECTORS’ REPORT CONTINUED REMUN
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DIRECTORS’ REPORT CONTINUED BONUS
Page 46 and 47: DIRECTORS’ REPORT CONTINUED The f
Page 48 and 49: AUDITOR’S INDEPENDENCE DECLARATIO
Page 50 and 51: INDEPENDENT AUDITOR’S REPORT CONT
Page 53 and 54: INDEX TO THE FINANCIAL REPORT CONTE
Page 55 and 56: CONSOLIDATED STATEMENT OF FINANCIAL
Page 57 and 58: CONSOLIDATED STATEMENT OF CASH FLOW
Page 59 and 60: 2.2 Standards and Interpretations a
Page 61 and 62: 3. SIGNIFICANT ACCOUNTING POLICIES
Page 63 and 64: 3.8.5 Dividend and interest revenue
Page 65 and 66: For certain categories of financial
Page 67 and 68: 3.20 Impairment of tangible and int
Page 69 and 70: 4. CRITICAL ACCOUNTING JUDGEMENTS A
Page 71 and 72: 6.3 Segment assets and liabilities
Page 73 and 74: 10. INCOME TAXES 10.1 Income tax re
Page 75 and 76: 10.4 Deferred tax balances 2012 OPE
Page 77 and 78: 11. PROFIT FOR THE YEAR FROM CONTIN
Page 79 and 80: 13. TRADE AND OTHER RECEIVABLES Tra
Page 81 and 82: Ageing of loans to franchisees Amou
Page 83 and 84: 18. PROPERTY, PLANT AND EQUIPMENT 2
Page 85 and 86: Key assumptions The key assumptions
Page 87 and 88: 22. TRADE AND OTHER PAYABLES Trade
Page 89 and 90: 26. OTHER LIABILITIES 2012 $’000
Page 91 and 92: 29. RESERVES Foreign currency trans
Page 93 and 94: 32.1.1 Gearing ratio Debt (i) 14,04
Page 95: The following table details the val
Page 99 and 100: The following share-based payment a
Page 101 and 102: 34. KEY MANAGEMENT PERSONNEL COMPEN
Page 103 and 104: The compensation of each member of
Page 105 and 106: Executive share options of Domino
Page 107 and 108: 36. ACQUISITION OF BUSINESSES NAME
Page 109 and 110: 37.1 Reconciliation of profit for t
Page 111 and 112: 43. PARENT ENTITY INFORMATION 43.1
Page 113 and 114: TWENTY LARGEST HOLDERS OF QUOTED EQ
Page 115 and 116: CORPORATE DIRECTORY DIRECTORS Ross
Page 117 and 118: ANNUAL REPORT 2012 DOMINO’S PIZZA
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2012 Annual Report - Domino's Pizza

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