Mainfreight Annual Report 2022

104 105
Notes to the FINANCIAL STATEMENTS
Notes to the FINANCIAL STATEMENTS
22 RECONCILIATION OF CASH FLOWS WITH REPORTED NET SURPLUS (CONTINUED)
Changes in Liabilities arising from financing activities (continued)
Year Ended 31 March 2021
Bank Term
Loan
$000
Bank
Current
$000
Asset
Finance
Loans
Current &
Non-current
$000
NZ IFRS 16
Current &
Non-current
$000
At 1 April 2020, Opening Book Value 267,698 6 5,814 626,862 900,380
Adjustment to opening balance ### - - 7,382 - 7,382
Liability Reclassifications *** - - 30,057 (30,057) -
New Borrowings 60,000 - 2,054 - 62,054
Repayments (108,063) (6) (10,010) - (118,079)
New Leases - - - 121,389 121,389
Lease Disposals - - - (5,261) (5,261)
Payments Net of Notional Interest Charge - - - (107,125) (107,125)
Foreign Exchange Impact (9,635) - (3,531) (20,374) (33,540)
AT 31 MARCH 2021, CLOSING BOOK VALUE 210,000 - 31,766 585,434 827,200
###
see notes 14 and 19.
*** see note 20.
23 RELATED PARTIES
Besides transactions disclosed elsewhere (see note 24) in these financial statements, the Group did not transact with any other related
parties during the period (2021 nil).
24 KEY MANAGEMENT PERSONNEL
COMPENSATION OF KEY MANAGEMENT PERSONNEL
Short-term Employee Benefits 10,665 9,555
10,665 9,555
25 ABNORMAL ITEMS
Abnormal items are determined in accordance with the principles of consistency, relevance and clarity. Transactions considered for
classification as abnormal items include acquisition and disposal costs; impairment or reversal of impairment of assets; business
integration; and transactions or events outside of the Group’s ongoing operations that have a significant impact on reported profit.
There were no abnormal items in the year (2021 nil).
2022
$000
Total
$000
2021
$000
26 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
The Group had the following capital commitments at 31 March 2022 totalling $165,682,665 (2021 $50,950,596).
- Auckland Hobsonville Freight Facility 6,572,919
- Auckland Otahuhu Warehouse 40,438,957
- New Zealand Sundry Other Building Improvements 6,515,290
- New Zealand Sundry Equipment 148,632
- Melbourne Dandenong Freight and Warehouse Facility 63,329,680
- Adelaide Freight Facility 24,523,302
- Australia Sundry Other Building Improvements 197,526
- American Racking 8,103,226
- American Leasehold Improvements 2,391,371
- American Sundry Equipment 813,620
- Asia Sundry Equipment 205,018
- Europe Building Improvements 1,082,956
- Europe Sundry Equipment 11,360,168
There are additional bank performance guarantees and bonds totalling $21,350,000 (2021 $19,729,000) undertaken by the Group.
GUARANTEES COMPRISE:
Rental Guarantee - -
Custom Guarantees 15,064 12,040
15,064 12,040
PERFORMANCE BONDS COMPRISE:
NZX (New Zealand Stock Exchange) 75 75
European IATA Bond 309 314
European Other Guarantees 4,978 6,332
European Government Licensing Guarantees 924 968
6,286 7,689
The Group is party to sub-lease / tenancy agreements where third parties lease excess office / industrial space from the Group. In the
event of default by third parties the Group would be exposed to these liabilities.
As a result of the IRD's programme of routine and regular tax audits, the Group anticipates that IRD audits may occur in the future. The
Group is similarly subject to routine tax audits in certain overseas jurisdictions. The ultimate outcome of any future tax audits cannot
be determined with an acceptable degree of reliability at this time. Nevertheless, the Group believes that it is making adequate
provision for its taxation liabilities. However, there may be an impact to the Group if any revenue authority investigations result in an
adjustment that increases the Group's taxation liabilities.
The Group can also be subject to legal claims as a result of conducting business. The ultimate outcome of any future legal claims
cannot be determined with an acceptable degree of reliability at this time. Nevertheless, the Group believes that it is making adequate
provision for its legal liabilities. However, there may be an impact to the Group if any legal cases result in an adjustment that increases
the Group's legal liabilities.
2022
$000
2021
$000
27 SUBSEQUENT EVENTS
A dividend of 87.0 cents per share was declared on 25 May 2022 totalling $87,607,737. Payment date is to be 22 July 2022.