Notes to the Financial Statements
continued
82
Maori Authority Credit Account, which are the tax credits available to pass onto its Shareholder (2012: $0.2m).
These future accounts recoverable are unrecognised at 31 March 2013 (2012: nil).
2.7 GST
The Company is not registered for GST. Revenue and expenses are reported gross of GST (if any).
3 Contributed equity
2013
2012
No.
$’000
No.
$’000
Ordinary shares
Balance at beginning of year
100
-
100
-
Balance at end of year
100
-
1
00
-
All fully paid ordinary shares carry one vote per share and carry the right to dividends. Ordinary shares do not
have a par value. On wind-up of the company, all proceeds will be paid to the Sharehoder.
4 Retained earnings
Movement in retained earnings were as follows:
2013
2012
$’000
$’000
Balance at beginning of year
13,848
13,349
Net profit for the year
370
499
Dividend
(910)
-
Balance at end of year
13,308
13,848
5 Other financial assets
2013
2012
$’000
$’000
At fair value through profit or loss
Shares in unlisted company
– AFL income shares
12,935
12,935
The shares comprise of 6,851 income shares in AFL. These income shares received on 31 March 2008 have no
voting rights attached and can be traded amongst iwi.
The fair value of AFL income shares is based on a calculation of the equity value of AFL as determined at 31 March
2013. The calculation of equity value considers the average EBIT over the period from 2010 to 2012 and uses
a market multiple to determine the enterprise value and deductng net debt to derive the equity value of each
income share held at 31 March.
6 Related parties
Transactions between related entities include advances to and from other entities owned by the Shareholder. All
amounts are repayable upon demand and are interest free. There is no impairment of any related party balances.
The advance account movement of $0.5m represents cash received and payments made on behalf of the
Company by Tainui Group Holdings Limited (2012: $0.5m).
7 Contingent liabilities
The Company has no contingent liabilities at balance date (2012: nil).
8 Capital commitments
The Company has no capital commitment at balance date (2012: nil).
9 Events subsequent to the reporting period
The Company declared a dividend of $0.4m on 18 June 2013 (2012: $0.9m)
Note 2.6 continued
