Notes forming part of the financial statements (continued)
Note 1. Summary of significant accounting policies continued
The following amendments are not applicable to the Group and therefore have
no impact.
AASB Application date
Amendment Affected standard(s) of standard
UIG 6 UIG 6 Liabilities arising from Participating in a Specific Market – Waste
Electrical 1 December 2007
and Electronic Equipment
Interpretation 12 AASB Interpretation 12 Service Concession Arrangements 1
January 2008
2007–2 AASB 2007–2 Amendments to Australian Accounting Standards arising from
AASB 1 January 2008
Interpretation 12 Service Concession Arrangements
2007–5 Amendments to Australian Accounting Standard – Inventories Held for
Distribution 1 July 2007
by Not –for Profit Entities
Note 2. Segment information
(a) Description of segments
Business segment
The Group operates within one business segment – manufacture of paints and other surface coatings.
Geographical segments
The Group operates in two geographical areas, Australia, the home country
of the parent entity and New Zealand.
The following tables present revenue, profit information and certain asset
and liability information regarding geographical segments for the
years ended 30 June 2007 and 30 June 2006.
Continuing Discontinued
For year ended 30 June 2007 Australia New Zealand operations operations Consolidated
$’000 $’000 $’000 $’000 $’000
Revenue
External sales 373,224 53,603 426,827 – 426,827
Other revenue from external customers 158 – 158 – 158
Total segment revenue 373,382 53,603 426,985 – 426,985
Interest revenue 534 – 534
Total consolidated revenue 427,519 – 427,519
Segment result (EBIT) 24,318 4,728 29,046 1,389 30,435
Net interest (4,461) (1,646) (6,107) (100) (6,207)
Profit before tax 19,857 3,082 22,939 1,289 24,228
Income tax expense (7,640) – (7,640)
Net Profit for the year 15,299 1,289 16,588
Assets and liabilities
Segment assets 240,241 33,899 274,140 374 274,514
Unallocated assets 11,825 19 11,844
Total segment assets 285,965 393 286,358
Segment liabilities 107,837 34,460 142,297 3,058 145,355
Unallocated liabilities 10,541 – 10,541
Total segment liabilities 152,838 3,058 155,896
Other segment information
Capital Expenditure 6,119 1,238 7,357 – 7,357
Depreciation 8,052 1,060 9,112 – 9,112
Impairment of trade receivables 423 67 490 – 490
Other non cash expenses 8,475 1,127 9,602 – 9,602
Cash flow information
Net cash flow from operating activities 31,586 2,348 33,934 (567) 33,367
Net cash flow from investing activities (6,097) (1,217) (7,314) – (7,314)
Net cash flow from financing activities (41,334) 22,934 (18,400) (1,375) (19,775)
Non-recurring items
Impact on:
Profit before interest and tax (1,341) (236) (1,577) 923 (654)
Net Profit for the year (939) (158) (1,097) 923 (174)
Note 2. Segment information continued
Continuing Discontinued
For year ended 30 June 2006 Australia New Zealand operations operations Consolidated
$’000 $’000 $’000 $’000 $’000
Revenue
External sales 370,781 54,514 425,295 – 425,295
Other revenue from external customers 458 – 458 – 458
Total segment revenue 371,239 54,514 425,753 – 425,753
Interest revenue 435 1 436
Total consolidated revenue 426,188 1 426,189
Segment result (EBIT) 1,705 6,574 8,279 (100) 8,179
Net interest (3,368) (265) (3,633) (96) (3,729)
Profit before tax (1,663) 6,309 4,646 (196) 4,450
Income tax expense (366) – (366)
Net Profit for the year 4,280 (196) 4,084
Assets and Liabilities
Segment assets 240,534 30,138 270,672 299 270,971
Unallocated assets 14,465 21 14,486
Total segment assets 285,137 320 285,457
Segment liabilities 107,385 6,735 114,120 6,268 120,388
Unallocated liabilities 7,126 – 7,126
Total segment liabilities 121,246 6,268 127,514
Other segment information
Capital Expenditure 7,003 994 7,997 – 7,997
Depreciation 7,233 1,112 8,345 – 8,345
Impairment of inventories 3,670 – 3,670 – 3,670
Impairment of trade receivables 654 129 783 – 783
Other non cash expenses 11,557 1,241 12,798 – 12,798
Cash flow information
Net cash flow from operating activities (841) 4,816 3,975 (893) 3,082
Net cash flow from investing activities (6,919) (914) (7,833) – (7,833)
Net cash flow from financing activities 2,476 (2,721) (245) (445) (690)
Non-recurring items
Impact on:
Profit before interest and tax (12,560) – (12,560) – (12,560)
Net Profit for the year (8,980) – (8,980) – (8,980)
(b) Notes to and forming part of the segment information
Segment information is prepared in conformity with the accounting policies
of the entity as disclosed in note 1 and accounting standard
AASB 114 Segment Reporting.
Segment revenues, expenses, assets and liabilities are those that are directly
attributable to a segment and the relevant portion that can be
allocated to the segment on a reasonable basis. Segment assets include all
assets used by a segment and consist primarily of operating
cash, receivables, inventories, property, plant and equipment, goodwill and
other intangible assets net of related provisions. Segment
liabilities consist primarily of trade and other creditors and employee benefits.
Segment assets and liabilities do not include income taxes.
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