Wattyl - Notes forming part of the financial statements

Notes forming part of the financial statements (continued)

Consolidated Parent entity

2007
$’000
2006
$’000
2007
$’000
2006
$’000
Note 3(a). Revenue
From continuing operations
Sales revenue
Sale of goods
Other revenue
Interest
Dividend
Royalties
Other revenue
426,827
534
—
62
96
425,295
435
—
80
378
—
13,009
4,489
—
—
—
7,730
76,807
—
—
692 893 17,498 84,537
Other income
Net gain on disposal of property, plant and equipment
Foreign exchange gain
5
1,088
—
11
—
1,078
—
—
1,093 11 1,078 —

Note 3(b). Other expenses from
continuing operations
Selling and marketing 30,723 32,360 — —
Freight 18,700 18,256 — —
Heat, Light & Power 2,005 2,128 — —
Occupancy 13,272 13,151 — —
Provision for bad and doubtful debts 490 783 — —
Motor vehicle expenses 5,452 5,890 — —
Communications 2,707 3,136 — —
Foreign exchange losses 98 531 135 414
Inventory write-down — 3,670 — —
Claims and litigation matters 558 1,072 — —
Takeover advice and compliance costs 127 5,153 — —
Strategic business review — 772 — —
Restructuring costs — 911 — —
Other 25,165 25,452 2 —
99,297 113,265 137 414

Consolidated Parent entity

2007
$’000
2006
$’000
2007
$’000
2006
$’000
Note 4. Expenses
Profit before tax includes the following specific expenses:
Cost of sales
Finance costs
– External borrowings
– Retirement benefit interest
– Bank refinance costs
– Inter-company interest
213,805
5,546
1,095
60
—
220,080
3,024
1,044
118
—
—
—
—
—
305
—
—
—
—
—
6,701 4,186 305 —
Depreciation of property, plant and equipment
– Freehold buildings 1,457 1,447 — —
– Leasehold improvements 304 288 — —
– Plant and equipment 7,351 6,610 — —
Total depreciation 9,112 8,345 — —
Bad and doubtful debts 490 783 — —
Net loss on disposal of property, plant and equipment — 138 — —
Rental expense relating to operating leases 14,644 14,323 — —
Defined contribution superannuation expense – including interest 454 1,018 — —
Research expenses 3,118 2,795 — —

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