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BRADKEN LIMITED ANNUAL REPORT 2013 81
Notes to the consolidated financial statements
30 June 2013
(continued)
31 Deed of cross guarantee
The companies subject to the Deed are:
Bradken Limited
Bradken Holdings Pty Limited
Bradken SPV Pty Limited
Bradken Operations Pty Limited
Bradken Resources Pty Limited
Bradken Finance Pty Limited
Bradken Leasing Pty Limited
Cast Metal Services Pty Limited
(a)
2013
2012
$'000
$'000
Income statement
Revenue from continuing operations
614,922
640,899
Cost of sales
(467,344)
(472,797)
Gross profit
147,578
168,102
Other income
16,983
4,407
Selling and technical expenses
(41,647)
(40,858)
Administration expenses
(76,959)
(39,579)
Finance costs
(18,503)
(26,861)
Share of net profit of associates accounted for using the equity method
9,847
2,826
Profit before income tax
37,299
68,037
Income tax (expense) / benefit
(17,494)
(18,711)
Profit for the period
19,805
49,326
Statement of comprehensive income
Profit for the period
19,805
49,326
Items that may be reclassified to profit or loss
-
(33,061)
Changes in the fair value of cash flow hedges
1,154
(3,382)
Exchange differences on translation of foreign operations
253
34
Income tax relating to these items
(346)
10,933
Other comprehensive income for the period, net of tax
1,061
(25,476)
Total comprehensive income for the period
20,866
23,850
Summary of movements in consolidated retained earnings
Retained earnings at the beginning of the financial year
152,078
128,569
Profit for the period
19,805
49,326
Dividends provided for or paid
(70,103)
(66,480)
Dividends received from companies not in Closed Group
6,934
40,663
Retained earnings at the end of the financial year
108,714
152,078
Pursuant to ASIC Class Order 98/1418 (as amended) dated 13 August 1998, the wholly-owned subsidiaries listed below are
relieved from the Corporations Act 2001 requirements for preparation, audit, and lodgement of financial reports, and directors’
report. It is a condition of the Class Order that the Company and each of the subsidiaries enter into a Deed of Cross Guarantee.
Set out below is a consolidated income statement and a summary of movements in consolidated retained profits for the year
ended 30 June 2013 of the Closed Group outlined above.
The effect of the Deed is that the Company guarantees to each creditor payment in full of any debt in the event of winding up of
any of the subsidiaries under certain provisions of the Corporations Act 2001. If a winding up occurs under other provisions of
the Act 2001, the Company will only be liable in the event that after six months any creditor has not been paid in full. The
subsidiaries have also given similar guarantees in the event that the Company is wound up.
The above companies represent a ‘Closed Group’ for the purposes of the Class Order, and as there are no other parties to the
Deed of Cross Guarantee that are controlled by Bradken Limited, they also represent the ‘Extended Closed Group’.
Consolidated income statement, statement of comprehensive income and summary of movements in
consolidated retained earnings
Changes in the fair value of available-for-sale financial assets
Page 81
Bradken Limited