Bradken Limited Annual Report 2015 - page 117

BRADKEN LIMITED ANNUAL REPORT 2015 l 82
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
30 June 2015
(continued)
31 Deed of cross guarantee
The companies subject to the Deed are:
Bradken Limited
Bradken Resources Pty Limited
Bradken Finance Pty Limited
Bradken Operations Pty Limited
(a)
2015
2014
$'000
$'000
Income statement
Revenue from continuing operations
279,523
455,301
Cost of sales
(183,547)
(330,628)
Gross profit
95,976
124,673
Other income
27,691
15,867
Selling and technical expenses
(33,939)
(38,181)
Administration expenses
(30,645)
(61,503)
Finance costs
(13,215)
(19,205)
Restructuring and asset impairment costs
(69,966)
(39,668)
Goodwill and intangible asset impairment
(56,350)
-
Share of net profit / (loss) of associates accounted for using the equity method
(45,110)
(85)
(Loss) / Profit before income tax
(125,558)
(18,102)
Income tax (expense) / benefit
12,615
9,376
(Loss) / Profit for the period
(112,943)
(8,726)
Statement of comprehensive income
(Loss) / Profit for the period
(112,943)
(8,726)
Items that may be reclassified to profit or loss
Changes in the fair value of cash flow hedges
1,946
(530)
Exchange differences on translation of foreign operations
(157)
339
Income tax relating to these items
(584)
159
Other comprehensive income / (loss) for the period, net of tax
1,205
(32)
Total comprehensive income / (loss) for the period
(111,738)
(8,758)
Summary of movements in consolidated retained earnings
Retained earnings at the beginning of the financial year
44,139
108,714
(Loss) / Profit for the period
(112,943)
(8,726)
Dividends provided for or paid
(18,813)
(55,849)
Dividends received from companies not in Closed Group
52,668
-
(Accumulated Deficit) / Retained earnings at the end of the financial year
(34,949)
44,139
Consolidated income statement, statement of comprehensive income and summary of movements in
consolidated retained earnings
Set out below is a consolidated income statement and a summary of movements in consolidated retained profits for the year
ended 30 June 2015 of the Closed Group outlined above.
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.
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’.
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