Port Nelson Annual Report 2012 (pdf)

More documents

Recommendations

Info

notes to the accounts notes note 7: investment in associates Investment in Unimar Group 2012 2011 $000 $000 Total 3,477 693 Movements in the Carrying Amount of Investment in Associate Opening Balance 693 1,707 New Investments 666 - Disposal of Investments - - Share in Revaluation Reserve Movement (35) (606) Goodwill Write-off - (259) Gain on conversion of notes 272 - Share of recognised revenues and expenses 1,881 (149) Closing Balance 3,477 693 Summarised Financial Information of Associate Company Assets 15,039 19,100 Liabilities 7,094 16,649 Revenues 50,899 13,221 Surplus (deficit) for 2012 4,298 (596) Port Nelson Interest 44% 25% 2012 Unimar had a trading surplus of $4,298,000. Additionally during the year the vessel Marsol Pride was sold realising the equity portion invested via the financial lease on the vessel. Port Nelson also exercised its conversion rights on the convertible notes realising a gain on conversion of $272,000. 2011 Unimar had a trading deficit of $595,637. Unimar undertook a Convertible Notes issue in 2010 to assist with funding operations. The vessel leased by Unimar has a conditional back to back purchase and sales contract on it which will see Unimar realise the investment in the vessel accrued from the time of lease to date of sale. The funds realised will allow Unimar to continue operating and provide for the repayment of the Convertible Notes. note 8: advance to associate Advance to Unimar Group 2012 2011 $000 $000 Total - 611 Movements in Advance to Associate Opening Balance 611 - Capitalisation of interest 53 - Conversion of notes (664) - Advance - 611 Closing Balance - 611 2012 On the 9th December 2011 Port Nelson converted the first tranche of convertible notes at an exercise price of $0.75 per share. The amount converted consisted of $333,000 advance and $53,645 interest receivable capitalised resulting in the issuing of 515,527 shares and taking Port Nelson’s shareholding to 39.69%. On the 31st May 2012 Port Nelson converted the second tranche at an exercise price of $0.75 per share. The amount converted was $277,778 resulting in the issuing of a further 370,371 shares and taking Port Nelson’s shareholding to 43.76%. 2011 Advances were made to Unimar totalling $610,778 by way of two tranches. These were made on the 15th October 2010 ($333,000) and the 31st March 2011 ($277,778). The advances are in the form of Convertible Notes. The Convertible Notes have an exercise price of $0.75c per share and attract an interest rate of 14.0% per annum. The Convertible Notes are convertible at the option of the note holder. It is not anticipated that any further advances will have to be made. 30
notes to the accounts note 9: equity 2012 2011 (a) Share Capital $000 $000 Opening Balance 6,046 6,046 Redeemed During the Year - - Balance at 30 June 6,046 6,046 At 30 June 2012 Port Nelson has 25,415,404 ordinary shares. All shares are fully paid and have no par value. All shares carry equal voting rights and the right to share in any surplus on winding up of the company. None of the shares carry fixed dividend rights. notes (b) Retained Earnings Retained Earnings 41,247 37,413 Net Surplus 10,367 6,584 Dividends Paid (9,000) (1,000) Transfer to Dividend Payable (3,200) (3,200) Infrastructural Assets Recognised for the First Time - 1,554 Deferred Tax - Prior Period 3 6 Deferred Tax - Infrastructural Assets (6) (435) Transfer – Revaluation Reserve 18 - Transfer - Revaluation Reserve Properties Sold 1,058 325 Retained Earnings at 30 June 40,487 41,247 (c) Asset Revaluation Reserve (Land and Improvements) Opening Balance 78,376 78,701 Revaluation Movement - - Transfer to Retained Earnings - Properties Sold (1,058) (325) Deferred Tax Movement - - Transfer to Retained Earnings - - Closing Balance 77,319 78,376 d) Asset Revaluation Reserve (Wharves) Opening Balance 10,246 10,248 Revaluation Movement - - Revaluation Movement - Wharf Reclassification - - Deferred Tax Movement - - Transfer to Retained Earnings - (2) Closing Balance 10,246 10,246 (e) Asset Revaluation Reserve (Buildings) Opening Balance 2,009 2,009 Revaluation Movement (19) - Deferred Tax Movement 6 - Transfer to Retained Earnings - - Closing Balance 1,997 2,009 (f) Asset Revaluation Summary Opening Balance 90,631 90,957 Revaluation Movement (19) - Transfer to Retained Earnings - Properties Sold (1,058) (325) Deferred Tax Movement 6 - Transfer to Retained Earnings 2 (1) Closing Balance 89,562 90,631 31
Page 1 and 2: annual report 2012
Page 3 and 4: content Directors’ Report........
Page 5 and 6: directors’ report As Chairman of
Page 7 and 8: financial results A sustainable bus
Page 9 and 10: community governance highlights Som
Page 11 and 12: Photo: Nelson Mail environment A le
Page 13 and 14: our vision port people Percentage o
Page 15 and 16: 2012 financial report customers An
Page 17 and 18: statutory information to the shareh
Page 19 and 20: statement of corporate intent missi
Page 21 and 22: alance sheet as at 30 june 2012 Not
Page 23 and 24: statement of cash flows for the yea
Page 25 and 26: summary of significant accounting p
Page 27 and 28: summary of significant accounting p
Page 29: notes to the accounts note 4: defer
Page 33 and 34: notes to the accounts note 14: prop
Page 35 and 36: notes to the accounts note 16: fina
Page 37 and 38: notes to the accounts note 16: fina
Page 39 and 40: notes to the accounts note 23: rela

Port Nelson Annual Report 2012 (pdf)

Create successful ePaper yourself

Delete template?

Save as template?