NOTES TO THE FINANCIAL STATEMENTS CONTINUED
The Group Parent Entity
Note
2007
$’000
2006
$’000
2007
$’000
2006
$’000
NOTE 24 — PROVISIONS
Current
Employee benefits 29
Onerous contracts
Insurance loss contingencies and other claims
10,278
1,755
586
9,343
2,388
2,505
996
—
—
937
—
—
12,619 14,236 996 937
Non-current
Employee benefits 29
Onerous contracts
Decommissioning of leasehold improvements
Support of related entities
2,323
3,714
6,699
—
1,933
6,068
7,046
852
682
—
—
—
602
—
—
—
12,736 15,899 682 602
Reconciliations
Reconciliations of the carrying amounts of each class of
provisions, except for employee benefits, are set out below:
Onerous contracts
Carrying amount at the beginning of the year
Provisions utilised during the year
Provisions for lease costs on closed cinema sites
Provisions surplus leased space
Payments made on lease termination
Notional interest
Reduction made during the year
8,456
(2,375)
3,300
231
(3,500)
154
(797)
13,087
(2,542)
—
—
—
161
(2,250)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Carrying amount at the end of the year 5,469 8,456 — —
Decommissioning of leasehold improvements
Carrying amount at the beginning of the year
Provisions made during the year
Notional interest
Currency translation adjustment in respect of controlled foreign entities
7,046
—
126
(473)
6,152
273
176
445
—
—
—
—
—
—
—
—
Carrying amount at the end of the year 6,699 7,046 — —
Insurance loss contingencies and other claims
Carrying amount at the beginning of the year
Payments made during the year
Provisions made during the year
Reduction made during the year
2,505
(1,541)
47
(425)
2,576
(42)
171
(200)
—
—
—
—
—
—
—
—
Carrying amount at the end of the year 586 2,505 — —
Support of related entities
Carrying amount at the beginning of the year
Provisions made during the year
Reduction made during the year
852
—
(852)
804
48
—
—
—
—
—
—
—
Carrying amount at the end of the year — 852 — —
NOTE 24 — PROVISIONS (CONTINUED)
Onerous contracts
The onerous contracts provision relates to a long term non-cancellable operating
lease in respect of a hotel property (2006:
two hotel properties) and two cinema sites in Germany that have been closed.
The hotel lease has a further two years to run.
Since entering into this lease there has been a change in market conditions
which has resulted in this lease being deemed onerous
and therefore a provision has been raised for the forecast net deficit resulting
from obligations under this lease. The cinema sites
have a further nine months and 5.7 years to run. The basis of accounting is
set out in Note 1(q)(ii).
Decommissioning of leasehold improvements
The decommissioning of leasehold improvements provision has been raised in
respect of “make-good” obligations under long term
lease contracts for cinema sites. In determining the provision, an assessment
has been made, for each location, of the likelihood
that a decommissioning cost will be incurred in the future and where applicable,
the level of costs to be incurred. Uncertainty
exists in estimating the level of costs to be incurred in the future because
of the long term nature of cinema leases. The basis
of accounting is set out in Note 1(q)(iii).
Insurance loss contingencies and other claims
The provision relates to estimated costs to be incurred in respect of various
claims that are expected to be settled within
12 months of the balance date.
Support of related entities
The provision relates to commitments to provide financial support to associate
entities that have deficiencies in net assets.
This provision is reversed as and when the associate’s net asset position improves.
The Group Parent Entity
Note
2007
$’000
2006
$’000
2007
$’000
2006
$’000
NOTE 25 — OTHER LIABILITIES
Current
Deferred revenue
Derivatives at fair value 28
24,298
19
20,274
—
—
—
—
—
24,317 20,274 — —
Non-current
Deferred revenue 3,733 4,744 — —
Parent Entity Parent Entity
2007
Shares
2006
Shares
2007
$’000
2006
$’000
NOTE 26 — SHARE CAPITAL
Share capital
Fully paid ordinary shares 128,085,624 126,148,002 97,030 92,203
Movements in share capital
Balance at the beginning of the year
Shares issued under the Management Share Option Plan
Performance shares issued under the Executive Performance
Share Plan
126,148,002
1,592,200
345,422
125,555,002
593,000
—
92,203
4,827
—
90,871
1,332
—
Balance at the end of the year 128,085,624 126,148,002 97,030 92,203
Share capital consists of:
Ordinary shares
Employee share plan
Tax exempt share plan
Performance shares — restricted and held in trust
Balance at the end of the year
127,549,324
183,620
7,258
345,422
128,085,624
125,958,582
189,420
—
—
126,148,002
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