NOTES TO THE FINANCIAL STATEMENTS CONTINUED
NOTE 32 — DEED OF CROSS GUARANTEE
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’ reports.
It is a condition of the Class Order that the Parent Entity and each of the
subsidiaries enter into a Deed of Cross Guarantee. The
effect of the deed is that the Parent Entity 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,
the Parent Entity 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 Parent Entity is wound
up.
The subsidiaries subject to the deed are:
Birch, Carroll & Coyle Limited Kosciuszko Thredbo Pty Limited
Bryson Hotel Pty Limited Kvarken Pty Limited
Canberra Theatres Limited Lakeside Hotel Pty Limited
Chyadis Pty Limited Mamasa Pty Limited
Elsternwick Properties Pty Limited Noahs Limited
Featherdale Farm & Aviaries Pty Limited Northside Gardens Hotel Pty Limited
Featherdale Holdings Pty Limited Pantami Pty Limited
Filmlab Engineering Pty Limited RQ Motels Pty Limited
Glenelg Theatres Pty Limited Rydges Bankstown Pty Limited
Greater Entertainment Pty Limited Rydges Cronulla Pty Limited
Greater Occasions Australia Pty Limited Rydges Hotels Limited
Greater Union International Holdings Pty Limited Sonata Hotels Pty Limited
Greater Union Nominees Pty Limited Tannahill Pty Limited
Greater Union Screen Entertainment Pty Limited The Geelong Theatre Company
Limited
Greattheatre Pty Limited The Greater Union Organisation Pty Limited
GUO Investments (WA) Pty Limited Thredbo Resort Centre Pty Limited
Gutace Holdings Pty Limited Tobeon Pty Limited
Haparanda Pty Limited Tourism & Leisure Pty Limited
Haymarket’s Tivoli Theatres Pty Limited Western Australia Cinemas Pty
Limited
Image and Sound Technology Pty Limited Zollverein Pty Limited
Kidsports Australia Pty Limited
A consolidated Income Statement and consolidated Balance Sheet, comprising
the Company and controlled entities which are
a party to the deed, after eliminating all transactions between parties to
the deed, at 30 June 2007 are set out as follows:
Consolidated
2007 2006
$’000 $’000
NOTE 32 — DEED OF CROSS GUARANTEE (CONTINUED)
Income Statement
Profit before tax 90,577 68,975
Income tax expense (18,920) (13,978)
Profit after tax but before discontinued operations 71,657 54,997
Discontinued operations 8,168 (162)
Profit after tax and discontinued operations 79,825 54,835
Retained earnings at the beginning of the year 342,657 229,869
Transfer from reserves (2) 82,485
Dividends paid during the year (32,988) (24,532)
Retained earnings at the end of the year 389,492 342,657
Balance Sheet
Cash and cash equivalents 10,965 15,068
Receivables 19,008 12,180
Inventories 8,603 7,990
Other 5,934 3,474
Total current assets 44,510 38,712
Receivables 464 875
Investments in controlled entities 56,815 49,849
Available-for-sale financial assets 14,192 31,574
Investments accounted for using the equity method 195,246 196,298
Property, plant and equipment 387,142 347,179
Investment properties 29,900 24,900
Goodwill and other intangible assets 9,583 10,824
Deferred tax assets 7,501 8,773
Other 1,706 1,448
Total non-current assets 702,549 671,720
Total assets 747,059 710,432
Payables 20,596 25,111
Interest bearing liabilities and borrowings 31,975 20,393
Current tax liabilities 4,879 4,338
Provisions 9,858 14,254
Other 18,454 14,719
Total current liabilities 85,762 78,815
Payables 2 161
Loans from controlled entities 30 25,968
Interest bearing liabilities and borrowings 147,067 131,926
Deferred tax liabilities 33 99
Provisions 3,949 9,584
Other 2,657 2,025
Total non-current liabilities 153,738 169,763
Total liabilities 239,500 248,578
Net assets 507,559 461,854
Equity
Share capital 97,030 92,203
Reserves 21,037 26,994
Retained earnings 389,492 342,657
Total equity 507,559 461,854
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