NOTES TO THE FINANCIAL STATEMENTS CONTINUED
The Group
2007 2006
$’000 $’000
NOTE 35 — INVESTMENTS IN ASSOCIATES
Results of associates
Share of associates’ profit before income tax 34,380 34,622
Share of associates’ income tax expense (8,044) (8,963)
Share of associates’ net profit — equity accounted 26,336 25,659
Share of post-acquisition retained earnings and reserves attributable to associates
Retained earnings
Share of associates’ retained earnings at the beginning of the year
32,903 18,504
Share of net profit of associates 26,336 25,659
Transfer from asset realisation reserve — 696
Transfer from general reserve (2) 374
Transfer from foreign currency translation reserve — (758)
Distributions from associates (12,371) (11,572)
Share of associates’ retained earnings at the end of the year 46,866
32,903
Hedging reserve
Share of associates’ hedging reserve at the beginning of the year — —
Share of decrement in hedging reserve of associates (416) —
Share of associates’ hedging reserve at the end of the year (416) —
Asset realisation and general reserve
Share of associates’ asset realisation and general reserve at the beginning
of the year — 1070
Transfer to retained earnings 2 (1070)
Share of decrement in general reserve of associates (2) —
Share of associates’ asset realisation and general reserve at the end
of the year — —
Foreign currency translation reserve
Share of associates’ foreign currency translation reserve at the beginning
of the year (834) (1,746)
Transfer to retained earnings — 758
Share of (decrement)/increment in foreign currency translation reserve of associates
(1,573) 154
Share of associates’ foreign currency translation reserve at the end
of the year (2,407) (834)
Movements in carrying amount of associates
Carrying amount of associates at the beginning of the year 76,515 61,625
Foreign currency translation movements (521) 663
Share of associates’ net profit 26,336 25,659
Share of equity accounted profit booked to provision for support — 48
Distributions received from associates (12,371) (11,572)
Share of (decrement)/increment in associates’ reserves (1,991) 154
Reclassification from other financial assets 1,814 —
Disposal of associate (909) —
Other — (62)
Carrying amount of associates at the end of the year 88,873 76,515
Commitments
Share of associates’ capital expenditure commitments contracted but not
provided
for or payable:
Not later than one year
Later than one year but not later than five years
788
—
—
—
788 —
The Group
2007
$’000
2006
$’000
NOTE 35 — INVESTMENTS IN ASSOCIATES (CONTINUED)
Share of associates’ operating lease commitments contracted but not provided
for or payable:
Not later than one year
Later than one year but not later than five years
Later than five years
6,510
21,192
32,778
5,928
22,875
37,615
60,480 66,418
Share of associates’ finance lease commitments contracted but not provided
for or payable:
Not later than one year
Later than one year but not later than five years
Later than five years
—
—
—
261
—
—
Less: Future lease finance charges
—
—
261
(3)
— 258
Share of associates’ contingent liabilities
Refer to Note 31.
Details of the Group’s investments in associates are as follows:
Investment Contribution to
Interest carrying amount operating profit
2007 2006 2007 2006 2007 2006
Name Principal activities % % $’000 $’000 $’000 $’000
Atlab Holdings Pty Limited Multiple copy film release printing
and post-production facility 50 50 6,584 4,879 2,705 2,976
Cinesound Movietone
Productions Pty Limited Film owner and distributor 50 50 175 136 39 20
CS Konstanz GmbH Film exhibitor 50 50 603 559 90 253
Filmpalast an ZKM
Karlsruhe GmbH Film exhibitor 50 50 3,124 2,635 1,088 664
Greater Union Kieft BV Film exhibitor 33 33 555 917 452 247
Hindmarsh Square
Entertainments Pty Limited Property owner and film exhibitor (e) — 50 — 909 — (78)
MAF Greater Union LLC Film exhibitor 49 49 12,806 13,740 6,475 4,741
Roadshow Distributors
Pty Limited Film distributor 50 50 62,943 52,740 15,112 16,884
Rydges Rotorua Hotel Limited Hotel owner (d) 25 (d) 25 2,083 — 375 —
Village Drive-In (Essendon)
Pty Limited Investor 50 50 — — — —
Village Roadshow
Netherlands BV Film distributor (e) — 50 — — — (48)
88,873 76,515 26,336 25,659
(a) Dividends received from associates for the year ended 30 June 2007 by
the Group amount to $12,371,000 (2006: $11,572,000).
(b) MAF Greater Union LLC was incorporated in the United Arab Emirates. CS
Konstanz GmbH and Filmpalast an ZKM Karlsruhe GmbH were incorporated in Germany.
Greater Union Kieft
BV and Village Roadshow Netherlands BV were incorporated in The Netherlands.
All other associates were incorporated in Australia.
(c) The balance date of all associates is 30 June, with the exception of MAF
Greater Union LLC which has a balance date of 31 December.
(d) Rydges Rotorua Hotel Limited has been equity accounted from 1 July 2006.
The 2007 amount includes an adjustment of $130,000 on adoption of equity accounting.
(e) The interest in these associates was disposed of during the year.
Go to top
 |
To search for a particular word or phrase enter the criteria in the search field and either click on the Search button or simply hit Enter or Return on your keyboard. |
 |
Use this tool to go to any particular page of the annual report by either entering the specific page number and hitting return or by using the forward and back buttons. |
 |
To view the document in either single page view or double page spreads click on the appropriate button. |
 
|
Click Enlarge to make the pages bigger and click Reduce to return to the original size. |
 |
Click to view thumbnails of the entire report. You will then be able to go directly to a specific page in the report. |
 |
Click PDFs to access a complete set of PDF files of the annual report. You will also be able to download a single PDF file of the entire annual report here. |
 |
To print out the annual report pages you are viewing click Print. You can also use your default print function from your keyboard. |
 |
If you would like to email a reference to the page you are viewing to a colleague or friend click Email. The email message will already be setup for you with a link to the page and you can add additional information if you wish. |
|
|
To view the complete sitemap of the Annual Report click the Sitemap button. |
