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Annual Report

For

Buller Holdings Limited & Group

For the Year Ended 30 June 2014

Buller Holdings Ltd 30 June 2014 1

CONTENTS Page DIRECTORY .................................................................................................................................. 2

THE PERIOD IN REVIEW ............................................................................................................. 3

CHIEF EXECUTIVE’S REPORT ................................................................................................... 5

DIRECTORS’ DECLARATION ...................................................................................................... 7

PERFORMANCE INFORMATION

Statement of Comprehensive Income ................................................................................. 9

Statement of Changes in Equity ........................................................................................ 10

Statement of Financial Position ......................................................................................... 11

Statement of Cash Flows .................................................................................................. 12

Statement of Accounting Policies ...................................................................................... 13

Statement of Objectives and Performance ....................................................................... 20

Notes to the Financial Statements .................................................................................... 24

STATUTORY INFORMATION ..................................................................................................... 37

AUDIT OPINION .......................................................................................................................... 40

2014 ANNUAL REPORT

The Directors are pleased to present the Annual Report for Buller Holdings Limited and Group for the year ended 30 June 2014.

On behalf of the board:

Brian Wood

Director (Chairman)

Date: 30 September 2014


DIRECTORY

Issued Capital 19,033,001

Registered Office 80 Russell Street, Westport

Directors Brian John Wood (Chair)

William Woodhouse Lee (Deputy Chair)

Elizabeth Hopkins (appointed 30 October 2013)

John Bassett Morten (appointed 30 October 2013)

Kevin Jackson (retired 30 October 2013)

Paul Wylie (retired 30 October 2013)

Company Number 1975084

Auditor Audit New Zealand (Christchurch) on behalf of the Auditor-General

Bankers Westpac Solicitors Gallaway Cook Allen

276 Princes Street, Dunedin

Date of Formation 25th September 2007

Shareholders Buller District Council, 19,033,001 Ordinary Shares


THE PERIOD IN REVIEW

Chairman’s Report for the year ended 30 June 2014

The 2014 year has been a busy one for the group. The local economy has experienced some pressure from the downturn in mining particularly during the second half of the year and this has required careful planning and investment in future capacity.

The focus of the group continues to be around maximising the combined strengths of the subsidiaries to drive economies in processes and to recognise opportunities for growth.

Financial results

In the 2013-14 year the group generated a profit before taxation of $497,000 (2013 $850,000). This is positive result given the current economic climate. A subvention payment of $457,000 was made during the year from Buller Holdings to Buller District Council. A further subvention payment from WestReef Services to Buller District Council was made of $184,000 making a total distribution of $641,000 during the year ended 30 June 2014.

Due to the impending departure of Holcim NZ management has completed a detailed valuation of Buller Holdings Investment in Westport Harbour. Holcim NZ has confirmed they are leaving the district mid-2016 and currently there are no other significant revenue streams for Westport Harbour as a result Buller Holdings has incurred an impairment loss of $962,000 in the 2014 financial year to write down the investment held in Westport Harbour.

The taxation expense for the group has been calculated at $28,000. All of this is deferred tax using the loss offset provisions accumulated, meaning there will be no tax payable by the group for the 2014 year.

Subsidiary companies

WestReef Services Ltd has had another strong year generating revenue of $11,849,483 compared to $9,245,000 for the 2013 year. Profit before taxation of $1,346,217 whilst pleasing does not represent a corresponding level of increase and this is due largely to declining margins for core Buller District Council contract works and the timing for work completed on the Westport Water Treatment plant upgrade contract. The company has in the past had a strategy of growing competitively tendered works and remains focused on this strategy to ensure it reduces its dependency on the Council for revenue.

Buller Recreation Ltd has performed well throughout the year generating a loss before taxation of $735,000 compared to a loss of $759,000 for the 2013 year. However, it generated a small cash surplus.

Westport Harbour Ltd ended the year with a pre-tax profit of $40,643 compared to a profit of $436,000 in 2013. This is a disappointing result predominantly driven by unforseen maintenance cost related to dredge slipping maintenance. However the company has a policy of bringing assets up to acceptable levels and maintaining these over the long term and these costs are seen as part of the ownership risk associated with a vessel such as the dredge.

Governance

Monthly board meetings were held during the year providing an opportunity for review of each company’s performance against objectives and to consider opportunities and challenges faced. The Chief Executive and General Managers attend these meetings and present reports and engage in discussion with directors. An audit committee comprising of the full board meets at least quarterly, overseeing financial management and policy issues, legislative compliance and risk management.

A comprehensive risk management system was implemented at the beginning of the year with quarterly reporting from the management team.


Strategic direction & Future focus

Priorities identified in the annual planning session held January 2014 have been reflected in the annual business plans adopted for each company and remain the focus going forward.

Acquiring new port business is still a key issue for resolution, with the mining downturn and pending departure of Holcim NZ from its Westport Operation further highlighting the risks going forward for the Harbour business. A key objective for the coming year is to complete a review of all future opportunities for the Harbour.

Given the recession in the local economy over the last half of the financial year both WestReef and Buller Recreation have reaffirmed their focus to ensure cost management is at the forefront of their daily operation to ensure current market share is retained in their respective markets.

Director changes

At the 2013 annual general meeting, directors Paul Wylie and Kevin Jackson retired from the company and new directors, John Morten and Elizabeth Hopkins were appointed by the shareholder. I wish to record my appreciation for the work that Paul Wylie and Kevin Jackson carried out during their appointments.

I would also like to acknowledge the board’s appreciation of the efforts of staff of the companies within the group during the past year.

Brian Wood

Director (Chairman)


Chief Executive’s report

The departure of Trish Casey from the chief executive role in November 2013 has allowed for some movement within Buller Holdings management team and provided opportunities for further professional development. Each company in the group has a strong workplace culture relevant to their organisation and as a result this has excellent retention of quality employees. Safety is always a strong focus for the management team which also contributes to this culture by ensuring everyone has accountability for the wellbeing of people this was further highlighted by an external Health and Safety review completed during the year.

Throughout the year the companies have worked hard to improve what we do and to find new opportunities for growth. The successful procurement of the $4m Westport Water Treatment plant up-grade contract and work completed to date on this contract along with Planting and Grounds Maintenance work at Holcim & Stockton Alliance, Cycle way Construction for Mokihinui Lyell Back Country Trust and the ongoing outport dredging works at Port Nelson are examples of growth achievements made in the past year.

Holcim NZ Ltd’s decision to cease operations in Westport mid 2016 presents a significant challenge to be worked through with port management and directors in the short term. With a number of possible opportunities and scenarios currently being investigated re the future make up of Westport Harbour.

During the year the highlights for the group have been:

• Capital investments in key assets backed up with strong asset management planning in place throughout

the group • External review of the subsidiaries’ Health and Safety Procedures • Building strong relationships with new and existing clientele • Working closely with Buller District Council to ensure an alignment of objectives and use of combined

strengths • Retention of existing staff and continued investment in staff development • Winning the Buller District Council water treatment tender and construction work completed to date onsite

The management team is committed to continuing the focus on improvement, growth and support to the Buller Community. I extend my appreciation to the directors, the management team and to all employees who have contributed to a strong year for the group.

Stephen Lowe

Chief Executive


Operations Manager’s report - WestReef Services Ltd

The 2013/2014 twelve-month period has seen a variety of changes occur throughout the Buller District and WestReef Services alike. We have operated in a challenging economic environment, experienced growth and obtained many achievements as a company.

A major contributor to change throughout the district recently has been the reduction in international coking coal prices; this has markedly slowed development and had a drastic impact on revenue streams within the private sector. Despite the corresponding regional economic downturn WestReef has continued in its drive forward both in a developmental capacity and financially. In April this year Cyclone Ita changed the face of the district causing extensive damage and thus generating much demolition and restorative work for the company.

With a total operating revenue of $11.8m, comparatively this presented a substantial increase (28%) on the previous twelve month period. The increase in revenue can largely be attributed to the Westport Water Treatment Plant upgrade contract. Whilst we have experienced development in revenue over the past year we have maintained a profit margin ($1.3m), almost identical to the 2012/2013 period.

2013 / 2014 has seen a clear shift in the economic climate however WestReef has grown in terms of capability. We have proceeded in undertaking several key construction projects. Most notably, Stage 1 of the Westport Water Treatment Plant contract – our largest contract to date has progressed well. Additionally, for the fourth consecutive year, we successfully tendered the Derby St contract. Our relationship with the Old Ghost Road cycleway has prospered and continues with further stages to be awarded. We have ensured a continuation of project delivery and fostering relationships with various key clients. This has proved invaluable ensuring stability through somewhat uncertain times.

Entering the Leading Light Business awards WestReef was a finalist in three categories and was the recipient of the Leading Light Enterprise Award.

It is pleasing to note that commitment to staff development is ongoing with staff undertaking various national certificate and diploma qualifications currently.

Much work and focus has been placed upon further development of the company Health &Safety process, practices and culture. Change has been driven here in order to align ourselves with new legislative changes that will come into effect early to mid-2015.

Further development of the company fleet has seen us make some major capital purchases. These include the ‘Ditch Witch’ Directional Drill and a new John Deere Grader. Attaining new ‘up-to-date’ plant and equipment has placed WestReef in a position where we can be competitive in a variety of markets both existing and up-coming.

Looking forward there are some exciting and obtainable opportunities that lie ahead. These include but are not limited to, the BDC Derby Street Contract, various directional drilling opportunities and The Old Ghost Road cycleway.

Although the economic future is somewhat uncertain throughout the district, we are placed well to take advantage of the opportunities that lay ahead. Remaining diverse and open to new challenges will aim to ensure the company is poised to remain resilient within a somewhat declining market place.

I wish to recognise the efforts of all staff for another safe and successful year of operations at WestReef. The strength, position and capability of the company are credit to all management and on-ground staff.

Dylan Taylor

Operations Manager


General Manager’s report - Buller Recreation Ltd

The 2013-14 year was another successful one for the Solid Energy Centre (SEC) given the economic climate of the region during this period. Our membership has unfortunately reduced due in part to economic pressures and a competitor’s gym opening in town, however we still have well over 500 members which is great to see, and have between 11-15,000 people come through our doors each month of the year.

Tribe Team Training was introduced to the SEC in March 2014, with one of the squash courts being converted to a training room specifically for this programme. Four teams of 8 were expected for the first season, however 6 teams signed up which was great to see. Since then Tribe has grown to 8 teams, and has stayed at that level, which is well beyond our initial expectations.

The energy improvements on the building have significantly reduced our costs, with our electricity consumption dropping by 20%. There are still some aspects of the improvement programme to implement, but we have already seen through this winter the improvement in system reliability and energy use.

The centre has once again hosted some big events, such as the West Coast Wedding Show, two weddings, a mid-winter ball and plenty of sporting tournaments. These tournaments bring teams from all over the South Island to Westport, and are a fantastic economic boost for the town. They would not be possible without the quality facility we have here, and many visitors comment on how fortunate we are to have such a facility in our town.

A recent customer survey gave us a score of 87.5% for our customer service, which was great feedback to receive. There is still plenty we can do to improve the service we provide, so the challenge for the next 12 months is to make these changes and continue to look for ways to make keeping fit and healthy a natural part of life for the people of the Buller.

Thanks once again to all those who support the facility. We look forward to another good year ahead with you all.

Glenn Irving

General Manager

Port Managers’ report - Westport Harbour Ltd

A very testing and trying year for Westport Harbour Limited with Holcim NZ’s announcement of its pending departure confirming the future loss of our main customer as such this naturally continues to give cause for concern.

The profit for the year was $40,643 ($436,000 in 2013) Considerably less than the previous year, however this can be attributed to unforeseen dredge maintenance cost that have been incurred during the Kawatiri’s bi-annual slipping.

During the year the departure of Harbour Master Bill Daniels prompted a rethink of the existing operational management structure. It was decided in the present financial climate and with the port’s future uncertain, that current Dredge Master could split his role to encompass Deputy Harbour Master (DHM) duties with a relief HM brought in for the rare situations where this was necessary.

In order to free up the Dredge Master for the DHM role, it was necessary to bring in another experienced Dredge master, and this made sense, particularly with plans for the future of the port being initially in out-port dredging opportunities. We have been extremely lucky to recruit Mike Dennis, a very experienced Dredge master from South Africa, who has fitted into the system very well.

The inshore fishing fleet’s activity has continued to trend upward over the past 12 months and ensure the Harbour area is very active during relevant fishing seasons.

Development and Contractual arrangements surrounding the Coal Handling facility have been placed on hold due to the well-publicised decline in the mining sector as previously mentioned this combined with pending departure of Holcim from the port operation have forced a rethink of the port’s future with all possible future opportunities currently being investigated.

As always the dedicated team of employees have provided a high quality of service to our customers, and have maintained their professionalism throughout the year.

Mike Graham

Port Manager & Harbourmaster


DIRECTORS’ DECLARATION

In the opinion of the Directors of Buller Holdings Limited, the consolidated financial statements, statement of objectives and performance, accounting policies and notes, on pages 9 – 36: • Comply with New Zealand generally accepted accounting practice and give a true and fair view of the financial

position of the Company and Group as at 30 June 2014 and the results of their operations for the period ended on that date;

• Have been prepared using accounting policies appropriate to the Company and Group circumstances, which

have been consistently applied and supported by reasonable and prudent judgements and estimates, and that all applicable New Zealand Equivalents to International Financial Reporting Standards have been followed.

The Directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the determination of the financial position of the Company and Group and facilitate compliance of the financial statements with the Financial Reporting Act 1993. The Directors consider that they have taken adequate steps to safeguard the assets of the Company and Group, and to prevent and detect fraud and other irregularities. Internal control procedures are also considered to be sufficient to provide a reasonable assurance as to the integrity and reliability of the financial statements. The Directors are pleased to present the consolidated financial statements of Buller Holdings Limited and Group for the year ended 30 June 2014. For and on behalf of the Board of Directors:

Brian Wood William Lee Director Director


STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2014

Group Group Parent Parent

$000 $000 $000 $000Revenue 4 16,368 13,535 386 361

ExpensesPersonnel costs 5 5,463 5,270 190 154Depreciation and amortisation 6 1,404 1,153 1 1Other expenses 7 8,831 6,164 245 310Impairment losses 29 30 66 962 885Total expenses 15,728 12,653 1,398 1,350

PROFIT/(LOSS) BEFORE FINANCING COSTS 640 882 (1,012) (989)Finance income 26 40 6 1,427Finance expenses ( 145 ) ( 116 ) ( 111 ) ( 88 )Discount on low interest loans ( 24 ) 72 - -Procurement fee for EECA loan - ( 28 ) - -NET FINANCE (EXPENSE)/INCOME 9 (143) (32) (105) 1,339PROFIT/(LOSS) BEFORE TAXATION 497 850 (1,117) 350Tax expense/(credit) 10 (28) (20) (2) 1Subvention payment 25 641 942 457 574PROFIT/(LOSS) AFTER TAXATION ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE COMPANY

(116) (72) (1,572) (225)

Other Comprehensive Income - - - -

TOTAL COMPREHENSIVE (LOSS) ( 116 ) ( 72 ) ( 1,572 ) ( 225 )

2013 2013

The accompanying accounting policies and notes form part of these financial statements.

Notes 2014 2014

Buller Holdings Limited 30 June 2014 10

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2014

Group Parent

Share Capital

Retained Earnings 2014 Total Equity

Share Capital

Retained Earnings

2014 Total Equity

Balance at 1 July 2013 18,988 ( 3,403 ) 15,586 18,988 ( 1,000 ) 17,988Total comprehensive income for the yearLoss for the year - ( 116 ) ( 116 ) - ( 1,572 ) ( 1,572 )Other comprehensive income - - - - - -Total comprehensive income/(loss) for the year - (116) (116) - ( 1,572 ) ( 1,572 )

Transactions with owners recorded directly in equityIncrease in share capital 45 - 45 45 - 45Distributions to shareholders - - - - - -

45 - 45 45 - 45Balance at 30 June 2014 19,033 ( 3,519 ) 15,515 19,033 ( 2,572 ) 16,461

Share Capital

Retained Earnings 2013 Total Equity

Share Capital

Retained Earnings

2013 Total Equity

Balance at 1 July 2012 18,988 ( 3,331 ) 15,658 18,988 ( 775 ) 18,213Total comprehensive income for the yearLoss for the year - ( 72 ) ( 72 ) - ( 225 ) ( 225 )Other comprehensive income - - - - - -Total comprehensive income/(loss) for the year - (72) (72) - ( 225 ) ( 225 )

Transactions with owners recorded directly in equityDistributions to shareholders - - - - - -

- - - - - -Balance at 30 June 2013 18,988 ( 3,403 ) 15,586 18,988 ( 1,000 ) 17,988



STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014

Group Group Parent ParentNotes 2014 2013 2014 2013

$000 $000 $000 $000EQUITYShare capital 11 19,033 18,988 19,033 18,988Retained earnings ( 3,519 ) ( 3,403 ) ( 2,572 ) ( 1,000 )Total equity 15,515 15,585 16,461 17,988

REPRESENTED BY:ASSETSCurrent AssetsCash and cash equivalents 22 2,037 1,211 805 49Inventory 8 348 279 - -Short-term deposits 22 - 524 - 142Advance to Buller Recreation Limited 25 - - 12 -Distributions receivable 25 - - 229 1,415Receivables and Prepayments 12 2,333 1,804 38 39Total current assets 4,718 3,818 1,084 1,645

Non current assetsProperty, plant and equipment 16 18,768 19,148 381 382Intangibles 17 12 6 - -Deferred tax asset 14 200 173 5 3Advance to Buller Recreation Limited 25 - - 72 90Goodwill 19 389 419 - -Investment in subsidiaries 13 - - 17,475 18,392Total non current assets 19,369 19,746 17,933 18,867Total assets 24,087 23,564 19,017 20,512

LIABILITIESCurrent liabilitiesPayables and accrued expenses 15 2,238 1,627 164 139Provisions 26 111 104 - -Employee entitlements 21 686 572 28 21Loans 20 80 2,647 - 2,364Total current liabilities 3,115 4,950 192 2,524

Non current liabilitiesEmployee Entitlements 21 29 110 - -Deferred tax liability 14 2,195 2,196 - - Loans 20 3,233 722 2,364 -Total non current liabilities 5,457 3,028 2,364 -Total liabilities 8,572 7,978 2,556 2,524NET ASSETS 15,515 15,585 16,461 17,988



STATEMENT OF CASHFLOW FOR THE YEAR ENDED 30 JUNE 2014


$000 $000 $000 $000CASH FLOW FROM OPERATING ACTIVITIESCash flow was provided from:Receipts from customers 14,842 13,614 386 361Interest Received 953 42 6 12Tax Received 2 - - -

15,797 13,656 392 373Cash was distributed to:Payments to suppliers and employees 13,545 11,515 425 487Interest expense 122 88 88 88Procurement fee for BDC loan - 28 - -Subvention payment 825 850 457 574Net GST paid ( 55 ) 32 - ( 1 )

14,437 12,513 970 1,148Net Cash inflow/(outflow) from operating activities 27 1,360 1,143 (578) (775)

CASHFLOWS FROM INVESTING ACTIVITIESCash was provided from:Sale of property, plant and equipment 23 - - -Realisation of Term deposits 524 1,160 142 170Repayment from subsidiaries - - 6 -Distributions received - - 1,186 1,055

547 1,160 1,334 1,225Cash was applied to:Acquisition of investment in subsidiaries - - 45 -Investments made in term deposits - 382 - -Purchase of property, plant and equipment 1,047 1,583 - 382

1,047 1,965 45 382Net Cash inflow/(outflow) from investing activities (500) (805) 1,289 843

CASHFLOWS FROM FINANCING ACTIVITIESCash was provided from:Issued capital 45 - 45 -Increase in BDC Advance - 398 - -

45 398 45 -Cash was applied to:Repayment of loans 80 - - 40

80 - - 40Net cash inflow/ (outflow) from financing activities (35) 398 45 (40)Net increase/ (decrease) in cash held 825 736 756 28Add opening cash 1,211 475 49 21Closing balance 2,036 1,211 805 49Made up of:Bank 22 2,037 1,211 805 49Closing cash balance 2,037 1,211 805 49


2013 2013Notes 2014 2014

STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2014

1/ Reporting Entity

Buller Holdings Limited (the “Company”) is wholly owned by the Buller District Council and is registered under the Companies Act 1993.

The consolidated financial statements of the Group have been prepared in accordance with the requirements of the Companies Act 1993, the Financial Reporting Act 1993 and the Local Government Act 2002.

Financial statements for the Company (separate financial statements) and consolidated financial statements are presented. The consolidated financial statements of Buller Holdings Limited and Group as at and for the year ended 30 June 2014 comprise the Company and its wholly owned subsidiaries WestReef Services Limited, Buller Recreation Limited and Westport Harbour Limited (collectively referred to as the “Group”).

The Company is domiciled in New Zealand. The main activities carried out by Buller Holdings Limited are governance of its subsidiaries WestReef Services Limited, Buller Recreation Limited, Westport Harbour Limited,and also Westport Airport Joint Venture and the Punakaiki Camp on behalf of Buller District Council.

The Company and Group are primarily involved in the management of Buller Port Services, WestReef Services Limited (infrastructure maintenance), the Westport Airport, and Buller Recreation Limited.

From 1 April 2014, the new Financial Reporting Act 2013 (“FRA 2013”) has come into force replacing the Financial Reporting Act 1993. This is effective for all for-profit entities with reporting periods beginning on or after 1 April 2014. This will be effective for the Company and Group’s 30 June 2015 year end.

It is expected that the change in legislation will have no material impact on the Company and Group’s obligations to prepare generally accepted accounting practice financial statements.

In addition to the change in legislation the External Reporting Board of New Zealand (“XRB”) has released a new accounting standards framework which establishes the financial standards to be applied to entities with statutory financial reporting obligations. The Company and Group currently report under NZ IFRS. Under the new XRB framework Management expects that the Company and Group will be reporting under the PBE Standards as applicable for Tier 1 entities. Management expects that this will materially impact the preparation and disclosures included in the financial statements. This will be applicable for the Group and Parent’s 30 June 2015 year end.

2/ Basis of Preparation

(a) Statement of Compliance

The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”). They comply with New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”), and other applicable Financial Reporting Standards, as appropriate for public benefit entities.

The accounting policies set out below have been applied consistently throughout all years presented in these financial statements.

The financial statements were approved by the Board of Directors on 30 September 2014.

The Company and Group financial statements have been prepared on a going concern basis as the Directors believe the Company and Group will be able to generate sufficient cash from trading activities.

(b) Measurement Base

The financial statements have been prepared on an historical cost basis.

(c) Functional and presentation currency

These consolidated financial statements are presented in New Zealand dollars, which is the company’s functional currency. All financial information presented in New Zealand dollars has been rounded to the nearest thousand.

(d) Use of estimates and judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future years affected.

The key area of estimation is in relation to the Group’s obligations in respect of long-term employee benefits. Further details of the estimation used are described in the accounting policies.


STATEMENT OF ACCOUNTING POLICIES CONTINUED

(e) Changes in accounting policies

The Group has adopted the following new and amended NZ IFRSs as of 1 July 2013:

NZ IAS 19 Employee Benefits (Revised 2011) - the main change introduced by this standard is to revise the accounting for defined benefit plans. The new standard is required to be adopted for the year ended 30 June 2014.NZ IFRS 12 Disclosure of Interests in Other Entities – This standard applies to entities that have an interest in subsidiaries, joint arrangements, associates or unconsolidated structured entities. The standard establishes disclosure objectives and specific minimum disclosures that an entity must provide to meet those objectives. An entity should disclose information that helps users of its financial statements evaluate the nature of and risks associated with its interests in other entities and the effects of those interests on its financial statements. This standard is required to be adopted for the year ended 30 June 2014.

NZ IFRS 13 Fair Value Measurement – Classification and Measurement – the standard provides guidance on measure of fair value assets and liabilities. The standard also expands the disclosure requirements for all assets or liabilities carried at fair value.

NZ IFRS 7 Disclosures – Transfers of Financial Assets (Amendments) - These were issued to enhance the transparency of disclosure requirements for the transfer of financial assets.

NZ IFRS 10 Consolidated Financial Statements replaces NZ IAS 27 Consolidate and Separate Financial Statements. The standard’s objective is to have a single basis for consolidation for all entities regardless of the nature of the investee, and that basis is control. Control is defined in the standard and the standard provides guidance on how to apply the control principle in a number of situations. An investor would reassess whether it controls an investee if there is a change in facts and circumstances. This standard has been issued concurrently with NZ IFRS 11, NZ IFRS 12, NZ IAS 27 and NZ IAS 28.

Adoption of the above standards did not have a material impact on the financial statements of the group.

3/ Significant accounting policies

The following particular accounting policies, which materially affect the measurement of financial results and financial position, have been applied:

(a) Basis of Consolidation

The purchase method is used to prepare the consolidated financial statements, which involves adding together like items of assets, liabilities, equity, income and expenses on a line-by-line basis. All significant intergroup balances, transactions, income and expenses are eliminated on consolidation.

(i) Subsidiaries

The Company consolidates as subsidiaries in the group financial statements all entities where the company has the capacity to control their financing and operating policies so as to obtain benefits from the activities of the entity. This power exists where the parent company controls the majority voting power on the governing body or where such policies have been irreversibly predetermined by the parent company or where the determination of such policies is unable to materially impact the level of potential ownership benefits that arise from the activities of the subsidiary.

The company measures the cost of a business combination as the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, in exchange for control of the subsidiary plus any costs directly.

Any excess of the cost of the business combination over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recognised as goodwill. If the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised exceeds the cost of the business combination, the difference will be recognised immediately in the statement of comprehensive income.

Investments in subsidiaries are carried at cost less impairment in Buller Holdings Limited own “parent entity” financial statements.



(b) Property, Plant and Equipment

(i) Recognition and measurement

Property, Plant and Equipment is recorded at historical cost less depreciation and impairment losses. The cost of items of property, plant and equipment is recognised as an asset if, and only if, it is probable that future economic benefits will flow to the Group and the cost of the item can be measured reliably.

Cost includes expenditures that are directly attributable to the acquisition of the asset.

When parts of an item of property, plant, and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the asset. Gains and losses on disposals are included in the statement of comprehensive income. When revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings.

(ii) Subsequent costs

Costs incurred subsequent to initial acquisition are capitalised only when it is probable that future economic benefits will flow to the Group and the cost of the item can be measured reliably

(iii) Depreciation

Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value.

Depreciation is recognised in the profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant, and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset.

The useful lives for the current and comparative periods are as follows:

Useful Lives Depreciation Rate

Buildings 14 -65 years 1% - 7%

Leasehold Improvements 10 - 15 years 6.5% - 15%

Plant & Equipment 2.5 - 25 years 4.0% - 40%

Office Equipment 2.5 - 16.67 years 6% - 40%

Computer Equipment 3 - 5.5 years 18% - 36%

Vehicles 3 - 12 years 8% - 29%

Land is not depreciated.

Capital work in progress is not depreciated. The total cost of a project is transferred to plant and equipment on its completion and then depreciated.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

(c) Goodwill

Goodwill represents the excess of cost of the acquisition over the fair value of the identified assets, liabilities and contingent liabilities acquired.

Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment.

(d) Inventories

Inventories held for sale on a commercial basis are valued at the lower of cost and net realisable value. The cost of the inventory is determined using the first in first out method.

The amount of write-down for the loss of service potential or from cost to net realisable value is recognised in the profit or loss in the period of the write-down.


STATEMENT OF ACCOUNTING POLICIES CONTINUED(e) Impairment

The carrying amounts of the Company and Group’s assets, other than deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists then the asset’s recoverable amount is estimated.

An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. A cash-generating unit is the smallest identifiable asset group that generates cash flows that are largely independent from other assets. Impairment losses are recognised in the profit or loss.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised.

(f) Employee Entitlements

(i) Defined contribution plan

The group contributes to a defined contribution plan which is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in the profit or loss in the period during which services are rendered to employees.

(ii) Long-term employee benefits

Provision is made in respect of the Group’s liability for annual, long service and retirement leave when it is probable that settlement will be required and if these liabilities are capable of being measured reliably.

The Group’s net obligation in respect of long-term employee benefits (such as long service leave and retirement leave) is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on government bond yields that have maturity dates approximating the terms of the Group’s obligations. Any actuarial gains or losses are recognised in the profit or lossin the period in which they arise.

(iii) Short-term employee benefits

Short-term employee benefit obligations (such as payments for annual leave) are measured on an undiscounted basis and are expensed as the related service is provided.

(g) Provisions

The Company and Group recognises a provision for future expenditure of uncertain amount or timing when there is a present obligation (either legal or constructive) as a result of past event, and it is probable that expenditures will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not recognised for future operating losses.

(h) Revenue

(i) Goods sold

Revenue from the sale of goods is measured at the fair value of the consideration received or receivable. Revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer and recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. If it is probable that discounts will be granted and the amount can be measured reliably, then the discount is recognised as a reduction of revenue as the sales are recognised.

(ii) Services and management fees

Revenue from services rendered is recognised in the profit and loss in proportion to the stage of completion of the transaction as at the reporting date. The stage of completion is assessed by reference to surveys of work performed.



(i) Leases

Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Upon initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset.

Other leases are operating leases and the leased assets are not recognised on the Group’s balance sheet. Payments made under operating leases are recognised in the profit or loss- on a straight-line basis over the term of the lease.

(j) Finance Income and Expenses

Finance income comprises interest income, and dividend income. Interest income is recognised as it accrues, using the effective interest method. Dividend income is recognised on the date that the Company’s right to receive payment is established.

Finance expenses comprise interest expense on borrowings and bank charges. All borrowing costs are recognised in profit or loss using the effective interest method, unless they meet the capitalisation criteria under NZ IAS 23, Borrowing Costs.

(k) Taxation

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets and liabilities in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is calculated on the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right or offset the current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised, Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

(l) Trade and other payables

Trade and other payables are stated at cost.

(m) Trade and other receivables

Trade and other receivables are initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method, less any provision for impairment.

A provision for impairment of receivables is established when there is objective evidence that the Company and Group will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted using the effective interest rate method.



(n) Goods and Services Tax

All items in the financial statements are exclusive of goods and services tax (GST) with the exception of receivables and payables, which are stated with GST included. Where GST is irrecoverable as an input tax then it is recognised as part of the related asset or expense.

(o) Interest-Bearing Borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the statement of comprehensive income over the period of the borrowings on an effective interest basis.

(p) Financial Instruments

The Company and Group is party to non-derivative financial instruments as part of its normal operations. These non-derivative financial instruments include bank accounts, short term deposits, loans, trade receivables, and trade creditors.

Financial instruments are recognised initially at fair value plus, for instruments not at fair value through profit or loss, any directly attributable transaction costs. Subsequent to initial recognition, non-derivative financial instruments are measured at amortised cost less any impairment losses.

The Company and Group do not have any derivative financial instruments.

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effects.

(q) Financial Risk Management

The Board of directors have the overall responsibility for the establishment and oversight of the Group’s risk management framework.

(i) Interest Rate Risk

Interest rate risk is the risk that the value of a financial investment will fluctuate due to changes in interest rates.

The Group has exposure to interest rate risk in respect of its cash and short term deposits.

The interest on the short term deposits is fixed and the cash equivalents held by the Group are on demand.

(ii) Credit Risk

Credit risk is the risk that a third party will default on its obligation to the Group, causing the Group to incur loss. Financial instruments, which potentially subject the Group to credit risk, consist of bank balances and accounts receivable. Concentration of credit risk with respect to accounts receivable is mainly in relation to the Buller District Council making up 43% of receivables, which is considered a high credit quality entity. The Group monitors the credit quality of the financial institutions it invests with and only invests in responsible financial institutions. The Group’s maximum exposure to credit risk in respect of its financial instruments are fair values as discussed in the note 18.

(iii) Currency Risk

Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in the foreign exchange rates.

The Group has no exposure to currency risk.

(iv) Liquidity Risk

Liquidity risk represents the Company’s ability to meet its contractual obligations. The Group evaluates its liquidity requirements on an ongoing basis. In general, the Group generates sufficient cash flows from its operating activities to meet its obligations arising from its financial liabilities and would have credit lines in place to cover potential shortfalls.

(r) Capital Management

The Company and Group’s capital includes share capital and retained earnings. The Company and Group do not have any exposure to external debt and is not subject to any externally imposed capital requirements.

The Company and Group policy is to maintain a strong capital base so as to maintain shareholder and creditor confidence and to sustain future development of the business.



The Company and Group’s policies in respect of capital management and allocation are reviewed regularly by the Board of Directors. There have been no material changes in the Company and Group’s management of capital during the period.

(s) Standards or Interpretations Not Yet Effective

Outlined below are new standards, amendments to standards and interpretations that are not yet effective for the year ended 30 June 2014, and have not been applied in preparing these financial statements but may be relevant in the future. These new standards will only be applied in the Company and Group’s financial statements from their effective date. None of these are expected to have a significant impact on the Group.

The following standards and interpretations are issued and are not yet effective for the year ended 30 June 2014and have not been applied in preparing these financial statements that are considered to be relevant in the future are:

NZ IFRS 9 Financial Instruments will eventually replace NZ IAS 39 Financial Instruments: Recognition and Measurement. NZ IAS 39 is being replaced through the following three main phases: Phase 1 Classification and Measurement, Phase 2 Impairment Methodology, and Phase 3 Hedge Accounting. Phase 1 has been completed and using the fair value model in accordance with NZ IAS 40 Investment Property. The amendment introduces a presumption that an investment property is recovered entirely through sale. This presumption is rebutted if the investment property is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale. The amendments must be adopted for the year has been published in the new financial instrument standard NZ IFRS 9. NZ IFRS 9 uses a single approach to determine whether a financial asset is measured at amortised cost or fair value, replacing the many different rules in NZ IAS 39. The approach in NZ IFRS 9 is based on how an entity manages its financial assets (its business model) and the contractual cash flow characteristics of the financial assets. The financial liability requirements are the same as those of NZ IAS 39, except for when an entity elects to designate a financial liability at fair value through the surplus or deficit. The new standard is required to be adopted for the year ended 30 June 2016.

NZ IFRS 15 Revenue from contract with customers. The new standard is required to be adopted for the year ended 30 June 2018.

The amendments of these standards and interpretations are not expected to have a significant impact on the company’s operations.

Due to the change in the Accounting Standards Framework for public benefit entities, it is expected that all new NZ IFRS and amendments to existing NZ IFRS will not be applicable to public benefit entities. Therefore, the XRB has effectively frozen the financial reporting requirements for public benefit entities up until the new Accounting Standard Framework is effective. Accordingly, no disclosure has been made about new or amended NZ IFRS that exclude public benefit entities from their scope.


STATEMENT OF OBJECTIVES AND PERFORMANCEParent

Service Performance

During the year the board of directors met with Council on a quarterly basis providing quarterly, half yearly and annual reports along with explanations and discussions on future plans.

The General Manager met with the Chief Executive several times during the year and maintained a strong and collaborative working relationship.

Formal reports to the Council were not provided monthly, but on an as needed basis.

Financial Performance

Group Performance Budget Actual2013/14 2013/14

$'000 $'000

Group Revenue 12,848 16,368

Group Expenditure 11,101 15,728

Net Operating Surplus 1,747 640

Forecasted distribution to shareholders 879 457

Provision for capex 663 -

Return on Revenue 4.7% 4.0%

Statement of Intent Targets

The targets as set out in the individual statements of intent for each subsidiary are shown below with an update of progress:

Buller Holdings Ltd

Performance Measure Target AchievementService Performance The board of directors will meet

with the Councillors on a formal basis three times a year and at other times by request

The Chief Executive will meet with the Buller District Council Chief Executive 6 times a year for a verbal update on issues and performance

The Chief Executive will provide a formal reports to Council on a regular basis or as requested

The CCTO committee met five times during the year

There were four meetings between the CEOs during the year

Quarterly reports were provided and the CCTO committee were updated monthly

Performance against charter Buller Holdings directors andstaff will adhere to the requirements of the protocols and charter agreed with BDC

All charter and protocol requirements were adhered to


Subsidiaries

WestReef Services Ltd

The principal objective of the company is to operate as a successful business.

The objectives of the company for this financial year and the following two financial years were clearly specified in the statement of intent, which was approved by the shareholders.

These objectives are listed below with relevant targets and measures of performance, and the performance achieved during the financial year. (Explanations are provided where the performance achieved is different to the planned target.)

Performance Measure Target Achievement 2014 Achievement 2013

Profitability 10% of gross revenue before subvention payment

To grow gross revenue by 5%

11% Achieved

28% Achieved due to securing the Water Treatment upgrade contact

14.6%

9%

Growth Grow revenue from competitively procured work –target 30% of gross revenue

54% Achieved due to securing the Water Treatment upgrade contact

41% successful in tendering major outside contracts including Derby St Upgrade,Coal town, Punakaiki Treatment Site

Quality Renewal of TQS1 certification Renewed May 14 Achieved May 13

Client satisfaction Meet monthly with major client, BDC engineers, to obtain feedback on specific contract performance

BDC – 11 meetings held

Other Clients – 6 meetings held

Achieved

Not a target for 2013

Community support Support at least six community activities

8 activities supported 12 supported community activities

Target was conservative

Employee satisfaction Employee turnover <15% per annum excluding retirement

Weekly staff meetings with Minutes kept

Ensure succession plans are put in place for all senior management positions.

22% in total, 14% excluding 6 redundancies due to loss of Refuse Contract

Held – all departments

Succession plans current

20% for year based on FTE

Achieved

Succession plans in place

Safety Lost Time Injury <5% of total hours

0 YTD 0.38% for year


Buller Recreation Ltd


The objectives of the company for this financial year and the following two financial years were clearly specified in the statement of intent, which was approved by the shareholders. These objectives are listed below with relevant targets and measures of performance, and the performance achieved during the financial year. (Explanations are provided where the performance achieved is different to the planned target.)

The ratio of shareholders’ funds to total assets is 80% (2013: 81%).

Performance Measure Target Achievement 2014 Achievement 2013

Profitability Revenue and expenditure in line with budget

Revenue exceeds budget by 3%

Expenditure (excluding depreciation and tax) exceeds budget by 9% predominantly due to high unbudgeted repairs and maintenance to the building.

Revenue in line with budget (-0.1%),

Expenditure above budget by 5%.

Fitness membership 450 members

Retention rate >75%

Average 562. 486 as at 30 June 2014. Above target but less than last year due to financial climate of the town and new competition gym.

Achieved (based on Feb-June figures). Retention as at 30 June 2014 is 87% (ranges from 80%-94%).

Achieved. 625 as at 30 June 2013. This is due to an increase in multimemberships.

Average was 634

Not measured however based on membership numbers the company believes it has achieved this

Aquatic centre usage 4000 visits per month

Achieve 150 swimming students (averaged over twelve months)

Achieved. Average 4341.

Above target but less than last year due to financial climate of town.

Average 165. Reduced number due to reduced staff availability.

Average 5102 per month due to higher multimember numbers

Achieved. Average of 195 per month.

Safety Nil serious harm incidents

100% compliance with Health & Safety procedures

Achieved

Achieved

Nil

Achieved

Employee satisfaction Maintain well qualified and committed workforce

Maintain regular communication with all employees

No specific target set.

Bi-monthly meeting held with all employees

New measure

Achieved

Asset management Plan (AMP)

Maintain a comprehensive AMP

Complete maintenance and replacement in accordance with AMP (monitor monthly)

Achieved

Achieved

Achieved

Achieved


Westport Harbour Ltd


The objectives of the company for this financial year and the following two financial years were clearly specified in the statement of intent, which was approved by the shareholders.

These objectives are listed below with relevant targets and measures of performance, and the performance achieved during the financial year.

Performance Measure Target Achievement

Profitability Pre-tax operating profit before dredge slip/maintenance of at least 9% of gross revenue

Post-tax operating profit of at least 15% on BHL’s investment before subvention payment

Achieved - Pre-tax operating profit is 11.5% before dredge slipping costs.

Not achieved - 2.5% due to dredge slipping costs

Growth Pursue all opportunities for practical growth

Dialogue with Greymouth, Gisborne and Centre Port (Wellington) re Outport dredging, also Nelson Contract confirmed

Service Performance Maintain by dredging:

a bar depth of >2.8m at chart datum,

an average river depth in the main channel of 3.8m at chart datum

Achieved - average bar depth average of 3.4m

Achieved – regular dredging at the spit and regular soundings indicating min depth of 3.8m

sufficient depths for vessel requirements at wharves & jetties

consistently deliver services to customers in accordance with contracts

Achieved – regular dredging at the silo/coal berths/floating basin & regular soundings to support vessel requirements

Achieved – nil complaints and a compliment from our major customer

Succession planning Maintain succession plans for key positions

Maintain competency levels required for all employees

Review completed as part of Harbour Management structure changes

Achieved – all seafarer medicals and certification are current.

Policies To maintain a comprehensive system of health and safety procedures

System maintained with current Safety Management System under review as required by MNZ.

Safety Promote a safety first/zero harm culture All staff participate in monthly meetings (11 monthly meetings held during the year) to identify and address any hazards and safety concerns.

Lost time incidents of nil Achieved - no lost time incidents.

Environment Avoid harm to environment as consequence of port operations

No incidents of environmental damage

Maintain high quality response to managing any environmental damage

Oil spill response training held 28 January 2014. Harbourmaster is now a trained Regional On-Scene Commander.



NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014

Note 4: Revenue


$000 $000 $000 $000Sale of Goods and Services 15,475 12,814 - -

Rent received 8 7 - -

Energy reimbursement - - - -

Management fee revenue 853 853 354 354

Warranty compensation 29 - ( 146 ) - -Sundry income 32 7 32 7Total Revenue 16,368 13,535 386 361

Note 5: Personnel Costs

Group Group Parent Parent2014 2013 2014 2013

$000 $000 $000 $000Wages and Salaries 5,463 5,270 190 154

Note 6: Depreciation and amortisation


$000 $000 $000 $000Depreciation and amortisation 1,404 1,153 1 1

Note 7: Other Expenses


$000 $000 $000 $000Sponsorship – Solid Energy 25 25 - -Sponsorship - NBS Theatre 4 4 - -(Gain) / Loss on Sale of Property, Plant & Equipment ( 14 ) 20 - -

Employer’s contribution to defined contribution plan 67 48 - -Operating Lease Payments 304 300 - -Audit Fees 89 88 18 18Directors’ Fees 119 105 119 105Directors’ Expenses 22 19 22 19Fuel Costs 473 375 - -Subcontractors 2,996 1,431 - -Survey 40 44 - -Other expenses 4,706 3,705 86 168

Total Other Expenses 8,831 6,164 245 310

Audit fees comprise of fees paid to Audit New Zealand for the audit of the financial statements on behalf of the Auditor General. No other fees were paid to Audit New Zealand.

2013 2013

Other expenses include:

Notes 2014 2014


NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Note 8: Inventory


$000 $000 $000 $000Quarry Aggregate 127 44 - -Wharf Beams & others 221 235 - -

348 279 - -

Note 9: Net Finance Income/ (Expenses)

Group Group Parent Parent2013 2014

$000 $000 $000 $000Interest Income 26 40 6 12Loan discounting gain/(loss) ( 24 ) 72 - -Distributions Income - - - 1,415Procurement fee for EECA loan - ( 28 ) - -Interest Paid ( 145 ) ( 116 ) ( 111 ) ( 88 )Total Net Finance Income/(Expenses) (143) (32) (105) 1,339

Note 10: Taxation Expense

Group Group Parent Parent2014 2013 2014 2013$000 $000 $000 $000

(a) Profit/(Loss) before taxation 497 850 ( 1,117 ) 349Prima facie taxation at 28% 139 238 ( 313 ) 98

Plus/(less) taxation effect of:Non-deductible expenditure 9 - 269 248Non-taxable income - - - (396)Loss Offset - - 168 212Tax losses not yet recognised - - - -Tax effect of subvention payable to Buller District Council (179) (264) (128) (161)Change in building depreciation 3 3 - -Prior period adjustment - deferred tax (1) 3 - -Tax expense (29) (20) (3) 1Comprising:Current tax - - - - Deferred tax ( 28 ) ( 20 ) ( 3 ) 1

(28) (20) (3) 1

20132014



Note 10: Taxation Expense continued2014 2013

(b) Imputation credit accountOpening Balance 1 1Transfer to consolidated groups ICA - - Prior period adjustment - -Imputation credits attaching to distributions received - -

Imputation credits attaching to distributions paid - - Closing balance 1 1

At balance date the imputation credits available to shareholder of the Parent Company were:Through direct shareholding in the Parent Company 1 1

Through indirect interests in subsidiary - -1 1

Note 11: Equity

Share Capital

Number of Ordinary Shares at issued value of $1 pershare (in thousands of shares)

Group ParentFor the Year Ended 30 June 2014 2014 2014Balance as at 1 July 2013 18,988 18,988Issue of ordinary shares for cash 45 45Balance at 30 June 2014 19,033 19,033

For the Year Ended 30 June 2013 Group Parent2013 2013

Balance as at 1 July 2012 18,988 18,988Issue of ordinary shares for cash - -Balance at 30 June 2013 18,988 18,988

Note 12: Receivables and prepayments Group Group Parent Parent2014 2013 2014 2013$000 $000 $000 $000

Trade Receivables 2,140 1,388 37 38GST receivable - 25 - -Debtor accruals 66 55 1 1Prepayments 127 336 - -Total receivables 2,333 1,804 38 39

The Group has elected to be part of a Tax Consolidated Group with effect from 1 July 2009. Consequently all tax profits and losses will be offset within the group.

The carrying value of trade and other receivables approximates their fair value.



Note 13: Investment in SubsidiaryParent Company

Note 14: Deferred Taxation


Property, plant and equipment ( 2,176 ) ( 2,185 ) - -Accruals 18 18 - -Tax losses - - - -Employee benefits 177 165 5 3Loan (13) (20) - -

(1,995) (2,023) 5 3

Broken down as:Deferred taxation asset 200 173 5 3Deferred taxation liability (2,195) (2,196) - -

(1,995) (2,023) 5 3

Note 15: Payables and accrued expensesGroup Group Parent Parent2014 2013 2014 2013$000 $000 $000 $000

Trade creditors 1,366 637 18 16Revenue in advance 90 14 - -Accrued expenses 487 520 35 35Subvention payable 184 368 - -Interest payment due 111 88 111 88Total payables and accruals 2,238 1,627 164 139

The company has a 100% (2013: 100%) holding in WestReef Services Limited (1,666,000 fully paid shares forconsideration of $2,364,000) which is a company incorporated and operating in New Zealand.

The company also has a 100% (2013: 100%) holding in Buller Recreation Limited (17,615,001 fully paid shares forconsideration of $17,615,001) which is also a company incorporated and operating in New Zealand.

All movements in deferred taxation assets have been recognised in the profit and loss in the period.

The carrying value of trade and other payables approximates their fair value.

There were no unrecognised tax losses from 2013 that have been recognised in the year ended 30 June 2014 (2013:$nil). Deferred taxation assets and liabilities are recognised as follows:

The company also has a 100% (2013: 100%) holding in Westport Harbour Limited (1,418,001 fully paid shares forconsideration of $1,418,001) which is also a company incorporated and operating in New Zealand.

Deferred taxation (liability)/assets

Total deferred taxation (liability)/asset

At balance date the value of the investment is $14,654,000 (2013: $14,609,000) as detailed in note 29.

At balance date the value of the investment is $456,000 (2013: $1,418,001) as detailed in note 29.

Total deferred taxation (liability)/asset



Note 16: Property, Plant and EquipmentGroup at 30 June 2014:

Cost 1-7-13

Accumulated depreciation/a

djustments

Carrying amount 1-

7-13

Current year

additions

Current year disposals/

impairment/ adjustment

Impairment adjustment

Accumulated depreciation on disposals

Current year depreciation

Cost/ Revaluation

30-6-14

Accumulated Depreciation

Carrying amount 30-6-14

$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000

Land 2,140 - 2,140 - - - - - 2,140 - 2,140Buildings 16,548 2,309 14,239 370 - - - 680 16,918 2,989 13,929Leasehold improvements 829 72 757 103 - - - 142 932 214 718Plant 827 496 331 222 (59) - ( 53 ) 102 990 546 444Office equipment and furniture and fittings 457 272 185 32 (9) - ( 9 ) 44 479 307 172Vehicles 3,563 2,066 1,497 299 (67) - ( 67 ) 430 3,795 2,429 1,366Total property, plant and equipment at 30 June 2014 24,364 5,215 19,148 1,026 (135) - (129) 1,398 25,254 6,485 18,768

Parent at 30 June 2014:Cost

1-7-13Accumulated depreciation/a

djustments

Carrying amount 1-

7-13

Current year

additions



Impairment adjustment



Cost/ Revaluation

30-6-14



Land 380 - 380 - - - - - 380 - 380Office equipment and furniture and fittings 6 4 2 - (4) - (4) 1 2 1 1Total property, plant and equipment at 30 June 2014 386 4 382 - (4) - (4) 1 382 1 381

Group at 30 June 2013:Cost

1-7-12 Accumulated depreciation/a

djustments

Carrying amount 1-

7-12

Current year

additions



Impairment adjustment*



Cost/ Revaluation

30-6-13



Land 1,760 - 1,760 380 - - - - 2,140 - 2,140Buildings 16,864 2,575 14,289 604 (920) 678 ( 171 ) 583 16,548 2,309 14,239Leasehold improvements 88 8 80 741 - - - 64 829 72 757Plant 777 449 328 97 (47) - ( 33 ) 80 827 496 331Office equipment and furniture and fittings 464 256 208 17 (24) - (25) 41 457 272 185Vehicles 3,294 1,687 1,607 269 - - - 379 3,563 2,066 1,497Total property, plant and equipment at 30 June 2013 23,247 4,975 18,272 2,108 (991) 678 (229) 1,147 24,364 5,215 19,148

Parent at 30 June 2013:Cost

1-7-12Accumulated depreciation/a

djustments

Carrying amount 1-

7-12

Current year

additions



Impairment adjustment*



Cost/ Revaluation

30-6-13



Land - - - 380 - - - - 380 - 380Office equipment 4 4 - 2 - - - - 6 4 2Total property, plant and equipment at 30 June 2013 4 4 - 382 - - - - 386 4 382

* The expected recovery for the replacement of the hockey turf was reported in 2012 as $744,000 but the actual amount was $598,000. This over accrual of $146,000 has been noted as “Warranty Compensation” within revenue. The carrying amount of the previous turf written off was $810,000. This includes a further impairment charge of $66,000 as shown within “Other operating expenses”.



Note 17: Intangibles


$000 $000 $000 $000SoftwareOpening balance 6 10 - -Additions 15 - - -Disposals ( 3 )Amortisation ( 6 ) ( 4 ) - -Total financial assets 12 6 - -

Note 18: Financial instruments

Credit Risk

Exposure to credit risk:


Note $000 $000 $000 $000Loans and ReceivablesCash and cash equivalents 22 2,037 1,211 805 49Trade and other receivables 12 2,140 1,388 37 38Debtor accruals 12 66 55 1 1Distribution receivable 25 - - 229 1,415Investments - term deposits 22 - 524 - 142Total financial assets 4,243 3,178 1,072 1,645

The status of receivables as at the 30 June 2014 and 2013 are:Group 2014 2013

Gross Impairment Net Gross Impairment Net

$000 $000 $000 $000 $000 $000Not past due 2,067 - 2,067 1,192 - 1,192Past due 1 - 30 Days 17 - 17 77 - 77Past due 31 - 60 days 4 - 4 8 - 8Past due > 60 days 52 - 52 111 - 111

2,140 - 2,140 1,388 - 1,388

Parent 2014 2013Gross Impairment Net Gross Impairment Net

$000 $000 $000 $000 $000 $000Not past due 37 - 37 38 - 38Past due 1 - 30 Days - - - - - -Past due 31 - 60 days - - - - - -Past due > 60 days - - - - - -

37 - 37 38 - 38

Carrying Amount

Based on the above the Parent and Group believes that there is no need for an impairment allowance on trade receivables. The expected recovery amount is the carrying value.

The Parent and Group also believes that there is no allowance necessary for impairment on held to maturity financial instruments (held in the form of term investments); the expected recovery amount is the carrying value.

The Company and Group is party to financial instruments as part of its everyday operations. These include instruments suchas cash and cash equivalents and receivables (classified as loans and receivables), and payables and loans (classified asfinancial liabilities at amortised cost).

The carrying values of financial assets represent the maximum credit exposure. The maximum exposure to credit risk at thereporting date was:

The Group's most significant credit risk exposure is with the Buller District Council which is considered a high credit qualityentity.

Carrying Amount

Buller Holdings Limited 30 June 201430


Liquidity risk

30 June 2014

Carrying amount

Contractual cash flows

6 months or less

6 - 12 months 1 - 5 years

More than 5 years

Group Note $000 $000 $000 $000 $000 $000

Trade and other payables 15 2,127 2,127 2,127 - - -Interest payable 15 111 111 111 - - -Distributions payable - - - - - -Loans 20 3,313 3,712 - 195 3,517 -

ParentTrade and other payables 15 53 53 53 - - -Interest payable 15 111 111 111 - - -Distributions payable - - - - - -Loans 20 2,364 2,623 - 111 2,512 -

30 June 2013

Group

Trade and other payables 15 1,539 1,539 1,539 - - -Interest payable 15 88 88 88 - - -Distributions payable - - - - - -Loans 20 3,369 3,450 2,450 255 745 -

ParentTrade and other payables 15 51 51 51 - - -Interest payable 15 88 88 88 - - -Distributions payable - - - - - -Loans 20 2,364 2,393 2,393 - - -

(While loans are disclosed as payable within 6 months, the terms of the loan are under negotiation for another term andmanagement are confident this will be granted).

Interest rate risk


Variable rate instruments: Note $000 $000 $000 $000

Financial assetsBank balances 22 2,037 1,211 304 49Short-term deposits 22 - 524 - 142

2,037 1,735 304 191Financial liabilitiesBuller District Council loans 20 3,313 3,369 2,364 2,364

3,313 3,369 2,364 2,364

Cashflow sensitivity analysis for variable rate instruments

1% 1% 1% 1%Group Increase Decrease Increase Decrease

30 June 2014Variable rate instruments ( 13 ) 13 - -Cash flow sensitivity ( 13 ) 13 - -


The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements:

Carrying amount

Profit or loss Equity

A change of one percent in interest rates at reporting date would have increased / (decreased) equity and profit or loss by the amountsshown below. This assumes all other variables are held constant.

At reporting date the interest rate profile of the interest - bearing financial instruments was:



Parent1% 1% 1% 1%

Increase Decrease Increase Decrease



Note 19: Goodwill

Group Parent2014 2014

$000 $000

Balance at 1 July 2013 419 -

Acquisitions through business combinations - -Impairment of business combinations ( 30 ) -Balance at 30 June 2014 389 -

Group Parent2013 2013

$000 $000

Balance at 1 July 2012 420 -

Acquisitions through business combinations - -Amortisation ( 1 ) -Balance at 30 June 2013 419 -

Note 20: Loans Group Group Parent Parent2013 2014

$000 $000 $000 $000

Buller District Council 3,043 3,043 2,364 2,364Buller District Council - EECA 270 326 - -

3,313 3,369 2,364 2,364

Current portion of term loans 80 2,647 - 2,364Non current portion of term loans 3,233 722 2,364 -

3,313 3,369 2,364 2,364

ParentThe current terms of the loan is to mature on 31 October 2016 at an interest rate of the bank bill rate plus a margin of 1%.Group

The Buller District Council EECA term loan is an advance by Buller District Council to Buller Recreation Limited. The loan is unsecured and is repayable in equal installments until 15 May 2018. No interest has been charged in accordance with the Term Loan Agreement. The fair value of this loan $325,716 has been determined using cash flows discounted at a rate based on the company's risk factor of 7.95%.

Included in the term loan is an advance by Buller District Council to Westport Harbour Limited of $479,000. The advance is unsecured and interest is now incurred at 4.99% (2013: 4.02%) per annum over the loan term of 5 years. The advance is repayable in September 2015 and has a face value of $479,000.

EquityProfit or loss

Goodwill of the Group above represents goodwill on acquisition of the WestReef Services Limited and Buller Recreation Limited. Based on the current and expected future levels of profitability of WestReef Services Limited, the directors are satisfied that there is no impairment of the carrying value of the Goodwill.

20132014



Note 21: Employee Entitlements


Annual leave and long service leave 551 559 28 21Accrued wages 49 31 - -Retirement leave 115 92 - -

715 682 28 21Made up of:Current 686 572 28 21Non-current 29 110 - -

715 682 28 21

Note 22: Cash and Cash Equivalents


Bank balances 933 711 304 49Short-term deposits (maturity within 3 months) 1104 500 501 -Total cash and cash equivalents 2,037 1,211 805 49


Short-term deposits with maturities of 4-6 months - 524 - 142Total short term deposits - 524 - 142

Note 23: ContingenciesParent

Group

The parent company has no contingent assets or contingent liabilities outstanding as at 30 June 2014 (2013: nil).

There was $650,751 in Performance Bonds outstanding with Westpac as at 30 June 2014 (2013: $64,000). Apart from that therewere no other contingent assets or contingent liabilities outstanding as at 30 June 2014.

Short-term deposits have maturities greater than three months from the date of acquisition. The maturity dates for short-termdeposits are as follows:

The associated expenses are recognised within administration expenses in the profit or loss.

The Group estimates the employee entitlements for long service leave and retirement leave using actuarial assumptions. Theseinclude the probability of an employee receiving the benefit, wage inflation, and an appropriate risk free discount rate.

The carrying value of bank balances with maturity dates of three months or less approximates their fair value. Funds are invested in accordance with the Treasury Policy of Buller Holdings Limited.



Note 24: Commitments Group Group Parent Parent2014 2013 2014 2013$000 $000 $000 $000

Capital commitments 220 220 - -

Non-cancellable operating lease commitments are payable as follows:Payable no later than one year 331 279 - -Payable later than one, not later than two years 200 254 - -Payable later than two, not later than five years 441 461 - -Payable later than 5 years 3,480 3,628 - -

4,452 4,622 - -

Note 25: Related Party Transactions

Related party transactions and balances during the year were as follows:Group Group Parent Parent2014 2013 2014 2013$000 $000 $000 $000

(a) Transactions with parent - Buller District Council

Sales of goods and services 10,134 7,268 - -Purchases of goods and services 497 493 - -Service level fee received 853 - - -Service level fee received in advance 76 - - -Trade receivables 1,445 730 - -Trade payables 61 56 - -Closing loan 3,313 3,369 2,364 2,364Interest expense paid 88 88 88 88Interest payable 145 115 111 88Contribution towards Hockey Turf, vested asset to BRL - 598 - -Sponsorship towards NBS theatre - 4 - -Shares issued to the Council 45 - 45 -Subvention paid 825 850 457 574Subvention payable 184 368 - -

(b) Transactions with subsidiaries

Sales of goods and services - - 354 354 Purchases of goods and services - - 32 30 Trade receivables - - 32 33 Trade payables - - 3 3 Closing loan - - 84 90 Distributions received - - 1,185 1,055 Distributions receivable - - 229 1,415 Acquistion of shares in subsidiaries - - 45 -Interest received - - 4 3

The Group leases land and buildings, vessels, and other plant and equipment from its ultimate parent – the Buller District Council.

The Group is consolidated for tax purposes. During the year loss offsets were made by Buller Recreation Limited to Westport Harbour Limited of$44,000 (2013: $nil) and to WestReef Services Limited $687,753 (2013: $758,840).

The Group has made a commitment of $60,000 per year for five years commencing in 2008 to Vision 2010 in return for naming rights. At 30 June2014 nothing is outstanding on this commitment (2013: $nil). The remaining rights are contracted for a period of 10 years expiring in 2018.

Buller Recreation Limited also has a lease with Sport Tasman for office space, generating income of $8,080 excluding GST for the year ended 30 June 2014 (2013: $8,080).

Purchases of services have been on normal commercial terms. No provision has been required, nor any expense recognised for impairment ofreceivables from related parties.



(c) Directors

(d) Key management personnelKey management personnel compensation comprises:


Short-term employee benefits 765 785 190 154Post-employment benefits 5 6 - -

770 791 190 154Directors fees are shown separately in note 7

Note 26: Provisions


Provision for slippingBalance at 1 July 104 - - -Additional provisions made during the year 111 104 - -Amounts used during the year 104 - - -Unused amounts reversed during the year - - - -Balance at 30 June 111 104 - -

Broken down as:Current 111 104 - -Non Current - - - -Total provisions 111 104 - -

The provision relates to the periodic maintenance of the Dredge in accordance with the contractual obligations with Buller District Council in the lease agreement.

Purchases of services have been on normal commercial terms. No provision has been required, nor any expense recognised forimpairment of receivables from related parties. No related party debts have been written off or forgiven during the year.

The services of Buller Refrigeration & Electrical Ltd (K E Jackson) were not used during the year (2013: $469) by Buller RecreationLimited. No invoices were outstanding at balance date (2013: $nil).

The services of M Lowe Contracting (owned by Stephen Lowe's brother, General Manager of WestReef Services Limited) were usedto the value of $7,581 (2013: $18,538) for WestReef Services Limited. No invoices were outstanding at balance date (2013: $8,604).

Other than noted below no directors have entered into related party transactions with the company. No related party debts have beenwritten off or forgiven during the year.

Within the group:

The services of Buller Refrigeration & Electrical Limited (K E Jackson) were not used during the year (2013: $41,077) by WestportHarbour Limited. No invoices were outstanding at balance date (2013: $8,723).

The services of Sicon Ferguson (J Morten) were used to the value of $84,967 by WestReef Services Limited (2013:$nil). There wereno invoices outstanding at balance date (2013: $nil).

The services of Buller Refrigeration & Electrical Ltd (K E Jackson) were used to the value of $816 (2013: $34,586) by WestReefServices Limited. No invoices were outstanding at balance date (2013: $158).

The services of SM Lowe Contracting (owned by Stephen Lowe's parents, General Manager of WestReef Services Limited) wereused to the value of $251,901 (2013: $277,239) for WestReef Services Limited. As at balance date the amount of $69,143 wasoutstanding (2013: $9,665).

Buller Holdings 30 June 2014 35



Net surplus/(deficit) before taxation 497 850 (1,117) 350Income tax expense (28) (20) (2) 1Subvention payment (641) (942) (457) (574)Net surplus/(deficit) after taxation (116) (72) (1,572) (225)

Add/(less) non-cash items:Depreciation and amortisation 1,404 1,152 1 1Impairment 30 66 962 885Loan discount 24 (72) - -Increase/(decrease) in employee entitlements (78) 26 7 4Increase/(decrease) in deferred tax (28) (18) (2) 1Increase/(decrease) in vested interest - 598 - -

Total non-cash items 1,352 1,752 968 891

Add/(less) item classified as investment activity:Distributions received - - (1,186) (1,415)Movement in capital creditors 1 85 - -(Gain)/ loss on sale from fixed assets (14) 20 - -Total investing activity items (13) 105 (1,186) (1,415)

Add/(less) movements in working capital items:(Increase)/decrease in receivables and prepayments (710) (637) 1 -Increase/(decrease) in subvention payable (6) 92 - -(Increase)/decrease in inventories (68) (107) - -Increase/(decrease) in payables/accruals 921 10 25 (26)Working capital movement – net 137 (642) 26 (26)Net cash (outflow)/inflow from operating activities 1,360 1,143 (578) (775)

Note 27: Reconciliation of net surplus/ (deficit) after taxation with net cashflow from operating activities



Note 28: Significant events after balance date

Note 29: Impairment Loss

Parent

Investment in Subsidiary2014 2013$000 $000

Investment in Buller Recreation Limited 14,609 15,494Increase in invesment of subsidiary 45 -Impairment Loss - (885)Depreciated Replacement Cost 14,654 14,609

Investment in Subsidiary2014 2013$000 $000

Investment in Westport Harbour Limited 1,418 1,418Impairment loss (962) -Depreciated Replacement Cost 456 1,418

Subsidiary

Buller Recreation Limited

2014 2013$000 $000

Impairment Loss - (66)Warranty provision for Hockey Turf repairs - (146)

On 16 September 2014, the directors of Westreef Services Limited resolved to declare a dividend of all of the retained profit after taxfor the year ended 30 June 2014 to the parent company (2013: nil).

There is no impairment loss or warranty provisions for Buller Recreation Limited in the year ended 30 June 2014. (2013: In 2012 the hockey turf was impaired by $744,300. Given the total impairment loss amounted to $810,000, the Hockey turf was further impaired by $65,700 in 2013. Under the warranty provision, the hockey turf was repaired by Buller District Council in 2013 for a cost of $597,750. A warranty provision was made in 2012 for $744,300. As a result, the remaining receivable of $146,550 is written off.)

The carrying value of the investment in Buller Recreation Limited was reviewed at reporting date. The Company is required to recognise the investment in subsidiaries at fair value. For the investment in Buller Recreation Limited this is represented by the depreciated replacement cost (DRC) of the Solid Energy Centre.

The carrying value of the investment in Westport Harbour Limited was reviewed at reporting date. The Company is required to recognise the investment in subsidiaries at fair value. For the investment in Westport Harbour, this was impaired to reflect the impending departure of Holcim (2013: $nil).

STATUTORY INFORMATION Entries made in the Interests RegisterInterests in transactions

The directors’ interests have been recorded in the company’s interest register. The interest register has been updated for changes in director’s interests during the year.

Director Entity Position

Brian Wood Abley Transportation Consultants Ltd

Buller Holdings Ltd


Careerforce Innovation Trust

Canterbury Linen Services Ltd

Dunedin City Holdings Ltd

Dunedin City Treasury Ltd

Lyttleton Port Company Ltd



Chairman

Chairman

Chairman

Chairman

Chairman

Director

Director

Director

Chairman

Chairman

William Lee Buller Holdings Ltd


Canterprise Ltd

Canterprise Nominees Ltd

Canterprise Trustees No.2 Ltd

Canterprise Trustees Arcactive Ltd

Connaught Textiles Ltd

Entre Ltd

Geospacial Research Centre NZ Ltd

Matt Ford Contracting

Southern Cross Truffles Ltd

Shipleys Audiovisual Ltd



Director

Director

Director

Director

Director

Director

Director

Director

Director

Director

Director/Shareholder

Chairman

Director

Director

John Morten Buller Holdings Ltd


E.B. Milton Charitable Trust

Selwyn District Council

Sicon Ferguson Ltd



Director

Director

Trustee/Chairman

Councillor

Director

Director

Director

Elizabeth Hopkins Buller Holdings Ltd


Christchurch Polytechnic Institute of Technology

Eco Central

Hopkins Associates Ltd

Director

Director

Deputy chair of Council Trustee

Intern Director

Director/Shareholder


Innate Immunotheapeutics Ltd

International Accreditation New Zealand

Lincoln University

Powerhouse Ventures Ltd



Director (ceased 14 October 2013)

Council Member

Employee

Director

Director

Director

Use of company information by directors

There were no notices from directors requesting to use company information received in their capacity as directors, which would not otherwise be available to them.

Shareholding by directors

No directors hold shares in the company

Remuneration and other benefits to directors

No director of the company has received or become entitled to receive any benefit other than the benefits included in the total emoluments and remuneration, as shown on the following page.

Indemnity and insurance: directors and employees

Directors and officers liability insurance is held by Vero Liability Insurance.

Director Remuneration

Remuneration and other benefits paid or due and payable to directors of the Company and Group for services as a director and in any other capacity during the year are as follows:

Parent Group Parent Group

Director Remuneration

2014

Remuneration

2014

Remuneration

2013

Remuneration

2013

Brian Wood 48,374 48,374 41,033 41,033

William Lee 29,000 29,000 20,517 20,517

John Morten 16,000 16,000 - -

Elizabeth Hopkins 16,000 16,000 - -

Kevin Jackson 6,065 6,065 7,100 7,100

Paul Wylie 3,333 3,333 5,833 5,833

Barry McFedries - - 5,680 5,680

Frank Dooley 25,300 25,300

Distributions

Parent

No distributions were paid in 2014 (2013: $nil).


STATUTORY INFORMATION CONTINUED

Auditors Remuneration

Parent

Auditor’s remuneration for the year totalled $18,000 (2013: $18,000).

Group

Auditor’s remuneration for the year totalled $89,000 (2013: $88,000).

Employees Remuneration

Remuneration and other benefits for the year totalling more than $100,000 were as follows:

Parent & group

Parent

(180,001 – 190,000) - 1

Group

(100,001-110,000) - 1

(110,001-120,000) - 1

(120,001-130,000) - 1

Donations

Parent

No donations were made (2013: $nil)

Group

No donations were made (2013: $nil).


AUDIT OPINION


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