McPHERSON’S LIMITED

 ANNUAL REPORT 2015  



  

85

NOTE 35.   DEED OF CROSS GUARANTEE

McPherson’s Limited, and the following controlled entities, are parties to a Deed of Cross Guarantee under which each company guarantees the 

debts of the others.

 

•McPherson’s Consumer Products Pty Ltd

 

•Multix Pty Ltd

 

•Domenica Pty Ltd
By entering into the Deed, the wholly-owned entities have been relieved from the requirement to prepare a Financial Report and Directors’ Report 

under Class Order 98/1418 (as amended) issued by the Australian Securities and Investment Commission.

(A) CONDENSED CONSOLIDATED INCOME STATEMENT AND A SUMMARY OF MOVEMENTS IN 

CONSOLIDATED RETAINED EARNINGS

The above companies represent a ‘Closed Group’ for the purposes of the Class Order, and as there are no other parties to the Deed of Cross 

Guarantee that are controlled by McPherson’s Limited, they also represent the ‘Extended Closed Group’.
Set out below is a consolidated income statement and a summary of movements in consolidated retained profits for the year ended 30 June 2015 

of the Closed Group.

2015

$’000

2014

1

$’000

Income statement

Revenue

244,607

257,279

Other income

6,309

558

Expenses

(237,271)

(319,631)

Finance costs

(7,503)

(7,046)

Share of net profit of associates accounted for using the equity method

928

-

Profit / (loss) before income tax  

7,070

(68,840)

Income tax expense

(209)

(1,769)

Profit / (loss) for the year

6,861

(70,609)

Summary of movements in consolidated retained earnings

Retained earnings at beginning of the financial year

(76,765)

5,735

Profit / (loss) after income tax for the year

6,861

(70,609)

Dividends provided for or paid

(10,573)

(11,891)

Accumulated losses at the end of the financial year

(80,477)

(76,765)

1. See Note 1(A) for details regarding the restatement as a result of an error