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13. TRADE AND OTHER PAYABLES (CURRENT)
Trade payables (a). (b)
-
Accrued R&D and other creditors (b)
13,602
Funds held on behalf of the Commonwealth (c)
7,533
Rent-free period (d)
188
Derivative Financial Instruments (e)
-
Employee entitlements
-Annual leave
2,325
-Other
300
Total current trade and other payables
23,948
Notes to the financial statements
Consolidated Parent
2007 2006 2007 2006
Notes $000 $000 $000 $000
7,144 -7,144
16,725 13,602 16,725
6,309 7,533 6,309
188 188 188
830 -830
1,985 2,325 1,985
338 300 338
33,519 23,948 33,519
(a) The introduction of a new system (SAP) has enabled the Company to pay its
suppliers post year end unlike prior years.
(b) Trade payables, accrued R&D and other creditors are non-interest bearing
and are normally settled on 30 day terms. In the case of accrued R&D, any
payments are further subject to milestones being satisfactorily completed.
Where the creditors and accruals include balances that are denominated in a
foreign currency that has not been effectively hedged, these balances have
been further disclosed in Note 20.
(c) The Company has entered into arrangements with the Commonwealth Government,
through the Department of Agriculture, Forestry and Fisheries to
receive grants in relation to the National Livestock Identification System
(NLIS). The funds are to be distributed as directed by the NLIS Review Committee
and the Minister, generally to State Governments based on approved business
plans. Funds (including interest) totalling $11,683,929 have been received
or invoiced, and net payments of $5,374,935 have been made. The whole amount
is classified as current as MLA is required to distribute the funds as
directed by the NLIS review committee and the Minister and this direction may
occur at any time. Interest received on these funds accrues back to NLIS
and not to the Company.
(d) The office lease in North Sydney was renegotiated in 2003 to include a
13 month rent-free period. The benefit of the rent-free period is being amortised
on a straight-line basis over the five-year lease term.
(e) Pursuant to Note 2(i), the Company remeasured to fair value its outstanding
forward currency and option contracts as at year end. An amount of
$807,239 was taken to equity with the difference to income statement.
Note 14. PROVISIONS (CURRENT)
Employee entitlements
-Long service leave
-Other
Other provisions
Total current provisions
Movements in provisions:
CONSOLIDATED AND PARENT
Carrying amount at the beginning of the financial year
Additional provisions
Paid/ written back
Amounts transferred from non- current during the year
1,050 1,152 1,050 1,152-174 -174
50 50 50 50
1,100 1,376 1,100 1,376
Long service Other employee Other
leave entitlements provisions Total
$000 $000 $000 $000
1,152 174 50 1,376
126 16 -142
(273) (190) -(463)
45 --45
Carrying amount at the end of the financial year 1,050 -50 1,100
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