Garrett Investments Limited i 100 100 Healthcare Manufacturing Group Limited i

Garrett investments limited i 100 100 healthcare

This preview shows page 75 - 77 out of 92 pages.

Garrett Investments Limited (i) 100 100 Healthcare Manufacturing Group Limited (i) 100 100 Synapse Finance Pty Ltd (ii) 100 100 New Price Retail Finance Pty Ltd (ii) 100 100 New Price Retail Pty Ltd 100 100 New Price Retail Services Pty Ltd 100 100 Priceline Proprietary Limited (ii) 100 100 Priceline Unit Trust 100 100 Second Priceline Unit Trust 100 100 Making Life Easy – Mobility and Independent Living Superstores Pty Ltd 100 100 MLE Unit Trust 100 100 (i) These controlled entities are incorporated in New Zealand and carry on business predominantly in New Zealand. All other controlled entities are incorporated and carry on business predominantly in Australia. (ii) These controlled entities have each entered into a Deed of Cross Guarantee with Australian Pharmaceuticals Industries Limited in respect of relief granted from specific accounting and financial reporting requirements in accordance with ASIC Corporations (Wholly owned Companies) Instrument 2016/785. All subsidiaries have a balance date equivalent to the parent entity. NOTES TO THE FINANCIAL STATEMENTS CONTINUED For personal use only
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Australian Pharmaceutical Industries Limited Annual Report 2017 74 25. DEED OF CROSS GUARANTEE Pursuant to ASIC Corporations (Wholly owned Companies) Instrument 2016/785, the wholly-owned subsidiaries listed below are relieved from the Corporations Act 2001 requirements for preparation, audit and lodgement of financial reports, and Directors reports. It is a condition of the Class Order that the Company and each of the controlled entities (the “Closed Group”) enter into a Deed of Cross Guarantee. The effect of the Deed is that the Company guarantees to each creditor payment in full of any debt in the event of winding up of any of the subsidiaries under certain provisions of the Corporations Act 2001. If a winding up occurs under other provisions of the Act, the Company will only be liable in the event that after six months any creditor has not been paid in full. The controlled entities have also given similar guarantees in the event that the Company is wound up. The controlled entities subject to the Deed are: API Financial Services Australia Pty Ltd; API Victoria Pty Ltd; Australian Pharmaceutical Industries (Queensland) Pty Ltd; New Price Retail Finance Pty Ltd; Priceline Pty Ltd; and Synapse Finance Pty Ltd The Statement of comprehensive income, retained profits and reserve and the Statement of financial position of the Closed Group, after eliminating all transactions between members of the Closed Group, at 31 August 2017 is set out as follows: Summarised Statement of Comprehensive Income, Retained Profits and Reserves Closed Group In thousands of AUD Year ended 31 August 2017 Year ended 31 August 2016 Profit before tax 76,519 37,854 Income tax expense (17,143) (6,794) Profit after tax 59,376 31,060 Other comprehensive income 149 240 Total comprehensive income for the year 59,525 31,300 Accumulated losses at beginning of the year (120,516) (120,516) Profit after tax Accumulated losses at end of the year attributable to equity holders (120,516) (120,516) Reserves at beginning of the year 15,184 6,491 Profits reserve 59,376 31,060
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