NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2007 6. TRADE AND OTHER RECEIVABLES (CURRENT) 2007 2006 $’000 $’000 Trade receivables1 296 784 Levies receivable2 1,828 2,023 Accrued levies receivable3 2,312 3,225 GST receivable 112 39 Sundry receivables and prepayments 188 285 4,736 6,356 1. Trade receivables are non-interest bearing and are generally 30-90 day terms. They are reviewed regularly and when there is objective evidence that a trade receivable is impaired, an allowance for doubtful debts is made. In the current year, no trade receivables have been impaired. 2. Represents the Dairy Service Levy which has been collected by the government collection agency but not remitted to the Company at balance date. 3. Relates to milk harvested in respect of which processors have not remitted levies to the government collection agency. Details regarding the effective interest rate and credit risk of current receivables are disclosed in note 19. 7. AVAILABLE-FOR-SALE FINANCIAL ASSETS (NON-CURRENT) Externally managed funds, at fair value1 14,199 12,891 Shares – unlisted, at fair value2 478 478 14,677 13,369 1. The Company has placed funds with Deutsche Bank Private Wealth Management as a means of prudentially managing the return on longer term cash reserves. Currently funds are invested in a portfolio of income and growth assets including direct shares, managed funds, listed property trusts, fixed interest rate products and cash. The portfolio is diversified across asset classes with the aim of increasing returns while minimising risk. Due to the vagaries of the market there may be some volatility in returns over the short term. 2. Available-for-sale unlisted investments consist of shares in TGR Biosciences Pty Ltd (TGR), an unlisted entity, which was incorporated in South Australia on 25 June 2001. The shares have no fixed maturity date or coupon rate. TGR is an early stage biotechnology development company whose principal activities are developing discoveries in the field of tissue growth and repair, and specifically, in novel bioactives derived from dairy products for the treatment of gut, topical wound, bone and tendon disorders. The company has been established as a means to build on the success, resources and capabilities of the Cooperative Research Centre for Tissue Growth and Repair. At 30 June 2007, Dairy Australia held 17.5% of the issued capital of TGR (2006: 20.6%), the reduction being due mainly to the issue of 1,509,049 new shares by TGR via a rights issue in November 2006.
Go to top
