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72
/
APN
annual report
2011
notes to the financial statements
APN News & Media Limited and Controlled Entities
16. PROVISIONS
2011
$’000
2010
$’000
Current
Employee benefits
7,133
7,388
Restructuring
2,797
3,044
Contingent consideration
6,506
–
Total current provisions
16,436
10,432
Non-current
Employee benefits
2,282
2,002
Restructuring
4,358
4,893
Contingent consideration
3,179
–
Total non-current provisions
9,819
6,895
Movements in provisions
Movements in each class of provision during the financial year, other than employee benefits, are set out below:
Restructuring
$’000
Contingent
consideration
$’000
Total
$’000
Carrying amount at beginning of the year
7,937
–
7,937
Charged/(credited) to profit or loss
– additional provisions recognised
2,336
10,176
12,512
Amounts used during the period
(3,118)
(491)
(3,609)
Carrying amount at the end of the year
7,155
9,685
16,840
The restructuring provision includes onerous rental contracts related to closure of certain New Zealand commercial printing operations and
expected redundancy costs related to formally announced restructuring plans.
The provision for contingent consideration represents the fair value of amounts payable on business combinations should certain pre
determined gross margin thresholds be met by the acquired businesses.
2011
$’000
2010
$’000
Aggregate employee benefit liabilities
Current provision
7,133
7,388
Non-current provision
2,282
2,002
Included in trade and other payables
12,156
11,661
Total employee benefit liabilities
21,571
21,051