AS AT 30 JUNE 2011
94
Notes to the Financial Statements (continued)
39. Deed of Cross Guarantee
FlexiGroup Limited, FlexiGroup Subco Pty Limited, Flexirent Holdings Pty Limited, Flexirent Capital Pty Limited, Flexicare
Claims Management Pty Limited, FlexiGroup Management Pty Limited (formerly FlexiGroup Assets Holding Pty Ltd),
Flexirent SPV Number 1 Pty Limited, Flexirent SPV Number 3 Pty Limited and Certegy Ezi-Pay Pty Ltd are parties to a
Deed of Cross Guarantee under which each Company guarantees the debts of the others. By entering into the deed, the
wholly-owned entities have been relieved from the requirement to prepare fnancial statements and Directors’ Report
under Class Order 98/1418 (as amended) issued by the Australian Securities and Investments Commission.
(a) Consolidated income statement, statement of comprehensive income and 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 FlexiGroup Limited, they also represent the “Extended Closed Group”.
Set out below is a consolidated income statement and a summary of movements in consolidated retained profts for the
year ended 30 June 2011 of the Closed Group consisting of FlexiGroup Limited, FlexiGroup Subco Pty Limited, Flexirent
Holdings Pty Limited, Flexirent Capital Pty Limited, Flexicare Claims Management Pty Limited, FlexiGroup Management
Pty Limited (formerly FlexiGroup Assets Holding Pty Ltd), Flexirent SPV Number 1 Pty Limited, Flexirent SPV Number 3
Pty Limited and Certegy Ezi-pay Pty Ltd.
2011
2010
$’000
$’000
Income statement
Revenue from continuing operations
98,074
82,472
Borrowing costs
(1,694)
(2,555)
Employee benefts expense
(47,928)
(42,562)
Impairment losses on loans and receivables/(recoveries)
2,670
2,545
Administration expenses
(12,368)
(12,658)
Depreciation and amortisation expenses
(6,026)
(5,230)
Communications and MIS expenses
(4,045)
(3,872)
Marketing and travel expenses
(3,622)
(3,760)
Proft before income tax
25,061
14,380
Income tax expense
(5,586)
30,470
Proft for the year
19,475
44,850
Statement of comprehensive income
Proft for the year
19,475
44,850
Other comprehensive income
–
–
Total comprehensive income for the year
19,475
44,850
Summary of movements in consolidated retained earnings
Retained profts at the beginning of the fnancial year
58,898
28,398
Proft for the year
19,475
44,850
Dividends provided for or paid
(26,179)
(14,350)
Retained profts at the end of the fnancial year
52,194
58,898