Art 2.- Principios “La actividad educativa se desarrolla atendiendo a los siguientes principios generales, que son los fundamentos filosóficos, conceptuales
2.2.1 Comprensión de textos literarios
2.2.1.5 Desarrollo del pensamiento creativo
Estimation of capitalisation amounts of intangible assets
The estimation of the amounts of product development expenditure to be capitalised as intangible assets is based on the cost of the work done and the ongoing value of the products being created by that work.
Estimation of useful lives of intangible assets
The estimation of the useful lives of intangible assets has been based on historical experience of product life cycles. In addition, the continuing value of the assets is assessed at least once per year and considered against the remaining useful life of the products to which the assets relate. Adjustments to useful lives are made when considered necessary.
5 Revenue
2011 2010
$ $
Revenue
Sales of goods to hospitals and distributors 1,488,831 2,518,612 Sales of goods made for other manufacturers 114,474 129,409
1,603,305
2,648,021
6 Other income
Interest income 1,464 2,334 Currency exchange gain 58,402 4,362 Government grant income (a) 174,342 120,916
234,208
127,612
(a) Government grants
Austofix received a government grant for the purpose of purchasing numerous items of plant and equipment. The sum of $0.083 million (2010: $0.50 million) was received during the year from the $1.6 million grant available to the Company pursuant to the Innovation and Investment Fund for South Australia (“IIFSA Grant”). The money received is credited to the statement of financial position as deferred income, from where it is progressively amortised in proportion to the depreciation of the items purchased (see note 22). $174,342 was brought into income in the current financial year (2010: $74,346).
Austofix Group Limited Notes to the financial statements 30 June 2011
7 Loss for the year
Loss for the year includes the following expenses:
2011 2010
$ $
(a) Depreciation, impairment and amortisation
Depreciation and amortisation 373,153 352,783
373,153 352,783 (b) Finance costs 198,591 70,651 198,591 70,651
(c) Lease payments and other expenses included
Minimum lease payments - operating leases 17,243 72,123
17,243
72,123
(d) Employee benefits expense
Wages and salaries 1,107,841 1,850,154
Defined contribution superannuation expense 114,932 162,766
Share-based payments expense 36,464 86,250
Other employee benefits expense 70,895 124,967
1,330,132
2,224,137
(e) Research and development expense
Total research and development expenditure incurred 1,359,744 1,381,101 Less capitalised into product development (1,113,068) (1,157,892)
246,676
223,209 Interest paid including finance charges payable under finance leases and hire purchase
contracts
(f) Bad debt provision
Provision for bad debt 42,678
-
42,6478
-
Austofix Group Limited Notes to the financial statements 30 June 2011
8 Income tax benefit
(a) Income tax benefit 2011 2010
$ $
Current income tax
Current income tax benefit (475,825) (600,542)
(16,800)
(1,800)
(492,625)
(602,342) Income tax benefit reported in the statement of comprehensive income
Adjustments in respect of current income tax of previous years
The major components of income tax benefit in the statement of comprehensive income are:
(b) Numerical reconciliation of income tax benefit to prima facie tax payable
(1,073,106)
(943,654) Tax at the Australian tax rate of 30% (2010 - 30%) (321,932) (283,096) Adjustments in respect of permanent differences:
Prior year tax losses not recognised brought forward (137,812) (355,222) Share-based payments (equity settled) (10,939) (25,875)
(166,960)
(190,251)
Tax losses not recognised 161,818 253,902
(475,825)
(600,542) Adjustments for current tax benefit from prior periods (16,800) (1,800)
Income tax benefit (492,625) (602,342)
Loss from continuing operations before income tax benefit
Research and development tax offsets at 30% (2010: 30%)
(c) Tax losses
Unused tax losses for which no deferred tax asset has been recognised 379,156 306,287
Potential tax benefit @ 30% 113,747 91,886
All unused tax losses were incurred by Australian entities.
(d) Recognised deferred tax assets and liabilities
(i) Analysis of the components of deferred tax liabilities is set out in note 23.
(ii) Deferred tax assets are only recognised to the extent that they are matched by deferred tax liabilities in the same entity. Analysis of the components of deferred tax assets is set out in note 17.
9 Current assets – cash and cash equivalents
2011 2010
$ $
Cash at bank and on hand 107,524 251,728
107,524
251,728
Interest rate risk exposure
The Group‟s exposure to interest rate risk is discussed in note 3.
Austofix Group Limited Notes to the financial statements 30 June 2011
10 Current assets – trade and other receivables
2011 2010
Current $ $
Trade receivables (i) 187,179 332,742
187,179 332,742 Other receivables 21,277 20,000 Total current 208,456 352,742 Non-current Trade receivables - 9,000
Total trade and other receivables 208,456 361,742
(i) In 2011 Trade receivables $187,179 included the provision for bad debt $42,678 (2010: $NIL).
(a) Foreign exchange and interest rate risk
Information about the Group's exposure to foreign currency risk and interest rate risk in relation to trade and other receivables is provided in note 3.
(b) Allowance for impairment loss
Trade receivables are non-interest bearing (2010: non-interest bearing) and are generally on 30-60 day terms. A provision for impairment loss is recognised when there is objective evidence that an individual trade receivable is impaired. An impairment loss was recognised by the Group in 2011.
(c) Credit risk – trade and other receivables
The Group has no significant concentration of credit risk with respect to any single counter party or group of counter parties. The class of assets described as trade and other receivables is considered to be the main source of credit risk related to the Group.
The following table details the Group‟s trade and other receivables exposed to credit risk with ageing analysis and impairment provided for thereon.
2011 2010
At 30 June the ageing analysis of receivables is as follows: $ $ not yet due
14,732 37,743 0-30 days 76,105 155,626 31-60 days past due not impaired
71,210
120,207 61-90 days past due not impaired
11,629
2,229 Over 90 days past due not impaired
56,181 25,937 Total 229,857 341,742
Total receivables considered past due but not impaired
96,342
148,373 Total receivables considered past due and impaired
42,678
-
10 Current assets – trade and other receivables (continued)
Deferred terms have been arranged for a number of customers. Accordingly $14,732 of the amounts above were not yet due at 30 June 2011 (2010: $37,743). Payment terms on amounts 90+ days have not been re-negotiated however, credit has been stopped until full payment is made. Direct contact has been made with the relevant debtor and management is satisfied that payment will be received in full.
(e) Related party receivables
For terms and conditions of related party receivables refer to notes 28 and 29.
(f) Fair value and credit risk
Austofix Group Limited Notes to the financial statements 30 June 2011 (g) Collateral pledged
A floating charge over the trade receivables has been provided in relation to certain debt of the Group.
11 Current assets – other assets
2011 2010
$ $
Prepayments 87,132 13,621
Deposits paid 1,905 175,056
12 Current assets – inventories
2011 2010
$ $
Raw materials 162,321 114,686
Work in progress 57,511 130,633
Finished goods - own manufacture 1,150,096 787,857 Finished goods - bought in 999,052 231,910
2,368,980
1,265,086
All inventory is carried at cost with $nil (2010:$nil) at net realisable value.
13 Current assets – income tax receivable
2011 2010
$ $ Income tax refunds and research and development tax offset
474,006
600,520
14 Non-current assets – other financial assets
2011 $
2010 $
Rental bonds - 12,409
15 Non-current assets – medical instruments held in store
Medical instruments not yet in use 2011 2010
$ $
At 1 July 433,978 590,611 Additions - 61,626 Transfers to medical instruments in use - (54,680) Transfers to current inventories (instruments to be sold) (268,897) (163,579)
At 30 June 165,081 433,978
Austofix Group Limited Notes to the financial statements 30 June 2011