STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2016
       2
Notes $000
Assets
Current assets
Cash assets and cash equivalents 18.2 4,805
Trade and other receivables 7 49,152
Inventories 8 30,958
Other assets       1,300            5
Total current assets      86,215        84,
Non-current assets
Investments 9 3
Property, plant and equipment 10 54,774
Intangible assets and goodwill 11      37,038        37,038
Total non-current assets 91,815
Total assets   178,030     176,428

Liabilities

Current liabilities
Trade and other payables 12 61,479
Interest-bearing loans and borrowings 13 2,141
Derivative financial instruments 14 274
Employee benefit liabilities 15       8,978          9,085
Total current liabilities      72,872        70,469

Non-current liabilities

Trade and other payables 12 398

Interest-bearing loans and borrowings 13 29,295
Derivative financial instruments 14 776
Employee benefit liabilities 15       1,314          1,340
Total non-current liabilities      31,783        33,683
Total liabilities 104,655

Net assets attributable to members 73,375

Members’ interest 16.1 9,161

Net assets 64,214

Equity

Retained earnings 26,177

Reserves 17 38,037
Total equity     64,214       63,493
The above Statement of financial position should be read in conjunction with the accompanying notes.
        2016          2015
$000

4,226
47,437
32,020
      1,300            527
     86,215        84,210

3
55,177
   37,038
92,218
176,428

59,146
2,160
78
      8,978          9,085
     72,872        70,469

398
31,632
313
      1,314          1,340
     31,783        33,683
104,152

72,276

8,783

63,493

24,797
38,696
4       63,493
nying notes.
35
 STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2016

Retained Cash flow Asset

earnings hedge revaluation
reserve reserve
$000 $000 $000
As at 1 July 2015 24,797 (391) 39,087
Profit for the year 1,380 - -
Other comprehensive loss - (659) -
Total comprehensive income/(loss) 1,380 (659) -

At 30 June 2016 26,177 (1,050) 39,087

Cash flow
hedge Asset
revaluation
Retained
earnings reserve reserve
$000 $000 $000
As at 1 July 2014 22,143 - 39,087
Profit for the year 2,654 - -
Other comprehensive loss - (391) -
Total comprehensive income/(loss) 2,654 (391) -

At 30 June 2015 24,797 (391) 39,087

The above Statement of changes in equity should be read in conjunction with the accompanying notes.
36
 Total equity

$000
63,493
1,380
(659)
721

64,214

Total equity
$000
61,230
2,654
(391)
2,263

63,493

mpanying notes.
 STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2016
       2016                2015 
Notes $000
Operating activities
Receipts from customers 539,185
Payments to suppliers and employees (395,406)
Interest received 239
Interest paid (2,496)
Milk supplier payments (133,219)
Net cash flows from operating activities 18.1 8,303

Investing activities

Proceeds from sale of property, plant and equipment 513

Purchase of property, plant and equipment      (5,724)              (7,321) 
Net cash flows used in investing activities (5,211)

Financing activities

Suppliers’ share contribution 378

Repayment of member deposits -
Distributions paid to members (535)
Payment of finance lease liabilities (366)
Repayment of borrowings (1,990)
Net cash flows used in financing activities (2,513)

Net increase in cash and cash equivalents 579

Cash and cash equivalents at opening balance date 4,226

Cash and cash equivalents at 30 June 18.2 4,805
The above Statement of cash flows should be read in conjunction with the accompanying notes.
        2016                2015 
$000

510,655
(374,819)
306
(2,552)
(123,529)
10,061

170
            (7,321) 
(7,151)

613
(335)
(298)
(466)
-
(486)

2,424

1,802
4,226
ng notes.
37
38
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
1. Corporate information revised if the revision affects only that period, or in the The financial statements of Norco C
period of the revision and future periods if the revision and its controlled entities (the Co-operative) for the affects both current and futu

year ended 30 June 2016 were authorised for issue Judgements made by management in the application
in accordance with a resolution of the directors on 28 of AIFRS that have significant effects on the financial September 2016.
statements and estimates with a significant risk of Norco Co-operative Limited is a for-profit Co- material adjustments in th
are disclosed,
operative under the Co-operatives National Law (NSW), where applicable, in the relevant notes to the financial
incorporated and domiciled in Lismore, Australia. The Co- statements. Accounting policies are selected and
operative operates out of its registered plac
business applied in a manner which ensures that the resulting
at “Windmill Grove” 107 Wilson Street, South Lismore, financial information satisfies the concepts of relevance N
principal operations of the Co- and reliability, thereby ensuring that the substance of operative are the processing, manufacture and sale of the underlying transactions
events is reported.
dairy products, the manufacture of stockfeed and rural The accounting policies set out below have been
retailing. applied in preparing the financial statements for the year
2. Significant accounting policies ended 30 June 2016 and the comparative information
Significant accounting policies presented in these financial statements for the year ended 30 June 2015.
a) Basis of preparation
The financial report is presented in Australian dollars The general purpose financial report has bee
and all values are rounded to the nearest thousand
on the basis of historical cost (except for certain land
dollars ($’000) unless otherwise stated under the option and building asse
value was deemed
available to the Co-operative under ASIC Corporations to be cost) and in accordance with the requirements of (Rounding in Financial/Director
Instrument the Corporations Act 2001. Cost is based on the fair values 2016/191. The Co-operative is an entity to which the of the consideration given in ex
assets. instrument applies.
In the application of Australian equivalents to b) Changes in accounting policy, disclosures,
International Financial Reporting Standards (‘AIFRS’) standards and interpretations
management is required to make judgements, estimates i) Changes in accounting policies, new and amended

and assumptions about carrying values of assets and standards and interpretations
liabilities that are not readily apparent from other The accounting policies adopted are consistent with
sources. The estimates and associated assumptions those of the previous financial year.
are based on historical experience and various other
factors that are believed to be reasonable under the ii) Accounting Standards and Interpretations issued
circumstance, the results of which form the basis of but not yet effective
making the judgements. Actual results may differ from
Australian Accounting Standards and Interpretations that these estimates. have recen
issued or amended but are not yet
The estimates and underlying assumptions are reviewed effective and have not been adopted by the Co-operative on an ongoing basi
to accounting estimates for the annual reporting period ending 30 June 2016, are recognised in the period in which the estimate is
outlined in the table below:
Reference Title Summary Application Application date of date for
standard Co-operative
AASB 9 Financial AASB 9 (December 2014) is a new standard 1 January 1 July 2018 Instruments whi
AASB 139. This new version 2018
supersedes AASB 9 issued in December 2009
(as amended) and AASB 9 (issued in December 2010).
AASB 9 includes requirements for a simpler approach for classification and measurement of financial assets compared with the requirements of AASB 139. T
some changes made in relation to financial liabilities.
AASB 15 Revenue from The core principle of AASB 15 is that an entity 1 January 1 July 2018 Contracts with rec
revenue to depict the transfer of 2018
Customers promised goods or services to customers in an
amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognises revenue in a
with that core principle by applying the five step process.
AASB 16 Leases The key features of AASB 16 in relation to the 1 January 1 July 2019
Company is that lessees are required to 2019
recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.
The impact of these changes in standards and interpretations is in the process of being quantified.
issued or amended but are not yet
The estimates and underlying assumptions are reviewed effective and have not been adopted by the Co-operative on an ongoing basi
to accounting estimates for the annual reporting period ending 30 June 2016, are recognised in the period in which the estimate is
outlined in the table below:
Reference Title Summary Application Application date of date for
standard Co-operative
AASB 9 Financial AASB 9 (December 2014) is a new standard 1 January 1 July 2018 Instruments whi
AASB 139. This new version 2018
supersedes AASB 9 issued in December 2009
(as amended) and AASB 9 (issued in December 2010).
AASB 9 includes requirements for a simpler approach for classification and measurement of financial assets compared with the requirements of AASB 139. T
some changes made in relation to financial liabilities.
AASB 15 Revenue from The core principle of AASB 15 is that an entity 1 January 1 July 2018 Contracts with rec
revenue to depict the transfer of 2018
Customers promised goods or services to customers in an
amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognises revenue in a
with that core principle by applying the five step process.
AASB 16 Leases The key features of AASB 16 in relation to the 1 January 1 July 2019
Company is that lessees are required to 2019
recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.
The impact of these changes in standards and interpretations is in the process of being quantified.
c) Statement of compliance
The financial report complies with Australian Accounting
Standards, which include International Financial Reporting
Standards (IFRS) as issued by the International Accounting
Standards Board.
d) Basis of consolidation
The financial statements comprise the financial statements
of the Co-operative and its subsidiaries as at 30 June 2016.
Control is achieved when the Co- operative is exposed, or has
rights, to variable returns from its involvement with the investee
and has the ability to affect those returns through its power over
the investee. Specifically, the Co-operative controls an investee
if, and only if, the Co-operative has:
• Power over the investee (i.e. existing rights that give it the
current ability to direct the relevant activities of the investee);
• Exposure, or rights, to variable returns from its
involvement with the investee; and
• The ability to use its power over the investee to affect its
returns.
Generally, there is a presumption that a majority of voting rights
results in control. To support this presumption and when the Co-
operative has less than a majority of the voting or similar rights of
an investee, the Co-operative considers all relevant facts and
circumstances in assessing whether it has power over an investee,
including:
• The contractual arrangement with the other vote
holders of the investee;
• Rights arising from other contractual arrangements; and
• The Co-operative’s voting rights and potential voting
rights.
The Co-operative re-assesses whether or not it controls an
investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control.
Consolidation of a subsidiary begins when the Co-operative
obtains control over the subsidiary and ceases when the Co-
operative loses control of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary acquired or disposed of
during the year are included in the Statement of profit or loss and
other comprehensive income from the date the Co-operative gains
control until the date the Co-operative ceases to control the
subsidiary.
Profit or loss and each component of other
comprehensive income (OCI) are attributed to the equity
holders of the parent of the Co-operative and to the non-
controlling interests, even if this results in the non-controlling
interests having a deficit balance. When necessary, adjustments
are made to the financial statements of subsidiaries to bring
their accounting policies into line with the Co-operative’s
accounting policies. All intra-group assets and liabilities,
equity, income, expenses and cash flows relating to transactions
between members of the Co-operative are eliminated in full on
consolidation.
A change in the ownership interest of a subsidiary, without a loss
of control, is accounted for as an equity transaction. If the Co-
operative loses control over a subsidiary, it derecognises the
related assets (including goodwill), liabilities, non-controlling
interest and other
components of equity, while any resultant gain or loss is recognised in profit
or loss. Any investment retained is recognised at fair value.
e) Current versus non-current classification
The Co-operative presents assets and liabilities in the Statement of financial
position based on current/non- current classification. An asset is current when
it is:
• Expected to be realised or intended to be sold or
consumed in the Co-operative’s normal operating cycle;
• Held primarily for the purpose of trading;
• Expected to be realised within twelve months after the
reporting period; or
• Cash or a cash equivalent unless restricted from being exchanged or used
to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current. A liability is current when:
• It is expected to be settled in the Co-operative’s normal
operating cycle;
• It is held primarily for the purpose of trading;
• It is due to be settled within twelve months after the
reporting period; or
• There is no unconditional right to defer the settlement of the liability for
at least twelve months after the reporting period.
The Co-operative classifies all other liabilities as non- current.
Deferred tax assets and liabilities are classified as non- current assets and
liabilities.
f) Revenue recognition
Revenue is recognised to the extent that it is probable that the economic
benefits will flow to the Co- operative and the revenue can be reliably
measured. The following specific recognition criteria must also be met before
revenue is recognised:
Sale of goods
Revenue is recognised when the significant risks and rewards of ownership of
the goods have passed to the buyer and the costs incurred or to be incurred in
respect of the transaction can be measured reliably. Risk and rewards of
ownership are considered passed to the buyer at the time of delivery of the
goods to the customer.
Rendering of services
Revenue is recognised on the basis of services provided, measured in
accordance with agreed parameters between the customer and the Co-
operative.
Interest income
Revenue is recognised as interest accrues using the effective interest
method. This is a method of calculating the amortised cost of a financial asset
and allocating the interest income over the relevant period using the effective
interest rate, which is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset to the net
carrying amount of the financial asset.
Dividends
Dividend revenues are recognised when control of a right

39
 to receive consideration for the investment in assets is attained,
usually evidenced by approval of the dividend at a meeting of
shareholders.
Government grants
Grants received for the construction of non-current assets are
deferred and recorded as revenue over the life of the funded
asset.
g) Borrowing costs
Borrowing costs consist of interest and other costs that an entity
incurs in connection with the borrowing of funds. All loans and
borrowings are initially recognised at the fair value of the
consideration received less directly attributable transaction costs.
h) Leases
The determination of whether an arrangement is, or contains
a lease is based on the substance of the arrangement. It
requires an assessment of whether the fulfilment of the
arrangement is dependent on the use of a specific asset or assets
and the arrangement conveys a right to use the asset.
Co-operative as a lessee
Finance leases are capitalised at the commencement of the lease
at the inception date fair value of the leased property or, if
lower, at the present value of the minimum lease payments.
Lease payments are apportioned between finance charges and
reduction of the lease liability so as to achieve a constant rate of
interest on the remaining balance of the liability. Finance charges
are recognised in finance costs in the Statement of profit or loss
and other comprehensive income.
Capitalised leased assets are depreciated over the shorter of the
estimated useful life of the asset and the lease term if there is no
reasonable certainty that the Co- operative will obtain ownership
by the end of the lease term.
Operating lease payments are recognised as an expense in
the Statement of profit or loss and other comprehensive income
on a straight-line basis over the lease term. Lease incentives are
recognised in the Statement of profit or loss and other
comprehensive income as an integral part of the total lease
expense.
Co-operative as a lessor
Leases in which the Co-operative retains substantially all the risks
and benefits of ownership of the leased asset are classified as
operating leases. Initial direct costs incurred in negotiating an
operating lease are added to the carrying amount of the leased
asset and recognised as an expense over the lease term on the
same basis as rental income.
i) Cash and cash equivalents
Cash and short-term deposits in the Statement of financial
position comprise cash at bank and in hand and short-term
deposits with an original maturity of three months or less. For the
purposes of the Statement of cash flows, cash and cash
equivalents consist of cash and cash equivalents as defined above,
net of outstanding bank overdrafts.
j) Trade and other receivables
Trade receivables, which generally have 30-90 day terms, are
recognised and carried at original invoice amount

40
less an allowance for any uncollectable amounts.
An allowance for doubtful debts is made when there is objective evidence that the
Co-operative will not be able to collect the debts. Bad debts are written off when
identified.
k) Inventories
Inventories are valued at the lower of cost and net realisable value.
Costs incurred in bringing each product to its present location and condition are
accounted for, as follows:
• Raw materials: purchase cost on a first in, first out basis.
• Finished goods and work in progress: cost of direct materials and labour and a
proportion of manufacturing overheads based on normal operating capacity but
excluding borrowing costs.
Net realisable value is the estimated selling price in the ordinary course of
business, less estimated costs of completion and the estimated costs necessary to
make the sale.
Maintenance spares are recognised as inventories and expensed when utilised.
l) Foreign currencies
Both the functional and presentation currency of Norco Co-operative Limited
and its controlled entities is Australian dollars.
Transactions in foreign currencies are initially recorded in the functional currency
by applying the exchange rates ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies are retranslated at the
rate of exchange ruling at the balance sheet date.
m) Taxes
Current income tax
Current income tax assets and liabilities for the current year are measured at
the amount expected to be recovered from or paid to the taxation authorities. The
tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted, at the reporting date in the countries where the Co-
operative operates and generates taxable income.
Deferred tax
Deferred tax is provided using the liability method on temporary differences
between the tax bases of assets and liabilities and their carrying amounts for
financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences,
except:
• When the deferred income tax liability arises from the initial recognition of
goodwill or an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss.
• In respect of taxable temporary differences associated with investments in
subsidiaries, associates and interests in joint arrangements, when the timing
of the reversal of the temporary differences can be controlled and it is probable
that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the
carry forward of unused
tax credits and any unused tax losses. Deferred tax assets are
recognised to the extent that it is probable that taxable profit
will be available against which the deductible temporary
differences, and the carry forward of unused tax credits and
unused tax losses can be utilised, except:
• When the deferred tax asset relating to the deductible
temporary difference arises from the initial recognition of
an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither
the accounting profit nor taxable profit or loss.
• In respect of deductible temporary differences associated
with investments in subsidiaries, associates and interests in joint
arrangements, deferred tax assets are recognised only to the
extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be
available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow
all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re- assessed at each reporting date and are
recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered.
Unrecognised deferred income tax assets are reassessed at each
balance sheet date and are recognised to the extent that it is
no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred income tax asset to
be utilised.
Goods and services tax (GST)
Revenues, expenses and assets are recognised net of the amount
of GST, except:
• When the GST incurred on a purchase of assets or services
is not recoverable from the taxation authority, in which case the
GST is recognised as part of the cost of acquisition of the asset
or as part of the expense item, as applicable.
• When receivables and payables are stated with the
amount of GST included.
The net amount of GST recoverable from, or payable to, the
taxation authority is included as part of receivables or payables in
the Statement of financial position.
Cash flows are included in the Statement of cash flows on a gross
basis and the GST component of cash flows arising from investing
and financing activities, which is recoverable from, or payable to,
the taxation authority is classified as part of operating cash flows.
Commitments and contingencies are disclosed net of the amount
of GST recoverable from, or payable to, the taxation authority.
n) Property, plant and equipment
Items of property, plant and equipment including buildings
and leasehold property, but excluding freehold land, are
measured at cost less accumulated depreciation and less any
impairment losses recognised. Freehold land is held at cost and is
not depreciated.
Plant and equipment is depreciated on a straight-line basis over the estimated
useful life of the assets, units of output, life of project or other appropriate
basis.
Leasehold improvements are depreciated over the period of the lease or
estimated useful life, whichever is shorter, using the straight-line method.
The following estimated useful lives are used in the calculation of
depreciation:
- Buildings 2- 5%
- Plant and vehicles 10- 33%
- Leasehold plant and equipment 10- 20%
The assets’ residual values, useful lives and amortisation methods are
reviewed, and adjusted if appropriate, at each financial year end.
Impairment
The carrying values of items of property, plant and equipment are
reviewed for impairment at each reporting date, with recoverable amounts
being estimated when events or changes in circumstances indicate that the
carrying value may be impaired.
The recoverable amount of property, plant and equipment is the higher of fair
value less costs to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-
tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset.
For an asset that does not generate largely independent cash inflows, the
recoverable amount is determined for the cash-generating unit to which the
asset belongs, unless the asset’s value in use can be estimated to be close to
its fair value.
An impairment exists when the carrying value of an asset or cash-
generating unit exceeds its estimated recoverable amount. The asset or
cash-generating unit is then written down to its recoverable amount.
Derecognition and disposal
An item of property, plant and equipment is derecognised upon
disposal or when no further future economic benefits are expected from its
use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount of
the asset) is included in profit or loss in the year the asset is derecognised.
o) Intangible assets
Intangible assets acquired separately are measured on initial recognition
at cost. The cost of intangible assets acquired in a business combination is
their fair value as at the date of acquisition. Following initial
recognition, intangible assets are carried at cost less any accumulated
amortisation and accumulated impairment losses. Internally generated
intangibles, excluding capitalised development costs, are not capitalised
and the related expenditure is reflected in the Statement of profit or loss and
other comprehensive income in the year in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either finite or indefinite.

41
 Intangible assets with finite lives are amortised over the useful
economic life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The
amortisation period and the amortisation method for an intangible
asset with a finite useful life are reviewed at least at the end of
each reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic benefits
embodied in the asset are considered to modify the amortisation
period or method, as appropriate, and are treated as changes in
accounting estimates. The amortisation expense on intangible
assets with finite lives is recognised in the Statement of profit or
loss and other comprehensive income as the expense category
that is consistent with the function of the intangible assets.
Intangible assets with indefinite useful lives are not amortised,
but are tested for impairment annually, either individually or
at the cash-generating unit level. The assessment of indefinite life
is reviewed annually to determine whether the indefinite life
continues to be supportable. If not, the change in useful life from
indefinite to finite is made on a prospective basis.
Gains or losses arising from derecognition of an
intangible asset are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and are
recognised in the Statement of profit or loss and other
comprehensive income when the asset is derecognised.
p) Goodwill
Goodwill acquired in a business combination is initially
measured at cost being the excess of the cost of the business
combination over the Co-operative’s interest in the net fair
value of the acquiree’s identifiable assets, liabilities and
contingent liabilities.
Following initial recognition, goodwill is measured at cost less any
accumulated impairment losses.
Goodwill is reviewed for impairment annually or more frequently
if events or changes in circumstances indicate that the carrying
value may be impaired.
For the purpose of impairment testing, goodwill acquired in a
business combination is, from the acquisition date, allocated to
each of the Co-operatives cash-generating units, or groups of
cash-generating units, that are expected to benefit from the
synergies of the combination, irrespective of whether other assets
or liabilities of the Co-operative are assigned to those units or
groups of units. Each unit or group of units to which the goodwill is
so allocated:
• Represents the lowest level within the Co-operative at
which the goodwill is monitored for internal management
purposes; and
• Is not larger than a segment based on the Co-operative’s primary
reporting format determined as if applying AASB 8 Operating
Segments.
Impairment is determined by assessing the recoverable amount of
the cash-generating unit group of cash- generating units), to
which the goodwill relates. When the recoverable amount of
the cash-generating unit (group of cash-generating units) is
less than the carrying amount, an impairment loss is recognised.

42
When goodwill forms part of a cash-generating unit (group of cash-generating
units) and an operation within that unit is disposed of, the goodwill associated with
the operation disposed of is included in the carrying amount of the operation when
determining the gain or loss on disposal of the operation. Goodwill disposed of in
this manner is measured based on the relative values of the operation disposed of
and the portion of the cash- generating unit retained. Impairment losses recognised
for goodwill are not subsequently reversed.
q) Impairment of non-financial assets
The Co-operative assesses, at each reporting date, whether there is an
indication that an asset may be impaired. If any indication exists, or when
annual impairment testing for an asset is required, the Co- operative
estimates the asset’s recoverable amount. An asset’s recoverable amount is the
higher of an asset’s or cash-generating unit’s (CGU’s) fair value less costs of
disposal and its value in use. Recoverable amount is determined for an individual
asset, unless the asset does not generate cash inflows that are largely independent
of those from other assets or groups of assets. When the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired and
is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent market transactions are taken
into account. If no such transactions can be identified, an appropriate valuation
model is used. These calculations are corroborated by valuation multiples,
quoted share prices for publicly traded companies or other available fair value
indicators.
An assessment is also made at each reporting date as to whether there is any
indication that previously recognised impairment losses may no longer exist or may
have decreased. If such an indication exists, the recoverableamountisestimated.
Apreviouslyrecognised impairment loss is reversed only if there has been a change
in the estimates used to determine the asset’s recoverable amount since the last
impairment loss was recognised. If that is the case the carrying amount of the asset
is increased to its recoverable amount. That increased amount cannot exceed the
carrying amount thatwould havebeen determined,net of depreciation, had no
impairment loss been recognised for the asset in prior years. Such reversal is
recognised in profit or loss unless the asset is carried at revalued amount, in which
case the reversal is treated as a revaluation increase. After such a reversal the
depreciation charge is adjusted in future periods to allocate the asset’s revised
carrying amount, less any residual value, on a systematic basis over its remaining
useful life.
r) Trade and other payables
Tradepayablesandotherpayablesarecarriedatamortised cost and represent
liabilities for goods and services provided to the Co-operative prior to the end of
the financial year that are unpaid and arise when the Co-operative becomes
obliged to make future payments in respect of the purchase of these goods and
services.
s) Interest-bearing loans and borrowings
All loans and borrowings are initially recognised at the fair
value of the consideration received less directly attributable
transaction costs.
After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the effective
interest method.
Gains or losses are recognised in profit or loss when the liabilities
are derecognised.
t) Provisions
General
Provisions are recognised when the Co-operative has a present
obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation. When the
Co-operative expects some or all of a provision to be reimbursed,
for example, under an insurance contract, the reimbursement
is recognised as a separate asset, but only when the
reimbursement is virtually certain. The expense relating to any
provision is presented in the Statement of profit or loss and other
comprehensive income net of any reimbursement.
Wages, salaries and sick leave
Liabilities for wages and salaries, including non-monetary benefits
and accumulating sick leave which are expected to be settled
within 12 months of the reporting date are recognised in respect
of employees’ services up to the reporting date. They are
measured at the amounts expected to be paid when the liabilities
are settled. Expenses for non-accumulating sick leave are
recognised when the leave is taken and are measured at the rates
paid or payable.
Long service leave and annual leave
The Co-operative does not expect its long service leave or annual
leave benefits to be settled wholly within 12 months of each
reporting date. The Co-operative recognises a liability for long
service leave and annual leave measured as the present value
of expected future payments to be made in respect of services
provided by employees up to the reporting date using the
projected unit credit method. Consideration is given to expected
future wage and salary levels, experience of employee
departures, and periods of service. Expected future payments
are discounted using market yields at the reporting date on
corporate bonds with terms to maturity and currencies that
match, as closely as possible, the estimated future cash outflows.
u) Members’ interest
In periods before 1 July 2004, members’ units in the Co- operative
were recorded in equity as contributed equity. On 1 July 2004, the
Co-operative re-classified these instruments to non-current
interest bearing liabilities in accordance with generally
accepted International Accounting Practice. Any distributions
paid on these instruments are treated as a borrowing cost.
This position which was clarified by UIG 2 Members’ Shares in Co-
operative Entities and Similar Instruments, which the Co-operative
adopted effective 1 July 2004.
v) Norco capital units
Norco Capital Units are carried at the principal amount. Interest is accrued at
the entitlement rate and is included in “Interest-bearing liabilities”.
w) Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Co-operative uses derivative financial instruments, such as interest rate
swaps, to hedge interest rate risk. Such derivative financial instruments are
initially recognised at fair value on the date on which a derivative
contract is entered into and are subsequently remeasured at fair value.
Derivatives are carried as financial assets when the fair value is positive and
as financial liabilities when the fair value is negative.
Any gains or losses arising from changes in the fair value of derivatives are
taken directly to profit or loss, except for the effective portion of cash flow
hedges, which is recognised in other comprehensive income (OCI) and later
reclassified to profit or loss when the hedge item affects profit or loss.
For the purpose of hedge accounting, a hedge is classified as:
• Cash flow hedges: when hedging the exposure to variability in cash
flows that is either attributable to a particular risk associated with a
recognised asset or liability or a highly probable forecast transaction or
the foreign currency risk in an unrecognised firm commitment.
At the inception of a hedge relationship, the Co- operative formally
designates and documents the hedge relationship to which it wishes to
apply hedge accounting and the risk management objective and strategy
for undertaking the hedge. The documentation includes identification of the
hedging instrument, the hedged item or transaction, the nature of the risk
being hedged and how the entity will assess the effectiveness of changes in
the hedging instrument’s fair value in offsetting the exposure to changes in
the hedged item’s fair value or cash flows attributable to the hedged risk.
Such hedges are expected to be highly effective in achieving offsetting
changes in fair value or cash flows and are assessed on an ongoing basis to
determine that they actually have been highly effective throughout the
financial reporting periods for which they were designated.
Hedges that meet the strict criteria for hedge
accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is
recognised in OCI in the cash flow hedge reserve, while any ineffective
portion is recognised immediately in the statement of profit or loss as
other operating expense.
The Co-operative uses interest rate swaps to hedge the exposure to cash flow
movements in loan movements. The Co-operative has entered into interest
rate swaps which are economic hedges, which are fair valued by comparing
the contracted rate to the future market rates for contracts with the
same length of maturity. The
$1.1 million (30 June 2015: $0.4 million) of swaps have
been designated as effective interest rate swaps and

43
 therefore satisfy the accounting standard requirements for hedge
accounting.
If the forecast transaction or firm commitment is no longer
expected to occur, the cumulative gain or loss previously
recognised in equity is transferred to the income statement. If the
hedging instrument expires or is sold, terminated or exercised
without replacement or rollover, or if its designation as a hedge is
revoked, any cumulative gain or loss previously recognised in
other comprehensive income remains in other comprehensive
income until the forecast transaction or firm commitment affects
profit or loss.
x) Fair value measurement
Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction
to sell the asset or transfer the liability takes place either:
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most
advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible
by the Co-operative.
The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the
asset or liability, assuming that market participants act in their
economic best interest.
A fair value measurement of a non-financial asset takes into
account a market participant’s ability to generate economic
benefits by using the asset in its highest and best use or by selling
it to another market participant that would use the asset in its
highest and best use.
The Co-operative uses valuation techniques that are
appropriate in the circumstances and for which sufficient data
are available to measure fair value, maximising the use of
relevant observable inputs and minimising the use of unobservable
inputs.
All assets and liabilities for which fair value is measured or
disclosed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest
level input that is significant to the fair value measurement as a
whole:
• Level 1 - Quoted (unadjusted) market prices in active
markets for identical assets or liabilities
• Level 2 - Valuation techniques for which the lowest level input
that is significant to the fair value measurement is directly
or indirectly observable
• Level 3 - Valuation techniques for which the lowest level input
that is significant to the fair value measurement is
unobservable
At each reporting date, the Valuation Committee analyses the
movements in the values of assets and liabilities which are
required to be remeasured or re-assessed as per the Co-
operative’s accounting policies. For this analysis, the Valuation
Committee verifies the major inputs to contracts and other
relevant documents.
The Valuation Committee, in conjunction with the Co- operative’s
external valuers, also compares the changes in the fair value of
each asset and liability with

44
relevant external sources to determine whether the change is reasonable.
For the purpose of fair value disclosures, the Co-operative has determined classes
of assets and liabilities on the basis of the nature, characteristics and risks of the
asset or liability and the level of the fair value hierarchy, as explained above.
3. Significant accounting judgements, estimates and assumptions
Significant judgements
The preparation of the financial statements requires management to make
judgments, estimates and assumptions that affect the reported amounts in the
financial statements. Management continually evaluates its judgments and
estimates in relation to assets, liabilities, contingent liabilities, revenue and
expenses. Management bases its judgments and estimates on historical
experience and on other various factors it believes to be reasonable under the
circumstances, the result of which form the basis of the carrying values of
assets and liabilities that are not readily apparent from other sources. Actual
results may differ from these estimates under different assumptions and conditions.
Management has identified the following critical accounting policies for which
significant judgments, estimates and assumptions are made. Actual results may
differ from these estimates under different assumptions and conditions and may
materially affect financial results or the financial position reported in future
periods.
Further details of the nature of these assumptions and conditions may be found in
the relevant notes to the financial statements.
Impairment of non-financial assets other than goodwill
The Co-operative assesses impairment of all assets at each reporting date by
evaluating conditions specific to the Co-operative and to the particular asset
that may lead to impairment. These include product and manufacturing
performance, technology, economic and political environments and future product
expectations. If an impairment trigger exists the recoverable amount of the asset is
determined.
Provision for doubtful debts
The Co-operative assesses the ability to recover debtors through a periodic
review of overdue debtors. An allowance for doubtful debts is made when there
is objective evidence that the Co-operative will not be able to collect the debts.
Bad debts are written off when identified.
Provision for inventory obsolescence
The Co-operative periodically reviews the inventory ledger to identify inventory
items that may be held in excess of their net realisable value. For such items that
are identified, a provision for inventory obsolescence amount is raised which
represents the amount for which the Co-operative may not recover through use of
sale of the goods. Obsolete stock is written off when identified.
 2016 2015
$000 $000
4. Revenue and expenses
4.1 Revenue

Sale of goods 540,684

Interest received 239
Other 215
541,138
4.2 Employee expenses
Salaries and wages (including contractors) 57,416
Workers compensation 1,704
Superannuation costs 4,007
Payroll tax 2,471
65,598
4.3 Depreciation expense
Plant and equipment 5,198
Buildings 468
Leased assets 187
5,853
4.4 Administration and other costs
Administration and other costs include the following:
Provision for employee benefits 339
Inventory obsolescence 59
Doubtful/bad debts 57
Minimum lease payments recognised as an operating lease expense 69
5. Income tax expense
The major components of income tax expense for the years ended 30 June 2016 and 2015 are:
Current income tax:
Current income tax charge - -
Adjustments for current tax of prior periods - -

Deferred tax:
Relating to origination and reversal of temporary differences - -
Income tax expense reported in the Statement of profit or loss and other
comprehensive income - -

A reconciliation between tax expense and the product of accounting profit before income tax multiplied by Co-operative
as follows:
Accounting profit before income tax 1,380

At Australia’s statutory income tax rate of 30% (2015: 30%) 414

Non deductible amounts 249

Movement in temporary differences (112)
Tax loss movement (551)
-
Tax losses
At 30 June 2016, the Co-operative had an estimated gross $9.0m in carry forward losses (2015: $10.0m). These tax losse
account in the Statement of financial position. There are no available franking credits.
Temporary differences - not recorded
The Co-operative has a surplus of deductible temporary differences. The deferred tax asset associated with these differ
at 30 June 2016.
 510,440
306
163
510,909

52,606
1,846
3,631
2,264
60,347

5,029
465
187
5,681

863
78
68
43

d 2015 are:

- -
- -

- -

- -

ncome tax multiplied by Co-operative applicable income tax rate is

2,654

796

347
(334)
(809)
-

osses (2015: $10.0m). These tax losses have not been brought to
dits.

ax asset associated with these differences has not been recognised

45
 2016 201
$000 $00

Unrecognised deferred tax assets and liabilities

Provision for bad debts
Provision for employee benefits
Provision for obsolescence

6. Member distributions
Expensed in the period 535 298

7. Trade and other receivables

Trade receivables 47,406 47,018
Provision for doubtful debts (768) (1,034)
46,638 45,984
Other receivables 2,514 1,453

49,152 47,437

Doubtful
debts

Carrying amount of doubtful debts $000

Opening balance year 2014 906
(Reduction)/addition in provision 60
Amount provided for during the year 68
Ending balance year 2015 1,034
Opening balance year 2015 1,034
(Reduction)/addition in provision (323)
Amount provided for during the year 57
Ending balance year 2016 768
Trade receivables are generally on 30 day terms. An allowance for doubtful debts is made where there is objective evidence
impaired. The carrying value of trade and other receivables approximates fair value.
At 30 June, the ageing analysis of trade receivables is as follows (in $000’s):

< 30 30-60 61-90

Total days days days
$000 $000 $000 $000
2016 47,406 33,454 9,768 3,010
2015 47,018 32,207 10,099 3,158
Receivables past due but not considered impaired are: $3,855,000 (2015: $5,293,000). Payment terms have not been renego
communications with counterparties have satisfied management that payment will be received in full.

2016 2015
$000 $000
8. Inventories
Raw materials 6,922 7,403
Finished goods 24,712 26,032
Provision to net realisable value (676) (1,415)
Total inventories at the lower of cost and net realisable value 30,958 32,020
An allowance for inventory obsolescence is made where there is objective evidence that inventories are carried in excess of

46
 2016 2015
$000 $000

230 275
3,088 3,128
203 340
3,521 3,743

535 298

47,018
(1,034)
45,984
1,453

47,437

Doubtful
debts

$000
906
60
68
1,034
1,034
(323)
57
768
where there is objective evidence that a trade receivable is

91+ days

$000
1,174
1,554
yment terms have not been renegotiated, however
eived in full.

7,403
26,032
(1,415)
32,020
nventories are carried in excess of their net realisable value.
 2016
$000
9. Investments
Shares

Unlisted corporations, at cost 3

10. Property, plant and equipment

Land and buildings

At cost 28,679

Accumulated depreciation (5,262)

Net carrying amount 23,417
Plant and vehicles
At cost 70,296

Accumulated depreciation (42,122)

Net carrying amount 28,174
Assets under lease
At cost 1,860

Accumulated depreciation (404)

Net carrying amount 1,456
Capital expenditure work in progress
At cost 1,727

Net carrying amount 1,727

Total property, plant and equipment
At cost 102,562

Accumulated depreciation (47,788)

Net carrying amount 54,774
Reconciliation of carrying amounts at the beginning and the end of the year
Land and buildings
At 1 July 24,020

Disposals (135)
Reclassification -
Transfers -
Depreciation expense (468)
At 30 June 23,417
Plant and vehicles
At 1 July 27,253

Disposals (139)
Reclassification -
Transfers 6,258
Depreciation expense (5,198)
At 30 June 28,174
Assets under lease
At 1 July 1,643

Transfers -
Depreciation expense (187)
At 30 June 1,456
Capital expenditure work in progress
At 1 July 2,261

Additions 5,724
Transfers (6,258)
At 30 June 1,727
Total property, plant and equipment
At 1 July 55,177

Additions 5,724
Disposals (274)
Depreciation expense (5,853)
At 30 June 54,774
2016 2015
$000 $000

28,814

(4,794)
24,020

66,878

(39,625)
27,253

1,860

(217)
1,643

2,261

2,261

99,813

(44,636)
55,177

24,037

-
306
142
(465)
24,020

23,218

(198)
(306)
9,568
(5,029)
27,253

2,184

(354)
(187)
1,643

4,296

7,321
(9,356)
2,261

53,735

7,321
(198)
(5,681)
55,177
47
 There were no impairment losses recognised in the 2016 or 2015 financial years.
Leased manufacturing plant is pledged as security for the related finance lease liabilities.
Freehold land, buildings and plant and equipment are subject to a fixed and floating first charge of the Co-operative’s asset
assets and undertakings are pledged as security on the interest bearing liabilities of the Co-operative and controlled entities
All assets acquired under finance lease were acquired for nil cash flow and are considered to be a non-cash financing and in

2016 2015
$000 $000
11. Intangible assets and goodwill

Acquired goodwill 34,309

Trademark 2,729
Net carrying amount 37,038

(a) Impairment testing of goodwill

Goodwill acquired through business combinations has been allocated at an entity level to the relevant cash generating units
operative are Norco Foods, Norco Rural Retail and Norco Agribusiness. The goodwill acquired and trademark are allocated to
The discount rate applied to cash flow projections is 12% pre-tax (2015: 12%). Key assumptions used in the value in use calcu
• Revenue: based on projected growth predictions;
• Cost of sales: based on revenue growth; and
• Other costs: based on rural store growth and expected wage increases.
No reasonably possible change in the key assumptions noted would result in an impairment.
12. Trade and other payables

Current
Trade payables and accrued expenses 61,479

Non-current
Other payables

398
Trade payables are generally on 30 day terms. The fair value of trade and other payables approximates their carrying value.
13. Interest-bearing loans and borrowings

Current
Lease liability 380

Norco Capital Units 111

Term loans - secured 1,650
2,141

Non-current
Lease liability
1,025
Term loans - secured 28,270
29,295
 Term loans are secured by a fixed and floating charge over the assets of Norco Co-operative Limited.
During the period, the Group’s St George finance facility was amended and is scheduled to expire on 31 October 2018. Unde
facility limit will reduce by a fixed amount immediately after each quarter end date. As at 30 June 2016, the fixed amounts
months have been classified as a current liability. The remainder of the liability has been classified as non-current at 30 Jun
Refer to Note 13(d) for financing facilities available to the Co-operative.

48
es.
rst charge of the Co-operative’s assets as disclosed in note 13(c). All
e Co-operative and controlled entities.
red to be a non-cash financing and investing activity.

34,309
2,729
37,038

to the relevant cash generating units (CGUs). The CGUS for the Co-
quired and trademark are allocated to the Norco Foods CGU.
mptions used in the value in use calculation are:

ment.

59,146

398
es approximates their carrying value.

374

111
1,675
2,160

1,397
30,235
31,632
 ative Limited.
d to expire on 31 October 2018. Under the finance facility, the
As at 30 June 2016, the fixed amounts payable over the next twelve
en classified as non-current at 30 June 2016.
 (a) Fair values
The carrying amount of the Co-operative’s current and non-current borrowings approximates their fair value. The fair va
discounting the expected future cash flows at prevailing market interest rates.
(b) Interest rate, foreign exchange and liquidity risk
Details regarding interest rate, foreign exchange and liquidity risk is disclosed in Note 29.
(c) Assets pledged as security
The carrying amounts of assets pledged as security for current and non-current interest bearing liabilities are:

2016
$000
Property asset charges 53,318
Leased asset charges 1,456
Trademark 2,729
Total assets pledged as security 57,503
There are no specific terms and conditions related to the above pledges.

(d) Financing facilities

The following financing facilities are available for the Co-operative at 30 June:
Term loan facilities
Used facilities 29,920

Unused facilities 4,100

34,020
Invoice discounting facilities
Used facilities -

Unused facilities 17,000

17,000
Bank guarantees and finance leases
Used facilities 44

Unused facilities 556

600
Business credit card facility
Used facilities 23

Unused facilities 117

140
Total finance facilities
Used facilities 29,987

Unused facilities 21,773

51,760

14. Derivative financial instruments

Financial liabilities at fair value through OCI

Current
Interest rate swap contracts - cash flow hedges 274

Non-current

Interest rate swap contracts - cash flow hedges 776

The Co-operative has entered into interest rate swaps which are cashflow, which are fair valued by comparing the contr
market rates for contracts with the same length of maturity. The $30 million of swaps have been designated as effective
therefore satisfy the accounting standard requirements for hedge accounting. The timing of the interest rate payments
the interest rate payments of the bank facility.
The Co-operative has applied fair value factors in accordance with IFRS13. The inputs used in the valuation method are
roximates their fair value. The fair values have been calculated by

ote 29.

rest bearing liabilities are:

2015
$000
53,534
1,643
2,729
57,906

31,910

75
31,985

17,000
17,000

25

575
600

43

97
140

31,978

17,747
49,725

78

313
re fair valued by comparing the contracted rate to the future
aps have been designated as effective interest rate swaps and
timing of the interest rate payments for the swaps are in line with

uts used in the valuation method are classified as Level 2.

49
 2016 2015
$000 $000
15. Employee benefit liabilities
Current
Employee entitlements 8,978

Non-current

Employee entitlements 1,314

16. Members’ interest

16.1 Movements in shares on issue

Opening balance - 8,170,000 fully paid shares
Transferred to deposits ex-shareholders
Repurchases of cancelled shares
Subscriptions
At 1 July 2015
Opening balance - 8,783,000 fully paid shares
Repurchases of cancelled shares
Subscriptions
At 30 June 2016

16.2 Terms and conditions of contributed equity

Contributed equity has rights in accordance with the Co-operatives National Law (NSW).

17. Reserves
 Asset revaluation reserve
Effective 1 July 2004, the Co-operative changed the valuation basis applied to non-current land and buildings. Under historical AGAAP,
and buildings at fair value. From 1 July 2004, the Co-operative deemed the fair value to be cost. The asset revaluation reserve represe
of revaluation adjustments. The reserve will no longer be available to offset decrements in the value of land and buildings and will be
earnings on depreciation and/or disposal of land and buildings.
Cash flow hedge reserve
This reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective h
50

2016 2015
$000 $000
18. Statement of cash flows reconciliation
18.1 Cash flow reconciliation
Reconciliation of net profit before tax to net cash flows: Profit before tax
1,380 2,654

Adjustments for: 5,853 5,681

Depreciation of property, plant and equipment
Member distribution expense 535 298
Net (gain)/loss on disposal of property, plant and equipment (240) 28
Changes in assets and liabilities:
(Increase)/decrease in trade and other receivables (1,714) 52

(Increase)/decrease in inventories 1,062 (2,311)

(Increase)/decrease in other assets (773) (39)
Increase/(decrease) in trade and other payables 2,333 2,817
Increase/(decrease) in provisions (133) 881
Net cash flows from operating activities 8,303 10,061
9,085

1,340

$000
8,170
(164)
(77)
854
8,783
8,783
(487)
865
9,161
d buildings. Under historical AGAAP, the Co-operative carried land
he asset revaluation reserve represents the historical accumulation
ue of land and buildings and will be transferred to retained

at is determined to be an effective hedge.

2015
$000

2,654

5,681

298
28

52

(2,311)
(39)
2,817
881
10,061
 2016 2015
$000 $000
18.2 Reconciliation of cash
Cash on hand and with financial institutions 4,805 4,226

19. Controlled entities

% equity interest Investme

Principal

Name activities 2016 2015

Logan Valley Dairies Pty Ltd Dormant 100% 100%
Norco Wholesalers Pty Ltd* Wholesaler 100% 100% - - Fieldco Pty Ltd*
100% 100% - - Norcofields Pty Ltd* Dormant 100% 1
- Beaudesert Milk Pty Ltd* Dormant 100% 100% - - Norco Milk Pty Ltd*
100% 100% - - Gold Coast Pty Ltd Property 100%

ACN 146 859 074 Pty Ltd* Dormant 100% 100%

* Investment <$101
** 100 shares at $1 each
20. Commitments
Capitalised finance lease commitments for plant and vehicles:

Within one year

After one year but not more than five years
Total minimum lease payments
Deduct future finance charges

Non-cancellable operating lease commitments for equ

Within one year
After one year but not more than five years

Cancellable operating lease commitm

Within one year
After one year but not more than five years
21. Contingent liabilities
Legal Actions
The directors are not aware of any material legal actions being brought against the Co-operative, its controlled entities
the Co-operative holds an interest which has not been provided for.
Bank Guarantees
Contingent liabilities exist in respect of bank guarantees given to various parties that amount to $44,250 (2015: $25,000
creditors.
22. Financial guarantee contracts
The Co-operative has no outstanding financial guarantee contracts at 30 June 2016 (2015: Nil).
23. Capital management
The Co-operative manages its capital structure through regular reviews of its exposure to debt and members as sharehol
set levels for equity and debt. The management of the Co-operative views members’ shares as equity. Member’s intere
with the requirements of the Co-operatives National Law (NSW). The Co- operative has complied with all requiremen
National Law (NSW) during the year.
 2015
$000

4,226

nterest Investment $000

2016 2015 2016 2015

100% 100% 165 165
- Fieldco Pty Ltd* Dormant
ant 100% 100% -
- Norco Milk Pty Ltd** Dormant
operty 100% 100% 15,783
15,783
Holder
100% 100% - -
15,948 15,948

2016 2015
$000 $000

416 416
1,049 1,465
1,465 1,881
(38) (114)
1,427 1,767

ng lease commitments for equipment, land and buildings:

2,338 2,512
2,082 3,766
4,420 6,278

able operating lease commitments for vehicles and plant:

991 1,053
1,663 1,921
2,654 2,974
operative, its controlled entities or any joint venture to which

mount to $44,250 (2015: $25,000) and are not included as

5: Nil).

o debt and members as shareholders. The Co-operative has no

ares as equity. Member’s interests are managed in line
as complied with all requirements of the Co-operatives

51
 24. Related party disclosures
Material transactions and balances with related parties are as follows:
Net trading Net trading Goods and
debt payable debt payable services
(current) (non-current) purchased
$000 $000 $000
Wholly owned group 2016 37,957 - 455,504
Norco Wholesalers Pty Limited 2015 36,233 - 434,805
Logan Valley Dairies Pty Limited 2016 - 397 -
2015 - 397 -

Shareholdings in controlled entities are outlined in Note 19.

Sales to and purchases from related parties are made in arm’s length transactions both at normal market prices and on norm
25. Directors and executive disclosures
25.1 Key management personnel
(i) The directors of Norco Co-operative Limited during the financial year were: Greg McNamara (Non-Executive Chairm
Peter Neal (Non-Executive) (a)
Anthony Wilson (Non-Executive Deputy Chairman) Michael Jeffery (Non-Executive)
Leigh Shearman (Non-Executive)
Heath Hoffman (Non-Executive)
(ii) The executives of Norco Co-operative Limited during the financial year were: Brett Kelly (Chief Executive Officer)
Camille Hogan (Chief Financial Officer)
Mark Myers (Co-operative Secretary) Yasmin Lawrence (Human Resource Manager) (b) Andrew Burns (GM Norco Foods)
Damon Bailey (GM Norco Rural and Wholesale)
Rob Randall (GM Milk Supply)
Robert Vandermaat (GM Operations Norco Foods)
Tom McAtee (GM Human Resources) (c)

(a) Resigned as Non-Executive Director on 23 November 2015.

(b) Resigned as Human Resource Manager effective 29 April 2016.
(c) Appointed as GM Human Resources on 18 April 2016.
2016
$
25.2 Compensation of key management personnel and Directors

Short term - wages and salaries 2,015,796

Incentives -
Superannuation 196,875
Non-cash 34,143
Total compensation 2,246,814
Total KMP excluding Directors 9

The above amounts only relate to the cash and other benefits paid to key management personnel for the period
Co-operative or for the period they held a position as a key management person.
 25.3 Transactions with and balances with key management personnel
Purchases
Purchases of milk from key management personnel and related entities are on the same commercial terms and conditions as
management personnel members.
Sales
Sale of farm supplies and stores to key management personnel and related entities are on the same commercial terms and c
non key management personnel members.

52
 - 455,504
- 434,805
397 -
397 -

h at normal market prices and on normal commercial terms.

Greg McNamara (Non-Executive Chairman)

Brett Kelly (Chief Executive Officer)

r) (b) Andrew Burns (GM Norco Foods)

2015
$

1,934,035

-
159,109
26,167
2,119,311
9

nagement personnel for the period of their employment with the

 l

me commercial terms and conditions as enjoyed by other non key

e on the same commercial terms and conditions as enjoyed by other

 2016
25.4 Share transactions
Aggregate number of shares held by Co-operative key management personnel and their related
entities at 30 June 433,062

Aggregate number of shares acquired by key management personnel and their related entities
during the year 29,037

26. Superannuation commitments

All employees participate in an employer sponsored defined contribution/accumulation style superannuation plan
operative of 9.5% of employees’ wages and salaries are legally enforceable except employees of the Ice Cream division w
superannuation commitments in line with their Enterprise Bargaining Agreement.
2016
$
27. Auditors’ remuneration
The auditor of Norco Co-operative Limited is Ernst & Young (Australia).
Amounts received or due and receivable by Ernst & Young (Australia) for:
An audit or review of the financial report 135,200

Other services
Financial statement compilation 10,800

Tax services 7,500

153,500

2016

$000
28. Information relating to the Norco Co-operative Limited (the Parent)
Information relating to Norco Co-operative Limited:
Current assets 85,844

Total assets 161,877

Total liabilities (105,220)
Net assets attributable to members 56,657

Members’ interest 12,439

Net assets 44,218

Asset revaluation reserve 31,214

Cash flow hedge reserve (1,050)

Retained profits 16,031
Total equity 46,195
Profit of the Parent entity 1,380
Total comprehensive income of the Parent 721
Details of any guarantees entered into by the Parent entity in relation to the debts of its subsidiaries
The Parent’s share of the jointly controlled entities financial guarantees is included in disclosures in Note 22.
Details of any contingent liabilities of the Parent entity
The Parent’s share of the jointly controlled entities contingent liabilities is included in disclosures in Note 21.
Details of any contractual commitments by the Parent entity for the acquisition of property, plant or equipm
The Parent’s share of the jointly controlled entities commitments is included in disclosures in Note 20.
29. Financial risk management objectives and policies
The Co-operative’s principal financial liabilities, other than derivatives, comprise of loans and borrowings, trad
financial guarantee contracts. The main purpose of these financial liabilities is to finance the Co-operative’s op
guarantees to support its operations. The Co-operative’s principal financial assets include trade and other recei
term deposits that derive directly from its operations.
 2015

540,866

66,288

umulation style superannuation plan. Contributions by the Co-

employees of the Ice Cream division who are paid 11%

2015
$

135,200

10,800

-
146,000

2015

$000

84,210

160,646
(103,163)
57,483

12,008

45,475

31,214

(391)
14,652
45,475
2,654
2,263
he debts of its subsidiaries
d in disclosures in Note 22.

d in disclosures in Note 21.

ition of property, plant or equipment
closures in Note 20.

rise of loans and borrowings, trade and other payables, and

is to finance the Co-operative’s operations and to provide
sets include trade and other receivables and cash and short-

53
 The Co-operative is exposed to market risk, credit risk and liquidity risk. The Co-operative’s senior management o
these risks. The Co-operative’s senior management is supported by the Audit and Risk Management Committee th
risks and the appropriate financial risk governance framework for the Co-operative. The Audit and Risk Ma
provides assurance to the Co-operative’s senior management that the Co-operative’s financial risk-taking act
appropriate policies and procedures and that financial risks are identified, measured and managed in accordance w
policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist
appropriate skills, experience and supervision. It is the Co-operative’s policy that no trading in derivatives for
be undertaken. The board of directors reviews and agrees policies for managing each of these risks which are summarised
Risk exposures and responses Interest rate risk
The Co-operative’s exposure to interest rate risks relates primarily to the Co-operative’s long term debt and associated obli
disclosed in Note 13.
At balance date, the Co-operative had the following mix of financial assets and liabilities exposed to Australian variable inte

2016
$000
Financial assets and liabilities
Cash and cash equivalents 4,805

Derivative financial instruments (1,050)

Net exposure 3,755
Interest rate swap contracts outlined in Note 14, with a fair value of $1,049,949 (loss) are exposed
movements if interest rates change. The Co-operative’s policy is to manage its finance costs using variable rate d
level of instruments to fix interest exposure. The Co-operative constantly analyses its interest rate exposure. To m
efficient manner, the Co-operative has entered into interest rate swaps, in which they agree to exchange, at spe
difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional p
Consideration is given to potential renewals of existing positions, alternative financing and the mix of fixed and variable i
The following sensitivity analysis is based on the interest rate risk exposures in existence at the reporting date:

Judgements of reasonably possible movements Post tax profit Equity Higher/(Lower)

Higher/(Lower)
2016 2015 2016 2015
$’000 $’000 $’000 $’000
+1.0% (100 basis points) (48) (42) 11 (4)
-1.0% (100 basis points) 48 42 (11) 4
 The movements in post-tax profit are due to the movement in fair value of cash, based on movements in interest rates only
in the interest rate sensitivity analysis include:
• A price sensitivity of derivatives based on a reasonably possible movement of interest rates at balance dates by applying
in the forward curve.
• The net exposure at balance date is representative of what the Co-operative was and is expecting to be exposed to in
balance date.
Foreign currency risk
The Co-operative has no material exposure to foreign currency therefore this is not an applicable risk.
Commodity price risk
The Co-operative’s exposure to commodity price risk is present through the grain purchasing requirements for the Agribusin
operative’s policy to secure grain quantities and prices through forward grain contracts. As these contracts are regular adva
process inputs, derivative accounting is not applied and contract fair value movements are not recorded.
Credit risk
Credit risk arises from the financial assets of the Co-operative, which comprise cash and cash equivalents and trade and oth
operative’s exposure to credit risk arises from potential default of the counter party, with a maximum exposure equal to th
instruments. Exposure at balance date is addressed in each applicable note.

54
operative’s senior management oversees the management of
isk Management Committee that advises on financial
ive. The Audit and Risk Management Committee
tive’s financial risk-taking activities are governed by
d and managed in accordance with the Co-operative’s
are carried out by specialist teams that have the
t no trading in derivatives for speculative purposes shall
these risks which are summarised below.

ong term debt and associated obligations. The level of debt is

exposed to Australian variable interest rate risk:

2015
$000

4,226

(391)
3,835
to fair value
ance costs using variable rate debt with an appropriate
its interest rate exposure. To manage this mix in a cost-
hey agree to exchange, at specified intervals, the
e to an agreed-upon notional principal amount.
nd the mix of fixed and variable interest rates.
t the reporting date:

Equity Higher/(Lower)

2015
$’000
(4)
4
 movements in interest rates only. Significant assumptions used

ates at balance dates by applying the change as a parallel shift

s expecting to be exposed to in the next twelve months from

licable risk.

ng requirements for the Agribusiness business. It is the Co-

s these contracts are regular advance purchase contracts for
e not recorded.

ash equivalents and trade and other receivables. The Co-

a maximum exposure equal to the carrying amount of these
 The Co-operative does not hold any credit derivatives to offset its credit exposure.
The Co-operative trades only with recognised, creditworthy third parties, and as such collateral is not requested nor is i
securitise its trade and other receivables.
It is the Co-operative’s policy that all customers who wish to trade on credit terms are subject to credit verification pro
assessment of their independent credit rating, financial position, past experience and industry reputation. Risk limits ar
customer in accordance with parameters set by the board. These risk limits are regularly monitored.
In addition, receivable balances are monitored on an ongoing basis with the result that the Co-operative’s exposure to b
There are no significant concentrations of credit risk within the consolidated entity.
Liquidity risk
The Co-operative’s objective is to maintain a balance between continuity of funding and flexibility through the use of ba
finance leases and committed available credit lines.
The table below reflects contractual finance principal repayments and interest resulting from recognised financial liabil
flows for financial liabilities without fixed amount or timing are based on the conditions existing at 30 June 2016.
The remaining contractual maturities of the consolidated entity’s and parent entity’s financial liabilities are presented w
financial assets.

2016
$000
0-1 year 63,923
1-5 years 29,717
93,640
Maturity analysis of financial assets and liability based on management’s expectation.
The risk implied from the values shown in the table below reflects a balanced view of cash inflows and outf
trade payables and other financial liabilities mainly originate from the financing of assets used in our ongoing
property, plant, equipment and investments in working capital e.g. inventories and trade receivables. These assets
consolidated entity’s overall liquidity risk.

1 to 5 Over 5
Year ended 30 June 2016 <12 months
years years
$000 $000 $000
Cash and cash equivalents 4,805 - -
Trade and other receivables 49,152 - -
Interest-bearing loans and borrowings (2,141) (28,270) -
Finance leases (416) (1,049) -
Trade and other payables (61,478) (398) -
Net maturity (10,078) (29,717) -
1 to 5 Over 5
Year ended 30 June 2015 <12 months years years

$000 $000 $000

Cash and cash equivalents 4,226 - -
Trade and other receivables 47,437 - -
Interest-bearing loans and borrowings (1,675) (30,235) -
Finance leases (416) (1,465) -
Trade and other payables (59,146) (398) -
Net maturity (9,574) (32,098) -
Fair value
The methods for estimating fair value are outlined in the relevant notes to the financial statements.
 30. Events after the reporting period
There have been no significant events occurring after the reporting period which may affect either the Co-operative’s o
operations or the Co-operative’s state of affairs.

DIRECTORS’ DECLARATION
In accordance with a resolution of the directors of Norco Co-operative Limited, I state that: In the opinion of the directo
(a) the financial statements and notes of the Co-operative are in accordance with the Corporations Act 2001 and Co-ope
including:
(i) giving a true and fair view of the Co-operative’s financial position as at 30 June 2016 and of its performance for the
(ii) complying with Accounting Standards, as required by the Co-operatives National Law (NSW); and
(b) there are reasonable grounds to believe that the Co-operative will be able to pay its debts as and when they becom

On behalf of the Board

G.J. McNamara
Chairman
Lismore
28 September 2016

56
uch collateral is not requested nor is it the Co-operative’s policy to

are subject to credit verification procedures including an

and industry reputation. Risk limits are set for each individual
gularly monitored.
that the Co-operative’s exposure to bad debts is not significant.
y.

ng and flexibility through the use of bank overdrafts, bank loans,

ulting from recognised financial liabilities as of 30 June 2016. Cash

itions existing at 30 June 2016.
y’s financial liabilities are presented with an analysis of the

2015
$000
61,125
32,098
93,223
ion.
ced view of cash inflows and outflows. Leasing obligations,
cing of assets used in our ongoing operations such as
es and trade receivables. These assets are considered in the

Total

$000
4,805
49,152
(30,411)
(1,465)
(61,876)
(39,795)

Total

$000
4,226
47,437
(31,910)
(1,881)
(59,544)
(41,672)

nancial statements.
may affect either the Co-operative’s operations or results of those

55

ate that: In the opinion of the directors:

the Corporations Act 2001 and Co-operatives National Law (NSW),

e 2016 and of its performance for the year ended on that date; and
l Law (NSW); and
pay its debts as and when they become due and payable.
 i i Eaglc Street
Brisbane OLO dDD0 Aus\ ralia
Buifdlnqa better RPO Box 7B78 órisbane CLŁ' 4001

Independent auditor’s report to the members of Norco Co-operati

ve Limited
Report on the flnanclal report

We have audited the accompanying financial report of NorCo Co-oPerative Limited "the Co- operativ
statement of financial position as at 30 June Z016, the statement of profit or loss and other comprehensive fnco
chanqes in equity and the statement of cash flows for the year then ended, notes comprisinq a summary of
policies and other explanaFory information, and the directors' declaration of Fhe consolidated entity c
and the entities it conFrolled at the year's end or from tlme to time during the financial year.

The directors of the Co-operative are responsible for the preparation of the financial reporF Fhat gives a true and
with Australian Accounting Standards, the Co-operatives National Law {NSWJ and the Corporations Act 2001
controls as the dire ctors determine are necessary to enable the preparation of the financial report t
mfssFatement, whether due to fraud or error. In Note 2. Fhe directors also state, in accordance wfth Accoun
Presentahon of Financial Statements, that the financial statements comply with International Financial Reporting Standards

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our
Standards. Those standards require that we
compJy with relevant ethical requirements relating Fa audiF engagements and pla
obtain reasonable assurance about whether the financial report is free from material misstatement.

An audiF involves performing procedures to oDtain audit evidence abouF the amounts and disclosures in the fi
procedures selected depend on the auditor's judgment, includinq the assessment of the risks of material
financial report, whether due to fraud or error. In making those risk assessments, the auditor considers interna
entity's preparation and fair presentation of the financial report in order to design audit procedures that
Circumstances, but not for the purpose of expressing an opinion on the effectiveness at the entity
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accountinq
directors, as well as evaluating the overall presentation of the financial report.

We believe that the audft evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
/nóepeodence

In conducting our audit we have complied with the independence requirements of the Corporations Act 200
directors of the Co-operative a written Auditor‘s Independence Declsration. a copy of v/hich is included in th

A member firm of E nst & Young Global Limited

Lia0i.ity limited by a scheme approved under Prolessioi\al siandaras Legisl'a lion

Buildinq a better
wrkinq norłd
 Opioion
In our opinion:
a. the financial report of Norco Co-operaFive Limited fs in accordance wifh the Corqorations Act 200 I and Co-
ćNSI4/J, includinę:
i ęiving a true and fair view of the consolidated entity's financial position as at 30 June 2016 and of its perfor
on that date: and
ii complying with Australian Accounting Standards and the Corpora/ions Regulations
2001: and
b. the financial report also Complies wiFh In ternational Financial Reporhng Standards
disclosed in Note 8.

Ernst & Younq

Brad Tozer Partner Lismore
28 September 2O16
 Tel: +óź 7 30 1 1 3333
Fa: •5I 7 30I 30 0
Wxom

-operati
ve Limited

report of NorCo Co-oPerative Limited "the Co- operative”), which comprises the
6, the statement of profit or loss and other comprehensive fncome, the statement of
ws for the year then ended, notes comprisinq a summary of siqnificanf accountinę
nd the directors' declaration of Fhe consolidated entity comprising the Co operative
rom tlme to time during the financial year.

or the preparation of the financial reporF Fhat gives a true and fair view in accordance
peratives National Law {NSWJ and the Corporations Act 2001 and for such internal
ry to enable the preparation of the financial report that is free from material
n Note 2. Fhe directors also state, in accordance wfth Accounting Standard AASB 101
e financial statements comply with International Financial Reporting Standards.

the financial report based on our audit. We conducted our audit in accordance with Australian Auditing
t ethical requirements relating Fa audiF engagements and plan and perform the audit to
nancial report is free from material misstatement.

ain audit evidence abouF the amounts and disclosures in the financial report. The
udgment, includinq the assessment of the risks of material misstatement of the
or. In making those risk assessments, the auditor considers internal controls relevant to Fhe
e financial report in order to design audit procedures that are appropriate in the
f expressing an opinion on the effectiveness at the entity's internal controls. An audit
counting policies used and the reasonableness of accountinq estimates made by the
report.

obtained is sufficient and appropriate to provide a basis

the independence requirements of the Corporations Act 2001. \Ne have given \o the
s Independence Declsration. a copy of v/hich is included in the directors’ report.

as Legisl'a lion
 Opioion
In our opinion:
s in accordance wifh the Corqorations Act 200 I and Co-opera/ives Nalional Law
ćNSI4/J, includinę:
y's financial position as at 30 June 2016 and of its performance for the year ended
on that date: and
Accounting Standards and the Corpora/ions Regulations
2001: and
lies wiFh In ternational Financial Reporhng Standards as
disclosed in Note 8.
CORPORATE DIRECTORYREGISTERED OFFICE FINANCIERS/BANKERS SOLICITORSNorco Co-operat

BRANCH DIRECTORY
HEAD OFFICES NORCO FOODS
NORCO CORPORATE NORCO MILK – LABRADOR
‘Windmill Grove’, 107 Wilson St SOUTH LISMORE Cnr Pine Ridge Road & Gold Coast Highway
NSW 2480 LABRADOR QLD 4215
(PO Box 486 LISMORE NSW 2480) (PO Box 530, SOUTHPORT QLD 4215)
Phone: 02 6627 8000 Phone: 07 5511 7200
Fax: 02 6621 9673 Fax: 07 5594 0101
NORCO RURAL NORCO MILK – RALEIGH
‘Windmill Grove’, 107 Wilson St SOUTH LISMORE North Street RALEIGH NSW 2454
NSW 2480 Phone: 02 6692 0000
(PO Box 3107 LISMORE DC NSW 2480) Phone: 02 Fax: 02 6655 4447
6627 8000 ICE CREAM BUSINESS UNIT
Fax: 02 6622 1730 Union Street
NORCO AGRIBUSINESS SOUTH LISMORE NSW 2480
‘Windmill Grove’, 107 Wilson St SOUTH LISMORE (PO Box 486, LISMORE NSW 2480)
NSW 2480 Phone: 02 6627 8000
(PO Box 3107 LISMORE DC NSW 2480) Phone: 02 Fax: 02 6621 6120
6627 8000
Fax: 02 6622 1730
MILK SUPPLY
‘Windmill Grove’, 107 Wilson St SOUTH LISMORE
NSW 2480
(PO Box 486, LISMORE NSW 2480)
Phone: 02 6627 8029
Fax: 02 6622 7410
SOLICITORSNorco Co-operative Limited St George Bank Thomson Geer Lawyers ARBN 009 717 417 /
NORCO AGRIBUSINESS – GOLDMIX & GRAIN
TRADING
GOLDMIX STOCKFEEDS
Krauss Avenue
SOUTH LISMORE NSW 2480 Phone: 02 6621 3042
Fax: 02 6621 9170
GOLDMIX STOCKFEEDS
2814 Murgon – Gayndah Road WINDERA QLD 4605
Phone: 07 4168 6186
Fax: 07 4168 6214
GRAIN TRADING – TOOWOOMBA
300 Anzac Avenue
TOOWOOMBA QLD 4350
Phone: 07 4637 3315
Fax: 07 4637 3399
NORCO RURAL BRANCHES
ALLORA GAYNDAH
120 Allora – Clifton Road ALLORA QLD 59 Dalgangal Road
4362 GAYNDAH QLD 4625
Phone: 07 4666 2210 Phone: 07 4140 8542
Fax: 07 4666 3520 GLEN INNES
ALSTONVILLE 165 Lang Street
17 Kays Lane Russelton Estate GLEN INNES NSW 2370 Phone: 02 6732
ALSTONVILLE NSW 2477 2162
Phone: 02 6628 8315 Fax: 02 6732 5642
Fax: 02 6628 5765 GLOUCESTER
ARMIDALE Cnr Church & Phillip Streets GLOUCESTER
252 Mann Street NSW 2422
ARMIDALE NSW 2350 Phone: 02 6558 9600
Phone: 02 6771 4669 Fax: 02 6558 9666
Fax: 02 6771 1187 GRAFTON
BEAUDESERT 19 Queen Street
9A Thiedeke Road BEAUDESERT QLD GRAFTON NSW 2460
4285 Phone: 02 6643 5630
Phone: 07 5541 4882 Fax: 02 6642 7245
Fax: 07 5541 1025 HEATHERBRAE
BELLINGEN 9 Hank Street
1076 Waterfall Way HEATHERBRAE NSW 2324
BELLINGEN NSW 2454 Phone: 02 4987 6500
Phone: 02 6655 9792 Fax: 02 4987 6099
Fax: 02 6655 2266 KEMPSEY
BOWRAVILLE 3 Kemp Street
51 Carbin Street WEST KEMPSEY NSW 2440 Phone: 02 6562
BOWRAVILLE NSW 2449 6393
Phone: 02 6564 8648 Fax: 02 6563 1020
Fax: 02 6564 7425 KINGAROY
BUNDABERG 97 River Road
71 Gavin Street KINGAROY QLD 4610
BUNDABERG QLD 4670 Phone: 07 4163 6310
Phone: 07 4151 7883 Fax: 07 4162 4992
Fax: 07 4154 4341 KYOGLE
CASINO Willis Street KYOGLE NSW 2474
136 Dyraaba Street Phone: 02 6632 2920
CASINO NSW 2470 Fax: 02 6632 1221
Phone: 02 6661 2100 LISMORE
Fax: 02 6662 6007 105 Wilson Street
COFFS HARBOUR SOUTH LISMORE NSW 2480 Phone: 02
5/24 Isles Drive 6627 8266
SOUTH COFFS HARBOUR NSW 2450 Fax: 02 6621 2286
Phone: 02 6658 0393 MACKSVILLE
Fax: 02 6658 0374 Tilly Willy Street MACKSVILLE NSW 2447
DUNGOG Phone: 02 6568 4057
Stroud Road DUNGOG NSW 2420 Fax: 02 6568 2308
Phone: 02 4992 1087
Fax: 02 4992 3000
Thank you to our Norco employees, Co-operative members, Norco Milk distributors and customers who feature in the annual report
photography.
Your time and participation is greatly appreciated.
norco.com.au

100% FARMER OWNED

AN AUSTRALIAN FARMER OWNED DAIRY CO-OPERATIVE
MURGON
21 Lamb Street
MURGON QLD 4605
Phone: 07 4168 3060
Fax: 07 4168 2996
MURWILLUMBAH
17 Buchanan Street
MURWILLUMBAH NSW 2484
Phone: 02 6672 2311
Fax: 02 6672 5120
QUINALOW
3 Myall Street
QUINALOW QLD 4403
Phone: 07 4692 1333
STUARTS POINT
906 Stuarts Point Road STUARTS POINT NSW 2441 Phone: 02 6569 0955
Fax: 02 6569 0983
TAREE
5 Grey Gum Road TAREE NSW 2430
Phone: 02 6551 2999
Fax: 02 6551 2522
TENTERFIELD
445 Rouse Street
TENTERFIELD NSW 2372
Phone: 02 6736 5902
Fax: 02 6736 2270
TOOWOOMBA
300 Anzac Ave
TOOWOOMBA QLD 4350
Phone: 07 4637 3300
Fax: 07 4637 3399
WAMURAN
1055 D’Aguilar Highway
WAMURAN QLD 4512
Phone: 07 5496 6500
Fax: 07 5496 6406
WINDERA DEPOT
2814 Murgon – Gayndah Road WINDERA QLD 4605
Phone: 07 4168 6186
Fax: 07 4168 6214
WOOLGOOLGA
16 Featherstone Drive
WOOLGOOLGA NSW 2456
Phone: 02 6654 2905
Fax: 02 6654 1031
customers who feature in the annual report

norco.com.au

MER OWNED
WNED DAIRY CO-OPERATIVE