New Zealand Gazette – 2003 – No. 95

Page 2513

✨ Financial Statements

8 AUGUST
NEW ZEALAND GAZETTE
2513

Notes to the financial statements (continued)
For the year ended 31 March 2003

	2003	2002
	$'000	$'000

11) Borrowings

a. Non-Current
Bank loans unsecured 29,200 26,850

b. Current
Bank loans unsecured 1,000

12) Payables and accruals

Trade Creditors 3,221 2,903
Other accruals - 2,561
Employee provisions 178 179
3,399 5,643

13) Bank Loans

The Company has a creditline with ASB Bank for $40 million. This credit line is unsecured, but subject to a Deed of Negative Pledge. The facility is initially for a period of 5 years from 28 July 2001. Borrowings are rolled over on either 3 monthly or on a call basis. The Company has a policy of hedging interest rates and currently has interest rate cover of $23 million for various periods up to 5 years.

Average rate of fixed Rate cover at 31 March 2003 is 6.50%.

VUW Te Waharoa — NZ Gazette 2003, No 95

Gazette.govt.nz — NZ Gazette 2003, No 95

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Notes to the financial statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Borrowings, Payables, Accruals, Bank Loans, Creditline, Interest rate hedging

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