✨ Financial Statements
4206 NEW ZEALAND GAZETTE, No. 168 17 DECEMBER 2004
- Non-current liabilities
Non-current liabilities are as follows:
| | 2004
$000's | | 2003
$000's
|-----------------------|---------------|---------------|
| Payables and accruals | - | - |
| Borrowings | 40,000 | - |
| Deferred tax (see Note 4) | 45,293 | 41,273 |
| Other | - | - |
| | 85,293 | 41,273 |
Borrowings
A summary of interest bearing debt is as follows:
| | 2004
$000's | 2003
$000's
|---------------|---------------|---------------|
| Current (NZD) | - | - |
| > 2 years (NZD)| 40,000 | - |
| | 40,000 | - |
All borrowings are unsecured against the company, however a deed of negative pledge and guarantee requires the company to comply with certain covenants.
Interest rates for the borrowings are floating based on bank bill rates plus a margin. At 31 March 2004 this rate was 5.6% (2003, -%). The company has entered into derivative contracts to hedge its exposure to interest rate fluctuations (refer Note 12).
- Equity
Equity comprises:
| | 2004
$000's | 2003
$000's
|-----------------------|---------------|---------------|
| Share capital | 120,000 | 120,000 |
| Retained earnings | 63,091 | 98,695 |
| Reserves | 350,017 | 350,017 |
| Total shareholders' equity | 533,108 | 568,712 |
| Minority interests | - | - |
| Total equity | 533,108 | 568,712 |
| Capital notes | - | - |
| Total capital funds | 533,108 | 568,712 |
The 80 million ($1.50) ordinary shares were issued in April 1993 pursuant to the approved establishment plan and sale and purchase agreement. The shares are fully paid up.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 168
Gazette.govt.nz —
NZ Gazette 2004, No 168
✨ LLM interpretation of page content
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Notes to the financial statements for Orion New Zealand Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial statements, Non-current liabilities, Borrowings, Equity, Share capital