New Zealand Gazette – 2006 – No. 146

Page 4201

✨ Financial Disclosure



22 NOVEMBER 2006
NEW ZEALAND GAZETTE, No. 146
4201

Details of the provision follows:

Long service leave

Opening balance 132 186
Additional provision made 53 13
Amount utilised (40) (67)
Closing balance 145 132

The provision for long service leave relates to an actuarial assessment of entitlements that may become due to employees in the future. The provision is affected by a number of estimates, including the expected length of service of employees and the timing of benefits being taken. Most of the liability is expected to be discharged over the next 5 years.

  1. Non-current liabilities

Non-current liabilities are as follows:

Payables and accruals - -
Borrowings 40,000 40,000
Deferred tax (see Note 4) 57,680 51,737
Other - -
97,680 91,737

Borrowings

A summary of interest bearing debt is as follows:

Current (NZD) - -

2 years (NZD) 40,000 40,000
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 2006 this rate was 7.47% (2005 7.07%). The company has entered into derivative contracts to hedge its exposure to interest rate fluctuations (refer Note 12).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 146


Gazette.govt.nz — PDF NZ Gazette 2006, No 146




✨ LLM interpretation of page content

🏭 Financial Disclosure for Orion New Zealand Limited (continued from previous page)

🏭 Trade, Customs & Industry
7 November 2006
Financial Statements, Long Service Leave, Non-current Liabilities, Borrowings, Deferred Tax, Interest Rates