✨ Financial Statements
VECTOR LIMITED & SUBSIDIARIES
GAS DISTRIBUTION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2007
10. PAYABLES AND ACCRUALS
| | NOTE | 2007
($000) | 2006
($000) |
|-------------------------|------|---------------|
| Current | | |
| Trade payables and other creditors | | 10,618 | 8,572 |
| Interest payable | | 3,513 | 3,482 |
| Mark to market adjustment | | - | 121 |
| Provisions | 11 | 10 | - |
| Provision for employee entitlements | | 737 | 532 |
| Total | | 14,878 | 12,707 |
| Non-current | | |
| Mark to market adjustment | | 30 | 39 |
| Other payables and accruals | | 811 | 54 |
| Total | | 841 | 93 |
11. PROVISIONS
| | 2007
($000) | 2006
($000) |
|-------------------------|---------------|
| Balance at beginning of the year | - | 1,069 |
| Arising on acquisition of NGC gas distribution business | - | - |
| Additions | 10 | - |
| Utilised | - | (1,069) |
| Balance at end of the year | 10 | - |
Provisions are for various commercial matters expected to be settled during the next two financial years but which could require settlement at any time.
12. BORROWINGS
Borrowings are a notional apportionment of the Vector group debt facilities including bank loans, a working capital facility, medium term notes - floating rate A$, capital bonds, fixed interest rate bonds, private placement senior notes and NZ floating rate notes. All borrowings are unsecured with all bank loans and medium term notes being subject to negative pledge arrangements.
The interest cost on the borrowings has been calculated using a weighted average interest rate of 7.47% applicable to the Vector Group.
Borrowings are classified between current and non-current dependent on expected repayment dates. Borrowings are subject to various lending covenants. These have all been met for the years ended 30 June 2007 and 30 June 2006.
A detailed disclosure of the Vector group’s borrowings is available under Note 29 of the Vector Group’s annual report for the year ended 30 June 2007.
13. COMMITMENTS
The following amounts have been committed to but not recognised in the financial statements.
| | 2007
($000) | 2006
($000) |
|-------------------------|---------------|
| Capital expenditure commitments |
| Estimated capital expenditure contracted for at balance date but not provided | 4,155 | 1,668 |
| Operating lease commitments | |
| Within one year | 987 | 636 |
| One to two years | 849 | 531 |
| Two to five years | 1,443 | 1,211 |
| Beyond five years | 277 | 139 |
| Total | 3,556 | 2,517 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 132
Gazette.govt.nz —
NZ Gazette 2007, No 132
✨ LLM interpretation of page content
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Notes to the Financial Statements for Gas Distribution Activities
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial statements, Payables, Accruals, Provisions, Borrowings, Commitments