✨ Financial Statements
VECTOR LIMITED & SUBSIDIARIES
GAS DISTRIBUTION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2008
9. PAYABLES AND ACCRUALS
| 2008 | |
|---|---|
| $000 | |
| Current | |
| Trade payables and other creditors | 11,005 |
| Interest payable | 5,548 |
| Total | 16,553 |
| Non-current | |
| Finance lease | 824 |
| Other payables and accruals | 37 |
| Total | 861 |
10. PROVISIONS
| 2008 | |
|---|---|
| $000 | |
| Balance at beginning of the year | |
| Additions: | |
| Provision for employee entitlements | 394 |
| Other | 539 |
| Utilised | (10) |
| Balance at end of the year | 1,670 |
The provision of $0.5 million in 2008 year relates to a historic customer billing dispute.
11. BORROWINGS
Borrowings are a notional apportionment of the Vector group debt facilities including bank loans, a working capital facility, medium term notes, capital bonds, fixed interest rate bonds, private placement senior notes and 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 8.03% (30 June 2007: 7.47%) applicable to the Vector group.
Borrowings are subject to various lending covenants. These have all been met for the years ended 30 June 2008 and 30 June 2007.
A detailed disclosure of the Vector group borrowings is reported in Note 26 of the Vector group annual report for the year ended 30 June 2008.
12. COMMITMENTS
| 2008 | |
|---|---|
| $000 | |
| Capital expenditure commitments | |
| Capital expenditure contracted for at balance date but not yet incurred | 2,917 |
| Operating lease commitments | |
| Within one year | 620 |
| One to five years | 1,025 |
| Beyond five years | 2 |
| Total | 1,647 |
The majority of the operating lease commitments relate to premises.
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NZ Gazette 2008, No 185
✨ LLM interpretation of page content
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Vector Limited & Subsidiaries Gas Distribution Activities Notes to the Financial Statements
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial statements, Payables and accruals, Provisions, Borrowings, Commitments, Gas distribution, Vector Limited