✨ Financial Statements
28 NOVEMBER 2008 NEW ZEALAND GAZETTE, No. 185 4837
NGC HOLDINGS LIMITED
GAS TRANSMISSION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2008
8. PAYABLES AND ACCRUALS
| 2008 | 2007 | |
|---|---|---|
| $000 | $000 | |
| Current | ||
| Trade payables and other creditors | 5,664 | 493 |
| Other payable and accruals | 6,653 | 1,356 |
| Total | 12,317 | 1,849 |
| Non-current | ||
| Finance lease | 1,037 | 1,017 |
| Other payables | 1,093 | - |
| Total | 2,130 | 1,017 |
9. PROVISIONS
| 2008 | 2007 | |
|---|---|---|
| $000 | $000 | |
| Balance at beginning of the year | 2,062 | 6,891 |
| Additions: | ||
| Provision for employee entitlements | 1,287 | - |
| Other provisions | - | 699 |
| Utilised: | ||
| Other provisions | (24) | (1,820) |
| Reversed to the income statement | (338) | (3,708) |
| Balance at end of the year | 2,987 | 2,062 |
Other provisions primarily relate to commercial matters.
10. RELATED PARTY 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.
Interest cost on the borrowings has been calculated using a weighted average interest rate of 8.03% applicable to the Vector group (30 June 2007: 7.47%).
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.
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NZ Gazette 2008, No 185
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NGC Holdings Limited Financial Statements for Gas Transmission Activities
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🏭 Trade, Customs & IndustryFinancial statements, Payables, Accruals, Provisions, Related Party Borrowings, Trade payables, Other creditors, Employee entitlements, Commercial matters, Bank loans, Medium term notes, Capital bonds, Interest rates, Lending covenants