New Zealand Gazette – 2008 – No. 25

Page 565

✨ Financial Statements

15 FEBRUARY 2008 NEW ZEALAND GAZETTE, No. 25

565

Details of the provision follows:

Long service leave

| | 2007
$000 | 2006
$000 |
|----------------|----------------|
| Opening balance | 145 | 132 |
| Additional provision made | 313 | 53 |
| Amount utilised | (236) | (40) |
| Closing balance | 222 | 145 |

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.

Non-current liabilities

Non-current liabilities are as follows:

| | 2007
$000 | 2006
$000 |
|----------------|----------------|
| Payables and accruals | - | - |
| Borrowings | 38,300 | 40,000 |
| Deferred tax (see Note 4) | 64,216 | 57,680 |
| Other | - | - |
| | 102,516 | 97,680 |

Borrowings

A summary of interest bearing debt is as follows:

| | 2007
$000 | 2006
$000 |
|----------------|----------------|
| Current (NZD) | - | - |
| > 2 years (NZD)| 38,300 | 40,000 |
| | 38,300 | 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 2007 this rate was 7.93% (2006 7.47%). The company has entered into derivative contracts to hedge its exposure to interest rate fluctuations (refer Note 12).

VUW Te Waharoa — NZ Gazette 2008, No 25

Gazette.govt.nz — NZ Gazette 2008, No 25

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✨ LLM interpretation of page content

💰 Long service leave provision details

Domain💰 Finance & Revenue
KeywordsLong service leave, Actuarial assessment, Employee entitlements, Financial provision

💰 Non-current liabilities summary

Domain💰 Finance & Revenue
KeywordsNon-current liabilities, Payables, Borrowings, Deferred tax, Financial liabilities

💰 Borrowings details

Domain💰 Finance & Revenue
KeywordsBorrowings, Interest rates, Debt summary, Financial borrowings

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