✨ Financial Statements
Eastland Network Limited – Electricity Lines Business
Notes to the financial statements (continued)
For the year ended 31 March 2007
| 2007 | 2006 | |
|---|---|---|
| $'000 | $'000 |
10 Receivables and Prepayments
Trade Debtors | 2,053 | 2,182 |
Other receivables| 164 | 370 |
Income Tax refundable | 285 | — |
Total Receivables| 2,502 | 2,552 |
11 Payables and accruals
| 2007 | 2006 | |
|---|---|---|
| $'000 | $'000 |
Current | | |
Trade creditors | 1,777 | 2,327 |
Other creditors | 2,460 | 1,703 |
Interest payable | 431 | 569 |
Income tax payable| — | 128 |
Employee provisions| 298 | 252 |
Total Payables | 4,966 | 4,979 |
12 Intercompany borrowings
Intercompany borrowings | 34,800 | 34,100 |
Eastland Infrastructure Limited has arranged Bank funding from Commonwealth Bank and Westpac on behalf of the Eastland companies (Eastland Infrastructure Limited, Eastland Network Limited and Eastland Port Limited all owned 100% by Eastland Community Trust). The facility, at 31 March 2007 was $55 million and increases to $70 million over the following two year period, is unsecured and subject to a Deed of Negative Pledge. The borrowings are in the name of Eastland Infrastructure Limited with the other two companies acting as guarantors.
Eastland Infrastructure Limited in turn provides funding to Eastland Network Limited. The total of these loans at 31 March 2007 was $34.8 million (2006: $34.1 million). The terms and interest rates mirror that of the bank loans provided to Eastland Infrastructure Limited. All these loans relate to the Electricity Lines Business.
These borrowings are rolled over at 90 day intervals spread throughout the quarter. The interest rate on these borrowings is the BKBM rate at the rollover date plus 0.25%. At 31 March 2007 the rates ranged from 7.92% to 8.17%. $1.5 million was borrowed at overnight call at the OCR rate plus 0.25%. At 31 March 2007 this rate was 7.75%.
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 55
Gazette.govt.nz —
NZ Gazette 2008, No 55
✨ LLM interpretation of page content
🏭
Eastland Network Limited – Electricity Lines Business
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Receivables, Payables, Intercompany Borrowings, Electricity Lines Business