Notes forming part of the financial statements (continued)
Note 19. Current liabilities – Provisions continued
Movement in provisions
Movement in each class of provision during the financial year, other than employee benefits, are set out below.
Restructuring
Claims provisions
$’000 $’000
Consolidated – 2007
Current
Carrying amount at start of year 2,440 3,622
Foreign currency exchange differences (73) (383)
Additional provisions recognised 148 –
Write-back excess US exit provisions – (923)
Payments/other sacrifices of economic benefits (222) (810)
Carrying amount at end of year 2,293 1,506
Consolidated Parent entity
2007
$’000
2006
$’000
2007
$’000
2006
$’000
Note 20. Non-current liabilities – Trade and
other payables
Amounts owing to controlled entities — — 39,412 —
— — 39,412 —
Note 21. Non-current liabilities – Borrowings
Secured
Bank loans
Other loans
71,364
—
—
1,465
—
—
—
—
Unsecured
Other loans
71,364
4
1,465
4
—
—
—
—
Total non-current borrowings 71,368 1,469 — —
Total secured liabilities (current and non-current):
Bank overdrafts and loans
Other loans
71,364
—
42,166
1,465
—
—
—
—
71,364 43,631 — —
Unrestricted access was available at balance date to
the following lines of credit:
Total facilities
Bank overdrafts
Bank loans
15,000
85,000
6,000
74,000
—
—
—
—
100,000 80,000 — —
Used at balance date
Bank overdrafts
Bank loans
—
71,364
26
42,140
—
—
—
—
71,364 42,166 — —
Unused at balance date
Bank overdrafts
Bank loans
15,000
13,636
5,974
31,860
—
—
—
—
28,636 37,834 — —
Carrying Carrying
amount Fair value amount Fair value
2007
$’000
2007
$’000
2006
$’000
2006
$’000
Note 21. Non-current liabilities – Borrowings continued
Fair value
The carrying amounts and fair values of borrowings at balance date are:
Bank Overdrafts
Bank Loans
—
71,364
—
71,364
26
42,140
26
42,140
71,364 71,364 42,166 42,166
The bank loans and bank overdrafts are secured by a negative pledge that imposes
certain covenants on the controlled entity that has
received those loans. The negative pledge states that (subject to certain exceptions)
the controlled entity will not provide any other security
over its assets and will ensure that certain financial ratios are met.
These ratios relate to:
a) Gearing ratio
b) Interest cover ratio
c) Tangible net worth
In August 2006, bank loans and overdraft facilities were renegotiated; bank
loan and overdraft facilities were increased to $100 million
for a three year term. The loans have variable interest rates and the weighted average interest rate for the year was 7.5% (2006: 6.58%).
Consolidated Parent entity
2007
$’000
2006
$’000
2007
$’000
2006
$’000
Note 22. Non-current liabilities –
Deferred tax liabilities
The balance comprises temporary differences attributable to:
Defined Benefit Plan
Prepayments
Financial assets held at fair value
Trade names
Depreciation
907
31
224
6,141
983
—
—
—
6,038
425
—
—
—
—
—
—
—
—
—
—
8,286 6,463 — —
Amounts recognised directly in equity
Adjustment on adoption of AASB132 and AASB139 — 224 — —
8,286 6,687 — —
Movements
Opening balance 1 July
FX on translation
Charged/(credited) to the income statement
Charged/(credited) to equity
6,687
103
1,086
410
7,124
—
(661)
224
—
—
—
—
—
—
—
—
Closing balance 30 June 8,286 6,687 — —
Deferred tax liabilities to be settled after more than 12 months 8,255 6,687
— —
Deferred tax liabilities to be settled within 12 months 31 — — —
Note 23. Non-current liabilities – Provisions
Employee benefits – long service leave 9,208 8,633 — —
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