2011 Annual Report (3 April 2012) - Grange Resources
2011 Annual Report (3 April 2012) - Grange Resources
2011 Annual Report (3 April 2012) - Grange Resources
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GRANGE RESOURCES LIMITED<br />
74<br />
Notes to the Financial Statements (cont.)<br />
NOTE 20. TRADE AND OTHER PAYABLES<br />
31 December 31 December<br />
<strong>2011</strong> 2010<br />
$’000 $’000<br />
Trade payables and accruals 42,183 29,240<br />
Other payables 7,241 6,362<br />
(a) Other payables<br />
49,424 35,602<br />
Other payables include accruals for annual leave. The entire<br />
obligation is presented as current, since the Group does not have<br />
an unconditional right to defer settlement.<br />
(b) Risk exposure<br />
Trade payables are non-interest bearing and are normally settled<br />
on repayment terms between 7 and 30 days. Information about<br />
the Group’s exposure to foreign exchange risk is provided in<br />
Note 2.<br />
NOTE 22. DEFERRED CONSIDERATION<br />
(CURRENT)<br />
31 December 31 December<br />
<strong>2011</strong> 2010<br />
$’000 $’000<br />
Deferred consideration 10,387 -<br />
10,387 -<br />
(a) Movements in deferred consideration<br />
Movements in deferred consideration<br />
are set out below:<br />
Balance at beginning of the year / period - -<br />
Changes in estimate (41) -<br />
Unwind of discount 911 -<br />
Transfers from non-current balance 9,517 -<br />
Balance at end of the year / period 10,387 -<br />
Refer to Note 25 for further details on deferred consideration.<br />
NOTE 21. BORROWINGS (CURRENT)<br />
31 December 31 December<br />
<strong>2011</strong> 2010<br />
$’000 $’000<br />
Secured<br />
Finance lease liabilities (1) 11,459 9,766<br />
11,459 9,766<br />
Unsecured<br />
Bank loan 10,000 -<br />
Other 588 3,368<br />
10,588 3,368<br />
22,047 13,134<br />
(1) Lease liabilities are secured as the rights to the leased assets<br />
recognised in the financial statements revert to the lessor in the event<br />
of default.<br />
NOTE 23. PROVISIONS (CURRENT)<br />
31 December 31 December<br />
<strong>2011</strong> 2010<br />
$’000 $’000<br />
Employee benefits 4,967 2,980<br />
Decommissioning and restoration 235 228<br />
5,202 3,208<br />
Movements in each class of provision, other<br />
than employee benefits, are set out below:<br />
(a) Movements in decommissioning<br />
and restoration provision<br />
Balance at beginning of the year / period 228 410<br />
Changes in estimate 131 (182)<br />
Transfers to non-current provisions (124) -<br />
Balance at the end of the year / period 235 228<br />
NOTE 24. BORROWINGS (NON-CURRENT)<br />
31 December 31 December<br />
<strong>2011</strong> 2010<br />
$’000 $’000<br />
Secured<br />
Finance lease liabilities (1) 14,161 25,573<br />
Unsecured<br />
Other 8,678 8,287<br />
22,839 33,860<br />
(1) Lease liabilities are secured as the rights to the leased assets<br />
recognised in the financial statements revert to the lessor in the<br />
event of default.<br />
Overview Review Of Operations Corporate Governance
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