2012 wintec annual report

WINTEC ANNUAL
REPORT 2012
63
12 employee entitlements
CONSOLIDATED
2012
$'000
2011
$'000
2012
$'000
PARENT
2011
$'000
Employee entitlements
At 1 January 5,460 2,831 5,382 2,831
Additions during the year 3,593 5,580 3,361 5,482
Utilised during the year (3,929) (2,951) (3,803) (2,931)
At 31 December 5,124 5,460 4,940 5,382
Current portion 4,770 4,973 4,587 4,895
Non-current portion 354 487 354 487
Total 5,124 5,460 4,940 5,382
Expected future payments are discounted using forward discount rates derived from the yield curve of New Zealand Government bonds. The
discount rates used have maturities that match, as closely as possible, the estimated future cash outflows. The salary inflation factor has
been determined after considering historical salary inflation patterns and after obtaining independent advice.
If the salary inflation factor were to increase or decrease by 1% from that used, with all other factors held constant, the carrying amount of
the retirement gratuity liability would be an estimated $29,283 higher/lower (2011 $37,346).
If the discount rates used were to increase or decrease by 1% from that used, with all other factors held constant, the carrying amount of the
retirement gratuity liability would be an estimated $100 higher/lower (2011 $90).
13 REVENUE IN ADVANCE
FINANCIAL PERFORMANCE
CONSOLIDATED
2012
$'000
2011
$'000
2012
$'000
PARENT
Student fees 15,083 14,910 15,083 14,910
Other revenue in advance 462 231 209 201
Total 15,545 15,141 15,293 15,111
Current portion 15,545 15,141 15,293 15,111
Non-current portion - - - -
Total 15,545 15,141 15,293 15,111
2011
$'000
1
2
3
4
5
6
7
8
9
10