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02 04 06 08 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 NOTES TO THE FINANCIAL STATEMENTS (continued) 30 June 2009 26 Current liabilities – Other current liabilities Advance from subsidiaries – – 300 300 27 Current liabilities – Current tax liabilities 2009 $’000 2009 $’000 Group Group 2008 $’000 2008 $’000 2009 $’000 2009 $’000 Parent Parent 2008 $’000 – – 300 300 2008 $’000 Income tax 611 – 611 – 611 – 611 – 28 Non-current liabilities – Interest bearing liabilities Group Parent 2009 $’000 2008 $’000 2009 $’000 2008 $’000 Unsecured Term and revolving advances facility – Set up transaction costs – (125) – (125) – $100 million rolling seven year non-amortising term loan 100,000 100,000 100,000 100,000 – $150 million rolling five year non-amortising term loan 150,000 150,000 150,000 150,000 – $250 million rolling three year revolving credit facility – 105,500 – 105,500 Total unsecured non-current interest bearing borrowings 250,000 355,375 250,000 355,375 Total non-current interest bearing liabilities 250,000 355,375 250,000 355,375 (a) Non-current interest bearing borrowings At balance date, the Group and Parent have unsecured borrowings of $350,500,000 (2008: $355,500,000) under a term and revolving advances facility put in place on 19 December 2005. The term and revolving advances facility consist of a $250,000,000 rolling three year revolving advances facility (Facility A), a $150,000,000 rolling five year non-amortising term loan (Facility B) and a $100,000,000 rolling seven year non-amortising term loan (Facility C). As at 30 June 2009, the undrawn amount under Facility A was $149,500,000 (2008: $144,500,000). At 30 June 2009, the Group had in place a $500,000,000 (2008: $500,000,000) term and revolving advances facility as mentioned in the previous paragraph, that is subject to a negative pledge deed, dated 17 July 1995 and amended by way of Deed of Variation and Restatement dated 19 December 2005 and Variation Deed relating to the negative pledge deed poll date 18 May 2007. This is for the benefit of Westpac Banking Corporation, Bank of New Zealand and Commonwealth Bank of Australia. The current and non-current borrowings are unsecured. The parent company borrows the under a negative pledge arrangement which requires certain certificates and covenants. (b) Fair value The fair value of interest bearing liabilities is based upon market prices where a market exists or by discounting the expected future cash flows by the current interest rates for liabilities with similar risk profiles. The carrying amounts of the current and non-current liabilities approximate their fair values as all debt amounts are based on floating interest rates. 29 Non-current liabilities – Provisions Group Parent 2009 $’000 2008 $’000 2009 $’000 2008 $’000 Employee benefits 1,856 1,663 1,856 1,663 1,856 1,663 1,856 1,663
Ports of Auckland Limited & Subsidiaries financial report 09 NOTES TO THE FINANCIAL STATEMENTS (continued) 30 June 2009 30 Non-current liabilities – Deferred tax liabilities Group Parent 2009 $’000 2008 $’000 2009 $’000 2008 $’000 The balance comprises temporary differences attributable to: Inventories (60) (738) (60) (738) Provisions and prepayments (3,581) (4,123) (3,579) (4,123) Depreciation & amortisation – plant, property and equipment 43,069 41,818 43,069 41,818 Depreciation & amortisation – investment property 248 309 30 36 Deferred income 2,830 2,875 2,830 2,875 Other temporary differences (8) (11) – – 42,498 40,130 42,290 39,868 Amounts recognised directly in equity Revaluation of property, plant and equipment 1,680 6,333 1,680 6,333 Available-for-sale financial assets – (482) – (482) Cash flow hedges (3,405) 1,290 (3,405) 1,290 (1,725) 7,141 (1,725) 7,141 Net deferred tax liabilities 40,773 47,271 40,565 47,009 Movements: Opening balance at 1 July 47,271 43,164 47,009 42,887 Charged/(credited) to the income statement (note 9) 2,368 731 2,422 746 (Credited)/charged to equity (notes 33) (8,866) 3,376 (8,866) 3,376 Closing balance at 30 June 40,773 47,271 40,565 47,009 31 Imputation credits Group Parent 2009 $’000 2008 $’000 2009 $’000 2008 $’000 Imputation credit account Balance at beginning of year 71,031 69,764 71,031 69,764 Tax payments, net of refunds 3,642 – 3,642 – Dividends received during year 1,293 1,769 1,293 1,769 Prior period adjustment (1,180) (502) (1,180) (502) Balance at end of year 74,786 71,031 74,786 71,031 32 Contributed equity Number of shares Group and Parent (Group and Parent numbers) Notes 2009 shares 2008 shares 2009 $’000 2008 $’000 (a) Share capital Ordinary shares (b) Ordinary shares authorised and issued 106,005,192 106,005,192 106,005 106,005 Total contributed equity 106,005 106,005 (b) Ordinary shares All ordinary shares on issue are fully paid and have an issue share price of $1 per share. Changes to the Companies Act in 1993 abolished the authorised capital and par value concept in relation to share capital from 1 July 2004. Therefore the Group does not have a limited amount of authorised capital and issued shares do not have a par value. All ordinary shares rank equally with one vote attached to each fully paid ordinary share and dividend rights.
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