2011-2012 Annual Report - Full Version - PDF - Palmerston North ...

Statement of Financial PositionAS AT 30 June 2012Palmerston North City CouncilCouncilGroupActual Budget Actual Actual Actual2012 2012 2011 2012 2011Note $000 $000 $000 $000 $000ASSETSCURRENT ASSETSCash and cash equivalents 10 369 2,000 112 2,015 1,929Trade and other receivables 11 7,742 4,563 8,106 8,197 8,830Inventories 12 532 - 535 582 560Other financial assets 13 - - - 108 211Derivative financial instruments 14 123 - - 123 -TOTAL CURRENT ASSETS 8,766 6,563 8,753 11,025 11,530NON-CURRENT ASSETSProperty, plant and equipment 15 1,280,460 1,378,681 1,281,950 1,338,588 1,337,819Intangible assets 16 2,371 - 2,864 2,377 2,872Forestry assets 17 1,229 - 1,601 1,229 1,601Investment property 18 15,541 16,040 15,468 15,541 15,468Other financial assets 13 31,466 31,366 33,398 20,624 22,556Derivative financial instruments 14 2,215 - 2,557 2,215 2,557TOTAL NON-CURRENT ASSETS 1,333,282 1,426,087 1,337,838 1,380,574 1,382,873TOTAL ASSETS 1,342,048 1,432,650 1,346,591 1,391,599 1,394,403LIABILITIESCURRENT LIABILITIESTrade and other payables 20 13,486 17,156 12,410 14,359 13,267Provisions 21 800 - 1,195 800 1,195Employee benefit liabilities 22 4,688 - 4,545 4,927 4,833Borrowings 23 23,058 - 41,662 24,258 42,962Derivative financial instruments 14 - - 194 - 194TOTAL CURRENT LIABILITIES 42,032 17,156 60,006 44,344 62,451NON-CURRENT LIABILITIESProvisions 21 1,047 2,467 1,296 1,047 1,296Employee benefit liabilities 22 1,052 837 927 1,056 930Borrowings 23 116,857 165,478 98,010 121,057 102,310Deferred tax liability 9 - - - 2,752 3,005Derivative financial instruments 14 10,640 - 5,212 10,640 5,212TOTAL NON-CURRENT LIABILITIES 129,596 168,782 105,445 136,552 112,753TOTAL LIABILITIES 171,628 185,938 165,451 180,896 175,204EQUITY ATTRIBUTABLE TO PNCCRetained earnings 24 970,962 989,599 981,477 996,653 1,006,747Other reserves 24 199,458 257,113 199,663 214,050 212,452TOTAL EQUITY 1,170,420 1,246,712 1,181,140 1,210,703 1,219,199Financial Statements Statement of Financial Position◊In respect to the carrying amounts of both assetsand liabilities, management is not aware or haveany expectations of any significant risk thatmay cause a material adjustment to the carryingamounts within the next twelve months.◊The accompanying notes form part of thesefinancial statements.Palmerston North City Council Annual Report 2011/12135