Inspiring New Zealanders on Every Screen - Tvnz

50 / TVNZ ANNUAL REPORT FY2009Notes to the Financial Statements (continued)For the year ended 30 June 2009GroupCompany2009 2008 2009 2008$000 $000 $000 $00019) ProvisionsRestructuring 1,520 716 1,520 716Onerous Lease 556 0 556 0Dividend 0 10,301 0 10,3012,076 11,017 2,076 11,017a) Movement in provisionsGroup and CompanyOnerousRestructuring Lease Dividend Total$000 $000 $000 $000At 1 July 2008 716 0 10,301 11,017Raised during the year 1,520 556 0 2,076Utilised during the year (500) 0 (10,301) (10,801)Reversed during the year (216) 0 0 (216)At 30 June 2009 1,520 556 0 2,076Current 1,520 278 0 1,798Non-current 0 278 0 278At 30 June 2009 1,520 556 0 2,076Current 2008 716 0 10,301 11,017Non-current 2008 0 0 0 0At 30 June 2008 716 0 10,301 11,017b) Nature and timing of provisioni) Restructuring provisionThe current restructuring provision balance relates to the costs of redundancy, outplacement and other costs associated with the reorganisation ofTVNZ which commenced in February 2009.ii) Onerous Lease provisionThe Group has a non-cancellable lease for office and garage space which due to changes in location of resources will no longer be used. The leaseexpires in 2011.iii) Dividend provisionNo dividend was declared by the Board prior to year end.20) Financial risk factorsThe Group’s activities expose it to a variety of financial risks including currency risk, interest rate risk, credit risk and liquidity risk. The Group’s overallrisk management policy seeks to minimise potential adverse effects on the Group’s financial performance.Treasury policies have been approved by the Board for managing each of these risks including levels of authority on the type and use of financialinstruments. The Group enters into derivative transactions, principally forward currency contracts and interest rate swaps, only if they relate tounderlying exposures.The Group has the following categories of financial instruments:Held for trading financial assets (including derivative financial instruments); loans and receivables (including cash and cash equivalents and tradereceivables); held for trading financial liabilities (including derivative financial instruments); and financial liabilities measured at amortised cost(including trade and other payables and loans and borrowings).The carrying amounts of these financial instruments are disclosed on the face of the balance sheet or in each of the applicable notes.