2001 Annual Report - OneSteel

Notes to the Financial StatementsNOTE 18. OTHER PROVISIONS (CURRENT):ConsolidatedParent2001 2000 2001 2000$m $m $m $mDividends 13.8 – 13.8 –Employee entitlements 77.3 44.0 – –Restoration and rehabilitation 3.9 – – –Restructuring 19.6 9.8 – –Email restructuring costs 39.5 – – –Other 4.5 6.5 – –Total other current provisions 158.6 60.3 13.8 –NOTE 19. INTEREST BEARING LIABILITIES (NON-CURRENT):ConsolidatedParent2001 2000 2001 2000$m $m $m $mBank loans unsecured (a) 625.7 27.0 – –lessAmounts repayable within twelve months (note 17) 4.0 23.1 – –Total non-current interest bearing liabilities 621.7 3.9 – –(a) (i) Bank loans predominately comprise $610m provided to the OneSteel Group by a syndicate of banks.These loans have an average interest rate of 5.8% and repayment dates vary from October 2003 to October 2005.The bank loans are subject to the terms and conditions of the loan agreement with the banks.(ii) The remaining bank loans comprise $15.7m provided to the Steel & Tube Holdings Group by theANZ Bank New Zealand, National Bank New Zealand and Citibank. These loans have an average interest rate of7% and are due for repayment within one to two years. These loans are subject to the conditions of the Group’sDeed of Negative Pledge.NOTE 20. DEFERRED TAX LIABILITIES (NON-CURRENT):ConsolidatedParent2001 2000 2001 2000$m $m $m $mProvision for deferred income tax– attributable to timing differences 136.7 30.2 – –Total non-current deferred tax liabilities 136.7 30.2 – –NOTE 21. OTHER PROVISIONS (NON-CURRENT):ConsolidatedParent2001 2000 2001 2000$m $m $m $mEmployee entitlements 63.6 36.1 – –Restoration and rehabilitation 14.8 – – –Total other non-current provisions 78.4 36.1 – –17