7 47 4
R. Peters from Seagar & Partners valued properties at fair value of $2m on 31 March 2012 (31 March 2011: $2m) using a
mixture of market evidence of transaction prices for similar properties and the direct comparison approaches.
Property under construction valuations were completed as follows:
T. Arnott from CB Richard Ellis Limited valued properties at fair value of nil on 31 March 2012 (2011: $112m) using
a mixture of market evidence of transaction prices for similar properties, capitalisation and discounted cash fow
approaches. The carrying amount that would have been reported for properties under construction under the historical
cost method is nil (2011: $112m).
All valuers are independent registered valuers not related to the Company or Group. All valuers hold recognised
and relevant professional qualifcations and have recent experience in the locations and categories of the investment
property they have valued.
The Group also incurred work in progress as at 31 March 2012 of $6m (2011: $2m) in relation to the property located at
The Base, Parent nil (2011: nil).
19 Trade and other payables
Consolidated
Parent
2012
2011
2012
2011
Notes
$’000
$’000
$’000
$’000
Trade payables
2,092
5,787
1,284
78
Dividend payable to related parties
14
-
2,700
-
2,700
Related party payables
14
-
22
-
22
Accrued expenses
8,135
11,402
1,850
2,158
Employee entitlements
468
253
272
161
GST
346
-
-
-
Other payables
40
61
40
61
11,081
20,225
3,446
5,180
20 Interest bearing liabilities
Consolidated
Parent
2012
2011
2012
2011
Secured
$’000
$’000
$’000
$’000
Bank loans
30,300
72,000
30,300
72,000
Total current interest bearing borrowings
30,300
72,000
30,300
72,000
Bank loans
149,852 114,650 121,667
97,400
Total non‑current interest bearing liabilities
149,852 114,650 121,667
97,400
Total interest bearing liabilities
180,152 186,650 151,967 169,400
The Company holds a multi option credit line facility agreement with Westpac New Zealand Limited for $75m (2011:
$50m) of which $50m matures on 15 March 2014 and $25m matures on 25 July 2015. Borrowings of $26m of the available
facility had been drawn at balance date (2011: $23m).
The Company holds a Wholesale Term Loan Facility with Westpac New Zealand Limited for $50m (2011: $22m) which
matures on 27 July 2015. Borrowings of $50m had been drawn at balance date (2011: $22m).
The Company holds a Committed Cash Advances Facility Tranche A Agreement with the Bank of New Zealand for $75m
(2011: $50m) which matured on 31 July 2016. Borrowings of $46m of this facility had been drawn at balance date (2011:
$50m).
The Company holds a Committed Cash Advances Facility Tranche B Agreement with the Bank of New Zealand for $50m
(2011: $50m) which matures on 22 November 2012. Borrowings of $30m of the available facility had been drawn at
balance date (2011: $35m).
notes to the financial Statements continued
Note 18 continued