7 5
Tainui Group Holdings
Annual Report
2012
7 5
Tainui Group Holdings
Annual Report
2012
Tainui Auckland Airport Hotel holds a Committed Cash Advance Facility with ASB Bank Limited for $33m (2011: $33m)
which matures 14 May 2014. Borrowings of $28m of the available facility had been drawn at balance date (2011: $17m).
The ASB Bank has a frst and exclusive security agreement over the assets and undertakings of Tainui Auckland Airport
Hotel LP and Tainui Auckland Airport Hotel GP Limited.
The Company and guaranteeing subsidiaries (Tainui Corporation Limited, Tainui Development Limited, TGH No.1
Limited, Raukura Moana Seafoods Limited, The Base Limited and Te Rapa 2002 Limited) have granted to Westpac New
Zealand Limited and Bank of New Zealand a charge in and over all present and future assets and present and future
rights and interest in any asset as security for the fnance facilities.
21 Other fnancial liabilities
Consolidated
Parent
2012
2011
2012
2011
At fair value through proft or loss
$’000
$’000
$’000
$’000
Interest rate swaps
11,763
7,790
10,717
7,790
Investment property liability
28,280
23,967
28,280
23,967
40,043
31,757
38,997
31,757
The notional amount of interest rate swaps is $150m (Parent: $135m) with maturity dates that range from 1‑10 years
(Parent: 1‑9 years), (2011: $139m for Parent and Group, maturing between 1‑10 years).
The Base and University of Waikato land is owned by the Shareholder. There is an operating lease in place between the
Shareholder and the Group. The interest held under the operating lease has been accounted for as a fnancial liability
and investment property (see note 14 and note 18).
22 Reconciliation of proft for the year to net cash infow/(outfow) from operating activities
Consolidated
Parent
2012
2011
2012
2011
Notes
$’000
$’000
$’000
$’000
Net proft/(loss) for the year
39,353
22,659
(2,752)
(1,430)
Non‑cash items:
Depreciation and amortisation
5
2,541
443
489
376
Bad debts written off
5
14
-
-
-
Movement in doubtful debt provision
5
12
22
1
-
Loss on sale of investment properties
8
-
393
-
-
Gain on revaluation of biological assets
8, 13
(1,190)
(1,517)
(693)
(728)
Gain on shares in listed companies
8, 15
(4,050)
(6,750)
(4,050)
(6,750)
Loss on shares in unlisted companies
8, 15
53
-
53
-
Gain on shares in unlisted companies
8, 15
(673)
-
(763)
-
Loss on interest rate swaps
8, 21
3,973
4,140
2,927
4,140
Movement in investment property liability
8, 21
4,313
2,572
4,313
2,572
Share of total profts of associates
6
(334)
(139)
-
-
Gain on revaluation of investment properties
8, 18
(23,624)
(8,571)
(9,255)
(4,268)
Impairment of land at cost
8
1,400
950
-
-
Other non‑cash items in relation to investing
and fnancing activities
3,386
577
2,883
(993)
(Increase)/decrease in current assets:
Trade and other receivables
5,063
(4,329)
254
3
Inventories
415
(1,109)
-
-
Biological assets
(239)
(228)
(239)
(228)
Increase/(decrease) in current liabilities:
Trade and other payables
(9,144)
5,317
(1,734)
650
Net cash infow/(outfow) from operating activities
21,269
14,430
(8,566)
(6,656)