7 87 8
Liabilities at
fair value Liabilities at
through proft
amortised
or loss
cost
Total
Financial liabilities as per statement of fnancial position
$’000
$’000
$’000
Consolidated
At 31 March 2012
Borrowings
- 180,152 180,152
Financial liabilities
40,043
-
40,043
Trade and other payables
-
10,735
10,735
Advances
-
74,940
74,940
40,043 265,827 305,870
At 31 March 2011
Borrowings
- 186,650 186,650
Financial liabilities
31,757
-
31,757
Trade and other payables
-
20,225
20,225
Advances
-
74,441
74,441
31,757 281,316 313,073
Parent
At 31 March 2012
Borrowings
- 151,967 151,967
Financial liabilities
38,997
-
38,997
Trade and other payables
-
3,446
3,446
Advances
- 108,058 108,058
38,997 263,471 302,468
At 31 March 2011
Borrowings
- 169,400 169,400
Financial liabilities
31,757
-
31,757
Trade and other payables
-
5,180
5,180
Advances
-
97,756
97,756
31,757 272,336 304,093
23.2 Capital risk management
The Group’s capital is its equity plus debt, which is comprised of contributed capital, retained earnings and other
reserves. Equity is represented by net assets. The Group manages its revenues, expenses, assets and liabilities,
investments and general fnancial dealings prudently. The Group’s equity is largely managed as a by‑product of
managing revenues, expenses, assets, liabilities, investments and general fnancial dealings. The objective of managing
the Group’s equity is to ensure the Group effectively achieves its objectives and purpose, whilst remaining a going
concern in order to provide returns for the Shareholder and to maintain an optimal capital structure to reduce the
cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividend paid
to the Shareholder, return capital to the Shareholder, issue new shares or sell assets to reduce debt. The Group has
not breached any bank covenants as required by the Bank of New Zealand andWestpac New Zealand Ltd during the
reporting period (2011: no breach). There are no externally imposed capital requirements at balance date (2011: nil).
notes to the financial Statements continued
Note 23.1 continued