7 9
Tainui Group Holdings
Annual Report
2012
7 9
Tainui Group Holdings
Annual Report
2012
Consolidated
Parent
2012
2011
2012
2011
Notes
$’000
$’000
$’000
$’000
Total borrowings
20 180,152 186,650 151,967 169,400
Less: cash and cash equivalents
(6,257)
(2,251)
(2,054)
(1,023)
Net debt
173,895 184,399 149,913 168,377
Total equity
373,883 332,018
78,459
78,339
Total capital
547,778 516,417 228,372 246,716
Gearing ratio
32%
36%
66%
68%
24 Leases
(a) Group and Company as lessee
Commitments for minimum lease payments/receipts in relation to non‑cancellable operating leases are payable/
receivable as follows:
Consolidated
Parent
2012
2011
2012
2011
$’000
$’000
$’000
$’000
Within one year
91
46
29
36
Later than one year but not later than fve years
81
38
23
29
Later than fve years
122
32
1
28
294
116
53
93
There are no options to purchase attached to any lease agreements.
The operating leases that exist between the Shareholder and the Company for land owned by the Shareholder at The
Base and the University of Waikato are rent free until the frst rent review date which is in 2019 and 2022 respectively.
(b) Group and Company as lessor
The lease amounts due from leasees are as follows:
Consolidated
Parent
2012
2011
2012
2011
$’000
$’000
$’000
$’000
Within one year
31,518
30,204
2,000
2,000
Later than one year and not later than fve years
104,238 108,306
8,000
8,000
Later than fve years
139,239 149,847
58,942
60,948
274,995 288,357
68,942
70,948
The majority of lease agreements are renewable at the end of the lease period at market rates. There are no options to
purchase attached to any lease agreements.
25 Contingent liabilities and gains
The Parent and Group had contingent liabilities at 31 March 2012 in respect of:
The Shareholder has frst priority security of $15m over the present and future undertakings, property, assets, revenues
and capital of Raukura Moana Seafoods Limited, Tainui Corporation Limited, Tainui Development Limited and Tainui
Group Holdings Limited. Each company jointly and severally, unconditionally and irrevocably guarantees to the
Shareholder all secured monies.
The Directors believe that the expectation of a liability arising due to the guarantees and mortgages in place is remote.