53
2017 WEL Networks
|
Annual Report
wel.co.nz
WEL NETWORKS LIMITED
Notes to the financial statements
For the year-ended 31 March 2017
(continued)
11 CURRENT LIABILITIES – TRADE AND OTHER PAYABLES
12 CURRENT LIABILITIES – PROVISIONS
13 NON-CURRENT LIABILITIES – PROVISIONS
14 NON-CURRENT LIABILITIES – BORROWINGS
During the year the Group increased their facility by $200 million to $550 million.
The loans is secured by the assets of the Group. The Group is in compliance with all covenants during the year.
The Group uses interest rate swaps to manage interest rate risk. Derivatives are fair valued using assumptions from
observable market data where possible, in combination with the underlying derivative contracts and documentation.
2017
$’000
2016
$’000
Trade payables
9,659
35,773
Related party payables
-
15
Advances received for contract work
1,128
1,590
10,787
37,378
Employee benefits
1,243
735
Annual leave
2,127
1,410
Other provisions
441
137
3,811
2,282
Term borrowings – bank loans
Maturing between 2 and 3 years
72,707
199,859
Maturing between 3 and 4 years
250,000
-
Maturing between 4 and 5 years
59,000
-
381,707
199,859
Employee benefits
481
567
481
567
