Annual Report 2011 - Watercare

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Watercare Services Limited 2011 ANNUAL REPORT Notes to the financial statements (continued) for the year ended 30 June 2011 18. Accrued Expenses group and Company Company 2011 2010 $000 $000 Current Capital work in progress accruals 21,146 20,880 Interest payable 11,013 4,865 Income received in advance 4,896 - Operating costs accruals 30,872 7,272 Total current accrued expenses 67,927 33,017 Non-current Income received in advance 9,100 - Total non-current accrued expenses 9,100 - Total accrued expenses 77,027 33,017 Income received in advance includes $9.4 million relating to the amount received in accordance with the franchise fee agreement between the network operator United Water International Pty Limited (United Water) and Papakura District Council (integrated into the company on 1 November 2010). The franchise agreement grants the operator, the right to use the fixed utility systems owned by the group for the provision of water and wastewater services within the Papakura district. Under the franchise agreement United Water is responsible for upgrading and maintaining the network so that at the end of the contract period, the network shall be in a better overall condition than the condition at the time the contract was commenced. The $13,000,000 fee received at the commencement of the agreement covers the right to use the assets for a 50-year period and is recognised as revenue evenly over the term of the agreement. 19. Provisions group and Company 2011 2010 $000 $000 Current Employee entitlements 3,790 2,498 Decommissioning costs 847 3,276 Other provisions 159 490 Total current provisions 4,796 6,264 Non-current Employee entitlements 1,392 1,053 Total non-current provisions 1,392 1,053 Total provisions 6,188 7,317 Company employee Decommissioning Other entitlements costs provisions Total $000 $000 $000 $000 Balance at 1 July 2010 3,551 3,276 490 7,317 Additions during the year 5,300 847 159 6,306 Reductions resulting from payments (3,669) (3,276) (490) (7,435) Balance at 30 June 2011 5,182 847 159 6,188 2011 Financial Report PAGE 94 Return to Contents page
Watercare Services Limited 2011 ANNUAL REPORT Notes to the financial statements (continued) for the year ended 30 June 2011 20. Borrowings group and Company Company 2011 2010 $000 $000 Current Related party term loan (unsecured) 67,154 10,000 Medium-term notes (unsecured) 50,000 - Commercial paper (unsecured) 124,141 99,225 Total current borrowings 241,295 109,225 Non-current Related party term loan (unsecured) 476,104 - Medium-term notes (unsecured) 400,000 300,000 Term loan (unsecured) 100,000 100,000 Bank loan (unsecured) 11,500 16,500 Total non-current borrowings 987,604 416,500 Repayment schedule: Related party term loan (unsecured) Less than one year 67,154 10,000 One to two years 89,798 - Two to three years 79,128 - Three to four years 136,275 - Beyond four years 170,903 - Medium-term notes Less than one year 50,000 - One to two years - 50,000 Two to three years 220,000 - Three to four years 150,000 220,000 Beyond four years 30,000 30,000 Term loan One to two years - 100,000 Beyond four years 100,000 - Bank loan One to two years 11,500 16,500 Commercial paper Current 124,141 99,225 Two to three years - - Total borrowings 1,228,899 525,725 PAGE 95 2011 Financial Report Return to Contents page
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Annual Report 2011 - Watercare

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