Port Nelson Annual Report 2007 (pdf)

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N O T E S T O T H E A C C O U N T S N O T E 1 4 : T E R M L O A N ( . . . c o n t i n u e d ) Interest Rate Contracts: The notional principal amounts of interest rate contracts outstanding at 30 June are as follows: 1. $12,000,000 for 1 year @ 7.49% p.a. terminating 30 May 2008. 2. $3,000,000 for 2 years @ 6.98% p.a. terminating 29 May 2009. 3. $4,000,000 for 4 years @ 6.75% p.a. terminating 31 May 2011. 4. $5,000,000 for 4 years @ 6.55% p.a. terminating 31 May 2011. 5. $3,000,000 for 9 years @ 6.49% p.a. terminating 30 November 2016. 6. $15,000,000 at floating interest rate. Swaps expiring within 12 months are treated as core debt and will be replaced with another approved instrument. N O T E 1 5 : C O M M I T M E N T S The following expenditure was contracted for at balance date but not provided for: 2007 2006 $000 $000 Capital Development 197 238 N O T E 1 6 : O P E R A T I N G L E A S E S Non-cancellable operating leases as lessee 2007 2006 $000 $000 Not later than one year 3 - Later than one year and not later than five years 46 49 T O T A L N O N - C A N C E L L A B L E O P E R A T I N G L E A S E S 49 49 N O T E 1 7 : E M P L O Y E E B E N E F I T L I A B I L I T I E S 2007 2006 $000 $000 Accrued Pay 282 421 Annual Leave 593 581 Long Service Leave 88 89 Retirement Gratuities 125 113 Other Benefits 205 48 T O T A L E M P L O Y E E B E N E F I T L I A B I L I T I E S 1,293 1,252 Comprising: Current 1,103 1,050 Non-current 190 202 T O T A L E M P L O Y E E B E N E F I T L I A B I L I T I E S 1,293 1,252 N O T E 1 8 : C O N T I N G E N T A S S E T S & L I A B I L I T I E S 2007 The Noise Variation has been notified by the Nelson City Council with effect. Over the next 6 months it is expected that remedial noise mitigation work will be required. 2006 There may be a potential liability in the future with respect to noise mitigation costs of residential housing to comply with the proposed noise variation (yet to be notified) to the Nelson City Council Resource Management Plan. Given the status of current hearings it is not possible to reliably estimate the liability. 3 6
N O T E S T O T H E A C C O U N T S N O T E 1 9 : R E L A T E D P A R T Y D I S C L O S U R E 2007 2006 Nelson City Council $000 $000 Services Provided by Port Nelson 41 13 Services Provided to Port Nelson 485 266 Accounts Payable by Port Nelson 104 1 Accounts Receivable by Port Nelson 10 1 *Dividends Paid by Port Nelson 1,850 2,500 Share Buy Back by Port Nelson 12,500 - Tasman District Council *Dividends paid by Port Nelson 1,850 2,500 Share buy back by Port Nelson 12,500 - Nelmac Services Provided to Port Nelson 21 18 Accounts Payable by Port Nelson 1 - * Net of imputation credits Nelmac Nelmac is 100% owned by Nelson City Council and is therefore a related party. All Related Parties There were no nil or nominal value transactions between the Company and related parties (2006 nil). No inter entity debt has been forgiven or written off (2006 nil). Directors Mr A O Patterson is a Director of Cold Storage Nelson Ltd that leases land from the Company. The amount received from Cold Storage Nelson Ltd was $408,745 for the year, and $NIL was receivable at year end (2006 $315,304). The amount paid to Cold Storage Nelson Ltd was $1,871 for the year, and $NIL was payable at year end (2006 $99). Mr P M Schuyt is a Director of ECN Ltd from which the Company purchased EDI services. Payments for the year to 30 June totalled $5,067. (2006 $4,458) The Company owed $400 as at 30 June (2006 $210). Mr P M Schuyt is a Director of Express Couriers Ltd from which the Company purchased courier services. Payments for the year to 30 June totalled $1,503 (2006 $1,738). The Company owed $71 as at 30 June (2006 $127). Mr P M Schuyt is also an employee of New Zealand Post Ltd. The amount paid to New Zealand Post Ltd was $6,722 for the year, and $425 was payable at year end. Key Management Personnel Details of compensation paid to key management personnel during the financial year: 2007 2006 $000 $000 Total remuneration to Key Management Personnel 1,136 1,283 Termination Benefits - 61 T O T A L 1,136 1,344 N O T E 2 0 : F I N A N C I A L R E P O R T I N G B Y S E G M E N T S Port Nelson operates in one industry and one geographical segment providing and managing port facilities, marine services, cargo handling operations, and investment properties at the port of Nelson. 3 7
Page 1 and 2: 2 0 0 7 A N N U A L R E P O R T
Page 3 and 4: “During the Noise Variation proce
Page 5 and 6: P E R F O R M A N C E R E V I E W -
Page 7 and 8: “We work in a hectic environment
Page 9 and 10: Port Nelson’s support of the Nels
Page 11 and 12: “Watching the SZAP 5 descend bene
Page 13 and 14: “When the topic of Environmental
Page 15 and 16: “I’m proud to work for a compan
Page 17 and 18: F I N A N C I A L R E P O R T 2 0 0
Page 19 and 20: S T A T U T O R Y I N F O R M A T I
Page 21 and 22: S T A T E M E N T O F C O R P O R A
Page 23 and 24: S T A T E M E N T O F F I N A N C I
Page 25 and 26: S T A T E M E N T O F C A S H F L O
Page 27 and 28: S T A T E M E N T O F A C C O U N T
Page 29 and 30: N O T E S T O T H E A C C O U N T S
Page 35: N O T E S T O T H E A C C O U N T S
Page 43 and 44: Board of Directors A.O. Patterson C

Port Nelson Annual Report 2007 (pdf)

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