Annual report 2012
7
Other financial assets
Group Group Parent Parent
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Current portion
Term deposits with maturities of 4-12 months
39,791 36,123 36,000 32,500
Total current portion
39,791
36,123
36,000
32,500
Non-current portion
Term deposits with maturities >12 months
13,213 13,344 13,213 13,344
Total non-current portion
13,213 13,344 13,213 13,344
Total other financial assets
53,004 49,467
49,213
45,844
Fair value
Term deposits
The fair value of non-current term deposits is $13,133,387 (2011 - $14,305,299). Fair value has been
determined by discounting future interest cash flows using a discount rate based on the market interest
rate on term deposits at balance date with principal terms to maturity that match as closely as possible
the cash flows of term deposits held.
The discount rates range between 2.53% and 2.91% (2011 - 2.46% and 3.30%).
Impairments
There were no impairment provisions for other financial assets. None of the assets are either past due
or impaired.
8
Inventory
Group Group Parent Parent
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Inventories held for distribution
2,068
2,096
964
1,105
The carrying amount of inventories for distribution are measured at cost as at 31 December 2012 and
therefore, the carrying amount at current replacement cost is NIL (2011 - NIL).
Inventories are made up of consumables and inventories held for distribution to campuses. Consumables
are materials or supplies which will be consumed in conjunction with the delivery of services and
predominantly comprise books and resources used in the teaching of courses to tauira.
During the year, a write-off of inventories occurred due to a change in resources and technologies
required in a number of programmes. This write-off amounted to $86,269 in 2012 (2011 - $129,167).
There have been no reversals of write-offs (2011 - NIL).
No inventories are pledged as security for liabilities.
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