88
Waikato Milkings Systems Limited Partnership holds a multi‑currency term loan with the ANZ Bank of New Zealand for $41.1m
(2013: nil) which matures on 24 February 2017 and a revolving cash advance facility of $7.0m for a term of 90 days for which
the Groups share of the available facilities are $13.6m and $2.3m respectively, of which $13.6m and $0.1m had been drawn at
balance date (2013: nil). The ANZ Bank of New Zealand holds a first and preferential security interest over all property owned by
Waikato Milking Sytems Limited.
Tainui Group Holdings Limited and guaranteeing subsidiaries (Tainui Corporation Limited, Tainui Development Limited, TGH No.1
Limited, Raukura Moana Seafoods Limited and The Base Limited) have granted to Westpac New Zealand Limited and Bank of
New Zealand a charge in and over all present and future assets and present and future rights and interest in any asset as security
for the finance facilities.
The following borrowing costs were capitalised as components of investment properties:
Consolidated
Parent
2014
2013
2014
2013
$'000
$'000
$'000
$'000
Investment properties
927
722
-
-
Weighted average capitalisation rate on funds
borrowed generally
7.64%
8.20%
-
-
2 4 . o t h e r f i n a n c i a l l i a b i l i t i e s
Consolidated
Parent
2014
2013
2014
2013
$'000
$'000
$'000
$'000
At fair value through profit or loss
Interest rate swaps
1,355
162
-
-
Total current other financial liabilities
1,355
162
-
-
Interest rate swaps
3,693
12,740
-
-
Total non‑current other financial liabilities
3,693
12,740
-
-
5,048
12,902
-
-
The notional amount of interest rate swaps is $144m with maturity dates that range from 1‑8 years (2013: $150m, maturing
between 1‑9 years).
23. Interest bearing liabilites (continued)
waikato raupatu lands trust
notes to the financial statements
f o r t h e y e a r e n d e d 3 1 m a r c h 2 0 1 4
