95
waikato-tainui
annual report 2014
Liabilities at fair
Liabilities
value through
amoritised
profit or loss
cost
Total
$'000
$'000
$'000
FINANCIAL LIABILITIES AS PER STATEMENT OF FINANCIAL POSITION
CONSOLIDATED
At 31 March 2014
Borrowings
-
225,587
225,587
Derivative financial instruments
5,048
-
5,048
Trade and other payables
-
36,584
36,584
5,048
262,171
267,219
At 31 March 2013
Borrowings
-
187,163
187,163
Derivative financial instruments
12,902
-
12,902
Trade and other payables
-
16,680
16,680
12,902
203,843
216,745
PARENT
At 31 March 2014
Trade and other payables
-
3,821
3,821
Advances from subsidiaries
-
10,663
10,663
-
14,484
14,484
At 31 March 2013
Borrowings
-
12
12
Trade and other payables
-
3,324
3,324
Advances from subsidiaries
-
5,993
5,993
-
9,329
9,329
26.2 Capital risk management
The Group’s capital is its equity plus debt, which is comprised of retained earnings and other reserves. Equity is represented by
net assets. The Trust is subject to the financial management and accountability provisions of the Charities Act 2005, Waikato
Raupatu Claims Settlement Act 1995 and the Waikato‑Tainui Raupatu Claims (Waikato River) Settlement Act 2010. The Group
manages its revenues, expenses, assets, liabilities, investments and general financial dealings prudently. The Group’s equity is
largely managed as a by‑product of managing revenues, expenses, assets, liabilities, investments and general financial dealings.
The objective of managing the Group’s equity is to ensure the Group effectively achieves its objectives and purpose, whilst
remaining a going concern in order to provide returns for the Parent and to maintain an optimal capital structure to reduce
the cost of capital. The Group has not breached any bank covenants as required by the Bank of New Zealand and Westpac
New Zealand Limited during the reporting period (see note 23) (2013: no breach). There are no externally imposed capital
requirements at balance date (2013: nil).
Consolidated
2014
2013
Notes
$'000
$'000
Total borrowings
23
225,254
186,683
Less: cash and cash equivalents
(172,099)
(156,858)
Net debt
53,155
29,825
Total equity
783,724
704,687
Total capital
836,879
734,512
Gearing ratio
6%
4%
