Financial
Statements
39
meteorological service of new zealand ltd
Annual Report 2013
Group 2013 Group 2012 Parent 2013 Parent 2012
11.
BORROWINGS
$000s
$000s
$000s
$000s
Unsecured
Current
Bank Loan
–
2,000
–
2,000
Non Current
Bank Loan
15,000
15,000
15,000
15,000
Total Borrowings
15,000
17,000
15,000
17,000
The Parent has an on-going term loan agreement with the Westpac Banking Corporation. The interest rates are fixed and due for renewal
between 30 June 2015 and 30 June 2016. The average interest rate for the loans as at 30 June 2013 is 5.53% (2012: 6.02%).
These loans are subject to covenant clauses whereby the Parent is required to maintain a specified level of interest cover and debt/equity ratio.
As at 30 June 2013, all banking covenants had been complied with.
Group 2013 Group 2012 Parent 2013 Parent 2012
12.
FINANCING FACILITIES
$000s
$000s
$000s
$000s
Loans from Subsidiaries
Metra Information Limited – Intercompany
–
–
(5,223)
(2,005)
MetraWeather (Australia) Pty Limited – Intercompany
–
–
1,841
1,059
–
–
(3,382)
(946)
Loans from subsidiaries
The Company provides funding to Metra Information (Australia) Pty Limited via an intercompany account. This is used to fund monthly
expenses and is reimbursed periodically throughout the year. The Company receives funding from its New Zealand subsidiary via an
intercompany account. This is used to fund monthly expenses and is reimbursed periodically throughout the year.
Group 2013 Group 2012 Parent 2013 Parent 2012
13.
INVENTORIES
$000s
$000s
$000s
$000s
Finished Goods at Cost
527
354
527
354
Total Inventories
527
354
527
354
The cost of inventories recognised as an expense during the year was $406,764 (2012: $549,974).
