Rangatira Annual Report 2023 - Flipbook - Page 59
Ra n g a t i ra An n u a l Re p ort 2023
Rangatira Group
Notes to the Consolidated
Financial Statements (continued)
For the year ended 31 March 2023
New Zealand Experience Limited has a Business Finance scheme loan of $1.1 million (2022: $1.5 million) with BNZ. Under a general
security agreement, a first ranking security and mortgage was granted to BNZ over all present and acquired property of Rainbow’s End
Theme Park Limited, The interest rate on the loan is 2.3% p.a. (2022: 2.3%). The loan matures on 11 March 2026.
Bio-Strategy Holdings Limited refinanced its loan and overdraft facilities with BNZ in October 2020 and the term of the facilities are
for three years. The bank loans are secured by a first ranking general security agreement over all of the present and after acquired
property. The covenant was breached as at 31 December 2022 due to breaching the required Gross Leverage Ratio, however the bank
provided a waiver for the breach prior to the year end.
Boulcott Hold Co has a secured term loan facility of $11,900,000 with BNZ which expires on 31 March 2027, of which $10m was drawn
down at balance date, The loans are secured against all of the present and after acquired property. The covenant was breached as at
31 March 23 year due to breaching the required Net Leverage Ratio and Fixed Charge Cover Ratio, however the bank provided a waiver
for the breach subsequent to year end.
APC has an overdraft facility of $750,000 and a fixed interest term loan with BNZ which matures in November 2026. The interest rate
is fixed until November 2024 at 3.65%. The loan is secured on the present and after acquired property of the company.
Polynesian Spa Limited had a Custom Average Rate Loan facility with BNZ of $2,350,000 which expired in July 2022. It was secured by
a general security agreement over all its assets, uncalled capital and undertakings of the company. As at 31 March 2023, there are no
secured facilities available to the Polynesian Spa Limited.
(b) Other Financial Liabilities
The Group enters into derivative financial instruments to manage its exposure to foreign currency risk and interest rate risk, including
forward exchange contracts and interest rate swaps. The Group does not hedge account for its derivatives.
2023
$000
2022
$000
Foreign currency forward contracts
-
342
Total foreign currency forward contracts
-
342
Current
It is the policy of the Group to enter into forward foreign exchange contracts to cover specific foreign currency payments and receipts.
The Group also enters into forward foreign exchange contracts to manage the risk associated with anticipated sales and purchase
transactions out to 12 months within 25% to 85% of the exposure generated.
Note 15 Provisions
The provision for employee benefits represents the present value of the Directors' best estimate of the future cost of economic
benefits that will be required in the next 12 months for payment of employee entitlements, such as outstanding annual leave, long
service leave and collective agreement payments.
The provision for make good is the Directors' best estimate of the future cost to make good any damage to the land in removing any
movable fixtures at the expiration of the lease.
2023
$000
2022
$000
5,470
5,210
Lease make good
634
738
Other provisions
1
-
Total provisions
6,105
5,948
Current provisions
5,297
5,210
808
738
Employee benefits
Non-current provisions
59