Typically the Group ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. In addition, the Group maintains the following lines of credit: NZD7.9 million term loan. Interest is payable at the bank bill rate plus 105 basis points. NZD7.0 million overdraft limit. Interest is payable at the ASB Corporate Indicator Rate plus applicable margin. NZD35.5 million committed cash advance facility. Interest is payable based on the 90 day bank bill rate plus applicable margin. All NZ facilities are secured by a general security deed over all the present and future assets and undertakings of Rakon Limited, Rakon Financial Services Limited, Rakon UK Holdings Limited, Rakon UK Limited, Rakon Europe Limited and Rakon France SAS. Société Générale provides a discounted receivables credit line up to €1,400,000 (2008: €760,000) to Rakon France SAS. Interest is charged at the Euro OverNight Index Average (’eonia’) plus 100 basis points. GBP200,000 multi currency overdraft facility. Interest is payable at National Westminster Bank Plc’s base lending rate plus 100 basis points. This facility is secured by a debenture by and unlimited cross guarantees by and between Rakon UK Limited and Rakon Europe Limited. The following are the contractual undiscounted cash flow maturities of financial liabilities, including interest payments and excluding the impact of netting agreements:
Carrying amount ($000s)
Contractual cash flows ($000s)
6 months or less ($000s)
6-12 months ($000s)
1-2 years ($000s)
2-5 years ($000s)
7,864 15,351 2,171 19,437 6,913
(8,574) (16,886) (2,171) (19,437) (6,913)
(213) (614) (2,171) (19,437) (6,913)
(213) (614) -
(8,148) (15,658) -
-
Derivative financial liabilities Forward exchange contracts used for hedging - inflows 1,831 - outflows -
12,396 (14,230)
10,671 (12,435)
1,725 (1,795)
-
-
53,567
(55,815)
(31,112)
(897)
(23,806)
-
Carrying amount ($000s)
Contractual cash flows ($000s)
6 months or less ($000s)
6-12 months ($000s)
1-2 years ($000s)
2-5 years ($000s)
7,864 15,351 11,645 6,913
(8,574) (16,886) (11,645) (6,913)
(213) (614) (11,645) (6,913)
(213) (614) -
(8,148) (15,658) -
-
Derivative financial liabilities Forward exchange contracts used for hedging - inflows 1,831 - outflows -
12,396 (14,230)
10,671 (12,435)
1,725 (1,795)
-
-
43,604
(45,852)
(21,149)
(897)
(23,806)
-
31 March 2009 GROUP Non-derivative financial liabilities Secured bank loans Other liabilities Collateralised borrowings Trade and other payables Bank overdraft
31 March 2009 PARENT Non-derivative financial liabilities Secured bank loans Other liabilities Trade and other payables Bank overdraft
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