Page 58 - NZPM Annual Report 2020

NZPM GROUP LIMITED
Notes to the Consolidated Financial Statements for the year ended 31 March 2020

2020 2019
$’000 $’000
The gross maturity analysis of the lease liabilities is as follows:
Not later than 1 year 8,816 0
1 year up to 2 years 8,046 0
2 years up to 3 years 7,734 0
3 years up to 4 years 6,883 0
4 years up to 5 years 6,137 0
5 years and later 28,590 0
Gross payments due 66,206 0
Less: Unearned interest (15,074) 0
Total lease liabilities 51,132 0

25. Provisions
2020 2019
$’000 $’000
Current liabilities
Annual leave provision 1,417 1,392
Incentives provision 1,609 1,429
Make good provision 80 0
Total current provisions 3,106 2,821

Non-current liabilities
Incentives provision 107 0
Make good provision 0 80
Long service leave provision 287 273
Directors' retiring allowance provision 214 263
Total non-current provisions 608 616

Total provisions 3,714 3,437

Long Directors’
Annual service retiring
25.1. Movement in provisions leave Incentives Make good leave allowance Total

$’000 $’000 $’000 $’000 $’000 $’000
At 1 April 2019 1,392 1,429 80 273 263 3,437
Additional provision in the year 2,640 1,497 60 58 62 4,317
Utilisation of provision (2,615) (1,210) (60) (44) (111) (4,040)
At 31 March 2020 1,417 1,716 80 287 214 3,714

Employee benefit obligations
These provisions relate to the Group’s liability for employee benefits as per employment contracts and director benefits in accordance
with the Constitution. The liability is measured at the amounts expected to be paid when the liabilities are settled. Based on past
experience, the Group expects all employees to take the full amount of accrued annual leave, or to be paid out, within the next 12
months of the reporting date. Long service leave and directors retiring allowances are not expected to be taken or paid within the
next 12 months of the reporting date.

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NZPM GROUP LIMITED ANNUAL REPORT 2020