Page 51 - NZPM Annual Report 2017

14. TRADE AND OTHER PAYABLES
2017 2016
$’000 $’000
Trade payables 17,670 17,421
Other payables and accrued liabilities 6,217 5,367
23,887 22,788
The average credit period on purchases of goods is 30 days. No interest is charged on the trade payables for
the first 60 days from the date of the invoice. The Group has financial risk management policies in place to
ensure that all payables are paid within the pre-agreed credit terms.

15. LOANS AND BORROWINGS

This note provides information about the contractual terms of the Group’s interest-bearing loans and
borrowings. For more information about the Group’s exposure to interest rate and foreign currency risk, see
note 20(a).

2017 2016
$’000 $’000

Current
Finance lease liabilities 922 1,032
922 1,032
Non-current
Finance lease liabilities 281 1,203
Secured bank loans 6,500 8,500
6,781 9,703

Total loans and borrowings 7,703 10,735
There were no defaults during the period of principal, interest or terms of the loans payable.

(a) Security and bank facilities
The Group banking facilities are as follows:

Facility type Amount Expiry date
Multi Option Credit Facility (MOCL) $12,000,000 (2016: $12,000,000) 31 December 2019
Overdraft facility $3,000,000 (2016: $3,000,000)

Secured borrowing facilities are secured over the assets of NZPM Group Limited and subsidiaries by way of
a General Security Agreement (GSA). Cross guarantees exist between the various entities of the charging
group.

As at 31 March 2017, $6,500,000 was drawn down in credit facilities (2016: $8,500,000).

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