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CONSOLIDATED PARENT ENTITY
31 JULY 08 31 JULY 07 31 JULY 08 31 JULY 07
$000 $000 $000 $000
NOTE 20: INTEREST BEARING LIABILITIES (cont.)
(b) Non-current
Commercial bills 31 300,000 250,000 300,000 250,000
Redeemable preference shares - 164,225 - 164,225
300,000 414,225 300,000 414,225
(c) Commercial bills
Commercial bills are drawn under either a 12 month facility expiring in July 2009 or a 3 year facility, expiring in July 2011. The
individual bills are drawn for periods of up to three months. Interest is payable based on floating rates determined with reference
to the BBSY bid rate at each maturity.
The fair value of non-current commercial bills is approximately $275.2 million (2007 $228.4 million).
A portion of the borrowings are hedged using a fixed interest rate swap contract, details of which can be found in notes
14 and 31.
(d) Redeemable preference shares (PAVERS)
The PAVERS may be converted to ordinary shares at the discretion of Brickworks Ltd on specified reset dates, the first of
which is 1 December 2008. The conversion rate to ordinary shares is based upon the daily volume weighted average sale
price of ordinary shares traded on the ASX during the 20 business days immediately preceding the conversion date.
PAVERS pay a fully franked dividend of 6.565% p.a, payable in June and December each year, which are recorded in the income
statement as a borrowing cost. Refer also to subsequent events note 37.
NOTE 21: PROVISIONS
(a) Current
Employee benefits 14,976 16,791 300 -
Demolition 250 3,228 - -
Product claims 613 471 - -
Workers compensation 3,899 5,223 - -
Site rehabilitation 250 789 - -
Other 2,107 1,395 - -
22,095 27,897 300 -
(b) Non-current
Employee benefits 12,285 12,598 544 844
Site rehabilitation 1,275 2,044 - -
13,560 14,642 544 844
(c) Reconciliations
Consolidated Product Workers
Demolition Claims Comp.
Year ended 31 July 2008 $000 $000 $000
Balance at the beginning of the year 3,228 471 5,223
Additional provisions recognised 167 627 2,037
Amounts used (2,675) (166) (1,367)
Reversals of provisions (470) (319) (1,994)
Balance at the end of the year 250 613 3,899
Current 250 613 3,899
Non-current - - -
250 613 3,899

 

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