Annual Report 2021–2022, Power and Water Corporation
Tabled Paper 708
Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT
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Legislative Assembly of the Northern Territory
Legislative Assembly of the Northern Territory
102 Financial Statements for the year ended 30 June 2022 Page 51 of 60 Power and Water Corporation Notes to the financial statements for the year ended 30 June 2022 June 2022 June 2021 June 2022 June 2021 $'000 $'000 $'000 $'000 17 Trade and other payables Service creditors 29,888 24,099 21,561 18,528 Other creditors and accruals 38,858 34,349 33,972 33,047 68,746 58,448 55,533 51,575 18 Unearned revenue Capital contributions - government (i) 54,142 41,592 54,142 41,592 Capital contributions - non-government (i) 5,445 5,077 5,445 5,077 Contract liabilities arising from contracts with customers Banked gas arising from sales to third parties (ii) 22,054 18,381 22,054 18,381 Customer payments received in advance for water, electricity and sewerage services (iii) 7,534 8,023 7,534 8,023 Recoverable works (iv) 985 309 985 309 Other 4,870 2,989 4,870 2,989 95,030 76,371 95,030 76,371 Provided for in the financial statements as: Current 72,976 57,990 72,976 57,990 Non-current 22,054 18,381 22,054 18,381 95,030 76,371 95,030 76,371 19 Interest bearing borrowings Unsecured borrowings at amortised cost Government loans - current 245,000 209,000 245,000 209,000 245,000 209,000 245,000 209,000 Government loans - non-current 930,000 948,000 930,000 948,000 930,000 948,000 930,000 948,000 1,175,000 1,157,000 1,175,000 1,157,000 CorporationConsolidated Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is less than 30 days. For most suppliers no interest is charged on the trade payables for the first days from the date of the invoice. Thereafter, interest may be charged on the outstanding balances at the Northern Territory Government bank rate. The consolidated entity has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. The consolidated entity has 17 unsecured government loans. All loans were provided by its parent entity, the Northern Territory Government with loan terms of 5 years or less. The consolidated entity obtained four of these loans in the current year totalling $227.0 million, $209 million of this was used to refinance existing loans, and an additional $18 million to fund capital projects. The consolidated entity considers that the carrying amount of trade payables approximates their fair value. (i) Capital contributions are contributions provided by customers towards the construction of new or upgrades to existing infrastructure assets for the purpose of being connected to the network system. The consolidated entity retains control and ownership of these assets. Capital contributions are billed and paid for upfront prior to any work commencing and are recognised as a contract liability until construction of the asset is completed and the customer is connected to the network system, at which time the capital contribution is transferred from contract liabilities to revenue. (iii) For sales of electricity and water (and in some instances sewerage services) revenue is recognised when control of the goods and/or services passes to the customer. Payments received in advance are recognised as a contract liability until the goods and/or services have been transferred to the customer. (ii) A contract liability arises in respect of take-or-pay contracts with customers for the sale of gas with the amount recognised as a contract liability representing the volume of gas paid for but not taken. (iv) Contract liabilities relating to recoverable works are balances due to customers under construction contracts. As with capital contributions customers are billed in advance with payment expected prior to any construction work commencing and is recognised as a contract liability until the consolidated entity achieves particular milestones. The portion recognised as current liabilities represents borrowings payable within one year, being $245.0 million (2021: $209.0 million). The non-current balance of interest-bearing liabilities represents the portion of the consolidated entity's borrowings not due within one year. The weighted average effective interest rate on the loans is 3.95% (2021: 3.83%).
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