69
FLEXIGROUP LIMITED FINANCIAL REPORT 2011
19. Current liabilities – Borrowings
Consolidated
2011
2010
$’000
$’000
Secured
Loan advances – secured
333,083
326,455
Total secured current borrowings
333,083
326,455
Unsecured
Vendor note
15,000
–
Total unsecured current borrowings
15,000
–
Loss reserve
(23,589)
(33,608)
Total current borrowings
324,494
292,847
Assets pledged as security
The loans are secured by rentals and payments receivable in respect of the underlying lease and loan receivable contracts.
Under the terms of the funding arrangements, some of the funders retain a part of the gross amount funded as security
against credit losses on the underlying leases. This amount is referred to as a loss reserve and represents a reduction in
the amount borrowed.
Risk exposure
Details of the Group’s exposure to risks arising from current and non-current borrowings are set out in note 38.
20. Current liabilities – Current tax liabilities
Consolidated
2011
2010
$’000
$’000
Income tax
11,357
–
21. Current liabilities – Provisions
Consolidated
2011
2010
$’000
$’000
Protect plan provision
Carrying amount at beginning of the year
801
700
(Release of provision)/provisions made during the year
(15)
101
Carrying amount at end of the year
786
801
Employee benefts
Annual leave provision
2,467
2,108
Long service leave provision
529
297
3,782
3,206
For a description of the nature of the protect plan provision refer to note 1(e)(iii)).