NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000
Note Consolidated Company
2000 1999 2000 1999
$$ $$
15. BORROWINGS
CURRENT
Hire purchase liability - secured 1,185,305 899,399 ––
NON CURRENT
Hire purchase liability - secured 6,218,592 4,156,163 ––
Bank loan - secured 6,500,000 6,500,000 ––
Loan payable - other persons - secured – 93,581 ––
12,718,592 10,749,744 ––
The hire purchase liability is secured 
by a charge over the respective assets.
The bank loan is secured by mortgage 
debentures over the assets and undertakings 
of certain controlled entities, registered ships 
mortgages over the vessels of certain controlled 
entities and a registered mortgage by way 
of sub-demise of the King Bay Base Lease.
16. PROVISIONS
CURRENT
Income tax payable – 444,669 – 3,885
Employee entitlements 371,518 654,633 – –
Dividend declared – 537,500 – 537,500
371,518 1,636,802 – 541,385
NON CURRENT
Employee entitlements 222,758 187,262 ––
Provision for deferred tax 1,586,164 1,130,852 ––
1,808,922 1,318,114 ––
17. ISSUED CAPITAL
Issued Capital
43,000,000 ordinary shares fully paid 8,820,000 8,820,000 8,820,000 8,820,000
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