• Most Popular
  • Most Shared

TEXT-NZ's Hellaby Holdings says reduces bank debt

Tue Jun 30, 2009 6:49pm EDT

(The following statement was released by the company)

WELLINGTON, July 1 - Investment company Hellaby Holdings Limited today announced that the company has completed its financial year with core bank debt significantly lower than target.

Managing Director John Williamson said that Hellaby's core bank debt had reduced to $51 million at 30 June 2009 from $80 million at 31 December 2008 -a 36% decrease during the six month period. There were no acquisitions or divestments during the year to 30 June 2009.

"Hellaby's balance sheet and free cashflows have been significantly strengthened by ongoing working capital improvements during the past year. This has resulted in substantially lower inventories and improved collections across our businesses," he said.

Core bank debt at 30 June 2008 was $85.5 million and $118.5 million at 31 December 2007.

Hellaby also advised today that it has renegotiated its banking facilities with its principal bank Westpac for a two year period to 31 July 2011.

Hellaby will report its full year financial results as scheduled on 27 August 2009.



More from Reuters

A male polar bear cannabalizes a polar bear cub in an area about 300km (186 miles) north of the Canadian town of Churchill November 20, 2009. Credit: REUTERS/Iain D. Williams

Polar bear turns cannibal

As the world focuses on climate change in Copenhagen, the animal that has come to represent global warming is turning cannibalistic as the Arctic ice melts their hunting grounds, a U.S.-led global scientific study said.  Slideshow | Full Article 

    Climate Conference
    Emmanuel Roy, a suspect in a mortgage-fraud scheme is escorted by FBI agents after being taken into custody in New York, October 15, 2009. REUTERS/Brendan McDermid

    Sowing seeds of corruption

    Corruption, whether it's crooked officials, financial fraudsters or philandering sports stars, is the country's No. 1 criminal threat, says the FBI.  Full Article 

    Corporate Crime
    Space shuttle Atlantis lifts off from launch pad 39A at the Kennedy Space Center in Cape Canaveral, Florida November 16, 2009. Atlantis lifted off its seaside launch pad on Monday, loaded with spare parts to keep the International Space Station flying after the shuttles are retired next year. REUTERS/Scott Audette

    Can Florida re-launch itself?

    The sunshine state's space program is a boon for local businesses, especially when a shuttle takes off. But what happens when the 29-year old program comes to a close next year?  Full Article 

    U.S.