New Zealand Gazette – 1999 – No. 121

Page 2884

✨ Financial Statements

2884 NEW ZEALAND GAZETTE No. 121

ACCOUNTS PAYABLE AND ACCRUALS

A summary of accounts payable and accruals is as follows:

| | 1999
| | $000's | 1998
| | | $000's |
|------------------------|--------|--------|
| Trade creditors | 8,102 | 9,057 |
| Accruals | 5,030 | 6,389 |
| Employee entitlements | 1,040 | 1,722 |
| Interest accrued on term liabilities | 284 | - |
| Dividends payable | - | 6,817 |
| |--------|--------|
| | 14,456 | 23,985 |

FINANCIAL INSTRUMENTS

The estimated fair values of the Company's financial instruments are as follows:

| | Carrying Amount | Fair Value | Carrying Amount | Fair Value |
| | 1999 | 1999 | 1998 | 1998 |
| | $000's | $000's | $000's | $000's |
|------------------------|-----------------|------------|-----------------|------------|
| Cash and short term investments | 12,301 | 12,301 | 22,548 | 22,548 |
| Bank overdraft | (41) | (41) | - | - |
| Interest rate swaps | - | (2,018) | - | 808 |

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash, short term investments, bank overdraft and short term debt. The carrying amounts of these balances are equivalent to their fair value.

Interest rate swaps, forward rate agreements (FRA's) and options. The fair value of interest rate swaps, FRA's and options, is estimated based on quoted market prices of those instruments and apportioned between the mandatory convertible notes (assigned to line business) and other debt (not assigned to line business).

Off-Balance Sheet Risk

Interest Rate Hedge Contracts

Fluctuations in interest rates give rise to market risk.

The company has short term investments which are subject to interest rate variations in the market.

Interest rate swaps, FRA's and options, are employed to manage interest rate exposure on long term borrowings.

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VUW Te Waharoa — NZ Gazette 1999, No 121

NZLII — NZ Gazette 1999, No 121

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

💰 Accounts Payable and Accruals Summary (continued from previous page)

Domain💰 Finance & Revenue
KeywordsAccounts Payable, Accruals, Trade Creditors, Employee Entitlements, Dividends

💰 Financial Instruments Fair Value Estimation

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Fair Value, Cash, Short Term Investments, Interest Rate Swaps

💰 Off-Balance Sheet Risk and Interest Rate Hedge Contracts

Domain💰 Finance & Revenue
KeywordsOff-Balance Sheet Risk, Interest Rate Hedge, Market Risk, Interest Rate Swaps

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