New Zealand Gazette – 2000 – No. 111

Page 2799

✨ Financial Statements



28 AUGUST NEW ZEALAND GAZETTE 2799

2.5 UnitedNetworks Limited

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2000

Fair Values

The estimated fair value of financial instruments at balance date is:

2000 1999
Carrying Amount Fair Value Carrying Amount
($000) ($000) ($000)
Cash and liquid deposits - - 38,510
Loans 879,600 879,600 1,026,000
Interest rate swaps - 23,737 -
Interest rate swaptions - - -

The following methods and assumptions were used to estimate the fair value of each class of financial instrument where it is practical to estimate that value:

Cash and Short Term Deposits, Loans
The carrying amount of these items is equivalent to the fair value.

Derivative Instruments
The fair value of interest rate swaps, forward rate agreements, interest rate options and other derivative instruments is estimated based on the quoted market prices for these instruments.

11 Capital Commitments

At balance date, estimated capital expenditure contracted for but not provided was $0.6 million (1999: $1.6 million).

12 Contingent Liabilities

The group has provided guarantees in respect of Pacific Energy Limited liabilities to Electricity Corporation for entering into hedge contracts. The total guarantees are for a maximum amount of $2.1 million (1999: $21.9 million). The group also has other contingent liabilities totaling $2.0 million (1999: $3.1 million) consisting of:

i) performance bonds to ensure completion of contract works; and

ii) letters of credit to satisfy New Zealand Stock Exchange listing requirements; and

iii) letters of credit to guarantee other payments

13 Events Occurring After Balance Date

The Directors are not aware of any significant events occurring subsequent to balance date which, if known at balance date, would have resulted in a different assessment of the amount attributable to an item in the financial statements.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 111


Gazette.govt.nz — PDF NZ Gazette 2000, No 111




✨ LLM interpretation of page content

🏭 Notes to Financial Statements of UnitedNetworks Limited (continued from previous page)

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Financial, Statements, Notes, Fair Values, Capital Commitments, Contingent Liabilities, Events After Balance Date, UnitedNetworks Limited