New Zealand Gazette – 2003 – No. 163

Page 4553

✨ Financial Statements Notes

28 NOVEMBER NEW ZEALAND GAZETTE 4553

2.4 NOTES TO THE FINANCIAL STATEMENTS

11 Borrowings continued

All borrowings are unsecured with all bank loans and medium term notes being subject to negative pledge arrangements.

Medium term notes – fixed rate NZ$ mature April 2007 and are shown at the value of proceeds received after deducting the discount on issue and adjusted for the amount of discount amortised.

Medium term notes – floating rate A$ mature April 2008 and April 2011.

	As at 30 Jun 2003	As at 31 Dec 2002
	($000)	($000)

12 Asset revaluation reserve

Opening balance - -
Movement for Revaluation of distribution systems 53,669 -
Deferred tax adjustment on revalued assets (14,378) -
Closing balance at end of period 39,291 -

13 Retained earnings

	As at 30 Jun 2003	As at 31 Dec 2002
	($000)	($000)

Opening balance 1,108 (3,175)
Transferred from statement of financial performance (1,748) 4,283
Closing balance at end of period (640) 1,108

14 Financial instruments

The company has a comprehensive treasury policy to manage the risks of financial instruments which is approved by the Board of Directors.

Interest rate risk

The company has long term borrowings, which are used to fund ongoing activities. The company actively manages interest rate exposures in accordance with treasury policy. In this respect, at least 40% of all term debt must be at fixed interest rates or effectively fixed using interest rate swaps, forward rate agreements, options and similar derivative instruments.

Indicative weighted average rates of borrowings are as follows:

	30 Jun 2003	31 Dec 2002
	Weighted avg interest rate	Face value ($000)
Medium term notes:
Fixed rate NZ$	6.50%	81,397
Floating rate A$	5.30%	231,582
5.61%	312,979	5.68%

VUW Te Waharoa — NZ Gazette 2003, No 163

Gazette.govt.nz — NZ Gazette 2003, No 163

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

✨ LLM interpretation of page content

🏭 Notes to the Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Borrowings, Asset Revaluation, Retained Earnings, Financial Instruments, Interest Rate Risk

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