New Zealand Gazette – 2003 – No. 163

Page 4555

✨ Financial Statements Notes

28 NOVEMBER
NEW ZEALAND GAZETTE
4555

2.4 NOTES TO THE FINANCIAL STATEMENTS

14 Financial instruments continued

Fair values
The estimated fair value of financial instruments as applicable to the gas lines at 30 June 2003 is:

	30 Jun 2003 Carrying Amount ($000)	30 Jun 2003 Fair Value ($000)	31 Dec 2002 Carrying Amount ($000)	31 Dec 2002 Fair Value ($000)
Cash and bank	(57)	(57)	(105)	(105)
Trade receivables	804	804	1,122	1,122
Medium term notes:
Fixed rate NZ$	80,963	84,383	81,239	82,537
Floating rate A$	231,582	219,403	232,537	202,866
Interest rate swaps (loss)	-	(11,358)	-	(6,955)
Cross currency swaps (loss)	-	(10,402)	-	(30,968)

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, short term loans
The carrying amount of these items is equivalent to the fair value. Bank overdrafts are set off against cash balances pursuant to right of set off.

Medium term notes
The fair value of NZ$ notes is based on quoted market prices.
The fair value of A$ notes is based on the face value converted at the exchange rate prevailing at the end of the period.

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.

15 Capital commitments

At balance date, estimated capital expenditure contracted for but not provided for was $6.4 million (2002: $4.5 million).

16 Contingent liabilities

The directors are not aware of any claims that have been made against the UnitedNetworks gas business, other than those already provided for in the financial statements (2002: nil).

17 Transactions with related parties

The principal related party of UnitedNetworks Limited is its holding company Vector Limited. There were no gas related transactions with Vector Limited during the period. In 2002 the principal related parties of UnitedNetworks Limited were its holding company Vector Limited and former holding company Utilicorp N.Z. Limited. Deutsche Bank AG is a shareholder of Utilicorp N.Z. Limited and details of transactions have been disclosed as if Deutsche Bank AG were a related party.

VUW Te Waharoa — NZ Gazette 2003, No 163

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

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Interest Rate Swaps, Foreign Exchange Risk, Credit Risk, Financial Instruments, Fair Values, Capital Commitments, Contingent Liabilities, Related Party Transactions

As the Gazette has been published for more than 185 years, copyright status depends on the publication date of each issue:

1840–1925 (Public Domain): Issues of the New Zealand Gazette and Provincial Gazettes from this period are in the public domain, as the term of Crown copyright (100 years) has expired. Mechanical reproductions (e.g., scanned PDFs) of these public domain documents do not attract new copyright.
1926–1999 (Crown Copyright): Issues from this period remain subject to Crown copyright. Usage of these issues in this project is "Fair Dealing" for research purposes and consistent with the spirit of the open-access principles championed by NZGOAL, ie, "The default licensing position under ... NZGOAL is the Creative Commons Attribution 4.0 International licence ... [t]o the greatest extent possible, agencies should apply this licence to copyright material on their websites"
2000–Present (CC-BY 3.0 NZ): Gazette issues published on gazette.govt.nz are Crown copyright but are explicitly licensed by the Department of Internal Affairs under the Creative Commons Attribution 3.0 New Zealand licence (CC-BY 3.0 NZ). This project redistributes this content in accordance with those terms.

Nothing in this project is intended to infringe copyright, trademark law or personal privacy. Please contact me immediately if you have any concerns.

Third-Party Content

Where third-party content (e.g., notices submitted by external organisations) is identified within the Gazette, users should satisfy themselves regarding the copyright status of that specific content, as it may be subject to different ownership terms than the Gazette itself.

Sources and Attribution

NZ Gazette Sources

The primary sources for the issues of the NZ Gazette indexed by this project are:

New Zealand Gazette Archive, provided by Victoria University Library, copyright 2008 LexisNexis NZ Limited, Crown Copyright of New Zealand Gazette Office
- Issues from 1841-2008, including the New Munster, New Ulster, and Provincial Gazettes
New Zealand Gazettes by New Zealand Legal Information Institute (note: "NZLII is not the copyright owner in the source documents published on NZLII")
- Issues from 1913-1999
Gazette.govt.nz, Crown copyright / licensed by the Department of Internal Affairs under CC-BY 3.0 NZ
- Issues from 2000-2017

Additional Sources

Wellington City Recollect have made available a comprehensive and excellent-quality scan of the Wellington Provincial Gazette which was used to fill in a number of issues missing from Victoria University's Gazette Archive; in particular, all 1856 issues, issues 22-34 for 1864 and issues 9-19 for 1870.
27 issues of The New Zealand Advertiser and Bay of Islands Gazette (1840) were sourced from Papers Past (public domain).
Gazette Extraordinary No. 1 (1840), held at the Alexander Turnbull Library, Wellington, New Zealand. Imaged by Luke Howison at the National Library reading rooms; PDF released into the public domain.

PDF Icon

The PDF PDF Icon was made by Good Ware, CC BY-SA 4.0.

Masthead

The logo in the header is an edited version of “Winning Coat of Arms Competition Entry, 1908” by Archives New Zealand, CC BY 2.0 (found via Wikipedia).

Who made this?

I'm Luke Howison, a freelance web developer with an interest in genealogy. I have created several websites for genealogical research, such as NZ Ancestor Search Helper.

New Zealand Gazette Index