New Zealand Gazette – 2004 – No. 155

Page 3832

✨ Financial Statements

2.4 NOTES TO THE FINANCIAL STATEMENTS

13 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 June 2004		30 June 2003
	Weighted avg	Face value	Weighted avg
	interest rate	($000)	interest rate
Working capital loan	6.10%	11,239	-
Medium term notes:
Fixed rate NZ$	-	-	6.50%
Floating rate A$	6.05%	231,582	5.30%
	6.05%	242,821	5.61%

Indicative weighted average rates of interest rate swaps are as follows:

	30 June 2004		30 June 2003
	Weighted avg	Face value	Weighted avg
	interest rate	($000)	interest rate
Maturing in less
than 1 year	7.11%	38,664	5.89%
Maturing between
1 and 2 years	7.32%	50,873	7.08%
Maturing between
2 and 5 years	7.03%	93,607	7.15%
Maturing after
5 years	6.79%	8,139	6.88%
	7.12%	191,283	6.91%

Foreign exchange risk
The company has conducted transactions in foreign currencies for the purposes of protecting the NZ$ value of capital expenditure.

At balance date the company has no significant exposure to foreign currency risk.

VUW Te Waharoa — NZ Gazette 2004, No 155

Gazette.govt.nz — NZ Gazette 2004, No 155

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✨ LLM interpretation of page content

🏭 Vector Limited Gas Information Disclosure (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated17 November 2004
KeywordsFinancial Statements, Borrowings, Asset Revaluation, Retained Earnings, Notional Reserves

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