New Zealand Gazette – 2004 – No. 168

Page 4207

✨ Financial Statements

17 DECEMBER 2004
NEW ZEALAND GAZETTE, No. 168
4207

Revaluation reserve

Opening balance 350,017 201,619
Revaluation of property, plant and equipment - 148,398

                                 350,017      350,017

The revaluation reserve is comprised as follows:

Land and buildings 8,263 8,263
Distribution system 341,754 341,754

                                 350,017      350,017

Financial instruments

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

                          Carrying     Fair     Carrying     Fair
                          amount     value      amount     value
                          2004       2004       2003       2003
                          $000's     $000's     $000's     $000's

Cash and short term investments - - - -
Borrowings (40,000) (40,000) - -
Interest rate swaps - (348) - -

The company anticipates that long term borrowings will be held to maturity.

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

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

The fair value of long term borrowings is estimated based on current market interest rates available to the company for debt of similar maturities.

The fair value of interest rate swaps is estimated based on quoted market prices of those instruments.

Off-balance sheet risk

                          2004       2003
                          $000's     $000's

Interest rate swaps (NZD) 35,000 -

VUW Te Waharoa — NZ Gazette 2004, No 168

Gazette.govt.nz — NZ Gazette 2004, No 168

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

✨ LLM interpretation of page content

🏭 Notes to the financial statements for Orion New Zealand Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Revaluation reserve, Financial instruments, Borrowings, Interest rate swaps

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