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New Zealand Gazette – 2005 – No. 147

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✨ Financial Statements

3622

NEW ZEALAND GAZETTE, No. 147

30 AUGUST 2005

Vector Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2005

23. FINANCIAL INSTRUMENTS (CONTINUED)

Fair values	2005 Carrying Amount $000	2005 Fair Value $000	2004 Carrying Amount $000	2004 Fair Value $000
Financial assets
Cash and bank overdraft	1,239	1,239	-	-
Trade receivables	50,580	50,580	50,407	50,407
Financial liabilities
Trade payables and other creditors	54,878	54,878	43,612	43,612
Bank loans	200,367	200,367	567,387	567,387
Working capital facility	25,046	25,046	44,883	44,883
Medium term notes – fixed rate NZ$	166,497	165,211	168,647	175,214
Medium term notes – floating rate A$	475,053	421,018	481,871	451,200
Capital bonds	256,474	274,753	260,155	271,070
Private placement senior notes	349,236	323,956	-	-
Financial derivative liabilities/(assets)
Interest rate swaps	3,793	(55)	7,977	20,124
Cross currency swaps	(2,054)	88,873	(3,159)	73,569

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

Trade receivables and payables, cash and short-term deposits, bank loans and working capital

The carrying amount of these items is equivalent to their fair value and includes the principal and interest accrued. Bank overdrafts are set off against cash balances pursuant to right of set off.

Trade receivables are net of doubtful debts provided.

Medium term notes

The fair value of NZ$ medium term notes is based on quoted market prices.

The carrying amount for the NZ$ medium term notes is based on face value less discount plus accruals.

The fair value of A$ medium term notes is based on face value plus accruals converted at the exchange rate prevailing at balance date.

The carrying amount for the A$ medium term notes include the principal and interest accrued, converted at the contract rates.

Capital bonds

The fair value of capital bonds is based on quoted market prices.

The carrying amount includes the principal and interest accrued.

VUW Te Waharoa — NZ Gazette 2005, No 147

Gazette.govt.nz — NZ Gazette 2005, No 147

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

🏭 Vector Limited's Financial Position (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Interest Rate Swaps, Cross Currency Swaps, Foreign Exchange Risk, Hedging

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