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New Zealand Gazette – 2005 – No. 197

Page 4960

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✨ Financial Statements

Vector Limited & Subsidiaries

Gas Distribution Activities

Notes to the Financial Statements

For the year ended 30 June 2005

19. FINANCIAL INSTRUMENTS (CONTINUED)

FAIR VALUES

The estimated fair value of financial instruments at balance date is:

	2005 Carrying Amount $000	2005 Fair Value $000	2004 Carrying Amount $000	2004 Fair Value $000
Financial assets
Cash	6	6	195	195
Trade receivables	3,569	3,569	958	958

| Financial liabilities | | | | |
| Trade payables and other creditors | 5,931 | 5,931 | 6,482 | 6,482 |
| Bank loans | 133,271 | 133,271 | - | - |
| Working capital facility | 5,878 | 5,878 | 11,239 | 11,239 |
| Medium term notes | | | | |
| Fixed rate NZ$ | 25,950 | 25,877 | - | - |
| Floating rate A$ | 73,705 | 65,421 | 234,714 | 209,451 |
| Capital bonds | 39,415 | 40,708 | - | - |
| Fixed interest rate bonds | 25,478 | 25,527 | - | - |
| Private placement senior notes | 54,318 | 51,019 | - | - |
| Pre-IPO equity securities | 45,443 | 45,443 | - | - |

| Financial derivative liabilities/(assets) | | | | |
| Interest rate swaps | 508 | 1,622 | 3,098 | (2,044) |
| Cross currency swaps | (1,097) | 9,805 | (1,470) | (22,426) |

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. 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.

Fixed interest rate bonds

The fair value of fixed interest rate bonds is based on quoted market prices.

The carrying amount includes the principal and interest accrued.

VUW Te Waharoa — NZ Gazette 2005, No 197

Gazette.govt.nz — NZ Gazette 2005, No 197

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

✨ LLM interpretation of page content

🏭 Vector Limited & Subsidiaries Gas Distribution Activities Financial Position (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Gas Distribution, Vector Limited, Credit Risk, Financial Instruments, Energy Retailers, Financial Institutions, Trade Debtors, Credit Policies, Credit Ratings, Credit Evaluations, Bonds, Security, Cash Deposits, Banking Institutions, Carrying Value, Financial Assets

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Additional Sources

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