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New Zealand Gazette – 2005 – No. 27

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✨ Financial Statements

652 NEW ZEALAND GAZETTE, No. 27 25 JANUARY 2005

Vector Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2004

19. FINANCIAL INSTRUMENTS - CONTINUED

Fair values

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

2004	2004	2003	2003
Carrying	Fair Value	Carrying	Fair Value
Amount		Amount
$000	$000	$000	$000

Financial assets

Cash and bank overdraft | - | - | 886 | 886 |
Trade receivables | 52,359 | 52,359 | 55,869 | 55,869 |

Financial liabilities

Trade payables and other creditors | 43,612 | 43,612 | 48,024 | 48,024 |
Bank loans | 567,387 | 567,387 | 700,864 | 700,864 |
Working capital facility | 44,883 | 44,883 | 4,000 | 4,000 |
Medium term notes – fixed rate NZ$ | 168,647 | 175,214 | 109,792 | 112,330 |
Medium term notes – floating rate A$ | 481,871 | 451,200 | 314,155 | 283,206 |
Capital bonds | 260,155 | 271,070 | 288,010 | 300,970 |

Financial derivative liabilities/(assets)

Interest rate swaps | 7,973 | 20,114 | - | 16,784 |
Cross currency swaps | - | 20,996 | - | 25,286 |

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:

Trade receivables, trade payables, cash and short term deposits and bank loans

The carrying amount of these items is equivalent to their fair value. 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$ 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 balance date.

Capital bonds

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

Derivative instruments

The fair value of interest rate swaps, cross currency swaps, forward rate agreements and other derivative instruments is estimated based on the quoted market prices for these instruments.

VUW Te Waharoa — NZ Gazette 2005, No 27

Gazette.govt.nz — NZ Gazette 2005, No 27

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Vector Limited – Electricity Lines Business (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Fair Values, Cash, Bank Overdraft, Trade Receivables, Trade Payables, Bank Loans, Working Capital Facility, Medium Term Notes, Capital Bonds, Interest Rate Swaps, Cross Currency Swaps

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