✨ Financial Statements
Vector Limited & Subsidiaries
Gas Distribution Activities
Notes to the Financial Statements
For the year ended 30 June 2006
16. FINANCIAL INSTRUMENTS (continued)
FAIR VALUES
| 2006 Carrying amount $000 | 2006 Fair value $000 | 2005 Carrying amount $000 | 2005 Fair value $000 | |
|---|---|---|---|---|
| Financial assets | ||||
| Cash | - | - | 6 | 6 |
| Trade receivables | 5,672 | 5,672 | 3,569 | 3,569 |
| Financial liabilities | | | | |
| Trade payables and other creditors | 8,572 | 8,572 | 5,931 | 5,931 |
| Bank loans | 70,242 | 70,242 | 133,271 | 133,271 |
| Working capital loan | 5,157 | 5,157 | 5,878 | 5,878 |
| Medium term notes - fixed rate NZ$ | 25,884 | 25,707 | 25,950 | 25,877 |
| Medium term notes - floating rate A$ | 73,663 | 74,453 | 73,705 | 65,421 |
| Capital bonds | 39,387 | 39,375 | 39,415 | 40,708 |
| Fixed interest rate bonds | 25,490 | 25,319 | 25,478 | 25,527 |
| Private placement senior notes | 54,318 | 58,345 | 54,318 | 51,019 |
| Pre-IPO equity securities | - | - | 45,443 | 45,443 |
| NZ floating rate notes | 121,323 | 121,323 | - | - |
| Financial derivative liabilities/(assets) | | | |
| Interest rate swaps | (67) | (103) | 508 | 1,622 |
| Cross currency swaps | (1,009) | (1,404) | (1,097) | 9,805 |
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 loans
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 and floating rate 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 quoted market prices.
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.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 154
Gazette.govt.nz —
NZ Gazette 2006, No 154
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Vector Limited & Subsidiaries Gas Distribution Financial Position
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