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New Zealand Gazette – 2006 – No. 154

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✨ Financial Statements

Vector Limited & Subsidiaries

Gas Distribution Activities

Notes to the Financial Statements

For the year ended 30 June 2006

16. FINANCIAL INSTRUMENTS (continued)

Private placement senior notes

The fair value of US$ privately placed senior notes is based on quoted market prices.

The carrying amount for the US$ privately placed senior notes includes the principal and interest accrued, converted at the contract rates.

Pre-IPO equity securities

The carrying amount of the pre-IPO equity securities is equivalent to their fair value and includes the principal and interest accrued.

NZ floating rate notes

The carrying amount of these notes is equivalent to their fair value and includes the principal and interest accrued.

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.

The carrying amount includes the mark to market adjustments (net of amortisation) on derivative transactions acquired and interest accrued.

LIQUIDITY RISK

Liquidity risk is the risk that there may be difficulty in raising funds at short notice to meet financial commitments as they fall due. In order to reduce the exposure to liquidity risk, the Vector group has access to undrawn committed lines of credit.

17. CONTINGENT LIABILITIES

The directors are aware of claims against entities within the Vector group and, where appropriate, have recognised provisions for these within the financial statements. No other material contingencies requiring disclosure have been identified (2005: nil).

18. TRANSACTIONS WITH RELATED PARTIES

The Vector gas distribution business sold $3.9 million of distribution services to NGC New Zealand Limited in the year ended 30 June 2006.

The NGC gas distribution business sold $3.3 million of distribution services to NGC New Zealand Limited.

The Vector gas distribution business has purchased telecommunications services of $0.2 million from Vector Communications Limited.

VUW Te Waharoa — NZ Gazette 2006, No 154

Gazette.govt.nz — NZ Gazette 2006, No 154

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 & Subsidiaries Gas Distribution Financial Position (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Credit Risk, Energy Retailers, Financial Institutions, Trade Debtors

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