✨ Financial Statements
Vector Limited
Electricity Lines Business
Notes to the Financial Statements
For the year ended 31 March 2006
16. OTHER LIABILITIES
| 2006 | 2005 | |
|---|---|---|
| Market to market adjustment | $000 | $000 |
| Current | 832 | 1,422 |
| Non-current | 315 | 1,076 |
| Total | 1,147 | 2,498 |
17. BORROWINGS
As at 31 March 2006
| Weighted average interest rate | Total $000 | Payable within 1 year $000 | Payable between 1 and 2 years $000 | Payable between 2 and 5 years $000 | Payable after 5 years $000 | |
|---|---|---|---|---|---|---|
| Bank loans | 7.86% | 200,367 | - | - | 200,367 | - |
| Working capital loan | 7.45% | 22,744 | 22,744 | - | - | - |
| Medium term notes - fixed rate NZ$ | 6.51% | 166,211 | - | 166,211 | - | - |
| Medium term notes - floating rate A$ | 6.13% | 475,053 | - | - | 475,053 | - |
| Capital bonds | 8.25% | 256,474 | - | 256,474 | - | - |
| Private placement senior notes | 5.65% | 349,236 | - | - | - | 349,236 |
| NZ floating rate notes | 7.97% | 377,046 | - | - | - | 377,046 |
| Total | 1,847,131 | 22,744 | 422,685 | 675,420 | 726,282 |
As at 31 March 2005
| Weighted average interest rate | Total $000 | Payable within 1 year $000 | Payable between 1 and 2 years $000 | Payable between 2 and 5 years $000 | Payable after 5 years $000 | |
|---|---|---|---|---|---|---|
| Bank loans | 7.22% | 200,367 | - | - | 200,367 | - |
| Working capital loan | 6.90% | 25,046 | 25,046 | - | - | - |
| Medium term notes - fixed rate NZ$ | 6.50% | 166,497 | - | - | 166,497 | - |
| Medium term notes - floating rate A$ | 5.92% | 475,053 | - | - | 266,337 | 208,716 |
| Capital bonds | 9.75% | 256,474 | - | 256,474 | - | - |
| Private placement senior notes | 5.65% | 349,236 | - | - | - | 349,236 |
| Total | 1,472,673 | 25,046 | 256,474 | 633,201 | 557,952 |
All borrowings are unsecured with all bank loans and medium term notes being subject to negative pledge arrangements.
Interest rates for all bank loans are floating based on the bank bill rate plus a margin. Bank loans are arranged through various facility agreements. Facilities with total committed amount of $700 million will expire in October 2008. The working capital facility with total commitment of $70 million is due to expire in October 2006.
Medium term notes - fixed rate NZ$ mature April 2007 and are shown at the value of proceeds received after deducting the discount on issue of $1.7 million and adjusting for the amount amortised to 31 March 2006 of $1.4 million. The interest on NZ$ medium term notes is fixed at 6.5% per annum and is paid semi-annually.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 155
Gazette.govt.nz —
NZ Gazette 2006, No 155
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Vector Limited Financial Statements for the Electricity Lines Business
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🏭 Trade, Customs & Industry28 November 2006
Vector Limited, Financial Statements, Electricity Lines Business, Borrowings, Liabilities, Interest Rates