✨ Vector Limited Financial Statements
Vector Limited
Electricity Lines Business
Notes to the Financial Statements
For the year ended 31 March 2006
17. BORROWINGS (continued)
Medium term notes - floating rate A$ mature April 2008 and April 2011. The interest on A$ medium term notes is paid quarterly, based on BBSW plus a margin.
Capital bonds are subordinated debt and have a first election date of 15 December 2006. The interest is currently fixed at 8.25% per annum and is paid semi-annually. The board are currently considering options and intend to extend the term of the capital bonds beyond the first election date.
Private placement senior notes of US$15 million, US$65 million and US$195 million, with maturity periods of 8, 12 and 15 years respectively were placed with US investors in September 2004 at a contract exchange rate of 0.6574 US$ for every NZ$.
Borrowings are classified between current and non-current dependent on expected repayment dates. Borrowings are subject to various lending covenants. These have all been met for the years ended 31 March 2006 and 31 March 2005.
18. PROVISIONS
| 2006 | 2005 | |
|---|---|---|
| $000 | $000 | |
| Balance at beginning of year | 148 | 2,780 |
| Additions | 83 | - |
| Used | - | (2,632) |
| Balance at end of year | 231 | 148 |
Provisions include provisions for various commercial matters expected to be settled during the next two financial years but which could require settlement at any time.
19. COMMITMENTS
The following amounts have been committed to but not recognised in the financial statements.
| 2006 | 2005 | |
|---|---|---|
| $000 | $000 |
Capital expenditure commitments
Estimated capital expenditure contracted for at balance date but not provided:
| | 47,085 | 46,660 |
Operating lease commitments
Within one year | 1,889 | 2,565 |
One to two years | 1,784 | 2,410 |
Two to five years | 4,934 | 7,089 |
Beyond five years | 1,117 | 2,812 |
| Total | 9,724 | 14,876 |
The majority of the operating lease commitments relate to premises leases. Operating leases held over properties give the lessee the right to renew the lease.
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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, Provisions, Commitments