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New Zealand Gazette – 2006 – No. 155

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✨ Financial Statements

Vector Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2006

20. FINANCIAL INSTRUMENTS (continued)

FAIR VALUES	2006 Carrying amount $'000	2006 Fair value $'000	2005 Carrying amount $'000	2005 Fair value $'000
Financial assets
Cash and bank overdraft	-	-	1,239	1,239
Trade receivables	53,948	53,948	50,580	50,580

| Financial liabilities | | | | |
| Trade payables and other creditors | 62,323 | 62,323 | 54,878 | 54,878 |
| Bank loans | 201,885 | 201,885 | 200,367 | 200,367 |
| Working capital loan | 25,753 | 25,753 | 25,046 | 25,046 |
| Medium term notes - fixed rate NZ$ | 165,836 | 170,702 | 166,497 | 165,211 |
| Medium term notes - floating rate A$ | 481,382 | 457,319 | 475,053 | 421,018 |
| Capital bonds | 262,694 | 263,124 | 256,474 | 274,753 |
| Private placement senior notes | 350,095 | 380,146 | 349,236 | 323,956 |
| NZ floating rate notes | 382,399 | 382,399 | - | - |

| Financial derivative liabilities/(assets) | | | | |
| Interest rate swaps | (1,858) | 8,370 | 3,783 | (55) |
| Cross currency swaps | (1,774) | 16,328 | (2,054) | 88,873 |

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. 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$ 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 includes 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.

VUW Te Waharoa — NZ Gazette 2006, No 155

Gazette.govt.nz — NZ Gazette 2006, No 155

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
Dated28 November 2006
KeywordsVector Limited, Financial Statements, Electricity Lines Business, Financial Instruments, Interest Rate Swaps, Cross Currency Swaps, Fair Values

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