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New Zealand Gazette – 2006 – No. 155

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✨ Financial Statements Continuation

Vector Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2006

20. FINANCIAL INSTRUMENTS (continued)

Fair values (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.

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 fair value adjustments (net of amortisation) on derivative transactions acquired and interest accrued.

LIQUIDITY RISK

Liquidity risk is the risk that the Vector group 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.

21. 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).

22. TRANSACTIONS WITH RELATED PARTIES

The electricity lines business has purchased vegetation management services of $8.5 million from Treescape Limited, which is an associate of Vector group.

The electricity lines business has purchased telecommunications services of $0.9 million from Vector Communications Limited.

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, Liquidity Risk, Contingent Liabilities, Related Parties

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