✨ Financial Statements
12 DECEMBER 2006 NEW ZEALAND GAZETTE, No. 169 4887
| | Effect on |
| | Adoption | 1 July 2005
| | NZ$000 | NZ$000
|-----------------------|---------------|---------------
| Equity | |
| Issued capital | 431,359 | 431,359
| Retained earnings | (8,061) | (8,061)
| Reserves | (4,399) | (9,337)
| Total Equity | 418,899 | 413,961
| | (4,938) |
| Non Current Liabilities | |
| Borrowings | 373,767 | 347,976
| Other financial liabilities | - | 33,161
| Deferred tax liability | - | (2,432)
| Funding facility | 17,089 | 17,089
| | 390,856 | 395,794
| | 4,938 |
| Current Liabilities | |
| Borrowings | 159,768 | 159,768
| Trade and other payables | 32,947 | 32,947
| Tax payable | 16,380 | 16,380
| | 209,095 | 209,095
| Total Equity and Liabilities | 1,018,850 | 1,018,850
| Non Current Assets | |
| Property, plant and equipment | 942,684 | 942,684
| Current account | 53,345 | 53,345
| | 996,029 | 996,029
| Current Assets | |
| Receivables | 22,821 | 22,821
| | 22,821 | 22,821
| Total Assets | 1,018,850 | 1,018,850
The $4.938 million adjustment shown above in equity represents the recognition of interest rate swaps and cross currency swaps at 30 June 2005 ($33.161m), deferred tax on interest rate swaps ($2.432m) and the adjustment to the carrying value of loans covered by fair value hedges (adjustment for the fair value of interest rate risk on loans hedges by fair value hedges $25.791m). This adjustment has been made to the hedging reserve as the hedges were effective hedges under the superseded accounting policies.
The $33.161m adjustment above represents the fair value of hedges at 30 June 2005. This adjustment was done to record the derivatives as a separate class of liability. The $25.791m adjustment represents the fair value adjustment to hedged loans. The $2.432m relates to deferred tax on the hedges.
The following transitional provisions have an effect on future profits:
- The effectiveness of hedging relationships are assessed from 1 July 2005, no adjustment is made in relation to hedges under the superseded policies which were not highly effective before 1 July 2005.
The main adjustments necessary that would make the comparative financial statements comply with NZ IAS -32 and NZ IAS -39 are listed below. Similar adjustments were made at 1 July 2005 to restate the opening financial position of the company and consolidated entity to a position consistent with the accounting policies specified in note 1a) to s):
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 169
Gazette.govt.nz —
NZ Gazette 2006, No 169
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