New Zealand Gazette – 2006 – No. 169

Page 4895

✨ Electricity Division Financial Notices

12 DECEMBER 2006
NEW ZEALAND GAZETTE, No. 169
4895

ELECTRICITY DIVISION

c) Interest rate swap contracts

Under interest rate swap contracts, the consolidated entity agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the consolidated entity to mitigate the risk of changing interest rates on debt held. The fair value of interest rate swaps are based on market values of equivalent instruments at the reporting date and are disclosed below. The average interest rate is based on the outstanding balances at the start of the financial year.

The following tables details the notional principal amounts and remaining terms of interest rate swap contracts outstanding as at reporting date:

Floating to fixed contracts:

	Average	Fair	30 June 2006	Average	Fair	30 June 2005
	fixed interest	notional	NZ$000	fixed interest	notional	NZ$000
	rate	principal		rate	principal
		amount			amount
Less than 1 year	6.51%	123,120	673	6.38%	290,180	(1,115)
1 to 2 years	6.38%	209,320	1,716	6.55%	123,120	358
2 to 3 years	6.48%	28,800	233	6.53%	36,720	38
3 to 4 years	6.54%	26,800	16	6.60%	21,600	(149)
4 to 5 years	6.54%	58,000	474	6.54%	26,800	(487)
5 years +	6.63%	568,000	(3,663)	6.87%	367,200	(9,672)

Total interest rate swaps	6.47%	1,286,540	(8,267)	6.45%	1,288,500	(14,100)
Total cross currency swaps	-	211,972	(21,357)	-	241,872	(28,966)
Total swaps	-	1,498,512	(29,624)	-	1,530,672	(43,066)

d) Fair value hedges

The following fair value hedges have been recorded in the income statement

Interest expense on fair value hedge loans

No items have been reclassified as measured at cost or amortised cost during the period.

VUW Te Waharoa — NZ Gazette 2006, No 169

Gazette.govt.nz — NZ Gazette 2006, No 169

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✨ LLM interpretation of page content

💰 Powerco Electricity Division Borrowings (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Borrowings, Interest rate swaps, Fair value hedges, Notional principal amounts, Fixed and floating rates

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