✨ Financial Statements
GAS DIVISION
Note to the Framework for the Financial Statements of Elected Entities under the Public Finance Act 1989 of New Zealand.
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 assessed on market values of equivalent instruments at the reporting date and are disclosed below. The following table details the national principal amounts and remaining terms of interest rate swap contracts outstanding as at reporting dates:
| 30 June 2006 | 30 June 2005 | |
|---|---|---|
| Notional amount NZ$000 | Average fixed interest rate % | |
| --- | --- | --- |
| Floating to fixed contracts: | ||
| Less than 1 year | NZ$600 | 6.81% |
| 1 to 2 years | NZ$1,860 | 6.85% |
| 2 to 3 years | 47,800 | 6.84% |
| 3 to 4 years | - | - |
| 4 to 5 years | - | - |
| 5 or more years | - | - |
| Total floating contracts: | 49,260 | 6.84% |
| Fixed to floating contracts: | | | | |
| Less than 1 year | - | - | - | - | - | (1,542) |
| 1 to 2 years | 13,600 | 7.56% | (1,044) | - | - | (1,595) |
| 2 to 3 years | 50,300 | 7.04% | (1,975) | - | - | (1,805) |
| 3 to 4 years | 33,000 | 7.16% | (882) | - | - | - |
| 4 to 5 years | 10,000 | 6.89% | (391) | - | - | - |
| 5 or more years | - | - | (3,215) | - | - | (3,377) |
| Total fixed contracts: | 106,900 | 7.13% | (8,539) | - | - | (8,319) |
| Total interest rate swaps | 156,160 | - | (5,307) | 85,760 | - | (8,837) |
| Fair value hedges | Group NZ$000 | - | 30,751 | Group NZ$000 | - | 11,285 |
a)
The following fair value hedges have been reclassified in the income statement:
| Group | 30 June 2005 NZ$000 | 31 March 2005 NZ$000 |
|---|---|---|
| (21,383) | 45,772 |
No items have been reclassified at cost or amortised cost during the period.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 170
Gazette.govt.nz —
NZ Gazette 2006, No 170
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Powerco Gas Division Financial Statements
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