New Zealand Gazette – 2007 – No. 133

Page 3483

✨ Financial Statements



POWERCO

GAS DIVISION

(a) Under interest rate swap contracts, the accountrules only agree to exchange the difference between fixed-rate amounts calculated upon notional principal amounts and floating rate amounts calculated upon the same notional principal amounts at regular intervals during the life of the swap. The following tables detail the notional principal amounts and the streaming terms of interest rate swaps contracts containing as at recording date:

Fixed or floating contracts: 30 June 2007 Average contracted fixed interest rate Fair value Notional principal amount
Less than 1 year N/A 6.66% 85.1 24,400
1 to 2 years N/A 6.67% 34.1 13,200
2 to 3 years N/A 6.71% 11.6 6,100
3 to 4 years N/A 6.74% 5.4 3,800
5 years N/A 6.74% 2.1 2,200
Fixed to floating contracts: 30 June 2007 Notional principal amount Average contracted fixed interest rate Fair value
Less than 1 year N/A 33,600 7.45% (88)
1 to 2 years N/A 28,600 7.32% (1,454)
2 to 3 years N/A 6,500 6.45% (56)
3 to 4 years N/A 5,200 6.22% (3,891)
5 years N/A - - -

| Total interest rate swaps | | 56,900 |
| Total currency swaps | | - |

Fixed or floating contracts: 30 June 2006 Average contracted fixed interest rate Fair value Notional principal amount
Less than 1 year N/A 6.1% 22.2 17,800
1 to 2 years N/A 6.36% 6.1 8,100
2 to 3 years N/A 6.63% 0.5 3,100
3 to 4 years N/A 6.73% 0.0 1,100
5 years N/A 6.82% 1.5 4,900
Fixed to floating contracts: 30 June 2006 Notional principal amount Average contracted fixed interest rate Fair value
Less than 1 year N/A - - -
1 to 2 years N/A 33,800 7.45% (1964)
2 to 3 years N/A 28,300 6.29% (1,506)
3 to 4 years N/A 2,500 6.27% -
5 years N/A - - -

| Total interest rate swaps | | 59,600 |
| Total currency swaps | | 3,500 |

(d) Hedge movements recognised in the Income Statement:

  • Gain on fair value hedges recognised in net income: Statement of movements in equity for the fair value of interest rate risk on borrowings.

  • Not affected by profit or loss from this period.

  • No items have been reclassified as measured at cost or amortised cost of another item in the Income Statement.

30 June 2006 30 June 2007
NZ$000 NZ$000
2,184 (2,886)
(1,864) (6,830)


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2007, No 133


Gazette.govt.nz — PDF NZ Gazette 2007, No 133




✨ LLM interpretation of page content

💰 Powerco Gas Division Financial Statements for the year ended 30 June 2007 (continued from previous page)

💰 Finance & Revenue
Financial Statements, Powerco, Gas Division, Revenue, Expenditure, Taxation, Derivative Financial Instruments, Interest Rate Swaps, Cash Flow Hedges, Fair Value Hedges