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New Zealand Gazette – 2008 – No. 46

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✨ Financial Statements

1316 NEW ZEALAND GAZETTE, No. 46 3 MARCH 2008

Notes to and Forming Part of the Financial Statements
For the year ended 31 March 2007

POWERCO

ELECTRICITY DIVISION

1 BORROWINGS

Non-current liabilities at amortised cost

	31 March 2007 NZ$000	30 June 2006 NZ$000
Subordinated bonds	52,957	53,896
Guaranteed bonds	225,766	227,550
US dollar private placement notes	133,383	141,591
Commercial bank debt	89,310	89,256
	501,416	512,293

Current liabilities at amortised cost


Bank overdraft (refer note 3)	13,513	15,899
Commercial paper facility	83,729	83,678
Commercial bank debt	12,909	-
	110,151	99,577

(a) Subordinated bonds

	31 March 2007 NZ$000	30 June 2006 NZ$000
Subordinated bonds	55,819	55,785
Adjustment for the fair value of the interest rate risk	(1,575)	(297)
	54,244	55,488
Deferred funding costs	(1,287)	(1,592)
Carrying value of subordinated bonds	52,957	53,896

$100 million of subordinated bonds were issued on 15 April 2005 and are unsecured, subordinated debt obligations of Powerco Limited. They have a tenure of 5 years and have an interest rate of 7.64% p.a. fixed until expiry on 15 April 2010. $55.819 million (30 June 2006: $55.785 million) of subordinated bonds have been allocated to Powerco's electricity division.

VUW Te Waharoa — NZ Gazette 2008, No 46

Gazette.govt.nz — NZ Gazette 2008, No 46

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✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for Powerco Limited – Electricity Division (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated25 February 2008
KeywordsAccounting Policies, Financial Standards, NZ IFRS, Disclosures, Financial Instruments, Operating Segments, Presentation of Financial Statements

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