New Zealand Gazette – 2008 – No. 53

Page 1482

✨ Financial Statements



UNISON NETWORKS - LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31 March 2007

9 COMMITMENTS

The value of contractual capital commitments as at 31 March 2007 is estimated at $3,454,425 (2006: $3,096,038).

The value of contractual operating commitments as at 31 March 2007 is $130,767 (2006: $9,300)

Operating lease commitments

2007 2006
Less than 1 year $000 $000
1-2 years 15 32
2-5 years 5 10
21 42

10 CONTINGENT LIABILITIES

Unison has no contingent liabilities at balance date.

11 RECONCILIATION OF REPORTED NET OPERATING SURPLUS AFTER TAX WITH NET CASH FLOWS FROM OPERATING ACTIVITIES

2007 2006
$000 $000
Net surplus/(deficit) 16,127 (41,780)
Net (Gain)/Loss on sale of property, plant and equipment (1) (16)
Amortisation 844 4,495
Restatement of goodwill - 60,559
Depreciation 18,240 13,316
35,210 36,574
(Increase)/decrease in receivables and prepayments (694) (1)
(Increase)/decrease in inventories (203) (968)
(Decrease)/increase in accounts payable, accruals and employee entitlements 2,941 (479)
Decrease/(increase) in electricity price hedging instruments - -
(Decrease)/increase in taxation payable 1,034 (1,370)
Net cash inflow from operating activities 38,288 33,756

12 FINANCIAL INSTRUMENTS

Unison has a comprehensive treasury policy approved by the Board of Directors to manage the risks of financial instruments:

a) Interest rate risk

Unison manages interest rate exposure in accordance with treasury policy by hedging no less than 60% of all borrowings with interest rate hedge instruments.

The weighted average rates on interest rate swaps are as follows:

2007 % 2007 $000 2006 % 2006 $000
Maturing in less than 1 year 6.45 30,000 6.35 30,000
Maturing between 1 and 2 years 6.48 12,000 6.45 30,000
Maturing between 2 and 5 years 6.56 46,000 6.51 46,000
Maturing after 5 years 6.27 12,000 6.58 64,000
Total 100,000 170,000

The market valuation of these hedges at 31 March 2007 is a $3,259,000 gain (2006: $136,843 gain).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 53


Gazette.govt.nz — PDF NZ Gazette 2008, No 53




✨ LLM interpretation of page content

🏭 Unison Networks Limited - Lines Business Financial Position Statement (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Commitments, Contingent Liabilities, Operating Lease, Net Operating Surplus, Cash Flows, Financial Instruments, Interest Rate Risk