✨ Financial Statements
Eastland Network Limited – Electricity Lines Business
Notes to the financial statements (continued)
For the year ended 31 March 2007
Interest risk
The interest rate risk is limited to bank borrowings. The total interest rate hedges amount to $44 million. At 31 March 2007 the Electricity Lines Business had interest cover of $22 million for up to July 2009. The average fixed rate of cover at this date was 7.34% (2006: 6.52%). Since 28 February 2006 all interest rate hedges have been entered into by Eastland Infrastructure Limited on behalf of the Electricity Lines Business. At 31 March 2007 Eastland Infrastructure Limited had interest cover of $22 million for varying periods until July 2011. The average fixed rate cover at this date was 6.64%.
| Current Interest Rate Hedges |
|---|
| Type |
| Swap |
| Swap |
| Swap |
| Swap |
| Swap |
| Swap |
| Cap |
| Commencing at future dates |
|---|
| Type |
| Swap |
| Swap |
| Cap |
Fair Values
The carrying value of cash and bank deposits, accounts receivable and accounts payable is equivalent to their fair value.
17 Transactions with related parties
(a) Eastland Community Trust
The Company is 100% owned by Eastland Community Trust.
Other than payment of interest on Capital Notes and the payment of dividends there have been no significant transactions between Electricity Lines Business and the Trust during the financial year.
(b) Eastland Port Limited
Eastland Port Limited is also 100% owned by Eastland Community Trust. The Directors of Eastland Network Limited are also directors of Eastland Port Limited.
The Electricity Lines Business leases land from Eastland Port Limited for a substation. Lease payments are $280 per annum. (2006: $280)
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 55
Gazette.govt.nz —
NZ Gazette 2008, No 55
✨ LLM interpretation of page content
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Eastland Network Limited – Electricity Lines Business
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Interest Risk, Fair Values, Related Party Transactions, Eastland Community Trust, Eastland Port Limited